INVESTOR PRESENTATION3Q »2017

Q1 2019Earnings Presentation

May 1, 2019

2

Forward Looking & Cautionary Statements

Forward-Looking StatementsThe information in this presentation includes “forward-looking statements” that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation ReformAct of 1995. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimatedrevenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,”“believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-lookingstatements contain such identifying words. These forward-looking statements are based on Parsley Energy, Inc.’s (“Parsley Energy,” “Parsley,” or the “Company”) currentexpectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that theseforward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to theexploration for and development, production, gathering and sale of oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack ofavailability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent inestimating reserves and in projecting future rates of production, the production potential of our undeveloped acreage, cash flow and access to capital, the timing ofdevelopment expenditures and the risk factors discussed in or referenced in our filings with the United States Securities and Exchange Commission (“SEC”), including ourAnnual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. Except as otherwise required byapplicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events orcircumstances after the date of this presentation.

Our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells andthe undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or cost increases.

Industry and Market DataThis presentation has been prepared by Parsley and includes market data and other statistical information from third-party sources, including independent industrypublications, government publications or other published independent sources. Although Parsley believes these third-party sources are reliable as of their respective dates,Parsley has not independently verified the accuracy or completeness of this information. Some data are also based on Parsley’s good faith estimates, which are derivedfrom its review of internal sources as well as the third-party sources described above.

3

Parsley Energy Overview

► Confirmed 2019 plan is on track & on budget

► Furthered operational efficiency gains

► Minimized winter downtime

► Delivered strong Delaware results

► Economies of scale and core inventory depth

► Elite return profile

► Efficient and sustainable growth

► Advantaged production flow and pricing

► Financial flexibility with strong balance sheet

► Economic uplift from minerals ownership

ANDREWS

MARTIN

ECTOR

LEA

WINKLER

WARD

CRANE

REEVES

PECOS

UPTON

MIDLAND

GLASSCOCK

REAGAN

HOWARD

DelawareBasin

CentralBasin

Platform

MidlandBasinPremier Permian Pure-Play

1Q19 Highlights

NYSE Symbol: PEMarket Cap: $6,320 MM Net Debt: $2,170 MMEnterprise Value: $8,490 MMShare Count: 317 MM

Market Snapshot(3)

Permian Basin Net Net Leasehold Acreage: ~190,000(1)

(96% Operated)Midland Basin: ~148,500Delaware Basin: ~41,500

Net Royalty Acreage: ~7,500Standardized Royalty Acreage (12.5% NRI): ~60,000(2)

Parsley Energy Acreage

Parsley Acreage

(1) As of 3/31/2019 pro forma for scheduled 2019 acreage expirations recorded in 4Q18; (2) Parsley’s ~7,500 net royalty acres are shown on a 100% NRI basis. If Parsley’s royalty ownership is standardized to a 12.5%, or 1/8th, royaltyinterest, Parsley’s net royalty acreage would equate to approximately 60,000 net royalty acres; (3) Market capitalization calculated using fully diluted share count of 317 MM shares (281 MM Class A shares plus 36 MM Class B shares)as of 5/1/2019 and closing price as of 4/30/2019. Net debt as of 3/31/2019. Net Debt is a non-GAAP financial measure defined as total debt less cash and cash equivalents. Enterprise Value is calculated as market capitalization plusnet debt, where market capitalization is calculated as share price times the sum of Class A shares outstanding and Class B shares outstanding. Because non-controlling interest represents the portion of total book value of equityallocated to Class B shareholders, it is already represented in the enterprise value calculation by the inclusion of Class B shares in the calculation of market capitalization, and should not be added separately as a component ofenterprise value.

Defend and extend operational efficiency gains

Increase footage drilled/completed per rig/crew over FY18 levels

1Q19 footage drilled per rig has increased ~10% from FY18 levels

Work with high-performing service partners on pricing and contracting

Improve capital efficiency by 8-10%+ YoY(1) On track

Hedge to protect cash flow and balance sheet while retaining oil price upside

Outspend by less than $250 million in any oil price environment(2) On budget

Sustain culture that promotes and prioritizes community stewardship

Collaborate with Permian Strategic Partnership (“PSP”); publish Sustainability Report by year-end 2019

PSP initiatives in motion; enhancing internal processes for ESG oversight and reporting

Rate of Return (“ROR”)-driven approach to well selection

Improve capital efficiency by 8-10%+ YoY(1) On track

Accelerate timeline to self-funded growth Outspend by less than $250 million in any oil price environment(2) On budget

Further increase visibility onmanagement and shareholder alignment

Addition of corporate returns metric to 2019 incentive plan Added CROCI to 2019 incentive plan(3)

Leverage legacy water infrastructure investments

Increase 3rd party water revenues and/or explore strategic alternatives Strategic review underway

Exercise patience on incremental crude transport agreements

Deliver healthy long-term realized oil prices while limiting minimum volume commitments

Dependable flow assurance & realized modest discount vs. WTI Cushing(4)

