Matador Resources Company Reports Record Third Quarter 2024 Results, Increases Full-Year 2024 Guidance and Expects Over 200,000 BOE Per Day in 2025
Management Commentary
“Our confidence in Matador’s future is bolstered by the long track record of success achieved by both Matador I and Matador II. Over the last 40 years, Matador I and II have consistently grown shareholder value regardless of structure, industry cycles or volatility in commodity prices. Starting from scratch in 2003 with just
“All of these accomplishments are connected to the teamwork, planning and execution by Matador’s Board, management, staff, vendors, leaseholders, banks and other friends. We try to come into work with a focus on how each of us can get better each day and how we can help the team and the Company get better each day. This focus has resulted in the organizational excellence that allows me to say that our team thinks that there is still plenty of work to do but Matador’s future has truly never been brighter.
Integration of the Ameredev Acquisition
“One of the significant accomplishments during the third quarter of 2024 was the closing of the Ameredev acquisition (see Slide E). The positive benefits of this contiguous block of 33,500 net acres are already exceeding our expectations. Production from the Ameredev assets averaged 31,500 BOE per day following the closing of the acquisition on
“Similar to the acquisition of our Advance properties in 2023, integration of the Ameredev assets is off to a great start. We moved a drilling rig to the Ameredev acreage the weekend following closing and this quarter we expect to implement operational efficiencies such as ‘simul-frac’ and ‘trimul-frac’ completion operations, dual fuel technologies and other operational efficiencies on the Ameredev properties, which we expect to result in synergies of approximately
“The Ameredev acquisition included an approximate 19% equity interest in the parent company of Piñon Midstream. Piñon recently announced that it expects to sell to an affiliate of Enterprise Products Partners L.P. in the fourth quarter of 2024, subject to customary regulatory approvals. We currently expect to receive between
“The smooth integration of the Ameredev properties is the result of the hard work, the experience and extra efforts of many office and field personnel at Matador, Ameredev and
Record Production While Increasing Efficiencies and Decreasing Costs
“During the third quarter of 2024, Matador achieved record production on its existing properties while continuing to implement new ways to gain additional operational efficiencies and reduce well costs (see Slide F). Matador achieved record average total production of 171,480 BOE per day during the third quarter of 2024, which was 5% better than our guidance. Matador’s record average oil production of 100,315 barrels of oil per day during the third quarter of 2024 was 3% better than our guidance.
“Notably, in the third quarter of 2023, Matador produced an average of 135,000 BOE per day. In comparison, for the fourth quarter of 2024, a year later, Matador’s guidance is 198,000 BOE per day. Matador achieved a 32% increase in net cash provided by operating activities of
“Operational efficiencies, good wells and strong vendor relationships continue to drive average well costs lower. We currently estimate that full-year 2024 drilling and completion costs will be improved to between
“Much of the efficiency savings achieved by Matador during 2024 were driven by embracing certain operational innovations occurring in the
“Building upon the successful trimul-frac pilot test in the second quarter of 2024, Matador successfully completed two additional trimul-frac completions in the third quarter of 2024, including its first remote trimul-frac completion. Remote hydraulic fracturing operations continue to increase simul-frac and trimul-frac opportunities, which has resulted in simul-frac and trimul-frac completions on 90 wells that otherwise would have been completed using traditional zipper-frac completion operations. Simul-frac operations result in savings of approximately
“These operational efficiencies include savings generated from the 300-plus drilling records set by our MaxCom Center assisting the operating group. When the collective savings generated by these efficiencies are added up, such efficiencies have resulted in total estimated operational savings of
Midstream Assets Continue to Provide Value
“Our record results during the third quarter of 2024 were made possible by the close coordination between our upstream and midstream teams. Matador’s midstream business creates value by providing flow assurance for our production in addition to the economic benefits of owning a profitable and growing midstream business (see Slide I).
“San Mateo also achieved record water handling volumes of 513,000 barrels per day during the third quarter of 2024 due in part to increased volumes from our third-party participants. These record processing and water volumes led to a 66% increase in record
Strong Balance Sheet
“Matador completed the Ameredev acquisition and achieved record results during the third quarter of 2024 while continuing to maintain a strong balance sheet. As part of the financing of the Ameredev acquisition, we amended our credit facility to increase the elected commitment under the revolving credit facility to
Dividend Increase
“Last week, in light of our progress on various fronts and our outlook going forward, our Board of Directors increased our fixed quarterly dividend by 25% to
Looking Ahead to 2025 Operational Flexibility
“Matador expects continued records and consistently improving operational execution in 2025. We anticipate that average total production will exceed 200,000 BOE per day (60% oil) during 2025 with our current nine rig program (see Slide M). Importantly, we have positioned Matador to be able to modify our drilling program without material costs to Matador if oil prices were to substantially decrease or to increase activity if other appealing opportunities should arise. Please also see our growing and improving environmental work in our 2023 Sustainability Report, which is available on request. Nevertheless, we have hedged approximately 30% to 40% of our oil production through
Closing Thoughts
