AUSTIN, Texas, Jan. 9, 2018 /PRNewswire/ -- Parsley Energy, Inc.
(NYSE: PE) ("Parsley" or the "Company") today announced that next
year, in January 2019, Chairman of
the Board and Chief Executive Officer Bryan
Sheffield will be succeeded as CEO by Matt Gallagher, the Company's current President
and Chief Operating Officer. Mr. Gallagher is appointed to
Parsley's Board of Directors effective immediately. Mr. Sheffield
will serve as CEO through the end of 2018, in the newly-created
position of Executive Chairman throughout 2019, and as Chairman of
the Board thereafter. As part of the succession plan, the Board has
determined to separate the roles of Chairman and CEO at the time of
Mr. Sheffield's transition to Executive Chairman.
"This announcement is the culmination of a thoughtful and
thorough succession planning process in which the Board and Bryan
unanimously agree that Matt
Gallagher is the ideal person to serve as Parsley's next CEO
and lead Parsley into its next stage of growth and development,"
said Ray Alameddine, the Company's
lead director. "Bryan and Matt have worked closely together on
every strategic decision for the last several years, Matt is deeply
respected across the organization, and Bryan will continue to
provide guidance as his role evolves. For these reasons, we expect
a seamless transition, accompanied by continued growth and
operational excellence. Matt has the right combination of industry
expertise, financial acumen, leadership, and work ethic to lead
Parsley with distinction. Importantly, he is acutely attuned to the
Company's core values, having helped establish and foster Parsley's
identity through his years of service as a founding
officer."
"On behalf of the Board and the entire team at Parsley, we thank
Bryan for his visionary leadership and outstanding decade of
service as CEO in building this great Company and making Parsley
the premier operator that it is today," said Mr. Alameddine. "Among
his many contributions, Bryan has instilled a culture of excellence
and ethical leadership, and he has recruited and groomed an
exceptionally strong and capable senior leadership team, including
an outstanding leader who is well prepared to succeed
him."
"I am proud of both the tremendous growth of our company and the
abiding teamwork that made our growth possible," said Mr.
Sheffield. "From our humble start, contract operating 100 wells in
the Permian, we have built a publicly traded company that today
operates over 1,200 wells and is closing in on production of
100,000 net Boe per day. After ten exhilarating and intense years
in this role and with the Company well positioned for the future, I
am looking forward to spending more time with my family, knowing
that Parsley is in good hands with Matt leading the next phase of
our expansion. I am confident that Matt is the right person to lead
as CEO, and I am excited to work with him in our current roles for
the remainder of this year, as Executive Chairman throughout 2019,
and as Chairman thereafter."
"It is an incredible honor to succeed Bryan as CEO," said Mr.
Gallagher. "I believe that the foundation Bryan
established—including a strong balance sheet, superior acreage
position, and team culture that emphasizes innovation and
integrity—paves the way for superior long-term value creation for
our stockholders."
Matt Gallagher has served as the
Company's President and Chief Operating Officer since January 2017. Since joining the Company in 2010,
he has served in positions of increasing responsibility across the
company, including overseeing engineering and geoscience
activities. Prior to joining Parsley, Mr. Gallagher served in
various engineering and investor relations functions with Pioneer
Natural Resources between 2005 and 2010. Mr. Gallagher has a
Bachelor of Science in Petroleum Engineering from the Colorado School of Mines, serves on the board of
directors of the Permian Basin Petroleum Association, and is a
member of the Permian Basin Society of Petroleum Engineers and the
West Texas Geological Society.
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 our 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'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'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 does not undertake any obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise. New factors emerge
from time to time, and it is not possible for Parsley 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, but not limited to, its Annual Report on Form 10-K,
its subsequent Quarterly Reports on Form 10-Q, and its Current
Reports on Form 8-K. The risk factors and other factors
noted in the Company's SEC filings could cause actual results to
differ materially from those contained in any forward-looking
statement.
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SOURCE Parsley Energy, Inc.