Exhibit 99.1

		NEWS RELEASE

PARSLEY ENERGY ANNOUNCES SECOND QUARTER 2014

FINANCIAL AND OPERATING RESULTS

AUSTIN, Texas, August 12, 2014 – Parsley Energy, Inc. (NYSE: PE) (“Parsley Energy” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2014.

Q2 2014 Highlights

“This is a very exciting time for Parsley Energy, having completed a successful initial public offering and delivered strong results in our first quarter as a public company,” said Bryan Sheffield, Chief Executive Officer of Parsley Energy. “With a healthy balance sheet, a vertical development program that continues to provide robust returns, promising results from our growing horizontal drilling program, and a sizable inventory of drilling locations in the core of the Midland Basin, Parsley Energy is poised to deliver high rate of return growth for many years. As we employ the capital raised over the past several months, we are pleased to be executing on and accelerating the plan we outlined to investors.”

Horizontal Drilling Update

As of August 1, 2014, Parsley Energy operated six producing horizontal wells and six horizontal wells in different stages of development. The Company spud four horizontal wells during Q2 2014 and has spud four more horizontal wells since the end of Q2 2014. To date, all but one of the Company’s horizontal wells have targeted the Wolfcamp B zone, with the most recent well targeting the Wolfcamp A zone. The Company is currently running three horizontal rigs with plans to add a fourth horizontal rig in October, and anticipates spudding a total of 18-22 gross (13-17 net) horizontal wells in the second half of 2014. To date, all five of the horizontal wells that have 30-days of production data are tracking ahead of the 690 MBoe, three-stream type curve the Company has published, which corresponds to a 7,500 foot lateral, or a stimulated interval of approximately 7,000 feet. Parsley Energy’s producing horizontal wells are also demonstrating a favorable product mix, with average liquids content above 90%.

Vertical Drilling Update

During the second quarter of 2014, Parsley Energy spud 42 vertical wells in the Midland Basin. In the Southern Delaware Basin, the Company has now spud two vertical exploratory wells in Pecos County, evaluation of which is pending interpretation of proprietary 3D seismic data. The Company is currently running eight vertical rigs in the Midland Basin and anticipates spudding 75-85 gross (65-75 net) vertical wells in the second half of 2014, including one vertical exploratory well in Pecos County.

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Select Operating Data

Second Quarter 2014 Financial Highlights

Revenue for the second quarter of 2014 was $82.3 million, a 43% increase from Q1, reflecting higher production, partly offset by lower commodity price realizations.

Net production averaged 14.0 MBoe/d during Q2 2014, up 53% over Q1 2014, benefiting from strong organic growth, incremental production from the previously announced Pacer acquisition during May and June, and infrastructure enhancements that boosted gas volumes.

While higher oil prices were largely offset by wider differentials, surging gas and NGL volumes combined with lower realized prices for both natural gas and NGLs led to an 8% decrease in the average realized price per Boe without derivatives relative to the first quarter of 2014. For the second quarter, the average realized price per Boe without derivatives was $64.63.

Unit costs decreased in Q2 2014 versus Q1 2014, with lease operating expense down 11% to $7.59 per Boe, general and administrative costs down 41% to $5.45 per Boe, and depreciation, depletion, and amortization expense down 28% to $16.05 per Boe.

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During the second quarter of 2014, the Company recorded a net loss of $38.6 million, or $1.19 per weighted average diluted share. The net loss for the second quarter includes a one-time, non-cash expense of $50.6 million, or $1.56 per diluted share, associated with incentive compensation triggered by the Company’s initial public offering, as well as a non-cash loss on commodity derivatives of $12.8 million, or $0.39 per diluted share. Excluding these items on a tax-adjusted basis and assuming shares issued in association with the IPO were outstanding as of the beginning of the period, adjusted net income for the second quarter of 2014 was $17.9 million, or $0.14 per diluted share.

Adjusted earnings before interest, income taxes, depreciation, depletion and amortization (“adjusted EBITDA” – a non-GAAP financial measure) for the second quarter of 2014 was $58.4 million, an increase of 50% over Q1 2014. (Please see supplemental financial information at the end of this news release for a reconciliation of these non-GAAP financial measures to GAAP financial measures.)

IPO and 2014 Capital Program

On May 29, 2014, Parsley Energy completed its initial public offering of 50,000,000 shares of common stock at a price to the public of $18.50 per share, of which 42,463,636 shares were sold by the Company, resulting in net proceeds to the Company of approximately $742 million. The underwriters subsequently exercised their over-allotment option for an additional 7,500,000 primary shares, resulting in additional net proceeds to the Company of approximately $131 million.

