Company Quick10K Filing
Quick10K
Parsley Energy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$20.63 317 $6,530
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
8-K 2019-08-06 Earnings, Regulation FD, Exhibits
8-K 2019-07-22 Enter Agreement, Code of Ethics, Exhibits
8-K 2019-06-17 Regulation FD
8-K 2019-05-24 Shareholder Vote
8-K 2019-05-01 Earnings, Regulation FD, Exhibits
8-K 2019-04-24 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-25 Regulation FD
8-K 2019-02-21 Earnings, Regulation FD, Exhibits
8-K 2019-02-15 Officers, Exhibits
8-K 2018-12-21 Officers, Exhibits
8-K 2018-12-19 Regulation FD, Exhibits
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-10-26 Amend Bylaw, Exhibits
8-K 2018-09-26 Officers, Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Regulation FD, Exhibits
8-K 2018-05-25 Shareholder Vote
8-K 2018-05-03 Enter Agreement, Earnings, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-02-21 Earnings, Regulation FD, Exhibits
8-K 2018-01-29 Earnings, Exhibits
8-K 2018-01-09 Officers, Regulation FD, Exhibits
HPP Hudson Pacific Properties 5,320
HURN Huron Consulting 1,110
RECN Resources Connection 519
AOSL Alpha & Omega Semiconductor 271
WEBK Wellesley Bancorp 88
ASFI Asta Funding 31
CLIR Clearsign Combustion 21
NWCN Network Cn 0
PRKA Parks America 0
FLLZ Fellazo 0
PE 2019-06-30
Part I: Financial Information
Item 1: Financial Statements
Note 1. Organization and Nature of Operations
Note 2. Summary of Accounting Policies
Note 3. Revenue From Contracts with Customers
Note 4. Derivative Financial Instruments
Note 5. Property, Plant and Equipment
Note 6. Acquisitions and Divestitures
Note 7. Asset Retirement Obligations
Note 8. Debt
Note 9. Leases
Note 10. Equity
Note 11. Stock-Based Compensation
Note 12. Income Taxes
Note 13. Commitments and Contingencies
Note 14. Restructuring and Other Termination Costs
Note 15. Related Party Transactions
Note 16. Significant Customers
Note 17. Disclosures About Fair Value of Financial Instruments
Note 18. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex-31110xq20190630.htm
EX-31.2 ex-31210xq20190630.htm
EX-32.1 ex-32110xq20190630.htm
EX-32.2 ex-32210xq20190630.htm

Parsley Energy Earnings 2019-06-30

PE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549  
 
FORM 10-Q  
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from       to      
Commission File Number: 001-36463        
 
PARSLEY ENERGY, INC.
(Exact name of registrant as specified in its charter)
 

Delaware
(State or other jurisdiction
of incorporation or organization)

303 Colorado Street, Suite 3000
Austin, Texas
(Address of principal executive offices)
46-4314192
(I.R.S. Employer
Identification No.)

78701
(Zip Code)

(737) 704-2300
(Registrant’s telephone number, including area code)   
(Former name, former address and former fiscal year, if changed since last report)  
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which listed
Class A common stock, par value $0.01 per share
PE
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ý  No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer
ý
 
 
 
Accelerated filer
 
 
Non-accelerated filer
 
 
 
Smaller reporting company
 
 
 
 
 
 
 
Emerging growth company
 
 
If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  ý
As of August 8, 2019, the registrant had 281,116,921 shares of Class A common stock and 35,538,145 shares of Class B common stock outstanding.
 


