Viper Energy Partners LP’s (VNOM - Free Report) loss per unit came in at a penny against the Zacks Consensus Estimate of earnings of 4 cents. In the prior-year quarter, the partnership had reported earnings of 38 cents.
The partnership, an affiliate of Diamondback Energy, Inc. (FANG - Free Report) , generated operating income of $62 million, which missed the Zacks Consensus Estimate of $68 million. However, the top line was almost flat year over year.
The decline in realized commodity prices primarily attributed to the lower-than-expected quarterly results.
Cash Distribution
The partnership received authorization from the board of directors of its general partner to report cash distributions for the March quarter of 2019 at 38 cents per common unit. The new distribution reflects a sequential decline of 25.5%.
Production & Realized Prices
The resources where the partnership has mineral interest produced 1,714 thousand oil equivalent barrels (MBoE) in the March quarter of 2019, up from 1,271 MBoE a year ago. Of the total volumes, oil accounted for 67%.
Realized oil prices during the quarter were recorded at $45.31 per barrel, down from $61.41 a year ago. The price of natural gas liquids was recorded at $18.09 a barrel, down from the year-ago quarter’s $23.47. Moreover, the average sale price of natural gas fell to $2.05 per Mcf from $2.11 in the year-ago quarter.
Balance Sheet
As of Mar 31, 2019, the partnership’s cash and cash equivalents were recorded at $10.1 million. The partnership reported long-term debt of $157 million, representing a debt-to-capitalization ratio of roughly 9%.
Guidance
For second and third quarter of 2019, the partnership projects daily net production in the band of 19 to 21 MBoE. For 2019, Viper Energy expects daily net production in the range of 20 to 23 MBoE. The partnership added that the proportion of oil, of the total expected production volumes, is projected in the band of 67% to 71%.
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Viper Energy Partners LP’s (VNOM - Free Report) loss per unit came in at a penny against the Zacks Consensus Estimate of earnings of 4 cents. In the prior-year quarter, the partnership had reported earnings of 38 cents.
The partnership, an affiliate of Diamondback Energy, Inc. (FANG - Free Report) , generated operating income of $62 million, which missed the Zacks Consensus Estimate of $68 million. However, the top line was almost flat year over year.
The decline in realized commodity prices primarily attributed to the lower-than-expected quarterly results.
Cash Distribution
The partnership received authorization from the board of directors of its general partner to report cash distributions for the March quarter of 2019 at 38 cents per common unit. The new distribution reflects a sequential decline of 25.5%.
Production & Realized Prices
The resources where the partnership has mineral interest produced 1,714 thousand oil equivalent barrels (MBoE) in the March quarter of 2019, up from 1,271 MBoE a year ago. Of the total volumes, oil accounted for 67%.
Realized oil prices during the quarter were recorded at $45.31 per barrel, down from $61.41 a year ago. The price of natural gas liquids was recorded at $18.09 a barrel, down from the year-ago quarter’s $23.47. Moreover, the average sale price of natural gas fell to $2.05 per Mcf from $2.11 in the year-ago quarter.
Balance Sheet
As of Mar 31, 2019, the partnership’s cash and cash equivalents were recorded at $10.1 million. The partnership reported long-term debt of $157 million, representing a debt-to-capitalization ratio of roughly 9%.
Guidance
For second and third quarter of 2019, the partnership projects daily net production in the band of 19 to 21 MBoE. For 2019, Viper Energy expects daily net production in the range of 20 to 23 MBoE. The partnership added that the proportion of oil, of the total expected production volumes, is projected in the band of 67% to 71%.
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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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