First Quarter 2023 Earnings Release April 25, 2023
Chairmans Remarks April 25, 2023
SLIDE A Matador Resources Company Company Highlights DELAWARE BASIN Strong, Proven Management Team 150,000 Net Acres (+16% since 12/31/22) 40-Year Track Record TWIN LAKES Strong, Simple Balance Sheet Low Leverage and Continued…
SLIDE B Matador + Advance: +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…
San Mate and Synergistic Midstream Assets SLIDE C Continue to Add Value to Matador(1) Ranger Stebbins Gathering Assets 500 miles of three-stream pipelines(1) (oil, natural gas and water) Rustler Breaks Processing Capacity…
Borrowings Outstanding SLIDE D Prioritizing Debt Repayment Following Advance Acquisition Anticipate RBL Borrowings Completely Repaid in 2H 2024(2) ( in millions) Revolver Borrowings (1) 2,000 Senior Notes 6.0x 1,899 1,800…
SLIDE E Horseshoe Wells: 2-Mile Value in 1-Mile Section Up to 50% time savings(1) 10MM cost savings(1) Increases value of the acreage 1-mile section 1-mile section 1-mile section 1-mile section 8 (1) Savings of drilling and…
SLIDE F Steady Oil Production Growth Approaching 150,000 BOE/d Total (MBOE/d) Natural Gas (MMcf/d) Oil (Bbl/d) (1) (1) As of and as provided on February 21, 2023. Estimates only include production revenues…
SLIDE G 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 billion(1) 10 (1) Closing share…
Operational and Financial Results April 25, 2023
Q1 2023 Highlights Stronger-Than-Expected Quarterly Production 106,654 BOE per day: Beat Guidance(1) Now expect 2023 total production to be near high end of previously announced guidance range of 44.35 to 46.25 million BOE(1) Closed…
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) 6.1 billion Avg. Daily Production Q1 2023 106.7 MBOE/d DELAWARE BASIN HAYNESVILLE/ Net Debt / LTM Adj. EBITDA(2)(3) Q1 2023 0.15x 150,000…
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…
Better than Expected Production in Q1 2023 Oil, natural gas and total production were all better than expected Oil equivalent production of 106,654 BOE per day is better than Guidance by 6% and up 14% year-over-year. Oil production of…
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) Q1 2023 BOE down 5% sequentially; Q1 2023 BOE down 5% sequentially; 140,000…
Delivering Strong Well Results All Around the Delaware Basin TWIN LAKES DELAWARE BASIN 48,100 gross / 27,000 net acres 150,000 Net Acres CURRENT DELAWARE BASIN ACTIVITY ARROWHEAD RANGER Stateline: Drilling four Voni Wolfcamp B…
Matadors Strategic Bolt-On Acquisition of Advance Energy ACQUISITION DETAILS Advance Acquisition Highlights TWIN LAKES Price: 1.6 billion(1) Strategic bolt-on in the core of the Northern Delaware Basin Effective Date: 1/1/2023 18,500…
Horizontal Wells Completed and Turned to Sales Q1 2023 During the first quarter of 2023, Matador turned to sales a total of 70 gross (19.1 net) horizontal wells across its various operating areas. This total was comprised of 24 gross…
Summary and 2023 Guidance (as Provided on February 21, 2023) Actual %YoY Guidance Metric 2023 Guidance Range 2022 Results Change(1) Total Oil Production 21.9 million Bbl 26.4 to 27.3 million Bbl + 22% Total Natural Gas Production…
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…
2023 Capital Investment Plan Summary(1) (As Provided on February 21, 2023) Full Year 2023E CapEx(2) 1.425 billion Midpoint (Delaware: Incorporated 8th operated rig at close of Advance acquisition) 2023E Wells Turned to Sales 2023…
2023E Operating Cost Estimates (Unit Costs per BOE)(1) (As of and as Provided on April 25, 2023) 2021 2022 Q1 2023 2023E 1 Production taxes, transportation and processing (PTTP) 5.69 7.33 5.78 6.00 to 6.50 2 Lease operating (LOE) 3.46…
Q2 2023 Commodity Price Differentials Q1 2023 Q2 2023E Actual Actual Realized Commodity Prices Benchmark(1) Differential Guidance(2) Realized Price Differential Oil Prices, per Bbl 75.99 75.74 -0.25 -1.50 to -0.50 (Below…
San Mateo Midstream Outperformed Expectations Adjusted EBITDA(1) and oil, natural gas and water volumes were all better than expected Adjusted EBITDA of 48.7 million is better than expected and up 8% year-over-year Natural gas…
Record San Mateo Midstream Results in 2022 (San Mateo is 51% Owned by Matador) San Mateo Average Natural Gas Gathering San Mateo Average Natural Gas Processing (MMcf/d) (MMcf/d) Q1 2023 up 9% sequentially; Record Quarter Q1 2023 up 7%…
San Mateo Synergistic Midstream Asset Matador owns 51% of San Mateo(1) 250 Water Oil 198 San Mateo's Adjusted EBITDA ( in Natural Gas 200 185 154 150 Natural millions)(2) Gas 113 96 100 Oil 62 50 31 Water…
Simple Balance Sheet No Near-Term Debt Maturities SIGNIFICANT LIQUIDITY PAYING DOWN DEBT 600 million at April 25, 2023 Key objective in 2023 BORROWING BASE OF 2.25 B ELECTED COMMITMENT INCREASED Advance Assets not yet included 1.25…
ESG Stewardship April 25, 2023
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…
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…
Appendix April 25, 2023
Delaware Basin Extended Lateral Well Location Inventory Matador has identified up to 4,382 gross (1,468 net) remaining potential locations as of December 31, 2022, for future drilling in the Delaware Basin Location counts assume…
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…
Q1 2023 Selected Operating and Financial Results Three Months Ended March 31, 2023 December 31, 2022 March 31, 2022 (1) Net Production Volumes: Oil (MBbl) 5,305 5,733 4,820 Natural gas (Bcf) 25.8 27.3 21.8 Total oil equivalent…
Increased 475 million (+61%) in March 2023 Matador Resources and San Mateo Credit Facilities Matador Credit Agreement Summary Bank group led by Truist Bank Last Elected Borrowings Letters of Credit Financial Covenant: Facility…
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…
Pronto Assets and Operations Strategically Expanding Lea County Footprint Advance Acquisition Midstream Assets and Opportunities Acquired 35 mi of in-field gas and water gathering pipelines Acquired an active Devonian Salt Water…
Record Setting MAXCOM Results Celebrating 5 Years 211 Matador Drilling Records and 33 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…
Hedging Profile Remainder of 2023(1) Waha-Henry Hub Basis Swaps 5,000 4,550 4,600 4,600 4,500 4,000 Gas Volume Hedged (MMBtu) 3,500 3,000 2,500 Swap Swap Swap at at at -1.85 -1.85 -1.85 2,000 1,500 1,000…
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 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 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 - Matador 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…
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