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Viper Energy (VNOM) Q1 Earnings Top Estimates, Revenues Fall Y/Y
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Viper Energy Partners LP (VNOM - Free Report) reported first-quarter 2023 adjusted earnings per unit of 53 cents, beating the Zacks Consensus Estimate of 26 cents. The bottom line increased from the year-ago quarter’s profit of 23 cents per share.
The partnership, with mineral interests in North America oil and gas resources, generated an operating income of $169 million, beating the Zacks Consensus Estimate of $161 million. The top line declined from the year-ago quarter’s $202 million.
Viper Energy’s strong quarterly earnings were aided by higher oil-equivalent production volumes.
Viper Energy Partners LP Price, Consensus and EPS Surprise
The resources, wherein the partnership has mineral interests, produced 3,147 thousand oil-equivalent barrels (MBoe) in the March-end quarter of 2023, up from 2,841 MBoe a year ago. Of the total volume, oil contributed 57.5%. The production of crude oil, natural gas and natural gas liquids increased from the prior-year quarter.
Realized Prices
The overall average realized price per barrel of oil equivalent was $51.19 compared with $67.97 in first-quarter 2022. Average realized oil prices in the quarter under review were $75.48 per barrel, down from $94.95. The price of natural gas was $2.13 per thousand cubic feet, down from $4.07 in the year-ago quarter. The same for natural gas liquids was $24.45 a barrel, down from $38.99.
Costs & Expenses
In first-quarter 2023, total expenses amounted to $46.6 million compared with $43.2 million in the prior-year quarter. On a per barrel of oil-equivalent (Boe) basis, total operating expenses were $4.86 compared with $5.47 in the year-ago quarter.
Cash Flow
Net cash provided by operating activities was $107.2 million, down from $135.8 million in the first quarter of 2022.
Balance Sheet
As of Mar 31, 2023, Viper Energy’s cash and cash equivalents were $9.1 million. It reported net long-term debt of $695.2 million.
Guidance
For 2023, the partnership expects total production of 35.25-38.75 MBoe/d. For the second and third quarter, Viper Energy expects production of 36.25-38.75 MBoe/d.
A Glimpse of Other Upstream Companies’ Q1 Earnings
Pioneer Natural Resources Company (PXD - Free Report) reported first-quarter 2023 earnings of $5.21 per share (excluding one-time items), beating the Zacks Consensus Estimate of $4.90. Quarterly earnings were primarily driven by higher oil-equivalent production volumes.
PXD also authorized a $4-billion share repurchase program, replacing the existing common stock repurchase program. For 2023, Pioneer projects a total production of 670-700 MBoe/d, indicating an increase from the 649.8 MBoe/d reported in 2022.
EOG Resources, Inc. (EOG - Free Report) reported first-quarter 2023 adjusted earnings per share of $2.69, beating the Zacks Consensus Estimate of $2.42. Quarterly earnings can be attributed to higher oil-equivalent production.
For 2023, EOG Resources expects a total production of 944-1,027.6 MBoe/d. The company anticipates production of 939.5-974.7 MBoe/d for the second quarter.
ConocoPhillips (COP - Free Report) reported first-quarter 2023 adjusted earnings per share of $2.38, beating the Zacks Consensus Estimate of $2.02. Quarterly earnings resulted from higher oil-equivalent production.
ConocoPhillips projects production for the June quarter at 1.77-1.81 MMBoE/D. The company’s new production guidance for this year is 1.78-1.80 MMBoE/D.
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Viper Energy (VNOM) Q1 Earnings Top Estimates, Revenues Fall Y/Y
Viper Energy Partners LP (VNOM - Free Report) reported first-quarter 2023 adjusted earnings per unit of 53 cents, beating the Zacks Consensus Estimate of 26 cents. The bottom line increased from the year-ago quarter’s profit of 23 cents per share.
The partnership, with mineral interests in North America oil and gas resources, generated an operating income of $169 million, beating the Zacks Consensus Estimate of $161 million. The top line declined from the year-ago quarter’s $202 million.
Viper Energy’s strong quarterly earnings were aided by higher oil-equivalent production volumes.
Viper Energy Partners LP Price, Consensus and EPS Surprise
Viper Energy Partners LP price-consensus-eps-surprise-chart | Viper Energy Partners LP Quote
Production
The resources, wherein the partnership has mineral interests, produced 3,147 thousand oil-equivalent barrels (MBoe) in the March-end quarter of 2023, up from 2,841 MBoe a year ago. Of the total volume, oil contributed 57.5%. The production of crude oil, natural gas and natural gas liquids increased from the prior-year quarter.
Realized Prices
The overall average realized price per barrel of oil equivalent was $51.19 compared with $67.97 in first-quarter 2022. Average realized oil prices in the quarter under review were $75.48 per barrel, down from $94.95. The price of natural gas was $2.13 per thousand cubic feet, down from $4.07 in the year-ago quarter. The same for natural gas liquids was $24.45 a barrel, down from $38.99.
Costs & Expenses
In first-quarter 2023, total expenses amounted to $46.6 million compared with $43.2 million in the prior-year quarter. On a per barrel of oil-equivalent (Boe) basis, total operating expenses were $4.86 compared with $5.47 in the year-ago quarter.
Cash Flow
Net cash provided by operating activities was $107.2 million, down from $135.8 million in the first quarter of 2022.
Balance Sheet
As of Mar 31, 2023, Viper Energy’s cash and cash equivalents were $9.1 million. It reported net long-term debt of $695.2 million.
Guidance
For 2023, the partnership expects total production of 35.25-38.75 MBoe/d. For the second and third quarter, Viper Energy expects production of 36.25-38.75 MBoe/d.
Zacks Rank
Viper Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Glimpse of Other Upstream Companies’ Q1 Earnings
Pioneer Natural Resources Company (PXD - Free Report) reported first-quarter 2023 earnings of $5.21 per share (excluding one-time items), beating the Zacks Consensus Estimate of $4.90. Quarterly earnings were primarily driven by higher oil-equivalent production volumes.
PXD also authorized a $4-billion share repurchase program, replacing the existing common stock repurchase program. For 2023, Pioneer projects a total production of 670-700 MBoe/d, indicating an increase from the 649.8 MBoe/d reported in 2022.
EOG Resources, Inc. (EOG - Free Report) reported first-quarter 2023 adjusted earnings per share of $2.69, beating the Zacks Consensus Estimate of $2.42. Quarterly earnings can be attributed to higher oil-equivalent production.
For 2023, EOG Resources expects a total production of 944-1,027.6 MBoe/d. The company anticipates production of 939.5-974.7 MBoe/d for the second quarter.
ConocoPhillips (COP - Free Report) reported first-quarter 2023 adjusted earnings per share of $2.38, beating the Zacks Consensus Estimate of $2.02. Quarterly earnings resulted from higher oil-equivalent production.
ConocoPhillips projects production for the June quarter at 1.77-1.81 MMBoE/D. The company’s new production guidance for this year is 1.78-1.80 MMBoE/D.