Matador Resources Company (NYSE: MTDR) (“Matador” or the
“Company”) today reported financial and operating results for the
fourth quarter and full year 2022. A slide presentation summarizing
the highlights of Matador’s fourth quarter and full year 2022
earnings release and 2023 operating plan is also included on the
Company’s website at www.matadorresources.com on the Events and
Presentations page under the Investor Relations tab.
Management Summary Comments
Joseph Wm. Foran, Matador’s Founder, Chairman and CEO,
commented, “The fourth quarter of 2022 was a strong finish to
another record year for Matador, and we look forward to an even
better year in 2023. For additional information regarding our
operational and financial results in 2022 as well as our 2023
plans, please see the set of seven slides identified as ‘Chairman’s
Remarks’ (Slides A through G) on both our website and during
the webcast planned for tomorrow’s earnings conference call.
“In the fourth quarter of 2022, we achieved record quarterly
production of 111,700 barrels of oil and natural gas equivalent
(“BOE”) per day, despite the impact of adverse weather in the
Delaware Basin in late December 2022. In addition, our Board
adopted a new dividend policy in December 2022 pursuant to which we
recently announced an increase to our dividend to $0.15 per share
payable on March 9, 2023 to shareholders of record on February 27,
2023, which is an increase of 50% over our prior quarterly dividend
of $0.10 per share (see Slide A).
“During 2022, the Company achieved record oil production of 21.9
million barrels and record natural gas production of 99.3 billion
cubic feet, resulting in record annual production of 38.5 million
BOE, or 105,500 BOE per day, which was an increase of 22% as
compared to 2021. Importantly and notably, 2022 is the first year
in Matador’s history that we have exceeded 100,000 BOE per day on
an annual basis (see Slide B). This record production was
accompanied by record financial results in 2022, including record
net income (GAAP) of $1.21 billion and record Adjusted EBITDA
(non-GAAP) of $2.13 billion, both of which were increases of over
100% as compared to 2021. Matador’s 2022 earnings per share (GAAP)
also increased over 100% from $4.91 per diluted share in 2021 to
$10.11 per diluted share in 2022. In addition, Matador’s midstream
joint venture, San Mateo, had an outstanding year with record net
income (GAAP) of $147 million and record Adjusted EBITDA (non-GAAP)
of $198 million (see Slide C).
“The generation of record net cash provided by operating
activities (GAAP) of $1.98 billion and record adjusted Free Cash
Flow (non-GAAP) of $1.22 billion during 2022 allowed us to not only
repay a significant portion of our debt, including all the
outstanding borrowings under our reserves-based commercial credit
facility but also to repurchase over $350 million of our
outstanding senior notes in open market transactions during 2022.
We ended the year with a leverage ratio of 0.1x, which is the
lowest leverage ratio for Matador since it became a publicly-traded
company in early 2012 (see Slide D). Matador also ended 2022
with an annual increase of 10% to its 2022 total proved oil and
natural gas reserves of 357 million BOE, which is an all-time high
for Matador.
“These record operational and financial results during 2022
provided us the financial strength to announce in January that we
had entered into a definitive agreement to acquire Advance Energy
Partners Holdings, LLC (“Advance”) for an initial cash payment of
$1.6 billion, subject to customary closing adjustments, including
possible additional cash consideration depending on the price of
oil during 2023 (see Slide E). This strategic bolt-on
acquisition is expected to close in the second quarter of 2023, and
we intend to fund it with a combination of cash on hand, free cash
flow prior to closing and borrowings under our credit agreement,
under which we expect to increase our elected commitment in
connection with the acquisition of Advance. We are excited by the
opportunity to develop this new quality acreage that will compete
for capital immediately following closing of the Advance
acquisition. This new acreage also provides expansion opportunities
for our wholly-owned midstream subsidiary, Pronto Midstream, which
we expect will provide us with operational advantages as we develop
the Advance properties (see Slide F).
“While we are pleased with the record results of 2022, we are
even more excited about the opportunities ahead for Matador in 2023
and in future years. The integration of the Advance assets will add
to our increasing high quality inventory locations and provide
opportunities for continued growth. Advance currently has one
drilling rig operating on these assets, and we expect to continue
drilling on this acreage and increase the number of our operated
drilling rigs from seven to eight drilling rigs following the
closing of the acquisition. Our production estimates for 2023 only
include production from the Advance properties following closing of
the acquisition, which we expect to occur in the second quarter of
2023, because any production revenues from the Advance assets prior
to the closing date will be part of the purchase price adjustment
at closing.
“During 2023, we anticipate turning to sales over 90 net
operated wells for the first time in the Company’s history. These
wells are expected to be diversified across our asset areas and
include, among others, (i) eight gross (7.7 net) wells in the
Rodney Robinson leasehold and eight gross (8.0 net) wells in the
Stateline asset area in the first half of the year, and (ii) 21
gross (20.4 net) wells on the Advance properties, 18 gross (11.5
net) wells in and around our Stebbins leasehold in the Arrowhead
asset area and nine gross (8.3 net) wells in the Wolf asset area in
the second half of the year (see Slide G). We expect to turn
to sales the remaining horizontal wells in our 2023 plan in our
other asset areas. Our 2023 plan and current drilling rig contracts
also provide us flexibility to reduce the number of drilling rigs
that we operate in the event that oil and natural gas prices
substantially decrease.
“Our operation groups continue to execute at a high level, and
we expect drilling and completion capital efficiencies to carry
forward into 2023 to help mitigate service cost inflation. Earlier
this month, our MaxCom Operations Center, where we have engineers
and geologists monitoring our drilling operations 24 hours a day,
365 days a year, celebrated its fifth year in service. This MaxCom
Operations Center, together with improved processes and refined
targeting, continue to provide the Company with drilling cost
reductions, improved well performance and production gains.
“The Board and I are grateful for the continued support of our
friends and shareholders. We believe that we are better together
and are excited for the future of Matador as we continue to create
value for our stakeholders through a disciplined approach to
developing our excellent Delaware Basin, South Texas and North
Louisiana assets while still achieving our overall aim of
generating free cash flow, paying regular dividends, strengthening
the balance sheet, making accretive acquisitions and expanding our
midstream business.”
Fourth Quarter 2022 Operational and Financial
Highlights
- Record quarterly average production of 111,700 BOE per day
(62,300 barrels of oil per day)
- Net cash provided by operating activities of $446.5
million
- Adjusted free cash flow of $249.3 million
- Net income of $253.8 million, or $2.11 per diluted common
share
- Adjusted net income of $249.9 million, or $2.08 per diluted
common share
- Adjusted EBITDA of $461.8 million
- San Mateo net income of $37.0 million
- San Mateo Adjusted EBITDA of $52.3 million
- Increased quarterly dividend policy to $0.15 per diluted common
share, or $0.60 per annum, a 50% increase
Full Year 2022 Operational and Financial Highlights
- Record annual average production of 105,500 BOE per day (60,100
barrels of oil per day) – the first year the Company has averaged
over 100,000 BOE per day
- Record annual net cash provided by operating activities of
$1.98 billion
- Record adjusted Free Cash Flow of $1.22 billion
- Net income of $1.21 billion, or $10.11 per diluted common
share
- Adjusted net income of $1.26 billion, or $10.53 per diluted
common share
- Adjusted EBITDA of $2.13 billion
- San Mateo net income of $147.2 million
- San Mateo Adjusted EBITDA of $198.0 million
- Record low leverage ratio of 0.1x at December 31, 2022
2023 Guidance Highlights (pro forma for the Advance
acquisition)
- Oil production guidance of 26.4 to 27.3 million barrels
- Natural gas production guidance of 107.7 to 113.7 billion cubic
feet
- Total production guidance of 44.35 to 46.25 million BOE, or
121,500 to 126,700 BOE per day
- Drilling, completing and equipping capital expenditures of
$1.18 to 1.32 billion
- Midstream capital expenditures of $150 to 200 million
Note: 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
Matador Resources Company shareholders after giving effect to any
net income, Adjusted EBITDA or adjusted free cash flow,
respectively, attributable to third-party non-controlling
interests, including in San Mateo Midstream, LLC (“San Mateo”).
