INVESTOR PRESENTATION3Q »2017

SEPTEMBER 25, 2018

Q2 2019Earnings Presentation

August 7, 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

► Tightened 2019 capital budget range

► Raised 2019 capital efficiency target

► Positioned for free cash flow inflection

► Defended operational efficiency gains

► Economies of scale and core inventory depth

► Elite return profile

► Efficient and sustainable growth

► Advantaged production flow and pricing

► Margins enhanced by minerals ownership

► Financial flexibility with strong balance sheet

ANDREWS

MARTIN

ECTOR

LEA

WINKLER

WARD

CRANE

REEVESPECOS

UPTON

MIDLAND

GLASSCOCK

REAGAN

HOWARD

DelawareBasin

CentralBasin

Platform

MidlandBasinPremier Permian Pure-Play

2Q19 Highlights

NYSE Symbol: PEMarket Cap: $4,484 MM Net Debt: $2,157 MMEnterprise Value: $6,641 MMShare Count: 317 MM

Market Snapshot(3)

Permian Basin Net Net Leasehold Acreage: ~189,000(1)

(96% Operated)Midland Basin: ~147,000Delaware Basin: ~42,000

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

Parsley Energy Acreage

Parsley Acreage

(1) As of 6/30/2019 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 8/6/2019 and closing price as of 8/5/2019. Net debt as of 6/30/2019. Net Debt is a non-GAAP financial measure defined as total debt less cash and cash equivalents. Enterprise Value is calculated as market capitalization plus netdebt, 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 equity allocatedto 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 of enterprise value.

Defend and extend operational efficiency gains

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

1H19 footage drilled/completed per rig/crew has increased 13/15% from FY18 levels

Work with high-performing service partners on pricing and contracting

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

Tracking ahead of plan; targeting 12-14%+ YoY improvement in capital efficiency

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)

Methodical additions to 2020 oil hedges

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; established Nominating, Environmental, Social, & Governance Board Committee

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

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

Tracking ahead of plan; targeting 12-14%+ YoY improvement in capital efficiency

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

1H19 outspend of $178MM; expect to generate free cash flow in 2H19(2)(3)

Further increase visibility onmanagement and shareholder alignment

Addition of corporate returns metric to 2019 incentive plan Added CROCI to 2019 incentive plan(4)

Leverage legacy water infrastructure investments

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

Strategic review ongoing; expect decision by YE19

Exercise patience on incremental crude transport agreements

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

Dependable flow assurance, diversified pricing, and tight API gravity range (41°average) translating to favorable realized oil prices

4

Delivering on 2019 Action Plan

Discipline

Guiding Principles

Foresight

Stability

2019 Action Plan Accountability Progress through 2Q19

(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) Free cash flow (outspend) is a non-GAAP financial measure and is defined as cash flow from operationsbefore changes in operating assets and liabilities less accrual-based development capital expenditures. For the reconciliation of free cash flow (outspend) please see the Supplementary Slides; (3) Based on strip prices as of 8/2/2019;(4) Disclosed in definitive proxy statement for 2019 annual meeting (filed with SEC on April 8, 2019). Cash return on capital invested (“CROCI”) is calculated by dividing the sum of the Company’s cash flow from operations and after-taxinterest expense by the sum of the Company’s average gross property, plant and equipment and average non-cash working capital.

5

Boosting Capital Efficiency Target

8-10%+

12-14%+

1-2%

4%

4%

4-5%

Original Capital Efficiency Target (4Q18)

3-4%

4-5%

► Combination of upsized fracs, wider spacing and compressed stage tests

► Longer laterals, more local sand, fewer new-build facilities

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

Optimized Completions

Shifting Activity Mix

Capex Savings

► Encouraging early-time results validating shift in approach

► Cycle time improvement, well design tweaks, and reduced consumables costs

► Confirmatory strong well results in Martin, Midland, and Upton Counties

Optimized Completions

Shifting Activity Mix

Capex Savings

Adding More Barrels of Oil for Fewer Development Dollars

► 2019 Action Plan designed to improve capital efficiency and compress timeline to sustainable free cash flow Expected 8-10%+ YoY improvement driven by lower well costs, high-graded activity, and optimized completions Raising targeted YoY improvement to 12-14%+ after encouraging results in the first half of 2019

Cap

ital E

ffici

ency

Impr

ovem

ent (

YoY%

)(1)

Updated Capital Efficiency Target (2Q19)

(1) 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.

