Fourth Quarter and Full Year 2024 Earnings Release February 18, 2025
Chairmans Remarks February 18, 2025
SLIDE A Increasing Fixed Dividend Again Six Times in Four Years 1.25 0.10 Q1 2021 Q1 2025 Annualized Dividend 1
SLIDE B Q4 2024 Record Production 200,000+ BOE/d First Time in Matador History 201,116 154,261 57% 59% Oil Oil Q4 2023 Q4 2024 2
SLIDE C Continued Annual Growth in Key Metrics (1) (1) Total Production Adj. EBITDA Adj. Free Cash Flow (BOE/d) ( in millions) ( in millions) 170,751 2,299 807 131,813 1,850 460 2023 2024 2023 2024 2023 2024 3…
SLIDE D Capital Efficiencies Achieved Throughout 2024 1,020 1,010 1,000 980 960 Drilling and Completion Cost(1) ( per completed lateral foot) 960 940 930 920 910 900 880 860 2024 February 2024 July 2024…
SLIDE E Expected Improvements in D&C Cost Per Foot in 2025 Change in D&C Asset Area Cost per Foot(1) Rustler 1 -6% Breaks 2 3 2 Arrowhead -11% 3 Ranger -11% 1 4 Antelope 4 -8% Ridge Matador Acreage 2025E Footage…
SLIDE F Core Delaware Basin Net Acreage and Production Growth 2012 2017 2024 7,500 Net Acres 114,000 Net Acres 198,700 Net Acres 9,000 BOE/d 38,900 BOE/d 170,800 BOE/d EDDY LEA EDDY LEA EDDY LEA WINKLER LOVING LOVING…
SLIDE G Increasing Delaware Basin Inventory 10-15 Years of Inventory with average returns greater than 50%(1) 18.3 Million Feet 15.0 Million Feet 1,869 Net Locations December 31, 2023 December 31, 2024 Total Net Inventory…
SLIDE H 33% Growth in Total Proved Reserves at Year-End 611.5 Million BOE 460.1 Million BOE December 31, 2023 December 31, 2024 PV-10: 7.7 Billion(1) PV-10: 9.2 Billion(1) Note: 2023 SEC pricing was 74.70 per Bbl and 2.64…
SLIDE I Strong and Simple Balance Sheet 1.6 Billion Total Liquidity Current Leverage As of December 31, 2024 3.5 (1) 3.0 Remaining 1.05x Availability on Borrowing 2.5 Base Leverage Ratio ( in Billions) 2.0 RBL Below…
SLIDE J U-Turn Wells Savings Through Operational Efficiencies PREVIOUS NOW Four Single-Mile Lateral Wells Two U-Turn Wells 3 Million in (1) Savings per U-Turn Well Note: In addition to saving 3 million per well, U-Turn…
SLIDE K Superior Profit Margins: Matador Leads the Industry 55.00 High Revenue per BOE High Revenue per BOE Low Profit per BOE High Profit per BOE Peer 2 52.50 Peer 1 Peer 6 50.00 Peer 8 Revenue Per BOE Peer 3 Peer 10…
SLIDE L Industry Leading Wells Productivity MTDRs Industry Leading Estimated Ultimate Recoveries (EURs) for Wells Turned to Production Since 2020 Average Oil EUR (MBbl) Source: Enverus data accessed in February 2025. 12 Includes…
SLIDE M Successful Ameredev Integration Improves Production Metrics ACQUISITION DETAILS Expected Integration Savings Price: 1.832 billion Effective Date: 6/1/2024 Closed: 9/18/2024 D&C Cost 160+ million 4+ million already…
SLIDE N Continued Growth Adjusted EBITDA(1) Matadors San Mateos Adjusted EBITDA Adjusted EBITDA ( in millions) ( in millions) 2,500 300 2,299 253 250 2,000 1,850 200 200 1,500 150 1,000 100 500 50 0 0 2023 2024…
SLIDE O Industry Leading Free Cash Flow Growth 250% 233% 228% 200% 176% 160% 150% 137% 127% 99% 98% 100% 92% 82% 79% 75% 74% 52% 50% 44% 36% 0% Note: As of February 18, 2025. Compares (i) actual adjusted free…
SLIDE P San Mateos Successful Combination with Pronto Midstream Strengthens MTDR Balance Sheet 220 million upfront cash and 75 million in performance incentives Increases Flow Assurance Marlan Plant Long-term sour gas…
SLIDE Q Marlan Plant 2025 Expansion On Time 70% On Budget Complete (1) Expected Online in Q2 2025 Note: Marlan Plant named for Mr. Marlan W. Downey, former executive of Shell, President of ARCO and long-time MTDR Board…
SLIDE R Opportunity to Tap Cotton Valley Gas Bank When Advantageous Excellent Positioning for LNG Export and AI Data Center Demand HAYNESVILLE/ COTTON VALLEY 17,300 net acres 100% HBP Texas Louisiana LNG LNG Cotton…
SLIDE S Midstream Strategically and Financially Valuable Midstream Value Flow Assurance Economic Benefit 900 Million to Plant Uptime Over 99% Cash Flow Date Close Leads to Efficiencies Growing 1.5 Billion in Net…
SLIDE T MTDRs Senior Management are Buyers Number of Net Shares Bought & Sold by Management (2021 to 2024)(1) MTDR CIVI VTLE APA OVV SM FANG CTRA PR 200,000 50,000 0 (200,000) Number of Net Shares (400,000) (600,000)…
Appendix February 18, 2025
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) 7.1 billion Avg. Daily Production Q4 2024 201.1 MBOE/d Net Debt / LTM Adj. EBITDA(2)(3) Q4 2024 1.05x DELAWARE BASIN HAYNESVILLE/ 198,700…
