Matador Resources Company · NYSE:MTDR
Matador Resources — Investor Presentation (March 2015)
73 slides from Matador Resources's investor presentation, Mar 18, 2015
Slide 1: March 2015 Investor Presentation
March 2015 Investor Presentation NYSE: MTDR
Slide 2: Disclosure Statements
2 Disclosure Statements Safe Harbor Statement – This presentation and statements made by representatives of Matador Resources Company (“Matador” or the “Company”) during the course of this presentation include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 19
Slide 3: Company Summary
Company Summary
Slide 4: Matador History
Founded by Joe Foran in 1983 – most participants are still shareholders today Foran Oil funded with $270,000 in contributed capital from 17 friends and family members Sold to Tom Brown, Inc.(1) in June 2003 for an enterprise value of $388 million in an all-cash transaction Foran Oil & Matador
Slide 5: Company Overview
5 Company Overview 2014 Actual 2015 Guidance(3) % Change Capital Spending $610 million $350 million - 43% Total Oil Production 3.32 million Bbl 4.0 to 4.2 million Bbl + 23% Total Natural Gas Production 15.3 Bcf 24.0 to 26.0 Bcf + 63% Oil and Natural Gas Revenues $367.7 million $270 to $290 million(4
Slide 6: Matador Resources Company – Operations Overview
Matador Resources Company – Operations Overview Market Capitalization(1) $1.6 billion Avg. Daily Production – Q4 2014(2) 20,807 BOE/d Oil (% total) 11,062 Bbl/d (53%) Natural Gas (% total) 58.5 MMcf/d (47%) Proved Reserves @ 12/31/2014 68.7 million BOE % Proved Developed 45% % Oil 35% 2015E CapEx(3)
Slide 7: Matador's Execution History – Doing What We Say
Matador’s Execution History – “Doing What We Say” Oil Production 414 Bbl/d of oil 6% oil 4,916 Bbl/d of oil 46% oil 11,062 Bbl/d of oil 53% oil Proved Reserves 27 MMBOE 1.1 MMBbl of oil 4% oil 39 MMBOE 12.1 MMBbl of oil 31% oil 69 MMBOE 24.2 MMBbl of oil 35% oil PV-10(2
Slide 8: Keys to Matador's Success Over Last Years
Keys to Matador’s Success Over Last 35 Years(1) 8 People We have a strong, committed technical and financial team in place, and we continue to make additions and improvements to our staff, our capabilities and our processes Board and Special Advisor additions have strengthened Board skills and
Slide 9: Permian Basin Southeast New Mexico and West Texas
Permian Basin Southeast New Mexico and West Texas
Slide 10: Successful performance of initial horizontal wells
Cumulative Production Current Production Oil Eq. % Oil Natural Gas EUR(2) Well Months (BOE) Oil (Bbl/d) (Mcf/d) (MBOE) Ranger 33 State Com #1H (2nd Bone Spring) 15 184,000 91% 190 130 600 Dorothy White #1H (Wolfcamp "X") 12.5 310,000 66% 450 1,700 1,000 Rustler Breaks 12-24-27 #1H (Wolfcamp "B") 9 1
Slide 11: Permian 2015 Drilling Plan by Area
E D D Y L E A LOVING WARD TWIN LAKES 42,538 gross / 29,073 net acres RUSTLER BREAKS 64,513 gross / 27,775 net acres RANGER 28,994 gross / 16,307 net acres WOLF / LOVING AREA 11,274 gross / 7,877 net acres 11 Estimated capital expenditures of ~$245 million, including ~$32 million for land/seismic a
Slide 12: HEYCO Combination Overview
HEYCO Combination Overview 12 (1) Includes $3.0 million Matador paid for customary purchase price adjustments, including adjusting for production, revenues and operating and capital expenditures from September 1, 2014 to closing. (2) Each share of Series A Preferred Stock will automatically convert
Slide 13: Delaware Basin Combination Attributes
13 Delaware Basin Combination Attributes Matador added approximately 58,600 gross (18,200 net) acres located in the northern Delaware Basin in Lea and Eddy Counties, New Mexico from privately-held Harvey E. Yates Company (“HEYCO”) Strategically links Matador’s existing Ranger and Rustler Breaks
