Viper Energy (VNOM) Q4 Earnings & Revenues Beat Estimates
Viper Energy Partners LP VNOM reported fourth-quarter 2022 adjusted earnings per unit of 28 cents, beating the Zacks Consensus Estimate of 27 cents. The bottom line, however, declined from the year-ago quarter’s profit of 36 cents per share.
The partnership, with mineral interests in North America oil and gas resources, generated an operating income of $204 million, beating the Zacks Consensus Estimate of $182 million. The top line increased from the year-ago quarter’s $166 million.
Viper Energy’s better-than-expected quarterly results were aided by higher oil-equivalent production and prices.
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 3,214 thousand oil-equivalent barrels (MBoe) in the December quarter of 2022, up from 2,885 MBoe a year ago. Of the total volume, oil contributed 57.2%. 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 recorded at $57.92 compared with $56.82 in fourth-quarter 2021. Average realized oil prices in the quarter under review were $83.30 per barrel, up from $74.00. The price of natural gas was $3.74 per thousand cubic feet, down from $4.82 in the year-ago quarter. The same for natural gas liquids was $25.65 a barrel, down from $36.65.
Costs & Expenses
In fourth-quarter 2022, total expenses amounted to $44.6 million compared with $39.6 million in the prior-year quarter. On a per barrel of oil equivalent (Boe) basis, total operating expenses were recorded at $4.07 compared with $3.65 in the year-ago quarter.
Cash Flow
Net cash provided by operating activities was recorded at $186.6 million, up from $107.4 million in the fourth quarter of 2021.
Balance Sheet
As of Dec 31, 2022, Viper Energy’s cash and cash equivalents were $18.2 million. It reported net long-term debt of $576.9 million.
Guidance
For the first half of this year, Viper Energy expects its production in the range of 34,000 to 35,750 Boe/d. For 2023, the partnership estimates its production in the band of 34,500 to 38,000 Boe/d.
Zacks Rank & Stocks to Consider
Viper Energy currently carries a Zacks Rank #3 (Hold). Better-ranked players in the energy space include Halliburton Company HAL, PBF Energy PBFand Antero Midstream Corporation AM. While PBF Energy sports a Zacks Rank #1 (Strong Buy), Halliburton and Antero Midstream carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Halliburton is well known for providing products and services to energy companies. Over the past 30 days, HAL has witnessed upward earnings estimate revisions for 2023 and 2024.
PBF Energy is a leading independent refiner in North America. PBF has lower exposure to debt capital than composite stocks belonging to the industry.
Antero Midstream generates stable cashflows, banking on its midstream assets involved in gathering, compression, processing and fractionation activities. The properties are centered around the prolific Appalachian Basin. Over the past 30 days, Antero Midstream has witnessed upward earnings estimate revisions for 2023.
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Viper Energy Partners LP (VNOM) : Free Stock Analysis Report
