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Viper Energy Inc. VNOM reported fourth-quarter 2024 adjusted earnings per share of 42 cents, which beat the Zacks Consensus Estimate of 41 cents. However, the bottom line declined from the year-ago level of 67 cents. Since the earnings release, the company’s shares have fallen almost 3.7%, closing at $45.54 in the last trading session.
The company, with mineral interests in North America’s oil and gas resources, generated an operating income of $228.7 million, which topped the Zacks Consensus Estimate of $223 million. The top line also increased from the year-ago quarter’s figure of $204.7 million.
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Better-than-expected quarterly results can be attributed to higher oil equivalent production volumes, partially offset higher total costs and expenses.
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 company has mineral interests, produced 5,162 thousand oil-equivalent barrels (MBoe) in the fourth quarter of 2024, up from 4,208 MBoe a year ago. The reported figure surpassed our estimate of 4,850 Mboe.
Oil contributed 53.2% to the total production volume. Oil production increased to 2,747 thousand barrels (MBbls) from 2,257 MBbls a year ago. The metric beat our estimate of 2,711 MBbls.
The production of crude oil, natural gas and natural gas liquids witnessed an increase from the prior-year levels.
Realized Prices
The overall average realized price per barrel of oil equivalent was $43.56 compared with $50.20 in the fourth quarter of 2023. Our estimate for the same was pinned at $43.04 per barrel.
Average realized oil price in the quarter under review was $69.91 per barrel, down from $77.65 in the year-ago quarter. The figure surpassed our estimate of $67.52.
The price of natural gas was 84 cents per thousand cubic feet, down from $1.50 in the year-ago quarter. The figure also missed our estimate of $1.11.
The price for natural gas liquids was $22.15 a barrel, higher than $21.47 recorded a year ago. Our estimate for the same was pinned at $17.38 per barrel.
Costs & Expenses
In the fourth quarter, total expenses were $85.3 million, higher than $61.7 million recorded in the prior-year quarter. The figure also surpassed our estimate of $80.8 million.
On a per barrel of oil-equivalent (Boe) basis, total operating expenses were $3.85 compared with $4.03 in the year-ago quarter. The figure lagged our estimate of $4.32.
Cash Flow
Net cash provided by operating activities was $157.9 million, up from $145.8 million in the fourth quarter of 2023.