“Matador’s Board, management and staff remain optimistic about the future of the oil and natural gas business as well as Matador’s opportunities for continued success. The quality of our acreage in the
Third Quarter 2024 Matador Operational and Financial Highlights
(for comparisons to prior periods, please see the remainder of this press release)
- Average production of 171,480 BOE per day (100,315 barrels of oil per day)
-
Net cash provided by operating activities of
$610.4 million -
Adjusted free cash flow of
$196.1 million -
Net income of
$248.3 million , or$1.99 per diluted common share -
Adjusted net income of
$236.0 million , or adjusted earnings of$1.89 per diluted common share -
Adjusted EBITDA of
$574.5 million -
San Mateo net income of$49.8 million -
San Mateo Adjusted EBITDA of
$68.5 million -
Drilling, completing and equipping (“D/C/E”) capital expenditures of
$329.9 million -
Midstream capital expenditures of
$48.9 million
All references to Matador’s net income, adjusted net income, Adjusted EBITDA and adjusted free cash flow reported throughout this earnings release are those values attributable to
Full-Year 2024 Guidance Update
Effective
In addition, Matador’s operations team continues to reduce drilling and completion times, which has allowed
Production |
Prior Full-Year 2024
|
New Full-Year 2024
|
Difference(1) |
Total, BOE per day |
158,500 to 163,500 |
167,500 to 172,500 |
+6% |
Oil, Bbl per day |
93,500 to 96,500 |
98,500 to 101,500 |
+5% |
Natural Gas, MMcf per day |
390.0 to 402.0 |
414.0 to 426.0 |
+6% |
D/C/E CapEx(2) |
|
|
+4% |
Midstream CapEx(3) |
|
|
No Change |
Total CapEx |
|
|
+4% |
(1) |
The midpoint of guidance provided on |
(2) |
Capital expenditures associated with drilling, completing and equipping wells. |
(3) |
Includes Matador’s share of estimated capital expenditures for |
Operational and Financial Update
Third Quarter 2024 Record Oil, Natural Gas and Total Oil and Natural Gas Equivalent Production
As summarized in the table below, Matador’s total oil and natural gas production averaged 171,480 BOE per day in the third quarter of 2024, which was a 7% sequential production increase from an average of 160,305 BOE per day in the second quarter of 2024 and a 27% year-over-year increase from an average of 135,096 BOE per day in the third quarter of 2023. The increase in total average production is due to better-than-expected initial production from new wells drilled by
Production |
Q3 2024 Average Daily Volume |
Q3 2024
|
Difference(2) |
Sequential(3) |
YoY(4) |
Total, BOE per day |
171,480 |
163,000 to 165,000 |
+5% Better than Guidance |
+7% |
+27% |
Oil, Bbl per day |
100,315 |
96,500 to 97,500 |
+3% Better than Guidance |
+5% |
+29% |
Natural Gas, MMcf per day |
427.0 |
399.0 to 405.0 |
+6% Better than Guidance |
+10% |
+24% |
(1) |
Production range previously projected, as provided on |
(2) |
As compared to midpoint of guidance provided on |
(3) |
Represents sequential percentage change from the second quarter of 2024. |
(4) |
Represents year-over-year percentage change from the third quarter of 2023. |
Third Quarter 2024 Realized Commodity Prices
The following table summarizes Matador’s realized commodity prices during the third quarter of 2024, as compared to the second quarter of 2024 and the third quarter of 2023.
|
Sequential (Q3 2024 vs. Q2 2024) |
|
YoY (Q3 2024 vs. Q3 2023) |
||||||||
Realized Commodity Prices |
Q3 2024 |
|
Q2 2024 |
|
Sequential Change(1) |
|
Q3 2024 |
|
Q3 2023 |
|
YoY Change(2) |
|
|
|
|
|
|
|
|
|
|
|
|
Oil Prices, per Bbl |
|
|
|
|
-7% |
|
|
|
|
|
-8% |
Natural Gas Prices, per Mcf |
|
|
|
|
-9% |
|
|
|
|
|
-49% |
(1) |
Third quarter 2024 as compared to second quarter 2024. |
(2) |
Third quarter 2024 as compared to third quarter 2023. |
Third Quarter 2024 Expenses
Matador’s lease operating expenses (“LOE”) increased 1% sequentially from
Matador’s general and administrative (“G&A”) expenses decreased 5% sequentially from
Matador’s depletion, depreciation and amortization expense decreased 1% sequentially from
Third Quarter 2024 Capital Expenditures
Matador’s
Q3 2024 Capital Expenditures ($ millions) |
Actual |
Guidance(1) |
Difference vs. Guidance(2) |
|
|
|
-6% |
Midstream(3) |
|
|
-11% |
(1) |
Midpoint of guidance as provided on |
(2) |
As compared to the midpoint of guidance provided on |
(3) |
Excludes the acquisition cost of Ameredev’s midstream assets. |
Midstream Update
San Mateo’s operations in the third quarter of 2024 were highlighted by better-than-expected operating and financial results. These strong results primarily reflect better-than-expected volumes delivered by
The table below sets forth San Mateo’s throughput volumes, as compared to the second quarter of 2024 and the third quarter of 2023.
|
Sequential (Q3 2024 vs. Q2 2024) |
|
YoY (Q3 2024 vs. Q3 2023) |
||||||||
San Mateo Throughput Volumes |
Q3 2024 |
|
Q2 2024 |
|
Change(1) |
|
Q3 2024 |
|
Q3 2023 |
|
Change(2) |
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas gathering, MMcf per day |
431 |
|
393 |
|
+10% |
|
431 |
|
350 |
|
+23% |
Natural gas processing, MMcf per day |
460 |
|
355 |
|
+30% |
|
460 |
|
385 |
|
+19% |
Oil gathering and transportation, Bbl per day |
52,300 |
|
46,300 |
|
+13% |
|
52,300 |
|
40,200 |
|
+30% |
Produced water handling, Bbl per day |
513,200 |
|
429,800 |
|
+19% |
|
513,200 |
|
354,000 |
|
+45% |
(1) |
Third quarter 2024 as compared to second quarter 2024. |
(2) |
Third quarter 2024 as compared to third quarter 2023. |
Fourth Quarter 2024 Estimates
Fourth Quarter 2024 Estimated Oil, Natural Gas and Total Oil Equivalent Production Growth
As noted in the table below,
|
Q3 and Q4 2024 Production Comparison |
|||
Period |
Average Daily Total Production, BOE per day |
Average Daily Oil Production, Bbl per day |
Average Daily Natural Gas Production, MMcf per day |
% Oil |
Q3 2024 |
171,480 |
100,315 |
427.0 |
59% |
Q4 2024E |
197,000 to 199,000 |
118,500 to 119,500 |
472.0 to 476.0 |
60% |
Fourth Quarter 2024 Estimated Wells Turned to Sales
At
Fourth Quarter 2024 Estimated Capital Expenditures
Improved Estimate and Outlook for 2024 Cash Taxes
Conference Call Information
The Company will host a live conference call on
The live conference call will also be available through the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab. The replay for the event will be available on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab for one year.
