Parsley Energy (PE) Q3 Earnings Beat On Production, Oil Price
Zacks Investment Research | Nov 06, 2018 10:54PM ET
Parsley Energy, Inc. (NYSE:PE) recently reported third-quarter 2018 adjusted net earnings per share of 45 cents, beating the Zacks Consensus Estimate of 44 cents. The bottom line also improved from the prior-year quarter’s adjusted earnings of 12 cents per share.
Operating income in the third quarter of 2018 was $219.6 million, significantly higher than the year-ago quarter’s $63.1 million.
Parsley Energy’s total revenues in the third quarter amounted to $511 million, increasing substantially from $241 million a year ago. The top line also surpassed the Zacks Consensus Estimate of $491 million.
The strong third-quarter results were supported by higher oil equivalent prices and overall production. Other companies from the industry that benefited from increasing commodity prices in the quarter include Apache Corporation (NYSE:APA) , Continental Resources, Inc. (NYSE:CLR) and Chesapeake Energy Corporation (NYSE:CHK) .
Notably, the Permian Basin-focused upstream company has finalized some previously announced agreements to add more takeaway capacity for its 2019 production.
Parsley Energy, Inc. Price, Consensus and EPS Surprise
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