INVESTOR PRESENTATIONJanuary 2017 – Acquisitions and Capital Program

Forward Looking Statements and Cautionary StatementsForward-Looking StatementsThe information in this presentation includes “forward-looking statements” that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. All statements, otherthan statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectivesof management are forward-looking statements. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intendedto identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Parsley Energy, Inc.’s (“Parsley Energy,”“Parsley,” or the “Company”) current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you thatthese forward-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 the exploration for anddevelopment, production, gathering and sale of oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipmentand services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, the production potentialof our undeveloped acreage, cash flow and access to capital, the timing of development expenditures and the risk factors discussed in or referenced in our filings with the United States Securities andExchange Commission (“SEC”), including our Annual 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 by applicable law, we disclaim any dutyto update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances 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 and the undertaking and outcome offuture drilling activity, which may be affected by significant commodity price declines or cost increases.

Reconciliation of Non-GAAP Financial MeasuresAdjusted EBITDAX, adjusted net income or loss, and net debt are financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Reconciliations of adjusted EBITDAX and adjusted net income or loss can be found in our most recent Quarterly Report on Form 10-Q. Net debt represents total debt minus cash on hand.

Industry and Market DataThis presentation has been prepared by Parsley and includes market data and other statistical information from third-party sources, including independent industry publications, government publications orother 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 thisinformation. Some data are also based on the Parsley’s good faith estimates, which are derived from its review of internal sources as well as the third-party sources described above.

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

Proved reserves attributable to Parsley as of 12/31/15 are estimated utilizing SEC reserve recognition standards and pricing assumptions based on SEC pricing of $46.79 / Bbl crude, $2.501 / MMBtu gas, andadjusted realized pricing of $46.54 / Bbl crude, $16.42 / Bbl NGL, and $2.531 / Mcf residue gas. References to our estimated proved reserves as of 12/31/15 are derived from our proved reserve reportprepared by Netherland, Sewell & Associates, Inc. (“NSAI”).

We may use the term “expected ultimate recoveries” (“EURs”) 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 have been preparedinternally by our engineers and management without review by independent engineers. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves andaccordingly are subject to substantially greater risk of being actually realized, particularly in areas or zones where there has been limited or no drilling history. We include these estimates to demonstratewhat we believe to be the potential for future drilling and production by the Company. Actual locations drilled and quantities that may be ultimately recovered from our properties will differ substantially.In addition, we have made no commitment to drill all of the drilling locations. Ultimate recoveries will be dependent upon numerous factors including actual encountered geological conditions, the impactof future oil and gas pricing, exploration and development costs, and our future drilling decisions and budgets based upon our future evaluation of risk, returns and the availability of capital and, in manyareas, the outcome of negotiation of drilling arrangements with holders of adjacent or fractional interest leases. Our estimates may change significantly as development of our properties provides additionaldata and therefore actual quantities that may ultimately be recovered will likely differ from these estimates. Our related expectations for future periods are dependent upon many assumptions, includingestimates of production decline rates from existing wells, the undertaking and outcome of future drilling activity and activity that may be affected by significant commodity price declines or drilling costincreases.

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 completion cost estimatesthat do not include facilities, land, seismic, general and administrative (“G&A”) or other corporate level costs.

Parsley Energy Overview

3

Market Snapshot

Premier Permian Position(1)

NYSE Symbol: PEMarket Cap: $8,447 MM(2)

Net Debt: $579 MMEnterprise Value: $9,026 MMShare Count: 233 MMMidland Basin Net Leasehold Acreage: 109,000Delaware Basin Net Leasehold Acreage: 48,0003Q16 Production: 43.0 MBoe/d

Note: All data as of end 3Q16 pro forma for, as applicable, acquisition closed on 10/4/2016, acquisitions and equity offering announced 1/10/2017, and refinancing of 2022 notes in December 2016 through issuance of 2025 notes; (1) All maps reflect all announced acquisitions as well as recently executed acreage trades; (2) Calculated using 1/25/2017 closing price

