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
Average Daily Natural Gas Production, MMcf per day (Q4 2024E)
“472.0 to 476.0”
Period
Q4 FY2024
Measure
Company-defined measure
Source
Guidance table
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
Q3 and Q4 2024 Production Comparison Period Average Daily Total Production, BOE per day Average Daily Oil Production, Bbl per day Average Daily Natural Gas Production, MMcf per day % Oil Q3 2024 171,480 100,315 427.0 59% Q4 2024E 197,000 to 199,000 118,500 to 119,500 472.0 to 476.0 60% Fourth Quarter 2024 Estimated Wells Turned to Sales At October 22, 2024, Matador expects to turn to sales 33 gross (26.9 net) operated horizontal wells in the Delaware Basin during the fourth quarter of 2024, consisting of 24 gross (21.0 net) wells in the Antelope Ridge asset area and nine gross (5.9 net) wells in the Rustler Breaks asset area. Fourth Quarter 2024 Estimated Capital Expenditures Matador is currently operating nine drilling rigs in the Delaware Basin and expects to operate nine drilling rigs for the remainder of 2024. Matador elected to accelerate the completion of 11 additional wells on the newly acquired Ameredev properties and expects 4.0 additional net operated wells to be turned to sales in 2024 on other properties. Due to this accelerated timing difference, Matador increased its full-year 2024 capital expenditure guidance range by $50 million. At October 22, 2024, Matador expects D/C/E capital expenditures for the fourth quarter of 2024 will be approximately $205 to $305 million, which is still a 23% decrease as compared to $329.9 million for the third quarter of 2024. Matador estimates its proportionate share of midstream capital expenditures (over 90% al
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.