4

2019 Action Plan: On Track & On Budget

Discipline

Guiding Principles

Foresight

Stability

2019 Action Plan Accountability 1Q19 Progress

(1) Capital efficiency calculated as barrels of organic oil production added (Q41/Q40, adjusted for proved developed producing (“PDP”) oil base decline) per million dollars of development capital expenditures. Assumes 4Q18/4Q17 PDPoil base decline of ~45% and 4Q19/4Q18 PDP oil base decline of ~43%. Adjusted for divestitures closed after 9/30/2018; (2) Outspend is a non-GAAP financial measure and is defined as cash flow from operations before changes inoperating assets and liabilities less development capital expenditures; (3) Disclosed in definitive proxy statement for 2019 annual meeting (filed with SEC on April 8, 2019). Cash return on capital invested (“CROCI”) is calculated bydividing the sum of the Company’s cash flow from operations and after-tax interest expense by the sum of the Company’s average gross property, plant and equipment and average non-cash working capital; (4) 1Q19 oil pricerealization excluding effect of hedges and including gathering fee; WTI Cushing price sourced from Bloomberg.

► Consistently high rankings in fundamental value drivers highlight Parsley’s competitive advantage

Sustained by low-cost, durable asset base and top-tier operational ability

► Focus remains fixed on return of each incremental dollar invested

Significant insider ownership enables participation in value creation alongside public shareholders

Operators with Top Quartile Valuation(8) Parsley Energy

Average Rank of Operators with Top Quartile Valuation(8)

Average Rank of Operators with Bottom Quartile Valuation(8)

Operators with Interquartile Valuation(8)

Operators with Bottom Quartile Valuation(8)

Recycle Ratio(2)(7)

5

Establishing a Competitive AdvantageAmong Independent E&Ps

(1) Seaport Global Securities 2018 Capital Efficiency Study published as of 4/16/2019. 4Q18 operating margin. For a reconciliation of the non-GAAP financial measure of operating margin to the most directly comparable GAAPfinancial measure, please see the Supplementary Slides; (2) Seaport Global Securities 2018 Capital Efficiency Study published as of 4/16/2019. Recycle ratio is equal to 4Q18 operating margin divided by 2018 PD F&D. SeeSupplementary Slides for definition of PD F&D. PE recycle ratio includes actual 2018 PD F&D/Boe of $11.63; (3) FactSet. Based on 4Q18 reported production; (4) DrillingInfo as of 4/26/2019; (5) FactSet; 2018 Debt-adjusteddiscretionary cash flow per share growth. Debt-adjusted discretionary cash flow per share is equal to discretionary cash flow divided by debt-adjusted shares. Discretionary cash flow is equal to cash flow from operations less changesin working capital. The number of debt-adjusted shares is equal to the number of fully diluted shares plus total debt minus cash divided by average share price in the period; (6) Bloomberg. Total value ($) of executive officer anddirector ownership; (7) Peers include APA, APC, AR, AXAS, CDEV, CHK, CLR, CNX, COG, CPE, CRZO, CXO, DVN, ECA, EOG, EPE, EQT, ESTE, FANG, HES, HK, JAG, LPI, MRO, MTDR, MUR, NBL, OAS, OXY, PDCE, PXD, QEP,REI, RRC, SM, SRCI, SWN, WLL, WPX, XEC, and XOG; (8) Valuations from FactSet as of 4/26/19 and defined as Enterprise Value divided by consensus 2019 EBITDAX estimate.

Operating Margin(1)(7) % Oil(3)(7)

Debt-Adjusted DCF/Share Growth(5)(7)

Horizontal Rigs in Lower-48(4)(7)

Rel

ativ

e R

ank

InsiderOwnership(6)(7)

Commodity Weighting Scale & Accretive Growth Aligned

InterestsAsset Quality

& Operational Efficiency

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5

10

15

20

25

Ope

rato

r Cou

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Permian Scale Sweet Spot

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► Efficient allocation of capital within the Permian requires sufficient scale► Parsley believes optimal scale both retains corporate agility and ensures a voice in service market

Voi

ce in

Mar

ket

Cor

pora

te A

gilit

y

Limited

Small-Scale Optimal ScaleMidstream: Sizable acreage position and growth visibility helped lock in

favorable terms with quality midstream partners

Procurement: Comprehensive RFQ(2) processes for certain key services

conducted every 3-6 months

Quality Control: High-performing crews facilitated step-change in completion

efficiency in 2H18

Parsley Real-World Examples

Development Approach: Shift to 2019 “ROR-Optimized” plan in late-2018

required corporate agility and cohesive interdisciplinary collaboration

Integration: Buildout of water infrastructure created a strategic asset

Activity Cadence: Absorbed recent downshift from 16 rigs to 12 rigs

without disruption

Mega-Scale

Preferred Partners

Pricing Power

Operational Continuity

Info Dataset / Implementation

Mid/Downstream Integration Need

Friction Costs

Limited/Volatile

Limited

Small / Rapid

Low-to-Moderate

High

Dynamic

Moderate-to-Strong

Strong

Moderate / Fast

Opportunistic

Moderate-to-Low

Smaller vendor pool

Strong

Strong

Large / Slow

Growing

Low

40

5 rigs or less

Measuring Permian Scale by Rig Count(1)

6-20 rigs 20+ rigs

Corporate Benefits fromFlexibility & Scale

Small-Scale Optimal Scale Mega-Scale

+

+

+

+

+

+/-

+/-

+/-

+/-

+

+

+

-

-

-

+/-

+

-(1) DrillingInfo. Active horizontal drilling rigs in Midland and Delaware Basins as of 4/26/2019 pro forma for announced corporate M&A activity; (2) Request for quotation.