YE18PDP Oil Base Decline(4)

50%

45%

40%

35%YE17 YE19E 2020-2021E

20

25

30

35

40

45

50

PE

Hor

izon

tal P

erm

ian

Wel

l Vin

tage

(A

vera

ge M

onth

s Pr

oduc

ing)

► 2019 Action Plan designed to improve capital efficiency and compress timeline to sustainable free cash flow

Targeting free cash flow in 2H19(1) despite younger asset base than most peers

Maturing asset base coincides with a moderating base decline

Maintenance capital becomes a smaller burden on future discretionary cash flow (“DCF”)(2)

Improving free cash flow sustainability increases visibility for return of capital to shareholders

6

Building to Sustainable Free Cash Flow –Maturing Asset Base

(1) Free cash flow is a non-GAAP financial measure and is defined as cash flow from operations before changes in operating assets and liabilities less accrual-based development capital expenditures. Based on strip pricing as of8/2/2019; (2) Maintenance capital is defined as the capital expenditures required to maintain fourth quarter oil production levels for one year. DCF is a non-GAAP financial measure and is defined as cash flow from operations lesschanges in working capital; (3) DrillingInfo. Includes all horizontal wells placed on production after 1/1/2012. Peers include CVX, CXO, EOG, FANG, OXY, PXD, and XOM; (4) Refers to Q41/Q40 PDP oil base decline; (5) Maintenancecoverage ratio is calculated as DCF divided by maintenance capital.

Asset Base Maturity forPermian Operators of Scale(3)

An Organic Path to a Lower Maintenance Capital Burden

► Achieved scale with significant activity ramp

► 65% oil production CAGR

2017-2018 Development

Younger Asset Base

► Steeper base decline

2017-2018 Development

Maintenance Capex was larger burden on DCF(2)

► Moderating base decline► Nearly 25% organic oil growth YoY

2019 Action Plan

Maintenance Capex expected to be smaller burden on future DCF(2)

100%2017-2018 2019E 2020-2021E

Maintenance Coverage Ratio(5)

Peers

400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

2017 2018 1Q19 2Q19

Feet

Drilled Feet per Operational Day per Rig

Stimulated Lateral Feet per Operational Day per Crew

7

Defend and Extend Efficiency Gains

(1) Operational days measured as days equipment is active. Does not include mobilization or other idle time; (2) “Drilling efficiency” is measured based on drilled feet per operational day.

(1)

(1)

Maintaining Operational Momentum 2Q19 Efficiency Highlights

1H19 Drilling: +13% from 2018 average1H19 Completions: +15% from 2018 average Drilling

► Sustained drilling efficiency gains with ~8% improvement as compared to 1Q19(2)

Enables drop from 12 to 11 development rigs for 2H19

► Shorter cycle times reduce costs

A one day reduction in drill time can translate to ~$60,000 in well cost savings

Completions

► Maintained high level of efficiency despite sequential increase in upsized fracs and compressed stage tests

Expect three-to-four high-quality completion crews running in 2H19

► Proactively managing schedule to adhere to capital budget and preserve operational momentum into 2020

Targeting consistent capital investment pace to minimize friction costs

0

20

40

60

80

100

120

140

160

180

0 90 180 270 360

Cum

ulat

ive

Oil

Prod

uctio

n (M

Bo)

Days on Production

2018 POPs 1H19 POPs

Development Across Acreage PositionImproving Upton Well Performance(1)

► Recent Upton County well results highlight early success from ROR-focused development program Completion design changes facilitating a 9% improvement versus 2018 Upton wells

8

Operational Spotlight – Upton County

(1) Normalized to 10,000’ lateral length and adjusted for downtime; (2) Wells placed on production.