Delivering Strong Well Results All Around the Delaware Basin DELAWARE BASIN Glenn Spiller 1st Bone Spring Sand 198,700 Net Acres Twin Lakes 111H 24-hr IP: 1,944 BOE/d (80% oil) Janie Conner U-Turn A 2nd Bone Spring Sand 120H 24-hr…
Delaware Basin Extended Lateral Well Location Inventory Matador has identified up to 5,080 gross (1,869 net) remaining potential locations(1) for future drilling on its Delaware Basin acreage Almost all intervals assume 160-acre well…
Horizontal Wells Completed and Turned to Sales Q4 2024 Operated Non-Operated Total Gross Operated and Non-Operated Gross Net Gross Net Gross Net Asset/Operating Area Well Completion Intervals Western Antelope Ridge - - - - - - No…
Horizontal Wells Completed and Turned to Sales Full Year 2024 Operated Non-Operated Total Gross Operated Gross Net Gross Net Gross Net Asset/Operating Area Well Completion Intervals Western Antelope Ridge - - - - - - No operated…
Q4 2024 Guidance(1) vs. Q4 2024 Actuals Total production better than expected Higher-than-expected production from non-operated assets Better-than-expected performance from new wells 3,000 BOE/d (67% oil) higher if not for…
MAXCOM Operations Center = Recruiting + Training + Execution Averaging 98% in Zone(1) 24/7 Geosteering and Engineering Support 2018 2019 2020 2021 2022 2023 2024 Drilling Records: 28 47 36 44 49 56 58 Est. Savings 1.5 6.1 6.1…
Matadors Steady Growth Focused in the Delaware Basin Category 2023 2024 Acreage 152,200 198,700 +31% (net) Net Inventory Lateral Length 15.0 million 18.3 million +22% (feet) Reserves 460 612 +33% (MMBOE) Production 154,261…
The Delaware Basin: Best Basin in the United States Delaware Brushy Canyon U. Avalon L. Avalon FBSG SBSC SBSG Midland TBSC Matador Acreage TBSG WFMP A Sprayberry WFMP B WFMP A WFMP D WFMP B WFMP C…
Why Matador DELAWARE BASIN Highest-margin Delaware Basin Operator 198,700 Net Acres Double-digit Profitable Growth 10-15 Years of Quality Inventory Steadily Increasing Fixed Dividend Strong, Simple Balance Sheet…
San Mateo Record Results in Q4 2024 San Mateo Average Natural Gas Gathering San Mateo Average Natural Gas Processing (MMcf/d) (MMcf/d) Record Quarter Record Quarter 454 450 424 434 450 425 431 413 416 399 393 400 400 355 350…
San Mateos Record Growth in 2024 Matador received over 100 million in distributions from San Mateo in 2024 300 Natural Gas 285 Oil Water 253 San Mateo's Adjusted EBITDA ( in millions)(1) 250 198 200 Natural 200 Gas 154…
Full Year 2025 Guidance February 18, 2025
2025 Guidance(1) Actual %YoY Guidance Metric 2025 Guidance Range 2024 Results Change(2) Oil Production 99,808 Bbl/d 120,000 to 124,000 Bbl/d + 22% Natural Gas Production 425.7 MMcf/d 492.0 to 504.0 MMcf/d + 17% Oil Equivalent…
2025 Capital Investment Plan Summary(1) Full Year 2025E CapEx(2) 1.525 billion Midpoint Actual % YoY 2025 Guidance Range 2024 Results Change(3) Drilling, Completing and Equipping 1.32 billion 1.28 to 1.47 billion +4% Operated…
Q1 2025 Guidance(1) Guidance Metric Q1 2025 Guidance Range Oil Production 114,000 to 115,000 Bbl/d Natural Gas Production 486.0 to 492.0 MMcf/d Oil Equivalent Production 195,000 to 197,000 BOE/d D/C/E CapEx(2) 340 to 400…
Wells Turned to Sales 2025 Full Year & Q1 Guidance(1) During full year 2025, Matador expects to turn to sales 144 gross (110.3 net) operated horizontals wells In 2025, Matador expects to continue to focus its operations on longer…
2025E Operating Cost Estimates(1) (/BOE) 2024 Q4 2024 2025E 1 Production taxes, transportation and processing (PTTP) 4.91 4.70 5.00 to 6.00 2 Lease operating (LOE) 5.47 5.37 5.50 to 6.00 3 Plant and other midstream services operating…
Q4 2024 & Q1 2025E Commodity Price Differentials Q4 2024 Q1 2025E Actual Actual Realized Commodity Prices Benchmark(1) Differential Guidance(2) Realized Price Differential Oil Prices, per Bbl 70.32 70.66 +0.34 -0.50 to +0.50 (At…
Committed to Environmental, Social and Governance (ESG)(1) Stewardship ENVIRONMENTAL Continued reduction of per-barrel High percentage of transportation on pipeline emissions(2) OPERATED PRODUCED OIL ON PIPE OPERATED PRODUCED WATER ON…
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 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 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 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…
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…
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…
Loading...
