Matador Resources Company · NYSE:MTDR

Matador Resources — Investor Presentation (October 2014)

65 slides from Matador Resources's investor presentation, Oct 14, 2014

  1. Slide 1: October 2014 Investor Presentation

    October 2014 Investor Presentation NYSE: MTDR Exhibit 99.2

  2. 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

  3. Slide 3: Company Summary

    Company Summary

  4. 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

  5. Slide 5: Company Overview

    5 Company Overview Exchange: Ticker NYSE: MTDR Shares Outstanding(1) 73.3 million common shares Share Price(2) $19.57/share Market Capitalization(1)(2) $1.4 billion (1) Shares outstanding as reported in the Form 10-Q for the quarter ended June 30, 2014 filed on August 8, 2014. (2) As of October 13,

  6. Slide 6: 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  ~9,100 Bbl/d of oil(10)  57% oil(10) Proved Reserves  27 MMBOE  1.1 MMBbl of oil  4% oil  39 MMBOE  12.1 MMBbl of oil  31% oil  57 MMBOE  18.6 MMBbl of oil  33% oil

  7. Slide 7: Delivering Strong Results

    Delivering Strong Results 7 Q2 2014 Achievements Oil Production(2) 2014 Capital Budget and Guidance  Oil Production – Company Record!  8,809 Bbl/d; 79% growth versus Q2 2013  Oil & Natural Gas Revenues  $99.1 million; 70% growth versus Q2 2013  Adjusted EBITDA(1)  $69.5 million; 70% growth ver

  8. Slide 8: Matador Resources Company Overview

    8 Matador Resources Company Overview Market Capitalization(1) $1.4 billion Average Daily Production(2) 16,100 BOE/d Oil (% total) 9,100 Bbl/d (57%) Natural Gas (% total) 41.8 MMcf/d (43%) Proved Reserves @ 6/30/14 57.2 million BOE % Proved Developed 35% % Oil 33% 2014E CapEx $570 million % South Tex

  9. Slide 9: Asset Highlights

    Asset Highlights 9  Currently running a two-rig drilling program (177.7 net drilling locations(1))  ~65,000 net acres(2) in Lea and Eddy Counties, NM and Loving County, TX in the Permian Basin with multi-zone drilling potential  Successful performance of three initial horizontal wells  Ranger 33

  10. Slide 10: Keys to Matador's Success

    Keys to Matador’s Success 10  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  Properti

  11. Slide 11: Eagle Ford South Texas

    a‘, {Mata ador ee ee Eagle Ford South Texas

  12. Slide 12: 2014 South Texas Plan Details

    2014 South Texas Plan Details 12  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 net) we

  13. Slide 13: Eagle Ford Overview

    13 Eagle Ford Overview (1) At July 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) For the

  14. 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

  15. Slide 15: Eagle Ford Operational Improvements

    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  Over the past two years, made significant progress and increased knowledge of how to drill, complete and produce Eagle F

  16. 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

  17. Slide 17: Eagle Ford Cumulative Production by Frac Generation

    0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 Cum ula tiv e P ro du cti on (B bl) Time (Days) GEN 2 (80 Acre) GEN 4 (80 Acre) GEN 5 (80 Acre) 0 10,000 20,000 30,000 40,000 50,000 60,000 7

  18. Slide 18: Downspacing Comparison

    0 10000 20000 30000 40000 50000 60000 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 C u m u la ti v e Oil P ro d u c tio n ( B b l) Days Online Average 40 Acre (Gen 5-6) Average 80 Acre (Gen 2-4) 0 10000 20000 30000 40000 50000 60000 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 C u m

  19. Slide 19: 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 19 La eral Fee 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 Dril

  20. Slide 20: Compressing Drill Times

    Compressing Drill Times  Improving rig fleet  High tech, fast moving, faster drilling, walking style rigs  Improving Rate of Penetration (ROP)  Bit selection and development  Bottom Hole Assembly (BHA) selection  Rotary steerable systems  Vertical seeking  Directional drilling  Minimize dir

  21. Slide 21: Progression of Drilling Rig Technology 2010 to 2014

    Progression of Drilling Rig Technology from 2010 to 2014 21 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   534   203      250        239  

  22. Slide 22: Artificial Lift Reducing Natural Production Declines

    22 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

  23. Slide 23: Buda Wells Activity Since January 1, 2010

    23 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. TX American Resources Buchanan-1H 5/3/2013 14 mo avg: 285 Bbl/d 466 Mcf/d Cum: 119 MBbl 1.9 Bcf Dan A. Hughes Heitz Lease 7 Buda Compl

  24. Slide 24: Permian Basin Southeast New Mexico and West Texas

    Permian Basin Southeast New Mexico and West Texas

  25. Slide 25: 2014 Permian Basin Plan

    25  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 on production in

  26. Slide 26: Permian Well Results

    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) 11 150,000 91% 300-350 190 500 Dorothy White #1H (Wolfcamp "A") 9 226,000 68% 550 1,400 1,000 Rustler Breaks 12-24-27 #1H (Wolfcamp "B") 4

  27. Slide 27: Permian Drilling and Completion Technology

    27  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 layout allo

  28. Slide 28: Permian Basin Petroleum Systems and the Wolfcamp Kitchens

    28 Permian Basin Petroleum Systems and the Wolfcamp “Kitchens” DELAWARE BASIN CENTRAL BASIN PLATFORM MIDLAND BASIN Wolfcamp Simpson ~23,000’ Sediment Fill East West Source “Kitchens” Now Unconventional Resource Plays  70,000 square mile area  Up to 25,000 feet of multiple, stacked, petroleum syste

  29. Slide 29: Wolf-Bone Geological Setting

    29 “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

  30. Slide 30: 2014 Wells Drilled Targeting Multiple Benches

    2014 Wells Drilled Targeting Multiple Benches in Permian Appraisal Program 30 Sand Carbonates (Limestones 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 Wolf

  31. Slide 31: Wolf / Loving Prospect Area

    Wolf / Loving Prospect Area 31  11,183 gross (7,155 net) acres  50 gross (35.4 net) locations(1)  Primary Targets  Wolfcamp “A”  3rd Bone Spring  Avalon  Other Potential Targets  1st Bone Spring  2nd Bone Spring  Wolfcamp “B”  6 wells planned for 2014  Approaching development status Loca

  32. Slide 32: Ranger / Querecho Plains Prospect Area

    Ranger / Querecho Plains Prospect Area 32  14,875 gross (10,776 net) acres  83 gross (59.6 net) locations(1)  Primary Targets  2nd Bone Spring  3rd Bone Spring  Wolfcamp “A”, “B” and “D”  Other Potential Targets  Delaware  Avalon  1st Bone Spring  Bone Spring Carbonates  3 wells planned

  33. Slide 33: Indian Draw / Rustler Breaks Prospect Area

    33  21,023 gross (14,785 net) acres  108 gross (82.8 net) locations(1)  Primary Targets  Wolfcamp “B”  2nd Bone Spring  Delaware  Other Potential Targets  Avalon  1st Bone Spring  3rd Bone Spring  Wolfcamp “A”  4 wells planned for 2014 Indian Draw / Rustler Breaks Prospect Area Location

  34. Slide 34: Twin Lakes Prospect Area

    Twin Lakes Prospect Area 34  38,982 gross (27,456 net) acres  Primary Targets  Wolfcamp “D”  Strawn  Abo  Other Potential Targets  Cisco/Canyon  Devonian  Glorieta/San Andres  1 vertical well planned for early 2015 − Vertical pilot hole to collect whole core and log data Location of Matado

  35. Slide 35: Twin Lakes Area Cross Section

    Twin Lakes Area Cross Section 35 A TEST VOLUMES: 268 Bbl/d oil 350 Mcf/d gas No water TEST VOLUMES: 118 Bbl/d oil 625 Mcf/d gas 1,155 Bbl/d water Wolfcamp “D” A’ ~400ft

  36. 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 Bbl Fluid Volume Pumped Proppan

  37. Slide 37: Haynesville Shale

    Haynesville Shale

  38. Slide 38: 2014 Tier 1 Haynesville Shale Plan

    2014 Tier 1 Haynesville Shale Plan 38  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 may drill up to 30 gross (6.3 net to Matador) wells at Elm Grove in 2014; estimated CapEx of $50 mil

  39. Slide 39: Significant Option Value on Natural Gas

    Significant Option Value on Natural Gas  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  Highly competitive well economics on Tie

  40. Slide 40: 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 Es tim at ed R at e of R et ur 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 8 Bcf - $7.0mm D&C Cost 8 Bcf - $8.0mm D&C Cost 8 Bcf - $9.0mm D&C Cost Elm

  41. Slide 41: 2014 Capital Investment Plan

    2014 Capital Investment Plan

  42. Slide 42: Summary and 2014 Guidance

    42 Summary and 2014 Guidance  Continue 4-rig program full-time in 2H 2014 – 2 rigs in the Eagle Ford and 2 rigs in the Permian  Eagle Ford development expected to be the major driver of our growth in 2014  Permian drilling program designed to further evaluate our acreage position and define an ex

  43. Slide 43: 2014 Capital Investment Plan Summary

    43 2014 Capital Investment Plan Summary  Continue 4-rig program full time in H2 2014: 2 rigs in the Eagle Ford and 2 rigs in the Permian  2014E capital expenditures of $570 million  Eagle Ford development expected to be the major driver of our growth in 2014 with growing Permian contribution  Pe

  44. Slide 44: Funding for 2014 Capital Investment Plan

    Funding for 2014 Capital Investment Plan 44  Anticipate funding 2014 capital expenditures through proceeds from May 2014 equity offering, operating cash flows and borrowings under revolving credit facility  0.7 million barrels of oil hedged for remainder of 2014, protecting cash flows below ~$88/B

  45. Slide 45: Investment Highlights

    45 Investment Highlights Strong Growth Profile with Increasing Focus on Oil / Liquids  YE2011 to 2014E oil production CAGR of ~176%(1) with expected year-over-year growth of ~52%(1) in 2014  ~89% of 2014E CapEx program focused on oil / liquids exploration and development High Quality Asset Base in

