Matador Resources Company Reports First Quarter 2022 Operating and Financial Results and Announces Full Repayment of Revolving Credit Facility
DALLAS–(BUSINESS WIRE)–Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported financial and operating results for the first quarter of 2022. A short slide presentation summarizing the highlights of Matador’s first quarter 2022 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.
Management Summary Comments
Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, commented, “On both our website and the webcast planned for tomorrow’s earnings conference call is a set of six slides identified as ‘Chairman’s Remarks’ (Slides A through F) to add color and detail to my remarks. We invite you to review these slides in conjunction with my comments below, which are intended to provide context for the first quarter 2022 results. Slide A shows our progress from previous periods and priorities and expected milestones for the current year.
First Quarter 2022 Highlights and Achievements
“The first quarter of 2022 was another outstanding quarter both operationally and financially for Matador, highlighted by the successful completion of 26 gross operated wells with better-than-expected results. Matador also set several new financial records, including record oil and natural gas revenues of $627 million and net income of $207 million, leading to record adjusted net income of $277 million and record Adjusted EBITDA of $462 million (see Slide B). San Mateo Midstream also had a record quarter, including all-time high throughput volumes for natural gas gathering and processing, oil gathering and transportation and water handling, as well as record net income of $35 million and record Adjusted EBITDA of $45 million (see Slide C).
“In addition, Matador used its free cash flow in late 2020 and 2021 to pay down its commercial debt by nearly $400 million and its free cash flow in the first quarter of 2022 to repay $50 million in borrowings outstanding under its reserves-based revolving credit facility, which reduced the borrowings outstanding under its reserves-based revolving credit facility to $50 million at March 31, 2022 from $100 million at year-end 2021. Then, in April 2022, Matador repaid the remaining commercial borrowings of $50 million to eliminate all borrowings outstanding under its reserves-based revolving credit facility. This repayment represents $475 million in debt repayments (one-third of Matador’s total debt outstanding) since the end of the third quarter of 2020 and is a significant achievement, especially given the volatility in the global energy markets during the last two years. Matador’s leverage ratio under the reserves-based revolving credit facility declined from 2.9x at year-end 2020 to 1.1x at year-end 2021 to 0.8x during the first quarter of 2022, marking Matador’s lowest leverage ratio since mid-2013 (see Slide D).
“Matador expects to continue generating significant free cash flow for the full year 2022, and, as we announced yesterday, we are committed to continue paying a quarterly dividend to shareholders, while continuously evaluating various enhanced shareholder return opportunities. For example, net cash provided by operating activities in the first quarter was $329 million, leading to first quarter of 2022 adjusted free cash flow of $246 million, which was more than double the adjusted free cash flow we generated in the fourth quarter of 2021. We believe we will continue to have a number of good opportunities for the remainder of the year, but our first priority is to maintain our financial and operating discipline.
First Quarter 2022 Capital Expenditures Below Forecast
“Our total capital expenditures for drilling, completing and equipping wells for the first quarter of 2022 amounted to $199 million, which was 9%, or $19 million, less than the midpoint of our guidance. While we saw anticipated inflationary pressures on our capital expenditures during the quarter, these cost increases were partially offset by efficiencies achieved by our operations team (see Slide E). Drilling and completion costs for the 26 gross (24.2 net) operated wells turned to sales during the first quarter of 2022 increased 2% from $738 per completed lateral foot in the fourth quarter of 2021 to $752 per completed lateral foot during the first quarter of 2022. We anticipate a 5 to 10% sequential increase in costs per completed lateral foot in the second quarter of 2022, as compared to the first quarter of 2022, which is still within our original estimates for service cost inflation. Our staff and field personnel have done a great job of keeping costs relatively flat so far this year. There is more uncertainty, however, in the second half of 2022 primarily due to rising commodity and raw materials prices, global supply chain constraints, high inflation rates and service and labor availability. As a result, our costs per completed lateral foot in the second half of the year could be somewhat higher than our original estimates, depending on the circumstances. We will continue to look for ways to mitigate any potential cost increases through additional operational and capital efficiencies such as continued improvement in drilling times and wellbore design, simultaneous fracturing operations, the use of dual-fuel fracturing fleets and focusing on drilling longer laterals.
Initial Key 2022 Milestones Achieved
“As mentioned earlier, Matador’s 2022 priorities and milestones are summarized on Slide A. In February, we achieved our first significant operational milestone of 2022 when we turned to sales 11 new Voni wells in our Stateline asset area. Matador is particularly pleased with the results from these most recent Voni wells, which included excellent results from five additional tests of the Third Bone Spring Carbonate formation on this leasehold (see Slide F). In late March, Matador achieved its second key operational milestone of the year when we turned to sales the next nine Rodney Robinson wells in the western portion of the Antelope Ridge asset area. As a result, in March, we averaged production of over 100,000 barrels of oil and natural gas equivalent per day in a single month for the first time in the Company’s history! Going forward, we expect to continue to average above 100,000 barrels of oil and natural gas equivalent per day for the remainder of the year. Notably, this new production level is better than fourteen times our production level at the time we went public ten years ago.”
First Quarter 2022 Financial and Operational Highlights
Net Cash Provided by Operating Activities and Adjusted Free Cash Flow
- First quarter 2022 net cash provided by operating activities was $329.0 million (GAAP basis), leading to first quarter 2022 adjusted free cash flow (a non-GAAP financial measure) of $245.7 million.
Net Income, Earnings Per Share and Adjusted EBITDA
- First quarter 2022 net income (GAAP basis) was $207.1 million, or $1.73 per diluted common share, a 4% sequential decrease from net income of $214.8 million in the fourth quarter of 2021, but a 242% year-over-year increase from net income of $60.6 million in the first quarter of 2021. The 4% sequential decrease in net income was primarily attributable to a change in non-cash, unrealized gains and losses on derivatives of $173.2 million. On a GAAP basis, Matador’s net income in the first quarter of 2022 was negatively impacted by a non-cash unrealized loss on derivatives of $75.0 million, and Matador’s net income in the fourth quarter of 2021 was positively impacted by a non-cash unrealized gain on derivatives of $98.2 million. This negative impact between the fourth quarter of 2021 and the first quarter of 2022 was primarily due to the significant increase in oil and natural gas futures prices for the remainder of 2022.
- First quarter 2022 adjusted net income (a non-GAAP financial measure) was $277.5 million, or adjusted earnings of $2.32 per diluted common share, an 84% sequential increase from adjusted net income of $151.2 million in the fourth quarter of 2021, and a 229% increase from adjusted net income of $84.5 million in the first quarter of 2021.
- First quarter 2022 adjusted earnings before interest expense, income taxes, depletion, depreciation and amortization and certain other items (“Adjusted EBITDA,” a non-GAAP financial measure) were $461.8 million, a 54% sequential increase from $299.1 million in the fourth quarter of 2021, and a 133% year-over-year increase from $198.1 million in the first quarter of 2021.
Oil, Natural Gas and Total Oil Equivalent (“BOE”) Production Above Expectations
- As summarized in the table below, Matador’s first quarter 2022 average daily oil, natural gas and total oil equivalent production were all quarterly records and above the Company’s expectations. The majority of the higher-than-expected production resulted from (i) better-than-expected production from existing Boros and Voni wells in the Stateline asset area in Eddy County, New Mexico that were shut in during portions of the first quarter for offset completions and (ii) less shut-in time than forecasted on certain of the recently acquired properties in the Ranger asset area in Lea County, New Mexico, which had been shut in due to the need to install and repair electrical submersible pumps (ESPs) and to upgrade production facilities on these properties.
|
|
Q1 2022 Average Daily Volume |
|
Production Change (%) |
|||
|
Production |
Actual |
Guidance(1) |
|
Sequential(2) |
YoY(3) |
Difference vs. |
|
Total, BOE per day |
93,969 |
91,500 to 92,500 |
|
+8% |
+27% |
+2.0% |
|
Oil, Bbl per day |
53,561 |
52,000 to 52,600 |
|
+8% |
+29% |
+2.4% |
|
Natural Gas, MMcf per day |
242.4 |
236.0 to 240.0 |
|
+8% |
+24% |
+1.8% |
|
|
|
|
|
|
|
|
|
(1) As provided on February 22, 2022. |
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(2) As compared to the fourth quarter of 2021. |
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(3) Represents year-over-year percentage change from the first quarter of 2021. |
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|
(4) As compared to midpoint of guidance provided on February 22, 2022. |
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Capital Expenditures Below Expectations
- Matador incurred capital expenditures for drilling, completing and equipping wells (“D/C/E capital expenditures”) of approximately $198.8 million in the first quarter of 2022, or 9% below the Company’s estimate of $218 million for D/C/E capital expenditures during the quarter. Matador estimates that most of these savings resulted from the timing of both operated and non-operated drilling and completion activities, and most of these costs are currently expected to be incurred in the second quarter of 2022. The Company expects to incur $187 million for D/C/E capital expenditures during the second quarter of 2022.
- Drilling and completion costs for the 26 gross (24.2 net) operated horizontal wells turned to sales in the first quarter of 2022 averaged approximately $752 per completed lateral foot, an increase of 2% from average drilling and completion costs of $738 per completed lateral foot achieved in the fourth quarter of 2021.
Borrowing Base and Elected Commitment Increased
- In late April 2022, as part of the spring 2022 redetermination process, Matador’s 12 lenders completed their review of the Company’s proved oil and natural gas reserves at December 31, 2021. As a result, the Company’s borrowing base under its reserves-based credit facility was increased by 48% from $1.35 billion to $2.0 billion. An additional lender, MUFG Bank, joined Matador’s commercial bank group, at which time Matador increased its elected commitment from $700 million to $775 million.
- In the last six months, the Company’s borrowing base has increased 122% from $900 million to $2.0 billion and four additional lenders have joined Matador’s commercial bank group with commitments of almost $250 million. Matador’s Board and staff greatly appreciate the new lenders and the additional commitments from its bank group led by the Royal Bank of Canada and Truist Bank.
Note: 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 EBITDA or adjusted free cash flow, respectively, attributable to third-party non-controlling interests, including in San Mateo Midstream, LLC (“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.
Sequential and year-over-year quarterly comparisons of selected financial and operating items are shown in the following table:
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Three Months Ended |
|
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|
March 31, |
|
December 31, |
|
March 31, |
|
|||||||
|
Net Production Volumes:(1) |
|
|
|
|
|
|
||||||
|
Oil (MBbl)(2) |
|
4,820 |
|
|
|
4,578 |
|
|
|
3,738 |
|
|
|
Natural gas (Bcf)(3) |
|
21.8 |
|
|
|
20.7 |
|
|
|
17.5 |
|
|
|
Total oil equivalent (MBOE)(4) |
|
8,457 |
|
|
|
8,030 |
|
|
|
6,658 |
|
|
|
Average Daily Production Volumes:(1) |
|
|
|
|
|
|
||||||
|
Oil (Bbl/d)(5) |
|
53,561 |
|
|
|
49,756 |
|
|
|
41,537 |
|
|
|
Natural gas (MMcf/d)(6) |
|
242.4 |
|
|
|
225.2 |
|
|
|
194.7 |
|
|
|
Total oil equivalent (BOE/d)(7) |
|
93,969 |
|
|
|
87,288 |
|
|
|
73,983 |
|
|
|
Average Sales Prices: |
|
|
|
|
|
|
||||||
|
Oil, without realized derivatives (per Bbl) |
$ |
95.45 |
|
|
$ |
76.82 |
|
|
$ |
57.05 |
|
|
|
Oil, with realized derivatives (per Bbl) |
$ |
91.68 |
|
|
$ |
60.96 |
|
|
$ |
50.08 |
|
|
|
Natural gas, without realized derivatives (per Mcf)(8) |
$ |
7.63 |
|
|
$ |
7.68 |
|
|
$ |
5.88 |
|
|
|
Natural gas, with realized derivatives (per Mcf) |
$ |
7.43 |
|
|
$ |
6.64 |
|
|
$ |
5.89 |
|
|
|
Revenues (millions): |
|
|
|
|
|
|
||||||
|
Oil and natural gas revenues |
$ |
626.5 |
|
|
$ |
510.8 |
|
|
$ |
316.2 |
|
|
|
Third-party midstream services revenues |
$ |
17.3 |
|
|
$ |
19.7 |
|
|
$ |
15.4 |
|
|
|
Realized loss on derivatives |
$ |
(22.4 |
) |
|
$ |
(94.2 |
) |
|
$ |
(25.9 |
) |
|
|
Operating Expenses (per BOE): |
|
|
|
|
|
|
||||||
|
Production taxes, transportation and processing |
$ |
7.07 |
|
|
$ |
6.48 |
|
|
$ |
5.13 |
|
|
|
Lease operating |
$ |
4.01 |
|
|
$ |
3.34 |
|
|
$ |
3.90 |
|
|
|
Plant and other midstream services operating |
$ |
2.30 |
|
|
$ |
2.12 |
|
|
$ |
2.05 |
|
|
|
Depletion, depreciation and amortization |
$ |
11.33 |
|
|
$ |
11.15 |
|
|
$ |
11.24 |
|
|
|
General and administrative(9) |
$ |
3.52 |
|
|
$ |
3.14 |
|
|
$ |
3.33 |
|
|
|
Total(10) |
$ |
28.23 |
|
|
$ |
26.23 |
|
|
$ |
25.65 |
|
|
|
Other (millions): |
|
|
|
|
|
|
||||||
|
Net sales of purchased natural gas(11) |
$ |
2.3 |
|
|
$ |
1.8 |
|
|
$ |
1.7 |
|
|
|
|
|
|
|
|
|
|
||||||
|
Net income (millions)(12)(13) |
$ |
207.1 |
|
|
$ |
214.8 |
|
|
$ |
60.6 |
|
|
|
Earnings per common share (diluted)(12) |
$ |
1.73 |
|
|
$ |
1.80 |
|
|
$ |
0.51 |
|
|
|
Adjusted net income (millions)(12)(14) |
$ |
277.5 |
|
|
$ |
151.2 |
|
|
$ |
84.5 |
|
|
|
Adjusted earnings per common share (diluted)(12)(15) |
$ |
2.32 |
|
|
$ |
1.26 |
|
|
$ |
0.71 |
|
|
|
Adjusted EBITDA (millions)(12)(16) |
$ |
461.8 |
|
|
$ |
299.1 |
|
|
$ |
198.1 |
|
|
|
Net cash provided by operating activities (millions)(17) |
$ |
329.0 |
|
|
$ |
334.5 |
|
|
$ |
169.4 |
|
|
|
Adjusted free cash flow (millions)(12)(18) |
$ |
245.7 |
|
|
$ |
119.3 |
|
|
$ |
63.9 |
|
|
|
San Mateo net income (millions)(19) |
$ |
34.8 |
|
|
$ |
33.6 |
|
|
$ |
18.1 |
|
|
|
San Mateo Adjusted EBITDA (millions)(16)(19) |
$ |
45.1 |
|
|
$ |
43.6 |
|
|
$ |
27.6 |
|
|
|
San Mateo net cash provided by operating activities (millions)(19) |
$ |
45.5 |
|
|
$ |
33.1 |
|
|
$ |
41.2 |
|
|
|
San Mateo adjusted free cash flow (millions)(17)(18)(19) |
$ |
23.8 |
|
|
$ |
28.9 |
|
|
$ |
17.0 |
|
|
|
D/C/E capital expenditures (millions) |
$ |
198.8 |
|
|
$ |
165.7 |
|
|
$ |
126.0 |
|
|
|
Midstream capital expenditures (millions)(20) |
$ |
9.7 |
|
|
$ |
6.6 |
|
|
$ |
5.4 |
|
|
|
(1) Production volumes reported in two streams: oil and natural gas, including both dry and liquids-rich natural gas. |
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(2) One thousand barrels of oil. |
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(3) One billion cubic feet of natural gas. |
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|
(4) One thousand barrels of oil equivalent, estimated using a conversion ratio of one barrel of oil per six thousand cubic feet of natural gas. |
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|
(5) Barrels of oil per day. |
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|
(6) Millions of cubic feet of natural gas per day. |
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|
(7) Barrels of oil equivalent per day, estimated using a conversion ratio of one barrel of oil per six thousand cubic feet of natural gas. |
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|
(8) Per thousand cubic feet of natural gas. |
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|
(9) Includes approximately $0.36, $0.43 and $0.13 per BOE of non-cash, stock-based compensation expense in the first quarter of 2022, the fourth quarter of 2021 and the first quarter of 2021, respectively. |
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|
(10) Total does not include the impact of purchased natural gas or immaterial accretion expenses. |
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|
(11) Net sales of purchased natural gas reflect those natural gas purchase transactions that the Company periodically enters into with third parties whereby the Company purchases natural gas and (i) subsequently sells the natural gas to other purchasers or (ii) processes the natural gas at San Mateo’s cryogenic natural gas processing plant in Eddy County, New Mexico (the “Black River Processing Plant”) and subsequently sells the residue natural gas and natural gas liquids (“NGL”) to other purchasers. Such amounts reflect revenues from sales of purchased natural gas of $19.3 million, $31.8 million and $4.5 million less expenses of $17.0 million, $30.1 million and $2.9 million in the first quarter of 2022, the fourth quarter of 2021 and the first quarter of 2021, respectively. |
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|
(12) Attributable to Matador Resources Company shareholders. |
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(13) The 4% sequential decrease in net income from $214.8 million in the fourth quarter of 2021 to $207.1 million in the first quarter of 2022 was primarily attributable to a change in non-cash, unrealized gains and losses on derivatives of $173.2 million. On a GAAP basis, Matador’s net income in the first quarter of 2022 was negatively impacted by a non-cash unrealized loss on derivatives of $75.0 million, and Matador’s net income in the fourth quarter of 2021 was positively impacted by a non-cash unrealized gain on derivatives of $98.2 million. This negative impact between the fourth quarter of 2021 and the first quarter of 2022 was primarily due the significant increase in oil and natural gas futures prices for the remainder of 2022. |
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(14) Adjusted net income is a non-GAAP financial measure. For a definition of adjusted net income and a reconciliation of adjusted net income (non-GAAP) to net income (GAAP), please see “Supplemental Non-GAAP Financial Measures.” |
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(15) Adjusted earnings per diluted common share is a non-GAAP financial measure. For a definition of adjusted earnings per diluted common share and a reconciliation of adjusted earnings per diluted common share (non-GAAP) to earnings per diluted common share (GAAP), please see “Supplemental Non-GAAP Financial Measures.” |
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(16) Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (GAAP) and net cash provided by operating activities (GAAP), please see “Supplemental Non-GAAP Financial Measures.” |
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(17) As reported for each period on a consolidated basis, including 100% of San Mateo’s net cash provided by operating activities. |
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(18) Adjusted free cash flow is a non-GAAP financial measure. For a definition of adjusted free cash flow and a reconciliation of adjusted free cash flow (non-GAAP) to net cash provided by operating activities (GAAP), please see “Supplemental Non-GAAP Financial Measures.” |
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(19) Represents 100% of San Mateo’s net income, adjusted EBITDA, net cash provided by operating activities or adjusted free cash flow for each period reported. |
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(20) Includes Matador’s 51% share of San Mateo’s capital expenditures plus 100% of other immaterial midstream capital expenditures not associated with San Mateo. |
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Full-Year and Second Quarter 2022 Guidance Estimates
Full-Year 2022 Guidance Estimates
At April 26, 2022, Matador made no changes to its full-year 2022 guidance estimates for oil, natural gas or total oil equivalent production or capital expenditures from those originally provided on February 22, 2022.
Second Quarter 2022 Completions and Production Cadence Update
Second Quarter 2022 Estimated Wells Turned to Sales
At April 26, 2022, Matador expects to turn to sales 11 gross (7.0 net) operated horizontal wells in the Delaware Basin during the second quarter of 2022, all of which are located in the Rustler Breaks asset area in Eddy County, New Mexico and have completed lateral lengths of 1.75 miles or greater.
Second Quarter 2022 Estimated Oil, Natural Gas and Total Oil Equivalent Production
As a result of the large number of wells turned to sales during the first quarter of 2022, Matador expects significant increases in its average daily oil and natural gas production in the second quarter of 2022. The table below provides Matador’s estimates, as of April 26, 2022, for the anticipated quarterly sequential changes in the Company’s average daily total oil equivalent, oil and natural gas production for the second quarter of 2022, which is unchanged from the second quarter estimates provided on February 22, 2022.
