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Raymond James Investors Conference – Matador Resources Company

Matador Resources Company · Mar 6, 2023 · 56 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Raymond James Investors Conference – Matador Resources Company – slide 1
    Raymond James Institutional Investors Conference March 6, 2023
  2. Raymond James Investors Conference – Matador Resources Company – slide 2
    40 YEARS OF GENERATING SHAREHOLDER VALUE 1983 2003 Today Matador I Matador II Initial Capital: 270,000 Initial Capital: 6 million Sale Price: 388 million Current Market Cap: 6.9 billion(1) Note: Rate of return is based on…
  3. Raymond James Investors Conference – Matador Resources Company – slide 3
    Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) 6.9 billion Avg. Daily Production Q4 2022 111.7 MBOE/d DELAWARE BASIN HAYNESVILLE/ Net Debt / LTM Adj. EBITDA(2)(3) Q4 2022 0.1x 129,400…
  4. Raymond James Investors Conference – Matador Resources Company – slide 4
    Matador Resources Company Overview TWIN LAKES DELAWARE BASIN HAYNESVILLE/ 129,400 net acres COTTON VALLEY 17,300 net acres ARROWHEAD RANGER MATADOR HEADQUARTERS DALLAS, TEXAS EAGLE FORD 13,100 net acres RUSTLER…
  5. Raymond James Investors Conference – Matador Resources Company – slide 5
    Record Operational and Financial Performance in 2022 Record Annual Production 105,500 BOE per day: Beat Guidance(1) Record 2022 Financial Results Oil and natural gas revenues (2.9 billion), net income (1.2 billion), Adjusted…
  6. Raymond James Investors Conference – Matador Resources Company – slide 6
    2022 Priorities and Milestones Free Cash Flow, Operational Excellence and Shareholder Returns 2022 Priorities Deliver Free Cash Flow Pay Down Debt Significant 2022 Milestones - Timeline Maintain or Increase Dividend 1 11 Voni…
  7. Raymond James Investors Conference – Matador Resources Company – slide 7
    Borrowings Outstanding Quarterly Results Over Half of Borrowings Repaid Since Q3 2020 ( in millions) Revolver Borrowings Revolver Borrowings Revolver Borrowings Senior Notes 6 1,600 Senior Notes 6.0x 6.0x 1,525 (2) 1,490 Senior…
  8. Raymond James Investors Conference – Matador Resources Company – slide 8
    Matadors Strategic Bolt-On Acquisition of Advance Energy ACQUISITION DETAILS Advance Transaction Overview Strategic bolt-on in the core of the Northern Delaware Basin Price: 1.6 billion(1) 18,500 net acres 99% Held-by-Production…
  9. Raymond James Investors Conference – Matador Resources Company – slide 9
    San Mate and Differentiating Midstream Assets Continue to Add Value to Matador(1) Matador Advance Ranger Stebbins Gathering Assets 500 miles of three-stream pipelines(1) (oil, natural gas and water) Rustler Breaks…
  10. Raymond James Investors Conference – Matador Resources Company – slide 10
    Matadors 2023 Production Profile Profitable Growth at a Measured Pace 143,000 BOE/d in Q4 2023 +28% YoY 18% 124,110 120,000 22% 105,465 100,000 14% 86,176 80,000 75,175 59% Oil 60,000 57% Oil 57% 40,000 58% Oil…
  11. Raymond James Investors Conference – Matador Resources Company – slide 11
    Unmatched Oil Production Growth Approaching 150,000 BOE/d 143,000 Total (MBOE/d) 111,735 334.0 Natural Gas (MMcf/d) 296.5 87,500 Oil (Bbl/d) 62,316 Q4 22 Q2 23E Q4 23E (1) As of and as provided on February…
  12. Raymond James Investors Conference – Matador Resources Company – slide 12
    Significant 2023 Milestones Timeline 1 8 Rodney Robinson wells turning to sales in 1H 2023 2 Close the Advance acquisition in 1H 2023 3 8 Stateline wells turning to sales in 1H 2023 4 21 wells turning to sales on Advance…
  13. Raymond James Investors Conference – Matador Resources Company – slide 13