1H19 wells outperforming 2018 wells by 9%

Parsley Acreage2018 Pads1H19 Pads

(2)

Reese

Leo

Hanks Family

MIDLAND

UPTON

ROR-Focused Development Highlights

Lease NameProject

SizeAverage IP30

(Boe/d/1k’) % Oil

Leo 2 wells 219 74%

Hanks Family 3 wells 205 74%

Reese 5 wells 154 78%(2)

9

Building to Sustainable Free Cash Flow –Advantaged Marketing Position

(1) Certain sales contracts contingent on pipeline start-up dates, assumptions for which are based on most recent public disclosure; (2) Peers include CDEV, CPE, CXO, FANG, HK, JAG, LPI, MTDR, and SM; Permian realizations usedwhere applicable; (3) IHS. Horizontal wells only; (4) West Texas Light (WTL) Midland is defined as crude with an API gravity between 44.1° and 49.9° with a sulphur content less than 0.40%. West Texas Sour (WTS) is defined as crudewith an API gravity between 30.0° and 38.0° with a sulphur content less than 2.50%.

► Parsley aims to insulate cash flow from regional oil price dislocations through proactive diversification

Delivered peer-leading oil realizations during tight takeaway market in 2018

Sales contracts provide exposure to MEH, Brent and Midland benchmarks in 2019-2020(1)

Broad portfolio marketing approach mitigates takeaway risk associated with an individual pipeline or port

Leading Oil Price Realizations

$50$51$52$53$54$55$56$57$58$59$60

PE

1Q18

-1Q

19 U

nhed

ged

Oil

Pric

e R

ealiz

atio

n ($

/Bo)

Peers(2)

Marketing strategy centered around two guiding principles: dependability and diversification

► Favorable oil quality with tight API gravity range across acreage footprint Produced oil volumes register a weighted average

API gravity of ~41° Sales volumes not subject to WTL or WTS discounts(4)

Permian API Gravity Sweet Spot(3)

Parsley Acreage<40° API Gravity40-42°42-44°

44-47°47-50°50°+

ANDREWS

ECTOR

HOWARD

MARTIN

MIDLAND

GLASSCOCK

REAGAN

UPTON

CRANE

PECOS

REEVES

WARD

WINKLER

LEA

EDDY

LOVING

MIDLAND BASIN

CENTRALBASIN

PLATFORM

DELAWAREBASIN

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

$7

$8

$9

$10

$11

$12

$13

$14

$15

$16

2015 2016 2017 2018 1Q19 2Q19

Operating C

ash Margin (%

)

Per

-Uni

t Ope

ratin

g C

osts

($/B

oe)

Per-Unit Operating Costs ($/Boe) Operating Cash Margin (%)

10

Building to Sustainable Free Cash Flow –Compressing Costs to Expand Margins

(1) Per-unit operating costs include lease operating expenses, cash based general and administrative expenses (exclusive of stock-based compensation), and production and ad valorem taxes. Transportation and processing costs areexcluded from 2018 and 2019 to normalize for the period over period impacts of adopting ASC 606; (2) Operating cash margin percentage is a non-GAAP financial measure. For a reconciliation of operating cash margin to the mostdirectly comparable GAAP financial measure, please see the Supplementary Slides. Operating cash margin percentage calculated as operating cash margin per Boe divided by realized price per Boe excluding hedges. Operating cashmargin defined as realized price per Boe excluding hedges less per-unit operating costs including transportation and processing costs; (3) Peers include CDEV, CPE, CXO, FANG, JAG, PXD, and WPX.

