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Matador Q1: Production Curtailments, Rig Count Cut 50%; Free Cash in the Negatives
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Matador Resources Co. reported its Q1 2020 results. Below are the highlights from its report and call.
Q1 Financial Highlights & Production Matador reported several key financial developments in Q1, including: Q1 Free Cash in the Negatives at $-64.6MM: Matador's free cash in Q1 was -$65 million ($109.3 net cash minus $173.9 in Q1 capital expenditures) Q1 Production Declines 5% from Prior Quarter: Q1 production of 73.8 MBOEPD (57% oil) - down 5% from Q4 2019 Increased Hedges - 90% of Production: Matador has restructured portions of its then-existing 2020 WTI oil hedges. At April 29, 2020, has 90% of its oil production hedged at $38.00 to $39.00 per barrel for the period from April through December 2020 with collars at $48 (see table below Q1 Snapshot for full hedge information). Rig…- ✓ Full news archive — U.S., Canada & international coverage
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