Matador Sources Firm has posted $240.1 million in web revenue for Q1 2025, up 24 p.c from the $193.7 million logged for the corresponding quarter a yr prior.
Its oil and pure gasoline manufacturing averaged 198,631 barrels of oil equal per day (boepd) within the first quarter of 2025, a 33 p.c leap year-over-year. The higher-than-expected oil and pure gasoline manufacturing was primarily as a result of outperformance of wells that had been became gross sales within the fourth quarter of 2024, the corporate stated.
Common oil manufacturing rose by 36 p.c to round 115,030 barrels per day within the first quarter of 2025, up from 84,777 barrels per day in the identical interval of 2024. Common pure gasoline manufacturing elevated by 29 p.c to 501.6 million cubic ft per day within the first quarter of 2025, in comparison with 389.9 million cubic ft per day through the first quarter of 2024.
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“Matador is happy to report one other worthwhile quarter that exceeded our expectations”, Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, stated. Foran added that as a response to the commodity value volatility, the corporate has adjusted its drilling and completion exercise for 2025 to supply extra optionality.
“Matador started 2025 working 9 drilling rigs and now expects to drop to eight drilling rigs by the center of 2025, which is made attainable by the flexibleness in its service contracts permitting for fast discount of operations”, Foran stated.
“The adjustment in exercise is predicted to cut back Matador’s drilling, finishing and equipping capital expenditures for full-year 2025 by $100 million from Matador’s authentic expectation of $1.375 billion to a revised expectation of $1.275 billion”, Foran stated, including that the freed up money move of $100 million shall be used to repay debt and repurchase shares, amongst different issues.
Matador stated that through the quarter, it turned 40 gross operated wells into gross sales. Amongst these wells, 11 gross wells had been turned to gross sales on the jap aspect of the corporate’s newly acquired Ameredev acreage.
“Of the 40 gross (33.5 web) operated wells turned to gross sales within the first quarter of 2025, 38 gross (31.6 web) of those operated wells (95 p.c) had been turned to gross sales through the second half of the primary quarter. The wells turned to gross sales through the second half of the primary quarter of 2025, set Matador up for anticipated document manufacturing outcomes through the second quarter of 2025”, Foran stated. “Matador expects to supply common whole oil and pure gasoline manufacturing of 207,000 boepd through the second quarter of 2025, together with 122,000 barrels of oil per day and 510.0 million cubic ft of pure gasoline per day”.
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