Parsley Energy (PE) Misses Q4 EPS by 6c, Revenues Beat

Parsley Energy (NYSE: PE) reported Q4 EPS of $0.28, $0.06 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $522.45 million versus the consensus estimate of $513.11 million.

Recent Highlights

• Parsley published its inaugural Corporate Responsibility Report, outlining the Company's commitment and approach to environmental stewardship, governance, ethics, health and safety, and community engagement.
• The Company reported full-year 2019 capital expenditures of approximately $1.37 billion, which was nearly $30 million below the low end of the full-year guidance range of $1.40-$1.47 billion.
• Increased quarterly dividend in 1Q20 from $0.03 per share to $0.05 per share(1).
• 4Q19 net oil production increased 16% year-over-year to 89.6 MBo per day. Total 4Q19 net production averaged 146.2 MBoe per day.
• Parsley closed its acquisition of Jagged Peak Energy Inc. (\"Jagged Peak\") on January 10, 2020, less than 90 days after announcing the transaction.
• The Company received an Investment Grade credit rating from Fitch Ratings of BBB- with stable outlook(2).
• Parsley lowered its cost of debt by refinancing $400MM of outstanding debt with 4.125% senior unsecured notes due 2028(3).
• Proved reserves of 592.3 MMBoe as of December 31, 2019 represent a 14% increase versus proved reserves as of December 31, 2018. Proved developed reserves of 381.7 MMBoe as of December 31, 2019 represent a 23% increase versus proved developed reserves as of December 31, 2018.

Summary Comment and Outlook

"The fourth quarter represented a strong finish to Parsley's rigorous 2019 action plan that achieved success on multiple fronts," commented Matt Gallagher, Parsley's President and CEO. "Our team delivered a step-change improvement in capital efficiency and inflected to free cash flow generation ahead of schedule(4), all while keeping our environmental and social impacts at the forefront of our decision making. As we turn to 2020, we will maintain this collective sense of urgency and accountability. Organizational excellence on all fronts is required to demonstrate integration and execution success. The Parsley team is already off to a strong start in 2020 and we look forward to delivering on our action plan in the coming quarters."

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

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