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Viper Energy Q3 Earnings Beat Estimates on Higher Production
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Key Takeaways
Viper Energy posted Q3 adjusted EPS of 40 cents, topping estimates but below last year's 49 cents.
Oil-equivalent output rose sharply to 10,015 Mboe, driven by higher oil and gas volumes.
Total expenses soared to $594M, partly offset by improved production and cash flow gains.
Viper Energy Inc. (VNOM - Free Report) reported third-quarter 2025 adjusted earnings per share (EPS) of 40 cents, which beat the Zacks Consensus Estimate of 38 cents. The bottom line, however, declined from the year-ago level of 49 cents.
The company, with mineral interests in North America’s oil and gas resources, generated operating income of $418 million, which beat the Zacks Consensus Estimate of $403 million. The metric increased from the year-ago quarter’s figure of $211 million.
The better-than-expected quarterly results can be primarily attributed to a significant increase in oil-equivalent production. However, lower realized oil prices, higher total expenses and a non-cash impairment of $360 million incurred due to properties acquired from Diamondback Energy at its historical carrying value partially offset the positives.
Viper Energy Inc. Price, Consensus and EPS Surprise
The resources, wherein the company has mineral interests, produced 10,015 thousand oil-equivalent barrels (MBoe), up from 4,542 MBoe a year ago. The reported figure beat our estimate of 9,709 Mboe.
Oil contributed to approximately 51.5% of the total production volume. Oil production increased to 5,160 thousand barrels (MBbls) from 2,482 MBbls a year ago. The reported figure surpassed our estimate of 5,054 MBbls.
Natural gas production increased to 14,655 million cubic feet (MMcf) in the third quarter of 2025, compared to 6,150 MMcf in the corresponding period of 2024. The production of crude oil, natural gas and natural gas liquids witnessed a significant increase from the prior-year levels.
Realized Prices in Q3
The overall average realized price per barrel of oil equivalent was $39.24 compared with $45.83 in the third quarter of 2024. Our estimate for the same was pinned at $39.76 per barrel.
The average realized oil price in the quarter under review was $64.34 per barrel, down from $75.24 in the year-ago quarter. However, the figure surpassed our estimate of $60.50.
The price of natural gas was $1.02 per thousand cubic feet, up from $0.13 in the year-ago quarter. Our estimate for the same was pinned at $1.90.
The price for natural gas liquids was $19.07 a barrel, lower than the $19.89 recorded a year ago. Our estimate for the same was pinned at $22.14 per barrel.
Viper Energy’s Costs & Expenses
In the third quarter, total expenses were $594 million, significantly higher than the $75 million recorded in the prior-year quarter. The figure also came above our estimate of $245.8 million.
On a per barrel of oil-equivalent (Boe) basis, total operating expenses were $3.50 compared with $4.16 in the year-ago quarter. Our estimate for the same was pegged at $4.05.
Q3 Cash Flow
Net cash provided by operating activities was $281 million, up from $203 million in the third quarter of 2024.
VNOM’s Balance Sheet
As of Sept. 30, 2025, Viper Energy’s cash and cash equivalents were $53 million. The company reported net long-term debt of $2,241 million.
Q4 & 2025 Guidance by Viper Energy
The company projects production for the fourth quarter of 2025 to be in the range of 124-128 Mboe/d. Its net production for the full-year 2025 is projected to be in the 92.75-93.50 Mboe/d range.
While we have discussed VNOM’s third-quarter results in detail, let us take a look at three other key reports in this space.
Canadian Natural Resources Limited (CNQ - Free Report) reported third-quarter 2025 adjusted earnings per share of 62 cents, which beat the Zacks Consensus Estimate of 54 cents. However, the bottom line decreased from 71 cents in the year-ago quarter. The underperformance can be attributed to lower realized oil and natural gas liquid prices and rising expenses.
Total revenues of $6.9 billion increased from $6.5 billion in the prior-year period, fueled by increased production volumes. Additionally, the figure beat the Zacks Consensus Estimate of $6.7 billion.
As of Sept. 30, 2025, CNQ had cash and cash equivalents worth C$113 million and long-term debt of approximately C$16.4 billion, with a debt to capitalization of about 28.9%.
Permian Resources Corporation (PR - Free Report) reported a third-quarter 2025 adjusted net income per share of 37 cents, which beat the Zacks Consensus Estimate of 30 cents. Additionally, the bottom line also increased from the year-ago quarter’s reported figure of 35 cents. This outperformance was driven by a rise in production volumes and an increased natural gas realized price.
Meanwhile, Permian Resources’ oil and gas sales of $1.3 billion increased 8.7% from the year-ago quarter but marginally missed the Zacks Consensus Estimate by $16 million.
As of Sept. 30, PR had $111.8 million in cash and cash equivalents. The company had a long-term debt of $3.5 billion, reflecting a debt-to-capitalization of 26.1%.
The Calgary-based integrated oil and gas company, Imperial Oil Limited (IMO - Free Report) , reported third-quarter 2025 adjusted earnings per share of $1.57, which beat the Zacks Consensus Estimate of $1.44. However, the bottom line decreased from the year-ago quarter’s $1.71. This decrease was due to lower upstream price realizations, partly offset by higher production volumes.
Revenues of $8.8 billion missed the Zacks Consensus Estimate of $11.1 billion. The top line also decreased from the year-ago quarter’s level of $9.7 billion due to weak performance in both the Upstream and Downstream segments.
As of Sept. 30, Imperial Oil had cash and cash equivalents of C$1.9 billion. Total debt of the company amounted to C$4 billion, with a debt-to-capitalization of 14.4%.