Operating Cash Margin Expansion Peer-Leading LOE Trend

$2.50

$3.50

$4.50

$5.50

$6.50

$7.50

$8.50

2015 2016 2017 2018 1Q19 2Q19

Leas

e O

pera

ting

Exp

ense

s ($

/Boe

)

Parsley Energy Peers

► Extracting more value per barrel of production through stringent cost control and scale benefits

Delivered company-record LOE per Boe and cash G&A per Boe during 2Q19

► Vigilant focus on costs helps support sustainable free cash flow profile

Teams incentivized to defend peer-leading LOE targets

Right-sized organization with 8% reduction in workforce since YE18

(3)(1) (2)

0

3

6

9

12

15

0

30

60

90

120

150

Net

Oil

Pro

duct

ion

(MB

o/d)

Net S

tandardized Royalty A

cres (000's)

Net Oil Production (MBo/d) Net Standardized Royalty Acres (000's)

► Minerals ownership enhances Parsley’s sustainable free cash flow profile

Adds high margin production without any associated capex or operating expenses

Surface ownership can generate secondary cash flow stream, offering additional upside

High degree of Parsley operatorship improves visibility of development and cash flow timing

► Growing number of public mineral companies provides more valuation markers for asset class

Parsley Minerals Ownership

11

Building to Sustainable Free Cash Flow –Minerals Ownership

(1) Public filings. Peers include FLMN, MNRL, and VNOM; (2) Market capitalization for peers calculated using closing price as of 8/2/2019 and is not pro forma for pending transactions; (3) 2Q19 oil production attributable to Parsley’sminerals ownership. Peer production period based on latest reported quarterly figures and is not pro forma for pending transactions; (4) Royalty ownership standardized to a 12.5%, or 1/8th, royalty interest and is not pro forma forpending transactions.

Market Cap(2)

Comparable Public Minerals Companies

Net Standardized Royalty Acreage: ~60,000(4)

Midland Basin: ~13,000(4)

Delaware Basin: ~47,000(4)

► 100% Permian exposure ► 86% Parsley-operated

Net Surface Acreage: ~37,000

Parsley AcreageParsley Minerals Ownership

Minerals Summary

MARTIN

ECTOR

WINKLER

WARD

CRANE

REEVES PECOS

UPTON

MIDLAND

GLASSCOCK

REAGAN

HOWARD

DelawareBasin

CentralBasin

Platform

MidlandBasin

(3) (4)

PermianPure-Play

Peer Exposure to Permian

High Low

$4.3B $1.0B $0.7B

PE Minerals Peers(1)

Senior Notes ($MM)

2019 2020 2021 2022 2023 2024 2025 2026 2027

Favorable Debt Maturity Schedule

Ample Borrowing Capacity

12

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 6/30/2019. 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 6/30/2019. 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 Supplementary Slides.

► Favorable debt maturity schedule withearliest notes maturity in 2024

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

► Credit rating upgrades from both Moody’s andStandard & Poor’s in 1H19

► Proactively adding 2020 hedges, including new Brentcontracts that further align positions with regional priceexposure

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

YE14 YE15 YE16 YE17 YE18 2Q19

Bor

row

ing

Bas

e ($

B)

Borrowing base has more than quadrupled in last four years

$1,000$400

$700$450

$650

Revolving Credit Facility ($MM)

► Tightening 2019 capital budget range

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

► Increasing targeted YoY improvement in capital efficiency to 12-14%+(3)

► Raising organic oil growth guidance to nearly 25% YoY(4)

► Lowering unit operating cost guidance by 9% at the midpoint

► Efficiency gains allowing for more footage with less equipment

Expect to carry operational momentum into 2020

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2

4

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18

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

E4Q

19E

Net O

il Production (M

Bo/d)

Hor

izon

tal R

ig C

ount

Horizontal Rigs Net Oil Production (MBo/d)