Matador owns 51% of San Mateo. For a definition of adjusted net
income, adjusted earnings per diluted common share, Adjusted
EBITDA, adjusted free cash flow and PV-10 and reconciliations of
such non-GAAP financial metrics to their comparable GAAP metrics,
please see “Supplemental Non-GAAP Financial Measures” below.
Operational Update
The table below provides a summary of Matador’s production for
the fourth quarter of 2022, which exceeded the Company’s
expectations. The primary driver behind this outperformance was
better-than-expected production from the 15 most recent Stateline
wells turned to sales this year. In addition, several anticipated
incremental shut-ins in the Rodney Robinson leasehold due to the
Company’s offset completions were deferred from the fourth quarter
of 2022 to the first quarter of 2023. Matador’s fourth quarter
production exceeded its expectations despite weather-related
downtime in late December due to the good work of the field staff.
The Company estimates that the December 2022 winter storm impacted
the Company’s production by less than 1%.
Production Change (%)
Production
Q4 2022 Average Daily Volume
Sequential(1)
Guidance(2)
Difference(3)
YoY(4)
Total, BOE per day
111,735
+6%
flat to +2%
+5%
+28%
Oil, Bbl per day
62,316
+4%
+1% to +3%
+2%
+25%
Natural Gas, MMcf per day
296.5
+10%
(1%) to +1%
+10%
+32%
(1)
As compared to the third quarter of
2022.
(2)
Production change previously projected, as
provided on October 25, 2022.
(3)
As compared to midpoint of guidance
provided on October 25, 2022.
(4)
Represents year-over-year percentage
change from the fourth quarter of 2021.
During the fourth quarter of 2022, Matador turned to sales 24
gross (15.4 net) operated horizontal wells. The table below
provides a summary of our operated and non-operated activity in the
fourth quarter of 2022.
Fourth Quarter 2022 Quarterly
Well Count
Operated
Non-Operated
Total
Gross Operated and
Non-Operated
Asset/Operating Area
Gross
Net
Gross
Net
Gross
Net
Well Completion Intervals
Western Antelope Ridge (Rodney
Robinson)
—
—
—
—
—
—
No wells turned to sales in Q4
2022
Antelope Ridge
4
1.7
—
—
4
1.7
2-2BS, 2-1BS
Arrowhead
2
1.1
2
0.4
4
1.5
4-2BS
Ranger
12
8.8
—
—
12
8.8
2-WC A, 4-3BS, 5-2BS, 1-1BS
Rustler Breaks
6
3.8
3
0.1
9
3.9
4-WC B, 1-WC A, 1-3BS Carb,
1-2BS, 1-1BS, 1-BYCN
Stateline
—
—
—
—
—
—
No wells turned to sales in Q4
2022
Wolf/Jackson Trust
—
—
—
—
—
—
No wells turned to sales in Q4
2022
Delaware Basin
24
15.4
5
0.5
29
15.9
South Texas
—
—
—
—
—
—
No wells turned to sales in Q4
2022
Haynesville Shale
—
—
—
—
—
—
No wells turned to sales in Q4
2022
Total
24
15.4
5
0.5
29
15.9
Note: WC = Wolfcamp; BS = Bone Spring; BS
Carb = Bone Spring Carbonate; BYCN = Brushy Canyon. For example,
2-2BS indicates two Second Bone Spring completions and 2-WC A
indicates two Wolfcamp A completions.
Financial Update
Matador’s fourth quarter 2022 net income was $253.8 million, or
$2.11 per diluted common share, a sequential decrease of 25% from
net income of $337.6 million, or $2.82 per diluted common share, in
the third quarter of 2022 primarily due to lower commodity prices
in the fourth quarter of 2022, and a year-over-year increase of 18%
from net income of $214.8 million, or $1.80 per diluted common
share, in the fourth quarter of 2021.
Matador’s fourth quarter 2022 adjusted net income was $249.9
million, or adjusted earnings of $2.08 per diluted common share, a
sequential decrease of 22% from adjusted net income of $321.7
million, or $2.68 per diluted common share, in the third quarter of
2022 primarily due to lower commodity prices in the fourth quarter
of 2022, and a year-over-year increase of 65% from adjusted net
income of $151.2 million, or $1.26 per diluted common share, in the
fourth quarter of 2021.
Fourth quarter 2022 Adjusted EBITDA was $461.8 million, a
sequential decrease of 14% from $539.7 million in the third quarter
of 2022 primarily due to lower commodity prices in the fourth
quarter of 2022, and a year-over-year increase of 54% from $299.1
million in the fourth quarter of 2021.
The following table summarizes Matador’s realized commodity
prices during the fourth quarter of 2022, as compared to the third
quarter of 2022 and the fourth quarter of 2021.
Realized Commodity Prices
Q4 2022
Q3 2022
Sequential(1)
Q4 2021
YoY(2)
Oil Prices, per Bbl
$83.90
$94.36
(11) %
$76.82
+9%
Natural Gas Prices, per Mcf
$5.65
$9.22
(39) %
$7.68
+74%
(1)
Fourth quarter 2022 as compared to third
quarter 2022.
(2)
Fourth quarter 2022 as compared to fourth
quarter 2021.
The Company continues to improve completion capital efficiencies
with dual-fuel pressure pumping and Simul-Frac completions. For the
full year 2022, drilling and completion costs for all operated
horizontal wells turned to sales averaged approximately $879 per
completed lateral foot, or 1% below the Company’s expectations of
$890 per completed lateral foot. Drilling and completion costs for
all operated horizontal wells turned to sales in the fourth quarter
of 2022 averaged approximately $1,019 per completed lateral
foot.
During the fourth quarter of 2022, Matador’s lease operating
expenses were $3.98 per BOE, which was a 9% sequential decrease
from $4.38 per BOE in the third quarter of 2022, primarily due to
increased production between the two periods, and a 19%
year-over-year increase in lease operating expenses from $3.34 per
BOE in the fourth quarter of 2021, primarily due to operating cost
inflation between the two periods.
Matador’s general and administrative expenses increased 18%
sequentially from $2.85 per BOE in the third quarter of 2022 to
$3.36 per BOE in the fourth quarter of 2022. General and
administrative expenses in the fourth quarter reflected year-end
bonus payments made to Matador’s employees related to record 2022
performance as well as employee stock awards that are settled in
cash, the values of which are remeasured at each reporting period.
These cash-settled stock award amounts increased due to the fact
that Matador’s share price increased 17% from $48.92 at September
30, 2022 to $57.24 at December 31, 2022.
Matador’s drilling, completing and equipping (“D/C/E”) and
midstream capital expenditures were better than it expected for the
fourth quarter of 2022 as set forth in the table below, primarily
due to the timing of operations.
Q4 2022 Capital Expenditures
($ millions)
Actual
Guidance(1)
Difference vs. Guidance(2)
D/C/E
188.9
216.0
(13%)
Midstream
10.6
22.0
(52%)
(1)
Midpoint of guidance as provided on
October 25, 2022.
(2)
As compared to the midpoint of guidance
provided on October 25, 2022.
Strengthened Balance Sheet
Matador continued to strengthen its balance sheet through the
repayment of debt during the fourth quarter of 2022. At December
31, 2022, Matador’s leverage ratio was 0.1x, which was better than
the Company’s expectations for year-end 2022. At December 31, 2022,
there were no borrowings outstanding under Matador’s reserves-based
commercial credit facility.
In late November 2022, Matador received an increase in its
borrowing base from $2.0 billion to $2.25 billion under its
reserves-based commercial credit facility, an increase of 13%. This
increase was based on a review by Matador’s 12 lenders of the
Company’s proved oil and natural gas reserves as part of the fall
2022 redetermination process. The elected borrowing commitment
under the reserves-based commercial credit facility was reaffirmed
at $775 million.
At December 31, 2022, Matador had $699.2 million in senior notes
outstanding, which is a reduction of $58.2 million in senior notes
during the fourth quarter of 2022 and a reduction of $350.8 million
in senior notes during the year ended 2022 from $1.05 billion at
December 31, 2021.
