Parsley Energy Class A (PE)

[Timothy Smith]

Parsley Energy (NYSE:PE) announces a public offering of 13M common shares, with an underwriters option to purchase up to an additional 1.95M shares.

PE says it plans to use the proceeds to repay borrowings outstanding under its revolving credit facility and to fund a portion of its capital program, which may include acquisitions.

PE also discloses an update on its hedging activity, saying it entered into put spreads covering an incremental 2.2M barrels of its estimated 2016 crude oil production and 900K barrels of its estimated 2017 production.