Viper Energy Q3 Earnings Top Estimates on Higher Production

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 $1.10 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 $213 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, down from $52.57 in Q3 2023, and below the estimate of $49.11 [5] - The average realized oil price was $75.24 per barrel, down from $82.48 year-over-year, missing the estimate of $77.99 [5] - Natural gas prices were 13 cents per thousand cubic feet, significantly lower than $1.81 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 $21.58 a year ago, and slightly above the estimate of $19.88 [6] Costs & Expenses - Total expenses in Q3 were $74 million, up from $50.4 million in the prior-year quarter, exceeding the estimate of $69.6 million [7] - On a per barrel of oil-equivalent (Boe) basis, total operating expenses were $4.16, compared to $3.71 in the year-ago quarter, and below the estimate of $4.98 [7] Cash Flow - Net cash provided by operating activities was $203 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 $168.6 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]