    Asset and Operations Overview March 6, 2023
  14. Raymond James Investors Conference – Matador Resources Company – slide 14
    Delivering Strong Well Results All Around the Delaware Basin TWIN LAKES Matador Acreage (129,400 net) 47,000 gross / 25,800 net acres Advance Acreage (18,500 net) Pro Forma Acreage: (147,900 net) CURRENT DELAWARE BASIN ACTIVITY…
  15. Raymond James Investors Conference – Matador Resources Company – slide 15
    Record Setting MAXCOM Results Celebrating 5 Years 203 Matador Drilling Records and 30 Million Estimated Savings To Date Delaware Drilling Records Spud to Total Depth: 9.5 days Spud to Total Depth 2 Mile Lateral: 9.7 Days Spud to…
  16. Raymond James Investors Conference – Matador Resources Company – slide 16
    YE 2022 Total Proved Reserves as of December 31, 2022 YE SEC Commodity Price: 90.15/Bbl and 6.36/MMBtu Total Proved Reserves: 356.7 Million BOE Standardized Measure: 7.0 Billion PV-10(1): 9.1 Billion EF Oil PD Hay/CV Gas PUD…
  17. Raymond James Investors Conference – Matador Resources Company – slide 17
    Combined MTDR + AEP: +30% Pro Forma Reserves Increase(1) Total Proved Reserves: 463.1 million BOE (59% oil) pro forma at 12/31/2022 356.7 million BOE 55% Oil Standardized Measure = 6.98 PV-10(2) = 9.13 billion 356.7 Million…
  18. Raymond James Investors Conference – Matador Resources Company – slide 18
    Delaware Basin Extended Lateral Well Location Inventory Matador has identified up to 4,382 gross (1,468 net) remaining potential locations(1) for future drilling on its Delaware Basin acreage Location counts assume extended lateral…
  19. Raymond James Investors Conference – Matador Resources Company – slide 19
    Midstream Operations March 6, 2023
  20. Raymond James Investors Conference – Matador Resources Company – slide 20
    Midstream Business Continues to Grow: San Mateos Three-Pipe Offering Gas Gathering & Water Gathering & Oil Gathering & Processing Disposal Transportation 460 MMcf/d of designed natural gas 15 salt water disposal wells (SWDs) and…
  21. Raymond James Investors Conference – Matador Resources Company – slide 21
    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…
  22. Raymond James Investors Conference – Matador Resources Company – slide 22
    Pronto Assets and Operations Strategically Expanding Lea County Footprint Advance Transaction Midstream Assets and Opportunities Acquiring 35 mi of in-field gas and water gathering pipelines Acquiring an active Devonian Salt…
  23. Raymond James Investors Conference – Matador Resources Company – slide 23
    San Mateo Differentiating Midstream Asset Matador owns 51% of San Mateo(1) 250 Water Oil Natural Gas 198 San Mateo's Adjusted EBITDA(2) 200 185 185 165 154 ( in millions) 150 Natural Gas 113 96 100 Oil 62 50…
  24. Raymond James Investors Conference – Matador Resources Company – slide 24
    ESG Stewardship March 6, 2023
  25. Raymond James Investors Conference – Matador Resources Company – slide 25
    Committed to Environmental, Social and Governance (ESG) Stewardship Matador is committed to increasing the long-term value of its shares in a responsible manner. Matadors aim has always been to reliably and profitably provide the energy…
  26. Raymond James Investors Conference – Matador Resources Company – slide 26
    Committed to Environmental, Social and Governance (ESG)(1) Stewardship ENVIRONMENTAL Increased transportation on pipeline Continued reduction of Increased use of non-fresh water, per-barrel emissions(2) including recycled water…
  27. Raymond James Investors Conference – Matador Resources Company – slide 27
    2023 Operating Plan and Market Guidance March 6, 2023
  28. Raymond James Investors Conference – Matador Resources Company – slide 28
    Summary and 2023 Guidance (as Provided on February 21, 2023) (Pro Forma for Advance Acq. Closing in Q2 2023) Actual %YoY Guidance Metric 2023 Guidance Range 2022 Results Change(1) Total Oil Production 21.9 million Bbl 26.4 to 27.3…
  29. Raymond James Investors Conference – Matador Resources Company – slide 29
    Matadors 2023 Delaware Basin Operated Drilling Program TWIN LAKES 47,000 gross / 25,800 net acres ARROWHEAD 59,500 gross / 22,500 net acres RANGER 40,700 gross / 22,600 net acres 18 2023E Wells Turned to Sales 21 Gross Net…
  30. Raymond James Investors Conference – Matador Resources Company – slide 30
    2023 Total Production Forecast by Quarter(1) 40% Oil Production Growth Q4 2022 to Q4 2023 Natural Gas, MMcf/d 2023E Quarterly Production Cadence Oil, Bbl/d Rodney shut-ins occurred 17 Rodney wells shut-in Advance acquisition…
  31. Raymond James Investors Conference – Matador Resources Company – slide 31
    40 YEARS OF GENERATING SHAREHOLDER VALUE 1983 2003 Today Matador I Matador II Initial Capital: 270,000 Initial Capital: 6 million Sale Price: 388 million Current Market Cap: 6.9 billion(1) Note: Rate of return is based on…
  32. Raymond James Investors Conference – Matador Resources Company – slide 32
    Appendix
  33. Raymond James Investors Conference – Matador Resources Company – slide 33
    Q4 and Year-End 2022 Selected Operating and Financial Results Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, 2022 2022 2021 2022 2021 Net Production Volumes:(1) Oil (MBbl) 5,733 5,535…
  34. Raymond James Investors Conference – Matador Resources Company – slide 34
    Increased by 35 million Increased by 13% in Reduced to 0 in December 2022 November 2022 in April 2022 Matador Resources and San Mateo Credit Facilities Matador Credit Agreement Summary Bank group led by Royal Bank of Canada Last…
  35. Raymond James Investors Conference – Matador Resources Company – slide 35
    Simple Balance Sheet No Near-Term Debt Maturities NO REVOLVER BORROWINGS REPURCHASED BONDS Repaid 475 million since Q3 2020 351 million in 2022 YE 2022 LEVERAGE RATIO REPAID 54% OF Q3 2020 BALANCE REDUCED TO 0.1x(1) 826 million…
  36. Raymond James Investors Conference – Matador Resources Company – slide 36
    Hedging Profile Remainder of 2023(1) Waha-Henry Hub Basis Swaps Natural Gas Collars 10% hedged for Q1 2023 5,000 5.0 4,550 4,600 4,600 4,500 4.5 Natural Gas Volume Hedged (Bcf) 4,000 4.0 Gas Volume Hedged (MMBtu) 3,500…
  37. Raymond James Investors Conference – Matador Resources Company – slide 37
    An Integrated E&P and Midstream Strategy: Progress in All Areas Average Daily Total Production Average Daily Total Delaware Basin Production (BOE/d) (BOE/d) Q4 2022 BOE up 6% sequentially; Q4 2022 BOE up 6% sequentially; 140,000 up…
  38. Raymond James Investors Conference – Matador Resources Company – slide 38
    Record San Mateo Midstream Results in 2022 (San Mateo is 51% Owned by Matador) San Mateo Average Water Handling San Mateo Average Natural Gas Gathering (MBbl/d) (MMcf/d) Q4 2022 up 8% sequentially; Record Quarter Q4 2022 up 7%…
  39. Raymond James Investors Conference – Matador Resources Company – slide 39
    Matadors Proved Reserves: 356.7 Million BOE at December 31, 2022 Haynesville/CV Haynesville/CV Haynesville/CV 3.5 MMBOE, 1% 5.7 MMBOE, 2% 6.1 MMBOE, 2% Delaware Delaware Delaware 312.0 MMBOE, 97% 346.8 MMBOE, 97% 261.9 MMBOE,…
  40. Raymond James Investors Conference – Matador Resources Company – slide 40
    2022 Capital Investment Plan Summary 817 million At Low End of Guidance Range(1) Full Year 2022 CapEx(2)(3) 817 million 2022 Wells Turned to Sales Guidance Range(1) Actual Gross Net Below Drilling, Completing, Equipping 765 to 835…
  41. Raymond James Investors Conference – Matador Resources Company – slide 41
    Horizontal Wells Completed and Turned to Sales Q4 2022 During the fourth quarter of 2022, Matador turned to sales a total of 29 gross (15.9 net) horizontal wells across its various operating areas. This total was comprised of 24 gross…
  42. Raymond James Investors Conference – Matador Resources Company – slide 42
    Horizontal Wells Completed and Turned to Sales Full Year 2022 During full year 2022, Matador completed and turned to sales 155 gross (70.8 net) wells, including 81 gross (64.5 net) operated wells and 74 gross (6.4 net) non-operated…
  43. Raymond James Investors Conference – Matador Resources Company – slide 43
    Wells Turned to Sales 2023 Guidance(1) During full year 2023, Matador expects to turn to sales 207 gross (97.5 net) wells. Matador expects the Delaware Basin to account for 191 gross (97.3 net) wells, including 118 gross (92.7 net)…
  44. Raymond James Investors Conference – Matador Resources Company – slide 44
    2023E Quarterly Turned-in-line (TIL) Cadence(1) (Pro Forma for Advance Acq. Closing in Q2 2023) Operated Non-Operated Total Asset Areas 2023 Gross Net Gross Net Gross Net Gross Operated Wells Q1 2023 17 14.9 37 1.3 54 16.2 8…
  45. Raymond James Investors Conference – Matador Resources Company – slide 45
    2023 Capital Investment Plan Summary(1) (Pro Forma for Advance Acq. Closing in Q2 2023) Full Year 2023E CapEx(2) 1.425 billion Midpoint (Delaware: Incorporating 8th operated rig at close of Advance transaction) 2023E Wells Turned to…
  46. Raymond James Investors Conference – Matador Resources Company – slide 46
    2023 Oil and Natural Gas Production Estimates(1) Total Oil and Natural Gas Production 2023E Oil Production 22% Growth YoY 2023E CapEx(1)(2) (Midpoint): Natural Gas, Bcf D/C/E: 1,250 MM 18% Estimated oil production of 26.4 to 27.3…
  47. Raymond James Investors Conference – Matador Resources Company – slide 47
    2023E Operating Cost Estimates (Unit Costs per BOE)(1) (Pro Forma for Closing Advance Acq. In Q2 2023) 2021 2022 Q4 2022 2023E 1 Production taxes, transportation and processing (PTTP) 5.69 7.33 6.10 6.00 to 6.50 2 Lease operating (LOE)…
  48. Raymond James Investors Conference – Matador Resources Company – slide 48
    Q1 2023 Commodity Price Differentials Q4 2022 Q1 2023E Actual Actual Differential Realized Commodity Prices Benchmark(1) Realized Price Differential Guidance(2) Oil Prices, per Bbl 82.60 83.90 +1.30 (1.50) to (0.50) Natural Gas…
  49. Raymond James Investors Conference – Matador Resources Company – slide 49
    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…
  50. Raymond James Investors Conference – Matador Resources Company – slide 50
    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…
  51. Raymond James Investors Conference – Matador Resources Company – slide 51
    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 cash…
  52. Raymond James Investors Conference – Matador Resources Company – slide 52
    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)…
  53. Raymond James Investors Conference – Matador Resources Company – slide 53
    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…
  54. Raymond James Investors Conference – Matador Resources Company – slide 54
    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…
  55. Raymond James Investors Conference – Matador Resources Company – slide 55
    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…
  56. Raymond James Investors Conference – Matador Resources Company – slide 56
    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…

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