Matador Resources Company Amends Its Quarterly Cash Dividend Policy to $0.15 Per Share
December 06 2022 - 6:00AM
Business Wire
Matador Resources Company (NYSE: MTDR) (“Matador” or the
“Company”) today announced that its Board of Directors amended the
Company’s dividend policy pursuant to which the Company intends to
pay cash dividends on its common stock of $0.15 per share per
quarter in 2023, which is a 50% increase from its prior policy of
$0.10 per share per quarter. The Company anticipates that the Board
will implement such amended policy in connection with the
declaration of Matador’s next quarterly dividend, which is expected
during the first quarter of 2023 for a dividend to be paid during
early March 2023.
Joseph Wm. Foran, Matador’s Founder, Chairman and Chief
Executive Officer, stated, “We are pleased to announce an increase
in the Company’s dividend policy. Today’s announcement of a
quarterly cash dividend policy of $0.15 per share is an increase of
50% as compared to Matador’s prior quarterly cash dividend policy
of $0.10 per share. Matador’s Board of Directors adopted its
initial dividend policy in February 2021 with a quarterly cash
dividend of $0.025 per share, which was doubled in October 2021 to
$0.05 per share and doubled again in June 2022 to $0.10 per share.
The continued increase in our quarterly cash dividend is evidence
of our commitment to return value to Matador’s shareholders as well
as our growing financial strength and positive operational outlook.
In fact, in the last two years, we have reduced our outstanding
debt by $775 million. As a result, our leverage ratio has been at
an all-time low for us as a public company of only 0.2x at the end
of the third quarter of 2022. We are grateful for the continued
support and friendship of our shareholders and look forward to
paying this anticipated dividend to our shareholders during the
first quarter of 2023.”
About Matador Resources Company
Matador is an independent energy company engaged in the
exploration, development, production and acquisition of oil and
natural gas resources in the United States, with an emphasis on oil
and natural gas shale and other unconventional plays. Its current
operations are focused primarily on the oil and liquids-rich
portion of the Wolfcamp and Bone Spring plays in the Delaware Basin
in Southeast New Mexico and West Texas. Matador also operates in
the Eagle Ford shale play in South Texas and the Haynesville shale
and Cotton Valley plays in Northwest Louisiana. Additionally,
Matador conducts midstream operations in support of its
exploration, development and production operations and provides
natural gas processing, oil transportation services, natural gas,
oil and produced water gathering services and produced water
disposal services to third parties.
For more information, visit Matador Resources Company at
www.matadorresources.com.
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 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, 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’s 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; availability of
sufficient capital to execute its business plan, available
borrowing capacity under its revolving credit facilities and
otherwise; its ability to make acquisitions on economically
acceptable terms; its ability to integrate acquisitions; the
operating results of and the availability of any potential
distributions from our joint ventures; weather and environmental
conditions; the impact of the worldwide spread of the novel
coronavirus, or COVID-19, or variants thereof, on oil and natural
gas demand, oil and natural gas prices and its business; and the
other factors which 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 Securities and Exchange
Commission (“SEC”), including the “Risk Factors” section of
Matador’s most recent Annual Report on Form 10-K and any subsequent
Quarterly Reports on Form 10-Q. Matador undertakes no obligation to
update these forward-looking statements to reflect events or
circumstances occurring after the date of this press release,
except as required by law, including the securities laws of the
United States and the rules and regulations of the SEC. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20221206005419/en/
Mac Schmitz Vice President – Investor Relations
investors@matadorresources.com (972) 371-5225
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