Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Cap(1) 2.3B Delaware Basin Q1 Avg. Daily Production 59.9 MBOE/d Assets Haynesville/ Q1 Net Debt / Adj. EBITDA(2) 2.3x Cotton Valley Assets YE 2018 Proved…
Matadors Significant Executive Officer % Ownership vs. Peer Group Joseph Wm. Foran Matthew V. Hairford David E. Lancaster Craig N. Adams Billy E. Goodwin Founder, Chairman President and EVP and CFO EVP and COO EVP and COO and CEO…
Since Its IPO in February 2012 Matador Has Outperformed Peers and Crude Oil Increased Its Production Volumes 200% (1) XOP Index Crude Oil Matador Peers (2) Delaware Volumes Were Non-Existent at Time of IPO and 60 70.0% Were 45.2…
Matador Has Made Tremendous Progress Since its IPO We Do What We Say We Will Do At IPO(1): February 7, 2012 Today(2) Difference Share Price 12.00 19.93(3) +66% Oil Price 98.41 61.70(4) -37% 414 Bbl/d 34,500 Bbl/d Oil…
Q1 2019 Volumes At Record Levels; Delaware Production Tops 50,000 BOE/d Average Daily Oil Production Average Daily Total Production (Bbl/d) (BOE/d) BOE up 8% sequentially; up 32% YoY 59,941 Oil up 3% sequentially; up 30% YoY…
Committed to Maintaining Strong Balance Sheet Through the Cycles Preserved and enhanced liquidity through addition of San Mateo credit facility in December 2018, October 2018 Senior Notes tack-on offering, August 2018 Senior Notes…
Consistent Proved Reserves per Share Growth Matador proved reserves per share are at all-time highs despite a 45% decrease in crude oil prices since mid-2014 Since Matadors IPO, reserves per share have increased 3.7x 2.00 Oil…
Matador Screens Well Against Peers on Return Metrics E&P Return on Average Capital Employed Cash Return on Cash Invested (CROCI)(2) (ROACE)(1) 2018 2018 Peer 1 31% Peer 3 29% Peer 2 28% Peer 5 17% Peer 3 28% MTDR 14% 14% MTDR 22%…
Operations and Delaware Basin Update NYSE: MTDR
Expanding Opportunities in the Northern Delaware Basin Matador has been identifying new opportunities in the Northern Delaware Basin and has tested, or participated in testing, 16 discrete intervals across its acreage position 13
Building Delaware Basin Position One Brick at a Time 2012 2014 2016 Today 7,500 Net Acres 65,000 Net Acres 94,700 Net Acres 133,000 Net Acres EDDY LEA LEA LEA LEA EDDY EDDY EDDY LOVING LOVING LOVING LOVING Matador…
Delaware Basin Acreage Position and Recent Operations and Results Matador Acreage TWIN LAKES Running six rigs in Delaware Basin 44,300 gross / 31,300 net acres Rustler Breaks: One to three rigs (at times) drilling primarily Wolfcamp…
Delaware Basin Inventory Continues to Increase Added 52,000 Net Acres Since January 1, 2017 Matador has identified up to 5,442 gross (2,472 net) potential locations(1) for future drilling (only locations yet to be drilled) on its…
Well Spacing in the Delaware Basin Matadors Approach to Engineered Locations Approximately 90% of the Companys estimated 2019 capital expenditures for drilling, completing and equipping wells will be in the Delaware Basin Drilling…
Matador Delaware Basin Frac Design Evolution Reservoir Specific Gen 1 Gen 2 Gen 3 Testing 2,000 lbs/ft 1,333 lbs/ft 2,000 lbs/ft 2.5k-3.0k lbs/ft 40 Bbl/ft 20 Bbl/ft 40 Bbl/ft 50+ Bbl/ft 50 ft cluster 75 ft cluster 50 ft…
Regional Sand: Increasing Use to Enhance Operational Efficiency Implementation and Cost Savings 1,100 Potential Cost Savings, 000s Cost savings are linear with Initial tests conducted to evaluate smaller Northern White 1,000…
A Step Change in Capital Efficiency: Longer Laterals and Increased Batch Drilling Recent strategic trades and acquisitions have Average Lateral Length and % of Longer Laterals opened the door for a significant step change in 100%…
A Step Change in Capital Efficiency: Driving Down D&C CapEx per Foot(1) 600,000 1,700 Lateral Feet Turned to Sales Average Drilling & Completions CapEx/foot, /ft(1) (1) Assumes constant 530,000 Average D&C CapEx/ft rig count…
Continuing to Drill Wells More Efficiently In 2018, Matador Drilled Over 1.2 Million Feet at its Fastest ROP(1) Achieved Note: Only horizontal wells drilled in the Delaware Basin. (1) Rate of penetration, or ROP, calculated by…
Delaware Basin Asset Areas NYSE: MTDR
Rustler Breaks and Stateline Asset Areas Eddy County, New Mexico Asset Summary and Recent Highlights Black River Cryogenic Natural Gas Processing Plant and Salt Water Disposal Wells 1, 2, 3, 4, 5 and 6 Approximately 48,700 gross…
Antelope Ridge Asset Area Lea County, New Mexico Asset Summary and Highlights Marlan Downey 111H 24-hr IP: 1,491 BOE/d (82% oil) Approximately 20,500 gross (17,000 net) acres, including 4,800 net acres with 87.5% NRI added in…
Wolf and Jackson Trust Asset Areas Loving County, Texas Asset Summary and Recent Highlights Approximately 14,400 gross (10,700 net) acres Added 1,300 strategic net acres in 2018 Producing from four primary intervals, including 2nd…
Arrowhead and Ranger Asset Areas Eddy and Lea Counties, NM Leo 15 B2DH Fed 1H 1st Bone Spring Mewbourne 48 month cum: 478 MBOE (70% oil) 2nd Bone Spring Baroque BTQ Fed Com 1H 3rd Bone Spring Yates Petroleum (EOG) Mallon 27 Fed Com 1H,…
Twin Lakes Asset Area Lea County, New Mexico State LF 30 4H NE Kemnitz 233H D. Culbertson State 234H Olivine 5-16-37 TL State 1 Cimarex Wolfcamp D (1.0-mile lateral) Wolfcamp D (1.0-mile lateral) Vertical Strawn Completion Wolfcamp D…
San Mateo Midstream Operations and Plans
Midstream Business Continues to Grow San Mateos Three-Pipe Offering Gas Gathering and Processing Water Gathering and Disposal Oil Gathering and Transportation 260 MMcf/d of designed natural gas 9 salt water disposal wells (SWDs) and…
San Mateo Asset Overview Including Planned San Mateo Expansion San Mateo I (Formed February 2017): Gas processing plant 260 MMcf/d designed inlet capacity Gas, oil and water gathering Nine commercial SWDs (Tenth in progress)…
Significant Midstream Value Created and More Opportunities Exist 2,000 Matadors midstream business has grown from negligible to 1.0 billion(1) business, essentially self-funded San Mateo continues to attract third-party volumes from…
Significant Growth in Delaware Midstream Business in Last Three Years Q1 2017 Q1 2018 Q1 2019 Growth(1) Designed Water Disposal 70,000 Bbl/d 160,000 Bbl/d 250,000 Bbl/d 3.6x Capacity Average Water Disposed 56,000 Bbl/d 100,000…
San Mateo Recent Highlights and Performance February 2019 Matador entered into second strategic midstream transaction with Five Point Energy LLC to expand San Mateos operations in the Delaware Basin see February 25, 2019 press release…
Marketing Overview NYSE: MTDR
Crude Oil Marketing Overview Matador currently has on pipe almost all of its oil production from the Wolf and Rustler Breaks asset areas, which comprised 67% of the Companys Central Delivery Points Delaware Basin oil production in…
Natural Gas Marketing Overview Matador believes it has sufficient firm capacity for Black River Processing Plant existing production and expected production volumes from future drilling Matador currently sells residue gas at Waha…
Natural Gas Liquids Marketing Overview Matador Acreage Completed NGL connection at the Black River Black River Processing Plant Processing Plant on EPICs Y-Grade pipeline EPIC Y-Grade Pipeline in March 2018 BP Energy Company…
2019 Capital Investment Plan NYSE: MTDR
Summary and 2019 Guidance (as Provided on February 26, 2019) Six rigs to operate in the Delaware Basin expect to complete and turn to sales 73 gross (54.9 net) operated wells in 2019 Four rigs in Rustler Breaks and Antelope Ridge, one…
Matadors 2019 Delaware Basin Operated Drilling Program(1) Rustler Breaks TWIN LAKES 44,300 gross / 31,300 net acres 24 gross (15.4 net) wells in progress for 2019 17 gross (11.3 net) wells turned to sales, including 1 Brushy Canyon,…