Slide 14: Combination Acreage – A Strategic Fit
Combination Acreage – A Strategic Fit 14 HEYCO combination facilitates horizontal development and upsized fracture treatments in a proven area Contiguous acreage provides opportunity for long laterals Many acreage blocks complement Matador inventory Matador will pursue operations wherever po
Slide 15: Attractive Targets
Attractive Targets: ~4,000 feet of productive oil bearing zones Wolf: High quality Wolfcamp and Bone Spring reservoir sands interbedded with source rock; micro-seismic and 3D seismic interpretation currently under way HEYCO-Ranger: Sweet spots for porosity, permeability, oil source, migr
Slide 16: Understanding the Petroleum Systems for Maximum Oil Recovery
Understanding the Petroleum Systems for Maximum Oil Recovery Note: Diagram Modified from Bishop (2014). Eagle Ford & Haynesville Wolfcamp Bone Spring Conventional Unconventional Shelf Organic-Rich Basin Decoupled Coupled Micro-Coupled In-Situ Bone Spring Source Rock and Reservoir ReservoirRock Sourc
Slide 17: Determining Good, Better, Best in Stacked Pay
Determining “Good, Better, Best” important as potential exceeds inter-formational stacked pay 2015 program will expand on intra-formational stacked pay tests performed in each asset area 4,000 Feet of Hydrocarbon Column Creates Opportunity Micro-coupled Wolf Area Type Log – Wolfcamp X/Y X Test Y
Slide 18: Well Inventory – Wolf
Well Inventory – Wolf ~660’ Brushy Canyon Avalon 1st Bone Spring 2nd Bone Spring 3rd Bone Spring Wolfcamp X/Y Wolfcamp A 4 66 Eval. Ongoing 34 66 66 66 302 Full Development Location Gross Wells Development Well D&C(1) CapEx EUR(2) (MBOE) Bone Spring $7 – $8 million 450 – 600 Wolfcamp $9 – $10 millio
Slide 19: Well Inventory – Rustler Breaks
Well Inventory – Rustler Breaks Brushy Canyon Avalon 1st Bone Spring 2nd Bone Spring 3rd Bone Spring X/Y Wolfcamp B ~8 0 0 ’ 65 73 73 77 69 77 65 499 Full Development Location Gross Wells Development Well D&C(1) CapEx EUR(2) (MBOE) Bone Spring $6 – $7 million 350 – 650 Wolfcamp $7 – $8 million 500 –
Slide 20: Well Inventory – Ranger
Well Inventory – Ranger ~1,320’ 1st Bone Spring 2nd Bone Spring 3rd Bone Spring X/Y Wolfcamp A-D ~7 5 0 ’ 43 55 30 70 6 204 1 mile MRC Horizontal Drilled Full Development Location Full Development Spacing Pattern (Cross-Section View) Gross Wells Development Well D&C(1) CapEx EUR(2) (MBOE) Bone Sprin
Slide 21: Delaware Basin Inventory
Delaware Basin Inventory Matador has identified 1,445 gross (960 net) locations This inventory does not yet include the HEYCO properties or Twin Lakes locations Delaware Basin E d d y L e a Lo v in g W in k le r Ward Texas New Mexico Chaves Potash Mine HEYCO Acreage Matador Acreage Formation Gro
Slide 22: North Ranger-Twin Lakes Area Pennsylvanian/Wolfcamp D Production Distribution
North Ranger-Twin Lakes Area Pennsylvanian/Wolfcamp “D” Production Distribution 22 A A’ MATADOR RESOURCES COMPANY PICKARD STATE 20-18-34 #2H Vacuum Field Townsend Field 166 wells 25 million Bbl, 49 Bcf Sanmal & Leamex Fields Corbin Field Kemnitz Field 94 wells 19 million Bbl, 78 Bcf Sanmal and Leame
Slide 23: Pennsylvanian/Wolfcamp D Hybrid Production Target Interval
Pennsylvanian/Wolfcamp “D” “Hybrid” Production Target Interval 30025300490000 AVRA OIL COMPANY 30025257790000 ELK OIL COMPANY 30025019240000 UNION OIL 30025397370000 CML EXPLORATION 30025414070000 CML EXPLORATION 30025416140000 MATADOR PRODUCTION A B E N A KI 1 0 S T A T E # 1 S T A T E ` 7 ` # 1 NO
Slide 24: Commodity Prices vs. Cost Savings vs. Efficiency Gains
Commodity Prices vs. Cost Savings vs. Efficiency Gains 7,500 psi Pressure Rating Estimated reduction in drilling time of 15 to 20% in the lateral on Wolfcamp wells Telescoping Flex-joint Estimated reduction in drilling time of 12 to 18 hours per well Integrated Mud-Gas Separator Estimate
