Viper Energy Partners LP (VNOM) has reported a 229.23 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $16.25 million, or $0.19 a share in the quarter, compared with $4.94 million, or $0.06 a share for the same period last year.
Revenue during the quarter surged 40.19 percent to $27.92 million from $19.92 million in the previous year period. Gross margin for the quarter contracted 14 basis points over the previous year period to 99.40 percent. Total expenses were 39.44 percent of quarterly revenues, down from 74.29 percent for the same period last year. This has led to an improvement of 3485 basis points in operating margin to 60.56 percent.
Operating income for the quarter was $16.91 million, compared with $5.12 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.34 million compared with $18.56 million in the prior year period. At the same time, adjusted EBITDA margin improved 116 basis points in the quarter to 94.33 percent from 93.18 percent in the last year period.
"Viper's mineral assets in the most attractive areas of the Permian Basin continue to be a driving force in both production and distribution growth. Assuming current activity levels on our existing asset base, we expect annualized organic production growth of over 25% in 2017," stated Travis Stice, chief executive officer of Viper's general partner.
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