- Record quarterly oil production of 661,000 Bbl for the three months ended March 31, 2014, a year-over-year increase of 44% from 460,000 Bbl produced in the three months ended March 31, 2013, and a sequential increase of 9% from 608,000 Bbl produced in the three months ended December 31, 2013.
- Average daily oil equivalent production of 11,904 BOE per day for the quarter ended March 31, 2014, consisting of 7,344 Bbl of oil per day and 27.4 MMcf of natural gas per day, a year-over-year BOE increase of 9% from 10,897 BOE per day, consisting of 5,115 Bbl of oil per day and 34.7 MMcf of natural gas per day, for the quarter ended March 31, 2013.
- Oil and natural gas revenues of $78.9 million for the quarter ended March 31, 2014, a year-over-year increase of 33% from $59.3 million reported for the quarter ended March 31, 2013, and a sequential increase of 13% from $69.7 million for the quarter ended December 31, 2013.
- Adjusted EBITDA of $56.3 million for the first quarter of 2014, a year-over-year increase of 39% from $40.7 million reported for the first quarter of 2013, and a sequential increase of 15% from $48.8 million for the fourth quarter of 2013.
- Added approximately 16,100 gross (11,400 net) acres primarily in Loving County, Texas and Lea and Eddy Counties, New Mexico between January 1 and May 6, 2014, bringing the Company’s total acreage position in the Permian Basin to approximately 87,000 gross (56,200 net) acres.
- Updated its full-year 2014 guidance estimates as provided at its Analyst Day on December 12, 2013 to adjust for (1) an increase in estimated capital expenditures from $440 million to $540 million to account for larger than expected Permian Basin and Eagle Ford acreage acquisitions and for increases in non-operated Haynesville shale drilling activity, (2) an approximately 18% increase in estimated natural gas production from 13.5 to 15.0 Bcf to 16.0 to 17.5 Bcf, (3) an increase in estimated oil and natural gas revenues from $325 to $355 million to $380 to $400 million and (4) an increase in estimated Adjusted EBITDA from $235 to $265 million to $270 to $290 million. Further, the Company guides investors to the high end of its 2014 estimated oil production range of 2.8 million to 3.1 million barrels.
Matador Resources Company Reports First Quarter 2014 Results, Provides Operational Update And Increases Guidance
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