Third Quarter 2023 Earnings Release October 24, 2023
Chairmans Remarks October 24, 2023
SLIDE A MTDR Performance vs. Peers (Last 5 Years) Since January 1, 2019 through October 20, 2023 close MTDR 1 PERFORMER +319% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 0% Peer 9 Peer 10 4…
SLIDE B MTDR Shares Significantly Outperforming XOP and Oil since IPO Since IPO (February 2, 2012) through October 20, 2023 close Announced Advance Deal +442% 2018 BLM New Mexico Oil and Gas Lease Sale Rodney Robinson (27…
Building Delaware Basin Position Brick by Brick SLIDE C Now 150,800 Net Acres 2012 2017 2023 7,500 Net Acres 114,000 Net Acres 150,800 Net Acres 6 Wells 212 Wells 751 Wells EDDY LEA EDDY LEA EDDY LEA LOVING LOVING…
SLIDE D Steadily Increasing Fixed Dividend Returning Value to Consistent Growth Sustainable Shareholders Strong, Simple Balance Sheet 8x Since Q1 2021 Leverage Ratio < 1.0x(1) 127 Million Since 2021(2) Annualized Dividend…
SLIDE E Credit Facility Updates New Bank From March 31, 2023 to October 19, 2023 Todays Borrowing Maximum Elected Revolver Borrowings Base Facility Amount Commitment Outstanding Advance Acquisition 2.5B 2.0B 1.325B 700MM…
Horseshoe Wells Savings Achieved Through SLIDE F Successful Operational Execution Q4 2023: Two Horseshoe wells turned in line Increases value and potential of acreage portfolio Drilled wells in record time Previous Now Four…
Increasing Production SLIDE G Q3 2023 2023 PRODUCTION UP 145,000 135,096 Avg. Daily Production (BOE/d) 130,500 100,000 (1) (2) Early January 2023 Q3 2023 Guidance Q3 2023 Actual Q4 2023 Guidance (1) Midpoint…
San Mate and Synergistic Midstream Assets SLIDE H Continue to Add Value to Matador (1) Ranger Stebbins Gathering Assets (oil, natural gas and water) 2017 60 miles of three-stream pipelines Rustler Breaks 2023 525 miles of…
Operational and Financial Results October 24, 2023
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) 7.6 billion Avg. Daily Production Q3 2023 135.1 MBOE/d HAYNESVILLE/ Net Debt / LTM Adj. EBITDA(2)(3) Q3 2023 1.0x DELAWARE BASIN 150,800…
Matador Resources Company Company Highlights DELAWARE BASIN Interests Aligned with Stakeholders 150,800 Net Acres -Significant Insider Stock Ownership TWIN LAKES -90% Participation in Employee Stock Purchase Program (ESPP)…
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 turned to sales in 1H 2023 4 21 wells turning to sales on Advance properties…
Record Production Record oil, natural gas and total production Record oil equivalent production - 135,096 BOE per day Record oil production - 77,529 Bbl per day Record natural gas production - 345.4 million cubic feet per day…
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) Q3 2023 BOE up 3% sequentially; Q3 2023 BOE up 4% sequentially; 160,000 up…
Delivering Strong Well Results All Around the Delaware Basin TWIN LAKES DELAWARE BASIN 49,700 gross / 27,100 net acres 150,800 Net Acres CURRENT DELAWARE BASIN ACTIVITY ARROWHEAD RANGER 60,200 gross / 23,200 net acres 61,400…
Horizontal Wells Completed and Turned to Sales Q3 2023 During the third quarter of 2023, Matador turned to sales a total of 65 gross (27.9 net) horizontal wells across its various operating areas. This total was comprised of 29 gross…
San Mateo Midstream Outperformed Expectations Adjusted EBITDA(1) and natural gas volumes were better than expected Adjusted EBITDA of 47.1 million is better than Forecast by 5% Natural gas processing volumes of 385 MMcf per day RECORD…
Better Than Expected San Mateo Results in Q3 2023 (San Mateo is 51% Owned by Matador) San Mateo Average Natural Gas Gathering San Mateo Average Natural Gas Processing (MMcf/d) (MMcf/d) Q3 2023 up 6% sequentially; Record Quarter Q3 2023…
San Mateo Synergistic Midstream Asset San Mateo Value estimated at 2.0 Billion(1) Building Pronto midstream business purchased in 2022 250 Water San Mateo's Adjusted EBITDA ( in millions)(2) Oil Natural Gas 198 200 185 190…
Full Year 2023 Guidance October 24, 2023
Summary and 2023 Guidance Expect to achieve mid-to-high end of (as Provided on October 24, 2023) production guidance Actual July 25, 2023 October 24, 2023 %YoY Guidance Metric 2022 Results 2023 Guidance Range 2023 Guidance Range…
Expect to Achieve Mid-to-High End of Total Oil Equivalent, Oil and Natural Gas Production Guidance(1) Expect to achieve mid-to-high end of production guidance(1) 44,350 - 46,250 45,800 - 47,500 38,495 Total 114.0 - 120.0…
2023 Capital Investment Plan Summary(1) (As Provided on October 24, 2023) Full Year 2023E CapEx(2) 1.235 to 1.385 billion 2023E Wells Turned to Sales July 2023 October 2023 Guidance(3) Guidance(1) Gross Net Drilling, Completing,…
2023E Operating Cost Estimates (Unit Costs per BOE)(1) (As of and as Provided on October 24, 2023) 2022 Q3 2023 Q4 2023E 2023E 1 Production taxes, transportation and processing (PTTP) 7.33 5.77 6.50 to 7.00 5.75 to 6.25 2 Lease…
Q3 2023 & Q4 2023E Commodity Price Differentials Q3 2023 Q4 2023E Actual Actual Realized Commodity Prices Benchmark(1) Differential Guidance(2) Realized Price Differential Oil Prices, per Bbl 82.22 82.49 +0.27 -0.25 to +0.75…
ESG Stewardship October 24, 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 October 24, 2023
Steady Oil Production Growth Approaching 150,000 BOE/d 144,000 - 146,500 Total 111,735 (MBOE/d) 351.0 Natural Gas 296.5 (MMcf/d) 86,750 Oil 62,316 (Bbl/d) (1) Q4 22 Q4 23E 33 (1) As of and as provided on…
Steady Growth, Measured Pace Matador Total Proved Reserves Growth & BOE Per Share 455 MMBOE 500 3.8 BOE/Share 4.00 450 3.50 Total Proved Reserves, MMBOE 400 27% CAGR 3.00 350 BOE Per Share 2.50 300 250 2.00…
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…
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 356.7 Million BOE (Total Proved Reserves) +106.4 Million BOE (Total…
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…
Q3 2023 Selected Operating and Financial Results September 30, 2023 June 30, 2023 September 30, 2022 Net Production Volumes:(1) Oil (MBbl) 7,133 6,947 5,535 Natural gas (Bcf) 31.8 29.7 24.9 Total oil equivalent (MBOE) 12,429 11,892…
Matador Resources and San Mateo Credit Facilities Increases in October 2023 Matador Credit Agreement Summary Bank group led by Truist Bank Last Elected Borrowings Letters of Credit Financial Covenant: Facility Maturity Borrowing…
Simple Balance Sheet No Near-Term Debt Maturities REPAYING RBL IS SIGNIFICANT LIQUIDITY 780 million at October 24, 2023 KEY OBJECTIVE IN 2023 Repaid 200 million since Advance acq. BORROWING BASE OF 2.5B ELECTED COMMITMENT…
San Mateo(1) Assets and Operations Three-Pipe Offering Eddy County, NM Assets Loving County, TX Assets Greater Stebbins Area 1 Mile Wolf Loving 43 miles Reeves Loving Ward 1 Mile Rustler Breaks Eddy Lea Natural…
Record Setting MAXCOM Results Over 5 Years of Operation 231 Matador Drilling Records and 35 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…
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 (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…
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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