Midstream Update
San Mateo also experienced better-than-expected operating and
financial results during the fourth quarter of 2022. The table
below summarizes San Mateo’s throughput volumes for the fourth
quarter of 2022, as well as the corresponding results for the third
quarter of 2022 and the fourth quarter of 2021. Natural gas
gathering and processing and water handling volumes in the fourth
quarter of 2022 were all-time highs for San Mateo. The volumes in
the table do not include the full quantity of volumes that would
have otherwise been delivered by certain San Mateo customers
subject to minimum volume commitments (although partial deliveries
were made in each period), but for which San Mateo recognized
revenues during each period.
San Mateo Throughput Volumes
Q4 2022
Q3 2022
Sequential(1)
Q4 2021
YoY(2)
Natural gas gathering, MMcf per day
305
285
+7%
252
+21%
Natural gas processing, MMcf per day
328
280
+17%
236
+39%
Oil gathering and transportation, Bbl per
day
46,000
44,800
+3%
41,800
+10%
Produced water handling, Bbl per day
386,000
358,000
+8%
313,000
+23%
(1)
Fourth quarter 2022 as compared to third
quarter 2022.
(2)
Fourth quarter 2022 as compared to fourth
quarter 2021.
During the fourth quarter of 2022, San Mateo achieved net income
of $37.0 million, a 10% sequential increase from $33.6 million in
both the third quarter of 2022 and the fourth quarter of 2021. This
quarterly result was a record high for San Mateo and above the
Company’s expectations for the fourth quarter, primarily resulting
from stronger-than-expected throughput volumes.
San Mateo achieved Adjusted EBITDA of $52.3 million in the
fourth quarter of 2022, a 10% sequential increase from $47.6
million in the third quarter of 2022, and a 20% year-over-year
increase from $43.6 million in the fourth quarter of 2021. This
quarterly result was a record high for San Mateo and above the
Company’s expectations for the fourth quarter for the reasons noted
above.
In the fourth quarter of 2022, San Mateo’s net cash provided by
operating activities was $44.8 million, leading to San Mateo
adjusted free cash flow of $27.7 million.
In December 2022, the lenders under San Mateo’s revolving credit
facility (the “San Mateo Credit Agreement”) extended the maturity
of the facility by three years from December 2023 to December 2026
and increased the lender commitments from $450 million to $485
million. In addition, the lenders agreed to refresh the San Mateo
Credit Agreement’s accordion feature of $250 million, which could
expand lender commitments to up to $735 million. Total borrowings
outstanding under the San Mateo Credit Agreement at December 31,
2022 were $465 million. In early 2023, San Mateo repaid $30 million
in borrowings outstanding under its credit facility, and as of
February 21, 2023, $435 million was outstanding under the San Mateo
Credit Agreement. The San Mateo Credit Agreement is non-recourse
with respect to Matador and its wholly-owned subsidiaries, but is
guaranteed by San Mateo’s subsidiaries and secured by substantially
all of San Mateo’s assets, including real property.
Capital expenditures for Pronto Midstream, LLC (“Pronto”) and
Matador’s portion of San Mateo’s capital expenditures were $10.6
million in the fourth quarter of 2022, about $11 million less than
the Company’s estimate of $22 million, primarily due to the timing
of operations.
Proved Reserves, Standardized Measure and PV-10
The following table summarizes Matador’s estimated total proved
oil and natural gas reserves at December 31, 2022 and 2021.
At December 31,
% YoY Change
2022
2021
Estimated proved reserves:(1)(2)
Oil (MBbl)(3)
196,289
181,306
+8%
Natural Gas (Bcf)(4)
962.6
852.5
+13%
Total (MBOE)(5)
356,722
323,397
+10%
Estimated proved developed reserves:
Oil (MBbl)(3)
116,030
102,233
+13%
Natural Gas (Bcf)(4)
632.9
546.2
+16%
Total (MBOE)(5)
221,507
193,262
+15%
Percent developed
62.1
%
59.8
%
Estimated proved undeveloped reserves:
Oil (MBbl)(3)
80,259
79,073
+1%
Natural Gas (Bcf)(4)
329.7
306.4
+8%
Total (MBOE)(5)
135,215
130,135
+4%
Standardized Measure (in millions)(6)
$
6,983.2
$
4,375.4
+60%
PV-10 (in millions)(7)
$
9,132.2
$
5,347.6
+71%
Commodity prices:(2)
Oil (per Bbl)
$
90.15
$
63.04
+43%
Natural Gas (per MMBtu)
$
6.36
$
3.60
+77%
(1) Numbers in table may not total due to
rounding.
(2) Matador’s estimated proved reserves,
Standardized Measure and PV-10 were determined using index prices
for oil and natural gas, without giving effect to derivative
transactions, and were held constant throughout the life of the
properties. The unweighted arithmetic averages of
first-day-of-the-month prices for the period from January through
December 2022 were $90.15 per Bbl for oil and $6.36 per MMBtu for
natural gas and for the period from January through December 2021
were $63.04 per Bbl for oil and $3.60 per MMBtu for natural gas.
These prices were adjusted by property for quality, energy content,
regional price differentials, transportation fees, marketing
deductions and other factors affecting the price received at the
wellhead. Matador reports its proved reserves in two streams, oil
and natural gas, and the economic value of the natural gas liquids
(“NGL”) associated with the natural gas is included in the
estimated wellhead price on those properties where NGLs are
extracted and sold.
(3) One thousand barrels of oil.
(4) One billion cubic feet of natural
gas.
(5) One thousand barrels of oil
equivalent, estimated using a conversion factor of one barrel of
oil per six thousand standard cubic feet of natural gas.
(6) Standardized Measure represents the
present value of estimated future net cash flows from proved
reserves, less estimated future development, production, plugging
and abandonment and income tax expenses, discounted at 10% per
annum to reflect the timing of future cash flows. Standardized
Measure is not an estimate of the fair market value of Matador’s
properties.
(7) PV-10 is a non-GAAP financial measure.
For a reconciliation of PV-10 (non-GAAP) to Standardized Measure
(GAAP), please see “Supplemental Non-GAAP Financial Measures.”
PV-10 is not an estimate of the fair market value of our
properties.
The proved reserves estimates presented for each period in the
table above were prepared by the Company’s internal engineering
staff and audited by an independent reservoir engineering firm,
Netherland, Sewell & Associates, Inc. These proved reserves
estimates were prepared in accordance with the Securities and
Exchange Commission’s rules for oil and natural gas reserves
reporting and do not include any unproved reserves classified as
probable or possible that might exist on Matador’s properties.
Matador’s total proved oil and natural gas reserves increased
10% year-over-year from 323.4 million BOE (56% oil, 60% proved
developed, 97% Delaware Basin), consisting of 181.3 million barrels
of oil and 852.5 billion cubic feet of natural gas, at December 31,
2021 to 356.7 million BOE (55% oil, 62% proved developed, 97%
Delaware Basin), consisting of 196.3 million barrels of oil and
962.6 billion cubic feet of natural gas, at December 31, 2022.
Matador’s oil, natural gas and total proved reserves at December
31, 2022 were each at an all-time high.
The Standardized Measure of Matador’s total proved oil and
natural gas reserves increased 60% from $4.38 billion at December
31, 2021 to $6.98 billion at December 31, 2022. The PV-10 (a
non-GAAP financial measure) of Matador’s total proved oil and
natural gas reserves increased 71% from $5.35 billion at December
31, 2021 to $9.13 billion at December 31, 2022. The increase in
both Standardized Measure and PV-10 of Matador’s proved oil and
natural gas reserves at December 31, 2022 resulted primarily from
the 10% year-over-year increase in total proved reserves and the
significant increase in both oil and natural gas prices used to
estimate proved reserves at December 31, 2022, as compared to
December 31, 2021. At December 31, 2022, the oil and natural gas
prices used to estimate total proved reserves were $90.15 per
barrel (a 43% increase) and $6.36 per MMBtu (a 77% increase),
respectively, as compared to $63.04 per barrel and $3.60 per MMBtu,
respectively, at December 31, 2021.
Matador’s proved developed oil and natural gas reserves
increased 15% year-over-year from 193.3 million BOE (53% oil),
consisting of 102.2 million barrels of oil and 546.2 billion cubic
feet of natural gas, at December 31, 2021 to 221.5 million BOE (52%
oil), consisting of 116.0 million barrels of oil and 632.9 billion
cubic feet of natural gas, at December 31, 2022. Matador’s proved
developed oil, natural gas and total reserves at December 31, 2022
were each at an all-time high.