About
For more information, visit
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits, opportunities and results with respect to the Ameredev acquisition, guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, disruption from the Company’s acquisitions, including the Ameredev acquisition, making it more difficult to maintain business and operational relationships; significant transaction costs associated with the Company’s acquisitions, including the Ameredev acquisition; the risk of litigation and/or regulatory actions related to the Company’s acquisitions, including the Ameredev acquisition, as well as the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company’s midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions, including the Ameredev acquisition; availability of sufficient capital to execute its business plan, including from future cash flows, available borrowing capacity under its revolving credit facilities and otherwise; the operating results of and the availability of any potential distributions from our joint ventures; weather and environmental conditions; and the other factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the
Selected Financial and Operating Items |
|||||||||||
Sequential and year-over-year quarterly comparisons of selected financial and operating items are shown in the following table: |
|||||||||||
|
Three Months Ended |
||||||||||
2024 |
|
2024 |
|
2023 |
|||||||
Net Production Volumes:(1) |
|
|
|
|
|
||||||
Oil (MBbl)(2) |
|
9,229 |
|
|
8,689 |
|
|
7,133 |
|
||
Natural gas (Bcf)(3) |
|
39.3 |
|
|
35.4 |
|
|
31.8 |
|
||
Total oil equivalent (MBOE)(4) |
|
15,776 |
|
|
14,588 |
|
|
12,429 |
|
||
Average Daily Production Volumes:(1) |
|
|
|
|
|
||||||
Oil (Bbl/d)(5) |
|
100,315 |
|
|
95,488 |
|
|
77,529 |
|
||
Natural gas (MMcf/d)(6) |
|
427.0 |
|
|
388.9 |
|
|
345.4 |
|
||
Total oil equivalent (BOE/d)(7) |
|
171,480 |
|
|
160,305 |
|
|
135,096 |
|
||
Average Sales Prices: |
|
|
|
|
|
||||||
Oil, without realized derivatives (per Bbl) |
$ |
75.67 |
|
$ |
81.20 |
|
$ |
82.49 |
|
||
Oil, with realized derivatives (per Bbl) |
$ |
75.67 |
|
$ |
81.20 |
|
$ |
82.49 |
|
||
Natural gas, without realized derivatives (per Mcf)(8) |
$ |
1.83 |
|
$ |
2.00 |
|
$ |
3.56 |
|
||
Natural gas, with realized derivatives (per Mcf) |
$ |
1.94 |
|
$ |
2.11 |
|
$ |
3.34 |
|
||
Revenues (millions): |
|
|
|
|
|
||||||
Oil and natural gas revenues |
$ |
770.2 |
|
$ |
776.3 |
|
$ |
701.5 |
|
||
Third-party midstream services revenues |
$ |
38.3 |
|
$ |
32.7 |
|
$ |
29.9 |
|
||
Realized gain (loss) on derivatives |
$ |
4.5 |
|
$ |
3.8 |
|
$ |
(7.0 |
) |
||
Operating Expenses (per BOE): |
|
|
|
|
|
||||||
Production taxes, transportation and processing |
$ |
4.61 |
|
$ |
5.27 |
|
$ |
5.77 |
|
||
Lease operating |
$ |
5.50 |
|
$ |
5.42 |
|
$ |
5.34 |
|
||
Plant and other midstream services operating |
$ |
2.77 |
|
$ |
2.55 |
|
$ |
2.48 |
|
||
Depletion, depreciation and amortization |
$ |
15.39 |
|
$ |
15.49 |
|
$ |
15.51 |
|
||
General and administrative(9) |
$ |
1.82 |
|
$ |
1.91 |
|
$ |
2.55 |
|
||
Total(10) |
$ |
30.09 |
|
$ |
30.64 |
|
$ |
31.65 |
|
||
Other (millions): |
|
|
|
|
|
||||||
Net sales of purchased natural gas(11) |
$ |
20.4 |
|
$ |
11.0 |
|
$ |
2.7 |
|
||
|
|
|
|
|
|
||||||
Net income (millions)(12) |
$ |
248.3 |
|
$ |
228.8 |
|
$ |
263.7 |
|
||
Earnings per common share (diluted)(12) |
$ |
1.99 |
|
$ |
1.83 |
|
$ |
2.20 |
|
||
Adjusted net income (millions)(12)(13) |
$ |
236.0 |
|
$ |
255.9 |
|
$ |
223.4 |
|
||
Adjusted earnings per common share (diluted)(12)(14) |
$ |
1.89 |
|
$ |
2.05 |
|
$ |
1.86 |
|
||
Adjusted EBITDA (millions)(12)(15) |
$ |
574.5 |
|
$ |
578.1 |
|
$ |
508.3 |
|
||
Net cash provided by operating activities (millions)(16) |
$ |
610.4 |
|
$ |
592.9 |
|
$ |
461.0 |
|
||
Adjusted free cash flow (millions)(12)(17) |
$ |
196.1 |
|
$ |
167.0 |
|
$ |
144.6 |
|
||
|
|
|
|
|
|
||||||
|
$ |
49.8 |
|
$ |
38.3 |
|
$ |
29.9 |
|
||
San Mateo Adjusted EBITDA (millions)(15)(18) |
$ |
68.5 |
|
$ |
58.0 |
|
$ |
47.1 |
|
||
|
$ |
50.5 |
|
$ |
48.1 |
|
$ |
36.5 |
|
||
|
$ |
47.6 |
|
$ |
35.2 |
|
$ |
10.7 |
|
||
|
|
|
|
|
|
||||||
|
$ |
329.9 |
|
$ |
314.5 |
|
$ |
296.0 |
|
||
Midstream capital expenditures (millions)(19) |
$ |
48.9 |
|
$ |
45.3 |
|
$ |
41.7 |
(1) |
Production volumes reported in two streams: oil and natural gas, including both dry and liquids-rich natural gas. |
(2) |
One thousand barrels of oil. |
(3) |
One billion cubic feet of natural gas. |
(4) |
