Second Quarter 2024 Earnings Release July 23, 2024
Chairmans Remarks July 23, 2024
SLIDE A Core Delaware Basin Net Acreage and Inventory Growth Average Production: 3,317 Bbl/d 21,510 Bbl/d 95,488 Bbl/d 2012 2017 June 30, 2024(1) 7,500 Net Acres 114,000 Net Acres 191,900 Net Acres Inventory: 39 Gross / 25 Net 4,630…
SLIDE B Quality Inventory Depth 10 to 15-year inventory with an average estimated rate-of-return better than 50%(1)(2) % of 2024 Drilling Program Average 9,200 Brushy Canyon 2% Lateral Length Avalon 3% 1st Bone Spring 13% 2nd…
SLIDE C Profitable (and Consistent) Production Growth at a Measured Pace 95,000 75,457 Daily Oil Production 60,119 (Bbl/d) 48,876 43,526 38,312 30,524 21,510 12,306 13,924 9,095 5,844 3,317 (1) 2012 2013…
SLIDE D Matador + Ameredev: +31% Pro Forma Reserves Increase Total Proved Reserves: 602.1 million BOE (59% oil) for Combined Company(1) Estimated Reserves 484.4 million BOE to Production Life 59% Oil 10-12 Years(2) 484.4 Million…
SLIDE E MTDR Performance vs. Peers Since Ameredev Announcement Since June 13, 2024 through July 19, 2024 close MTDR 1 PERFORMER MTDR +12% Peer 1 +12% Peer 2 +11% Peer 3 +9% Peer 4 +8% Peer 5 +7% Peer 6 +6% Peer 7 +6%…
SLIDE F Matadors Proposed Acquisition of Ameredev ACQUISITION DETAILS Pending Ameredev Acquisition Overview TWIN LAKES Price: 1.905 billion(1) Strategic bolt-on in the Northern Delaware Basin 33,500 contiguous net acres 82%…
SLIDE G Advance Acquisition in April 2023 Exceeding Expectations 21 Dagger Lake South Wells Turned to Sales in Q2 2024 Margarita Highlights Ranger Selected 24-Hour IP Test Results Average 1,600 BOE/d (21 wells) (84% oil) Stebbins…
SLIDE H Record Setting MAXCOM Results Over 6 Years of Operation 294 Matador Drilling Records and 49 Million Estimated Savings To Date Delaware Drilling Records Spud to Total Depth 2 Mile Lateral: 8.3 Days Spud to Total Depth 2.5…
SLIDE I U-Turn Wells Savings Through Operational Efficiencies First two U-Turn wells drilled in 2023 Total savings of 10 million(1) Expected to turn to sales five U-Turn wells in 2024 Total estimated savings of 15 million(2)…
Matador Acquisition of Ameredev July 23, 2024
Matador + Ameredev Combination Further Enhances Shareholder Value + MTDR Pro Forma Standalone Enterprise 10.3 billion (1) 12.2 billion +1.9B Value Net Acres (2) 158,400 191,900 +33,500 net acres (Delaware) Avg. Daily…
Peer Leading Productivity Ameredev Acquisition Enhances MTDRs Peer Leading Estimated Ultimate Recoveries (EURs) for Wells Turned to Production Since 2020 + Pro Forma(1) Average Oil EUR (MBbl) AMEREDEV MTDR MTDR Peer 1 Peer…
Ameredev Acquisition Enhances Status as Top Producer in New Mexico Matador estimated to be the 7th Largest Producer in New Mexico Pro Forma for Ameredev Acquisition 450,000 600,000 400,000 550,000 350,000 300,000 Q4 2023…
Firm Commitments to Finance Ameredev Acquisition Matador Credit Facility 2.5 Billion 250 Million Term Loan A 1.0 750 Million Elected Billion(1) Commitment Increase 1.5 Billion 1.5 Billion 1.5 Billion Elected Elected…
Operational and Financial Results July 23, 2024
Q2 2024 Highlights Announced Ameredev Acquisition for 1.905B(1) Adds to Matadors 10 to 15 years of high-quality inventory Increases Matadors Delaware Basin acreage position to over 190,000 net acres Significant increase in Matadors…
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) 8.0 billion Avg. Daily Production Q2 2024 160.3 MBOE/d Net Debt / LTM Adj. EBITDA(2)(3) Q2 2024 0.7x DELAWARE BASIN HAYNESVILLE/ 191,900…
Matador Resources Company Company Highlights DELAWARE BASIN 191,900 Net Acres Core Delaware Basin E&P Assets Large Multi-Year Drilling Inventory TWIN LAKES Top 10 Producer in New Mexico 7 in Total Production RANGER…
Driving Profitability Through Operational Excellence MTDR Leads Peer Group in Oil and Natural Gas Revenue Per BOE(1) and Netbacks per BOE(1)(2) 60 45 40 50 35 40 30 25 30 20 20 15 10 10 5 0 0 Oil and Natural…
Steadily Increasing Fixed Dividend Returning Value to Consistent Growth Sustainable Shareholders Strong, Simple Balance Sheet 8x Since Q1 2021 Leverage Ratio of 0.7x(1) 200 Million Since 2021(2) Annualized Dividend 0.80…
Highlights Q2 2024 Record Production Record oil, natural gas and total production - Record oil equivalent production - 160,305 BOE per day - Record oil production - 95,488 Bbl per day - Record natural gas production - 388.9 million…
Q2 2024 Guidance(1) vs. Q2 2024 Actuals Oil, natural gas and total production were all better than expected Better-than-expected production from Margarita and Dagger Lake South wells Accelerated production from H2 2024 1,000 Bbl/d 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) Q2 2024 BOE up 7% sequentially; 200,000 Q2 2024 BOE up 8% sequentially;…
Horizontal Wells Completed and Turned to Sales Q2 2024 During the second quarter of 2024, Matador turned to sales a total of 102 gross (41.1 net) horizontal wells across its various operating areas. This total was comprised of 47 gross…
Delivering Strong Well Results All Around the Delaware Basin DELAWARE BASIN Michael K Wolfcamp A-XY, 2nd Bone Spring 191,900 Net Acres Twin Lakes A 204H 24-hr IP: 2,543 BOE/d (69% oil) 121H 24-hr IP: 1,702 BOE/d (82% oil) Boros…
Delaware Basin Horizontal Well Location Inventory Matador has identified up to 4,640 gross (1,627 net) remaining potential locations(1) for future drilling on its Delaware Basin acreage Almost all intervals assume 160-acre well spacing…
an Mate and Synergistic Midstream Assets Continue to Add Value to Matador 700 miles of three-stream pipelines(1) Ranger Gathering Assets Stebbins 595 miles of three-stream pipelines(2) (oil, natural gas and water) Oil Gathering…
San Mateo Midstream Outperformed Expectations Adjusted EBITDA(1) was better than expected Adjusted EBITDA(1) of 58 million is better than expected in Q2 and up 36% year-over-year Natural gas processing volumes of 355 MMcf per day…
San Mateo Results in Q2 2024 San Mateo Average Natural Gas Gathering San Mateo Average Natural Gas Processing (MMcf/d) (MMcf/d) 450 425 450 416 413 399 393 400 385 400 373 355 350 350 331 350 300 300 250 250 200 200…
Growing Midstream and Upstream Businesses Together 250 232.5 225 San Mateo's Adjusted EBITDA ( in millions)(1) 198 200 200 Natural Gas 154 150 113 Oil 96 100 62 Water 50 31 12 0 2016 2017 2018 2019 2020…
Full Year 2024 Guidance July 23, 2024
2024 Guidance Excludes Ameredev Acquisition (As Updated on July 23, 2024) Actual February 20, 2024 %YoY July 23, 2024 %YoY Guidance Metric 2023 Results 2024 Guidance Range Change(1) 2024 Guidance Range Change(1) Total Oil Production…
2024 Capital Investment Plan Summary(1) Excludes Ameredev Acquisition (As Provided on February 20, 2024) Full Year 2024E CapEx(2)(3) 1.425 billion Midpoint 2024E Wells Turned to Sales 2024 Guidance Gross Net Drilling, Completing,…
Excludes Ameredev Acquisition Q3 2024 Guidance(1) Guidance Metric Q2 2024 Actuals Q3 2024 Guidance Range Oil Production 95,488 Bbl/d 96,500 to 97,500 Bbl/d +2% Natural Gas Production 388.9 MMcf/d 399.0 to 405.0 MMcf/d +3% Oil…
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 Meaningful use of non-fresh water, Operated Produced Water on Pipe per-barrel emissions(2)…
Appendix July 23, 2024
Steady Growth, Measured Pace (Pro Forma Matador + Ameredev) 602.1 MMBOE 4.82 BOE/Share Matador Total Proved Reserves Growth & BOE Per Share 5.00 600 Total Proved Reserves, MMBOE 4.00 500 BOE Per Share 400 28% CAGR…
San Mateo Third-Party Volumes and Revenues Continue to Grow San Mateo Midstream Services Revenues (Non-Matador) 26% Year-Over-Year ( in millions) Increase in 2023 80 71 60 56 44 39 37 40 20 7 0 0 2017 2018 2019 2020 2021…
Matador Resources and San Mateo Credit Facilities +1 Billion in Commitments in Conjunction with Ameredev Acq. Matador Credit Agreement Summary Bank group led by PNC Bank Last Elected Borrowings Letters of Credit Financial Covenant:…
Simple Balance Sheet No Near-Term Debt Maturities Debt Maturities ( in millions) As of July 23, 2024 2,500 2.5 billion = 1.5 billion elected commitment Senior Notes + 750 million elected commitment increase 2,250 + 250 million Term…
Q2 2024 Selected Operating and Financial Results Three Months Ended June 30, 2024 March 31, 2024 June 30, 2023 Net Production Volumes:(1) Oil (MBbl) 8,689 7,715 6,947 Natural gas (Bcf) 35.4 35.5 29.7 Total oil equivalent (MBOE)…
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 and net cash provided by…
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 operating…
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 operating activities,…
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 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 income.…
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