Matador’s proved undeveloped reserves at December 31, 2022
increased 4% year-over-year from 130.1 million BOE (61% oil),
consisting of 79.1 million barrels of oil and 306.4 billion cubic
feet of natural gas, at December 31, 2021 to 135.2 million BOE (59%
oil), consisting of 80.3 million barrels of oil and 329.7 billion
cubic feet of natural gas, at December 31, 2022.
Matador estimates total proved oil and natural gas reserves of
the properties associated with the Advance acquisition of
approximately 106.4 million BOE (73% oil) at December 31, 2022.
PV-10 of the proved oil and natural gas reserves of these
properties at December 31, 2022 was approximately $2.86 billion
using the same unweighted arithmetic average first-day-of-the-month
prices for the previous 12-month period being used to value the
Company’s reserves at December 31, 2022. Matador expects to add
future proved reserves and reserves value as a result of the
development of the Advance properties going forward. The reserves
estimates relating to the Advance properties were prepared by
Matador’s engineering staff and audited by an independent reservoir
engineering firm, Netherland, Sewell & Associates, Inc.
Full Year 2023 Guidance Summary
As previously announced on January 24, 2023, a wholly-owned
subsidiary of Matador entered into a definitive agreement to
acquire Advance, including certain oil and natural gas producing
properties and undeveloped acreage located primarily in Lea County,
New Mexico and Ward County, Texas. The consideration for the
Advance acquisition will consist of an initial cash payment of $1.6
billion, subject to customary closing adjustments, plus additional
cash consideration of $7.5 million for each month during 2023 in
which the average oil price as defined in the securities purchase
agreement exceeds $85 per barrel. The Advance acquisition is
subject to customary closing conditions and is expected to close
early in the second quarter of 2023 with an effective date of
January 1, 2023.
Matador’s full year 2023 guidance estimates are summarized in
the table below, as compared to the actual results for 2022. These
estimates are pro forma for the expected closing of the Advance
acquisition in the second quarter of 2023. Matador’s production
estimates for 2023 only include production from the Advance
properties following closing of the acquisition, which is expected
to occur in the second quarter of 2023, because any production
revenues from the Advance assets prior to the closing date will be
part of the purchase price adjustment at closing.
Guidance Metric
Actual
2022 Results
2023 Guidance Range
% YoY
Change(1)
Total Oil Production
21.9 million Bbl(2)
26.4 to 27.3 million Bbl
+22%
Total Natural Gas Production
99.3 Bcf(3)
107.7 to 113.7 Bcf
+11%
Total Oil Equivalent Production
38.5 million BOE(4)
44.35 to 46.25 million BOE
+18%
D/C/E CapEx(5)
$773 million
$1,180 to $1,320 million
+62%
Midstream CapEx(6)
$44 million
$150 to $200 million
+298%
Total D/C/E and Midstream CapEx
$817 million
$1,330 to $1,520 million
+74%
(1) Represents percentage change from 2022
actual results to the midpoint of 2023 guidance range.
(2) One barrel of oil.
(3) One billion cubic feet of natural
gas.
(4) One barrel of oil equivalent,
estimated using a conversion factor of one barrel of oil per six
thousand standard cubic feet of natural gas.
(5) Capital expenditures associated with
drilling, completing and equipping wells.
(6) Includes Matador’s share of estimated
capital expenditures for San Mateo and other wholly-owned midstream
projects, including projects completed by Pronto. Excludes the
acquisition cost of Pronto in 2022.
The full year 2023 guidance estimates presented in the table
above are based upon the following key assumptions for 2023
drilling and completions activity and capital expenditures.
- Matador began 2023 operating seven drilling rigs in the
Delaware Basin. At February 21, 2023, Advance was utilizing one
drilling rig to drill 21 gross (18.9 net) wells in the northern
portion of Matador’s Antelope Ridge asset area in Lea County, New
Mexico, but these wells are not expected to be turned to sales
until 2024. Following the closing of the Advance acquisition,
Matador expects to operate eight drilling rigs in the Delaware
Basin throughout the remainder of 2023.
- Matador estimates its 2023 D/C/E capital expenditures will be
$1.18 to $1.32 billion, as further detailed in the table below.
These 2023 estimates include D/C/E capital expenditures of $225 to
$275 million associated with the Advance properties that are
expected to be incurred following the closing of the Advance
acquisition, including capital expenditures relating to 21 gross
(20.4 net) drilled but uncompleted wells expected to be turned to
sales in the second half of 2023.
D/C/E CapEx(1) Components
Actual
2022 Results
2023 CapEx Estimates
% YoY
Change(2)
Operated
$640 million
$1.05 to $1.16 billion
+73%
Non-Operated
$55 million
$35 to $45 million
(27%)
Artificial Lift / Other Production
Related
$50 million
$60 to $70 million
+30%
Capitalized G&A and Interest
$28 million
$35 to $45 million
+43%
Total D/C/E CapEx
$773 million
$1.18 to $1.32 billion
+62%
(1) Capital expenditures associated with
drilling, completing and equipping wells.
(2) Represents percentage change from 2022
actual results to the midpoint of 2023 guidance range.
- Matador’s estimated 2023 D/C/E capital expenditures include an
expected 10 to 20% increase due to inflation. Matador anticipates
full-year 2023 drilling and completion costs per completed lateral
foot to average approximately $1,125 per completed lateral foot, or
a 10% increase as compared to $1,019 in the fourth quarter of 2022.
As it has done in the past, Matador expects to continue to seek to
mitigate the impact of inflation on its operations through the use
of capital efficiencies such as Simul-Frac and Remote Simul-Frac
operations, casing optimization design, using existing
infrastructure, and increased operating efficiency to reduce
drilling and completion days on wells.
- Matador estimates 2023 midstream capital expenditures of $150
to $200 million. This estimate includes (i) $55 to $75 million for
Matador’s 51% share of San Mateo’s 2023 estimated capital
expenditures of approximately $108 to $147 million and (ii) $95 to
$125 million for other wholly-owned midstream projects, including
projects expected to be completed by Pronto. San Mateo’s 2023
capital expenditures include a variety of projects needed to
provide service for newly drilled wells operated by Matador and
other San Mateo customers. Pronto’s 2023 capital expenditures
include projects to connect certain Matador leaseholds in Lea
County, New Mexico to Pronto’s Marlan cryogenic natural gas
processing plant (the “Marlan Processing Plant”) and to connect the
Marlan Processing Plant to San Mateo’s Black River cryogenic
processing plant.
2023 Operating Plan
The table below provides Matador’s expectations for operated and
non-operated wells to be turned to sales during 2023. These
estimates are pro forma for the expected closing of the Advance
acquisition in the second quarter of 2023. Additional details
regarding Matador’s drilling and completions program for 2023 are
provided in the slide presentation accompanying this press
release.
Avg. Operated
Operated
Non-Operated
Total
Gross Operated
Asset/Operating Area
Lateral Length(1) (feet)
Gross
Net
Gross
Net
Gross
Net
Well Completion Intervals
Western Antelope Ridge
(Rodney Robinson)
9,900
8
7.7
-
-
8
7.7
2-WC B, 2-3BS Carb, 4-2BS
Antelope Ridge
(All Other)
10,300
12
9.1
7
0.8
19
9.9
4-WC A, 2-3BS, 5-2BS, 1-1BS
Arrowhead
9,700
18
11.5
18
1.0
36
12.5
8-WC A, 8-2BS, 2-1BS
Ranger
(Advance Properties)
11,300
21
20.4
-
-
21
20.4
3-WC A, 3-3BS, 6-3BS Carb,
9-2BS
Ranger (All Other)
9,900
21
14.5
17
1.1
38
15.6
1-WC A, 4-3BS, 10-2BS, 6-1BS
Rustler Breaks
7,900
21
13.2
24
1.6
45
14.8
5-WC B, 6-WC A, 8-2BS, 2-1BS
Stateline
10,900
8
8.0
4
0.2
12
8.2
4-WC B, 4-AV
Wolf
9,200
9
8.3
3
0.0
12
8.3
6-WC B, 3-WC A
Delaware Basin
9,800
118
92.7
73
4.7
4.7
191
97.4
Eagle Ford Shale
-
-
-
-
-
-
-
No completions in 2023
Haynesville Shale
-
-
-
16
0.1
16
0.1
No operated completions in
2023
Total
9,800
118
92.7
89
4.8
207
97.5
Note: WC = Wolfcamp; BS = Bone Spring; BS
Carb = Bone Spring Carbonate; AV = Avalon. For example, 2-WC B
indicates two Wolfcamp B completions and 2-3BS Carb indicates two
Third Bone Spring Carbonate completions. Any “0.0” values in the
table above suggest a net working interest of less than 5%, which
does not round to 0.1.