One thousand barrels of oil equivalent, estimated using a conversion ratio of one barrel of oil per six thousand cubic feet of natural gas. |
(5) |
Barrels of oil per day. |
(6) |
Millions of cubic feet of natural gas per day. |
(7) |
Barrels of oil equivalent per day, estimated using a conversion ratio of one barrel of oil per six thousand cubic feet of natural gas. |
(8) |
Per thousand cubic feet of natural gas. |
(9) |
Includes approximately |
(10) |
Total does not include the impact of purchased natural gas or immaterial accretion expenses. |
(11) |
Net sales of purchased natural gas reflect those natural gas purchase transactions that the Company periodically enters into with third parties whereby the Company purchases natural gas and (i) subsequently sells the natural gas to other purchasers or (ii) processes the natural gas at either the |
(12) |
Attributable to |
(13) |
Adjusted net income is a non-GAAP financial measure. For a definition of adjusted net income and a reconciliation of adjusted net income (non-GAAP) to net income (GAAP), please see “Supplemental Non-GAAP Financial Measures.” |
(14) |
Adjusted earnings per diluted common share is a non-GAAP financial measure. For a definition of adjusted earnings per diluted common share and a reconciliation of adjusted earnings per diluted common share (non-GAAP) to earnings per diluted common share (GAAP), please see “Supplemental Non-GAAP Financial Measures.” |
(15) |
Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (GAAP) and net cash provided by operating activities (GAAP), please see “Supplemental Non-GAAP Financial Measures.” |
(16) |
As reported for each period on a consolidated basis, including 100% of San Mateo’s net cash provided by operating activities. |
(17) |
Adjusted free cash flow is a non-GAAP financial measure. For a definition of adjusted free cash flow and a reconciliation of adjusted free cash flow (non-GAAP) to net cash provided by operating activities (GAAP), please see “Supplemental Non-GAAP Financial Measures.” |
(18) |
Represents 100% of San Mateo’s net income, Adjusted EBITDA, net cash provided by operating activities or adjusted free cash flow for each period reported. |
(19) |
Includes Matador’s share of estimated capital expenditures for |
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED |
||||||||
(In thousands, except par value and share data) |
2 024 |
|
2023 |
|||||
|
ASSETS |
|
|
|
||||
|
Current assets |
|
|
|
||||
|
Cash |
$ |
23,277 |
|
|
$ |
52,662 |
|
|
Restricted cash |
|
53,746 |
|
|
|
53,636 |
|
|
Accounts receivable |
|
|
|
||||
|
Oil and natural gas revenues |
|
297,757 |
|
|
|
274,192 |
|
|
Joint interest billings |
|
255,724 |
|
|
|
163,660 |
|
|
Other |
|
52,656 |
|
|
|
35,102 |
|
|
Derivative instruments |
|
25,697 |
|
|
|
2,112 |
|
|
Lease and well equipment inventory |
|
34,119 |
|
|
|
41,808 |
|
|
Prepaid expenses and other current assets |
|
104,210 |
|
|
|
92,700 |
|
|
Total current assets |
|
847,186 |
|
|
|
715,872 |
|
|
Property and equipment, at cost |
|
|
|
||||
|
Oil and natural gas properties, full-cost method |
|
|
|
||||
|
Evaluated |
|
12,035,981 |
|
|
|
9,633,757 |
|
|
Unproved and unevaluated |
|
1,757,034 |
|
|
|
1,193,257 |
|
|
Midstream properties |
|
1,617,007 |
|
|
|
1,318,015 |
|
|
Other property and equipment |
|
45,676 |
|
|
|
40,375 |
|
|
Less accumulated depletion, depreciation and amortization |
|
(5,910,029 |
) |
|
|
(5,228,963 |
) |
|
Net property and equipment |
|
9,545,669 |
|
|
|
6,956,441 |
|
|
Other assets |
|
|
|
||||
|
Equity method investment |
|
115,000 |
|
|
|
— |
|
|
Derivative instruments |
|
2,336 |
|
|
|
558 |
|
|
Other long-term assets |
|
113,100 |
|
|
|
54,125 |
|
|
Total other assets |
|
230,436 |
|
|
|
54,683 |
|
|
Total assets |
$ |
10,623,291 |
|
|
$ |
7,726,996 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||||
|
Current liabilities |
|
|
|
||||
|
Accounts payable |
$ |
114,206 |
|
|
$ |
68,185 |
|
|
Accrued liabilities |
|
474,238 |
|
|
|
365,848 |
|
|
Royalties payable |
|
224,554 |
|
|
|
161,983 |
|
|
Amounts due to affiliates |
|
28,321 |
|
|
|
28,688 |
|
|
Advances from joint interest owners |
|
55,059 |
|
|
|
19,954 |
|
|
Other current liabilities |
|
69,577 |
|
|
|
40,617 |
|
|
Total current liabilities |
|
965,955 |
|
|
|
685,275 |
|
|
Long-term liabilities |
|
|
|
||||
|
Borrowings under Credit Agreement |
|
955,000 |
|
|
|
500,000 |
|
|
Borrowings under San Mateo Credit Facility |
|
526,000 |
|
|
|
522,000 |
|
|
Senior unsecured notes payable |
|
2,115,229 |
|
|
|
1,184,627 |
|
|
