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Matador Resources Company Reports 2012 Third Quarter Financial Results And Provides Operational Update

Matador Resources Company (NYSE: MTDR) ("Matador" or the "Company"), an independent energy company currently focused on the oil and liquids rich portion of the Eagle Ford shale play in South Texas, today reported financial and operating results for the three and nine months ended September 30, 2012. Headlines include the following:
  • Record oil production of 303,000 Bbl for the third quarter of 2012, a sequential quarterly increase of 6.3% from 285,000 Bbl produced in the second quarter of 2012 and a year-over-year increase of over seven-fold from 43,000 Bbl produced in the third quarter of 2011.
  • Record average daily oil equivalent production of 8,838 BOE per day for the third quarter of 2012, including 3,291 Bbl of oil per day and 33.3 MMcf of natural gas per day; a year-over-year increase of 28% from the third quarter of 2011.
  • Record total realized revenues of $41.4 million for the third quarter of 2012, including $3.4 million in realized gain on derivatives, a year-over-year increase of 119% from total realized revenues of $18.9 million, including $1.4 million in realized gain on derivatives, reported for the third quarter of 2011.
  • Record oil and natural gas revenues of $38.0 million, for a year-over-year increase of 118% from $17.4 million reported for the third quarter of 2011.
  • Record Adjusted EBITDA of $28.6 million, a year-over-year increase of 137% from $12.1 million reported for the third quarter of 2011.
  • The Company will hold an Analyst Day in Dallas, Texas, on December 6 at 10:00 a.m. Central Time to review its 2013 operational plan and forecasts.
  • Matador’s 2013 capital expenditures budget anticipated to be modestly lower than the 2012 level of $313 million.

Third Quarter 2012 Financial Results

Joseph Wm. Foran, Matador’s Chairman, President and CEO, commented, “The third quarter saw continued strong growth in EBITDA as our drilling program in our Eagle Ford shale acreage continues to drive important growth in oil production and reserve values. To that end it is a pleasure to report that Matador produced more oil in the final six weeks of the third quarter of 2012 than we did in all of 2011. We continue to see improvements in our drilling and completion costs, even as production grows, and we continue to improve our drilling and completion techniques, which should lead to improvements in cash flow, rates of return and long-term asset value for our shareholders. Matador’s budget for 2013 capital expenditures is anticipated to be modestly lower than the $313 million in capital expenditures budgeted for 2012. This budget reflects our rich opportunity set in the Eagle Ford shale and our opportunity for exploration in the Delaware Basin and potentially even the Pearsall shale, balanced with our assessment that the pricing and operating environment may be softening to the point where maintaining financial discipline and flexibility will become increasingly important.”

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