Matador Resources Company · NYSE:MTDR
Matador Resources — Investor Presentation (November 2014)
67 slides from Matador Resources's investor presentation, Nov 10, 2014
Slide 1: November 2014 Investor Presentation
November 2014 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
mes = by (Matador iyaer Company Summary
Slide 4: Matador History
square4 Founded by Joe Foran in 1983 – most participants are still shareholders today square4 Foran Oil funded with $270,000 in contributed capital from 17 friends and family members square4 Sold to Tom Brown, Inc.(1) in June 2003 for an enterprise value of $388 million in an all-cash transaction Fo
Slide 5: Company Overview
5 Company Overview Exchange: Ticker NYSE: MTDR Shares Outstanding(1) 73.4 million common shares Share Price(2) $24.03/share Market Capitalization(1)(2) $1.8 billion (1) Shares outstanding as reported in the Form 10-Q for the quarter ended September 30, 2014 filed on November 7, 2014. (2) As of Novem
Slide 6: Matador's Execution History – Doing What We Say
Matador’s Execution History – “Doing What We Say” Oil Production square4 414 Bbl/d of oil square4 6% oil square4 4,916 Bbl/d of oil square4 46% oil square4 ~12,100 Bbl/d of oil(10) square4 56% oil(10) Proved Reserves square4 27 MMBOE square4 1.1 MMBbl of oil square4 4% oil square4 39 MMBOE square4 1
Slide 7: Delivering Strong Results
Delivering Strong Results 7 Q3 2014 Achievements Oil Production(4) 2014 Capital Budget and Guidance square4 Oil Production – Company Record! − 9,123 Bbl/d; 36% growth versus Q3 2013 square4 Oil & Natural Gas Revenues − $96.6 million; 18% growth versus Q3 2013 square4 Adjusted EBITDA(1) − $66.8 milli
Slide 8: Matador Resources Company Overview
8 Matador Resources Company Overview Market Capitalization(1) $1.8 billion Average Daily Production(2) 21,800 BOE/d Oil (% total) 12,100 Bbl/d (56%) Natural Gas (% total) 57.8 MMcf/d (44%) Proved Reserves @ 9/30/14 61.0 million BOE % Proved Developed 41% % Oil 35% 2014E CapEx $570 million % South Te
Slide 9: Asset Highlights
Asset Highlights 9 square4 Currently running a two-rig drilling program (177.7 net drilling locations(1)) square4 ~65,000 net acres(2) in Lea and Eddy Counties, NM and Loving County, TX in the Permian Basin with multi-zone drilling potential square4 Successful performance of three initial horizontal
Slide 10: Keys to Matador's Success
Keys to Matador’s Success 10 square4 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 process − Board and Special Advisor additions have strengthened Board skills and stewardship squa
Slide 11: Eagle Ford South Texas
mes = by (Matador iyaer Eagle Ford South Texas
Slide 12: 2014 South Texas Plan Details
2014 South Texas Plan Details 12 square4 2014 projected capital expenditures of ~$318 million or ~56% of total − 2-rig program with almost all of the 2014 South Texas capital budget directed to the Eagle Ford shale − Drill and/or complete or participate in 50 gross (47.0 net) wells; 43 gross (40.0 n
Slide 13: Eagle Ford Overview
13 Eagle Ford Overview (1) At September 30, 2014. Includes two wells producing small volumes of oil from the Austin Chalk formation and two wells producing small quantities of natural gas from the San Miguel formation in Zavala County, Texas. (2) For the twelve months ended December 31, 2011. (3) Fo
Slide 14: Eagle Ford Measured Depths and Well Costs
14 Eagle Ford Measured Depths and Well Costs Note: All acreage at October 1, 2014. Some tracts not shown on map. Karnes Uvalde Medina Zavala Frio Dimmit La Salle Webb Atascosa McMullen Live Oak Bee Goliad Dewitt Gonzales Wilson Matador Resources Acreage San Antonio Glasscock Ranch Martin Ranch North
Slide 15: Operational Improvements (Normalized)
Overview 15 Operational Improvements (Normalized) Eagle Ford Drilling Costs / Drilled Foot(1) Eagle Ford Completion Costs / Completed Foot(2) West Central East West Central East square4 Over the past two years, made significant progress and increased knowledge of how to drill, complete and produce E
Slide 16: 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 0 ft. 300 ft. 11,750 Bbl 650 Mlbs Gen 6 Evolution of Matador Eagle Ford Frac Design 16 Note: Figure depicts proppant and fluid volume pumped per 300 ft. of horizontal wellbore. (1) Mlbs = thousands o
Slide 17: Frac Generation and Downspacing Comparison
0 20,000 40,000 60,000 80,000 100,000 120,000 0 50 100 150 200 250 300 350 400 C u m u l a tiv e P r o d u c t i o n ( Bbl ) Time (Days) GEN 2 (80 Acre) GEN 5 (40 Acre) GEN 4 (80 Acre) GEN 3 (80 Acre) GEN 6 (40 Acre) 0 20,000 40,000 60,000 80,000 100,000 120,000 0 50 100 150 200 250 300 350 400 C u
Slide 18: Improvement in Drilling Efficiency – Moving Towards Batch Drilling
0 50,000 100,000 150,000 200,000 250,000 300,000 2014 2013 2012 2011 2010 Lateral Feet Drilled 18 Single Well Drilling PAD Drilling BATCH Drilling EXPLORATION DEVELOPMENT 1/3 RIG 2/3 RIG 2 RIGS 1 1/2 RIGS 2 RIGS 60 to 70% increase in Rig Efficiency from 2012 to 2014E! Improvement in Drilling Efficie
Slide 19: Compressing Drill Times
Compressing Drill Times square4 Improving rig fleet − High tech, fast moving, faster drilling, walking style rigs square4 Improving Rate of Penetration (ROP) − Bit selection and development − Bottom Hole Assembly (BHA) selection − Rotary steerable systems − Vertical seeking − Directional drilling sq
Slide 20: Progression of Drilling Rig Technology from 2010 to 2014
Progression of Drilling Rig Technology from 2010 to 2014 20 RIG # ELECTRIC 1600 HP PUMPS INTEGRATED TOP DRIVE APEX RIG (FAST MOVE) HYDRAULIC CATWALK AC DRIVE SYSTEM TECHNOLOGY ROUND BOTTOM MUD PITS WALKING PACKAGE BOP HANDLER THREE SHAKERS 521 135 checkbld checkbld 534 checkbld checkbld 203 checkbld
Slide 21: Artificial Lift Reducing Natural Production Declines
21 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 22: Buda Wells Activity Since January 1, 2010
22 Buda Wells Activity Since January 1, 2010 – Potential Test Note: All acreage at October 1, 2014. Well information from public sources available as of August 2014. 5/3/2013 mo avg: TX American Resources Buchanan-1H 14 285 Bbl/d 466 Mcf/d Cum: 119 MBbl 1.9 Bcf Dan A. Hughes Heitz Lease 7 Buda Compl
Slide 23: Permian Basin Southeast New Mexico and West Texas
Permian Basin Southeast New Mexico and West Texas
Slide 24: 2014 Permian Basin Plan
24 square4 2014 projected capital expenditures of ~$190 million or ~33% of total − Continue 2-rig program working in Lea and Eddy Counties, NM and Loving County, TX − Drill and/or complete or participate in 14 gross (12.3 net) wells; several Wolf area wells drilled with second Permian rig anticipate
Slide 25: Permian Basin Acreage and Well Locations
E D D Y L E A LOVING Matador Resources Acreage Location of Matador Well WARD TWIN LAKES 38,982 gross / 27,456 net acres INDIAN DRAW / RUSTLER BREAKS 21,023 gross / 14,785 net acres RANGER / QUERECHO PLAINS 14,875 gross / 10,776 net acres WOLF / LOVING AREA 11,183 gross / 7,155 net acres # 24 1 3 7 8
Slide 26: Advanced Rig Technology, Geosteering and Frac Design
26 square4 New rigs arriving in 2015 have even more advanced technology than current Eagle Ford rigs − Walking packages, hydraulic catwalks, reconfiguration of rig layouts, high pressure circulating systems, etc. − New rig features designed to match drilling plans – i.e. reconfiguration of rig layou
Slide 27: Permian Basin Petroleum Systems and the Wolfcamp Kitchens
27 Permian Basin Petroleum Systems and the Wolfcamp “Kitchens” DELAWARE BASIN CENTRAL BASIN PLATFORM MIDLAND BASIN Wolfcamp Simpson ~23,000’ Sediment Fill EastWest Source “Kitchens” Now Unconventional Resource Plays square4 70,000 square mile area square4 Up to 25,000 feet of multiple, stacked, petr