(1) Average completed lateral length for
all Matador-operated horizontal wells expected to be turned to
sales in 2023.
2023 Production Estimates and Cadence
Oil, Natural Gas and Oil Equivalent
Production Growth and Anticipated Cadence
The table below provides estimated ranges for Matador’s average
daily oil, natural gas and total oil equivalent production on a
quarterly basis throughout 2023 pro forma for the anticipated
closing of the Advance acquisition in the second quarter of 2023,
as compared to actual average daily oil, natural gas and total oil
equivalent production in the fourth quarter of 2022. While the
table below should provide a reasonable expectation of the
Company’s production growth profile for 2023 as of February 21,
2023, the Company anticipates updating these quarterly estimates
for the second quarter of 2023 and future periods throughout the
year, as necessary to reflect its actual results and then-current
estimates.
2023 Quarterly Production
Estimates
Period
Average Daily
Total Production,
BOE per day
Average Daily
Oil Production,
Bbl per day
Average Daily
Natural Gas Production,
MMcf per day
% Oil
Q4 2022
111,735
62,316
296.5
56%
Q1 2023
100,500 to 101,500
55,000 to 56,000
270.7 to 274.7
55%
Q2 2023
117,000 to 119,000
69,200 to 70,200
287.0 to 291.0
59%
Q3 2023
133,000 to 135,000
80,500 to 81,500
314.5 to 318.5
61%
Q4 2023
142,000 to 144,000
87,000 to 88,000
332.0 to 336.0
61%
% Change YoY,
Q4 2023
+27 to +29%
+40 to +41%
+12 to +13%
+5%
The Company anticipates its average daily oil equivalent
production should increase 17% from 101,000 BOE per day in the
first quarter of 2023 to 118,000 BOE per day in the second quarter
of 2023. This significant sequential increase is primarily
attributable to the anticipated closing of the Advance acquisition
in the second quarter. Any delays in the anticipated closing date
could result in less production recorded in the second quarter of
2023 than currently forecasted.
Delaware Basin Production
Growth
Matador estimates total oil equivalent production of 43.9
million BOE (61% oil) from the Delaware Basin, or 120,200 BOE per
day, at the midpoint of 2023 guidance, a year-over-year increase of
20% from 2022. The Company anticipates its total oil and natural
gas production from the Delaware Basin should increase 23% and 16%,
respectively, year-over-year, at the midpoint of 2023 production
guidance.
First and Second Quarter 2023 Production
Estimates
As noted in the table above, Matador expects its average daily
total production to decrease 10% sequentially from 111,700 BOE per
day in the fourth quarter of 2022 to approximately 101,000 BOE per
day in the first quarter of 2023. The Company’s first quarter 2023
production volumes have been impacted by several factors that have
deferred portions of its anticipated first quarter production to
the second quarter of 2023, including (i) production shut-in on 17
wells in the Rodney Robinson leasehold while the Company conducts
hydraulic fracturing operations on nine new wells, including
incremental shut-ins originally anticipated in the fourth quarter
of 2022 that were deferred to the first quarter of 2023; and (ii)
more wells than originally anticipated being shut-in across our
other asset areas while offset operators conduct hydraulic
fracturing operations adjacent to our properties. Another
circumstance impacting production in the first quarter of 2023 is
the fact that the 24 gross (15.4 net) operated horizontal wells
turned to sales in the fourth quarter of 2022 had an average
working interest of 64%, as compared to an average working interest
of 88% for operated horizontal wells turned to sales in the first
nine months of 2022. As a result of these factors, the wells turned
to sales during the fourth quarter of 2022 are expected to be less
impactful to net production in the first quarter of 2023 than
otherwise would be expected with higher interest wells. In
addition, most of the operated wells Matador expects to turn to
sales in the first quarter of 2023, including all eight Rodney
Robinson wells, are not expected online until the latter half of
the quarter and will not fully contribute to production in the
first quarter.
Matador anticipates its second quarter 2023 average daily total
production to increase sequentially by 16 to 18%, as compared to
the first quarter of 2023, with average daily oil production
anticipated to increase by 25 to 26%. This significant sequential
increase is primarily attributable to the anticipated closing of
the Advance acquisition in the second quarter. Any delays in the
anticipated closing date could result in less production recorded
in the second quarter of 2023 than currently forecasted. Matador’s
production estimates for 2023 only include production from the
Advance properties following closing of the acquisition, which is
expected to occur in the second quarter of 2023, because any
production revenues from the Advance assets prior to the closing
date will be part of the purchase price adjustment at closing.
First Quarter 2023 Commodity Price
Differentials
The following table summarizes Matador’s expectations for
commodity price differentials for the first quarter of 2023, as
compared to the fourth quarter of 2022.
Q4 2022
Q1 2023E
Realized Commodity Prices
Benchmark(1)
Actual Realized Price
Actual Differential
Differential Guidance(2)
Oil Prices, per Bbl
$82.60
$83.90
+$1.30
($1.50) to ($0.50)
Natural Gas Prices, per Mcf
$6.08
$5.65
($0.43)
$0.00 to +$1.00
(1) Oil benchmark is WTI and natural gas
benchmark is Henry Hub.
(2) As provided on February 21, 2023.
- The reduction in the realized oil price differential in the
first quarter of 2023 is primarily attributable to the change in
the monthly “roll” in the first quarter of 2023, as compared to the
fourth quarter of 2022.
- The improvement in the realized natural gas price differential
in the first quarter of 2023 is primarily attributable to
improvement in the natural gas price differential at the Waha hub
in West Texas in the first quarter of 2023, as compared to the
fourth quarter of 2022. Matador is a
two-stream reporter, and the revenues associated with its NGL
production are included in the weighted average realized natural
gas price. NGL prices do not contribute to or affect Matador’s
realized gain or loss on natural gas derivatives.
Environmental, Social and Governance (“ESG”) Update
Matador is committed to creating long-term value for its
stakeholders in a responsible manner by pursuing sound growth and
earnings objectives and exercising prudence in the use of its
assets and resources. In December 2022, Matador was pleased to
issue its annual Sustainability Report on Matador’s ongoing
ESG-related initiatives. This report highlights Matador’s continued
progress and improvements in its operating practices, including
quantitative sustainability metrics aligned with standards
developed by the Sustainability Accounting Standards Board
(“SASB”), and should provide Matador’s stakeholders and interested
parties with a standardized platform for evaluating the Company’s
recent performance and future progress. Matador’s Sustainability
Report, including the SASB-aligned sustainability metrics, is
available on the Company’s website at
www.matadorresources.com/sustainability.
Conference Call Information
The Company will host a live conference call on Wednesday,
February 22, 2023, at 10:00 a.m. Central Time to discuss its fourth
quarter and full year 2022 financial and operational results, as
well as its 2023 operating plan and market guidance. To access the
live conference call by phone, you can use the following link
https://register.vevent.com/register/BI7729c95d8e704d7c898ad682abf857dd
and you will be provided with dial in details. To avoid delays, it
is recommended that participants dial into the conference call 15
minutes ahead of the scheduled start time.
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 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.
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, the consummation and timing of the
Advance acquisition, the anticipated benefits, opportunities and
results with respect to the Advance acquisition, including any
expected value creation, reserves additions, midstream
opportunities and other anticipated impacts from the Advance
acquisition, as well as other aspects of the transaction, 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 ability of the parties to
consummate the Advance acquisition in the anticipated timeframe or
at all; risks related to the satisfaction or waiver of the
conditions to closing the Advance acquisition in the anticipated
timeframe or at all; risks related to obtaining the requisite
regulatory approvals for the Advance acquisition, disruption from
the Advance acquisition making it more difficult to maintain
business and operational relationships; significant transaction
costs associated with the Advance acquisition; the risk of
litigation and/or regulatory actions related to the Advance
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; 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; 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 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 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.
