Viper Energy Partners LP (VNOM) has reported a 60.54 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $10.20 million, or $0.12 a share in the quarter, compared with $6.36 million, or $0.08 a share for the same period last year.

Revenue during the quarter grew 6.50 percent to $20 million from $18.78 million in the previous year period. Gross margin for the quarter expanded 54 basis points over the previous year period to 99.65 percent. Total expenses were 47.02 percent of quarterly revenues, down from 65.14 percent for the same period last year. This has led to an improvement of 1812 basis points in operating margin to 52.98 percent.

Operating income for the quarter was $10.59 million, compared with $6.54 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $18.66 million compared with $16.53 million in the prior year period. At the same time, adjusted EBITDA margin improved 527 basis points in the quarter to 93.29 percent from 88.02 percent in the last year period.

"Viper's strong third quarter reflects the meaningful return to drilling activity from operators across its mineral acreage. With the Company's assets located in some of the most active and economic parts of the Permian Basin, we expect a strong finish to 2016 as operators continue to accelerate completions following the difficult first half of the year," stated Travis Stice, chief executive officer of Viper's general partner. Mr. Stice continued, "We closed $126 million of mineral acquisitions in Q3 2016 and continue to see increased deal flow as prices recover from their lows in early 2016. Viper remains focused on accretive transactions for unitholders as we look to continue to significantly grow distributions into 2017."