Premier acreage

Strategic acquirer

Leading growth profile

Robust returns

Abundant resource upside

Strong financial position

Investment Summary

Parsley Energy Leasehold

Strategic Acquisitions Supplement Premier Asset Base

4

Summary of Acquisitions

Parsley Energy Leasehold

Acquired Leasehold

Acquired Working Interest

Acquired Mineral Interest

Note: Acquired assets refers to assets actually acquired or expected to be acquired by 2/27/2017. Certain assets are subject to purchase and sale agreements containing customary closing conditions. (1) Assumes eight wells per section in each Wolfcamp target zone and four wells per section in the 2nd and 3rd Bone Spring; (2) Reflects two target intervals

Significant infusion of oil-rich core acreage and inventory at attractive prices

~23,000 net leasehold acres and ~2,300 Boe/d for $607 MM

~660 net royalty acres for $43 MM

~340 net locations in primary target intervals

Rapid cash flow generation potential given proximity to Parsley development areas and infrastructure in place

Assets concentrated in thermally mature, structurally simple basin sweet spots

Additional scale increases ability to accelerate production growth

Ongoing focus on high working interest and NRI properties translates to efficient capital allocation

Acquired Net Locations in Primary Target Intervals(1)

Midland Basin S. Delaware Basin

Lower Spraberry 60 2nd Bone Spring 20Wolfcamp A 70 3rd Bone Spring 20Wolfcamp B(2) 100 Wolfcamp(2) 70

Total 230 Total 110

Acquisition Detail: Midland Basin

5

Midland Basin Acquisitions

Abundant oil-weighted resource potential from proven development areas

Acquired acreage generally characterized by 700-800’ thick Wolfcamp A/B rock complex, supporting potential for up to four WolfcampA/B target zones

Incremental value potential from ongoing bolt-on and lateral extension possibilities

Working interest acquisitions on existing leasehold add value to already scheduled development activity

Operatorship on majority of acreage and favorable HBP status affords development flexibility

Extensive network of existing facilities and infrastructure supports near-term development

25,175 gross / 17,757 net leasehold acres and ~1,200 Boe/d for $402 MM

230 net locations in primary target intervals (Lower Spraberry, Wolfcamp A, and Upper & Lower Wolfcamp B)(1)

Parsley Energy Leasehold

Acquired Leasehold

Acquired Working Interest

By the Numbers

MIDLAND

GLASSCOCK

UPTONREAGAN

(1) Assumes eight wells per section in each target interval

Acquisition Highlights

GLASSCOCK

REAGAN

UPTON

MIDLAND

MARTIN

HOWARD

Midland Basin

Big Lake Fault

Sticking to the Sweet Spot

6

Overlapping Sweet Spots

Wolfcamp Thickness

Geothermal Gradient

Degrees Fahrenheit per 1000’ Depth

Temperature Sweet Spot

Thickness Sweet Spot

Degrees Fahrenheit per 1,000’ Depth

Wolfcamp Drill Depth

Drill DepthSweet Spot

Acquired acreage concentrated in basin sweet spot

- Ample Wolfcamp thickness with differentiated multi-target potential

- Sufficient depth to drive strong, pressure-fueled recovery rates

- Favorable thermal maturity for high oil content

Parsley Energy Leasehold

Acquired Leasehold

Acquired Working Interest

Strong Offset Wells along Reagan-Glasscock Border

7

Wilkinson 31-14HEncanaWolfcamp ALateral Length: 6,799’30-day IP: 990 Boe/d (85% Oil)

Lane Trust C-E 421HULaredoWolfcamp ALateral Length: 7,188’30-day IP: 1,176 Boe/d (75% Oil)

Sugg E 197-195-2SLaredoUpper Wolfcamp BLateral Length: 10,030’30-day IP: 1,133 Boe/d (79% Oil)

Parsley Energy Leasehold

Acquired Leasehold

Buckner Baptist 10HEncanaUpper Wolfcamp BLateral Length: 7,290’30-day IP: 1,024 Boe/d (93% Oil)

Merchant East 1361HCOxyWolfcamp CLateral Length: 4,067’30-day IP: 564 Boe/d (91% Oil)

Merchant 1411HAOxyWolfcamp ALateral Length: 7,885’30-day IP: 1,148 Boe/d (87% Oil)

John Smoltz 33-30-4407HParsley Lower Wolfcamp BLateral Length: 7,492’30-day IP: 1,257 Boe/d (83% Oil)(1)

Daniel SN 7-6-504HEnergenLower SpraberryLateral Length: 9,897’30-day IP: 804 Boe/d (82% Oil)

1

3

4

5

6

7

8

21

2

3

4

5

6

7

8

GLASSCOCK

REAGAN

Note: The above well results are not intended to be representative of results for all wells across this acreage and individual well results may differ materially therefrom; well data from public sources, except as otherwise noted; 30-day IP’s and percent oil are 2-stream; (1) Company-provided data

Consistent with proximity to Parsley’s high rate-of-return northwest Reagan development area, strong offset well results in five distinct target zones suggest abundant resource potential.

Acquisition Detail: Southern Delaware Basin

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Leasehold and Working Interest Acquisitions

Complementary additions to Southern Delaware acreage portfolio

6,602 gross / 5,157 net leasehold acres and ~1,100 Boe/d for $205 MM

110 net locations in primary target intervals (Wolfcamp and Bone Spring)(1)

Largely contiguous acreage conducive to long lateral development

Favorable geologic context characterized by substantial reservoir thickness and minimal faulting

Sub-basin experiencing rapid and favorable rates of change in well productivity and cost

High working interest and operating control

Existing facilities and infrastructure facilitate rapid development

Parsley Energy Leasehold

Acquired Leasehold

Acquired Working Interest

Minerals Acquisitions

Acquired Mineral Interest

Parsley Mineral Interest

Parsley Energy Leasehold

Acquiring mineral rights on 3,926 acres with 17% average royalty interest for $43 MM

Increased revenue with no associated operating costs boosts expected ROR and NPV

(1) Assumes eight wells per section in each Wolfcamp target interval and four wells per section in the 2nd and 3rd Bone Spring intervals

Strong Well Results in East Reeves County

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Parsley Energy Leasehold

Acquired Leasehold

Acquired Working Interest

Lemur Unit 24-2HPatriotWolfcamp BLateral Length: 4,530’30-day IP: 880 Boe/d (85% Oil)

Nyala Unit 9B-3HPatriotWolfcamp ALateral Length: 7,638’30-day IP: 1,153 Boe/d (87% Oil)

Aardvark St 6-2HPatriot2nd Bone SpringLateral Length: 4,899’30-day IP: 703 Boe/d (90% Oil)

Lincoln 4-1-4307HParsleyWolfcamp ALateral Length: 6,890’30-day IP: 1,599 Boe/d (75% Oil)(1)

Daytona Unit 1B-2HPatriotWolfcamp BLateral Length: 6,849’30-day IP: 1,286 Boe/d (86% Oil)

Waha P905HApacheWolfcamp ALateral Length: 7,517’30-day IP: 1,179 Boe/d (84% Oil)(1)

Waha 404HApache 3rd Bone SpringLateral Length: 7,444’30-day IP: 1,052 Boe/d (86% Oil)(1)

Evergreen 12-1HApacheWolfcamp ALateral Length: 5,898’30-day IP: 1,025 Boe/d (85% Oil)(1)

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8

1

3

4

2

1

2

3

4

5

6 7

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Encouraging well results on and around acquired acreage in all four primary target intervals, with upside potential in 1st Bone Spring and Avalon Shale formations

Note: The above well results are not intended to be representative of results for all wells across this acreage and individual well results may differ materially therefrom; well data from public sources, except as otherwise noted; 30-day IP’s and percent oil are 2-stream; (1) Company-provided data

Committed to earning healthy returns on acquired assets via accelerated development pace

Anticipate ~75% increase in net lateral footage on ~65% increase in drilling and completion capital in 2017(1)

Expect lower development costs per lateral foot vs. 2016(1) despite greater capital allocation to more intensive S. Delaware drilling projects, higher overall completion intensity, and modest service cost inflation