Sequential and year-over-year quarterly comparisons of selected
financial and operating items are shown in the following table:
Three Months Ended
December 31,
September 30,
December 31,
2022
2022
2021
Net Production Volumes:(1)
Oil (MBbl)(2)
5,733
5,535
4,578
Natural gas (Bcf)(3)
27.3
24.9
20.7
Total oil equivalent (MBOE)(4)
10,280
9,680
8,030
Average Daily Production Volumes:(1)
Oil (Bbl/d)(5)
62,316
60,163
49,756
Natural gas (MMcf/d)(6)
296.5
270.3
225.2
Total oil equivalent (BOE/d)(7)
111,735
105,214
87,288
Average Sales Prices:
Oil, without realized derivatives (per
Bbl)
$
83.90
$
94.36
$
76.82
Oil, with realized derivatives (per
Bbl)
$
82.39
$
91.69
$
60.96
Natural gas, without realized derivatives
(per Mcf)(8)
$
5.65
$
9.22
$
7.68
Natural gas, with realized derivatives
(per Mcf)
$
5.32
$
7.55
$
6.64
Revenues (millions):
Oil and natural gas revenues
$
635.0
$
751.4
$
510.8
Third-party midstream services
revenues
$
26.7
$
24.7
$
19.7
Realized loss on derivatives
$
(17.6
)
$
(56.3
)
$
(94.2
)
Operating Expenses (per BOE):
Production taxes, transportation and
processing
$
6.10
$
7.64
$
6.48
Lease operating
$
3.98
$
4.38
$
3.34
Plant and other midstream services
operating
$
2.85
$
2.56
$
2.12
Depletion, depreciation and
amortization
$
12.80
$
12.28
$
11.15
General and administrative(9)
$
3.36
$
2.85
$
3.14
Total(10)
$
29.09
$
29.71
$
26.23
Other (millions):
Net sales of purchased natural gas(11)
$
7.0
$
8.5
$
1.8
Net income (millions)(12)
$
253.8
$
337.6
$
214.8
Earnings per common share
(diluted)(12)
$
2.11
$
2.82
$
1.80
Adjusted net income (millions)(12)(13)
$
249.9
$
321.7
$
151.2
Adjusted earnings per common share
(diluted)(12)(14)
$
2.08
$
2.68
$
1.26
Adjusted EBITDA (millions)(12)(15)
$
461.8
$
539.7
$
299.1
Net cash provided by operating activities
(millions)(16)
$
446.5
$
557.0
$
334.5
Adjusted free cash flow
(millions)(12)(17)
$
249.3
$
269.1
$
119.3
San Mateo net income (millions)(18)
$
37.0
$
33.6
$
33.6
San Mateo Adjusted EBITDA
(millions)(15)(18)
$
52.3
$
47.6
$
43.6
San Mateo net cash provided by operating
activities (millions)(18)
$
44.8
$
38.3
$
33.1
San Mateo adjusted free cash flow
(millions)(17)(18)
$
27.7
$
16.4
$
28.9
D/C/E capital expenditures (millions)
$
188.9
$
241.8
$
165.7
Midstream capital expenditures
(millions)(19)
$
10.6
$
14.7
$
6.6
(1) Production volumes and proved reserves 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 $0.41, $0.39 and $0.43 per BOE of
non-cash, stock-based compensation expense in the fourth quarter of
2022, the third quarter of 2022 and the fourth quarter of 2021,
respectively.
(10) Total does not include the impact of full-cost ceiling
impairment charges, 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 San Mateo or Pronto
cryogenic natural gas processing plants and subsequently sells the
residue natural gas and NGLs to other purchasers. Such amounts
reflect revenues from sales of purchased natural gas of $43.1
million, $77.9 million and $31.8 million less expenses of $36.0
million, $69.4 million and $30.1 million in the fourth quarter of
2022, the third quarter of 2022 and the fourth quarter of 2021,
respectively.
(12) Attributable to Matador Resources Company shareholders.
(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 San Mateo and other wholly-owned midstream projects, including
projects completed by Pronto. Excludes the acquisition cost of
Pronto in 2022.
Matador Resources Company and Subsidiaries
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except par value and share
data)
December 31,
2022
2021
ASSETS
Current assets
Cash
$
505,179
$
48,135
Restricted cash
42,151
38,785
Accounts receivable
Oil and natural gas revenues
224,860
164,242
Joint interest billings
180,947
48,366
Other
48,011
28,808
Derivative instruments
3,930
1,971
Lease and well equipment inventory
15,184
12,188
Prepaid expenses and other current
assets
51,570
28,810
Total current assets
1,071,832
371,305
Property and equipment, at cost
Oil and natural gas properties, full-cost
method
Evaluated
6,862,455
6,007,325
Unproved and unevaluated
977,502
964,714
Midstream properties
1,057,668
900,979
Other property and equipment
32,847
30,123
Less accumulated depletion, depreciation
and amortization
(4,512,275
)
(4,046,456
)
Net property and equipment
4,418,197
3,856,685
Other assets
Other long-term assets
64,476
34,163
Total assets
$
5,554,505
$
4,262,153
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
58,848
$
26,256
Accrued liabilities
261,310
253,283
Royalties payable
117,698
94,359
Amounts due to affiliates
32,803
27,324
Derivative instruments
—
16,849
Advances from joint interest owners
52,357
18,074
Other current liabilities
52,857
28,692
Total current liabilities
575,873
464,837
Long-term liabilities
Borrowings under Credit Agreement
—
100,000
Borrowings under San Mateo Credit
Facility
465,000
385,000
Senior unsecured notes payable
695,245
1,042,580
Asset retirement obligations
52,985
41,689
Deferred income taxes
428,351
77,938
Other long-term liabilities
19,960
22,721
Total long-term liabilities
1,661,541
1,669,928
Shareholders’ equity
Common stock — $0.01 par value,
160,000,000 shares authorized; 118,953,381 and 117,861,923 shares
issued; and 118,948,624 and 117,850,233 shares outstanding,
respectively
1,190
1,179
Additional paid-in capital
2,101,999
2,077,592
Retained earnings (accumulated
deficit)
1,007,642
(171,318
)
Treasury stock, at cost, 4,757 and 11,945
shares, respectively
(34
)
(243
)
Total Matador Resources Company
shareholders’ equity
3,110,797
1,907,210
Non-controlling interest in
subsidiaries
206,294
220,178
Total shareholders’ equity
3,317,091
2,127,388
Total liabilities and shareholders’
equity
$
5,554,505
$
4,262,153
Matador Resources Company and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2022
2021
2022
2021
Revenues
Oil and natural gas revenues
$
635,010
$
510,770
$
2,905,738
$
1,700,542
Third-party midstream services
revenues
26,707
19,725
90,606
75,499
Sales of purchased natural gas
43,065
31,836
200,355
86,034
Realized loss on derivatives
(17,618
)
(94,162
)
(157,483
)
(220,105
)
Unrealized gain on derivatives
20,311
98,189
18,809
21,011
Total revenues
707,475
566,358
3,058,025
1,662,981
Expenses
Production taxes, transportation and
processing
62,752
52,074
282,193
178,987
Lease operating
40,933
26,840
157,105
108,964
Plant and other midstream services
operating
29,257
17,007
95,522
61,459
Purchased natural gas
36,034
30,062
178,937
77,126
Depletion, depreciation and
amortization
131,601
89,537
466,348
344,905
Accretion of asset retirement
obligations
682
539
2,421
2,068
General and administrative
34,516
25,178
116,229
96,396
Total expenses
335,775
241,237
1,298,755
869,905
Operating income
371,700
325,121
1,759,270
793,076
Other income (expense)
Net loss on asset sales and impairment
—
(80
)
(1,311
)
(331
)
Interest expense
(16,424
)
(19,108
)
(67,164
)
(74,687
)
Other expense
(2,439
)
(1,466
)
(5,121
)
(2,712
)
Total other expense
(18,863
)
(20,654
)
(73,596
)
(77,730
)
Income before income taxes
352,837
304,467
1,685,674
715,346
Income tax provision (benefit)
Current
2,937
—
54,877
—
Deferred
77,991
73,222
344,480
74,710
Total income tax provision
80,928
73,222
399,357
74,710
Net income
271,909
231,245
1,286,317
640,636
Net income attributable to non-controlling
interest in subsidiaries
(18,117
)
(16,455
)
(72,111
)
(55,668
)
Net income attributable to Matador
Resources Company shareholders
$
253,792
$
214,790
$
1,214,206
$
584,968
Earnings per common share
Basic
$
2.15
$
1.83
$
10.28
$
5.00
Diluted
$
2.11
$
1.80
$
10.11
$
4.91
Weighted average common shares
outstanding
Basic
118,298
117,384
118,122
116,999
Diluted
120,074
119,575
120,131
119,163
Matador Resources Company and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2022
2021
2022
2021
Operating activities
Net income
$
271,909
$
231,245
$
1,286,317
$
640,636
Adjustments to reconcile net income to net
cash provided by operating activities
Unrealized gain on derivatives
(20,311
)
(98,189
)
(18,809
)
(21,011
)
Depletion, depreciation and
amortization
131,601
89,537
466,348
344,905
Accretion of asset retirement
obligations
682
539
2,421
2,068
Stock-based compensation expense
4,236
3,422
15,123
9,039
Deferred income tax provision
77,991
73,222
344,480
74,710
