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Matador Resources Company Reports Fourth Quarter And Full Year 2012 Results And Provides Operational Update

Stocks in this article: MTDR

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 months and year ended December 31, 2012. Headlines, all of which represent record results for the Company, include the following:

  • Oil production of 1,214,000 Bbl for the year ended December 31, 2012, a year-over-year increase of almost eight-fold from 154,000 Bbl produced in 2011.
  • Average daily oil equivalent production of 9,000 BOE per day for the year ended December 31, 2012, consisting of 3,317 Bbl of oil per day and 34.1 MMcf of natural gas per day, a year-over-year BOE increase of 28% from 7,049 BOE per day, consisting of 422 Bbl of oil per day and 39.8 MMcf of natural gas per day, produced in 2011.
  • Total realized revenues of $170.0 million in 2012, including $14.0 million in realized gain on derivatives, a year-over-year increase of 129% from total realized revenues of $74.1 million, including $7.1 million in realized gain on derivatives, reported for the year ended December 31, 2011.
  • Oil and natural gas revenues of $156.0 million in 2012, a year-over-year increase of 133% from $67.0 million reported for the year ended December 31, 2011.
  • Adjusted EBITDA of $115.9 million for the year ended December 31, 2012, a year-over-year increase of 132% from $49.9 million reported for the year ended December 31, 2011.
  • Oil production of 426,000 Bbl for the fourth quarter of 2012, a sequential quarterly increase of 41% from 303,000 Bbl produced in the third quarter of 2012 and a ten-fold year-over-year increase from 41,000 Bbl produced in the fourth quarter of 2011.
  • Adjusted EBITDA of $38.0 million for the fourth quarter of 2012, a sequential quarterly increase of 33% from $28.6 million reported in the third quarter of 2012 and a three-fold year-over-year increase from $12.4 million reported during the fourth quarter of 2011.

Year End 2012 Financial Results

Joseph Wm. Foran, Matador’s Chairman, President and CEO, commented, “We are very pleased with our 2012 operating and financial results and our early 2013 results which reflect the execution of our strategy to significantly increase our oil production and reserves through our drilling operations in the Eagle Ford shale. During 2012, we grew our oil production almost eight-fold to just over 1.2 million Bbl from just 154,000 Bbl in 2011 and 33,000 Bbl in 2010. Oil production in 2012 constituted 37% of our total production by volume as compared to only 6% in 2011 and 2% in 2010, and oil revenues constituted 79% of our total oil and natural gas revenues as compared to only 22% in 2011. Our proved oil reserves increased 176% from 3.8 million Bbl (12% by volume) at December 31, 2011 to 10.5 million Bbl (44% by volume) at December 31, 2012. Adjusted EBITDA grew to $115.9 million in 2012, an increase of 132% from $49.9 million in 2011. Our total oil and natural gas production, total oil production, proved oil reserves, oil and natural gas revenues, total realized revenues and Adjusted EBITDA at and for the year ended December 31, 2012 were all the best in our Company’s history. Throughout 2012, we reduced our drilling and completion costs and steadily improved our drilling, completion and production techniques on our Eagle Ford wells, which we believe will lead to improved rates of return and long-term value for our shareholders going forward. In fact, our December 2012 average oil production rate was a little more than 5,800 Bbl of oil per day, about 10% above the midpoint of our exit rate guidance.

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