Slide 28: Wolf-Bone Geological Setting
28 “Wolf-Bone” Geological Setting, Predicting Where the Better Rocks Are 265 mya End of Bone Springs – Warmer! Delaware Basin San Andres Yeso Abo Delaware Mountain Group 1st, 2nd, 3rd Bone Spring Sands Sands confined to channels and distributary systems 1st, 2nd, 3rd Bone Spring Carbonates Wolfcamp
Slide 29: 2014 Wells Drilled Targeting Multiple Benches in Permian
2014 Wells Drilled Targeting Multiple Benches in Permian Appraisal Program 29 Sand Carbonates (Limestone's and Dolomites) Shale/ Mudstone Bone Spring Lime Upper Avalon Shale Lower Avalon Shale First Bone Spring Sand Second Bone Spring Carbonate Second Bone Spring Sand Third Bone Spring Carbonate Wol
Slide 30: Wolf / Loving Prospect Area
Wolf / Loving Prospect Area 30 square4 11,183 gross (7,155 net) acres square4 50 gross (35.4 net) locations(1) square4 Primary Targets − Wolfcamp “A” − 3rd Bone Spring − Avalon square4 Other Potential Targets − 1st Bone Spring − 2nd Bone Spring − Wolfcamp “B” square4 Approaching development status L
Slide 31: Ranger / Querecho Plains Prospect Area
Ranger / Querecho Plains Prospect Area 31 square4 14,875 gross (10,776 net) acres square4 83 gross (59.6 net) locations(1) square4 Primary Targets − 2nd Bone Spring − 3rd Bone Spring − Wolfcamp “A”, “B” and “D” square4 Other Potential Targets − Delaware − Avalon − 1st Bone Spring − Bone Spring Carbo
Slide 32: Rustler Breaks / Indian Draw Prospect Area
32 square4 21,023 gross (14,785 net) acres square4 108 gross (82.8 net) locations(1) square4 Primary Targets − Wolfcamp “B” − 2nd Bone Spring − Delaware square4 Other Potential Targets − Avalon − 1st Bone Spring − 3rd Bone Spring − Wolfcamp “A” Rustler Breaks / Indian Draw Prospect Area Location of
Slide 33: Twin Lakes Prospect Area
Twin Lakes Prospect Area 33 square4 38,982 gross (27,456 net) acres square4 Primary Targets − Wolfcamp “D” − Strawn − Abo square4 Other Potential Targets − Cisco/Canyon − Devonian − Glorieta/San Andres Location of Matador well Note: All acreage at October 1, 2014. Well information from public source
Slide 34: North Ranger-Twin Lakes Area Production Distribution
North Ranger-Twin Lakes Area Pennsylvanian/Wolfcamp “D” Production Distribution 34 A A’ MATADOR RESOURCES COMPANY PICKARD STATE 20-18-34 #2H Vacuum Field Townsend Field 166 wells 25 MMBbl, 49 Bcf Sanmal & Leamex Fields Corbin Field Kemnitz Field 94 wells 19 MMBbl, 78 Bcf Sanmal and Leamex Fields 39
Slide 35: 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 K I 1 0 S T A T E # 1 S T A T E ` 7 ` # 1 N
Slide 36: Matador Permian Basin – First Generation Frac Designs
Bone Spring 0 ft. 300 ft. Wolfcamp Matador Permian Basin – First Generation Frac Designs 36 Note: Figure depicts proppant and fluid volume pumped per 300 ft. of horizontal wellbore. (1) Mlbs = thousands of pounds of proppant pumped. 550 Mlbs 600 Mlbs 11,750 Bbl 11,750 BblFluid Volume Pumped Proppant
Slide 37: Haynesville Shale
mes = by (Matador iyaer Haynesville Shale
Slide 38: 2014 Haynesville Shale Plan
2014 Tier 1 Haynesville Shale Plan 38 square4 2014 projected capital expenditures of ~$62 million or about 11% of total − Estimated participation in up to 56 gross (7.8 net) non-operated wells − Chesapeake in the process of drilling up to 45 gross (8.7 net to Matador) wells on Elm Grove through earl
Slide 39: Significant Option Value on Natural Gas
Significant Option Value on Natural Gas square4 Significant acreage position in the Haynesville − Added 3 sections in 2014 to provide more operated drilling opportunities − Also prospective for the Cotton Valley, Travis Peak / Hosston and other shallow formations square4 Highly competitive well econ
Slide 40: Anticipated Chesapeake Elm Grove Haynesville Operations
