PARSLEY ENERGY, INC. (NYSE:PE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item5.02

On January5, 2017, Parsley Energy, Inc. (the Company) announced
that Matthew Gallagher, formerly Vice PresidentChief Operating
Officer, has been promoted to President and Chief Operating
Officer. This appointment was made effective January5, 2017.
Bryan Sheffield, who previously held the title of Chairman,
President and Chief Executive Officer, will continue to serve as
Chairman and Chief Executive Officer.

Matthew Gallagher, 34, joined the Company in September 2010.
Since joining the Company, Mr. Gallagher has overseen the
Companys engineering and geoscience functions in positions of
increasing responsibility, including Vice PresidentEngineering
and Geoscience from 2013 to 2014 and Vice PresidentChief
Operating Officer since 2014. Prior to joining the Company,
Mr.Gallagher served as Investor Relations Supervisor for Pioneer
Natural Resources (Pioneer) from 2008 to 2010. From 2005 to 2008,
Mr.Gallagher held a variety of engineering roles with Pioneer,
including Gulf of Mexico Shelf Reservoir Engineer, Hugoton
Reservoir Engineer and Spraberry Production and Operations
Engineer. Mr.Gallagher has a Bachelor of Science in Petroleum
Engineering from the Colorado School of Mines and is a member of
the Permian Basin Society of Petroleum Engineers and West Texas
Geological Society.

In accordance with the terms of the First Amended and Restated
Limited Liability Company Agreement (the Parsley LLC Agreement)
of Parsley Energy, LLC (Parsley LLC), Mr.Gallagher, among others,
generally has the right to exchange (collectively, the Exchange
Right) his units in Parsley LLC (PE Units) (and a corresponding
number of shares of the Companys Class B common stock) for shares
of the Companys ClassA common stock at an exchange ratio of one
share of ClassA common stock for each PE Unit (and a
corresponding share of Class B common stock) exchanged (subject
to conversion rate adjustments for stock splits, stock dividends
and reclassifications) or, if the Company or Parsley LLC so
elects, cash. Since January1, 2016, Mr.Gallagher exercised his
Exchange Right under the Parsley LLC Agreement and elected to
exchange an aggregate of 230,088million PE Units (and a
corresponding number of shares of Class B common stock) for an
aggregate of 230,088million shares of ClassA common stock. The
Company exercised its call right under the Parsley LLC Agreement
and elected to issue ClassA common stock to Mr.Gallagher in
satisfaction of his election notice.

There are no family relationships between Mr.Gallagher and any
director or executive officer of the Company or any person
nominated or chosen by the Company to become a director or
executive officer. There are no arrangements or understandings
between Mr.Gallagher and any other persons to which he was
selected as President and Chief Operating Officer.

On January5, 2017, the Company issued a news release announcing
its updated management team structure, which includes
Mr.Gallaghers promotion to President and Chief Operating Officer.
A copy of the news release is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.

The information in this Item7.01 (including the exhibit) shall
not be deemed to be filed for purposes of Section18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act),
or otherwise subject to the liabilities of that section, and is
not incorporated by reference into any filing under the
Securities Act or the Exchange Act.

2

About PARSLEY ENERGY, INC. (NYSE:PE)

Parsley Energy, Inc. is an independent oil and natural gas company. The Company is focused on the acquisition, development and exploitation of unconventional oil and natural gas reserves in the Permian Basin. The Permian Basin is located in West Texas and Southeastern New Mexico and comprises over three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin. The Company’s properties are primarily located in the Midland and Delaware Basins and its activities have been focused on the vertical development of the Spraberry, Wolfberry and Wolftoka Trends of the Midland Basin. The Company’s vertical wells in the Permian Basin are drilled into stacked pay zones that include the Spraberry, Wolfcamp, Upper Pennsylvanian (Cline), Strawn, Atoka and Mississippian formations. The Company splits its assets into over four areas, including the Midland Basin-Core, Midland Basin-Tier I, Midland Basin-Other and Southern Delaware Basin.

PARSLEY ENERGY, INC. (NYSE:PE) Recent Trading Information

PARSLEY ENERGY, INC. (NYSE:PE) closed its last trading session up +0.37 at 36.61 with 1,693,625 shares trading hands.