Amortization of debt issuance cost and
other debt related costs
165
1,216
(517
)
3,659
Net loss on asset sales and impairment
—
80
1,311
331
Changes in operating assets and
liabilities
Accounts receivable
(35,325
)
12,765
(205,426
)
(98,456
)
Lease and well equipment inventory
(1,115
)
(358
)
(2,847
)
(1,537
)
Prepaid expenses and other current
assets
(1,066
)
(2,271
)
(22,952
)
(11,786
)
Other long-term assets
(82
)
(581
)
175
56
Accounts payable, accrued liabilities and
other current liabilities
8,938
16,272
63,455
76,891
Royalties payable
(16,675
)
2,997
23,339
28,310
Advances from joint interest owners
25,364
5,869
34,283
7,018
Other long-term liabilities
211
(1,236
)
(7,962
)
(1,478
)
Net cash provided by operating
activities
446,523
334,529
1,978,739
1,053,355
Investing activities
Drilling, completion and equipping capital
expenditures
(226,377
)
(113,650
)
(771,830
)
(431,136
)
Acquisition of oil and natural gas
properties
(20,819
)
(208,889
)
(155,074
)
(238,609
)
Midstream capital expenditures
(28,638
)
(23,137
)
(80,051
)
(63,359
)
Acquisition of midstream assets
—
—
(75,816
)
—
Expenditures for other property and
equipment
(523
)
89
(1,213
)
(376
)
Proceeds from sale of assets
—
—
46,507
4,215
Net cash used in investing activities
(276,357
)
(345,587
)
(1,037,477
)
(729,265
)
Financing activities
Repayments of borrowings under Credit
Agreement
—
(210,000
)
(300,000
)
(600,000
)
Borrowings under Credit Agreement
—
190,000
200,000
260,000
Repayments of borrowings under San Mateo
Credit Facility
(30,000
)
(20,000
)
(150,000
)
(84,000
)
Borrowings under San Mateo Credit
Facility
55,000
47,500
230,000
135,000
Cost to enter into or amend credit
facilities
(3,219
)
(3,230
)
(3,725
)
(4,108
)
Purchase of senior unsecured notes
(60,342
)
—
(344,302
)
—
Dividends paid
(11,752
)
(5,840
)
(35,246
)
(14,581
)
Contributions related to formation of San
Mateo
5,500
11,000
28,250
48,626
Distributions to non-controlling interest
owners of less-than-wholly-owned subsidiaries
(18,620
)
(16,170
)
(85,995
)
(61,985
)
Taxes paid related to net share settlement
of stock-based compensation
(978
)
(4,050
)
(19,242
)
(8,211
)
Other
(145
)
977
(592
)
706
Net cash used in financing activities
(64,556
)
(9,813
)
(480,852
)
(328,553
)
Increase (decrease) in cash and restricted
cash
105,610
(20,871
)
460,410
(4,463
)
Cash and restricted cash at beginning of
period
441,720
107,791
86,920
91,383
Cash and restricted cash at end of
period
$
547,330
$
86,920
$
547,330
$
86,920
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 the United States of
America. The Company believes Adjusted EBITDA helps it evaluate its
operating performance and compare its results of operations from
period to period without regard to its financing methods or capital
structure. The Company defines, on a consolidated basis and for San
Mateo, Adjusted EBITDA as earnings before interest expense, income
taxes, depletion, depreciation and amortization, accretion of asset
retirement obligations, property impairments, unrealized derivative
gains and losses, certain other non-cash items and non-cash
stock-based compensation expense and net gain or loss on asset
sales and impairment. Adjusted EBITDA is not a measure of net
income or net cash provided by operating activities as determined
by GAAP. All references to Matador’s Adjusted EBITDA are those
values attributable to Matador Resources Company shareholders after
giving effect to Adjusted EBITDA attributable to third-party
non-controlling interests, including in San Mateo.
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 – Matador Resources Company
Three Months Ended
Year Ended
(In thousands)
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Unaudited Adjusted EBITDA
Reconciliation to Net Income:
Net income attributable to Matador
Resources Company shareholders
$
253,792
$
337,572
$
214,790
$
1,214,206
$
584,968
Net income attributable to non-controlling
interest in subsidiaries
18,117
16,456
16,455
72,111
55,668
Net income
271,909
354,028
231,245
1,286,317
640,636
Interest expense
16,424
15,996
19,108
67,164
74,687
Total income tax provision
80,928
113,941
73,222
399,357
74,710
Depletion, depreciation and
amortization
131,601
118,870
89,537
466,348
344,905
Accretion of asset retirement
obligations
682
679
539
2,421
2,068
Unrealized gain on derivatives
(20,311
)
(43,097
)
(98,189
)
(18,809
)
(21,011
)
Non-cash stock-based compensation
expense
4,236
3,810
3,422
15,123
9,039
Net loss on asset sales and impairment
—
1,113
80
1,311
331
Expense (income) related to contingent
consideration and other
1,969
(2,288
)
1,485
4,926
1,485
Consolidated Adjusted EBITDA
487,438
563,052
320,449
2,224,158
1,126,850
Adjusted EBITDA attributable to
non-controlling interest in subsidiaries
(25,650
)
(23,322
)
(21,382
)
(97,002
)
(74,877
)
Adjusted EBITDA attributable to Matador
Resources Company shareholders
$
461,788
$
539,730
$
299,067
$
2,127,156
$
1,051,973
Three Months Ended
Year Ended
(In thousands)
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Unaudited Adjusted EBITDA
Reconciliation to Net Cash Provided by Operating
Activities:
Net cash provided by operating
activities
$
446,523
$
556,960
$
334,529
$
1,978,739
$
1,053,355
Net change in operating assets and
liabilities
19,750
(9,774
)
(33,457
)
117,935
982
Interest expense, net of non-cash
portion
15,219
15,013
17,892
63,064
71,028
Current income tax provision
2,937
270
—
54,877
—
Expense related to contingent
consideration and other
3,009
583
1,485
9,543
1,485
Adjusted EBITDA attributable to
non-controlling interest in subsidiaries
(25,650
)
(23,322
)
(21,382
)
(97,002
)
(74,877
)
Adjusted EBITDA attributable to Matador
Resources Company shareholders
$
461,788
$
539,730
$
299,067
$
2,127,156
$
1,051,973
Adjusted EBITDA – San Mateo (100%)
Three Months Ended
Year Ended
(In thousands)
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Unaudited Adjusted EBITDA
Reconciliation to Net Income:
Net income
$
36,971
$
33,584
$
33,583
$
147,163
$
113,607
Depletion, depreciation and
amortization
8,301
8,258
7,808
32,378
30,522
Interest expense
7,000
4,570
2,180
16,829
8,434
Accretion of asset retirement
obligations
75
70
66
282
247
Net loss on impairment and one-time plant
payment
—
1,113
—
1,311
1,500
Adjusted EBITDA
$
52,347
$
47,595
$
43,637
$
197,963
$
154,310
Three Months Ended
Year Ended
(In thousands)
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Unaudited Adjusted EBITDA
Reconciliation to Net Cash Provided by Operating
Activities:
Net cash provided by operating
activities
$
44,803
$
38,333
$
33,121
$
178,549
$
143,744
Net change in operating assets and
liabilities
1,029
4,948
8,585
3,848
1,689
Interest expense, net of non-cash
portion
6,515
4,314
1,931
15,566
7,377
One-time plant payment
—
—
—
—
1,500
Adjusted EBITDA
$
52,347
$
47,595
$
43,637
$
197,963
$
154,310
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
Matador Resources Company shareholders, adjusted for dollar and per
share impact of certain items, including unrealized gains or losses
on derivatives, the impact of full cost-ceiling impairment charges,
if any, and non-recurring transaction costs for certain
acquisitions or other non-recurring expense items, along with the
related tax effect for all periods. This non-GAAP financial
information is provided as additional information for investors and
is not in accordance with, or an alternative to, GAAP financial
measures. Additionally, these non-GAAP financial measures may be
different than similar measures used by other companies. The
Company believes the presentation of adjusted net income and
adjusted earnings per diluted common share provides useful
information to investors, as it provides them an additional
relevant comparison of the Company’s performance across periods and
to the performance of the Company’s peers. In addition, these
non-GAAP financial measures reflect adjustments for items of income
and expense that are often excluded by industry analysts and other
users of the Company’s financial statements in evaluating the
Company’s performance. The table below reconciles adjusted net
income and adjusted earnings per diluted common share to their most
directly comparable GAAP measure of net income attributable to
Matador Resources Company shareholders.
