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Viper Energy Q3 Earnings Top Estimates on Higher Production
VNOMViper(VNOM) ZACKS·2024-11-06 14:31

Core Insights - Viper Energy Inc. reported third-quarter 2024 adjusted earnings per share of 49 cents, exceeding the Zacks Consensus Estimate of 43 cents, but down from 1.10inthesamequarterlastyear[1]−Thecompanygeneratedanoperatingincomeof1.10 in the same quarter last year [1] - The company generated an operating income of 209.6 million, which fell short of the Zacks Consensus Estimate of 213million,andalsodeclinedfrom213 million, and also declined from 293.2 million year-over-year [1] Production - Viper Energy produced 4,542 thousand oil-equivalent barrels (MBoe) in Q3 2024, an increase from 3,721 MBoe a year ago, surpassing the estimate of 4,376 MBoe [3] - Oil accounted for 54.6% of total production, with oil production rising to 2,482 thousand barrels (MBbls) from 2,037 MBbls year-over-year, beating the estimate of 2,443 MBbls [3] Realized Prices - The average realized price per barrel of oil equivalent was 45.83,downfrom45.83, down from 52.57 in Q3 2023, and below the estimate of 49.11[5]−Theaveragerealizedoilpricewas49.11 [5] - The average realized oil price was 75.24 per barrel, down from 82.48year−over−year,missingtheestimateof82.48 year-over-year, missing the estimate of 77.99 [5] - Natural gas prices were 13 cents per thousand cubic feet, significantly lower than 1.81intheprioryear,andbelowtheestimateof80cents[6]−Thepricefornaturalgasliquidswas1.81 in the prior year, and below the estimate of 80 cents [6] - The price for natural gas liquids was 19.89 per barrel, down from 21.58ayearago,andslightlyabovetheestimateof21.58 a year ago, and slightly above the estimate of 19.88 [6] Costs & Expenses - Total expenses in Q3 were 74million,upfrom74 million, up from 50.4 million in the prior-year quarter, exceeding the estimate of 69.6million[7]−Onaperbarrelofoil−equivalent(Boe)basis,totaloperatingexpenseswere69.6 million [7] - On a per barrel of oil-equivalent (Boe) basis, total operating expenses were 4.16, compared to 3.71intheyear−agoquarter,andbelowtheestimateof3.71 in the year-ago quarter, and below the estimate of 4.98 [7] Cash Flow - Net cash provided by operating activities was 203million,downfrom203 million, down from 239.7 million in Q3 2023 [8] Balance Sheet - As of September 30, 2024, Viper Energy had cash and cash equivalents of 168.6millionandreportednetlong−termdebtof168.6 million and reported net long-term debt of 821.5 million [9] Guidance - The company updated its total production guidance for 2024 to 48.75-49.25 Mboe/d, indicating an increase from 39.2 Mboe/d reported in the year-ago quarter, with fourth-quarter net production expected to be in the range of 52.50-53.00 Mboe/d [9]