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
Marlan Processing Plant expansion capacity/timing
“200 million cubic feet per day expansion of the Marlan Processing Plant remains on track to be operational during the first half of 2025”
Period
FY2025
Measure
Company-defined measure
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
These record processing and water volumes led to a 66% increase in record San Mateo net income of $49.8 million during the third quarter of 2024 as compared to the third quarter of 2023, and a 45% increase in record Adjusted EBITDA of $68.5 million during the third quarter of 2024 as compared to the third quarter of 2023 (see Slide J ). Pronto’s 200 million cubic feet per day expansion of the Marlan Processing Plant remains on track to be operational during the first half of 2025. This new processing plant will provide additional flow assurance and economic benefits for Matador, its shareholders and its third-party participants. Strong Balance Sheet “Matador completed the Ameredev acquisition and achieved record results during the third quarter of 2024 while continuing to maintain a strong balance sheet. As part of the financing of the Ameredev acquisition, we amended our credit facility to increase the elected commitment under the revolving credit facility to $2.25 billion and provide for a term loan of $250 million. Shortly after the Ameredev acquisition closed on September 18, 2024, Matador opportunistically issued $750 million of 6.25% senior notes to repay the term loan and a portion of the borrowings under the revolving credit facility (see Slide K ). We believe the issuance of these notes was extremely successful as it was more than three times oversubscribed and was essentially debt neutral for Matador as it did not materially add 3 to Matador’s debt but instead merely extended the term. At September 30, 2024, Matador had $955 million outstanding under its revolving credit facility with a leverage ratio of 1.3 times. Matador expects to return to a
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.