Parsley Energy raises guidance, share price sees big gains

Nov 13, 2014
Austin Business Journal

Parsley Energy Inc., a newly-relocated Austin-based oil and gas company, saw its share price rise 9 percent Wednesday on a strong quarterly earnings report

The company's earning exceeded analysts' expectations, according to documents filed with the U.S. Securities and Exchange Commission. Parsley Energy shares gained $1.47, or 9 percent, to close Wednesday at $17.91

The company also raised its oil production guidance for the second half of 2014 to between 17,000 and 17,500 barrels per day, up from between 15,500 and 16,500 barrels

For the quarter, the company saw net income of $16.8 million, 18 cents per share, up from $11.9 million in the same quarter of 2013. As for non-GAAP earnings, the company reported 13 cents per share, 2 cents better than analysts' estimates. The company also reported revenue from operating activities increasing to $74.1 million for the first nine months of the year, compared to $31.3 million for the first nine months of 2013

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