Exhibit 99.1

		NEWS RELEASE

PARSLEY ENERGY ANNOUNCES SECOND QUARTER 2015

FINANCIAL AND OPERATING RESULTS

Raises Production Guidance

AUSTIN, Texas, August 11, 2015 – Parsley Energy, Inc. (NYSE: PE) (“Parsley,” “Parsley Energy,” or the “Company”) today announced financial and operating results for the quarter ended June 30, 2015. The Company has posted to its website a presentation that supplements the information in this release.

Second Quarter 2015 Highlights

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“Substantial production growth during a period of lower drilling and completion activity indicates that the leading initial production rates registered by our horizontal Wolfcamp wells are translating to strong cumulative production volumes, and also signals Parsley’s ability to maintain a rapid growth trajectory without adding rigs,” said Bryan Sheffield, Parsley Energy’s Chief Executive Officer. “Over the last three quarters we have grown production by 45% while reducing our average quarterly rig count from eleven to two. We are raising 2015 production guidance again and continue to believe that our back-half weighted 2015 development program positions us to excel in 2016. In the meantime, our healthy returns, ample liquidity, and significant hedge position enable us to flourish in a depressed commodity price environment.”

Second Quarter 2015 Financial Highlights

Revenue for the second quarter of 2015 was $77.9 million, up 41% from Q1 2015, reflecting higher production and commodity price realizations.

During the second quarter of 2015, the Company recorded a net loss attributable to its stockholders of $19.1 million, or $0.18 per weighted average share. Excluding non-recurring items on a tax-adjusted basis and adding back the non-controlling interest allocated to Class B stockholders, the adjusted net loss for the second quarter of 2015 was $1.8 million, or $0.01 per diluted share. Adjusted earnings before interest, income taxes, depreciation, depletion, amortization, and exploration expense (“adjusted EBITDAX” – a financial measure that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”)) for the second quarter of 2015 was $53.4 million, up 48% compared to the first quarter 2015. (Please see the supplemental financial information at the end of this news release for a reconciliation of the non-GAAP financial measures of adjusted net income and adjusted EBITDAX to GAAP financial measures.)

Lease operating expense (“LOE”) per BOE declined 5% versus Q1 2015 to $9.12 in Q2 2015. Parsley expects LOE per BOE to trend down to the original annual guidance range of $6.00-$7.00 in the near term, but is raising full-year 2015 guidance to $7.50-$8.50 per BOE to reflect higher reported expense year-to-date. General and administrative expense per BOE was $6.09 in Q2 2015 and depreciation, depletion, and amortization expense per BOE was $21.93 in the second quarter.

Parsley spent $74.9 million on development activities in Q2 2015, down 38% quarter-over-quarter.

At the end of Q2 2015, Parsley had $476 million of liquidity, consisting of $21 million of cash and an undrawn amount of $455 million on the Company’s revolver.

The Company remains well-hedged, with most of estimated oil production hedged this year, the majority of estimated oil volumes hedged in 2016, and a significant hedge position established in 2017.

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Updated Full-year 2015 Guidance

Conference Call Information

Parsley Energy will host a conference call and webcast to discuss its results for the second quarter of 2015 on Wednesday, August 12 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). Participants should call 412-902-0003 10 minutes before the scheduled time and request the Parsley Energy conference call. A telephone replay will be available through August 19 by dialing 201-612-7415 (passcode: 13613602). A live broadcast 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 and development 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 our Annual Report on Form 10-K. 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.

Vice President, Corporate Strategy and Investor Relations

ir@parsleyenergy.com

(512) 505-5199

Dennard ● 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.

Selected Operating Data

(Unaudited)

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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 and Combined Balance Sheets

(Unaudited, in thousands)

Parsley Energy, Inc.

Condensed Consolidated and Combined Statements of Cash Flows

(Unaudited, in thousands)

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Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDAX

Adjusted EBITDAX is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Adjusted EBITDAX 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 EBITDAX as net income before depreciation, depletion, amortization, and exploration expense, gain (loss) on sales of oil and natural gas properties, asset retirement obligation accretion expense, non-cash stock based compensation, incentive unit compensation, interest expense, income tax expense, rig terminations, 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 EBITDAX 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 EBITDAX 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 EBITDAX 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 EBITDAX 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 EBITDAX. Our computations of adjusted EBITDAX may not be comparable to other similarly titled measures of other companies. We believe that adjusted EBITDAX 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 EBITDAX to the GAAP financial measure of net income for each of the periods indicated.

Parsley Energy, Inc.

Adjusted EBITDAX

(Unaudited, in thousands)

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Adjusted Net Income

Adjusted net income is a performance measure used by management to evaluate financial performance, prior to non-cash gains or losses on derivatives, cash received (paid) for derivative settlements, premiums (paid) received on options that settled during the period, gains on sale of property, incentive unit compensation, exploration costs, acquisition costs, rig termination costs, noncontrolling interests, and changes in estimated income tax benefit. 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.

Parsley Energy, Inc.

Adjusted Net Income and Earnings Per Share

(Unaudited, in thousands, except per share data)

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