Earnings Summary Viper Energy Inc Second Quarter Financial Results
Intellectia.AI Updated: 2024-08-06
Earnings Summary: Viper Energy, Inc. Second Quarter Financial Results
August 1, 2024
Viper Energy, Inc. ("Viper") reported its financial results for the fiscal quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY % Change | QoQ % Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $227.3M | $216.9M | $208.5M | 9.0% | 4.8% | $216.24M |
| Earnings Per Share (EPS) | $0.62 | $0.57 | $0.54 | 14.8% | 8.8% | $0.56 |
| Operating Income | $120.5M | $111.8M | Not Provided | Not Provided | 7.7% | Not Provided |
Interpretation: Viper Energy, Inc. delivered strong quarterly performance with improvements in both revenue and earnings per share compared to previous quarters and the same period last year. The earnings per share were above the consensus estimate of $0.56, reflecting the company's robust operational management.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | Q2 2023 Revenue |
|---|---|---|---|
| Oil Income | $167.4M | $158.3M | $151.0M |
| Natural Gas Income | $42.1M | $38.5M | $37.2M |
| NGL Income | $17.8M | $20.1M | $20.3M |
Interpretation: Viper Energy saw a revenue increase across its oil and natural gas segments, which drove overall revenue growth. Notably, the slight decrease in natural gas liquids income was offset by higher revenue from oil and natural gas.
Comments from Company Officers
Viper Energy's Executive Vice President stated, "The outstanding results are a testament to our strategic focus on high-performing assets and operational efficiency. We continue to see strong activity levels across our acreage, benefiting from Diamondback's large-scale development."
Dividends and Share Repurchase Programs
Viper Energy announced a cash dividend of $0.64 per share of Class A Common Stock for the second quarter of 2024, composed of a $0.30 base dividend and a $0.34 variable dividend, payable on August 22, 2024 to holders of record on August 15, 2024. Additionally, approximately $434.2 million remains available under the company's share repurchase program.
Forward Guidance
Viper Energy has increased its production guidance for the full year 2024, anticipating strong performance from their operational segments for the remainder of the year.
Stock Price Movement
Following the earnings release, Viper Energy's stock price decreased by 2.4%.
This earnings season has illustrated Viper Energy’s resilience and strategic prowess in navigating operational challenges and capitalizing on growth opportunities.