  46. Slide 46: Appendix

    = AN, jMatadar RESOURCES COMPANY Appendix

  47. Slide 47: Credit Facility and Bank Group

     Strong, supportive bank group led by RBC  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  Borrowings outstanding of $250 million at October 14, 2014

  48. Slide 48: SEC Proved Reserves Value Growth By Area

    48 SEC Proved Reserves Value Growth By Area Eagle Ford $467.2 million, 89% Permian $2.9 million, 1% June 30, 2014 PV-10(1): $826.0 million $96.75 oil(2), $4.10 natural gas(2) (Standardized Measure = $723.0 million) (1) PV-10 is a non-GAAP financial measure. For a reconciliation of Standardized Measu

  49. Slide 49: 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 $3.99 2009 2010 2011 2012 2013 2014E Matador Provides Growth on a Per Share(1) Basis 49 Oil and Natural Gas Revenues(4) per Share ($ per share) PV-

  50. Slide 50: 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

  51. Slide 51: Semi-Annual Performance Metrics Through 2014

    84 485 729 908 1,225 1,463 1,787 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 in thousands) Oil and Natural Gas Revenues ($ in millions) Adjusted EBITDA(1) ($ in millions) (1) Ad

  52. Slide 52: MTDR Trading versus BOE/d Production since IPO

    52 MTDR Trading versus BOE/d Production since IPO Note: Matador closing share price through October 13, 2014. 0 2,500 5,000 7,500 10,000 12,500 15,000 17,500 20,000 $0.00 $4.00 $8.00 $12.00 $16.00 $20.00 $24.00 $28.00 $32.00 IPO 3/ 31 /2 01 2 6/ 30 /2 01 2 9/ 30 /2 01 2 12 /3 1/ 20 12 3/ 31 /2 01 3

  53. Slide 53: MTDR Trading versus PV-10 Growth since IPO

    53 MTDR Trading versus PV-10 Growth since IPO $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 $900.0 $0.00 $4.00 $8.00 $12.00 $16.00 $20.00 $24.00 $28.00 $32.00 IPO 3/3 1/2 01 2 6/3 0/2 01 2 9/3 0/2 01 2 12 /31 /20 12 3/3 1/2 01 3 6/3 0/2 01 3 9/3 0/2 01 3 12 /31 /20 13 3/3 1/2 01 4 6/3

  54. Slide 54: MTDR Trading versus Growing Permian Acreage since IPO

    54 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 Per mia n Acr eage Po siti on , N et Acr es MT DR Cl os ing Pric e MTDR Permian Net Acreage Note: Matador closing share price throug

  55. Slide 55: Hedging Profile

    55 Hedging Profile – Hedges in Place for Remainder of 2014 and 2015 At October 14, 2014, Matador had:  0.7 million barrels of oil hedged for remainder of 2014 at weighted average floor and ceiling of $88/Bbl and $99/Bbl, respectively  2.2 Bcf of natural gas hedged for remainder of 2014 at weighted

  56. Slide 56: Board of Directors and Special Advisors

    Board of Directors and Special Advisors – Expertise and Stewardship 56 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

  57. Slide 57: Proven Management Team

    Proven Management Team – Experienced Leadership 57 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. 33 years Since Inception Matthew V. Ha

  58. Slide 58: Oil Production and Revenues Through Q2 2014

    12.0 15.8 13.8 10.9 7.6 6.7 7.9 10.1 10.6 13.5 17.6 14.4 15.3 20.6 0.0 6.0 12.0 18.0 24.0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 58 Oil Production and Revenues Through Q2 2014 Average Daily Natural Gas Production (MMcf/d) Natural Gas Revenues ($ in mm) Oil Revenues ($

  59. Slide 59: Quarterly Performance Metrics Through Q2 2014

    6,300 8,004 6,931 6,953 8,023 8,738 8,838 10,385 10,897 10,582 13,482 11,968 11,904 15,424 0 1,500 3,000 4,500 6,000 7,500 9,000 10,500 12,000 13,500 15,000 16,500 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 59 Quarterly Performance Metrics Through Q2 2014 Oil and Natural G

  60. Slide 60: Quarterly Expense Metrics Through Q2 2014

    $2.2 9 $2. 27 $2. 90 $2. 31 $2. 95 $3. 29 $3. 47 $4. 26 $4 .18 $4. 62 $5. 29 $5. 33 $5. 61 $6. 50 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 60 Quarterly Expense Metrics Through Q2 2014 Lease Operating (per BOE) General and A

  61. Slide 61: PV-10 Reconciliation

    61 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

  62. Slide 62: Adjusted EBITDA Reconciliation

    62 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

  63. Slide 63: Adjusted EBITDA Reconciliation

    63 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

  64. Slide 64: Adjusted EBITDA Reconciliation

    64 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

  65. 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. (In thousands) 12/31/2011 6/30/2012 12/31/2012 6/30

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