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Viper Energy (VNOM) Q2 Earnings Beat on Higher Production
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Viper Energy Partners LP (VNOM - Free Report) reported second-quarter 2024 adjusted earnings per unit of 61 cents, which beat the Zacks Consensus Estimate of 42 cents. The bottom line increased from the year-ago quarter’s 47 cents.
The partnership, with mineral interests in North America oil and gas resources, generated an operating income of $216.7 million, which missed the Zacks Consensus Estimate of $218 million. The top line significantly increased from the year-ago quarter’s $160.8 million.
Higher oil-equivalent production volumes aided Viper Energy’s strong quarterly earnings.
Viper Energy Inc. Price, Consensus and EPS Surprise
The resources, wherein the partnership has mineral interests, produced 4,320 thousand oil-equivalent barrels (MBoe) in the June-end quarter of 2024, up from 3,429 MBoe a year ago. The reported figure surpassed our estimate of 4,128 Mboe.
Of the total volume, oil contributed 55.5% to 2,398 thousand barrels (MBbls), up from 1,924 MBbls a year ago. The metric also beat our estimate of 2,369 MBbls.
The production of crude oil, natural gas and natural gas liquids increased from the prior-year quarter’s levels.
Realized Prices
The overall average realized price per barrel of oil equivalent was $49.88 compared with $46.14 in second-quarter 2023. Our estimate for the same was pinned at $52.02 per barrel.
Average realized oil prices in the quarter under review were $81.04 per barrel, up from $72.40 in the year-ago quarter and beating our estimate of $79.08.
The price of natural gas was 20 cents per thousand cubic feet, down from $1.09 in the year-ago quarter and also missing our estimate of $1.08.
The price for natural gas liquids was $20.35 a barrel, up from $19.07 a year ago. Our estimate for the same was pinned at $23.21 per barrel.
Costs & Expenses
In the second quarter, total expenses were $68.2 million compared with $48.7 million in the prior-year quarter. The figure beat our estimate of $67.5 million.
On a per barrel of oil-equivalent (Boe) basis, total operating expenses were $4.36 compared with $4.19 in the year-ago quarter. The figure lagged our estimate of $5.21.
Cash Flow
Net cash provided by operating activities was $143.3 million, down from $145.4 million in the second quarter of 2023.
Balance Sheet
As of Jun 30, 2024, Viper Energy’s cash and cash equivalents were $35.2 million. The company reported a net long-term debt of $998 million.
Guidance
For 2024, the partnership expects total production of 46.75-48.25 MBoe/d, indicating an increase from the 43.8 MBoe/d reported in 2023. For the third quarter, it anticipates a production of 47.50-48.50 MBoe/d.
Zacks Rank & Stocks to Consider
Currently, Viper Energy carries a Zacks Rank #3 (Hold).
Hess Corporation (HES - Free Report) reported second-quarter 2024 adjusted earnings per share of $2.62, which beat the Zacks Consensus Estimate of $2.48. The strong quarterly results can be attributed to higher oil-equivalent production volumes, and realized prices for oil, natural gas and NGL.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $11.08 and $12.78, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Northern Oil and Gas, Inc. (NOG - Free Report) reported second-quarter 2024 adjusted earnings per share of $1.46, which beat the Zacks Consensus Estimate of $1.20. The outperformance reflects strong production.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $5.18 and $6.50, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
TechnipFMC plc (FTI - Free Report) posted second-quarter 2024 adjusted earnings of 43 cents per share, which beat the Zacks Consensus Estimate of 31 cents and increased from the year-ago quarter’s reported figure of 10 cents. The improvement can be attributed to a better-than-expected performance in the Subsea segment.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $1.23 and $1.83, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
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Viper Energy (VNOM) Q2 Earnings Beat on Higher Production
Viper Energy Partners LP (VNOM - Free Report) reported second-quarter 2024 adjusted earnings per unit of 61 cents, which beat the Zacks Consensus Estimate of 42 cents. The bottom line increased from the year-ago quarter’s 47 cents.
The partnership, with mineral interests in North America oil and gas resources, generated an operating income of $216.7 million, which missed the Zacks Consensus Estimate of $218 million. The top line significantly increased from the year-ago quarter’s $160.8 million.
Higher oil-equivalent production volumes aided Viper Energy’s strong quarterly earnings.
Viper Energy Inc. Price, Consensus and EPS Surprise
Viper Energy Inc. price-consensus-eps-surprise-chart | Viper Energy Inc. Quote
Production
The resources, wherein the partnership has mineral interests, produced 4,320 thousand oil-equivalent barrels (MBoe) in the June-end quarter of 2024, up from 3,429 MBoe a year ago. The reported figure surpassed our estimate of 4,128 Mboe.
Of the total volume, oil contributed 55.5% to 2,398 thousand barrels (MBbls), up from 1,924 MBbls a year ago. The metric also beat our estimate of 2,369 MBbls.
The production of crude oil, natural gas and natural gas liquids increased from the prior-year quarter’s levels.
Realized Prices
The overall average realized price per barrel of oil equivalent was $49.88 compared with $46.14 in second-quarter 2023. Our estimate for the same was pinned at $52.02 per barrel.
Average realized oil prices in the quarter under review were $81.04 per barrel, up from $72.40 in the year-ago quarter and beating our estimate of $79.08.
The price of natural gas was 20 cents per thousand cubic feet, down from $1.09 in the year-ago quarter and also missing our estimate of $1.08.
The price for natural gas liquids was $20.35 a barrel, up from $19.07 a year ago. Our estimate for the same was pinned at $23.21 per barrel.
Costs & Expenses
In the second quarter, total expenses were $68.2 million compared with $48.7 million in the prior-year quarter. The figure beat our estimate of $67.5 million.
On a per barrel of oil-equivalent (Boe) basis, total operating expenses were $4.36 compared with $4.19 in the year-ago quarter. The figure lagged our estimate of $5.21.
Cash Flow
Net cash provided by operating activities was $143.3 million, down from $145.4 million in the second quarter of 2023.
Balance Sheet
As of Jun 30, 2024, Viper Energy’s cash and cash equivalents were $35.2 million. The company reported a net long-term debt of $998 million.
Guidance
For 2024, the partnership expects total production of 46.75-48.25 MBoe/d, indicating an increase from the 43.8 MBoe/d reported in 2023. For the third quarter, it anticipates a production of 47.50-48.50 MBoe/d.
Zacks Rank & Stocks to Consider
Currently, Viper Energy carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked companies mentioned below. These three companies presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hess Corporation (HES - Free Report) reported second-quarter 2024 adjusted earnings per share of $2.62, which beat the Zacks Consensus Estimate of $2.48. The strong quarterly results can be attributed to higher oil-equivalent production volumes, and realized prices for oil, natural gas and NGL.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $11.08 and $12.78, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Northern Oil and Gas, Inc. (NOG - Free Report) reported second-quarter 2024 adjusted earnings per share of $1.46, which beat the Zacks Consensus Estimate of $1.20. The outperformance reflects strong production.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $5.18 and $6.50, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
TechnipFMC plc (FTI - Free Report) posted second-quarter 2024 adjusted earnings of 43 cents per share, which beat the Zacks Consensus Estimate of 31 cents and increased from the year-ago quarter’s reported figure of 10 cents. The improvement can be attributed to a better-than-expected performance in the Subsea segment.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $1.23 and $1.83, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.