This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Matador Resources Company Announces 2013 Capital Budget

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 announced its 2013 capital budget and drilling plan, which include the following:

  • 2013 capital budget of $310 million, including $260 million for drilling and completions, $25 million for pipelines and facilities, and $25 million for land and seismic data
  • 2013 guidance of 1.6 to 1.8 million barrels of oil production, up about 40% from 2012
  • 2013 guidance of 11 to 12 Bcf of natural gas production, down about 8% from 2012
  • 2013 oil and natural gas revenue guidance of $200 to $220 million, up about 40% from expected $145 to $155 million in 2012
  • 2013 Adjusted EBITDA guidance of $140 to $160 million, up about 33% from expected 2012 Adjusted EBITDA of $110 to $115 million
  • The Company anticipates financing the 2013 capital budget through internal cash flows plus growth in borrowings under its previously announced bank facility

Matador Analyst Day

This morning Matador will be hosting an Analyst Day at 10:00 a.m. Central Time at the Company’s headquarters in Dallas, Texas. Management will host a live conference call to provide its 2013 operational plan, capital budget and forecasts, plus an update on its current operations.

Joseph Wm. Foran, Matador’s Chairman, President and CEO, commented, “Our 2013 capital budget will allow us to continue our successful development program in our Eagle Ford acreage in South Texas, which will include about 80% of our drilling budget. We will also begin exploration of our Delaware Basin acreage in West Texas and Southeastern New Mexico. In the meantime, we will continue to monitor developments in the natural gas market, as our important acreage in the Tier 1 area of the Haynesville should generate very attractive drilling opportunities with modestly higher gas prices. This plan allows us to grow production and EBITDA meaningfully while spending slightly less money than we did in 2013, all anticipated to be financed through our own cash flows and increased borrowings under our bank facility. ”

Stock quotes in this article: MTDR 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs