Matador Resources Earnings Beat as Production Jumps 37%

Independant energy producer and shale exploration company Matador Resources reported betetr than expected first quarter earnings after the close Wednesday. $MTDR main focus is the Wolfcamp and Bone Spring plays in the Delaware Basin.

Independant energy producer and shale exploration company Matador Resources reported better than expected first quarter earnings after the close Wednesday. $MTDR main focus is the Wolfcamp and Bone Spring plays in the Delaware Basin.

 Matador Natural gas Processing

Matador Natural Gas Processing Plant 

Earnings

EPS of 36 cents on revenue of $191.2 million.

Matador Resources Co NYSE: MTDR

Reaction: After hours 33.00 +0.41 (+0.13%)

Highlights

  • Average production jumped 37% year over year to 45,273 barrels of oil equivalent per day.
  • Matador has incurred capital expenditures of approximately $30 million since January 1, 2018 to acquire these leasehold and mineral interests.

Outlook

Average daily oil production and its average daily natural gas production will increase approximately 3%-4% in Q2 vs. Q1.

“We continue to be pleased with the consistently strong well results our asset teams are achieving throughout our acreage position in the Delaware Basin and are especially excited by the initial results from our first three wells in the Antelope Ridge asset area, which confirm our previous expectations that Antelope Ridge would soon become another key operating area for Matador in the northern Delaware Basin,” Chairman and CEO Joseph Foran said in a statement.

Matador Drilling

About Matador Resources

Matador Resources Company is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays.

Current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas.

The company operate in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. Matador also conduct midstream operations, primarily through their midstream joint venture, San Mateo Midstream, LLC.

Sources: Matador 2018 Analyst Day – Earnings

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