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Matador Resources Company (NYSE: MTDR) is a well-established, Dallas-based independent energy company specializing in the exploration, development, production, and acquisition of oil and natural gas resources across the United States. The company's primary focus lies in shale plays and other unconventional resources, with significant operations in the oil and liquids-rich areas of the Eagle Ford Shale in South Texas, and the Wolfcamp and Bone Spring plays in the Permian Basin of Southeast New Mexico and West Texas. Additionally, Matador is active in the Haynesville Shale and Cotton Valley plays in Northwest Louisiana and East Texas.
Matador Resources also holds a substantial exploratory leasehold in Southwest Wyoming and adjacent areas of Utah and Idaho, where it is currently testing the Meade Peak Shale. The company prides itself on its exceptional team of dedicated technical and administrative professionals, and a robust corporate culture emphasizing strong performance and financial discipline.
With a strategic approach to midstream opportunities that support and enhance its core exploration and development activities, Matador Resources continues to achieve significant milestones. Recent projects include the expansion of their drilling programs and the successful acquisition of new properties to augment their already impressive asset portfolio.
Financially, Matador maintains a disciplined approach, consistently working to optimize its balance sheet and deliver value to its shareholders. The company's concerted efforts in operational efficiency and cost management have positioned it as a resilient player in the energy sector.
Matador Resources Company (NYSE: MTDR) has successfully closed the contribution of Pronto Midstream to San Mateo Midstream, its 51%-owned midstream joint venture, at a pre-closing valuation of approximately $600 million. The transaction brings San Mateo's total estimated asset value to over $1.5 billion net to Matador.
The deal includes a $220 million upfront cash payment to Matador plus potential performance incentive payments up to $75 million. Key benefits include increased flow assurance, a long-term sour gas solution in northern Lea County, New Mexico, and acceleration of the Marlan Processing Plant expansion. The plant is expected to reach its designed capacity of 260 million cubic feet as early as 2026, making San Mateo one of New Mexico's leading natural gas processors with over 700 million cubic feet of designed inlet capacity.
Matador Resources Company (NYSE: MTDR) has announced the contribution of its wholly-owned subsidiary Pronto Midstream to San Mateo Midstream, , at a total implied valuation of approximately $600 million. The transaction includes an up-front cash payment of $220 million and potential incentive payments of up to $75 million over five years.
The deal involves Pronto's Marlan cryogenic natural gas processing plant, which is being expanded from 60 to 260 million cubic feet per day capacity. San Mateo will maintain its current ownership structure (51% Matador, 49% Five Point Energy). The transaction is expected to close by December 31, 2024, with Matador planning to use the cash payment to reduce its revolving credit facility debt, targeting a leverage ratio of approximately 1.1x.
Matador Resources Company (NYSE: MTDR) announced a 30% increase in its borrowing base from $2.50 billion to $3.25 billion, while maintaining borrowing commitments at $2.25 billion. The company's midstream joint venture, San Mateo Midstream, amended its credit agreement, increasing lender commitments by 50% to $800 million and extending maturity to November 2029. As of November 30, 2024, Matador had $830 million outstanding under its revolving credit facility with approximately $1.4 billion in liquidity. San Mateo's agreement includes a $250 million accordion feature and reduced borrowing costs, expected to save $1.5 million annually.
Matador Resources Company (NYSE: MTDR) has received approximately $113 million from the sale of its 19% ownership stake in Piñon Midstream, to Enterprise Products Partners L.P. The ownership interest was initially acquired through Matador's Ameredev acquisition in September 2024. The company plans to use the proceeds to reduce its outstanding borrowings under its $2.25 billion credit facility, which currently stands at $980 million.
Matador Resources Company (NYSE: MTDR) reported record third quarter 2024 results, increased full-year 2024 guidance, and expects to produce over 200,000 BOE per day in 2025. Key highlights include:
- Record average total production of 171,480 BOE per day (100,315 barrels of oil per day)
- Net cash provided by operating activities of $610.4 million
- Adjusted free cash flow of $196.1 million
- Net income of $248.3 million, or $1.99 per diluted common share
- Adjusted EBITDA of $574.5 million
The company successfully closed its largest acquisition to date, integrating Ameredev assets. Matador increased its full-year 2024 guidance for production and capital expenditures. The company expects to produce over 200,000 BOE per day in 2025 and maintains a strong balance sheet with over $1.25 billion in liquidity as of September 30, 2024.
Matador Resources Company (NYSE: MTDR) has announced a significant increase in its quarterly cash dividend. The Board of Directors has revised the company's dividend policy, increasing the quarterly dividend by 25% from $0.20 to $0.25 per share. This change will take effect in the fourth quarter of 2024, resulting in an annual dividend of $1.00 per share.
The first payment under this new policy is scheduled for December 6, 2024, with a record date of November 15, 2024. This marks the fifth increase in Matador's quarterly cash dividend in the past four years, reflecting the company's commitment to shareholder value and its growing financial strength.
Matador Resources Company (NYSE: MTDR) has announced the release date for its third quarter 2024 operational and financial results. The company will disclose these results after the close of trading on Tuesday, October 22, 2024. Following this, management will host a live conference call on Wednesday, October 23, 2024, at 10:00 a.m. Central Time to review the financial results and operational highlights.
Interested parties can access the live conference call via phone using a provided registration link. To ensure a smooth experience, participants are advised to dial in 15 minutes before the scheduled start time. The call will also be accessible through Matador's website. A replay of the event will be available on the company's website for one year.
Matador Resources Company (NYSE: MTDR) has successfully closed its $750 million private offering of 6.250% senior unsecured notes due 2033. The proceeds will be used to repay borrowings under the company's credit facility, making the offering debt neutral. This follows the recent closing of the $1.832 billion Ameredev acquisition, the largest in Matador's history.
The company achieved a production milestone of over 200,000 barrels of oil and natural gas equivalent per day shortly after the acquisition. Matador expects its debt-to-EBITDA ratio to be between 1.3 and 1.4 times as of September 30, 2024, with plans to reduce it to 1.0 times or less by mid-2025.
Operationally, Matador is focusing on integrating Ameredev's assets, deploying one drilling rig immediately and planning to turn 11 wells to sales in the first half of 2025. The company continues to innovate with 'U-Turn' well developments and trimul-frac completion operations, expecting significant cost savings and operational efficiencies.
Matador Resources Company (NYSE: MTDR) has priced a private offering of $750 million of 6.250% senior unsecured notes due 2033 at 100% of their face value. The offering is expected to close on September 25, 2024, subject to customary closing conditions. Matador plans to use the net proceeds to repay borrowings outstanding under its credit facility, including all of the $250 million in outstanding borrowings under its term loan.
The Notes and related guarantees have not been registered under the Securities Act of 1933 and may not be offered, transferred, or sold in the United States without registration or an applicable exemption. The Notes may be resold by the initial purchasers to qualified institutional buyers and non-U.S. persons outside the United States pursuant to Rule 144A and Regulation S, respectively.
Matador Resources Company (NYSE: MTDR) has announced its intention to offer $750 million of senior unsecured notes due 2033 in a private placement to eligible purchasers, subject to market conditions. The company plans to use the net proceeds from this offering to repay borrowings outstanding under its credit facility, including all of the $250 million in outstanding borrowings under its term loan.
The Notes and related guarantees have not been registered under the Securities Act of 1933 and may not be offered, transferred, or sold in the United States without registration or an applicable exemption. The Notes may be resold by initial purchasers to qualified institutional buyers and non-U.S. persons outside the United States under specific regulations.
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