400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

2017 2018 1Q19

Feet

Stimulated Lateral Feet per Operational Day per Crew

Drilled Feet per Operational Day per Rig

7

Defend and Extend Efficiency Gains

(1) Operational days measured as days equipment is active. Does not include mobilization or other idle time.

(1)

(1)

Maintaining Operational Momentum 1Q19 Efficiency Highlights

Tracking well ahead of legacy efficiency levels

Drilling

► Improved drilling efficiency for both Midland and Delaware Basins by ~15% as compared to 4Q18

► Combination of process improvements and equipment upgrades

12 high-spec AC rigs, all capable of drilling 2+ mile laterals

Completions

► Maintained high level of efficiency despite increased proppant loadings and compressed stage follow-up tests

3-4 experienced, high-performing completion crews

Facilities

► Decreased freeze-related downtime events through winterization initiatives implemented in 2018

Compressor downtime on freezing days dropped to 4% in 1Q19 from 6% in 1Q18

Average IP30 of1,822 Boe/d (87% oil)

8

Operational Spotlight – Delaware Basin

(1) Operational days measured as days equipment is active. Does not include mobilization or other idle time.

Parsley Acreage1Q19 POPs

Delaware inventory could move up in the development schedule with $60+ WTI oil prices and/or sustained

cost improvements

WARD

REEVES PECOS

DelawareBasin

Improving Delaware Efficiencies

1Q19 Delaware POPs

0

200

400

600

800

1,000

1,200

1,400

1,600

2017 2018 1Q19

Feet

Stimulated Lateral Feet per Operational Day per CrewDrilled Feet per Operational Day per Rig

(1)

(1)

Average IP24 of 2,238 Boe/d (88% oil); yet to establish IP30

Drilling efficiency improved 10% vs 2018Completion efficiency improved 49% vs 2018

Average IP24 of 1,747 Boe/d (84% oil); yet to establish IP30

Average IP24 of 1,781 Boe/d (83% oil); yet to establish IP30

Strong 1Q19 execution in Delaware Basin on multiple frontsRobust Well Performance Across Acreage Footprint► Successful execution of nine two-mile laterals across Delaware asset► All nine wells registered IP24 oil rates above 1,400 Bo/d Eastern-most wells registered average IP24 of 2,238 Boe/d (88% oil) Northern wells registered average IP30 of 1,822 Boe/d (87% oil)

Enhanced Operational Efficiency► Faster cycle times translate to shorter payback periods

Focus on Cost Controls► Efficiency gains facilitate lower equipment rental costs► Encouraging results from initial regional sand trial; 2nd test mid-2019 Producing in-line with offset wells after 150 days Potential for $0.5+ MM per well savings

2019E

Production

Net Oil Production (MBo/d) 80.0 - 85.0

Net Production (MBoe/d) 124.0 - 134.0

Capital Program

Total Development Expenditures ($MM) $1,350 - $1,550

Drilling & Completion (% of Total) ~85%

Facilities, Infrastructure & Other (% of Total)

~15%

Activity

Gross Operated Horizontal POPs(1) 130 - 140

Midland Basin (% of Total) ~85%

Delaware Basin (% of Total) ~15%

Average Lateral Length 10,000’ - 10,500'

Gross Operated Lateral Footage (000's) 1,350' - 1,470'

Average Working Interest ~90%

Units Costs

Lease Operating Expenses ($/Boe) $3.50 - $4.50

Cash G&A ($/Boe) $2.75 - $3.25

Production & Ad Valorem Taxes (% of Total Revenue)

6% - 7%

9

Guidance Summary

All guidance as of 5/1/2019. (1) Wells placed on production; (2) At strip prices as of 4/30/2019. Free cash flow is a non-GAAP financial measure. Free cash flow is defined as cash flow from operations before changes in operatingassets and liabilities less development capital expenditures; (3) Capital efficiency calculated as barrels of organic oil production added (Q41/Q40, adjusted for PDP oil base decline) per million dollars of development capitalexpenditures. Assumes 4Q18/4Q17 PDP oil base decline of ~45% and 4Q19/4Q18 PDP oil base decline of ~43%. Adjusted for divestitures closed after 9/30/2018; (4) Adjusted for divestitures closed in 2018.