South Texas Asset Area Q4 2018 to Q2 2019 Program Drilling operations concluded on the nine-well program (eight Eagle Ford and one Austin Chalk) in early February 2019 Seven wells have been completed and turned to sales as of May 1,…
2019 Capital Investment Plan Summary (as of February 26, 2019) 2019E CapEx(1)(2) 695 to 755 million 2019E D/C/E CapEx of 640 to 680 million (Delaware: six rigs; Eagle Ford: 8 wells) After February 2019 completion of the nine-well…
2019 Oil and Natural Gas Production Estimates(1) 2019E Oil Production 18% Growth YoY Total Oil and Natural Gas Production Estimated oil production of 12.9 to 13.3 million barrels 2019E CapEx(2) (Midpoint): Natural Gas, Bcf D/C/E:…
2019 Revenues and Adjusted EBITDA Estimates(1) Oil and Natural Gas Revenues 2019E Oil and Natural Gas Revenues and Adjusted EBITDA(2) 1,000 Revenues and Adjusted EBITDA(2) negatively impacted by lower 51% 2% 900 815 estimated 2019…
Reserves-Based Credit Agreement Borrowing Base Increased Strong, supportive bank group led by Royal Bank of Canada In October 2018, amended Credit Agreement increased facility size to 1.5 billion (from 500 million); maturity extended…
New San Mateo Credit Facility Closed December 2018 Led by The Bank of Nova Scotia and supported by all banks in Matadors reserves-based credit facility Facility initially sized at 250 million and includes accordion feature, which could…
Hedging Profile Remainder of 2019 and 2020 Remainder of 2019 & 2020 Hedges(1) Oil (WTI) Costless Collars: 5.9 million Bbl hedged for remainder of 2019 at weighted average floor and ceiling prices of 50/Bbl and 71/Bbl, respectively;…
Appendix NYSE: MTDR
2019 Capital Expenditures Well Spud and Completion Detail(1) 2019 Anticipated 2018 Drilled, 2019 Anticipated Drilling, 2019 Anticipated Drilling & 2020 Anticipated 2019 Anticipated Completion(2) Completion Completion(3) First…
Wells Completed and Turned to Sales Q1 2019 During the first quarter of 2019, the Delaware Basin accounted for 36 gross (13.1 net) wells completed and turned to sales, including 17 gross (11.6 net) operated and 19 gross (1.5 net)…
Matadors Proved Reserves 215 Million BOE at December 31, 2018(1) Reserves and Oil Production Doubled Over Last Two Years Haynesville/CV Haynesville/CV Haynesville/CV 11.4 MMBOE, 8% 11.6 MMBOE, 5% 13.1 MMBOE, 12% Eagle Ford Eagle…
Haynesville Update Haynesville / Cotton Valley 2019 Haynesville Non-Op Program 25,500 gross / 22,800 net acres Matador expects to participate in 25 gross (1.7 net) Pace 24-13HC 1 & 2 Alt and non-operated Haynesville wells in 2019 J M…
Taking Operations to the Next Level: MAXCOM MAXCOM Matador team dedicated to real-time, 24/7 operations support Interdisciplinary team approach MAXCOM Update Over one year since MAXCOM operations began with twelve months in the new…
Adjusted EBITDA Reconciliation This presentation 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 Companys…
Adjusted EBITDA Reconciliation Matador Resources Company, Consolidated The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net…
Adjusted EBITDA Reconciliation Matador Resources Company, Consolidated The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net…
Adjusted EBITDA Reconciliation Matador Resources Company, Consolidated The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net…
Adjusted EBITDA Reconciliation San Mateo(1) The following table presents the calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating…
PV-10 Reconciliation 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 net…
Return on Average Capital Employed (ROACE) Reconciliation The following table presents our calculation of E&P ROACE and Total ROACE and a reconciliation of such measures to the corresponding GAAP financial measures. Return on…
Cash Return on Capital Invested (CROCI) Reconciliation The following table presents our calculation of CROCI and Total CROCI and a reconciliation of such measures to the corresponding GAAP financial measures. Cash Return on Capital…
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