Anticipated Chesapeake Elm Grove Haynesville Operations – 2014 Through Early 2016 40 Currently producing • MTDR anticipates 45-well program through early 2016 • Three walking rigs actively drilling in third quarter 2014 • MTDR in discussions with CHK regarding rig moves and pace of development Solid
Slide 41: Elm Grove Tier 1 Haynesville – Chesapeake Operated
0 25 50 75 100 125 150 175 200 225 250 275 300 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00 E s t i m a t e d R a t e o f R e t u r n , % Natural Gas Price, $/Mcf 10 Bcf - $7.0mm D&C Cost 10 Bcf - $8.0mm D&C Cost 10 Bcf - $9.0mm D&C Cost Elm Grove Tier 1 Haynesville – Chesapeake Operated 41 Note: Indiv
Slide 42: 2014 Capital Investment Plan
2014 Capital Investment Plan
Slide 43: Summary and 2014 Guidance
43 Summary and 2014 Guidance square4 Continue 4-rig program full-time in Q4 2014 – 2 rigs in the Eagle Ford and 2 rigs in the Permian square4 Eagle Ford development continues to be the major driver of our growth in 2014 square4 Permian drilling program designed to further evaluate our acreage positi
Slide 44: 2014 Capital Investment Plan Summary
44 2014 Capital Investment Plan Summary square4 Continue 4-rig program full time in Q4 2014: 2 rigs in the Eagle Ford and 2 rigs in the Permian square4 2014E capital expenditures of $570 million square4 Eagle Ford development continues to be the major driver of our growth in 2014 with growing Permia
Slide 45: Funding for 2014 Capital Investment Plan
Funding for 2014 Capital Investment Plan 45 square4 Anticipate funding remaining 2014 capital expenditures through operating cash flows and borrowings under revolving credit facility − 0.4 million barrels of oil hedged for remainder of 2014, protecting cash flows below ~$88/Bbl oil price − 1.1 Bcf o
Slide 46: Investment Highlights
46 Investment Highlights Strong Growth Profile with Increasing Focus on Oil / Liquids − YE2011 to 2014E oil production CAGR of ~178%(1) with expected year-over-year growth of ~55%(1) in 2014 − ~89% of 2014E CapEx program focused on oil / liquids exploration and development High Quality Asset Base in
Slide 47: Appendix
mes = by (Matador iyaer Appendix
Slide 48: Oil Production and Revenues Through Q3 2014
48 Oil Production and Revenues Through Q3 2014 Average Daily Natural Gas Production (MMcf/d) Natural Gas Revenues ($ in mm) Oil Revenues ($ in mm) Average Daily Oil Production (Bbl/d) 209 563 465 448 2,200 3,130 3,291 4,630 5,115 4,916 6,703 6,612 7,344 8,809 9,123 0 2,000 4,000 6,000 8,000 10,000 1
Slide 49: Quarterly Performance Metrics
$10.1 $15.3 $12.1 $12.4 $21.3 $27.9 $28.6 $38.0 $40.7 $40.8 $61.5 $48.8 $56.3 $69.5 $66.8 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 $15.5 $21.8 $18.9 $17.9 $32.2 $40.8 $41.4 $55.6 $59.7 $58.4 $80.7 $69.3 $77.1 $96.
Slide 50: Quarterly Expense Metrics Through Q3 2014
50 Quarterly Expense Metrics Through Q3 2014 Lease Operating (per BOE) General and Administrative (per BOE) Depletion, Depreciation and Amortization (per BOE) Production Taxes and Marketing (per BOE) $ 2 . 2 9 $ 2 . 2 7 $ 2 . 9 0 $ 2 . 3 1 $ 2 . 9 5 $ 3 . 2 9 $ 3 . 4 7 $ 4 . 2 6 $ 4 . 1 8 $ 4 . 6 2
Slide 51: Matador Provides Growth on a Per Share Basis
$0.47 $0.83 $1.57 $2.89 $4.58 $5.55 2009 2010 2011 2012 2013 2014E $1.75 $2.92 $5.82 $7.84 $11.15 2009 2010 2011 2012 2013 $0.38 $0.58 $1.17 $2.15 $3.26 $3.99 2009 2010 2011 2012 2013 2014E Matador Provides Growth on a Per Share(1) Basis 51 Oil and Natural Gas Revenues(4) per Share ($ per share) PV-
Slide 52: Matador's Continued Growth
$18.4 $15.2 $23.6 $49.9 $115.9 $191.8 2008 2009 2010 2011 2012 2013 $30.6 $19.0 $34.0 $67.0 $156.0 $269.0 2008 2009 2010 2011 2012 2013 7% 4% 2% 6% 37% 50% 2008 2009 2010 2011 2012 2013 1.5 2.3 3.9 7.0 9.0 11.7 2008 2009 2010 2011 2012 2013 Matador’s Continued Growth Average Daily Production (MBOE/d
Slide 53: Semi-Annual Performance Metrics Through 2014