Prior to the IPO, on April 17, the Company closed a $150 million add-on to its existing $400 million of 7.5% senior unsecured notes due 2022.

As of June 30, 2014, Parsley Energy had an undrawn revolving credit facility of $327 million and $524 million in cash and cash equivalents on its balance sheet for total liquidity of approximately $851 million.

During the second quarter of 2014, the Company invested approximately $428 million in total capital expenditures, with approximately $123 million allocated to development activities and approximately $305 million allocated to acquisitions.

Acquisitions and Acreage Update

Parsley Energy has acquired approximately 11,000 net acres since the beginning of Q2 2014, including approximately 6,600 net acres from two previously announced acquisitions (Pacer and OGX). Total consideration for these two acquisitions, which also included 8.1 MMBoe of proved reserves⁽¹⁾, was $293 million. Consistent with the Company’s strategy to opportunistically supplement its premier acreage position, since the beginning of Q2 2014, in addition to the aforementioned acquisitions, Parsley Energy has added approximately 2,800 net acres in the Midland Basin and approximately 1,500 net acres in the Southern Delaware Basin through a combination of leasing activity and working interest acquisitions. Total consideration for these transactions was approximately $45 million.

At August 1, 2014, the Company held rights to approximately 92,000 net acres in the Midland Basin and 24,000 net acres in the Southern Delaware Basin. The Company has identified 1,507 net horizontal drilling locations associated with its acreage position. Please see the second quarter 2014 earnings presentation posted on the Company’s website for a summary of Parsley Energy’s acreage and inventory by area and target zone.

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Full Year 2014 Outlook

Guidance for the second half of 2014 is provided in the table below:

Conference Call Information

Parsley Energy will host a conference call and webcast to discuss its results for the quarter on Wednesday, August 13 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). Participants should call 719-325-2495 10 minutes before the scheduled time and request the Parsley Energy conference call. A telephone replay will be available through August 20 by dialing 719-457-0820 (passcode: 9837277). A live broadcast of the earnings conference call will also be available on the internet at www.parsleyenergy.com under the “Investor Relations” section of the website. A replay will be available shortly after the call. The Company has also posted to its website a presentation that supplements the information in this release.

About Parsley Energy, Inc.

Parsley Energy, Inc. is an independent oil and natural gas company focused on the acquisition, development, and exploitation of unconventional oil and natural gas reserves in the Permian Basin in West Texas. For more information, visit our website at www.parsleyenergy.com.

Forward Looking Statements

Certain statements contained in this news release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Parsley Energy’s expectations or beliefs concerning future events, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Parsley Energy’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Parsley Energy does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Parsley Energy to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in our filings with the SEC, including the prospectus filed with the SEC in connection with our initial public offering. The risk factors and other factors noted in our SEC filings could cause our actual results to differ materially from those contained in any forward-looking statement.

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Contact Information

Brad Smith, CFA

Parsley Energy, Inc.

Director, Investor Relations

ir@parsleyenergy.com

(512) 505-5199

Dennard Ÿ Lascar Associates

Jack Lascar, jlascar@dennardlascar.com

Lisa Elliott, lelliott@dennardlascar.com

(713) 529-6600

- Tables to Follow -

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Parsley Energy, Inc.

Condensed Consolidated Statements of Income

(Unaudited, in thousands, except per share data)

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Parsley Energy, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)

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Parsley Energy, Inc.

Condensed Consolidated Statement of Cash Flows

(Unaudited, in thousands)

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Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA

Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated and combined financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as net income before depreciation, depletion and amortization, gain (loss) on sales of oil and natural gas properties, asset retirement obligation accretion expense, interest expense, income tax, prepayment premium on extinguishment of debt, gain (loss) on derivative instruments, net cash receipts (payments) on settled derivative instruments and premiums (paid) received on options that settled during the period.

Management believes Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measure of other companies. We believe that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements.

The following table presents a reconciliation of Adjusted EBITDA to the GAAP financial measure of net income for each of the periods indicated.

Parsley Energy, Inc.

Adjusted EBITDA

(Unaudited, in thousands)

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Parsley Energy, Inc.

Adjusted Net Income and Earnings Per Share

(Unaudited, in thousands, except per share data)

Adjusted net income is a performance measure used by management to evaluate financial performance, prior to non-cash gains or losses on derivatives. It should not be considered an alternative to consolidated net income, operating income, net cash provided by operating activities, or any other measure of financial performance presented in accordance with GAAP. The following table presents a reconciliation of the non-GAAP financial measure of adjusted net income to the GAAP financial measure of net income.

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