Table of Contents

PARSLEY ENERGY, INC.
TABLE OF CONTENTS 
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3


Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (the “Quarterly Report”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this Quarterly Report, regarding our operations, performance, business strategy, oil and natural gas reserves, drilling program, capital expenditures, liquidity and capital resources, the timing and success of specific projects, outcomes and effects of litigation, claims and disputes, derivative activities, potential financing, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 (the “Annual Report”) and the risk factors and other cautionary statements contained in our other filings with the United States Securities and Exchange Commission (“SEC”). These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events.
Forward-looking statements may include statements about our:
business strategy;
reserves;
exploration and development drilling prospects, inventories, projects and programs;
ability to replace the reserves we produce through drilling and property acquisitions;
financial strategy, liquidity and capital required for our development program;
realized oil, natural gas and natural gas liquids (“NGLs”) prices;
timing and amount of future production of oil, natural gas and NGLs;
hedging strategy and results;
future drilling plans;
competition and government regulations;
ability to obtain permits and governmental approvals;
pending legal or environmental matters;
marketing of oil, natural gas and NGLs;
leasehold, minerals or business acquisitions or divestitures;
costs of developing our properties;
general economic conditions;
credit markets;
uncertainty regarding our future operating results; and
plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.
All forward-looking statements speak only as of the date of this Quarterly Report. You should not place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this Quarterly Report are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied by the forward-looking statements.
 

4


Table of Contents

GLOSSARY OF CERTAIN TERMS AND CONVENTIONS USED HEREIN
The terms defined in this section are used throughout this Quarterly Report:
(1)
Bbl. One stock tank barrel, of 42 U.S. gallons liquid volume, used in reference to crude oil, condensate or natural gas liquids.
(2)
Boe. One barrel of oil equivalent, with 6,000 cubic feet of natural gas being equivalent to one barrel of oil.
(3)
Boe/d. One barrel of oil equivalent per day.
(4)
British thermal unit or Btu. The heat required to raise the temperature of a one-pound mass of water from 58.5 to 59.5 degrees Fahrenheit.
(5)
Completion. The process of treating a drilled well followed by the installation of permanent equipment for the production of oil or natural gas, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.
(6)
Condensate. A mixture of hydrocarbons that exists in the gaseous phase at original reservoir temperature and pressure, but that, when produced, is in the liquid phase at surface pressure and temperature.
(7)
Developed acreage. Acreage spaced or assigned to productive wells, excluding undrilled acreage held by production under the terms of the lease.
(8)
Dry hole. A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production exceed production expenses and taxes.
(9)
Economically producible. A resource that generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. For a complete definition of economically producible, refer to the SEC’s Regulation S-X, Rule 4-10(a)(10).
(10)
Exploration costs. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and natural gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property and after acquiring the related property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are:
 
(i)
Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies.
 
(ii)
Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records.
 
(iii)
Dry hole contributions and bottom hole contributions.
 
(iv)
Costs of drilling and equipping exploratory wells.
 
(v)
Costs of drilling exploratory-type stratigraphic test wells.
(11)
Exploratory well. A well drilled to find a new field or to find a new reservoir in a field previously found to be productive of oil or natural gas in another reservoir.
(12)
Field. An area consisting of a single reservoir or multiple reservoirs all grouped on or related to the same individual geological structural feature and/or stratigraphic condition. There may be two or more reservoirs in a field that are separated vertically by intervening impervious, strata, or laterally by local geologic barriers, or by both. Reservoirs that are associated by being in overlapping or adjacent fields may be treated as a single or common operational field. The geological terms structural feature and stratigraphic condition are intended to identify localized geological features as opposed to the broader terms of basins, trends, provinces, plays, areas-of-interest, etc.
(13)
Formation. A layer of rock which has distinct characteristics that differ from nearby rock.
(14)
GAAP. Accounting principles generally accepted in the United States.
(15)
Gross acres or gross wells. The total acres or wells, as the case may be, in which an entity owns a working interest.

5


Table of Contents

(16)
Horizontal drilling. A drilling technique where a well is drilled vertically to a certain depth and then drilled laterally within a specified target zone.
(17)
Identified drilling locations. Potential drilling locations specifically identified by our management based on evaluation of applicable geologic and engineering data accrued over our multi-year historical drilling activities.
(18)
Lease operating expense. All direct and allocated indirect costs of lifting hydrocarbons from a producing formation to the surface constituting part of the current operating expenses of a working interest. Such costs include labor, superintendence, supplies, repairs, maintenance, allocated overhead charges, workover, insurance and other expenses incidental to production, but exclude lease acquisition or drilling or completion expenses.
(19)
LIBOR. London Interbank Offered Rate.
(20)
MBbl. One thousand barrels of crude oil, condensate or NGLs.
(21)
MBoe. One thousand barrels of oil equivalent.
(22)
Mcf. One thousand cubic feet of natural gas.
(23)
MMBtu. One million British thermal units.  
(24)
MMcf. One million cubic feet of natural gas.
(25)
Natural gas liquids or NGLs. The combination of ethane, propane, butane, isobutane and natural gasolines that when removed from natural gas become liquid under various levels of higher pressure and lower temperature.
(26)
Net acres or net wells. The percentage of total acres or wells, as the case may be, an owner has out of a particular number of gross acres or wells. For example, an owner who has a 50% interest in 100 gross acres owns 50 net acres.
(27)
NYMEX. The New York Mercantile Exchange.
(28)
Operator. The entity responsible for the exploration, development and production of a well or lease.
(29)
Parsley LLC Agreement. The Limited Liability Company Agreement of Parsley LLC, dated June 11, 2013, thereafter amended and restated by the Second Amended and Restated Limited Liability Company Agreement, dated May 29, 2014, thereafter amended and restated by the Third Amended and Restated Limited Liability Company Agreement, dated February 20, 2019, thereafter amended and restated by the Fourth Amended and Restated Limited Liability Company Agreement, dated July 22, 2019, as in effect as of the applicable date.
(30)
PE Units. The single class of units that represents the membership interests in Parsley Energy, LLC.
(31)
Proved developed reserves. Proved reserves that can be expected to be recovered:
 
(i)
Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well; or
 
(ii)
Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.
(32)
Proved reserves. Those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the 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 the estimation. The project to extract the hydrocarbons must have commenced, or the operator must be reasonably certain that it will commence, within a reasonable time. For a complete definition of proved oil and natural gas reserves, refer to the SEC’s Regulation S-X, Rule 4-10(a)(22).
(33)
Proved undeveloped reserves or PUDs. Proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. The following rules apply to PUDs:

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Table of Contents

 
(i)
Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances;
 
(ii)
Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances justify a longer time; and
 
(iii)
Under no circumstances shall estimates for proved undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, or by other evidence using reliable technology establishing reasonable certainty.
(34)
Reasonable certainty. A high degree of confidence. For a complete definition of reasonable certainty, refer to the SEC’s Regulation S-X, Rule 4-10(a)(24).
(35)
Recompletion. The process of re-entering an existing wellbore that is either producing or not producing and completing new or existing reservoirs in an attempt to establish new production or increase existing production.
(36)
Reliable technology. A grouping of one or more technologies (including computational methods) that have been field tested and have been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.
(37)
Reserves. Estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development prospects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to market and all permits and financing required to implement the project.
(38)
Reservoir. A porous and permeable underground formation containing a natural accumulation of producible hydrocarbons that is confined by impermeable rock or water barriers and is separate from other reservoirs.
(39)
SEC. The United States Securities and Exchange Commission.
(40)
Spacing. The distance between wells producing from the same reservoir. Spacing is often expressed in terms of acres, e.g., 40-acre spacing, and is often established by regulatory agencies.
(41)
Undeveloped acreage. Leased acreage on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil or natural gas regardless of whether such acreage contains proved reserves.
(42)
Wellbore. The hole drilled by the bit that is equipped for oil or gas production on a completed well. Also called well or borehole.  
(43)
Working interest. The right granted to the lessee of a property to explore for and to produce and own oil, natural gas or other minerals. The working interest owners bear the exploration, development and operating costs on either a cash, penalty or carried basis.
(44)
Workover. Operations on a producing well to restore or increase production.
(45)
WTI. West Texas Intermediate crude oil, which is a light, sweet crude oil, characterized by an American Petroleum Institute gravity, or API gravity, between 39 and 41 and a sulfur content of approximately 0.4 weight percent that is used as a benchmark for other crude oils.

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Table of Contents

PART I: FINANCIAL INFORMATION
Item 1:  Financial Statements
PARSLEY ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
June 30, 2019
 
December 31, 2018
 
(In thousands)
ASSETS
 
 
 
CURRENT ASSETS
 
 
 
Cash and cash equivalents
$
64,099

 
$
163,216

Accounts receivable, net of allowance for doubtful accounts:
 
 
 
Joint interest owners and other
30,273

 
39,564

Oil, natural gas and NGLs
158,917

 
136,209

Related parties
892

 
94

Short-term derivative instruments, net
134,103

 
191,297

Other current assets
7,420

 
10,332

Total current assets
395,704

 
540,712

PROPERTY, PLANT AND EQUIPMENT
 
 
 
Oil and natural gas properties, successful efforts method
10,675,629

 
9,948,246

Accumulated depreciation, depletion and impairment
(1,647,036
)
 
(1,295,098
)
Total oil and natural gas properties, net
9,028,593

 
8,653,148

Other property, plant and equipment, net
188,144

 
170,739

Total property, plant and equipment, net
9,216,737

 
8,823,887

NONCURRENT ASSETS
 
 
 
Operating lease assets, net of accumulated depreciation
179,066

 

Long-term derivative instruments, net
39,750

 
20,124

Other noncurrent assets
6,809

 
6,640

Total noncurrent assets
225,625

 
26,764

TOTAL ASSETS
$
9,838,066

 
$
9,391,363

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
CURRENT LIABILITIES
 
 
 
Accounts payable and accrued expenses
$
423,145

 
$
364,803

Revenue and severance taxes payable
132,131

 
127,265

Short-term derivative instruments, net
150,427

 
152,330

Current operating lease liabilities
79,719

 

Other current liabilities
3,846

 
4,547

Total current liabilities
789,268

 
648,945

NONCURRENT LIABILITIES
 
 
 
Long-term debt
2,221,355

 
2,181,667

Deferred tax liability
156,159

 
131,523

Operating lease liability
102,479

 

Payable pursuant to tax receivable agreement
71,077

 
68,110

Long-term derivative instruments, net
40,485

 
16,633

Asset retirement obligations
26,948

 
24,750

Financing lease liability
2,294

 

Total noncurrent liabilities
2,620,797

 
2,422,683

COMMITMENTS AND CONTINGENCIES

 

STOCKHOLDERS' EQUITY
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding

 

Common stock
 
 
 
Class A, $0.01 par value, 600,000,000 shares authorized, 282,134,006 shares issued and 281,116,921 shares outstanding at June 30, 2019 and 280,827,038 shares issued and 280,205,293 shares outstanding at December 31, 2018
2,821

 
2,808

Class B, $0.01 par value, 125,000,000 shares authorized, 35,538,145 and 36,547,731 shares issued and outstanding at
June 30, 2019 and December 31, 2018
356

 
366

Additional paid in capital
5,190,453

 
5,163,987

Retained earnings
504,517

 
412,646

Treasury stock, at cost, 1,017,085 shares and 621,745 shares at June 30, 2019 and December 31, 2018
(17,401
)
 
(11,749
)
Total stockholders' equity
5,680,746

 
5,568,058

Noncontrolling interests
747,255

 
751,677

Total equity
6,428,001

 
6,319,735

TOTAL LIABILITIES AND EQUITY
$
9,838,066

 
$
9,391,363

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Table of Contents

PARSLEY ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except per share data)
REVENUES
 
 
 
 
 
 
 
Oil sales
$
458,888

 
$
396,325

 
$
827,014

 
$
727,428

Natural gas sales
141

 
12,235

 
14,593

 
29,659

Natural gas liquids sales
38,312

 
57,275

 
82,097

 
97,895

Other
1,200

 
1,953

 
2,508

 
5,547

Total revenues
498,541

 
467,788

 
926,212

 
860,529

OPERATING EXPENSES
 
 
 
 
 
 
 
Lease operating expenses
42,696

 
35,904

 
83,868

 
64,736

Transportation and processing costs
6,608

 
6,471

 
14,865

 
12,738

Production and ad valorem taxes
30,744

 
27,331

 
58,151

 
51,517

Depreciation, depletion and amortization
198,563

 
145,552

 
372,286

 
266,751

General and administrative expenses (including stock-based compensation of $4,976 and $5,363 for the three months ended June 30, 2019 and 2018 and $10,298 and $10,432 for the six months ended June 30, 2019 and 2018)
34,907