84 485 729 908 1,225 1,463 1,837 2H 2011 1H 2012 2H 2012 1H 2013 2H 2013 1H 2014 2H 2014E 1,277 1,525 1,768 1,944 2,341 2,475 3,525 2H 2011 1H 2012 2H 2012 1H 2013 2H 2013 1H 2014 2H 2014E Semi-Annual Performance Metrics Through 2014 Oil Production (Bbl in thousands) Oil Equivalent Production (BOE i
Slide 54: Semi-Annual Performance Metrics and Hypothetical 2015 Stress Case
1,277 1,525 1,768 1,944 2,341 2,475 3,525 4,430 2H 2011 1H 2012 2H 2012 1H 2013 2H 2013 1H 2014 2H 2014E 1H 2015E 84 485 729 908 1,225 1,463 1,837 2,085 2H 2011 1H 2012 2H 2012 1H 2013 2H 2013 1H 2014 2H 2014E 1H 2015E $24.4 $49.3 $66.7 $81.5 $110.3 $125.8 $154.2 $172.0 2H 2011 1H 2012 2H 2012 1H 20
Slide 55: Hedging Profile
55 Hedging Profile – Hedges in Place for Remainder of 2014 and 2015 At November 5, 2014, Matador had: square4 0.4 million barrels of oil hedged for remainder of 2014 at weighted average floor and ceiling of $88/Bbl and $99/Bbl, respectively square4 1.1 Bcf of natural gas hedged for remainder of 2014
Slide 56: Credit Facility and Borrowing Base
square4 Strong, supportive bank group led by Royal Bank of Canada square4 Borrowing base at $450 million, based on July 31, 2014 reserves, increased from $385 million based on December 31, 2013 reserves, and increased from $125 million at time of IPO in February 2012 square4 Borrowings outstanding o
Slide 57: SEC Proved Reserves Value Growth By Area
57 SEC Proved Reserves Value Growth By Area September 30, 2014 PV-10(1): $952.0 million $95.56 oil(2), $4.236 natural gas(2) (Standardized Measure = $835.1 million) (1) PV-10 is a non-GAAP financial measure. For a reconciliation of Standardized Measure (GAAP) to PV-10 (non-GAAP), see Appendix. (2) O
Slide 58: Board of Directors and Special Advisors
Board of Directors and Special Advisors – Expertise and Stewardship 58 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 Presid
Slide 59: Proven Management Team – Experienced Leadership
Proven Management Team – Experienced Leadership 59 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. Ha
Slide 60: MTDR Trading versus BOE/d Production since IPO
60 MTDR Trading versus BOE/d Production since IPO 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 $0.00 $4.00 $8.00 $12.00 $16.00 $20.00 $24.00 $28.00 $32.00 I P O 3 / 31 / 201 2 6 / 30 / 201 2 9 / 30 / 201 2 1 2 / 31 / 201 2 3 / 31 / 201 3 6 / 30 / 201 3 9 / 30 / 201 3 1
Slide 61: MTDR Trading versus Growing Permian Acreage since IPO
61 MTDR Trading versus Growing Permian Acreage since IPO 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 $0.00 $4.00 $8.00 $12.00 $16.00 $20.00 $24.00 $28.00 $32.00 P e r m i a n A c r e a g e P o s i t i o n , N e t A c r e s M T D R C l o s i n g P r i c e MTDR Permian Net Acreage Note: Matador
Slide 62: MTDR Trading versus PV-10 Growth since IPO
62 MTDR Trading versus PV-10 Growth since IPO Note: Matador closing share price through November 7, 2014. $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 $900.0 $1,000.0 $0.00 $4.00 $8.00 $12.00 $16.00 $20.00 $24.00 $28.00 $32.00 I P O 3 / 3 1 / 20 1 2 6 / 3 0 / 20 1 2 9 / 3 0 / 20 1 2
Slide 63: PV-10 Reconciliation
63 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 64: Adjusted EBITDA Reconciliation
64 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 65: Adjusted EBITDA Reconciliation
65 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. Note: LTM is last 12 months LTM at LTM at (In thous
Slide 66: Adjusted EBITDA Reconciliation
66 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. (In thousands) 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2
Slide 67: Adjusted EBITDA Reconciliation
67 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. (In thousands) 12/31/2011 6/30/2012 12/31/2012 6/30
Matador Resources — Investor Presentation (November 2014) on 6ix