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Viper Energy Q3 Earnings Beat Estimates on Higher Production
Key Takeaways
Viper Energy Inc. (VNOM - Free Report) reported third-quarter 2025 adjusted earnings per share (EPS) of 40 cents, which beat the Zacks Consensus Estimate of 38 cents. The bottom line, however, declined from the year-ago level of 49 cents.
The company, with mineral interests in North America’s oil and gas resources, generated operating income of $418 million, which beat the Zacks Consensus Estimate of $403 million. The metric increased from the year-ago quarter’s figure of $211 million.
The better-than-expected quarterly results can be primarily attributed to a significant increase in oil-equivalent production. However, lower realized oil prices, higher total expenses and a non-cash impairment of $360 million incurred due to properties acquired from Diamondback Energy at its historical carrying value partially offset the positives.
Viper Energy Inc. Price, Consensus and EPS Surprise
Viper Energy Inc. price-consensus-eps-surprise-chart | Viper Energy Inc. Quote
VNOM’s Q3 Production
The resources, wherein the company has mineral interests, produced 10,015 thousand oil-equivalent barrels (MBoe), up from 4,542 MBoe a year ago. The reported figure beat our estimate of 9,709 Mboe.
Oil contributed to approximately 51.5% of the total production volume. Oil production increased to 5,160 thousand barrels (MBbls) from 2,482 MBbls a year ago. The reported figure surpassed our estimate of 5,054 MBbls.
Natural gas production increased to 14,655 million cubic feet (MMcf) in the third quarter of 2025, compared to 6,150 MMcf in the corresponding period of 2024. The production of crude oil, natural gas and natural gas liquids witnessed a significant increase from the prior-year levels.
Realized Prices in Q3
The overall average realized price per barrel of oil equivalent was $39.24 compared with $45.83 in the third quarter of 2024. Our estimate for the same was pinned at $39.76 per barrel.
The average realized oil price in the quarter under review was $64.34 per barrel, down from $75.24 in the year-ago quarter. However, the figure surpassed our estimate of $60.50.
The price of natural gas was $1.02 per thousand cubic feet, up from $0.13 in the year-ago quarter. Our estimate for the same was pinned at $1.90.
The price for natural gas liquids was $19.07 a barrel, lower than the $19.89 recorded a year ago. Our estimate for the same was pinned at $22.14 per barrel.
Viper Energy’s Costs & Expenses
In the third quarter, total expenses were $594 million, significantly higher than the $75 million recorded in the prior-year quarter. The figure also came above our estimate of $245.8 million.
On a per barrel of oil-equivalent (Boe) basis, total operating expenses were $3.50 compared with $4.16 in the year-ago quarter. Our estimate for the same was pegged at $4.05.
Q3 Cash Flow
Net cash provided by operating activities was $281 million, up from $203 million in the third quarter of 2024.
VNOM’s Balance Sheet
As of Sept. 30, 2025, Viper Energy’s cash and cash equivalents were $53 million. The company reported net long-term debt of $2,241 million.
Q4 & 2025 Guidance by Viper Energy
The company projects production for the fourth quarter of 2025 to be in the range of 124-128 Mboe/d. Its net production for the full-year 2025 is projected to be in the 92.75-93.50 Mboe/d range.
VNOM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Earnings at a Glance
While we have discussed VNOM’s third-quarter results in detail, let us take a look at three other key reports in this space.
Canadian Natural Resources Limited (CNQ - Free Report) reported third-quarter 2025 adjusted earnings per share of 62 cents, which beat the Zacks Consensus Estimate of 54 cents. However, the bottom line decreased from 71 cents in the year-ago quarter. The underperformance can be attributed to lower realized oil and natural gas liquid prices and rising expenses.
Total revenues of $6.9 billion increased from $6.5 billion in the prior-year period, fueled by increased production volumes. Additionally, the figure beat the Zacks Consensus Estimate of $6.7 billion.
As of Sept. 30, 2025, CNQ had cash and cash equivalents worth C$113 million and long-term debt of approximately C$16.4 billion, with a debt to capitalization of about 28.9%.
Permian Resources Corporation (PR - Free Report) reported a third-quarter 2025 adjusted net income per share of 37 cents, which beat the Zacks Consensus Estimate of 30 cents. Additionally, the bottom line also increased from the year-ago quarter’s reported figure of 35 cents. This outperformance was driven by a rise in production volumes and an increased natural gas realized price.
Meanwhile, Permian Resources’ oil and gas sales of $1.3 billion increased 8.7% from the year-ago quarter but marginally missed the Zacks Consensus Estimate by $16 million.
As of Sept. 30, PR had $111.8 million in cash and cash equivalents. The company had a long-term debt of $3.5 billion, reflecting a debt-to-capitalization of 26.1%.
The Calgary-based integrated oil and gas company, Imperial Oil Limited (IMO - Free Report) , reported third-quarter 2025 adjusted earnings per share of $1.57, which beat the Zacks Consensus Estimate of $1.44. However, the bottom line decreased from the year-ago quarter’s $1.71. This decrease was due to lower upstream price realizations, partly offset by higher production volumes.
Revenues of $8.8 billion missed the Zacks Consensus Estimate of $11.1 billion. The top line also decreased from the year-ago quarter’s level of $9.7 billion due to weak performance in both the Upstream and Downstream segments.
As of Sept. 30, Imperial Oil had cash and cash equivalents of C$1.9 billion. Total debt of the company amounted to C$4 billion, with a debt-to-capitalization of 14.4%.