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Viper Energy (VNOM) Q1 Earnings Top Estimates, Revenues Fall Y/Y

Viper Energy Partners LP VNOM 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 and EPS Surprise
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 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.

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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 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 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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