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Sep 30, 2023
Matador Q3 2023 Earnings Report
Matador achieved record results driven by strong production and cost management.
Key Takeaways
Matador Resources Company reported record production and better-than-expected cost savings in the third quarter of 2023. The company's average daily oil and natural gas production was 135,096 BOE per day, and it achieved better-than-expected drilling, completing, and equipping capital expenditures and midstream capital expenditures. Net cash provided by operating activities was $461.0 million, and adjusted free cash flow was $144.6 million.
Record total production of over 135,000 BOE per day, a 3% sequential increase.
Record oil production of 77,529 barrels per day, a 2% sequential increase.
Record natural gas production of 345.4 million cubic feet per day, a 6% sequential increase.
Net Cash Provided by Operating Activities of $461.0 million and Adjusted Free Cash Flow of $144.6 million.
Revenue by Segment
Forward Guidance
Matador expects to finish the year strong with continued production increases, cost efficiencies and debt repayment.
Positive Outlook
- Expects to produce an average of approximately 145,000 BOE per day in Q4 2023.
- Anticipates oil production to average 86,750 barrels of oil per day at the midpoint of guidance during Q4 2023.
- Anticipates having 47 net wells in some stage of drilling or completion on December 31, 2023.
- Plans to operate seven drilling rigs for the remainder of 2023 and add back an eighth drilling rig in the first quarter of 2024.
- Expects to connect Pronto’s natural gas system with the natural gas system owned by San Mateo Midstream, LLC in the first quarter of 2024.
Challenges Ahead
- None
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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