► Reaffirming commitment to 2019 capital budget

► Progressing toward sustainable free cash flow in 2H19 at strip pricing(2)

► Targeting 8-10%+ YoY improvement in capital efficiency(3)

► Preserving operational efficiency gains

► Confirming 20% YoY organic oil growth guidance at midpoint(4)

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2Q16

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2Q17

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4Q17

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2Q18

3Q18

4Q18

1Q19

2Q19E

3Q19E

4Q19E

Net O

il Production (M

Bo/d)

Ope

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d H

oriz

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l Rig

Cou

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Horizontal Rigs Net Oil Production (MBo/d)

2Q19 Guidance81-85 MBo/d

Continuing to budget at $50 WTI

2019 Development Plan on Track

Senior Notes ($MM)

2019 2020 2021 2022 2023 2024 2025 2026 2027

Favorable Debt Maturity Schedule

Ample Borrowing Capacity

10

Strong, Flexible Financial Position

Committed Amount

Remaining Borrowing

Base

1H25

2H25

$1,100

$2,700

►Ample liquidity of ~$1.0 billion(1)

►Healthy leverage ratio of 1.6x(2) LTM Adj. EBITDAX

(1) As of 3/31/2019. Calculated as committed portion of revolving credit agreement, net of letters of credit, plus cash and cash equivalents; (2) Leverage ratio calculated as Net Debt divided by last twelve-month Adjusted EBITDAX. NetDebt is defined as total debt less cash and cash equivalents at 3/31/2019. Net Debt and Adjusted EBITDAX are non-GAAP financial measures. For a reconciliation of the non-GAAP financial measure of adjusted EBITDAX to the mostdirectly comparable GAAP financial measure, please see the table found in the Supplementary Slides.

► Favorable debt maturity schedule with earliest notes maturity in 2024

► Weighted average cost of debt has dropped ~250 bps since mid-2016

► Recent credit rating upgrades from both Moody’s and Standard & Poor’s

► Active hedge program helps protect cash flow and balance sheet while retaining oil price upside

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YE14 YE15 YE16 YE17 YE18 Apr-19

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row

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B)

Borrowing base has more than quadrupled in last four years

$1,000$400

$700$450

$650

Revolving Credit Facility ($MM)

CLICK TO ADD TEXT

• SUPPLEMENTARY

SLIDESSUPPLEMENTARY SLIDES

Supplementary Slides

12

Hedge Position

► Methodical, consistent approach

► Protect cash flow stream in weaker oil price environment

► Preserve meaningful upside exposure in stronger oil price environment

► Align hedges with regional price exposure

Waha hedges help mitigate impact of near-term regional gas weakness

Hedge positions as of 5/1/2019. Prices represent the weighted average price of contracts scheduled for settlement during the period; (1) When the reference price (WTI, Midland, MEH, or Henry Hub) is above the long put price, Parsleyreceives the reference price. When the reference price is between the long put price and the short put price, Parsley receives the long put price. When the reference price is below the short put price, Parsley receives the reference priceplus the difference between the short put price and the long put price; (2) Functions similarly to put spreads except when the reference price is at or above the call price, Parsley receives the call price; (3) When the reference price(WTI) is above the call price, Parsley receives the call price. When the reference price is below the long put price, Parsley receives the long put price. When the reference price is between the short call and long put prices, Parsleyreceives the reference price; (4) Premium realizations represent net premiums paid (including deferred premiums), which are recognized as a loss in the period of settlement; (5) Swaps that fix the basis differentials representing theindex prices at which the Company sells its oil and gas produced in the Permian Basin less the WTI Cushing price and Henry Hub price, respectively.

Open Crude Oil Derivatives Positions2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20

OPTION CONTRACTS

CUSHING

Put Spreads – Cushing (MBbls/d)(1) 11.5 19.6 19.6 Long Put Price ($/Bbl) $51.43 $59.79 $59.79

Short Put Price ($/Bbl) $44.29 $49.79 $49.79

Three Way Collars - Cushing (MBbls/d)(2) 21.4 26.1 26.1 Short Call Price ($/Bbl) $70.89 $72.69 $72.69

Long Put Price ($/Bbl) $48.85 $51.88 $51.88

Short Put Price ($/Bbl) $41.15 $42.81 $42.81

Collars – Cushing (MBbls/d)(3) 24.7 21.2 21.2 Short Call Price ($/Bbl) $57.67 $58.26 $58.37

Long Put Price ($/Bbl) $53.94 $54.50 $54.56

MIDLAND

Put Spreads – Midland (MBbls/d)(1) 14.8 4.9 4.9 Long Put Price ($/Bbl) $50.56 $60.00 $60.00

Short Put Price ($/Bbl) $40.56 $50.00 $50.00

Three Way Collars - Midland (MBbls/d)(2) 4.9 4.9 6.7 6.6 Short Call Price ($/Bbl) $64.65 $64.65 $77.50 $77.50 Long Put Price ($/Bbl) $50.00 $50.00 $61.25 $61.25 Short Put Price ($/Bbl) $45.00 $45.00 $51.25 $51.25

MAGELLAN EAST HOUSTON ("MEH")

