Parsley Energy, Inc. announced unaudited earnings results for the second quarter and six months and production results for the second quarter ended June 30, 2018. For the quarter, the company reported total revenues of $467,788,000 compared to $213,677,000 a year ago. Operating income was $210,339,000 compared to $45,259,000 a year ago. Income before income taxes was $174,201,000 compared to $68,010,000 a year ago. Net income attributable to the company stockholders was $119,155,000 or $0.44 per basic and diluted share compared to $40,746,000 or $0.17 per basic and diluted share a year ago. EBITDAX was $355,191,000 compared to $174,353,000 a year ago. Adjusted EBITDAX was $340,103,000 compared to $143,369,000 a year ago. Adjusted net income was $106,377,000 or $0.39 per diluted share compared to $12,522,000 or $0.05 per diluted share a year ago.

For the six months, the company reported total revenues of $860,529,000 compared to $414,535,000 a year ago. Operating income was $379,657,000 compared to $117,790,000 a year ago. Income before income taxes was $302,989,000 compared to $124,702,000 a year ago. Net income attributable to the company stockholders was $202,045,000 or $0.76 per basic and diluted share compared to $70,188,000 or $0.30 per basic and diluted share a year ago. Net cash provided by operating activities was $490,981,000 compared to $327,204,000 a year ago. Development of oil and natural gas properties was $854,228,000 compared to $361,742,000 a year ago. Acquisitions of oil and natural gas properties were $56,014,000 compared to $2,088,286,000 a year ago. Additions to other property and equipment were $48,047,000 compared to $19,520,000 a year ago. EBITDAX was $640,434,000 compared to $319,743,000 a year ago. Adjusted EBITDAX was $622,421,000 compared to $289,117,000 a year ago. Adjusted net income was $187,436,000 or $0.70 per basic and diluted share compared to $46,636,000 or $0.20 per basic and diluted share a year ago.

For the quarter, the company's net oil production increased 14% quarter-over-quarter and 57% year-over-year to 67.7 MBo per day. Total net production averaged 107.8 MBoe per day. Total production was 9,811 MBoe compared to 5,890 MBoe a year ago.

The company provided production and capital budget guidance for the full year of 2018. For the year, the company expects annual net oil production to be in the range of 68.0 MBo/d to 70.5 MBo/d compared to previous guidance to be in the range of 65 MBo/d to 70 MBo/d, annual net production to be in the range of 106 MBoe/d to 111 MBoe/d compared to previous guidance to be in the range of 98 MBoe/d to 108 MBoe/d and total development expenditures to be in the range of $1,650 million to $1,750 million compared to previous guidance to be in the range of $1,350 million to $1,550 million. The company is revising its 2018 capital budget upward by $100 million to $200 million to reflect the additional net wells the company expects to place on production this year, yielding an updated range of $1.65 billion to $1.75 billion.