RSP Permian (RSPP) Misses Q1 EPS by 4c

RSP Permian (NYSE: RSPP) reported Q1 EPS of $0.13, $0.04 worse than the analyst estimate of $0.17. Revenue for the quarter came in at $51.4 million versus the consensus estimate of $76.22 million.

Steve Gray, Chief Executive Officer, commented, "In the fourth quarter of last year and continuing into the first quarter, we decided to defer many of our well completions to allow oilfield service costs to adjust to a lower oil price environment. After well costs decreased from peak levels we experienced in the fourth quarter of last year, we resumed our completion operations late in the first quarter and brought on several prolific horizontal wells, which pushed our production exit rate in the quarter close to 18,000 Boe/d and it has continued to increase. We expect to complete the remainder of our inventoried wells fairly evenly over the course of the year, enabling us to continue our considerable growth in 2015 as outlined in our previously released guidance. We are pleased with our recent strong well results and the returns we are generating at current oil prices, reduced service costs, and increased drilling and completion efficiencies. If these conditions are maintained, we anticipate accelerating our drilling plans in the second half of 2015 from our currently planned activity levels."

For earnings history and earnings-related data on RSP Permian (RSPP) click here.

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