Viper Energy Partners (VNOM), Anadarko Petroleum (APC) and Concho Resources (CXO) topped quarterly estimates late Tuesday, after Noble Energy (NBL) beat earlier in the day, continuing a busy week for shale earnings.
XViper Energy
Estimates: EPS to surge 59% to 35 cents, with total operating income up 79% to $61 million.
Results: EPS jumped 72% to 38 cents as total operating income climbed nearly 86% to $62.44 million. Quarterly production rose 66% to 14,122 barrels of oil equivalent per day.
Outlook: Viper Energy raised its full-year production guidance to 15,500-16,500 boe per day, up by 5% from the prior guidance, implying 45% annualized growth over 2017 production.
Stock: Shares closed up 0.9% at 29.05. Diamondback Energy (FANG), which controls the limited partnership that acquires and develops oil and gas properties, lost 0.3%
Anadarko
Estimates: Per-share profit of 43 cents, swinging from a year-ago loss of 60 cents, as revenue falls 21% to $2.8 billion due to recent divestitures.
Results: EPS of 52 cents on revenue of $3.045 billion. Average daily sales volumes fell 19% to 643,00 boe per day.
Outlook: Average Q2 sales volumes seen at 615,00-640,000 boe per day and full-year volumes at 658,000-685,000 boe per day.
Full-year capital investment guidance upped by about $100 million, primarily due to higher-than-expected non-operated plans in the Delaware Basin.
"Exceptional performance from our asset-management teams in the Delaware and DJ basins and the Deepwater Gulf of Mexico drove record quarterly oil production, matching the company's highest oil output to date," Chairman and CEO Al Walker said in a statement. "Additionally, we expect to complete our $3.0 billion share-repurchase program by mid-year and will consider expanding this program further should free cash flow from the current operating environment continue to increase."
Stock: Anadarko edged down 0.8% late. Shares finished 1.2% lower at 66.52 but are extended out of buy range after breaking out of a cup-with-handle base on April 13.
Concho
Estimates: EPS to jump 65% to 81 cents, as revenue grows 31% to $802 million.
Results: EPS of $1 as revenue rose 54.7% to $947 million. Production rose 8% to 228,000 boe per day.
Outlook: Concho raised its full year production growth outlook to a range of 18%-20% vs. a prior outlook for 16%-20% growth.
Stock: Shares eased 0.1% to end at 157.03 and are forming a double-bottom base with a handle and 160.56 buy point.
In March Concho Resources agreed to buy RSP Permian (RSPP) for in a deal worth $9.5 billion that marked the Permian's biggest ever.
Noble Energy
Estimates: Earnings of 28 cents per share vs. a loss of 5 cents per share in the year-ago-quarter while revenue is seen rising 8% to $1.199 billion, according to Zacks Investment Research.
Results: EPS of 35 cents on revenue of $1.29 billion. Onshore sales volumes jumped 40% to 237,000 barrels of oil equivalent per day, with total sales volume at 361,000 boe per day.
"Our core positions in the U.S. onshore business provide a great foundation for high-return, high-margin growth," said Chairman and CEO David Stover in a statement. "Offshore, we are maximizing cash flow from our assets, while progressing our world-class Leviathan development. Growing our cash flows enables us to accelerate direct return to shareholders through our buyback program and our recent dividend increase."
Stock: Shares closed down 2.25% at 33.07 on the stock market today, dropping back into buy range after breaking out of a cup base with a 33.56 entry point on Friday, as crude prices retreated.
Shale earnings come after oil majors reported mixed results. Chevron (CVX) topped profit forecasts and missed on revenue, while Exxon Mobil (XOM) missed earnings views for a second straight quarter and beating on revenue.
With oil prices at the highest levels in more than three years, shareholders are hoping for fatter dividends and buybacks after shale companies pledged last year to stay disciplined on capital rather than focus on investing to expand production.
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