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TheStreet Open House

Matador Resources Company Reports Third Quarter 2013 Results, Provides Operational Update And Increases Guidance

Stocks in this article: MTDR

Matador Resources Company (NYSE: MTDR) ("Matador" or the "Company"), an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources, with an emphasis on oil and natural gas shale and other unconventional plays and with a current focus on its Eagle Ford operations in South Texas and its Permian Basin operations in Southeast New Mexico and West Texas, today reported financial and operating results for the three and nine months ended September 30, 2013. Headlines include the following:

  • Record oil production of 617,000 Bbl for the quarter ended September 30, 2013, resulting in a year-over-year increase of 104% from 303,000 Bbl produced in the quarter ended September 30, 2012, a sequential increase of 38% from 447,000 Bbl produced in the quarter ended June 30, 2013.
  • Record oil and natural gas revenues of $81.9 million for the quarter ended September 30, 2013, a year-over-year increase of 115% from $38.0 million reported for the quarter ended September 30, 2012, and a sequential increase of 41% from $58.2 million for the quarter ended June 30, 2013.
  • Record Adjusted EBITDA of $61.5 million for the third quarter of 2013, a year-over-year increase of 115% from $28.6 million reported for the third quarter of 2012, and a sequential increase of 51% from $40.8 million for the second quarter of 2013.
  • Record oil and natural gas revenues of $199.4 million for the nine months ended September 30, 2013, a year-over-year increase of 93% from $103.3 million for the nine months ended September 30, 2012.
  • Record Adjusted EBITDA of $142.9 million for the nine months ended September 30, 2013, a year-over-year increase of 83% from $77.9 million for the nine months ended September 30, 2012.
  • Record total proved oil and natural gas reserves of 44.2 million BOE at September 30, 2013, including 13.9 million Bbl of oil and 182.0 Bcf of natural gas, with a PV-10 of $538.6 million (Standardized Measure of $486.1 million). Proved oil reserves increased 65% to 13.9 million Bbl at September 30, 2013, as compared to 8.4 million Bbl at September 30, 2012, and increased 32%, as compared to 10.5 million Bbl at December 31, 2012.
  • Acquired approximately 49,000 gross (32,800 net) acres primarily in Lea and Eddy Counties, New Mexico between January 1 and November 6, 2013, bringing the Company's total acreage position in the Permian Basin in Southeast New Mexico and West Texas to approximately 64,900 gross (40,400 net) acres.
  • Increased previously announced 2013 annual oil production guidance from 1.8 to 2.0 million Bbl to 2.0 to 2.1 million Bbl.
  • Increased previously announced 2013 annual natural gas production guidance from 11.0 to 12.0 billion cubic feet to 12.0 to 13.0 billion cubic feet.
  • Increased previously announced 2013 annual oil and natural gas revenues guidance from $220 to $240 million to $250 to $270 million.
  • Increased previously announced 2013 annual Adjusted EBITDA guidance from $155 to $175 million to $180 to $190 million.
  • The Company will hold an Analyst Day in Dallas, Texas, on December 12, 2013 at 10:00 a.m. Central Time to discuss its 2014 operational plan, capital budget and forecasts and its Permian Basin position.

Third Quarter 2013 Financial Results

Joseph Wm. Foran, Matador's Chairman, President and CEO, commented, "We are pleased to announce that the third quarter of 2013 was a record quarter for Matador, both financially and operationally. Our average daily oil production and average daily oil equivalent production for the third quarter were the best quarterly figures in the Company’s history, and for the second time this year, we have the pleasure of increasing guidance. Our third quarter growth reflects year-over-year increases of more than 100% in both oil production and Adjusted EBITDA. Furthermore, these achievements were accomplished while keeping debt essentially flat as compared to last year except for the approximately $40 million invested to build our Permian Basin acreage position.

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