Exhibit 99.1

PARSLEY ENERGY ANNOUNCES SECOND QUARTER 2016

FINANCIAL AND OPERATING RESULTS AND UPDATES FULL-YEAR GUIDANCE

AUSTIN, Texas, August 3, 2016 – Parsley Energy, Inc. (NYSE: PE) (“Parsley,” “Parsley Energy,” or the “Company”) today announced financial and operating results for the quarter ended June 30, 2016. The Company has posted to its website a presentation that supplements the information in this release.

Second Quarter 2016 Highlights

“The substantial production growth and cost compression Parsley generated during the second quarter are exactly what we envisioned earlier this year when we made a non-consensus decision to maintain operational momentum in the face of unsteady commodity prices,” said Bryan Sheffield, Parsley’s President and CEO. “We are also gratified to have closed on meaningful leasehold acquisitions in both the Midland Basin and Southern Delaware Basin at increasingly attractive prices, and to have boosted the economic potential of our promising Southern Delaware acreage by acquiring associated mineral rights. Taking a broader view, over Parsley’s nine quarters as a public company, we have increased production at a 16% compound quarterly growth rate—almost entirely through the drill-bit—and built an asset base and the organizational capacity to support top-tier growth for years to come.”

Operational Highlights

During the second quarter, Parsley spud 21 and completed 25 gross operated horizontal wells with an average working interest of 93%. Second quarter completion activity includes four recently acquired wells that had been drilled but not completed by the previous operators.

Parsley completed its first horizontal well on its recently acquired Reeves County acreage in the Southern Delaware Basin. The Ranger C4-7-4309H, completed in the upper Wolfcamp interval with a 5,078’ stimulated lateral, registered a strong peak 30-day initial production (“IP”) rate of 1,127 Boe per day or 222 Boe per day per thousand stimulated feet. Normalized to 7,000 lateral feet, the well is outperforming the Company’s 1 million Boe EUR type curve for Midland Basin Wolfcamp A/B wells by 24% after 60 days of production and is also on pace with the strong results posted by the initial wells on Parsley’s Trees Ranch prospect in the Southern Delaware Basin.

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The Midland Basin wells that achieved 30-day peak production periods since the Company’s last quarterly update generated an average 30-day IP rate of 1,013 Boe per day, with an average stimulated lateral length of 6,238’ and an average oil cut of 75%. Each of these wells was completed in the Wolfcamp A or Wolfcamp B target interval and among them, the Hirsch E 4201H, completed in the Wolfcamp A formation in Upton County, established a Company record 30-day IP rate of 284 Boe/d per thousand stimulated feet.

Financial Highlights

During the second quarter of 2016, the Company recorded a net loss attributable to its stockholders of $21.4 million, or $0.13 per weighted average share. Excluding, on a tax-adjusted basis, certain items that the Company does not view as indicative of its financial performance, and adding back the non-controlling interest allocated to Class B stockholders, adjusted net income for the second quarter of 2016 was $6.8 million, or $0.04 per diluted share.

Adjusted earnings before interest, income taxes, depreciation, depletion, amortization, and exploration expense (“Adjusted EBITDAX”) for the second quarter of 2016 was $81.9 million, up 48% compared to the first quarter of 2016.¹

Parsley generated significant reductions in unit costs during the second quarter of 2016. LOE per Boe decreased from $5.25 in 1Q16 to $4.37 in 2Q16. G&A per Boe decreased from $7.29 in 1Q16 to $5.33 in 2Q16, while cash G&A per Boe, which excludes stock-based compensation expense, decreased from $6.25 in 1Q16 to $4.28 in 2Q16. Depreciation, depletion, and amortization expense per Boe decreased from $18.66 in 1Q16 to $17.23 in the second quarter of 2016.

Despite completing ten more horizontal wells in 2Q16 than in 1Q16, reported capital expenditures increased by just $26 million quarter-over-quarter to $136 million. Reported capital expenditures include costs associated with the horizontal drilling activity noted above, as well as one vertical well and one saltwater disposal well. Drilling and completion costs for a 7,000-stimulated-foot Wolfcamp well in the Midland Basin averaged less than $5 million for the first time, registering $4.8 million during the second quarter.

Liquidity Update

As of June 30, 2016, the Company had $966 million of liquidity—consisting of $441 million of cash on hand and an undrawn amount of $525 million on the Company’s revolving credit facility. Pro forma for the closing of its Southern Delaware minerals acquisition on July 14, 2016, the Company had approximately $189 million of cash on hand, $714 million of liquidity, and a net debt to annualized adjusted EBITDAX ratio of 1.7.

Hedging Update

Parsley maintains an active hedging program to reduce the variability of its anticipated cash flows arising from fluctuations in commodity prices. The Company remains well-hedged, with a majority of anticipated oil volumes hedged this year and a significant hedge position in 2017. Parsley also recently entered into natural gas hedge positions with settlements starting in 2017. For details on Parsley’s hedging position, please see the investor presentation on the Company’s website and/or the Company’s Quarterly Report on Form 10-Q, upon availability, for the period ended June 30, 2016.

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Full-year 2016 Guidance Update

Conference Call Information

Parsley Energy will host a conference call and webcast to discuss its results for the second quarter of 2016 on Thursday, August 4 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). Participants should call 877-407-0672 (United States/Canada) or 412-902-0003 (International) 10 minutes before the scheduled time and request the Parsley Energy conference call. A telephone replay will be available shortly after the call through August 11 by dialing 877-660-6853 (United States/Canada) or 201-612-7415 (International). Conference ID: 13641422. A live broadcast will also be available on the internet at www.parsleyenergy.com under the “Investor Relations” section of the website. The Company has also posted to its website a presentation that supplements the information in this release.

About Parsley Energy, Inc.

Parsley Energy, Inc. is an independent oil and natural gas company focused on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin in West Texas. For more information, visit the Company’s website at www.parsleyenergy.com.

Forward Looking Statements

Certain statements contained in this news release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Parsley Energy’s expectations or beliefs concerning future events, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Parsley Energy’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Parsley Energy does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future

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events or otherwise. New factors emerge from time to time, and it is not possible for Parsley Energy to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in the Company’s filings with the SEC, including its Annual Report on Form 10-K. The risk factors and other factors noted in the Company’s SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.

Contact Information

Brad Smith, Ph.D., CFA

Vice President, Corporate Strategy and Investor Relations

ir@parsleyenergy.com

(512) 505-5199

- Tables to Follow -

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Parsley Energy, Inc.

Selected Operating Data

(Unaudited)

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Parsley Energy, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

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Parsley Energy, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)

Parsley Energy, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

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Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDAX

Adjusted EBITDAX is not a measure of net income as determined by GAAP. Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDAX as net (loss) income before depreciation, depletion and amortization, exploration costs, acquisition costs, (gain) loss on sales of oil and natural gas properties, asset retirement obligation accretion expense, stock-based compensation, net interest expense, income tax (benefit) expense, rig termination costs, derivative (income) loss, net settlements on derivative instruments, and net premium realizations on options that settled during the period.

Management believes Adjusted EBITDAX is useful because it allows the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company excludes the items listed above from net income in arriving at Adjusted EBITDAX because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. The Company’s computations of Adjusted EBITDAX may not be comparable to other similarly titled measure of other companies. The Company believes that Adjusted EBITDAX is a widely followed measure of operating performance.

The following table presents a reconciliation of Adjusted EBITDAX to the GAAP financial measure of net income for each of the periods indicated.

Parsley Energy, Inc.

Adjusted EBITDAX

(Unaudited, in thousands)

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Adjusted Net Income (Loss)

Adjusted net income (loss) is a performance measure used by management to evaluate financial performance, prior to non-cash gains or losses on derivatives, net cash received for derivative settlements, net premiums received on options that settled during the period, (gain) loss on sale of property, exploration costs, acquisition costs, and rig termination costs while adjusting for noncontrolling interest and the associated changes in estimated income tax. Management believes adjusted net income (loss) is useful because it may enhance investors’ ability to assess Parsley’s historical and future financial performance. Adjusted net income (loss) should not be considered an alternative to consolidated net income, operating income, or any other measure of financial performance presented in accordance with GAAP. The following table presents a reconciliation of the non-GAAP financial measure of adjusted net income (loss) to the GAAP financial measure of net income (loss).

Parsley Energy, Inc.

Adjusted Net Income (Loss) and Net Income (Loss) Per Share

(Unaudited, in thousands, except per share data)

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