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Parsley Energy's Q4'19 adjusted income drops YOY, misses estimates

Independent oil and natural gas company Parsley Energy Inc. on Feb. 19 reported adjusted fourth-quarter 2019 net income of $79.5 million, or 28 cents per share, down from adjusted net income of $82.5 million during the same quarter of 2018.

The S&P Global Market Intelligence normalized consensus estimate for the final quarter of 2019 was net income of 34 cents per share.

The company reported a GAAP net loss attributable to stockholders of $36.4 million, or a loss of 13 cents per share, compared to net income of $53.8 million, or 19 cents per share, during the same period of 2018.

Total revenue in the final quarter of 2019 was $522.5 million, compared to $454.9 million during the final quarter of 2018.

Average daily production was 146,207 barrels of oil equivalent per day in the fourth quarter of 2019, up from 119,848 boe/d a year earlier.

In January, Parsley Energy completed its merger with Jagged Peak Energy Inc. in an all-stock deal valued at about $2.27 billion, including net debt.

After adjusting for the transaction closing date, Parsley expects first-quarter 2020 net oil production to average 123,000 boe/d to 129,000 boe/d. With a full quarter of contribution from Jagged Peak, Parsley said it anticipates first-quarter pro forma net oil production to average between 126,000 boe/d to 132,000 boe/d.

Parsley reported full-year 2019 capital expenditures of approximately $1.37 billion, which was nearly $30 million below the low end of the full-year guidance range of $1.40 billion to $1.47 billion.

Parsley also raised its quarterly dividend from 3 cents per share to 5 cents per share.