 
35,991

 
72,944

 
70,986

Exploration and abandonment costs
72

 
3,366

 
23,066

 
8,777

Acquisition costs

 
(2
)
 

 
2

Accretion of asset retirement obligations
353

 
359

 
698

 
713

Gain on sale of property

 
(5,166
)
 

 
(5,055
)
Restructuring and other termination costs
1,562

 

 
1,562

 

Other operating expenses
2,199

 
2,477

 
1,388

 
4,652

Total operating expenses
317,704

 
252,283

 
628,828

 
475,817

OPERATING INCOME
180,837

 
215,505

 
297,384

 
384,712

OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
Interest expense, net
(33,597
)
 
(33,758
)
 
(66,599
)
 
(65,726
)
Gain (loss) on derivatives
19,561

 
(9,466
)
 
(100,126
)
 
(20,259
)
Change in TRA liability

 

 

 
(82
)
Interest income
103

 
1,686

 
394

 
3,809

Other income
715

 
234

 
773

 
535

Total other expense, net
(13,218
)
 
(41,304
)
 
(165,558
)
 
(81,723
)
INCOME BEFORE INCOME TAXES
167,619

 
174,201

 
131,826

 
302,989

INCOME TAX EXPENSE
(32,625
)
 
(33,243
)
 
(24,835
)
 
(56,568
)
NET INCOME
134,994

 
140,958

 
106,991

 
246,421

LESS: NET INCOME ATTRIBUTABLE TO
   NONCONTROLLING INTERESTS
(19,059
)
 
(21,803
)
 
(15,120
)
 
(44,376
)
NET INCOME ATTRIBUTABLE TO
PARSLEY ENERGY, INC. STOCKHOLDERS
$
115,935

 
$
119,155

 
$
91,871

 
$
202,045

 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
Basic
$
0.41

 
$
0.44

 
$
0.33

 
$
0.76

Diluted
$
0.41

 
$
0.44

 
$
0.33

 
$
0.76

Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
279,706

 
272,239

 
279,253

 
266,479

Diluted
279,768

 
272,846

 
279,363

 
267,043

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


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Table of Contents

PARSLEY ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
 
Issued Shares
 
 
 
 
 
 
 
 
 
Shares
 
 
 
 
 
 
 
 
 
Class A
Common Stock
 
Class B
Common Stock
 
Class A
Common Stock
 
Class B
Common Stock
 
Additional
paid in capital
 
Retained earnings
 
Treasury stock
 
Treasury stock
 
Total stockholders’ equity
 
Noncontrolling
interests
 
Total equity


(In thousands)
Balance at December 31, 2018
280,827

 
36,548

 
$
2,808

 
$
366

 
$
5,163,987

 
$
412,646

 
622

 
$
(11,749
)
 
$
5,568,058

 
$
751,677

 
$
6,319,735

Exchange of PE Units and Class B Common Stock for Class A Common Stock
420

 
(420
)
 
4

 
(4
)
 
6,277

 

 

 

 
6,277

 
(6,277
)
 

Change in net deferred tax liability due to issuance of PE Units by Parsley LLC

 

 

 

 
(571
)
 

 

 

 
(571
)
 

 
(571
)
Distribution to owners from consolidated subsidiary

 

 

 

 

 

 

 

 

 
(603
)
 
(603
)
Vesting of restricted stock units
279

 

 
3

 

 
(3
)
 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

 
291

 
(5,309
)
 
(5,309
)
 

 
(5,309
)
Restricted stock forfeited

 

 

 

 
(267
)
 

 
45

 

 
(267
)
 

 
(267
)
Stock-based compensation

 

 

 

 
5,589

 

 

 

 
5,589

 

 
5,589

Net income

 

 

 

 

 
(24,064
)
 

 

 
(24,064
)
 
(3,939
)
 
(28,003
)
Balance at March 31, 2019
281,526

 
36,128

 
$
2,815

 
$
362

 
$
5,175,012

 
$
388,582

 
958

 
$
(17,058
)
 
