Parsley Energy, Inc. Suspends Production Guidance for the Full Year 2020
Parsley Energy, Inc. suspended production guidance for the full year 2020. On March 11, 2020, the World Health Organization declared the novel coronavirus 2019 ("COVID-19") a pandemic. COVID-19 has had a material negative impact on global economic activity and, as a result, has also caused significant global oil demand destruction. This unprecedented decline, combined with recent periods of increased production from foreign oil producers (most notably Saudi Arabia and Russia), resulted in a sharp drop in near-term oil prices.