Put Spreads – MEH (MBbls/d)(1) 3.3 8.2 8.2 5.0 4.9 Long Put Price ($/Bbl) $70.00 $64.00 $64.00 $70.00 $70.00

Short Put Price ($/Bbl) $60.00 $54.00 $54.00 $60.00 $60.00

Three Way Collars - MEH (MBbls/d)(2) 31.7 31.3 11.4 11.4 Short Call Price ($/Bbl) $76.53 $76.53 $80.00 $80.00

Long Put Price ($/Bbl) $60.13 $60.13 $61.07 $61.07

Short Put Price ($/Bbl) $50.14 $50.14 $51.07 $51.07

Total Option Contracts (MBbls/d) 75.7 84.9 84.9 43.4 42.8 11.4 11.4

Premium Realization ($MM)(4) ($10.2) ($14.5) ($14.5) ($9.9) ($9.9) ($2.9) ($2.9)

BASIS SWAPS

Midland-Cushing Basis Swaps (MBbls/d)(5) 25.4 35.9 35.9 5.0 5.0 Basis Differential ($/Bbl) ($5.10) ($1.63) ($0.78) $0.25 $0.25

MEH-Cushing Basis Swaps (MBbls/d)(5) 2.1 2.1 2.1 Basis Differential ($/Bbl) $5.10 $5.10 $5.10

Open Natural Gas Derivatives Positions

2Q19 3Q19 4Q19OPTION CONTRACTS

HENRY HUB

Three Way Collars - Henry Hub (MMBtu/d)(2) 32,967 32,609 32,609 Short Call Price ($/MMBtu) $3.93 $3.93 $3.93

Long Put Price ($/MMBtu) $3.00 $3.00 $3.00

Short Put Price ($/MMBtu) $2.50 $2.50 $2.50

Total Option Contracts (MMBtu/d) 32,967 32,609 32,609

BASIS SWAPS

Waha-Henry Hub Basis Swaps (MMBtu/d)(5) 32,967 32,609 32,609 Basis Differential ($/MMBtu) ($1.92) ($1.78) ($1.64)

Hedging Strategy

Leverage legacy water infrastructure investments

Increase 3rd party water revenues and/or explore strategic alternatives

Exercise patience on incremental crude transport agreements

Deliver healthy long-term realized oil prices while limiting minimum volume commitments (MVCs)

Rate of Return (“ROR”)-driven approach to well selection

Improve capital efficiency by 8-10%+ YoY(1)

Accelerate timeline to self-funded growth

Outspend by less than $250 million in any oil price environment(2)

Further increase visibility on management and shareholder alignment

Addition of corporate returns metric to 2019 incentive plan

Defend and extend operational efficiency gains

Increase footage drilled/completed per rig/crew over 2018 levels

Work with high-performing service partners on pricing and contracting

Improve capital efficiency by 8-10%+ YoY(1)

Hedge to protect cash flow and balance sheet while retaining oil price upside

Outspend by less than $250 million in any oil price environment(2)

Sustain culture that promotes and prioritizes community stewardship

Collaborate with Permian Strategic Partnership; publish Sustainability Report by year-end 2019

13

Setting the Course for 2019 & Beyond

Discipline

Guiding Principles provided foundation…

Foresight

Stability

For an optimal2019 Action Plan

And Accountabilitywill help achieve goals and…

Compelling Long-Term Targets

Health, Safety, & Environmental

Excellence

Top-Tier Corporate Returns

Increasing Free

Cash Flow

Differentiated Cash Flow

Growth per Share

(1) Capital efficiency calculated as barrels of organic oil production added (Q41/Q40, adjusted for proved developed producing (“PDP”) oil base decline) per million dollars of development capital expenditures. Assumes 4Q18/4Q17 PDPoil base decline of ~45% and 4Q19/4Q18 PDP oil base decline of ~43%. Adjusted for divestitures closed in 4Q18; (2) Outspend is a non-GAAP financial measure and is defined as (cash flow from operations before changes inoperating assets and liabilities less development capital expenditures).

14

Organic Path to Self-Funded Growth

(1) Free cash flow is a non-GAAP financial measure. Free cash flow is defined as cash flow from operations before changes in operating assets and liabilities less development capital expenditures; (2) At strip prices as of 4/30/2019;(3) Capital efficiency calculated as barrels of organic oil production added (Q41/Q40, adjusted for PDP oil base decline) per million dollars of development capital expenditures. Assumes 4Q18/4Q17 PDP oil base decline of ~45% and4Q19/4Q18 PDP oil base decline of ~43%. Adjusted for divestitures closed after 9/30/2018.

