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. ”

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