Head start toward significant production and cash flow growth given 2016 momentum and expansion of asset base and operational capacity

Expect robust annual production growth of 58% in 2017(1), with steady growth during 1H17 and steepening growth through the end of the year, culminating in 4Q17 net production of approximately 70-80 MBoe/d

Anticipate consistent levels of drilling activity throughout 2017, with quarterly completion counts subject to pad project timing

Plan to allocate ~60% of capital to Midland Basin, with the balance to the Southern Delaware Basin

Continued progress toward optimized development program, with ~20% of capital directed to delineation activity, including tighter spacing configurations and new target intervals

2017 Capital Program – Pulling Value Forward

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Unit Costs

LOE ($/Boe) $4.25 - $4.75 $4.00 - $4.75

Cash G&A ($/Boe) $5.00 - $5.50 $4.50 - $5.25

Production & Ad Valorem Taxes (% of Revenue)

6.5% - 7.5% 6.5% - 7.5%

Capital Program

Drilling & Completion ($MM) $395 - $435 $630 - $750

Infrastructure & Other ($MM) $65 - $75 $120 - $150

Total Development Expenditures ($MM) $460 - $510 $750 - $900

Activity

Gross Horizontal Completions

Midland BasinDelaware Basin

Average Lateral Length

80 – 90

75 - 835 - 7

~7,000’

120 – 140

85 - 9535 - 45

~8,000’

Average Working Interest 85 – 95% 85 – 95%

Production

Annual Production (MBoe/d)

% Oil

2016E

37 – 39

65 – 70%

2017E

57 – 63

68 – 73%

(1) At the midpoint of guidance ranges

Expect 2017 production growth to be accompanied by

expanding margins and robust returns, driven by:

Higher average lateral lengths

Higher net revenue interest

Higher oil as a percentage of total production

Lower development costs per lateral foot

Lower unit costs

2017 Capital Program – Margin Expansion Potential

11

D&C Cost per Net Completed Lateral Foot(1)

Oil as % of Total Production

Average Lateral Length (Feet)

$1,307

$775 $737

$0

$400

$800

$1,200

$1,600

2015 2016E 2017E

6,432 ~7,000~8,000

0

2,000

4,000

6,000

8,000

2015 2016E 2017E

(1) Calculations based on 2015 actuals and midpoints of 2016 and 2017 guidance ranges

60% 65-70% 68-73%

0%

20%

40%

60%

80%

FY15 FY16E FY17E

Liquidity Summary ($MM) First lien credit facility $600 Cash on hand $471Total liquidity $1,071

Healthy financial position supports accelerated development program

$1,071 MM of liquidity

Fully undrawn borrowing base of $875 MM, with elected commitment of $600 MM

Favorable maturity schedule, with earliest notes maturity in 2024

Strong Financial Position

12Note: All data as of end 3Q16 pro forma for, as applicable, closing of acquisition on 10/4/2016, acquisitions and equity offering announced 1/10/2017, refinancing of 2022 notes in December 2016 through the issuance of 2025 notes, and increased lender commitments under the Company’s credit facility resulting from borrowing base redetermination in October 2016

Favorable Debt Maturity Schedule

$600

$875

$400

$650

0

200

400

600

800

1000

2017 2018 2019 2020 2021 2022 2023 2024 2025

($M

M)

Borrowing Base Senior Notes

Committed Amount

Full Amount

Substantial Hedge Position

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Meaningful increase in oil hedge position in view of anticipated production growth

Structure of oil hedges retains full exposure to higher oil prices

Position extends into 2Q18

Hedge position as of 1/10/2017; (1) When NYMEX price is above put price, Parsley receives the NYMEX price. When NYMEX price is between the put price and the short put price, Parsley receives the put price. When NYMEX price is below the short put price, Parsley receives the NYMEX price plus the difference between the short put price and the put price; (2) Premium realizations represent net premiums collected (from restructured positions) or paid (including deferred premiums), which are recognized as income or loss in the period of settlement; (3) Functions similarly to put spreads except that when index price is at or above the call price, Parsley receives the call price