Asset retirement obligations |
|
119,392 |
|
|
|
87,485 |
|
|
Deferred income taxes |
|
784,475 |
|
|
|
581,439 |
|
|
Other long-term liabilities |
|
61,030 |
|
|
|
38,482 |
|
|
Total long-term liabilities |
|
4,561,126 |
|
|
|
2,914,033 |
|
|
Shareholders’ equity |
|
|
|
||||
|
Common stock - |
|
1,249 |
|
|
|
1,194 |
|
|
Additional paid-in capital |
|
2,498,678 |
|
|
|
2,133,172 |
|
|
Retained earnings |
|
2,373,732 |
|
|
|
1,776,541 |
|
|
|
|
(3,029 |
) |
|
|
(45 |
) |
|
|
|
4,870,630 |
|
|
|
3,910,862 |
|
|
Non-controlling interest in subsidiaries |
|
225,580 |
|
|
|
216,826 |
|
|
Total shareholders’ equity |
|
5,096,210 |
|
|
|
4,127,688 |
|
|
Total liabilities and shareholders’ equity |
$ |
10,623,291 |
|
|
$ |
7,726,996 |
|
|
|
|
|
|
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED |
||||||||||||||||
(In thousands, except per share data) |
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenues |
|
|
|
|
|
|
|
||||||||
|
Oil and natural gas revenues |
$ |
770,155 |
|
|
$ |
701,527 |
|
|
$ |
2,249,974 |
|
|
$ |
1,792,353 |
|
|
Third-party midstream services revenues |
|
38,316 |
|
|
|
29,931 |
|
|
|
103,324 |
|
|
|
86,517 |
|
|
Sales of purchased natural gas |
|
51,666 |
|
|
|
40,329 |
|
|
|
147,377 |
|
|
|
106,481 |
|
|
Realized gain (loss) on derivatives |
|
4,528 |
|
|
|
(6,975 |
) |
|
|
8,573 |
|
|
|
(6,454 |
) |
|
Unrealized gain (loss) on derivatives |
|
35,118 |
|
|
|
7,482 |
|
|
|
25,364 |
|
|
|
(8,244 |
) |
|
Total revenues |
|
899,783 |
|
|
|
772,294 |
|
|
|
2,534,612 |
|
|
|
1,970,653 |
|
|
Expenses |
|
|
|
|
|
|
|
||||||||
|
Production taxes, transportation and processing |
|
72,737 |
|
|
|
71,697 |
|
|
|
219,702 |
|
|
|
189,174 |
|
|
Lease operating |
|
86,808 |
|
|
|
66,395 |
|
|
|
242,133 |
|
|
|
171,845 |
|
|
Plant and other midstream services operating |
|
43,695 |
|
|
|
30,808 |
|
|
|
120,576 |
|
|
|
92,510 |
|
|
Purchased natural gas |
|
31,222 |
|
|
|
37,641 |
|
|
|
105,894 |
|
|
|
93,192 |
|
|
Depletion, depreciation and amortization |
|
242,821 |
|
|
|
192,794 |
|
|
|
681,066 |
|
|
|
496,633 |
|
|
Accretion of asset retirement obligations |
|
1,657 |
|
|
|
1,218 |
|
|
|
4,259 |
|
|
|
2,709 |
|
|
General and administrative |
|
28,787 |
|
|
|
31,731 |
|
|
|
86,353 |
|
|
|
80,879 |
|
|
Total expenses |
|
507,727 |
|
|
|
432,284 |
|
|
|
1,459,983 |
|
|
|
1,126,942 |
|
|
Operating income |
|
392,056 |
|
|
|
340,010 |
|
|
|
1,074,629 |
|
|
|
843,711 |
|
|
Other income (expense) |
|
|
|
|
|
|
|
||||||||
|
Net loss on impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(202 |
) |
|
Interest expense |
|
(36,169 |
) |
|
|
(35,408 |
) |
|
|
(111,717 |
) |
|
|
(85,813 |
) |
|
Other income (expense) |
|
2,111 |
|
|
|
(11,614 |
) |
|
|
567 |
|
|
|
5,289 |
|
|
Total other expense |
|
(34,058 |
) |
|
|
(47,022 |
) |
|
|
(111,150 |
) |
|
|
(80,726 |
) |
|
Income before income taxes |
|
357,998 |
|
|
|
292,988 |
|
|
|
963,479 |
|
|
|
762,985 |
|
|
Income tax provision (benefit) |
|
|
|
|
|
|
|
||||||||
|
Current |
|
(21,096 |
) |
|
|
8,958 |
|
|
|
26,280 |
|
|
|
8,958 |
|
|
Deferred |
|
106,417 |
|
|
|
5,631 |
|
|
|
203,805 |
|
|
|
119,609 |
|
|
Total income tax provision |
|
85,321 |
|
|
|
14,589 |
|
|
|
230,085 |
|
|
|
128,567 |
|
|
Net income |
|
272,677 |
|
|
|
278,399 |
|
|
|
733,394 |
|
|
|
634,418 |
|
|
Net income attributable to non-controlling interest in subsidiaries |
|
(24,386 |
) |
|
|
(14,660 |
) |
|
|
(62,605 |
) |
|
|
(42,883 |
) |
|
Net income attributable to |
$ |
248,291 |
|
|
$ |
263,739 |
|
|
$ |
670,789 |
|
|
$ |
591,535 |
|
|
Earnings per common share |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
1.99 |
|
|
$ |
2.21 |
|
|
$ |
5.45 |
|
|
$ |
4.97 |
|
|
Diluted |
$ |
1.99 |
|
|
$ |
2.20 |
|
|
$ |
5.44 |
|
|
$ |
4.93 |
|
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
124,814 |
|
|
|
119,147 |
|
|
|
123,107 |
|
|
|
119,121 |
|
|
Diluted |
|
124,983 |
|
|
|
120,081 |
|
|
|
123,358 |
|
|
|
120,045 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED |
||||||||||||||||
(In thousands) |
Three Months Ended S eptember 30, |
|
Nine Months Ended
|
|||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Operating activities |
|
|
|
|
|
|
|
||||||||
|
Net income |
$ |
272,677 |
|
|
$ |
278,399 |
|
|
$ |
733,394 |
|
|
$ |
634,418 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
|
|
||||||||
|
Unrealized (gain) loss on derivatives |
|
(35,118 |
) |
|
|
(7,482 |
) |
|
|
(25,364 |
) |
|
|
8,244 |
|
|
Depletion, depreciation and amortization |
|
242,821 |
|
|
|
192,794 |
|
|
|
681,066 |
|
|
|
496,633 |
|
|
Accretion of asset retirement obligations |
|
1,657 |
|
|
|
1,218 |
|
|
|
4,259 |
|
|
|
2,709 |
|
|
Stock-based compensation expense |
|
4,279 |
|
|
|
4,556 |
|
|
|
10,091 |
|
|
|
10,777 |
|
|
Deferred income tax provision |
|
106,417 |
|
|
|
5,631 |
|
|
|
203,805 |
|
|
|
119,609 |
|
|
Amortization of debt issuance cost and other debt-related costs |
|
2,700 |
|
|
|
2,101 |
|
|
|
12,286 |
|
|
|
4,996 |
|
|
Other non-cash changes |
|
(363 |
) |
|
|
15,696 |
|
|
|
(1,027 |
) |
|
|
14 |
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
||||||||
|
Accounts receivable |
|
(20,818 |
) |
|
|
(52,983 |
) |
|
|
(75,904 |
) |
|
|
3,424 |
|
|
Lease and well equipment inventory |
|
(1,207 |
) |
|
|
(2,986 |
) |
|
|
(8,587 |
) |
|
|
(10,223 |
) |
|
Prepaid expenses and other current assets |
|
(398 |
) |
|
|
(17,693 |
) |
|
|
(78 |
) |
|
|
(41,817 |
) |
|
Other long-term assets |
|
3,231 |
|
|
|
(803 |
) |
|
|
3,075 |
|
|
|
1,269 |
|
|
Accounts payable, accrued liabilities and other current liabilities |
|
31,100 |
|
|
|
46,923 |
|
|
|
45,932 |
|
|
|
18,691 |
|
|
Royalties payable |
|
19,071 |
|
|
|
12,570 |
|
|
|
52,882 |
|
|
|
22,655 |
|
|
Advances from joint interest owners |
|
(1,380 |
) |
|
|
(25,962 |
) |
|
|
35,105 |
|
|
|
(30,941 |
) |
|
Income taxes payable |
|
(15,794 |
) |
|
|
10,550 |
|
|
|
(1,948 |
) |
|
|
8,873 |
|
|
Other long-term liabilities |
|
1,562 |
|
|
|
(1,559 |
) |
|
|
2,939 |
|
|
|
150 |
|
|
Net cash provided by operating activities |
|
610,437 |
|
|
|
460,970 |
|
|
|
1,671,926 |
|
|
|
1,249,481 |
|
|
Investing activities |
|
|
|
|
|
|
|
||||||||
|
Drilling, completion and equipping capital expenditures |
|
(293,716 |
) |
|
|
(315,957 |
) |
|
|
(905,431 |
) |
|
|
(855,468 |
) |
|
Acquisition of Advance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,608,427 |
) |
|
Acquisition of Ameredev |
|
(1,735,964 |
) |
|
|
— |
|
|
|
(1,831,214 |
) |
|
|
— |
|
|
Acquisition of oil and natural gas properties |
|
(65,717 |
) |
|
|
(64,689 |
) |
|
|
(321,827 |
) |
|
|
(120,586 |
) |
|
Midstream capital expenditures |
|
(61,988 |
) |
|
|
(42,738 |
) |
|
|
(219,189 |
) |
|
|
(75,609 |
) |
|
Expenditures for other property and equipment |
|
(3,186 |
) |
|
|
(486 |
) |
|
|
(3,957 |
) |
|
|
(2,964 |
) |
|
Proceeds from sale of assets |
|
— |
|
|
|
279 |
|
|
|
900 |
|
|
|
730 |
|
|
Net cash used in investing activities |
|
(2,160,571 |
) |
|
|
(423,591 |
) |
|
|
(3,280,718 |
) |
|
|
(2,662,324 |
) |
|
Financing activities |
|
|
|
|
|
|
|
||||||||
|
Repayments of borrowings under Credit Agreement |
|
(1,360,000 |
) |
|
|
(432,000 |
) |
|
|
(3,080,000 |
) |
|
|
(2,622,000 |
) |
|
Borrowings under Credit Agreement |
|
2,220,000 |
|
|
|
402,000 |
|
|
|
3,535,000 |
|
|
|
3,152,000 |
|
|
Repayments of borrowings under San Mateo Credit Facility |
|
(57,000 |
) |
|
|
(32,000 |
) |
|
|
(193,000 |
) |
|
|
(140,000 |
) |
|
Borrowings under San Mateo Credit Facility |
|
71,000 |
|
|
|
47,000 |
|
|
|
197,000 |
|
|
|
150,000 |
|
|
Cost to amend credit facilities |
|
(14,512 |
) |
|
|
— |
|
|
|
(25,936 |
) |
|
|
(8,645 |
) |
|
Proceeds from issuance of senior unsecured notes |
|
750,000 |
|
|
|
— |
|
|
|
1,650,000 |
|
|
|
494,800 |
|
|
Cost to issue senior unsecured notes |
|
(10,452 |
) |
|
|
(248 |
) |
|
|
(26,073 |
) |
|
|
(8,503 |
) |
|
Purchase of senior unsecured notes |
|
— |
|
|
|
— |
|
|
|
(699,191 |
) |
|
|
— |
|
|
Proceeds from issuance of common stock |
|
— |
|
|
|
— |
|
|
|
344,663 |
|
|
|
— |
|
|
Cost to issue equity |
|
— |
|
|
|
— |
|
|
|
(2,566 |
) |
|
|
— |
|
|
Dividends paid |
|
(24,851 |
) |
|
|
(17,780 |
) |
|
|
(73,598 |
) |
|
|
(53,465 |
) |
|
Contributions related to formation of |
|
12,250 |
|
|
|
9,000 |
|
|
|
22,500 |
|
|
|
23,700 |
|
|
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries |
|
— |
|
|
|
— |
|
|
|
19,110 |
|
|
|
24,500 |
|
|
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries |
|
(22,785 |
) |
|
|
(16,660 |
) |
|
|
(72,961 |
) |
|
|
(61,103 |
) |
|
Taxes paid related to net share settlement of stock-based compensation |
|
(79 |
) |
|
|
(43 |
) |
|
|
(14,519 |
) |
|
|
(22,833 |
) |
|
Other |
|
(317 |
) |
|
|
(312 |
) |
|
|
(912 |
) |
|
|
(764 |
) |
|
Net cash provided by (used in) financing activities |
|
1,563,254 |
|
|
|
(41,043 |
) |
|
|
1,579,517 |
|
|
|
927,687 |
|
|
Change in cash and restricted cash |
|
13,120 |
|
|
|
(3,664 |
) |
|
|
(29,275 |
) |
|
|
(485,156 |
) |
|
Cash and restricted cash at beginning of period |
|
63,903 |
|
|
|
65,838 |
|
|
|
106,298 |
|
|
|
547,330 |
|
|