Slide 25: Latest Technology: Simultaneous Operations Capable Rigs
Latest Technology: Simultaneous Operations (Sim-Ops) Capable Rigs 25 Conventional Drilling Configuration Sim-Ops Capable with V-door turned 90° Space available for frac operations while simultaneously drilling on the same pad Drilling rig must leave location prior to frac operations
Slide 26: WTI Oil Price and Service Prices
$60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 7/5/2014 8/24/2014 10/13/2014 12/2/2014 1/21/2015 $0 $20 $40 $60 $80 $100 $120 $140 Fr ac In de x Pric e & Drilli ng Sp rea d Ra te W TI Oi l Pri ce WTI Oil Price Frac Index Price Drilling Spread Rate WTI Oil Price and Service Pri
Slide 27: Infrastructure Development: Cost Savings and Efficiency Gains
Saltwater disposal savings $1.30/Bbl of produced water Infrastructure Development: Cost Savings and Efficiency Gains ...equivalent to a $5.10/Bbl uplift in oil prices Oil pipeline fee reduction ...an uplift of $0.90/Bbl in oil prices 27
Slide 28: Potential Water Recycling Savings for Loving County
Potential Water Recycling Savings for Loving County Saltwater Disposal Produced Water Purchase Frac Water Frac Additives Fracturing Well (~200,000 Bbl) Recycling Potential savings of up to $600,000 per well ...equivalent to a $3.00/Bbl uplift in oil prices 28
Slide 29: The Potential of Total Prospective Equivalent Oil Price Uplifts
$50.00 $7.50 $5.10 $4.50 $3.00 $3.00 $0.90 $74.00 $0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 The Potential of Total Prospective Equivalent Oil Price Uplifts 29 $50.00 $7.50 $6.00 $4.50 $3.00 $3.00 $74.00 $0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 Current Oil Pri
Slide 30: Evolution of Permian Basin Frac Design
30 7,500 Bbl 9,000 Bbl 8,400 Bbl 600 Mlbs 420 Mlbs 500 Mlbs Evolution of Permian Basin Frac Design – Reservoir Specific 375 ft. 300 ft. 50 ft. 75 ft. 210 ft. 35 ft. Gen 1 Gen 2 2,000 lbs/ft 1,333 lbs/ft 40 Bbl/ft 20 Bbl/ft 50’ cluster spacing 75’ cluster spacing Gen 1 Gen 2 2,000 lbs/ft 2,000 lbs/ft
Slide 31: Microseismic in Wolf Prospect
Microseismic in Wolf Prospect Fractures generate sonic events as they propagate through the rock Microseismic uses downhole geophones installed in offset horizontals to measure these sonic events Half-length is a measure of the fracture propagation away from the wellbore In this example, onl
Slide 32: Permian Basin Economics – Oil Price Sensitivities
32 Permian Basin Economics – Oil Price Sensitivities 0 50 100 150 200 250 40 45 50 55 60 65 70 ROR , % Oil Price, $ Ranger 33 400-700 MBOE ROR vs Oil Price 700 MBOE, $7.5 MM D&C 700 MBOE, $6 MM D&C 400 MBOE, $7.5 MM D&C 400 MBOE, $6 MM D&C uses $4 flat Gas price 0 10 20 30 40 50 60 70 80 90 100 40 4
Slide 33: Eagle Ford Oil Bank
a‘, {Mata aor lye Eagle Ford “Oil Bank”
Slide 34: Eagle Ford Overview
34 Eagle Ford Overview Note: All acreage at February 27, 2015. Some tracts not shown on map. Karnes Uvalde Medina Zavala Frio Dimmit La Salle Webb Atascosa McMullen Live Oak Bee Goliad Dewitt Gonzales Wilson San Antonio Glasscock Ranch Martin Ranch Northcut Affleck Troutt Sutton Love Cowey Lewton He
Slide 35: Eagle Ford – 2014 Accomplishments
Eagle Ford – 2014 Accomplishments 35 Increased net oil production rate by 44% from ~6,400 Bbl/d in Q4 2013 to ~9,100 Bbl/d in Q4 2014 Added 2,900 net acres, more than replacing 2014 Eagle Ford drilled inventory of ~36 net wells (See chart to the right) Evolved from Generation 5 to 7 frac desig
Slide 36: Eagle Ford Drilling – Cost Reductions and Efficiency Gains
36 Batch mode cut costs by ~10% vs pad drilling ~21% vs single well drilling Shaved 2.5 days per well Modern rigs Latest technology & equipment Improved drilling techniques Expecting ~28% pricing reduction in 2015 Eagle Ford Drilling – Cost Reductions and Efficiency Gains $219/ft $19
Slide 37: Artificial Lift Reducing Natural Production Declines
37 Flowing Rod Pumping Gas Lifting 300 Bbl/d 100 Bbl/d Accelerated Production Benefits of Gas Lift • Accelerates production • Reduces LOE • Lower maintenance • Helps wells recover faster from offset fracs Artificial Lift Reducing Natural Production Declines Time Note: Graph and data is for illustrat
Slide 38: Evolution of Matador Eagle Ford Frac Design
Gen 2 Gen 3 Gen 4 Gen 5 5,770 Bbl 7,825 Bbl 9,550 Bbl 11,750 Bbl 375 Mlbs 500 Mlbs 405 Mlbs 515 Mlbs 11,750 Bbl 650 Mlbs Gen 6 38 Note: Figure depicts proppant and fluid volume pumped per 300 ft. of horizontal wellbore. (1) Mlbs = thousands of pounds of proppant pumped. Fluid Volume Pumped Proppant
Slide 39: Eagle Ford Completions – Industry Comparison
5,380 5,040 6,430 6,970 5,450 5,500 5,690 4,910 7,360 4,830 6,360 5,110 5,510 4,590 5,220 4,890 5,230 5,650 4,960 0 500 1,000 1,500 2,000 2,500 3,000 3,500 P ro p p ant Co n ce n tr atio n ( #/ft of perf’d la ter al) 2012 2013 2014 Eagle Ford Completions – Industry Comparison Matador designs some of
Slide 40: Eagle Ford Completions – Cost Reductions
Eagle Ford Completions – Cost Reductions (1) Normalized to 5,000 foot lateral. (2) Per completed lateral foot. 40 Compl e ti o n s Co s t $ /f t( 2 ) Toe Prep Drill Out Frac Auxiliary $238 $318 $164 Non-frac completion costs cut by: ~50% since Q1 2012 (savings of over $750,000 per well(1)) Cut
Slide 41: Haynesville Shale Gas Bank
Haynesville Shale “Gas Bank”
Slide 42: Haynesville – Chesapeake Elm Grove Operations
Haynesville – Chesapeake Elm Grove Operations 42 Currently producing Currently drilling Anticipated future wells Producing wells Currently drilling or completing Anticipated future wells Date IP (Mcf/d) Choke Size (in) Flowing Pressure (psi) 8/2/2014 14,784 20/64 7035 8/2/2014 13,488 20/64 7325 8/24
Slide 43: Economics of Tier 1 Haynesville Wells at Elm Grove
Economics of Tier 1 Wells (10 Bcf) Haynesville at Elm Grove 43 Note: Individual well economics only. Excludes costs prior to drilling (i.e. acquisition or acreage costs). Economics use a NRI / WI of 85% but actual interests vary. Natural gas price differential = ($0.55)/Mcf. D&C cost = drilling and
Slide 44: Midstream
= AN, jMatadar RESOURCES COMPANY Midstream
Slide 45: Longwood Gathering and Disposal Systems in Delaware Basin
45 Longwood Gathering and Disposal Systems(1) in Delaware Basin Loving County, Texas Natural gas gathering and compression Water gathering Salt water disposal Oil gathering Cryogenic natural gas processing plant Eddy County, New Mexico Natural gas gathering and compression Water ga
Slide 46: Midstream Initiatives Growing into Respectable Stand-Alone Business
Midstream Initiatives Growing into Respectable Stand-Alone Business 46 Expect to spend ~$38 million on midstream initiatives in the Permian Basin in 2015 Matador expects Longwood to be able to support its own sources of financing Additional third-party volumes and a contemplated natural gas pr
Slide 47: Loving County, Texas – Biggest Midstream Project to Date
47 Loving County, Texas – Biggest Midstream Project to Date Natural gas gathering and compression Cryogenic natural gas processing plant Water gathering Salt water disposal Oil gathering SWD = Salt Water Disposal
Slide 48: 2015 Capital Investment Plan
2015 Capital Investment Plan
Slide 49: Reducing Drilling Program in 2015
49 2015 Capital Investment Plan – Reducing Drilling Program in 2015 Reducing drilling program from 5 rigs to 2 rigs due to lower commodity prices, with primary focus on Permian (Delaware) Basin Plan to be operating 2 rigs by start of Q2 2015 – both in the Permian Basin Have just released third
