Matador sees Q4 average daily oil equivalent production 171,480 Boe/d

Matador (MTDR) anticipates its average daily oil equivalent production of 171,480 BOE per day in the third quarter of 2024 to grow by 15% to a midpoint of approximately 198,000 BOE per day in the fourth quarter of 2024. This production growth is a result of the production associated with the Ameredev acquisition as well as continued strong results from Matador’s existing assets. Matador is currently operating nine drilling rigs in the Delaware Basin and expects to operate nine drilling rigs for the remainder of 2024. Matador elected to accelerate the completion of 11 additional wells on the newly acquired Ameredev properties and expects 4.0 additional net operated wells to be turned to sales in 2024 on other properties. Due to this accelerated timing difference, Matador increased its full-year 2024 capital expenditure guidance range by $50 million. At October 22, 2024, Matador expects D/C/E capital expenditures for the fourth quarter of 2024 will be approximately $205 to $305 million, which is still a 23% decrease as compared to $329.9 million for the third quarter of 2024. Matador estimates its proportionate share of midstream capital expenditures (over 90% allocated to Pronto) to be approximately $42 to $62 million in the fourth quarter of 2024, which is a 6% increase as compared to $48.9 million in the third quarter of 2024 due to the construction schedule of Pronto’s new processing plant, which is on time and on budget.