Matador Resources Company Reports Second Quarter 2025 Results and Updates Full Year 2025 Guidance

About this update from Matador Resources Company

[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":1024,"height":512,"url":"https://media.zenfs.com/en/business-wire.com/dbfcac4a03d27cfb1b73a690bc53f3fe"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/vpFjNbcuisWp073c2HVmbQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ4MDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/dbfcac4a03d27cfb1b73a690bc53f3fe","width":960,"height":480},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/wiymsEpAjG4hjev7mBGqiA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTIwNDg7aD0xMDI0O2NmPXdlYnA-/https://media.zenfs.com/en/business-wire.com/dbfcac4a03d27cfb1b73a690bc53f3fe","width":1024,"height":512}},"lazy":false},{"type":"text","content":" DALLAS, July 22, 2025 --( BUSINESS WIRE )--Matador Resources Company (NYSE: MTDR) ("Matador" or the "Company") today reported financial and operating results for the second quarter of 2025. A slide presentation summarizing the highlights of Matador’s second quarter 2025 earnings release is also included on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab.","length":445,"tagName":"p"},{"type":"text","content":" Second Quarter 2025 Financial and Operational Highlights ","length":56,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Record quarterly production of 209,013 barrels of oil and natural gas equivalent per day ("BOE/d") including 122,875 barrels of oil per day ("Bbl/d");","length":170,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Matador’s integrated upstream and midstream business generated net cash provided by operating activities of $501 million and adjusted free cash flow of $133 million, representing an industry-leading free cash flow margin;","length":221,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Reconfirmation of April 2025 activity guidance with continued operational improvement demonstrated through better-than-expected drilling and completions costs of approximately $825 per completed lateral foot and lease operating expenses of $5.56 per BOE;","length":254,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"San Mateo Midstream increased its processing capacity 38% from 520 million cubic feet of natural gas per day ("MMcf/d") to 720 MMcf/d with the startup of the recently completed Marlan Plant expansion;","length":210,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"San Mateo Midstream delivered record quarterly net income of $66 million and record quarterly Adjusted EBITDA of $85.5 million;","length":127,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Resilient balance sheet with over $1.8 billion of liquidity and a leverage ratio of less than 1.0x as of June 30, 2025;","length":119,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Declared quarterly base dividend of $0.3125 per share, representing $1.25 per share on an annualized basis and a yield of approximately 2.5% as of July 21, 2025;","length":161,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Balanced allocation of free cash flow (post dividend payment) across share repurchases, brick-by-brick land acquisitions and repayment of credit facility;","length":154,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Repurchased 1.1 million shares of the Company’s common stock, or approximately 1% of total shares of common stock outstanding as of June 30, 2025, at an average price of $40.37 per share, compared to current share price of $49.86 per share as of July 21, 2025; and","length":264,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Matador not only anticipates 2025 full year production will be a record for annual production but also is increasing full year 2025 guidance range for total daily production from 198,000 – 202,000 BOE/d to 200,000 – 205,000 BOE/d.","length":230,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1910,"olType":false},{"type":"text","content":" Management Summary Comments ","length":27,"tagName":"p"},{"type":"text","content":"Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, commented, "Matador is pleased to report our second quarter where we achieved record production alongside robust free cash flow (see Slide A and B ). Throughout Matador’s 40-year history, we have consistently pursued long-term value creation for our shareholders through prudent capital allocation, just as we continue to do today, so that our oil and natural gas production and our free cash flow can grow in tandem. Matador achieves this balanced growth through our integrated team approach across the drilling, completion, production and midstream teams. This integration allows us to profitably develop at a measured pace our over 200,000 net acre position in the Delaware Basin. Matador aims, with a conservative balance sheet, to use our free cash flow to return capital to our shareholders through dividends and share repurchases and to reinvest in our business through our brick-by-brick land acquisition strategy. In the second half of 2025 and into 2026, we expect to continue to increase our ten to 15 years of quality Delaware Basin inventory and to enhance our asset positions in our key asset areas to drive growth and profitability. Matador is excited about the growing upstream and midstream opportunities we can see ahead of us for our business going forward."","length":1341,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Upstream Operations Summary ","length":27,"tagName":"p"},{"type":"text","content":"Matador delivered record production in the second quarter of 2025 of 209,013 barrels of oil and natural gas equivalent per day including 122,875 barrels of oil per day. These results were above our guidance range for production volumes, and we achieved this record production through outperformance of both wells turned to sales this year and our pre-existing base production (see Slide C ). Matador turned to sales 32 gross (22.8 net) operated wells during the second quarter of 2025. Matador’s reserve growth is expected to be generally consistent with its production growth.","length":576,"tagName":"p"},{"type":"text","content":"In response to market and commodity price volatility in the beginning of the second quarter, Matador announced in April it would moderate its drilling activity in 2025. Following through with this announcement, Matador contractually released its ninth drilling rig earlier this summer and expects to operate eight drilling rigs by August 1, 2025. Despite this reduced rig activity, Matador plans to turn-to-sales record yearly lateral footage in 2025, which is accomplished by reduced drilling times, higher optimization of simul or trimul-frac and other operational and vendor efficiencies (see Slide D ). The Matador team expects to continue to evaluate opportunities to adjust its operated rig count through the remainder of 2025 as it balances production and reserve growth with free cash flow generation for 2025, 2026 and beyond.","length":834,"tagName":"p"},{"type":"text","content":" San Mateo Summary ","length":17,"tagName":"p"},{"type":"text","content":"San Mateo Midstream increased its processing capacity from 520 MMcf/d to 720 MMcf/d with the successful startup of the Marlan Plant expansion, which was delivered on-time and on-budget in May 2025, especially since the completion of the connector between the Black River and Marlan systems (see Slide E ). The system continues to deliver flow assurance to both Matador and third-party producers. We believe the strategic value of this flow assurance contributes to Matador’s leading free cash flow margin and reduces commodity price volatility. Matador will continue to look for opportunities to highlight the ways this asset is creating value for Matador’s shareholders.","length":670,"tagName":"p"},{"type":"text","content":" Financial Summary ","length":17,"tagName":"p"},{"type":"text","content":"Matador’s integrated upstream and midstream business generated net cash provided by operating activities of $501 million and adjusted free cash flow of $133 million during the second quarter of 2025.","length":199,"tagName":"p"},{"type":"text","content":"Second quarter 2025 total capital expenditures of $402 million include $345 million of upstream capital expenditures and $56 million of midstream capital expenditures.","length":167,"tagName":"p"},{"type":"text","content":"Second quarter 2025 net income was $150 million and Adjusted EBITDA was $594 million.","length":85,"tagName":"p"},{"type":"text","content":"Cash operating costs, inclusive of LOE, production taxes, transportation and processing, plant and other midstream services operating and G&A for the second quarter of 2025 were $13.76 per BOE representing an approximate 13% reduction from first quarter 2025 cash operating costs of $15.84 per BOE.","length":302,"tagName":"p"},{"type":"text","content":"During the second quarter of 2025, Matador repaid $15 million of credit facility borrowings, resulting in a total leverage ratio of less than 1.0x and liquidity of more than $1.8 billion in accordance with its previously disclosed projection that Matador would reduce leverage below 1.0x by the end of the second quarter of 2025 (see Slide F ).","length":343,"tagName":"p"},{"type":"text","content":"San Mateo Midstream delivered record quarterly net income of $66 million and record quarterly Adjusted EBITDA of $85.5 million in the second quarter, with both amounts being gross to the joint venture. Matador’s ownership of San Mateo is 51%.","length":242,"tagName":"p"},{"type":"text","content":" Shareholder Returns Summary ","length":27,"tagName":"p"},{"type":"text","content":"Matador announced on July 15, 2025 that its Board of Directors declared a quarterly cash dividend of $0.3125 per share of common stock payable on September 5, 2025 to shareholders of record as of August 15, 2025. Matador’s base dividend represents an annualized yield of approximately 2.5% as of July 21, 2025.","length":310,"tagName":"p"},{"type":"text","content":"During the second quarter of 2025, Matador repurchased 1.1 million shares of our common stock, or approximately 1% of the total shares of common stock outstanding as of June 30, 2025, at an average repurchase price of $40.37 per share (see Slide G ). This represents $44 million of total shares repurchased under Matador’s $400 million share repurchase authorization. Matador expects to be opportunistic and active with regards to any future share repurchases while considering a variety of factors, including Matador’s share price, market conditions, trading volumes and other uses for Matador’s free cash flow.","length":611,"tagName":"p"},{"type":"text","content":"In addition to Matador’s share repurchase program, over 95% of Matador employees have elected to participate in Matador’s Employee Stock Purchase Plan, or ESPP. Matador’s board, management and staff have long been active and regular purchasers of Matador’s shares in the open market. In fact, Matador’s directors and executive officers purchased an aggregate amount of 31,100 shares of Matador stock for $1.6 million during the second quarter of 2025 (see Slide H ).","length":465,"tagName":"p"},{"type":"text","content":" Sustainability Report ","length":21,"tagName":"p"},{"type":"text","content":"Matador has published its 2024 Sustainability Report to the Company’s website, and it is also available in paper copy upon request.","length":131,"tagName":"p"},{"type":"text","content":" Closing Thoughts ","length":16,"tagName":"p"},{"type":"text","content":"Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, commented, "Matador’s business model is well positioned to deliver superior free cash flow margin and oil production growth through the various commodity cycles. With a strong balance sheet, $1.8 billion in liquidity, a deep inventory of drilling locations and a growing and strategic midstream business, Matador believes it is ready and able to continue to increase its asset base, cash flow and shareholder value while maintaining a resilient balance sheet throughout the remainder of 2025 and beyond (see Slide I )."","length":583,"tagName":"p"},{"type":"text","content":" All references to Matador’s net income, adjusted net income, Adjusted EBITDA and adjusted free cash flow reported throughout this earnings release are those values attributable to Matador Resources Company shareholders after giving effect to any net income, adjusted net income, Adjusted EBITDA or adjusted free cash flow, respectively, attributable to third-party non-controlling interests, including in San Mateo. Matador owns 51% of San Mateo. For a definition of adjusted net income, adjusted earnings per diluted common share, Adjusted EBITDA and adjusted free cash flow and reconciliations of such non-GAAP financial metrics to their comparable GAAP metrics, please see "Supplemental Non-GAAP Financial Measures" below. ","length":735,"tagName":"p"},{"type":"text","content":" Full-Year 2025 Guidance Update ","length":30,"tagName":"p"},{"type":"text","content":"Effective July 22, 2025, Matador increased its full-year 2025 guidance range for total oil and natural gas equivalent production, oil production and natural gas production as set forth in the table below. Notably, Matador is increasing its full-year 2025 production guidance ranges without changing its 2025 capital expenditure guidance, reflecting Matador’s improving capital efficiency.","length":388,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"Production","length":10,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"Prior Full-Year 2025 Guidance Range","length":35,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"New Full-Year 2025 Guidance 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San Mateo’s natural gas processing capacity increased to 720 MMcf per day from its previous 520 MMcf per day upon completion of the Marlan Plant expansion during the second quarter of 2025, which contributed to record natural gas processing volumes for the quarter.","length":668,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:22%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"5","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;background-color:#CCEEFF;padding-left:0.0px;","val":[{"type":"text","content":"Sequential (Q2 2025 vs. Q1 2025)","length":32,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"5","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;border-bottom:solid black 1.0pt;","val":[{"type":"text","content":"YoY (Q2 2025 vs. Q2 2024)","length":25,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:22%;","val":[{"type":"text","content":"San Mateo Throughput Volumes","length":28,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;background-color:#CCEEFF;padding-left:0.0px;width:12%;","val":[{"type":"text","content":"Q2 2025","length":7,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;background-color:#CCEEFF;padding-left:0.0px;width:12%;","val":[{"type":"text","content":"Q1 2025","length":7,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"...

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