Cash and restricted cash at end of period |
$ |
77,023 |
|
|
$ |
62,174 |
|
|
$ |
77,023 |
|
|
$ |
62,174 |
|
|
|
|
|
|
|
|
|
|
||||||||
Supplemental Non-GAAP Financial Measures
Adjusted EBITDA
This press release includes the non-GAAP financial measure of Adjusted EBITDA. Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s consolidated financial statements, such as securities analysts, investors, lenders and rating agencies. “GAAP” means Generally Accepted Accounting Principles in
Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or net cash provided by operating activities as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components of understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure. Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income and net cash provided by operating activities, respectively, that are of a historical nature. Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the table does not provide a reconciliation. The Company could not provide such reconciliation without undue hardship because such Adjusted EBITDA numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including future income taxes, full-cost ceiling impairments, unrealized gains or losses on derivatives and gains or losses on asset sales and impairment. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Adjusted EBITDA – |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
(In thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Unaudited Adjusted EBITDA Reconciliation to Net Income: |
|
|
|
|
|
||||||
Net income attributable to |
$ |
248,291 |
|
|
$ |
228,769 |
|
|
$ |
263,739 |
|
Net income attributable to non-controlling interest in subsidiaries |
|
24,386 |
|
|
|
18,758 |
|
|
|
14,660 |
|
Net income |
|
272,677 |
|
|
|
247,527 |
|
|
|
278,399 |
|
Interest expense |
|
36,169 |
|
|
|
35,986 |
|
|
|
35,408 |
|
Total income tax provision |
|
85,321 |
|
|
|
77,986 |
|
|
|
14,589 |
|
Depletion, depreciation and amortization |
|
242,821 |
|
|
|
225,934 |
|
|
|
192,794 |
|
Accretion of asset retirement obligations |
|
1,657 |
|
|
|
1,329 |
|
|
|
1,218 |
|
Unrealized (gain) loss on derivatives |
|
(35,118 |
) |
|
|
11,829 |
|
|
|
(7,482 |
) |
Non-cash stock-based compensation expense |
|
4,279 |
|
|
|
2,974 |
|
|
|
4,556 |
|
Expense related to contingent consideration and other |
|
243 |
|
|
|
2,933 |
|
|
|
11,895 |
|
Consolidated Adjusted EBITDA |
|
608,049 |
|
|
|
606,498 |
|
|
|
531,377 |
|
Adjusted EBITDA attributable to non-controlling interest in subsidiaries |
|
(33,565 |
) |
|
|
(28,425 |
) |
|
|
(23,102 |
) |
Adjusted EBITDA attributable to |
$ |
574,484 |
|
|
$ |
578,073 |
|
|
$ |
508,275 |
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
(In thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Unaudited Adjusted EBITDA Reconciliation to Net Cash Provided by Operating Activities: |
|
|
|
|
|
||||||
Net cash provided by operating activities |
$ |
610,437 |
|
|
$ |
592,927 |
|
|
$ |
460,970 |
|
Net change in operating assets and liabilities |
|
(15,367 |
) |
|
|
(50,841 |
) |
|
|
31,943 |
|
Interest expense, net of non-cash portion |
|
33,469 |
|
|
|
31,044 |
|
|
|
33,307 |
|
Current income tax (benefit) provision |
|
(21,096 |
) |
|
|
30,104 |
|
|
|
8,958 |
|
Other non-cash and non-recurring expense (income) |
|
606 |
|
|
|
3,264 |
|
|
|
(3,801 |
) |
Adjusted EBITDA attributable to non-controlling interest in subsidiaries |
|
(33,565 |
) |
|
|
(28,425 |
) |
|
|
(23,102 |
) |
Adjusted EBITDA attributable to |
$ |
574,484 |
|
|
$ |
578,073 |
|
|
$ |
508,275 |
|
|
|
|
|
|
|
Adjusted EBITDA – |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
(In thousands) |
2024 |
|
2024 |
|
2023 |
||||||
Unaudited Adjusted EBITDA Reconciliation to Net Income: |
|
|
|
|
|
|
|||||
Net income |
$ |
49,768 |
|
$ |
38,285 |
|
$ |
29,917 |
|
||
Depletion, depreciation and amortization |
|
9,514 |
|
|
9,237 |
|
|
8,821 |
|
||
Interest expense |
|
9,116 |
|
|
9,189 |
|
|
8,325 |
|
||
Accretion of asset retirement obligations |
|
101 |
|
|
99 |
|
|
84 |
|
||
Non-recurring expense |
|
— |
|
|
1,200 |
|
|
— |
|
||
Adjusted EBITDA |
$ |
68,499 |
|
$ |
58,010 |
|
$ |
47,147 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
(In thousands) |
2024 |
|
2024 |
|
2023 |
||||||
Unaudited Adjusted EBITDA Reconciliation to Net Cash Provided by Operating Activities: |
|
|
|
|
|
|
|||||
Net cash provided by operating activities |
$ |
50,496 |
|
$ |
48,052 |
|
|
$ |
36,483 |
|
|
Net change in operating assets and liabilities |
|
9,164 |
|
|
(154 |
) |
|
|
2,588 |
|
|