Productivity Improvements

► Optimizing completions

Increasing average

proppant loading

10-15% YoY

Wider spacing in

select targets

Compressed stage

follow-up trials

► Shifting mix to northern

Midland Basin

Accelerating Free Cash Flow by Prioritizing ROR Boosting Capital Efficiency

Expected Capex Savings

► Lower service and

equipment costs

► ~15% increase in

average lateral length

► ~75% of proppant

sourced from regional

sand mines

► Fewer new-build

facilities; more

add-ons

2019 Action Plan targets 8-10%+ YoY increase

in capital efficiency(3)

ROR

Increasing Density

(Wells / Section / Bench)

Free Cash Flow Timing(1)(2)

2019 Action Plan

2017-2018 Development Approach

1H20

Inventory depth enables shift in development approach

ROR focus pulls forward timing of sustainable free cash flow(1)

2H19

15

Long Reinvestment Runway Provides Development Optionality

(1) Leasehold where Parsley can drill or propose drilling horizontal wells with lateral lengths equal to or greater than 1-mile; (2) As of 3/31/2019 pro forma for 2019 acreage expirations recorded in 4Q18;(3) Development inventory includes operated locations in Lower Spraberry, Wolfcamp A, Wolfcamp B, and Wolfcamp C zones in defined DSUs. Darker shade of blue represents actual 2018 development program;(4) Based on 2019E activity levels in each development area; (5) Bottom of inventory range represents development of inventory in defined DSUs utilizing increased proppant and wider spacing configuration, consistent with 2019development approach and is comprised of 26 million gross (22 million net) lateral feet in proven formations (Lower Spraberry, Wolfcamp A, Wolfcamp B, and Wolfcamp C zones). Top of inventory range represents full developmentinventory in defined DSUs and is comprised of 35 million gross (30 million net) lateral feet in proven formations.

MARTINHOWARD

MIDLAND

GLASSCOCK

REAGANUPTONREEVES

PECOS

CentralBasin

Platform

► Durable, geographically balanced inventory enables shift to a more ROR-focused development approach in 2019

Higher concentration of activity in Martin, Midland, and Upton Counties

Combination of upsized fracs and wider spacing in select areas

Over a decade of running room in each distinct core geography at 2019 development patterns

WARD

Development Inventory Drilled(1)

2019E Development Program(2)

Inventory Life at 2019E Pace(3)

ANDREWS

ECTOR

CRANE

2019 Action PlanParsley Drill Spacing Unit (“DSU”)(1) Other Parsley Acreage

(167,000 net acres)(2) (23,000 net acres)(2)

DSU Development Inventory Drilled(3)

2018 DSU Development Program(3)

2019E Development Program(4)

Remaining DSU Inventory Life at 2019E Pace(4)(5)

► Geographically balanced program

► Emphasis on resource discovery and delineation

2017-2018 Development Approach

HOWARD

MS Monitor peer results (Midland/Martin)

JM Monitor peer results (Midland/Martin)

LS Initial Parsley operated test (Upton) Increased proppant (Midland/Martin)

UWCA Initial test (Upton)

WCA Test lower proppant loadings Increased proppant (All Counties)

UWCBStacked configuration (Upton/Reagan); 330’ density tests (Reagan)

Stacked configuration (Upton/Reagan) and lower proppant tests

Stagger configuration (Upton/Reagan) and increased proppantLWCB

WCC Initial success (Reagan) Delineation work (Reagan/Glasscock) Defer activity (low Waha prices)

WCD Monitor peer results (Midland/Reagan)

3BS Initial test (Reeves) Monitor peer results

UWCA Initial test (Pecos) Stagger configuration

LWCA Increased proppant (Pecos)

UWCB Initial test (Pecos) Monitor peer results

Achieve scale

Large rig ramp and delineation-heavy development program

~8-16 across

Recapture operational efficiency

Steady development pace across geographically balanced program

Boost capital efficiency by 8-10%+ and accelerate progress to self-funded growth

Reduce activity, increase proppant, high-grade development approach

~8 across ~4-8 across

16

Optimizing the 2019 Plan

“Transformational” 2017 “Simplified” 2018 2019 Action Plan

Agenda

Program Details

Midland Basin

Well Selection

Delaware Basin

Well Selection

Spacing Pattern(Wells/Section/Bench)

“NPV-Focused” “ROR-Focused”

Primary Development Focus Secondary Development Focus (1-2 wells) Future Development Potential

► Proactive build-out of water infrastructure network with $156 million of cumulative capital investment

Saved $12 million on water sourcing, handling, and disposal costs in 1Q19

Permitted disposal capacity provides ample running room for future growth

Water A&D Activity Picking UpRobust Water Infrastructure Network

17

Operational Spotlight – Water Assets

Water Management Statistics Company-Wide

Total Salt Water Disposal (“SWD”) Permitted Volume (Bbl/d)(1) 1.4 million

Percent of Produced Water Transported by Pipeline 96%

Surface Acres 37,500

► Strategic review underway

► Reduce water infrastructure capital expenditures YoY

► Increase revenue from third party water volumes

2019 Action Plan

Date Buyer Seller Description

3/11/2019 PrivateCompany

PrivateCompany

50 SWDs and 420 miles of dedicated water gathering and transport pipelines and 1.4 million barrels of permitted disposal capacity

