Dallas-based Matador Assets Firm reported web earnings of $193.7 million, or $1.61 per diluted widespread share, for the primary quarter, in comparison with $163.1 million, or $1.36 per diluted widespread share, in the identical interval in 2023.
The corporate’s adjusted EBITDA for the quarter was $505.4 million, in comparison with $365.2 million within the first quarter of final 12 months.
Matador’s common day by day oil and pure fuel manufacturing was 149,760 barrels of oil equal per day (boepd) within the first quarter, which was a 3 % sequential manufacturing lower from 154,261 boepd within the fourth quarter of 2023, the corporate mentioned in its most up-to-date earnings launch. Nonetheless, the determine was a 40 % year-over-year improve from boepd within the first quarter of 2023, in response to the discharge.
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The year-over-year improve is due not solely to the Advance Power acquisition that closed in April 2023 but in addition to elevated manufacturing from new wells drilled by Matador on its current property and undeveloped acreage, Matador mentioned.
Matador’s capital expenditures had been $430 million within the first quarter, which was lower than its introduced expectation of $465 million for the quarter. Matador’s drilling, finishing and equipping capital expenditures of $350.7 million for the primary quarter of 2024 had been roughly $35 million decrease than anticipated, which is a results of $10 million in precise price financial savings, whereas the remaining $25 million was deferred because of the timing of Matador’s operated and non-operated initiatives, it mentioned.
“Matador is happy to report one other quarter that exceeded our authentic expectations because of the glorious operational and monetary execution by the Matador workforce,” Matador Founder, Chairman and CEO Joseph Foran mentioned. “This consequence displays a complete workforce effort and a long-term strategy to managing Matador’s enterprise that has resulted in Matador outperforming the S&P 500, our peer group and the value of crude oil during the last three years”.
“Going ahead, we stay targeted—as a workforce—on worthwhile development at a measured tempo, which has resulted in over 30% oil manufacturing development yearly since we turned a public firm in 2012,” Foran mentioned.
“In the course of the first quarter of 2024, Matador’s complete oil and pure fuel manufacturing averaged 149,760 barrels of oil and pure fuel equal per day, which was 3% higher than our introduced steering of a median of 145,750 BOE per day for the quarter,” Foran continued. “Matador’s common oil manufacturing of 84,777 barrels of oil per day through the first quarter of 2024 was 2% higher than our introduced steering common of 83,500 barrels of oil per day for the quarter. This outperformance was primarily because of continued better-than-expected manufacturing from the wells in our Stateline asset space”.
“We’re happy that, based mostly upon this outperformance, we now anticipate full-year manufacturing for 2024 on the excessive finish of our beforehand introduced common manufacturing steering for oil of 91,000 to 95,000 barrels of oil per day, pure fuel of 370 to 386 million cubic ft of pure fuel per day and complete common 2024 manufacturing of 153,000 to 159,000 BOE per day”, he acknowledged.
“As anticipated, we’re additionally happy to report through the first quarter of 2024 that the pure fuel pipeline connections between Pronto and San Mateo and between Pronto and our Advance acreage had been accomplished on time and on finances. Following the completion of those connections, Pronto and San Mateo now have a mixed 595 miles of a three-stream pipeline system, together with the midstream property we acquired within the Advance acquisition. These connections not solely assist resolve the third-party midstream constraints we skilled within the first quarter of 2024 but in addition might be vital as we collect and course of the pure fuel from our Dagger Lake South wells, that are a set of 21 gross (18.9 web) wells on our Advance acreage scheduled to start producing within the second quarter of 2024”, Foran added.
Matador in April 2023 accomplished the acquisition of Advance Power Companions Holdings LLC from EnCap Investments LP for about $1.6 billion, including 18,500 web acres to its property across the Delaware Basin.
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