RSP Permian (RSPP) Tops Q2 EPS by 2c
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RSP Permian (NYSE: RSPP) reported Q2 EPS of $0.16, $0.02 better than the analyst estimate of $0.14. Revenue for the quarter came in at $78.5 million versus the consensus estimate of $87.37 million.
Updated 2015 Guidance
RSP is increasing its expected average daily production to a range of 19,500 - 20,000 Boe per day due to strong well performance, additional completions and a small impact from acquired production. Additionally, expected oil production mix increases to 75%, resulting in a 14% increase to expected oil volumes at the mid-point of range. RSP expects to complete 50 - 55 gross operated horizontal wells in 2015 targeting primarily the Lower Spraberry, Wolfcamp A and Wolfcamp B, the Company's highest return horizontal zones. In addition, the Company expects to complete approximately 20 gross operated vertical wells during the year. Despite the increase in completions, RSP is maintaining its $400-$450 million capital budget for 2015, of which RSP expects to spend $380-420 million on drilling and completion activities and $20-30 million on infrastructure and other. The Company believes that non-operated expenditures in 2015 will represent approximately 15% of total expenditures.
YTD 2015 | 2015 | |||
Actual | Guidance | |||
Operated Horizontal Completions | 26 | 50 - 55 | ||
Average Daily Production (Boe/d) | 17,923 | 19,500 -20,000 | ||
% Oil | 76% | 74% - 76% | ||
% Natural Gas | 10% | 10% - 12% | ||
% NGLs | 14% | 13% - 15% | ||
Operating Costs | ||||
Lease operating expenses (including workovers) ($/Boe) | $7.89 | $7.25 - $7.75 | ||
Gathering and transportation ($/Boe) | $0.53 | $0.50 - $0.55 | ||
Production and ad valorem taxes (% of oil and gas revenues) | 7.4% | 7.0% - 7.4% | ||
Depreciation, depletion, and amortization ($/Boe) | $21.92 | $20.00 - $24.00 | ||
Exploration expenses ($/Boe) | $0.64 | $0.40 - $0.50 | ||
G&A expenses | ||||
General and administrative – cash component ($/Boe) | $2.68 | $2.25 - $2.75 | ||
General and administrative – recurring stock comp ($/Boe) | $1.15 | $1.10 - $1.15 | ||
General and administrative – non-recurring IPO stock comp ($/Boe) | $0.25 | $0.19 - $0.21 |
For earnings history and earnings-related data on RSP Permian (RSPP) click here.
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