PE - Parsley Energy Believes It Can Thrive in an Oil Market Rebound
Parsley Energy (NYSE: PE) is far from immune to the issues currently facing the oil market. The company has had to make significant changes to its 2020 operating plan so that it can navigate these challenging times. However, it believes it can endure this downturn and come out on the other side as a more relevant company that can create value for investors. That outlook makes it an intriguing oil stock for investors seeking a bounce-back candidate.
Parsley Energy recently reported its first-quarter results, which demonstrated that it's enduring the currently brutal market conditions reasonably well. The company noted that its first-quarter oil output zoomed 41% quarter over quarter and 61% year over year, due to its recent acquisition of Jagged Peak Energy and the success of its drilling program. Those factors, as well as its ability to keep a lid on costs, enabled Parsley to produce $0.29 per share of adjusted earnings during the first quarter, which beat analysts' expectations by $0.05 per share.
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