Organization and Nature of Operations

3 Months Ended

Mar. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Nature of Operations

NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS

Parsley Energy, Inc. (either individually or together with its subsidiaries, as the context requires, the “Company”) was formed on December 11, 2013, pursuant to the laws of the State of Delaware, and is engaged in the acquisition and development of unconventional oil and natural gas reserves located in the Permian Basin, which is located in West Texas and Southeastern New Mexico.

Public Offering of Common Stock

On April 4, 2016, the Company entered into an agreement to sell 20,987,500 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), (including 2,737,500 shares issued pursuant to the underwriters’ option to purchase additional shares) at a price of $21.40 per share to in an underwritten public offering (the “April Offering”). The April Offering closed on April 8, 2016 and resulted in gross proceeds of approximately $449.1 million to the Company and net proceeds, after deducting underwriting discounts and commissions and offering expenses, of approximately $433.1 million. Please refer to Note 14—Subsequent Events for additional discussion.