Prior 2019 Guidance

Updated 2019 Guidance

Production

Net Oil Production (MBo/d) 80.0 - 85.0 85.0 - 86.5

Net Production (MBoe/d) 124.0 - 134.0 134.0 - 139.0

Capital Program

Total Development Expenditures ($MM) $1,350 - $1,550 $1,400 - $1,490

Drilling & Completion (% of Total) ~85% ~85%

Facilities, Infrastructure & Other (% of Total)

~15% ~15%

Activity

Gross Operated Horizontal POPs(1) 130 - 140 135 - 140

Midland Basin (% of Total) ~85% ~85%

Delaware Basin (% of Total) ~15% ~15%

Average Lateral Length 10,000’ - 10,500' 10,100’ - 10,500'

Gross Operated Lateral Footage (000's) 1,350' - 1,470' 1,365' - 1,470'

Average Working Interest ~90% 93 - 94%

Units Costs

Lease Operating Expenses ($/Boe) $3.50 - $4.50 $3.40 - $3.90

Cash G&A ($/Boe) $2.75 - $3.25 $2.60 - $2.90

Production & Ad Valorem Taxes (% of Total Revenue)

6% - 7% 6% - 7%

13

Guidance Summary

All guidance as of 8/6/2019. (1) Wells placed on production; (2) At strip prices as of 8/2/2019. Free cash flow is a non-GAAP financial measure. Free cash flow is defined as cash flow from operations before changes in operating assetsand liabilities less accrual-based 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.

3Q19 Guidance87-90 MBo/d

Continuing to budget at $50 WTI

Delivering on 2019 Development Plan

CLICK TO ADD TEXT

• SUPPLEMENTARY

SLIDESSUPPLEMENTARY SLIDES

Supplementary Slides

15

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

Hedge positions as of 8/6/2019. Prices represent the weighted average price of contracts scheduled for settlement during the period; (1) When the reference price (WTI, Midland, MEH, Brent, or Henry Hub) is above the long put price,Parsley receives 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 thereference price plus 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 thereference 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 putprices, Parsley receives the reference price; (4) Premium realizations represent net premiums paid (including deferred premiums), which are recognized as a loss in the period of settlement.

Open Crude Oil Derivatives Positions

Open Natural Gas Derivatives Positions

Hedging Strategy3Q19 4Q19 1Q20 2Q20 3Q20 4Q20OPTION CONTRACTS

CUSHING

Put Spreads – Cushing (MBbls/d)(1) 19.6 19.6 Long Put Price ($/Bbl) $57.29 $57.29

Short Put Price ($/Bbl) $47.29 $47.29

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

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

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

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

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

MIDLAND

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

Short Put Price ($/Bbl) $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) 4.9 4.9 5.0 4.9 Long Put Price ($/Bbl) $60.00 $60.00 $70.00 $70.00

Short Put Price ($/Bbl) $50.00 $50.00 $60.00 $60.00

Three Way Collars - MEH (MBbls/d)(2) 3.3 3.3 36.7 36.3 19.6 19.6 Short Call Price ($/Bbl) $75.00 $75.00 $75.98 $75.98 $76.63 $76.63

Long Put Price ($/Bbl) $60.00 $60.00 $59.57 $59.57 $58.79 $58.79

Short Put Price ($/Bbl) $50.00 $50.00 $49.58 $49.58 $48.79 $48.79

BRENT

Three Way Collars - Brent (MBbls/d)(2) 8.2 8.2 8.2 Short Call Price ($/Bbl) $75.00 $75.00 $75.00 Long Put Price ($/Bbl) $62.40 $62.40 $62.40 Short Put Price ($/Bbl) $52.40 $52.40 $52.40

Total Option Contracts (MBbls/d) 84.8 84.8 48.4 56.0 27.8 27.8

Premium Realization ($MM)(4) ($11.8) ($11.8) ($12.2) ($12.6) ($6.9) ($6.9)

3Q19 4Q19OPTION CONTRACTS

HENRY HUB

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

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

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

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

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

16

Setting the Course for 2019 & Beyond –Unveiled February 2019

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 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 in 4Q18; (2) Outspend is a non-GAAP financial measure and is defined as cash flow from operations before changes in operating assets and liabilities lessaccrual-based development capital expenditures.

► Proactive build-out of water infrastructure network with $165 million of cumulative capital investment

Permitted disposal capacity provides ample running room for future growth

Water A&D Activity Picking UpRobust Water Infrastructure Network

17

Water Asset Overview

Water Management Statistics Company-Wide

Total Salt Water Disposal (“SWD”) Permitted Volume (Bbl/d)(1) 1.5 million

Percent of Produced Water Transported by Pipeline 95%

Surface Acres 37,000

► Strategic review ongoing; expect decision by YE19

► Reduce water infrastructure capital expenditures YoY

► Increase revenue from third party water volumes

2019 Action Plan

Date Buyer Seller Description

5/1/2019 PrivateCompany PDC Energy 82 miles of pipeline and 7 SWDs with 180 MBbls/d of permitted

capacity in Reeves and Culberson counties

3/11/2019 PrivateCompany

PrivateCompany

50 SWDs and 420 miles of 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

3

4

6

6Delaware

Basin

MidlandBasin

PECOS

REEVES

WARD

MARTIN

HOWARD

GLASSCOCK

REAGANUPTON

MIDLAND

Midland Basin

5

4

55

(1) Includes existing and permitted operated SWDs.

2

2

2

2

5

6

1

► Outpacing top quartile operators in key value drivers highlights 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)

18

Establishing a Competitive AdvantageAmong Independent E&Ps

(1) Seaport Global Securities E&P Comps as of 7/29/2019. 1Q19 operating margin as defined by Seaport Global Securities. Operating margin is a non-GAAP financial measure; (2) Seaport Global Securities E&P Comps as of7/29/2019. Recycle ratio is equal to 1Q19 operating margin divided by 2018 PD F&D. PE recycle ratio includes actual 2018 PD F&D/Boe of $11.63. For definitions of PD F&D and Recycle ratio, please see slide 26; (3) FactSet. Basedon 1Q19 reported production; (4) DrillingInfo as of 8/2/2019; (5) FactSet; 2018 Debt-adjusted discretionary cash flow per share growth. Debt-adjusted discretionary cash flow per share is equal to discretionary cash flow divided by debt-adjusted shares. Discretionary cash flow is equal to cash flow from operations less changes in working capital. The number of debt-adjusted shares is equal to the number of fully diluted shares plus total debt minus cash divided byaverage share price in the period; (6) Bloomberg. Total value ($) of executive officer and director ownership; (7) Peers include APA, AR, AXAS, CDEV, CHK, CLR, CNX, COG, CPE, CRZO, CXO, DVN, ECA, EOG, EPE, EQT, ESTE,FANG, HES, JAG, LPI, MRO, MTDR, MUR, NBL, OAS, OXY, PDCE, PXD, QEP, RRC, SM, SRCI, SWN, WLL, WPX, XEC, and XOG; (8) Valuations from FactSet as of 8/2/2019 and defined as enterprise value divided by consensus2019 EBITDAX estimate.

OperatingMargin(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

19

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 accrual-based development capital expenditures; (2) At strip prices asof 8/2/2019; (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% and 4Q19/4Q18 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 12-14%+ 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

20

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 6/30/2019 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.

MARTIN

HOWARD

MIDLAND

GLASSCOCK

REAGAN

UPTON

REEVESPECOS

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) (22,000 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

0

5

10

15

20

25

Ope

rato

r Cou

nt

Permian Scale Sweet Spot

21

► 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 11 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

30

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 8/2/2019 pro forma for announced corporate M&A activity; (2) Request for quotation.

