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Sep 30, 2025
Matador Q3 2025 Earnings Report
Matador reported solid third-quarter results with record oil and gas production and strong financial performance.
Key Takeaways
Matador delivered record oil and gas production in Q3 2025, surpassed guidance on key metrics, and generated $176 million in net income with healthy free cash flow. Operational efficiency and capital discipline remain strong.
Achieved record daily production of 209,184 BOE, up 22% YoY
Reported net income of $176.4 million and adjusted EPS of $1.36
Generated $93.4 million in adjusted free cash flow
Increased full-year 2025 production and CapEx guidance
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Matador raised its 2025 production and CapEx outlook and expects continued operational efficiency and production growth in 2026.
Positive Outlook
- Raised 2025 BOE guidance to 205,500–206,500 BOE/day
- Raised 2025 oil production guidance to 119,250–119,750 Bbl/day
- Raised 2025 gas production guidance to 517.5–520.5 MMcf/day
- Lowered 2025 D/C/E cost guidance to $835–$855 per lateral foot
- Projected 8–12% lower CapEx in 2026 with similar lateral footage
Challenges Ahead
- Q4 2025 gas volumes expected to decline from Q3 due to shut-ins
- Natural gas price volatility (Waha basis) led to deferred volumes
- Higher-than-planned Q3 CapEx due to accelerated operations
- Non-operated well costs added $15 million to CapEx
Historical Earnings Impact
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Avg. Return Before/After Earnings
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