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Parsley Energy (PE) has reported robust quarterly results and seems in a better position than ever to face low oil prices. The company has reduced costs to a point where it can generate free cash flows at oil prices of under $55 a barrel. I believe Parsley Energy's cash flow turnaround sets up the company well heading into 2020 as it completes the acquisition of Jagged Peak Energy (JAG). In the long-run, I expect the Austin, Texas-based Parsley to further improve its free cash flow profile.