1/3/2019 Private Company

Concho Resources

100% interest in 3 SWDs with 44 miles of gathering pipeline in Southern Delaware

12/20/2018 Private Company

NGL Energy Partners

9 SWDs and associate pipelines along with additional permits in Southern Delaware

11/8/2018 Western Gas Partners

Anadarko Petroleum

17 SWDs with 505 MBbls/d capacity and 620 miles of gathering pipelines in Delaware Basin

10/31/2018 Private Company

HalcónResources

All water facilities including gathering lines, SWDs, freshwater wells, and recycling facilities

Parsley Energy AcreageParsley Energy SWD(1)

Delaware Basin

1

2

3

2

3

5

5

DelawareBasin

MidlandBasin

PECOS

REEVES

WARD

MARTINHOWARD

GLASSCOCK

REAGANUPTON

MIDLAND

Midland Basin

4

4

4

4

(1) Includes existing and permitted operated SWDs.

11

1

1

5

(1) Organic reserves replacement ratio calculated as total 2018 reserve additions and revisions (technical and pricing) divided by total 2018 production. Excludes acquisitions and divestitures; (2) Drillbit F&D cost is calculated as total2018 capital expenditures (including Infrastructure and Other) divided by total 2018 reserves additions and revisions (technical and pricing). Excludes acquisitions and divestitures; (3) Proved Developed F&D (“PD F&D”) cost iscalculated as total 2018 capital expenditures (including Infrastructure and Other) divided by total 2018 proved developed reserves additions and revisions (technical and pricing). Excludes acquisitions and divestitures; (4) Recycle ratiocalculated as 4Q18 Operating cash margin divided by PD F&D ($11.63/Boe). Oil and Gas PD F&D cost (excluding water handling infrastructure spend) was $11.29/Boe; (5) Reserve summary as of 12/31/2018. Details contained inParsley’s 2018 Annual Report on form 10-K, filed with the SEC on February 27, 2019.

Proved Reserves Summary(5)

Strong Growth in Proved Reserves

Consistently Efficient Reserve Growth

► YE18 total proved reserves up 25% YoY (oil up 18% YoY)

YE18 PD reserves up 49% YoY (oil up 43% YoY)

Three-year proved reserve CAGR of 61%

► Organic reserves replacement ratio of 406%(1)

► Drillbit F&D(2) of $10.87/Boe displays quality and depth of asset base

► PD F&D of $11.63/Boe(3) supports top-tier recycle ratio of 2.6x(4)

YE 2018Oil

(MMBo)Gas(Bcf)

NGL (MMBoe)

Total (MMBoe)

PDP 169.8 357.4 80.6 310.0

PNP 0.7 1.3 0.4 1.3

PUD 123.9 213.3 50.9 210.4

Total Proved 294.4 572.0 131.9 521.7

91 124

222

416

522

-

100

200

300

400

500

600

YE14 YE15 YE16 YE17 Production Revisions Divestitures Acq. Additions YE18

Pro

ved

Res

erve

s (M

MB

oe)

-40+2 -22 +6

+160

+25%

18

19

Adjusted EBITDAX & Net Leverage Ratio Reconciliations

Note: Certain reclassifications to prior period amounts have been made to conform with current presentation.

Unaudited, in thousands

2Q18 3Q18 4Q18 1Q19Adjusted EBITDAX reconciliation to net income:

Net income (loss) attributable to Parsley Energy, Inc. stockholders $119,155 $113,309 $53,773 ($24,064)Net income (loss) attributable to noncontrolling interests 21,803 20,840 11,626 (3,939)Depreciation, depletion and amortization 145,552 157,352 160,754 173,723 Exploration and abandonment costs 3,366 11,140 142,622 22,994 Interest expense, net 33,758 32,854 32,880 33,002 Interest income (1,686) (1,055) (600) (291)Income tax expense (benefit) 33,243 32,454 16,453 (7,790)

EBITDAX $355,191 $366,894 $417,508 $193,635 Change in TRA liability — — 355 —Stock-based compensation 5,363 4,686 4,757 5,322 Acquisition costs (2) — 165 —Gain on sale of property (5,166) (1,383) (16) —Accretion of asset retirement obligations 359 361 348 345 Inventory write down (17) 451 — —Loss (gain) on derivatives 9,466 22,514 (93,115) 119,687 Net settlements on derivative instruments (7,019) 9,376 8,600 (8,339)Net premiums on options that settled during the period (18,072) (17,853) (19,115) (9,516)

Adjusted EBITDAX $340,103 $385,046 $319,487 $301,134

1Q19Net Leverage Ratio:

6.250% senior unsecured notes due 2024 $400,000 5.375% senior unsecured notes due 2025 650,000 5.250% senior unsecured notes due 2025 450,000 5.625% senior unsecured notes due 2027 700,000

Total Debt $2,200,000 Less: Cash and cash equivalents 10,380

Net Debt $2,189,620 LTM Adjusted EBITDAX 1,345,770

Net Debt to LTM Adjusted EBITDAX 1.6x

20

Operating Cash Margin Reconciliation

Unaudited, in thousands

2019 2018

Net (loss) income attributable to Parsley Energy, Inc. stockholders ($24,064) $82,890

