RSP Permian (RSPP) Tops Q3 EPS by 8c, Increases Outlook
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RSP Permian (NYSE: RSPP) reported Q3 EPS of $0.15, $0.08 better than the analyst estimate of $0.07.
RSP is increasing its 2015 guidance due to stronger than anticipated results through the first three quarters of 2015, the impact of recent acquisitions and the anticipated drilling and completion pace for the remainder of the year. As a result, 2015 average daily production is increased to a range of 20,750 - 21,250 Boe per day and total capital expenditures (excluding acquisitions) is narrowed to a range of approximately $400 - 420 million. RSP expects to complete 45 gross operated horizontal wells and expects to complete 19 gross operated vertical wells during the year. The Company expects non-operated capital expenditures in 2015 to represent approximately 15% of total capital expenditures.
YTD 2015 | 2015 | |||
2015 Actuals and Updated Guidance | Actual | Updated Guidance | ||
Operated Horizontal Completions | 37 | 45 | ||
Total Capital Expenditures (excluding acquisitions) ($ in MM) | $327 | $400 - $420 | ||
Average Daily Production (Boe/d) | 19,967 | 20,750 - 21,250 | ||
% Oil | 75% | 75% - 76% | ||
% Natural Gas | 11% | 10% - 11% | ||
% NGLs | 14% | 14% - 15% | ||
Operating Costs | ||||
Lease operating expenses (including workovers) ($/Boe) | $7.16 | $6.90 - $7.15 | ||
Gathering and transportation ($/Boe) | $0.47 | $0.45 - $0.50 | ||
Production and ad valorem taxes (% of oil and gas revenues) | 6.8% | 6.6% - 6.8% | ||
Depreciation, depletion, and amortization ($/Boe) | $20.94 | $20.75 - $22.00 | ||
Exploration expenses ($/Boe) | $0.42 | $0.30 - $0.40 | ||
G&A expenses | ||||
General and administrative - cash component ($/Boe) | $2.37 | $2.20 - $2.45 | ||
General and administrative - recurring stock comp ($/Boe) | $1.07 | $1.05 - $1.10 | ||
General and administrative - non-recurring IPO stock comp ($/Boe) | $0.21 | $0.18 - $0.20 |
For earnings history and earnings-related data on RSP Permian (RSPP) click here.
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