Slide 50: 2015E CapEx of ~$350 million
2015E CapEx of ~$350 million − Decrease of ~43% from 2014 CapEx of ~ $610 million − Estimated service cost reductions of 15 to 20% as observed through January 2015, but further cost reductions expected (up to 50% on some services) − Does not include any CapEx associated with HEYCO combination (cas
Slide 51: 2015 Drilling and Completion Plan by Area
2014 Drilled, 2015 Anticipated Completion(1) 2015 Anticipated Drilling & Completion 2015 Anticipated Drilling, 2016 Anticipated Completion(2) 2015 Anticipated First Sales(2) 2015E CapEx Gross Wells(3) Net Wells(3) Gross Wells(3) Net Wells(3) Gross Wells(3) Net Wells(3) Gross Wells(3) Net Wells(3) (i
Slide 52: 2015E Oil and Natural Gas Production
2015E Oil Production Estimated oil production of 4.0 to 4.2 million barrels − 23% increase from 2014 despite decreased drilling Average daily oil production of 11,200 Bbl/d, up from 9,100 Bbl/d in 2014 − Eagle Ford ~7,000 Bbl/d (63%) − Permian ~4,200 Bbl/d (37%) Quarterly production peaks in Q
Slide 53: 2015E Revenues and Adjusted EBITDA
2015E Revenues and Adjusted EBITDA(1)(2) Revenues and Adjusted EBITDA(1)(2) growth significantly impacted by lower estimated 2015 realized oil and natural gas prices − 2015E realized oil price of $50/Bbl vs ~$87/Bbl realized in 2014 − 2015E realized natural gas price of $3.00/Mcf vs ~5.00/Mcf in 2
Slide 54: Funding for 2015 Capital Investment Plan
Funding for 2015 Capital Investment Plan 54 Anticipate funding 2015 capital expenditures through operating cash flows, borrowings under revolving credit facility, other bank debt and additional funding via capital markets Estimated operating capital outspend of ~$150 million in 2015 with estimat
Slide 55: Commodity Price and CapEx Estimates Significantly Impact Forecasts
$350 $333 $315 $298 $280 $263 $245 $0 $50 $100 $150 $200 $250 $300 $350 $400 0% 5% 10% 15% 20% 25% 30% 20 15 E Ca pE x ($ m ill io ns ) Percentage Reduction in 2015E Service Costs Relatively small improvements in oil price and service cost reductions can significantly improve financial forecasts a
Slide 56: Summary and 2015 Guidance
56 Summary and 2015 Guidance (1) As reaffirmed on March 2, 2015; does not include capital expenditures associated with the HEYCO transaction. (2) Estimated 2015 oil and natural gas revenues and Adjusted EBITDA at midpoint of 2015 production guidance range as reaffirmed on March 2, 2015. Estimated av
Slide 57: Appendix
= AN, jMatadar RESOURCES COMPANY Appendix
Slide 58: Previous Oil Price Declines Have Created Opportunities for Matador
58 Previous Oil Price Declines Have Created Opportunities for Matador(1) Comparison of Major Oil Corrections and Major Matador Turning Points Since 1980 Date Event % Change in Oil Price Length of Oil Price Decline (in trading days) % Increase in Oil Price – 1-Year Post-Low 1986 Saudi Market Share Wa
Slide 59: Adjusted EBITDA, PV-10 and Shares by Year
(in thousands) Shares(3) PV-10(2) Adj. EBITDA(1) 2009 40,123 $70,359 $15,184 2010 41,037 $119,869 $23,635 2011 42,718 $248,700 $49,911 2012 53,957 $423,200 $115,923 2013 58,777 $655,200 $191,771 2014 70,229 $1,043,400 $262,943 Note: “Q3 2014 Net Debt / LTM Adjusted EBITDA” analysis prepared by RBC C
Slide 60: Matador's Continued Production Growth
Matador’s Continued Production Growth Average Daily Oil Production (Bbl/d) Average Daily Natural Gas Production (MMcf/d) Average Daily Total Production (MBOE/d) Oil Production Mix (% of Average Daily Production) 60 91 422 3,317 5,843 9,095 11,000 2010 2011 2012 2013 2014 Jan. 2015 Growth since IPO 3
Slide 61: 2015 Hedging Profile
