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Permian operator Parsley Energy $PE reported better than expected first quarter earnings Thursday after the close. $PE total production soared 70.6% for the quarter.

Earnings:  

EPS of 31 cents on revenue of $392.4 million beat consensus EPS of 22 cents with revenue of $348 million.

Parsley Energy Inc NYSE: $PE

Market Reaction > After hours 30.50 +1.21 (4.13%)

"While Parsley is well positioned to benefit from ongoing oil price strength, operational continuity at a steady development pace remains our highest priority this year." CEO Sheffield

Parsley Delaware

Production

  • Total production leapt 70.6% to 93,444 barrels of oil equivalent per day
  • Net oil production jumped 57% to 59,341 barrels per day.
  • Parsley placed 21 gross operated horizontal wells on production in the Delaware Basin during 1Q18 at an average completed lateral length of approximately 9,600 feet, representing more lateral footage than the Company completed in the Delaware Basin during all of 2017. •

"Accelerated development last year not only gave Parsley a head start on securing high quality services and equipment, the corresponding production uplift also means we are benefiting disproportionately from currently higher oil prices," Chairman and CEO Bryan Sheffield said in a statement.

Parsley Q1 Guidance

About Parsley Energy, Inc.

Parsley Energy, Inc. is an independent oil and natural gas company focused on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin in West Texas. For more information, visit the Company’s website at www.parsleyenergy.com.

Source: Parsley Energy

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