Earnings Review and Free Research Report: RSP Permian’s Q2 Production Volume Surged 106% Y-o-Y; Bottom-line Beat Estimates
Research Desk Line-up: GeoPark Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 25, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on RSP Permian, Inc. (NYSE: RSPP), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=RSPP, following the Company's posting of its financial results on August 07, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Dallas, Texas-based Company's production volumes surged 106% y-o-y. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Oil & Gas Drilling & Exploration industry. Pro-TD has currently selected GeoPark Limited (NYSE: GPRK) for due-diligence and potential coverage as the Company reported on August 16, 2017, its consolidated financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on GeoPark when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on RSPP; also brushing on GPRK. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
During Q2 FY17, RSP Permian's total revenues increased to $183.10 million from $81.49 million recorded at the end of Q2 FY16. However, total revenues numbers for the reported quarter missed market expectations of $190.1 million. The Company's Oil sales were $160.40 million in Q2 FY17, up from $74.80 million in Q2 FY16. Natural gas sales also increased to $9.86 million in Q2 FY17 from $2.54s million in Q2 FY16. Moreover, NGL sales also grew to $12.85 million in Q2 FY17 from $4.15 million in Q2 FY16.
The oil and gas Company reported net income of $31.09 million, or $0.20 per diluted common share, in Q2 FY17 versus net loss of $9.80 million, or $0.10 loss per diluted common share, in Q2 FY16. The Company adjusted net income was $26.05 million, or $0.17 per diluted common in Q2 FY17, compared to adjusted net loss to $3.76 million, or $0.04 loss per diluted common share. Meanwhile, Wall Street had expected adjusted net income of $0.15 per diluted common share.
Operating Metrics
RSP Permian's total operating expenses increased to $128.21 million during Q2 FY17 from $79.19 million in the past year's comparable quarter. The Company reported income from operations of $54.89 million during Q2 FY17 versus $2.30 million in Q2 FY16. Furthermore, adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX) stood at $135.45 million for Q2 FY17 compared to $58.45 million in the year ago same period.
In Q2 FY17, RSP Permian's oil production volume increased to 3,527 thousand barrels (MBbls) from 1,760 MBbls in Q2 FY16. The quarterly production volume of natural gas totaled 3,651 million cubic feet (MMcf) in Q2 FY17, which was higher than 1,725 MMcf reported in the prior year's comparable quarter. Natural gas liquids (NGL) production volume also increased to 809 MBbls during Q2 FY17 from 355 MBbls in Q2 FY16. Furthermore, total production was 4,945 thousand barrels of oil equivalent (MBoe) during the reported quarter compared to 2,403 MBoe in Q2 FY16. Meanwhile, average production was 54,341 barrels of oil equivalent per day (Boe/d) during Q2 FY17 compared to 26,407 Boe/d in Q2 FY16.
Cash Matters and Balance Sheet
In the six months ended June 30, 2017, RSP Permian generated $227.84 million as net cash provided by operating activities compared to $65.45 million in the prior year's same quarter. The Company's cash and cash equivalents balance stood at $33.78 million as on June 30, 2017, compared to $690.78 million at the close of books on December 31, 2016. Furthermore, the Company's total long-term debt increased to $1.19 billion as on June 30, 2017, from $1.13 billion as on December 31, 2016.
Guidance
For full year FY17, RSP Permian expects production range of 53,000 Boe/d to 57,000 Boe/d.
Stock Performance
At the close of trading session on Thursday, August 24, 2017, RSP Permian's stock price marginally declined 0.36% to end the day at $30.58. A total volume of 1.03 million shares were exchanged during the session. The Company's shares are trading at a PE ratio of 63.18. At Thursday's closing price, the stock's net capitalization stands at $4.74 billion.
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