First Quarter 2020 Earnings Release April 29, 2020 NYSE: MTDR
Chairman's Remarks April 29, 2020 NYSE: MTDR
SLIDE A Key Results vs. Consensus Estimates 1st Quarter 2020 Metric Consensus MTDR Results Beat / Miss Oil Production, Bbl/d 39,900 40,600 BEAT by 2% Natural Gas Production, MMcf/d 179.6 183.2 BEAT by 2% Total Production, BOE/d…
SLIDE B Key Results vs. Matador Guidance(1) 1st Quarter 2020 Lease Operating Total Oil Production Total Oil Equivalent Expenses (MBbl) Production (MBOE) (/BOE) Actual: 3,697 . +3% Actual: 6,476 . +2% Actual: 4.77 . -5%…
SLIDE C Updated 2020 Capital Investment Plan Summary vs. Original Guidance Original 2020 CapEx Guidance(1)(2)(3) 815 million Updated 2020 CapEx Guidance(2)(3)(4) 565 million (Delaware: 6 operated rigs) (Delaware: Moving from 6 to 3…
SLIDE D Revolver Borrowings Outstanding Quarterly Projections ( in millions) Letters of Credit 1,000 Revolver Borrowings Outstanding 900 Borrowing Base 900 800 200 million 700 700 Elected Commitment 600 545 180 million 520…
SLIDE E Consistent Growth in Proved Reserves per Share Matadors total proved reserves per share at all-time high of 2.2 BOE/share (1.3 Bbl of oil + 5.5 Mcf of natural gas) Since Matadors IPO, reserves have increased 10x and oil…
Operational and Financial Results April 29, 2020 NYSE: MTDR
Highlights for First Quarter 2020 Oil production of 40,600 Bbl/d, up 18% from 34,500 Bbl/d in Q1 2019 Above Guidance Strong Production Natural gas production of 183.2 MMcf/d, up 20% from 152.5 MMcf/d in Q1 2019 Above Guidance Total…
Q1 2020 Selected Operating and Financial Results Three Months Ended March 31, December 31, March 31, 2020 2019 2019 Net Production Volumes:(1) Oil (MBbl) 3,697 3,872 3,107 Natural gas (Bcf) 16.7 17.5 13.7 Total oil equivalent…
A Tightly Integrated Strategy: Growing E&P and Midstream Together Average Daily Total Production Average Daily Total Delaware Production (BOE/d) Delaware Basin (BOE/d) BOE down 4% sequentially; up 19% YoY BOE down 2% sequentially; up…
Delaware Basin Continuing to Deliver Strong Well Results Matador Acreage Reducing operated rigs in Delaware Basin TWIN LAKES 44,400 gross / 24,800 net acres from six to three by the end of Q2 2020 Rustler Breaks: One to two rigs (at…
First Six Rodney Robinson Wells Online Results Above Expectations BLM Acreage Rodney Robinson Rodney Robinson Summary and Highlights First six wells turned to sales on the Rodney Robinson Acreage tract in the western portion of…
Significant Growth in All Parts of San Mateos Delaware Midstream Business (51% Owned by Matador) San Mateo Average Water Disposal San Mateo Average Natural Gas Gathering (MBbl/d) (MMcf/d) 250 300 Up 7% sequentially; Down 23%…
San Mateo Recent Highlights and Performance March 2020 10th commercial SWD in Eddy County, NM online Total of 13 commercial SWDs in Eddy County, NM and Loving County, TX with 335,000 Bbl/d of designed disposal capacity October 2019…
Strong, Simple Financial Position Strong, supportive bank group led by Royal Bank of Canada Facility size of 1.5 billion; matures in October 2023 Based on December 2019 reserves review, borrowing base affirmed at 900 million in…
Hedging Profile Remainder of 2020, 2021 and 2022 Remainder of 2020, 2021 and 2022 Hedges(1) Oil (WTI) Costless Collars: 2.3 million Bbl hedged for the remainder of 2020 at weighted average floor and ceiling prices of 48/Bbl and…
Updated Full Year 2020 Guidance April 29, 2020 NYSE: MTDR
Summary and Updated 2020 Guidance (as Provided on April 29, 2020) Six rigs operating in the Delaware Basin dropping to three expect 53 gross (45.9 net) operated wells in 2020 Released one rig at the end of March 2020 and a second at the…
Updated 2020 Capital Investment Plan Summary vs. Original Guidance Original 2020 CapEx Guidance(1)(2)(3) 815 million Updated 2020 CapEx Guidance(2)(3)(4) 565 million (Delaware: 6 operated rigs) (Delaware: Moving from 6 to 3 operated…
2020 Oil and Natural Gas Production Estimates(1) Total Oil and Natural Gas Production 2020E CapEx(1)(2) (Midpoint): Natural Gas, Bcf 2020E Oil Production 9% Growth YoY 7% D/C/E: 470 MM Midstream(3): 95 MM Oil, MBbl 27,650 Estimated…
Wells Completed and Turned to Sales 2020 Updated Guidance(1) During full year 2020, Matador expects to complete and turn to sales 96 gross (48.6 net) wells. Matador expects the Delaware Basin to account for 93 gross (48.6 net) wells,…
Wells Completed and Turned to Sales 2020 Updated Guidance(1) In 2020, Matador expects to continue transitioning its operations to longer laterals greater than one mile. 83% of Matadors gross operated horizontal wells completed and…
A Step Change in Capital Efficiency: Updated 2020 Expectations(1) Average Lateral Length and % of Longer Laterals CapEx per Foot(2) and Lateral Footage Turned to Sales 100% 600,000 1,700 Lateral Feet Turned to Sales Average Lateral…
2020E Operating Cost Estimates (Unit Costs per BOE) At April 29, 2020, Matador provided updated estimates for its 2020 unit operating costs as shown below 2020E Q1 2020 2019 Production taxes, transportation and processing 2.75 to…
Appendix NYSE: MTDR
Matador Resources and San Mateo I Credit Facilities Matador Credit Agreement Summary Bank group led by Royal Bank of Canada Elected Borrowings Letters of Credit Financial Covenant: Maturity Borrowing Last Reserves Facility Size…
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 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 (used in)…
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 (used in)…
Adjusted Net Income and Adjusted Earnings Per Diluted Common Share This presentation 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…
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