4.65 4.35 4.35 4.05 $4.65 $3.94 $3.94 $3.99 $3.73 $3.26 $3.26 $3.30 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 3.70 3.80 3.90 4.00 4.10 4.20 4.30 4.40 4.50 4.60 4.70 Q1 2015 Q2 2015 Q3 2015 Q4 2015 W eig ht ed Av er ag e F loo r a nd Ce iling Pr ice, $/ M M Bt u Na tu ra l G a
Slide 62: Credit Agreement Status
Strong, supportive bank group led by Royal Bank of Canada Borrowing base at $450 million ($375 million conforming) based on July 31, 2014 reserves Not yet redetermined for YE 2014 reserves additions Borrowings outstanding of $340 million at December 31, 2014 and $395 million at March 16, 201
Slide 63: Oil and Natural Gas Proved Reserves and PV-10 Growth By Area
63 Oil and Natural Gas Proved Reserves and PV-10(1) Growth By Area YE 2013 Total proved reserves = 68.7 million BOE PV-10(1): $1,043.4 million $91.48 oil / $4.35 natural gas (1) PV-10 is a non-GAAP financial measure. For a reconciliation of Standardized Measure (GAAP) to PV-10 (non-GAAP), see Append
Slide 64: Wolf Area Wolfcamp X/Y Wells Performing Above Expectations
10 100 1000 10000 0 50 100 150 200 250 300 350 400 Da ily P roduction Rat e, BO E/d ay Time, Days Dorothy White #1H Norton Schaub #1H Johnson 44-02S-B53 #204H 500 MBOE Type Curve 700 MBOE Type Curve 1,000 MBOE Type Curve Dorothy White #1H has produced ~310,000 BOE (66% oil) in 12.5 months Norton Sch
Slide 65: Ranger Area 2nd Bone Spring Wells Performing Above Expectations
65 Ranger Area 2nd Bone Spring Wells Performing Above Expectations 10 100 1000 10000 0 50 100 150 200 250 300 350 400 450 Da ily P roduction Rat e, BO E/d ay Time, Days Ranger 33 State Com #1H Pickard State 20-18-34 #1H 400 MBOE Type Curve 600 MBOE Type Curve Ranger 33 State Com #1H has produced ~18
Slide 66: Rustler Breaks Wolfcamp B Well Performing Above Expectations
10 100 1000 10000 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 Da ily P roduction Rat e, BO E/d ay Time, Days 500 MBOE Type Curve 600 MBOE Type Curve Rustler Breaks 12-24-27 #1H has produced ~134,000 BOE (43% oil) in 9 months Wolfcamp "B" horizontal well in Rustler Breaks Area - Eddy County
Slide 67: Board of Directors and Special Advisors – Expertise and Stewardship
Board of Directors and Special Advisors – Expertise and Stewardship Board Members Professional Experience Business Expertise David M. Laney Lead Director - Past Chairman, Amtrak Board of Directors - Former Partner, Jackson Walker LLP Law and Investments Reynald A. Baribault Director - Vice President
Slide 68: Proven Management Team – Experienced Leadership
Proven Management Team – Experienced Leadership Management Team Background and Prior Affiliations Industry Experience Matador Experience Joseph Wm. Foran Founder, Chairman and CEO - Matador Petroleum Corporation, Foran Oil Company and James Cleo Thompson Jr. 34 years Since Inception Matthew V. Hairf
Slide 69: PV-10 Reconciliation
69 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 revenues. PV-10 is not an estimate of the fair market value of the
Slide 70: Adjusted EBITDA Reconciliation
70 Adjusted EBITDA Reconciliation This investor presentation includes the non-GAAP financial measure of Adjusted EBITDA. Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of consolidated financial statements, such as industry analysts, investo
Slide 71: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively. 71 (In thousands) 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2
Slide 72: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively. 72 LTM at LTM at (In thousands) 2008 2009 2010 2011 20
Slide 73: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively. 73 (In thousands) 12/31/2011 6/30/2012 12/31/2012 6/30
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