$0

$15

$30

$45

$60

$75

0

10

20

30

40

50

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

WTI ($/Bbl)M

Bbls

/d

MBbls/d Hedged Weighted Average Long Put Price

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

OIL:

Put Spreads (MBbls/d)(1) 13.8 13.6 35.7 45.5 23.3 13.2

Put Price ($/Bbl) $49.93 $49.93 $52.66 $52.80 $53.21 $53.75

Short Put Price ($/Bbl) $36.14 $36.14 $41.80 $41.95 $41.43 $43.75

Premium Realization ($ MM)(2) ($4.9) ($4.9) ($16.4) ($20.0) ($9.5) ($4.4)

Mid-Cush Basis Swaps (MBbls/d) 11.3 11.3 12.2 12.2 1.0 1.0

Swap Price ($/Bbl) ($1.00) ($1.00) ($1.05) ($1.05) ($0.95) ($0.95)

NATURAL GAS:

Three Way Collars (MMBtu/d)(3) 15.8 15.7 15.5 15.5

Call Price ($/MMBtu) $4.02 $4.02 $4.02 $4.02

Put Price ($/MMBtu) $2.75 $2.75 $2.75 $2.75

Short Put Price ($/MMBtu) $2.36 $2.36 $2.36 $2.36

2017 2018

$1,071 MM of liquidity(2)

Substantial hedge position supports accelerated development program

Investment Highlights

14

(1) NYMEX WTI and Henry Hub strip prices as of 12/2/2016; NGL price: 40% of WTI; $3/Mcf gas for flat pricing scenarios; Midland Basin: based on 1 MMBoe EUR type curve for 7,000’ stimulated lateral; $4.7MM D&C; 100% WI, 75% NRI; $7,500/month fixed LOE; $2.00/BO variable LOE; Southern Delaware: based on NSAI ~880 MBoe EUR type curve for 7,000’ stimulated lateral; $6.1MM D&C; 100% WI; $7,500/month fixed LOE; $2.00/BO variable LOE; Estimated ROR and NPV are pre-tax and unhedged; (2) See slide 12 for notes on calculation

Expect 58% year-over-year production growth in 2017 based on midpoint of guidance

17% compound quarterly production growth rate over ten quarters as a public company

Wolfcamp wells generate ROR of ~65%-90% and NPV of ~$7 MM-$12 MM at strip prices(1)

Growing horizontal production base drives higher oil percentage and lower operating costs per Boe

Recently announced acquisitions provide significant infusion of oil-rich core acreage and inventory

Mineral acquisitions in S. Delaware Basin boost already robust return potential

Potential for up to 60 Wolfcamp A and Wolfcamp B locations per section on portions of Midland Basin acreage

Scratching the surface of significant resource potential in the Southern Delaware Basin

Abundant Upside

Strategic Acquirer

Leading Growth Profile

World-class Returns

Strong Financial Position

Investment Highlights

15

APPENDIX

Growing, High-quality Drilling Inventory

16

Horizontal Drilling Inventory(1)

+240’

Gross Net Wells per Section

Midland Basin

Middle Spraberry 90 70 5

Lower Spraberry 450 350 8

Wolfcamp A 700 520 8

Wolfcamp B 1,390 1,070 8 (per target zone)

Wolfcamp C 800 610 8

Cline 740 590 8

Atoka 580 460 6

Delaware Basin

2nd Bone Spring 160 150 4

3rd Bone Spring 160 150 4

Wolfcamp 620 580 8 (per target zone)

Horizontal Total 5,690 4,550 --

(1) As of end 3Q16 pro forma for acquisitions closed on 10/4/2016 and announced on 1/10/2017, and for recently executed acreage trades. Location counts rounded to the nearest ten.

Acquisitions announced on 1/10/2017 add over 650 gross locations across currently counted target intervals

With acquisitions, nearly 600 net Wolfcamp locations in the Southern Delaware Basin have a low average royalty burden of 15%

Inventory upside from substantial downspacingpotential in the Midland Basin relative to current spacing assumptions

High average working interest across horizontal inventory supports rapid growth potential