MATADOR RESOURCES COMPANY REPORTS RECORD THIRD QUARTER 2024 RESULTS, INCREASES FULL-YEAR 2024 GUIDANCE AND EXPECTS OVER 200,000 BOE PER DAY IN 2025

Matador Resources Company (NYSE: MTDR) recently announced its financial and operational results for the third quarter of 2024, showcasing record production levels and a significant increase in guidance for the full year. Notably, the company anticipates exceeding 200,000 barrels of oil and natural gas equivalent (BOE) per day in 2025.

During the third quarter, Matador achieved record average daily oil production of 100,315 barrels, surpassing guidance by 3%, while total average production hit 171,480 BOE per day, exceeding guidance by 5%. The company’s net cash provided by operating activities also saw a substantial increase to $610.4 million, marking a 32% rise year-over-year compared to the third quarter of 2023.

Matador’s Adjusted Free Cash Flow for the third quarter of 2024 totaled $196.1 million, demonstrating a 36% increase from the same period in 2023. The company used this cash primarily to reduce outstanding borrowings under its revolving credit facility, pay dividends, and fund acquisitions.

Impressively, Matador managed to decrease its full-year 2024 drilling and completion costs to an estimated range between $925 and $935 per completed lateral foot, an 8% reduction from the initial guidance. These improvements were attributed to operational innovations in the Delaware Basin, resulting in substantial cost savings and operational efficiencies.

Furthermore, the recent Ameredev acquisition has already shown promising results, with production exceeding expectations and averaging 31,500 BOE per day. Matador anticipates operational efficiencies on the Ameredev properties that could result in synergies of approximately $160 million over the next five years.

In the realm of midstream assets, Matador highlighted the exceptional results from its San Mateo operations, achieving record net income of $49.8 million and Adjusted EBITDA of $68.5 million in the third quarter of 2024, marking a 66% and 45% increase, respectively, as compared to the same period in 2023.

Looking forward, Matador remains optimistic, expecting

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Matador Resources’s 8K filing here.

Matador Resources Company Profile

Matador Resources Company, an independent energy company, engages in the exploration, development, production, and acquisition of oil and natural gas resources in the United States. It operates through two segments, Exploration and Production; and Midstream. The company primarily holds interests in the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas.