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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.
Matador
Matador
Matador Revenue by Segment
Revenue by Segment
Third-Party Midstream Services Revenues Revenue
CapyFin.comSales of Purchased Natural Gas Revenue
CapyFin.com 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