Parsley Energy, Inc. reported production results for the fourth quarter of 2017. In line with stated plans, the company completed 41 wells in the fourth quarter of 2017.

For the year 2017, the company expects to report net production of approximately 68 MBoe per day, up 78% relative to full-year 2016 net production, concluding a year of robust and efficient production growth. The company expects to report analogous growth in 2017 net oil production, up 75% versus 2016 net oil production to approximately 45 MBo per day. Full-year expected production is based on anticipated fourth quarter of 2017 net production of 80-81 MBoe per day and 51-52 MBo per day.

For the quarter, the company expects to report capital expenditures of approximately $410-420 million. Fourth quarter development spending increased relative to third quarter spending, driven by more completions, longer laterals, and material quarter-over-quarter increases in facilities and infrastructure spending and non-operated development.

For the year, the company expects to report capital expenditures of approximately $1.2 billion.

For the year 2018, the company continues to expect best-in-class volume growth, albeit from a lower than anticipated starting point, impeded by the impact of freezing weather at the beginning of the year, and accounting for the recent divestiture of non-operated properties with approximately 600 Boe per day of associated production. Accordingly, the company now expects average net oil production of 65-70 MBo per day, representing year-over-year growth of 50% at the midpoint. The company expects corresponding total production volumes of 98-108 MBoe per day.

For the year 2018, notwithstanding the recent increase in oil prices, the company continues to expect to place approximately 40 gross horizontal wells on production per quarter during 2018. While sustained oil price strength would bias expectations toward the higher end of the previously issued guidance for 2018 capital expenditures of $1.35-1.55 billion given the likelihood of service and equipment cost inflation, the company expects that it would be accompanied by a disproportionate increase in cash flow generation on a steady development pace.