Parsley Energy (PE) Tops Q4 EPS by 5c

Parsley Energy (NYSE: PE) reported Q4 EPS of ($0.02), $0.05 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $68.8 million versus the consensus estimate of $80.21 million.

Full-year 2016 Guidance

Parsley expects that its currently contemplated 2016 capital program will enable the Company to sustain a healthy growth trajectory while enhancing operating margins and maintaining a strong financial profile.

The Company plans to complete 60-70 gross operated horizontal wells in 2016—35% more wells at the midpoint than the Company completed in 2015—with average lateral lengths up from approximately 6,400 feet in 2015 to approximately 7,000 feet in 2016. Anticipated capital spending of $380-$430 million in 2016 is flat at the midpoint relative to 2015 capex.

Parsley expects to average 30.0-33.0 MBoe/d in 2016, representing 43% production growth at the midpoint relative to 2015 average daily production. The Company expects to grow oil volumes approximately 50-70% in 2016 versus 2015.

Unit cost guidance for 2016 represents significant cost reductions relative to 2015 averages. Anticipated LOE per Boe of $5.50-$6.50 and cash G&A per BOE of $4.75-$5.75 represent 23% and 11% reductions, respectively, relative to 2015 averages at the midpoints of the guidance ranges.

For earnings history and earnings-related data on Parsley Energy (PE) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• SanDisk upgraded at JPMorgan after investor day; shares climb
• Reading (RDI) Tops Q2 EPS by 4c