Net (loss) income attributable to noncontrolling interests (3,939) 22,573

Income tax (benefit) expense (7,790) 23,325

Other revenues (1,308) (3,594)

Depreciation, depletion and amortization 173,723 121,199

Exploration and abandonment costs 22,994 5,411

Stock-based compensation 5,322 5,069

Acquisition costs — 4

Accretion of asset retirement obligations 345 354

Other operating (income) expense (811) 2,175

Interest expense, net 33,002 31,968

Loss on sale of property — 111

Derivative loss 119,687 10,793

Change in TRA liability — 82

Interest income (291) (2,123)

Other income (58) (301)

Operating cash margin $316,812 $299,936

Operating cash margin per Boe $28.07 $35.66

Average price per Boe, without realized derivatives $37.78 $46.27

Operating cash margin percentage 74% 77%

Three Months Ended March 31,

21

Reserves Disclosure

Oil & Gas ReservesThis presentation provides disclosure of Parsley’s proved reserves, which are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated withreasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions (using unweighted average 12-month first day ofthe month prices), operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonablycertain, regardless of whether deterministic or probabilistic methods are used for the estimation.

In this presentation, proved reserves attributable to Parsley as of 12/31/2018 are estimated utilizing SEC reserve recognition standards and pricing assumptions based on an unweighted first dayof the month average 12-month WTI Phillips 66 posted price, net of differentials, of $61.88/Bbl for oil and $28.05/Bbl for NGLs and a WAHA spot natural gas price, net of differential, of$1.64/MMBtu for natural gas. References to our estimated proved reserves as of 12/31/2018 are derived from our proved reserve report audited by Netherland, Sewell & Associates, Inc. (“NSAI”).

We may use the term “expected ultimate recoveries” or other descriptions of volumes of reserves, which terms include quantities of oil and gas that may not meet the SEC’s definitions of proved,probable and possible reserves, and which the SEC's guidelines strictly prohibit Parsley from including in filings with the SEC. Unless otherwise stated in this presentation, such estimates havebeen prepared internally by our engineers and management without review by independent engineers. These estimates are by their nature more speculative than estimates of proved, probableand possible reserves and accordingly are subject to substantially greater risk of being actually realized, particularly in areas or zones where there has been limited or no drilling history. Weinclude these estimates to demonstrate what we believe to be the potential for future drilling and production by the Company. Actual locations drilled and quantities that may be ultimatelyrecovered from our properties will differ substantially. In addition, we have made no commitment to drill all of the drilling locations we identify. Ultimate recoveries will be dependent uponnumerous factors including actual encountered geological conditions, the impact of future oil and gas pricing, exploration and development costs, and our future drilling decisions and budgetsbased upon our future evaluation of risk, returns and the availability of capital and, in many areas, the outcome of negotiation of drilling arrangements with holders of adjacent or fractional interestleases. Our estimates may change significantly as development of our properties provides additional data and therefore actual quantities that may ultimately be recovered will likely differ fromthese estimates. Our related expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells, the undertaking andoutcome of future drilling activity and activity that may be affected by significant commodity price declines or drilling cost increases.

Unless otherwise noted, Net Present Value (“NPV”) estimates are before taxes and assume the Company generated EUR and decline curve estimates based on Company drilling and completioncost estimates that do not include facilities, land, seismic, general and administrative (“G&A”) or other corporate level costs.

Organic Reserves Replacement RatioParsley uses the organic reserves replacement ratio as an indicator of the Company's ability to replace the reserves that it has developed and to increase its reserves over time. The organicreserves replacement ratio is calculated as total reserve additions and revisions (technical and pricing), divided by total production. The ratio calculation excludes acquisitions and divestitures.The ratio is not a representation of value creation and has a number of limitations that should be considered. For example, the ratio does not incorporate the costs or timing of developing futurereserves.

Proved Developed Finding and Development (“F&D”) CostsParsley uses proved developed F&D, oil and gas proved developed F&D, and drillbit F&D costs as an indicator of capital efficiency, in that it measures Parsley’s costs to add proved developed reserves on a per Boe basis. Proved developed F&D is calculated as total 2018 capital expenditures (including Infrastructure and Other) divided by total 2018 proved developed reserves additions and revisions (technical and pricing). Drillbit F&D is calculated as total 2018 capital expenditures (including Infrastructure and Other), divided by total 2018 reserves additions and revisions (technical and pricing). Both calculations exclude acquisitions and divestitures and are subject to limitations, including the uncertainty of future costs to develop the company’s reserves. Oil and gas PD F&D cost is calculated by dividing annual development capital expenditures by year-over-year proved developed producing and proved developed non-producing reserve additions, and includes reclassifications and technical and pricing revisions, but excludes acquisitions and divestitures.

Recycle RatioParsley uses recycle ratio as a measure of its capital efficiency based on its finding and development costs. Recycle ratio is calculated as operating cash margin divided by all costs PD F&D.