Interest expense, net of non-cash portion |
|
8,839 |
|
|
8,912 |
|
|
|
8,076 |
|
|
Non-recurring expense |
|
— |
|
|
1,200 |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
68,499 |
|
$ |
58,010 |
|
|
$ |
47,147 |
|
|
|
|
|
|
|
|
|
|||||
Adjusted Net Income and Adjusted Earnings Per Diluted Common Share
This press release includes the non-GAAP financial measures of adjusted net income and adjusted earnings per diluted common share. These non-GAAP items are measured as net income attributable to
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
|
2024 |
|
2024 |
|
2023 |
||||||
(In thousands, except per share data) |
|
|
|
|
|
||||||
Unaudited Adjusted Net Income and Adjusted Earnings Per Share Reconciliation to Net Income: |
|
|
|
|
|
||||||
Net income attributable to |
$ |
248,291 |
|
|
$ |
228,769 |
|
$ |
263,739 |
|
|
Total income tax provision |
|
85,321 |
|
|
|
77,986 |
|
|
14,589 |
|
|
Income attributable to |
|
333,612 |
|
|
|
306,755 |
|
|
278,328 |
|
|
Less non-recurring and unrealized charges to income before taxes: |
|
|
|
|
|
||||||
Unrealized (gain) loss on derivatives |
|
(35,118 |
) |
|
|
11,829 |
|
|
(7,482 |
) |
|
Expense related to contingent consideration and other |
|
243 |
|
|
|
5,359 |
|
|
11,895 |
|
|
Adjusted income attributable to |
|
298,737 |
|
|
|
323,943 |
|
|
282,741 |
|
|
Income tax expense(1) |
|
62,735 |
|
|
|
68,028 |
|
|
59,376 |
|
|
Adjusted net income attributable to |
$ |
236,002 |
|
|
$ |
255,915 |
|
$ |
223,365 |
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding - basic |
|
124,814 |
|
|
|
124,786 |
|
|
119,147 |
|
|
Dilutive effect of options and restricted stock units |
|
169 |
|
|
|
110 |
|
|
934 |
|
|
Weighted average common shares outstanding - diluted |
|
124,983 |
|
|
|
124,896 |
|
|
120,081 |
|
|
Adjusted earnings per share attributable to |
|
|
|
|
|
||||||
Basic |
$ |
1.89 |
|
|
$ |
2.05 |
|
$ |
1.87 |
|
|
Diluted |
$ |
1.89 |
|
|
$ |
2.05 |
|
$ |
1.86 |
|
|
|
|
|
|
|
|
||||||
(1) Estimated using federal statutory tax rate in effect for the period. |
|||||||||||
Adjusted Free Cash Flow
This press release includes the non-GAAP financial measure of adjusted free cash flow. This non-GAAP item is measured, on a consolidated basis for the Company and for
The table below reconciles adjusted free cash flow to its most directly comparable GAAP measure of net cash provided by operating activities. All references to Matador’s adjusted free cash flow are those values attributable to
Adjusted Free Cash Flow - |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
(In thousands) |
2024 |
|
2024 |
|
2023 |
||||||
Net cash provided by operating activities |
$ |
610,437 |
|
|
$ |
592,927 |
|
|
$ |
460,970 |
|
Net change in operating assets and liabilities |
|
(15,367 |
) |
|
|
(50,841 |
) |
|
|
31,943 |
|
|
|
(29,233 |
) |
|
|
(23,470 |
) |
|
|
(19,145 |
) |
Performance incentives received from Five Point |
|
12,250 |
|
|
|
8,750 |
|
|
|
9,000 |
|
Total discretionary cash flow |
|
578,087 |
|
|
|
527,366 |
|
|
|
482,768 |
|
|
|
|
|
|
|
||||||
Drilling, completion and equipping capital expenditures |
|
293,716 |
|
|
|
375,076 |
|
|
|
315,957 |
|
Midstream capital expenditures |
|
61,988 |
|
|
|
52,115 |
|
|
|
42,738 |
|
Expenditures for other property and equipment |
|
3,186 |
|
|
|
545 |
|
|
|
486 |
|
Net change in capital accruals |
|
28,940 |
|
|
|
(61,168 |
) |
|
|
(7,104 |
) |
|
|
(5,890 |
) |
|
|
(6,220 |
) |
|
|
(13,908 |
) |
Total accrual-based capital expenditures(3) |
|
381,940 |
|
|
|
360,348 |
|
|
|
338,169 |
|
Adjusted free cash flow |
$ |
196,147 |
|
|
$ |
167,018 |
|
|
$ |
144,599 |
|
|
|
|
|
|
|
(1) |
Represents Five Point Energy LLC’s (“Five Point”) 49% interest in |
(2) |
Represents Five Point’s 49% interest in accrual-based |
(3) |
Represents drilling, completion and equipping costs, Matador’s share of |
Adjusted Free Cash Flow - |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
(In thousands) |
2024 |
|
2024 |
|
2023 |
||||||
Net cash provided by |
$ |
50,496 |
|
|
$ |
48,052 |
|
|
$ |
36,483 |
|
Net change in |
|
9,164 |
|
|
|
(154 |
) |
|
|
2,588 |
|
Total |
|
59,660 |
|
|
|
47,898 |
|
|
|
39,071 |
|
|
|
|
|
|
|
|
|||||
|
|
14,037 |
|
|
|
11,215 |
|
|
|
22,812 |
|
Net change in |
|
(2,017 |
) |
|
|
1,479 |
|
|
|
5,571 |
|
|
|
12,020 |
|
|
|
12,694 |
|
|
|
28,383 |
|
|
$ |
47,640 |
|
|
$ |
35,204 |
|
|
$ |
10,688 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022553401/en/
Senior Vice President - Investor Relations
(972) 371-5225
investors@matadorresources.com
Source: