Fourth Quarter and Year-End 2022 Earnings Release February 21, 2023
Chairmans Remarks February 21, 2023
SLIDE A 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),…
SLIDE B Record Oil and Natural Gas Production in 2022 Oil, natural gas and total production were all records in 2022 Record oil equivalent production of 105,500 BOE per day is the first time over 100,000 BOE/d during a year in Matadors…
SLIDE C 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…
Borrowings Outstanding Quarterly Results SLIDE D Over Half of Borrowings Repaid Since Q3 2020 ( in millions) Revolver Borrowings Revolver Borrowings 2,000 Revolver Borrowings Senior Notes 6.0x 1,600 Senior Notes 6.0x 6.0x 1,525…
SLIDE E 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%…
San Mate and Differentiating Midstream Assets Continue to Add Value to Matador(1) SLIDE F Matador Advance Ranger Stebbins Gathering Assets 500 miles of three-stream pipelines(1) (oil, natural gas and water) Rustler…
SLIDE G 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…
Operational and Financial Results February 21, 2023
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) 7.0 billion Avg. Daily Production Q4 2022 111.7 MBOE/d DELAWARE BASIN Net Debt / LTM Adj. EBITDA(2)(3) Q4 2022 0.1x 129,400 net acres…
2022 Priorities and Milestones Free Cash Flow, Operational Excellence and Shareholder Returns 2022 Priorities Significant 2022 Milestones - Timeline 1 11 Voni (Stateline) wells to sales Grew production to Deliver Free Cash Flow 100,000…
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…
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; up 28% YoY up…
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…
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…
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…
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…
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…
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…
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…
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%…
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…
2023 Operating Plan and Market Guidance February 21, 2023
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…
Matadors 2023 Delaware Basin Operated Drilling Program TWIN LAKES 47,000 gross / 25,800 net acres Rustler Breaks 21 gross (13.2 net) wells turned to sales 7 gross (5.1 net) wells in progress at year-end 2023 Stateline ARROWHEAD…
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)…
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…
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…
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…
2023 Total Production Forecast by Quarter(1) Natural Gas, MMcf/d 2023E Quarterly Production Cadence Oil, Bbl/d Rodney shut-ins occurred 17 Rodney wells shut-in Advance acquisition Minimal impact from 21 Production impact of new…
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)…
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…
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…
Appendix
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…
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…
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…
Advance Transaction: Strategic Midstream Synergies Advance Transaction Midstream Assets and Opportunities Acquiring 35 mi of in-field gas and water gathering pipelines Acquiring an active Devonian Salt Water Disposal well with…
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 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…
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 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…
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…
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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