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 announced its 2014 capital budget and operating plan, which include the following:
- 2014 capital budget of $440 million, including $394 million for drilling and completions, $16 million for pipelines and facilities and $30 million for land and seismic data;
- 2014 guidance of 2.8 to 3.1 million barrels of oil production, up about 44% from 2013;
- 2014 guidance of 13.5 to 15.0 Bcf of natural gas production, up about 14% from 2013;
- 2014 oil and natural gas revenue guidance of $325 to $355 million, up about 31% from 2013, based on established 2014 realized prices of $95/Bbl for oil and $4.25/Mcf for natural gas (including NGLs); and
- 2014 Adjusted EBITDA guidance of $235 to $265 million, up about 35% from 2013.
Matador Analyst Day
Matador will be hosting an Analyst Day at 10:00 a.m. Central Time in the LBJ Room at the Hilton Dallas Lincoln Centre in Dallas, Texas on Thursday, December 12, 2013. Management will host a live conference call and webcast to provide its 2014 operational plan, capital budget and forecasts, plus an update on geology and improvements in drilling, completion and production techniques in its areas of operation.
Joseph Wm. Foran, Matador’s Chairman and CEO, commented, “We are very pleased with our 2014 operating plan but particularly with how it will allow us to continue our successful development program in the Eagle Ford and further develop our assets in the Permian. We fully expect to grow our oil production 40% to 50% this year and enjoy another record year in terms of production, revenues and Adjusted EBITDA.”