$
5,549,713

 
$
740,858

 
$
6,290,571

Exchange of PE Units and Class B Common Stock for Class A Common Stock
590

 
(590
)
 
6

 
(6
)
 
12,662

 

 

 

 
12,662

 
(12,662
)
 

Change in net deferred tax liability due to issuance of PE Units by Parsley LLC

 

 

 

 
(2,197
)
 

 

 

 
(2,197
)
 

 
(2,197
)
Vesting of restricted stock units
18

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

 
18

 
(343
)
 
(343
)
 

 
(343
)
Restricted stock forfeited

 

 

 

 
(676
)
 

 
41

 

 
(676
)
 

 
(676
)
Stock-based compensation

 

 

 

 
5,652

 

 

 

 
5,652

 

 
5,652

Net income

 

 

 

 

 
115,935

 

 

 
115,935

 
19,059

 
134,994

Balance at June 30, 2019
282,134

 
35,538

 
$
2,821

 
$
356

 
$
5,190,453

 
$
504,517

 
1,017

 
$
(17,401
)
 
$
5,680,746

 
$
747,255

 
$
6,428,001

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.





















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Table of Contents

PARSLEY ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
(Unaudited)
 
Issued Shares
 
 
 
 
 
 
 
 
 
Shares
 
 
 
 
 
 
 
 
 
Class A
Common Stock
 
Class B
Common Stock
 
Class A
Common Stock
 
Class B
Common Stock
 
Additional
paid in capital
 
Retained earnings
 
Treasury stock
 
Treasury stock
 
Total stockholders’ equity
 
Noncontrolling
interests
 
Total equity


(In thousands)
Balance at December 31, 2017
252,420

 
62,128

 
$
2,524

 
$
622

 
$
4,666,365

 
$
43,519

 
159

 
$
(735
)
 
$
4,712,295

 
$
1,168,411

 
$
5,880,706

Exchange of PE Units and Class B Common Stock for Class A Common Stock
13,396

 
(13,396
)
 
135

 
(135
)
 
255,398

 

 

 

 
255,398

 
(255,398
)
 

Change in net deferred tax liability due to issuance of PE Units by Parsley LLC

 

 

 

 
(15,123
)
 

 

 

 
(15,123
)
 

 
(15,123
)
Issuance of restricted stock
750

 

 
8

 

 
(8
)
 

 

 

 

 

 

Vesting of restricted stock units
886

 

 
8

 

 
(8
)
 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

 
279

 
(6,465
)
 
(6,465
)
 

 
(6,465
)
Restricted stock forfeited

 

 

 

 
(40
)
 

 

 

 
(40
)
 

 
(40
)
Stock-based compensation

 

 

 

 
5,109

 

 

 

 
5,109

 

 
5,109

Conversion of restricted stock units to restricted stock awards
1,098

 

 
11

 

 
(11
)
 

 

 

 

 

 

Net income

 

 

 

 

 
82,890

 

 

 
82,890

 
22,573

 
105,463

Balance at March 31, 2018
268,550

 
48,732

 
$
2,686

 
$
487

 
$
4,911,682

 
$
126,409

 
438

 
$
(7,200
)
 
$
5,034,064

 
$
935,586

 
$
5,969,650

Exchange of PE Units and Class B Common Stock for Class A Common Stock
11,480

 
(11,480
)
 
114

 
(114
)
 
217,463

 

 

 

 
217,463

 
(217,463
)
 

Change in net deferred tax liability due to issuance of PE Units by Parsley LLC

 

 

 

 
(11,418
)
 

 

 

 
(11,418
)
 

 
(11,418
)
Issuance of restricted stock
52

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units
24

 

 
1

 

 
(1
)
 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

 
150

 
(4,406
)
 
(4,406
)
 

 
(4,406
)
Restricted stock forfeited

 

 

 

 
(205
)
 

 

 

 
(205
)
 

 
(205
)
Stock-based compensation

 

 

 

 
5,568

 

 

 

 
5,568

 

 
5,568

Net income

 

 

 

 

 
119,155

 

 

 
119,155

 
21,803

 
140,958

Balance at June 30, 2018
280,106