First Quarter 2021 Earnings Release April 28, 2021
Chairmans Remarks April 28, 2021
SLIDE A Strong Results for First Quarter 2021 Generated adjusted free cash flow(1) of 63.9 million in Q1 2021 Above Company Expectations Achieved Adjusted Oil and natural gas revenues of 316.2 million and Adjusted EBITDA(1) of 198.1…
SLIDE B Simple Balance Sheet No Near-Term Debt Maturities REPAID 135 MILLION PAYING DOWN DEBT in borrowings in Q4 2020 and Q1 2021 is a key objective for 2021 Q1 2021 LEVERAGE RATIO Strong, supportive bank group REDUCED TO…
SLIDE C 2021 Priorities and Milestones 2021 Priorities Significant 2021 Milestones - Timeline 1 Deliver Free Cash Flow 1 4 Rodney Robinson wells to sales Operating four rigs in Delaware Basin 2 First 13 Voni (Stateline) wells to…
SLIDE D Delivering Strong Well Results All Around the Delaware Basin TWIN LAKES Matador Acreage 40,500 gross / 23,200 net acres RUNNING FOUR RIGS IN THE DELAWARE BASIN Stateline: Two rigs drilling 13 additional ARROWHEAD 66,000…
A Step Change in Capital Efficiency: SLIDE E Record Low Costs in 2020 Even Lower in 2021E Drilling & Completion (D&C) CapEx/ft(1) Percentage of Two-Mile Laterals (/ft) 1,528 98% -24% 74% 1,165 TOTAL -27% FOOTAGE TOTAL 850 -14%…
San Mateo Differentiated Midstream Asset SLIDE F Continues to Add Value to Matador(1) 2015-2016 2017-2018 2019-2020 2021+ Initial midstream build-out San Mateo I formed in San Mateo II formed in Free cash flow generation in the…
Operational and Financial Results April 28, 2021
Q1 2021 Selected Operating and Financial Results Three Months Ended March 31, December 31, March 31, 2021 2020 2020 (1) Net Production Volumes: Oil (MBbl) 3,738 4,419 3,697 Natural gas (Bcf) 17.5 19.4 16.7 Total oil equivalent…
A Tightly Integrated Strategy: Growing E&P and Midstream Together Average Daily Total Production Average Daily Total Delaware Basin Production (BOE/d) (BOE/d) Q1 2021 BOE down 11% sequentially; Q1 2021 BOE down 12% sequentially; up 4%…
Matador Federal Acreage and Permitting Update Delaware Basin Federal Federal, as % of Delaware Basin Asset Area County(1) Leasehold(2) Leasehold Delaware Basin (net acres) (net acres) Leasehold 34,500 net acres, or Antelope Ridge…
Wells Turned to Sales Q1 2021 During the first quarter of 2021, Matador turned to sales a total of 16 gross (6.0 net) wells in its various operating areas. This total was comprised of six gross (5.1 net) operated wells and 10 gross (0.9…
Summary and 2021 Guidance (as Provided on February 23, 2021) Actual %YoY Guidance Metric 2020 Results 2021 Guidance Change(1) Total Oil Production 15.9 million Bbl 17.2 to 17.8 million Bbl + 10% Total Natural Gas Production 69.5 Bcf…
2021 Capital Investment Plan Summary(1) Full Year 2021E CapEx(2) 545 to 605 million (Delaware: Added 4th operated rig in late March 2021) 2021E Wells Turned to Sales CapEx Guidance Range Gross Net Drilling, Completing, Equipping 525…
Hedging Profile Remainder of 2021 and 2022(1) Oil Collars, Swaps, Puts Midland-Cushing Basis Swaps Natural Gas Collars 60-65% hedged for Q2-Q4 2021 45% hedged for Q2-Q4 2021 50-55% hedged for Q2-Q4 2021 WTI Collars 6,000 16.0 WTI…
San Mateo(1) Assets and Operations Three-Pipe Offering Eddy County, NM Assets Loving County, TX Assets 1 Mile Greater Stebbins Area Wolf Loving 43 miles Natural Gas and Oil Pipelines IN SERVICE Reeves Loving Ward 1…
Continued Progress in All Parts of San Mateos Delaware Midstream Business (51% Owned by Matador) San Mateo Average Water Handling San Mateo Average Natural Gas Gathering(1) (MBbl/d) (MMcf/d) 300 Down 11% sequentially; 300 Down 12%…
Appendix
Reaffirmed April 2021 Matador Resources and San Mateo Credit Facilities Matador Credit Agreement Summary Bank group led by Royal Bank of Canada Elected Borrowings Letters of Credit Financial Covenant: Maturity Borrowing Last…
Adjusted EBITDA & Adjusted Free Cash Flow Reconciliations 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…
Adjusted EBITDA Reconciliation Matador Resources Company The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided…
Adjusted EBITDA Reconciliation San Mateo(1) (100%) The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by…
Adjusted EBITDA Reconciliation San Mateo(1) (100%) The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by…
Adjusted Free Cash Flow Reconciliation Matador Resources Company The following table presents the calculation of adjusted free cash flow and the reconciliation of adjusted free cash flow to the GAAP financial measure of net cash provided…
Adjusted Free Cash Flow Reconciliation San Mateo (100%) The following table presents the calculation of adjusted free cash flow and the reconciliation of adjusted free cash flow to the GAAP financial measure of net cash provided by…
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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