Second Quarter 2022 Earnings Release July 26, 2022
Chairmans Remarks July 26, 2022
SLIDE A Q2 2022 Highlights Doubled the Dividend Now 0.40/share per annum Reduced Debt No outstanding borrowings on revolving credit facility Repurchased 158 million in bonds(1) Increased Production Record 110,750 BOE per day in…
SLIDE B Growing Production while Decreasing Costs Daily Oil and Natural Gas Production Drilling & Completion CapEx BOE/day /foot Q2 2022 production at all-time high 110,750 1,750 1,558 1,520 120,000 1,427 Oil…
Continued Progress in All Parts of San Mateos SLIDE C Midstream Business (51% Owned by Matador) San Mateo Average Water Handling San Mateo Average Natural Gas Gathering (MBbl/d) (MMcf/d) Q2 2022 up 1% sequentially; Record Quarter Q2…
SLIDE D Revolver Borrowings Outstanding Quarterly Results No RBL Borrowings Outstanding ( in millions) 2,000 1,500 1,000 Borrowing Base 800 Lowest leverage since IPO 600 400 200 0 Free Cash Flow(1):…
Summary and Updated 2022 Guidance SLIDE E (as Provided on July 26, 2022) Actual February 22, 2022 %YoY July 26, 2022 %YoY Guidance Metric 2021 Results 2022 Guidance Range Change(1) 2022 Guidance Range Change(1) Total Oil Production…
Operational and Financial Results July 26, 2022
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) 6.1 billion Avg. Daily Production Q1 2022 110.8 MBOE/d DELAWARE BASIN HAYNESVILLE/ Net Debt / LTM Adj. EBITDA(2)(3) Q2 2022 0.5x 124,800…
2022 Priorities and Milestones Free Cash Flow, Operational Excellence and Shareholder Returns 2022 Priorities Significant 2022 Milestones - Timeline Deliver Free Cash Flow 1 Next 11 Voni (Stateline) wells to sales Grow production to…
Strong Results for Second Quarter 2022 Generated adjusted free cash flow(1) of 454 million in Q2 2022 Above Company Expectations Record Financial Oil and natural gas revenues of 893 million, Adjusted EBITDA(1) of 664 million and San…
Q2 2022 Selected Operating and Financial Results Three Months Ended June 30, March 31, June 30, 2022 2022 2021 (1) Net Production Volumes: Oil (MBbl) 5,855 4,820 4,855 Natural gas (Bcf) 25.3 21.8 21.8 Total oil equivalent (MBOE)…
An Integrated E&P and Midstream Strategy: Progress in All Areas Average Daily Total Production Average Daily Total Delaware Basin Production (BOE/d) Record Quarter (BOE/d) Record Quarter 110,750 Q2 2022 BOE up 18% sequentially; Q2…
Delivering Strong Well Results All Around the Delaware Basin TWIN LAKES Matador Acreage 42,500 gross / 22,400 net acres CURRENT DELAWARE ARROWHEAD RANGER 40,500 gross / 23,100 net acres BASIN ACTIVITY 61,300 gross / 22,900 net…
Maintaining Low CapEx During High Commodity Prices Continued Improvement in Execution and Efficiency Gains Drilling & Completion (D&C) CapEx/ft(1) Operational Improvement Spotlight: D&C CapEx/ft Remote Simul-Frac WTI Oil Price…
Horizontal Wells Completed and Turned to Sales Q2 2022 During the second quarter of 2022, Matador turned to sales a total of 29 gross (7.7 net) horizontal wells in its various Delaware Basin operating areas. This total included 11 gross…
Further Strengthening Balance Sheet Repurchased 158 million in Bonds Senior Notes Outstanding 5.875% Coupon ( in millions) (As of July 25, 2022) 1,200 Repurchased 158 million to date 1,100 1,050 1,000 -144 -14 906 900 892…
Hedging Profile Remainder of 2022(1) Oil Collars Midland-Cushing Basis Swaps Natural Gas Collars 50% hedged for Q3-Q4 2022 25% hedged for Q3-Q4 2022 75% hedged for Q3 2022 50-55% hedged for Q4 2022 110 110 6.70 65 65 3.50 14.00…
Strategic Acquisition of Summits(1) Gas System (Pronto Midstream) Deal Highlights Purchase Price(2) 75 million Natural Gas Processing Plant 60 million cubic feet per day (MMcf/d) Natural Gas Gathering System 45 miles of pipeline; 3…
San Mateo Differentiated Midstream Asset Continues to Add Value to Matador(1) Matador owns 51% of San Mateo Water Oil Natural Gas Natural Gas Oil Water (3) (4) 2022 Note: Figures (i) reflect the combined…
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 Reeves Loving Ward 1 Mile Rustler Breaks Eddy Lea Natural…
Committed to Environmental, Social and Governance (ESG) Stewardship 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…
Full Year 2022 Guidance July 26, 2022
Updated Oil and Natural Gas Production Guidance As Provided on July 26, 2022 +22% 37,300 37,600 +17% 31,454 Total (MBOE) 27,514 95.0 95.5 Natural Gas 81.7 (Bcf) 69.5 +20% 21,500 21,700 Oil 15,931 17,840 (MBbl)…
2022 Production Guidance Increased As Provided on July 26, 2022 Despite divestments and production deferments to 2023 from accelerated Rodney Robinson and offset operator completions, Matador increased its full year 2022 production…
2022 Capital Investment Plan Summary(1) (As Provided on July 26, 2022) Full Year 2022E CapEx(2) 815 to 895 million (Delaware: Adding 7th operated rig beginning in Q3 2022) 2022E Wells Turned to Sales February 2022 July 2022…
2022 D/C/E Capital Expenditure Guidance Revisions As Provided on July 26, 2022 Increases to D/C/E CapEx guidance driven primarily by activity acceleration in the Rodney Robinson leasehold in western Lea County, New Mexico and…
Managing Costs Well in 2022: Driven by Efficiency Gains and Execution Drilling & Completion Improvements Capital Efficiency Drilling & Completion (D&C) CapEx/ft(1)(2) (/ft) Percentage of Two-Mile Laterals Avg. Lateral 4,700 5,700…
2022E Operating Cost Estimates (Unit Costs per BOE) (As of and as Provided on July 26, 2022) Matador provides the following updated estimates for its 2022 unit operating costs as shown below 2021 Q1 2022 Q2 2022 2022E Production…
Appendix
Increased by 48% in April 2022 Reduced to 0 in April 2022 Matador Resources and San Mateo Credit Facilities Matador Credit Agreement Summary Bank group led by Royal Bank of Canada Last Elected Borrowings Letters of Credit Financial…
Simple Balance Sheet No Near-Term Debt Maturities NO REVOLVER BORROWINGS REPURCHASING BONDS Repaid 475 million since Q3 2020 158 million in Q2/Q3 2022 Q2 2022 LEVERAGE RATIO Strong, supportive bank group REDUCED TO 0.5x(1) led by…
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 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 and net cash provided by (used in) operating…
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…
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…
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