HighGravityDataMatador Resources — Oct 22, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001520006-24-000206
Showing in the filing
Depletion, depreciation and amortization expense
“between $15.75 and $16.25 per BOE”
Period
Q4 FY2024
Measure
GAAP-tied
Source
Prose
All guidance in this release · 45
Average total production for FY2025
“at least 200,000 BOE per day”
Record average production for FY2025
“at least 200,000 BOE per day”
Ameredev integration synergies
“approximately $160 million”
Additional operational synergies from Amered…
“over $1 million per month”
Proceeds from sale of Piñon Midstream 19% in… for Q4 FY2024
“between $110 million and $120 million”
Proceeds from sale of 19% interest in Piñon …
“between $110 million and $120 million”
D/C/E cost per completed lateral foot for FY2024
“between $925 and $935 per completed lateral foot”
Drilling and completion costs per completed … for FY2024
“between $925 and $935 per completed lateral foot”
U-Turn wells turned-in-line for Q4 FY2024
“five new U-Turn wells”
Marlan Processing Plant expansion capacity/t… for FY2025
“200 million cubic feet per day expansion of the Marlan Processing Plant remains on track to be operational during the first half of 2025”
Leverage ratio target for FY2025
“1.0 times or less”
Fixed quarterly dividend
“$0.25 per quarter, or $1.00 per share on an annual basis”
Quarterly dividend
“$0.25 per quarter”
Annual dividend for FY2024
“$1.00 per share”
Average total production (with oil mix) for FY2025
“exceed 200,000 BOE per day (60% oil)”
% Oil (Q4 2024E) for Q4 FY2024
“60%”
Hedged oil production for FY2025
“approximately 30% to 40%”
Timing of accelerated Firethorn/Pimento well… for FY2025
“turn to sales these additional wells in January 2025”
Net operated wells turned to sales for FY2024
“101.9”
Total production, BOE per day (New Full-Year… for FY2024
“167,500 to 172,500”
Total, BOE per day for FY2024
“167,500 to 172,500”
Oil, Bbl per day (New Full-Year 2024) for FY2024
“98,500 to 101,500”
Natural Gas, MMcf per day (New Full-Year 2024) for FY2024
“414.0 to 426.0”
D/C/E CapEx (New Full-Year 2024) for FY2024
“$1.15 to $1.35 billion”
Midstream CapEx (New Full-Year 2024) for FY2024
“$200 to $250 million”
Total CapEx (New Full-Year 2024) for FY2024
“$1.35 to $1.60 billion”
LOE for Q4 FY2024
“between $5.75 to $6.25 per BOE”
LOE (narrowed range) for FY2024
“$5.55 to $5.75 per BOE”
G&A expenses for FY2024
“between $1.80 and $2.00 per BOE”
DD&A expense for Q4 FY2024
“between $15.75 and $16.25 per BOE”
Depletion, depreciation and amortization exp… for Q4 FY2024
“between $15.75 and $16.25 per BOE”
DD&A (lowered) for FY2024
“$15.50 to $15.90 per BOE”
Average Daily Total Production, BOE per day for Q4 FY2024
“197,000 to 199,000”
Total, BOE per day (Q4 2024E) for Q4 FY2024
“197,000 to 199,000”
Average Daily Oil Production, Bbl per day (Q… for Q4 FY2024
“118,500 to 119,500”
Average Daily Natural Gas Production, MMcf p… for Q4 FY2024
“472.0 to 476.0”
Operated horizontal wells turned to sales for Q4 FY2024
“33 gross (26.9 net)”
Drilling rig count for FY2024
“nine drilling rigs”
Drilling rigs operated for FY2024
“nine”
D/C/E capital expenditures for Q4 FY2024
“approximately $205 to $305 million”
Midstream capital expenditures (Matador's pr… for Q4 FY2024
“approximately $42 to $62 million”
Proportionate share of midstream capital exp… for Q4 FY2024
“approximately $42 to $62 million”
Cash tax payments (% of pre-tax book net inc… for FY2024
“1% to 5% of pre-tax book net income”
Expected cash tax payments for FY2024
“1% to 5% of pre-tax book net income”
Corporate Alternative Minimum Tax applicabil… for FY2025
“will not be subject to the Corporate Alternative Minimum Tax”
Exhibit 99.1 · the passage around this item
… earlier in the release
This decrease was primarily due to cost savings in Matador’s D/C/E capital expenditures discussed below, which were offset by the impacts of the purchase price of Ameredev. Due to the favorable impact of the Ameredev purchase price, Matador expects depletion, depreciation and amortization expense in the fourth quarter of 2024 to be between $15.75 and $16.25 per BOE, which is less than our prior expectations for these expenses in the fourth quarter of 2024. As a result, Matador is lowering its full-year 2024 guidance range from $15.75 to $16.75 per BOE to $15.50 to $15.90 per BOE. Third Quarter 2024 Capital Expenditures Matador’s D/C/E capital expenditures of $329.9 million for the third quarter of 2024 were approximately $20 million lower than expected due to cost savings that were the result of the operational efficiencies and teamwork noted above. Midstream capital expenditures of $48.9 million for the third quarter of 2024 were below Matador’s expectations of $55 million in total midstream capital expenditures for the quarter, as approximately $6 million in capital expenditures was deferred due to the timing of Pronto’s midstream projects. Q3 2024 Capital Expenditures ($ millions) Actual Guidance (1) Difference vs. Guidance (2) D/C/E $329.9 $350.0 -6% Midstream (3) $48.9 $55.0 -11% (1) Midpoint of guidance as provided on July 23, 2024. (2) As compared to the midpoint of guidance provided on July 23, 2024. (3) Excludes the acquisition cost of Ameredev’s midstream assets. Midstream Update San Mateo’s operations in the third quarter of 2024
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.