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|
Q2 2022 Production Estimates |
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|
Period |
Average Daily Total |
Average Daily Oil |
Average Daily Natural Gas |
|
Q1 2022 |
93,969 |
53,561 |
242.4 |
|
Q2 2022 |
106,000 to 108,000 |
61,700 to 62,700 |
268.0 to 272.0 |
As noted in the table above, Matador expects its average daily total production to increase 14% sequentially from 93,969 BOE per day in the first quarter of 2022 to approximately 107,000 BOE per day in second quarter of 2022. This significant sequential increase is primarily attributable to the initial production from the nine Rodney Robinson wells turned to sales late in the first quarter of 2022, a full quarter of production from the 11 new Voni wells turned to sales in the first quarter of 2022, better-than-expected results from the 2021 drilling program and the return to production of wells shut in for offset completions during the first quarter in the Stateline asset area and the Rodney Robinson leasehold.
Operations Update
Drilling and Completions Activity
At April 26, 2022, Matador was operating six drilling rigs throughout its various Delaware Basin asset areas in Lea and Eddy Counties, New Mexico and Loving County, Texas. Four of these rigs were drilling the next 16 wells in the Company’s Antelope Ridge asset area, which are expected to be turned to sales late in the third quarter of 2022. One of these rigs was drilling a batch of four wells in the Rustler Breaks asset area and the sixth rig was drilling on recently acquired acreage in the Ranger asset area in Lea County, New Mexico. The Company expects to operate this sixth drilling rig in the Ranger asset area for the remainder of 2022.
Wells Completed and Turned to Sales
During the first quarter of 2022, Matador turned to sales a total of 38 gross (26.4 net) wells in its various Delaware Basin operating areas, all of which had lateral lengths of two miles or longer. This total was comprised of 26 gross (24.2 net) operated wells and 12 gross (2.2 net) non-operated wells. The ten operated wells in the Antelope Ridge asset area, including the nine Rodney Robinson wells in the western portion of the asset area, were turned to sales late in the first quarter of 2022 and are expected to more fully contribute to the Company’s production in the second quarter.
|
|
Operated |
|
Non-Operated |
|
Total |
Gross Operated and Non-Operated |
|||
|
Asset/Operating Area |
Gross |
Net |
|
Gross |
Net |
|
Gross |
Net |
Well Completion Intervals |
|
Western Antelope Ridge (Rodney Robinson) |
9 |
8.1 |
|
— |
— |
|
9 |
8.1 |
3-AV, 3-1BS, 2-2BS, 1-3BS |
|
Antelope Ridge |
1 |
0.9 |
|
3 |
0.0 |
|
4 |
0.9 |
4-2BS |
|
Arrowhead |
— |
— |
|
— |
— |
|
— |
— |
No wells turned to sales in Q1 2022 |
|
Ranger |
2 |
1.4 |
|
4 |
0.8 |
|
6 |
2.2 |
6-2BS |
|
Rustler Breaks |
— |
— |
|
5 |
1.4 |
|
5 |
1.4 |
3-WC A, 2-WC A-XY |
|
Stateline |
11 |
11.0 |
|
— |
— |
|
11 |
11.0 |
2-1BS, 5-3BS Carb, 4-WC B |
|
Twin Lakes |
— |
— |
|
— |
— |
|
— |
— |
No wells turned to sales in Q1 2022 |
|
Wolf/Jackson Trust |
3 |
2.8 |
|
— |
— |
|
3 |
2.8 |
3-2BS |
|
Delaware Basin |
26 |
24.2 |
|
12 |
2.2 |
|
38 |
26.4 |
|
|
South Texas |
— |
— |
|
— |
— |
|
— |
— |
No wells turned to sales in Q1 2022 |
|
Haynesville Shale |
— |
— |
|
6 |
0.4 |
|
6 |
0.4 |
6-HV |
|
Total |
26 |
24.2 |
|
18 |
2.6 |
|
44 |
26.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: WC = Wolfcamp; BS = Bone Spring; 3BS Carb = Third Bone Spring Carbonate; AV = Avalon; HV = Haynesville. For example, 5-3BS Carb indicates five Third Bone Spring Carbonate completions and 4-WC B indicates four Wolfcamp B completions. Any “0.0” values in the table above suggest a net working interest of less than 5%, which does not round to 0.1. |
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Contacts
Mac Schmitz
Vice President – Investor Relations
(972) 371-5225
investors@matadorresources.com