Three Months Ended
Year Ended
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
(In thousands, except per share data)
Unaudited Adjusted Net Income and
Adjusted Earnings Per Common Share Reconciliation to Net
Income:
Net income attributable to Matador
Resources Company shareholders
$
253,792
$
337,572
$
214,790
$
1,214,206
Total income tax provision
80,928
113,941
73,222
399,357
Income attributable to Matador Resources
shareholders before taxes
334,720
451,513
288,012
1,613,563
Less non-recurring and unrealized charges
to income before taxes:
Unrealized gain on derivatives
(20,311
)
(43,097
)
(98,189
)
(18,809
)
Net loss on asset sales and impairment
—
1,113
80
1,311
Expense (income) related to contingent
consideration and other
1,969
(2,288
)
1,485
4,926
Adjusted income attributable to Matador
Resources shareholders before taxes
316,378
407,241
191,388
1,600,991
Income tax expense(1)
66,439
85,521
40,191
336,208
Adjusted net income attributable to
Matador Resources Company shareholders (non-GAAP)
$
249,939
$
321,720
$
151,197
$
1,264,783
Weighted average shares outstanding -
basic
118,298
118,136
117,384
118,122
Dilutive effect of options and restricted
stock units
1,776
1,714
2,191
2,009
Weighted average common shares outstanding
- diluted
120,074
119,850
119,575
120,131
Adjusted earnings per share attributable
to Matador Resources shareholders (non-GAAP)
Basic
$
2.11
$
2.72
$
1.29
$
10.71
Diluted
$
2.08
$
2.68
$
1.26
$
10.53
(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 San Mateo, as net cash
provided by operating activities, adjusted for changes in working
capital and cash performance incentives that are not included as
operating cash flows, less cash flows used for capital
expenditures, adjusted for changes in capital accruals. On a
consolidated basis, these numbers are also adjusted for the cash
flows related to non-controlling interest in subsidiaries that
represent cash flows not attributable to Matador shareholders.
Adjusted free cash flow should not be considered an alternative to,
or more meaningful than, net cash provided by operating activities
as determined in accordance with GAAP or an indicator of the
Company’s liquidity. Adjusted free cash flow is used by the
Company, securities analysts and investors as an indicator of the
Company’s ability to manage its operating cash flow, internally
fund its D/C/E capital expenditures, pay dividends and service or
incur additional debt, without regard to the timing of settlement
of either operating assets and liabilities or accounts payable
related to capital expenditures. Additionally, this non-GAAP
financial measure may be different than similar measures used by
other companies. The Company believes the presentation of adjusted
free cash flow provides useful information to investors, as it
provides them an additional relevant comparison of the Company’s
performance, sources and uses of capital associated with its
operations across periods and to the performance of the Company’s
peers. In addition, this non-GAAP financial measure reflects
adjustments for items of cash flows that are often excluded by
securities analysts and other users of the Company’s financial
statements in evaluating the Company’s cash spend.
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 Matador shareholders after giving
effect to adjusted free cash flow attributable to third-party
non-controlling interests, including in San Mateo.
Adjusted Free Cash Flow – Matador Resources Company
Three Months Ended
Year Ended
(In thousands)
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
Net cash provided by operating
activities
$
446,523
$
556,960
$
334,529
$
1,978,739
Net change in operating assets and
liabilities
19,750
(9,774
)
(33,457
)
117,935
San Mateo discretionary cash flow
attributable to non-controlling interest in subsidiaries(1)
(22,458
)
(21,208
)
(20,436
)
(89,375
)
Performance incentives received from Five
Point
5,500
—
11,000
28,250
Total discretionary cash flow
449,315
525,978
291,636
2,035,549
Drilling, completion and equipping capital
expenditures
226,377
155,560
113,650
771,830
Midstream capital expenditures
28,638
23,103
23,137
80,051
Expenditures for other property and
equipment
523
407
(89
)
1,213
Net change in capital accruals
(46,621
)
90,994
41,888
4,355
San Mateo accrual-based capital
expenditures related to non-controlling interest in
subsidiaries(2)
(8,883
)
(13,188
)
(6,261
)
(39,717
)
Total accrual-based capital
expenditures(3)
200,034
256,876
172,325
817,732
Adjusted free cash flow
$
249,281
$
269,102
$
119,311
$
1,217,817
(1) Represents Five Point Energy LLC’s (“Five Point”) 49%
interest in San Mateo discretionary cash flow, as computed
below.
(2) Represents Five Point’s 49% interest in accrual-based San
Mateo capital expenditures, as computed below.
(3) Represents drilling, completion and equipping costs,
Matador’s share of San Mateo capital expenditures plus 100% of
other midstream capital expenditures not associated with San
Mateo.
Adjusted Free Cash Flow - San Mateo (100%)
Three Months Ended
Year Ended
(In thousands)
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
Net cash provided by San Mateo operating
activities
$
44,803
$
38,333
$
33,121
$
178,549
Net change in San Mateo operating assets
and liabilities
1,029
4,948
8,585
3,848
Total San Mateo discretionary cash
flow
45,832
43,281
41,706
182,397
San Mateo capital expenditures
27,181
23,059
23,191
79,026
Net change in San Mateo capital
accruals
(9,052
)
3,855
(10,413
)
2,029
San Mateo accrual-based capital
expenditures
18,129
26,914
12,778
81,055
San Mateo adjusted free cash flow
$
27,703
$
16,367
$
28,928
$
101,342
PV-10
PV-10 is a non-GAAP financial measure and generally differs from
Standardized Measure, the most directly comparable GAAP financial
measure, because it does not include the effects of income taxes on
future income. PV-10 is not an estimate of the fair market value of
the Company’s properties. Matador and others in the industry use
PV-10 as a measure to compare the relative size and value of proved
reserves held by companies and of the potential return on
investment related to the companies’ properties without regard to
the specific tax characteristics of such entities. PV-10 may be
reconciled to the Standardized Measure of discounted future net
cash flows at such dates by adding the discounted future income
taxes associated with such reserves to the Standardized
Measure.
(in millions)
At December 31,
2022
At December 31,
2021
Standardized Measure
$
6,983.2
$
4,375.4
Discounted future income taxes
2,149.0
972.2
PV-10
$
9,132.2
$
5,347.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230221005636/en/
Mac Schmitz Vice President - Investor Relations (972) 371-5225
investors@matadorresources.com
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