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 12-14%+ and accelerate progress to self-funded growth

Reduce activity, increase proppant, high-grade development approach

~8 across ~4-8 across

22

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

23

Adjusted EBITDAX & Net Leverage Ratio Reconciliations

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

Unaudited, in thousands

3Q18 4Q18 1Q19 2Q19Adjusted EBITDAX reconciliation to net income:

Net income (loss) attributable to Parsley Energy, Inc. stockholders $113,309 $53,773 ($24,064) $115,935 Net income (loss) attributable to noncontrolling interests 20,840 11,626 (3,939) 19,059 Depreciation, depletion and amortization 157,352 160,754 173,723 198,563 Exploration and abandonment costs 11,140 142,622 22,994 72 Interest expense, net 32,854 32,880 33,002 33,597 Interest income (1,055) (600) (291) (103)Income tax expense (benefit) 32,454 16,453 (7,790) 32,625

EBITDAX $366,894 $417,508 $193,635 $399,748 Change in TRA liability — 355 — —Stock-based compensation 4,686 4,757 5,322 4,976 Acquisition costs — 165 — —Gain on sale of property (1,383) (16) — —Accretion of asset retirement obligations 361 348 345 353 Restructuring and other termination costs — — — 1,562 Inventory write down 451 — — —Loss (gain) on derivatives 22,514 (93,115) 119,687 (19,561)Net settlements on derivative instruments 9,376 8,600 (8,339) (8,455)Net premiums on options that settled during the period (17,853) (19,115) (9,516) (10,232)

Adjusted EBITDAX $385,046 $319,487 $301,134 $368,391

2Q19Net Leverage Ratio:

Revolving Credit Agreement due 2021 $40,000 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 $2,240,000 Less: Cash and cash equivalents 64,099

Net Debt $2,175,901 LTM Adjusted EBITDAX 1,374,058

Net Debt to LTM Adjusted EBITDAX 1.6x

24

Operating Cash Margin Reconciliation

Unaudited, in thousands

2019 2018

Net income attributable to Parsley Energy, Inc. stockholders $115,935 $119,155

Net income attributable to noncontrolling interests 19,059 21,803

Income tax expense 32,625 33,243

Other revenues (1,200) (1,953)

Depreciation, depletion and amortization 198,563 145,552

Exploration and abandonment costs 72 3,366

Stock-based compensation 4,976 5,363

Acquisition costs — (2)

Accretion of asset retirement obligations 353 359

Other operating expense 2,199 2,477

Interest expense, net 33,597 33,758

Gain on sale of property — (5,166)

Restructuring and other termination costs 1,562 —

(Gain) loss on derivatives (19,561) 9,466

Interest income (103) (1,686)

Other income (715) (234)

Operating cash margin $387,362 $365,501

Operating cash margin per Boe $30.38 $37.25

Average price per Boe, without realized derivatives $39.01 $47.48

Operating cash margin percentage 78% 78%

Three Months Ended June 30,

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

25

Free Cash Flow Reconciliation

Free Cash Flow (Outspend)Free cash flow (outspend) is a non-GAAP financial measure and is defined as cash flow from operations before changes in operating assetsand liabilities less accrual-based development capital expenditures. Please refer to the table below for the reconciliation of free cash flow(outspend).

Unaudited, in thousands

Net cash provided by operating activities $615,882

Less: Changes in operating assets and liabilities, net of acquisistions

Accounts receivable (13,417)

Accounts receivable - related parties (798)

Other current assets 7,245

Other noncurrent assets (805)

Accounts payable and accrued expenses 18,465

Revenue and severance taxes payable 4,866

Total discretionary cash flow $600,326

Development of oil and natural gas properties ($737,194)

Additions to oil and natural gas properties - change in capital accruals (41,124)

Total accrual-based development capital expenditures ($778,318)

Free cash flow (outspend) ($177,992)

Six Months Ended June 30, 2019

26

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.