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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) reported strong first-quarter 2023 results, achieving an average production of 106,654 BOE per day, exceeding expectations by 6%. This performance was driven by better production from the Stateline area and quicker well completions. The company closed the $1.6 billion acquisition of Advance Energy Partners, adding over 100 million barrels to its existing 357 million barrels of reserves. Financial highlights include a net income of $163.1 million and adjusted earnings of $1.50 per diluted share. Lower-than-expected capital expenditures and a strong cash flow position, with over $600 million in liquidity, support future growth. Matador anticipates a production increase to approximately 126,500 BOE per day in Q2 2023, bolstered by the Advance acquisition.
Matador Resources Company (NYSE: MTDR) has declared a quarterly cash dividend of $0.15 per share of common stock. This dividend will be payable on June 1, 2023, to shareholders of record as of May 11, 2023. Matador is focused on the exploration and production of oil and natural gas, emphasizing shale plays in the Delaware Basin of Southeast New Mexico and West Texas. The company is also involved in midstream operations, providing services such as gas processing and oil transportation. The announcement reflects Matador's ongoing commitment to returning value to its shareholders.
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