- Parsley Energy (PE +2.1%) is higher after announcing slightly better than expected Q3 earnings, a doubling of revenues from a year ago, and raising its full-year production guidance, as the company cites highly productive wells and low costs.
- PE says Q3 total net production averaged 43K boe/day, up 20% Q/Q and up 99% Y/Y, with oil output rising 24% Q/Q and 131% Y/Y; oil volumes represented two-thirds of Q3 total production.
- PE raises its FY 2016 production guidance to 37K-39K boe/day from an earlier view of 36K-38K boe/day; the company says it is deployed a fifth horizontal rig and is considering additional rig activity in 2017.
- Also, PE says it entered into a revolving credit agreement providing for a $900M initial borrowing base.