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Guidance history, every release

Matador Resources (MTDR) · 8 releases, Oct 22, 2024 to Aug 5, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 22, 2024 FY24 Q3	Feb 18, 2025 FY24 Q4	Apr 4, 2025 FY25 Q1	Jul 22, 2025 FY25 Q2	Oct 21, 2025 FY25 Q3	Feb 24, 2026 FY25 Q4	May 6, 2026 FY26 Q1	Aug 5, 2026 FY26 Q2
For FY2028
Cost per completed lateral foot on Woodford wells	—	—	—	—	—	—	—	New“$800 to $900 per completed lateral foot”
Woodford well cost target	—	—	—	—	—	—	—	New“$800 to $900 per completed lateral foot”
For FY2027
Target leverage ratio	—	—	—	—	—	—	—	New“1.0x”
For FY2026
Combined Adjusted EBITDA of midstream assets	—	—	—	—	—	New“$360 million”	—	—
Combined midstream Adjusted EBITDA growth	—	—	—	—	—	New“grow 8% to $360 million”	—	—
% Oil	—	—	—	—	—	—	—	New“58%”
% Oil	—	—	—	—	—	—	New“59%”	—
% Oil	—	—	—	—	—	New“57%”	—	—
Adjusted free cash flow	—	—	—	—	—	—	—	New“approximately $900 million”
Average Daily Natural Gas Production, MMcf per day	—	—	—	—	—	—	—	New“561.0 to 573.0”
Average Daily Natural Gas Production, MMcf per day	—	—	—	—	—	—	New“498.0 to 522.0”	—
Average Daily Natural Gas Production, MMcf per day	—	—	—	—	—	New“515.0 to 525.0”	—	—
Average Daily Oil Production, Bbl per day	—	—	—	—	—	—	—	New“128,500 to 130,500”
Average Daily Oil Production, Bbl per day	—	—	—	—	—	—	New“123,000 to 125,000”	—
Average Daily Oil Production, Bbl per day	—	—	—	—	—	New“115,500 to 117,500”	—	—
Average Daily Total Production, BOE per day	—	—	—	—	—	—	—	New“222,000 to 226,000”
Average Daily Total Production, BOE per day	—	—	—	—	—	—	New“206,000 to 212,000”	—
Average Daily Total Production, BOE per day	—	—	—	—	—	New“201,000 to 205,000”	—	—
Average lateral length increase	—	—	—	—	—	New“~10%”	—	—
Batch development projects share of net lateral footage turned to sales	—	—	—	—	—	New“~50%”	—	—
Corporate Alternative Minimum Tax applicability	—	—	—	New“does not expect to be subject to the Corporate Alternative Minimum Tax”	—	—	—	—
Cost per completed lateral foot estimates	—	—	—	—	—	—	—	New“$795 per foot”
Current income taxes (% of pretax income)	—	—	—	—	—	New“0% to 0.5%”	Widened“0% to 1%”	Reiterated“0% to 1%”
D/C/E and midstream CapEx	—	—	—	—	—	—	New“approximately $430 to $460 million”	—
D/C/E and midstream CapEx front-loaded	—	—	—	—	—	New“55 to 60% of the full-year 2026 guidance of $1.5 billion”	—	—
D/C/E and midstream capital expenditures	—	—	—	—	—	—	—	New“approximately $410 to $440 million”
D/C/E CapEx	—	—	—	—	—	New“$1.35 to $1.44 billion”	—	Reiterated“$1.35 to $1.44 billion”
D/C/E CapEx reduction narrative	—	—	—	—	—	New“the estimated $130 million D/C/E CapEx reduction in 2026 from $1.53 billion in 2025 to $1.40 billion in 2026”	—	—
D/C/E capital expenditures	—	—	—	—	—	—	—	New“$1.48 to $1.56 billion”
Drilling and completion cost per completed lateral foot	—	—	—	—	—	—	New“$805 per completed lateral foot down to $785 at the low end”	—
Drilling and completion cost per lateral foot	—	—	—	—	—	New“approximately $795 per lateral foot”	—	—
Drilling and completion cost per lateral foot (range)	—	—	—	—	—	New“$785 to $805 per lateral foot”	—	—
Drilling, completing and equipping ("D/C/E") capital expenditures	—	—	—	—	—	—	—	New“$1.48 to $1.56 billion”
Estimated adjusted free cash flow	—	—	—	—	—	—	New“approximately $1.1 to $1.2 billion”	—
Expected elective shut-in of volumes due to weak Waha pricing	—	—	—	—	—	—	New“~8,000 BOE per day (20% oil)”	—
Expected scheduled maintenance on third-party treatment plants	—	—	—	—	—	—	New“~2,000 BOE per day (60% oil)”	—
Hedge weighted average ceiling price	—	—	—	—	—	New“approximately $66 per barrel”	—	—
Hedge weighted average floor price	—	—	—	—	—	New“approximately $53 per barrel”	—	—
Increase in average lateral length	—	—	—	—	—	New“~10% expected increase in 2026 average lateral length as compared to 2025”	—	—
Matador's 51% share of San Mateo 2026 CapEx	—	—	—	—	—	New“$50 to $60 million”	—	—
Midpoint of 2026 D/C/E capital expenditure	—	—	—	—	—	—	—	New“$1.52 billion”
Midpoint of 2026 midstream capital expenditure	—	—	—	—	—	—	—	New“$155 million”
Midpoint of CapEx	—	—	—	—	—	—	New“$445 million”	—
Midpoint of capital expenditure	—	—	—	—	—	—	—	New“$425 million”
Midpoint of Matador’s expected 2026 production	—	—	—	—	—	—	—	New“221,000 BOE per day”
Midpoint of total capital expenditure expectations	—	—	—	—	—	—	—	New“$1.675 billion”
Midstream CapEx	—	—	—	—	—	—	—	New“$100 to $110 million”
Midstream capital expenditures	—	—	—	—	—	—	—	New“$145 to $165 million”
Natural gas production	—	—	—	—	—	New“525 to 545 million cubic feet of natural gas per day”	—	—
Natural Gas Production	—	—	—	—	—	New“525.0 to 545.0 MMcf/d”	—	—
Natural Gas Production, MMcf per day	—	—	—	—	—	—	—	New“525 to 545”
Net lateral footage turned to sales	—	—	—	—	—	—	New“~1.25 million net lateral feet”	—
Net non-operated wells turned-in-line	—	—	—	—	—	—	—	New“15.9”
Net operated horizontal wells expected to turn to sales	—	—	—	—	—	—	—	New“30 to 33”
Net operated horizontal wells expected to turn to sales	—	—	—	—	—	—	New“23 to 28”	—
Net operated horizontal wells turned to sales	—	—	—	—	New“13.6”	—	—	—
Net operated wells turned-in-line	—	—	—	—	—	—	—	New“112.6”
Non-cash DD&A per BOE (within total operating expenses)	—	—	—	—	—	—	New“$15.50 to $15.80”	—
Non-cash G&A expenses per BOE (within total operating expenses)	—	—	—	—	—	—	New“$0.20 to $0.30”	—
Oil Equivalent Production	—	—	—	—	—	New“209,500 to 215,000 BOE/d”	—	—
Oil production	—	—	—	—	—	New“122,000 to 124,000 barrels of oil per day”	—	—
Oil production (sequential growth)	—	—	—	—	—	—	—	New“approximately 3% to a quarterly record of approximately 129,500 barrels per day”
Oil production growth	—	—	—	—	—	New“approximately 3% to 123,000 barrels of oil per day”	—	—
Oil production growth (year-over-year)	—	—	—	—	—	—	—	New“7%”
Oil production increase vs. 2025	—	—	—	—	—	—	New“3.5% increase”	—
Oil Production, Bbl per day	—	—	—	—	—	—	New“123,000 to 125,000”	Reiterated“123,000 to 125,000”
Operated wells turned to sales	—	—	—	—	—	New“~39 gross (34 net)”	—	—
Organic improvement to expected production	—	—	—	—	—	—	—	New“3,550 BOE per day (64% oil)”
Organic oil production growth (year-over-year), excluding acquisitions	—	—	—	—	—	—	—	New“6%”
Organic production (base case)	—	—	—	—	New“approximately 210,000 BOE per day”	—	—	—
Other wholly-owned midstream projects 2026 CapEx	—	—	—	—	—	New“$50 to $60 million”	—	—
Outlook for oil	—	—	—	—	—	—	—	New“up to 7% year-over-year oil production growth”
Overall costs per completed lateral foot	—	—	—	—	—	—	—	New“$785 to $805”
Paloma acquisition estimated production	—	—	—	—	—	—	—	New“approximately 11,100 BOE per day (57% oil)”
Paloma and Ridge Runner acquisitions production contribution	—	—	—	—	—	—	—	New“approximately 10,000 BOE per day (57% oil)”
Percentage of 2026 oil production hedged	—	—	—	—	—	New“approximately 50%”	—	—
Percentage of full-year 2026 CapEx front-loaded in first half	—	—	—	—	—	New“55 to 60%”	—	—
Production contribution from Paloma and Ridge Runner acquisitions	—	—	—	—	—	—	—	New“approximately 10,000 BOE per day (57% oil)”
Reduction in average well cycle times	—	—	—	—	—	New“~13%”	—	—
Reduction in timing to drill and complete a well	—	—	—	—	—	New“a 13% reduction in timing to drill and complete a well”	—	—
San Mateo 2026 estimated CapEx	—	—	—	—	—	New“$100 to $115 million”	—	—
Sequential oil production growth	—	—	—	—	—	—	New“~3% to a quarterly record of ~124,000 barrels per day”	—
Sequential oil production growth to quarterly record	—	—	—	—	—	—	—	New“approximately 129,500 barrels per day”
Sequential production growth	—	—	—	—	—	—	—	New“approximately 5% to 6%”
Shareholder returns	—	—	—	—	—	New“a similar amount of cash to shareholders in 2026 as in 2025”	—	—
Timing of flow on Hugh Brinson pipeline	—	—	—	—	—	—	—	New“by the end of the third quarter of 2026”
Total 2026 midstream CapEx	—	—	—	—	—	New“$100 to $110 million”	—	—
Total CapEx	—	—	—	—	—	—	—	New“$1.625 to $1.725 billion”
Total CapEx	—	—	—	—	—	New“~$425 million”	—	—
Total capital expenditures reduction	—	—	—	—	—	New“11% to $1.50 billion”	—	—
Total capital expenditures vs 2025	—	—	—	—	New“8 to 12% lower total capital expenditures”	—	—	—
Total D/C/E and Midstream CapEx	—	—	—	—	—	New“$1.45 to $1.55 billion”	—	—
Total D/C/E and midstream CapEx reduction vs. 2025	—	—	—	—	—	—	New“11%”	—
Total expected CapEx	—	—	—	—	—	—	New“$858 to $888 million”	—
Total expected CapEx for first half of 2026	—	—	—	—	—	—	New“$858 to $888 million”	—
Total Oil Equivalent Production, BOE per day	—	—	—	—	—	—	New“210,500 to 216,000”	Reiterated“210,500 to 216,000”
Total operating expenses per BOE	—	—	—	—	—	—	—	New“$31.00 to $33.00”
Total operating expenses per BOE (1)	—	—	—	—	—	—	New“$31.00 to $33.00”	—
Total operating expenses per BOE (2)	—	—	—	—	—	New“$30.00 to $31.00”	—	—
Total production	—	—	—	—	—	New“209,500 to 215,000 BOE per day”	—	—
Well costs on adjacent assets	—	—	—	—	—	—	—	New“as low as $640 per completed lateral foot”
Wells turned to sales on Eastern Antelope Ridge (batch)	—	—	—	—	—	New“13”	—	—
For FY2025
Cash tax payments (% of pre-tax book net income)	—	New“approximately 5 to 10%”	—	—	—	—	—	—
Expected cash tax payments (% of pre-tax book net income)	—	—	—	New“a range of 0 to 5% of pre-tax book net income”	—	—	—	—
San Mateo Adjusted EBITDA	—	New“$285 million”	—	—	—	—	—	—
San Mateo anticipated record annual Adjusted EBITDA	—	—	—	—	New“$285 to $295 million”	—	—	—
% Oil	—	—	—	—	New“58%”	—	—	—
% Oil	—	New“59%”	—	—	—	—	—	—
% Oil (Q3 2025E)	—	—	—	New“59%”	—	—	—	—
Adjusted free cash flow	—	New“approach $1 billion”	—	—	—	—	—	—
Artificial lift and other production-related capital expenditures	—	New“$60 to $70 million”	—	—	—	—	—	—
Average daily BOE production	—	New“205,000 BOE per day”	—	—	—	—	—	—
Average Daily Natural Gas Production, MMcf per day	—	—	—	—	New“516 to 522”	—	—	—
Average Daily Natural Gas Production, MMcf per day	—	—	—	New“492.0 to 498.0”	—	—	—	—
Average Daily Natural Gas Production, MMcf per day (Q1 2025E)	—	New“486.0 to 492.0”	—	—	—	—	—	—
Average daily oil production	—	New“122,000 barrels of oil per day”	—	—	—	—	—	—
Average Daily Oil Production, Bbl per day	—	—	—	—	New“119,000 to 121,000”	—	—	—
Average Daily Oil Production, Bbl per day	—	—	—	New“116,500 to 118,000”	—	—	—	—
Average Daily Oil Production, Bbl per day (Q1 2025E)	—	New“114,000 to 115,000”	—	—	—	—	—	—
Average Daily Total Production, BOE per day	—	—	—	—	New“205,000 to 208,000”	—	—	—
Average Daily Total Production, BOE per day	—	—	—	New“198,500 to 201,000”	—	—	—	—
Average Daily Total Production, BOE per day (Q1 2025E)	—	New“195,000 to 197,000”	—	—	—	—	—	—
Average total production	New“at least 200,000 BOE per day”	—	—	—	—	—	—	—
Average total production (with oil mix)	New“exceed 200,000 BOE per day (60% oil)”	—	—	—	—	—	—	—
Capitalized G&A and Interest (D/C/E CapEx)	—	New“$50 to $60 million”	—	—	—	—	—	—
Completed well count	—	—	—	—	New“118.3”	—	—	—
Corporate Alternative Minimum Tax applicability	New“will not be subject to the Corporate Alternative Minimum Tax”	—	—	—	—	—	—	—
D/C/E CapEx	—	—	—	—	New“$1.47 to $1.55 billion”	—	—	—
D/C/E CapEx	—	—	—	—	New“approximately $300 to $380 million”	—	—	—
D/C/E CapEx (2)	—	—	—	New“$1.18 to $1.37 billion”	—	—	—	—
D/C/E capital expenditures	—	—	—	New“approximately $300 to $370 million”	—	—	—	—
D/C/E capital expenditures	—	New“approximately $340 to $400 million”	—	—	—	—	—	—
Drilling and completion cost per completed lateral foot	—	—	—	—	New“$835 to $855 per completed lateral foot”	—	—	—
Drilling and completion costs per completed lateral foot	—	New“between $865 to $895 per completed lateral foot”	—	—	—	—	—	—
Drilling rigs operated	—	—	—	New“eight”	—	—	—	—
Drilling, completing and equipping capital expenditures	—	New“$1.28 to $1.47 billion”	—	—	—	—	—	—
Expected leverage ratio	—	—	New“an expected leverage ratio of one times or less”	—	—	—	—	—
For total daily production	—	—	—	New“200,000 – 205,000 BOE/d”	—	—	—	—
Hedged oil production	New“approximately 30% to 40%”	—	—	—	—	—	—	—
Leverage ratio target	New“1.0 times or less”	—	—	—	—	—	—	—
Marlan Plant expansion	—	New“expected to be online”	—	—	—	—	—	—
Marlan Processing Plant expansion capacity/timing	New“200 million cubic feet per day expansion of the Marlan Processing Plant remains on track to be operational during the first half of 2025”	—	—	—	—	—	—	—
Matador's 51% share of San Mateo capital expenditures	—	New“$90 to $130 million”	—	—	—	—	—	—
Midstream CapEx	—	—	—	—	New“approximately $10 to $30 million”	—	—	—
Midstream CapEx (2)	—	—	—	—	New“$155 to $175 million”	—	—	—
Midstream CapEx (3)	—	—	—	New“$120 to $180 million”	—	—	—	—
Midstream CapEx (6)	—	New“$120 to $180 million”	—	—	—	—	—	—
Midstream capital expenditures	—	New“$120 to $180 million”	—	—	—	—	—	—
Natural gas production	—	New“492.0 to 504.0 million cubic feet per day”	—	—	—	—	—	—
Natural Gas Production	—	New“492.0 to 504.0 MMcf/d”	—	—	—	—	—	—
Natural Gas production, MMcf per day	—	—	—	—	New“517.5 to 520.5”	—	—	—
Natural Gas, MMcf per day (Full-Year 2025)	—	—	—	New“495 to 513”	—	—	—	—
Net operated horizontal wells turned to sales	—	—	—	—	New“27.5”	—	—	—
Net operated wells drilled and turned to sales	—	—	—	—	New“118.3”	—	—	—
Non-Operated (D/C/E CapEx)	—	New“$70 to $90 million”	—	—	—	—	—	—
Oil Costless Collars - Volume Hedged (Bbl per day)	—	—	New“45,000”	—	—	—	—	—
Oil Costless Collars - Weighted Average Price Ceiling ($/Bbl)	—	—	New“$86”	—	—	—	—	—
Oil Costless Collars - Weighted Average Price Floor ($/Bbl)	—	—	New“$60”	—	—	—	—	—
Oil Equivalent Production	—	New“202,000 to 208,000 BOE/d”	—	—	—	—	—	—
Oil production	—	New“120,000 to 124,000 barrels per day”	—	—	—	—	—	—
Oil production, Bbl per day	—	—	—	—	New“119,250 to 119,750”	—	—	—
Oil, Bbl per day (Full-Year 2025)	—	—	—	New“117,500 to 119,500”	—	—	—	—
Oil, Bbl per day (Q3 2025E)	—	—	—	New“116,500 to 118,000”	—	—	—	—
Operated (D/C/E CapEx)	—	New“$1.16 to $1.32 billion”	—	—	—	—	—	—
Operated drilling rig count	—	—	—	New“eight drilling rigs”	—	—	—	—
Operated horizontal wells turned to sales	—	—	—	New“28 to 32 net operated horizontal wells”	—	—	—	—
Operated wells turned to sales	—	New“between 35 and 40”	—	—	—	—	—	—
Organic oil production growth	—	—	—	—	New“2 to 5%”	—	—	—
Other wholly-owned midstream projects capital expenditures	—	New“$30 to $50 million”	—	—	—	—	—	—
Percentage of Q3 wells in Antelope Ridge asset area	—	—	—	New“60 to 65%”	—	—	—	—
Production	—	—	—	—	New“205,500 to 206,500 BOE per day”	—	—	—
Proportionate share of midstream capital expenditures	—	—	—	New“approximately $25 to $55 million”	—	—	—	—
Proportionate share of midstream capital expenditures	—	New“approximately $65 to $95 million”	—	—	—	—	—	—
Quarterly cash dividend	—	New“$0.3125 per share of common stock”	—	—	—	—	—	—
Quarterly cash dividend declared	—	—	—	—	New“$0.375 per share”	—	—	—
Record average production	New“at least 200,000 BOE per day”	—	—	—	—	—	—	—
San Mateo estimated capital expenditures (100%)	—	New“approximately $176 to $255 million”	—	—	—	—	—	—
San Mateo natural gas processing capacity	—	New“720 million cubic feet per day”	—	—	—	—	—	—
Simul-Frac and Trimul-Frac operations share of completions	—	New“over 80%”	—	—	—	—	—	—
Steel prices for well equipment (casing, valves, surface equipment)	—	—	New“will increase in 2025 due to recent tariffs”	—	—	—	—	—
Tariff impact on well costs	—	—	New“does not expect any recent tariffs to impact its well costs until the 1 second half of 2025”	—	—	—	—	—
Timing of accelerated Firethorn/Pimento well completions turned to sales	New“turn to sales these additional wells in January 2025”	—	—	—	—	—	—	—
Total CapEx	—	—	—	New“$1.30 to $1.55 billion”	Raised“$1.625 to $1.725 billion”	—	—	—
Total capital expenditures	—	New“$1.53 billion”	—	—	—	—	—	—
Total D/C/E and Midstream CapEx	—	New“$1.40 to $1.65 billion”	—	—	—	—	—	—
Total D/C/E CapEx	—	New“$1.28 to $1.47 billion”	—	—	—	—	—	—
Total production	—	New“202,000 to 208,000 BOE per day”	—	—	—	—	—	—
Total production, BOE per day	—	—	—	—	New“205,500 to 206,500”	—	—	—
Total, BOE per day (Full-Year 2025)	—	—	—	New“200,000 to 205,000”	—	—	—	—
Total, BOE per day (Q3 2025E)	—	—	—	New“198,500 to 201,000”	—	—	—	—
Trimul-Frac share of anticipated completions	—	New“approximately 35%”	—	—	—	—	—	—
For FY2024
Cash tax payments (% of pre-tax book net income)	New“1% to 5% of pre-tax book net income”	—	—	—	—	—	—	—
% Oil (Q4 2024E)	New“60%”	—	—	—	—	—	—	—
Annual dividend	New“$1.00 per share”	—	—	—	—	—	—	—
Annual dividend rate	—	New“$1.25 annually, or $0.3125 per quarter”	—	—	—	—	—	—
Average Daily Natural Gas Production, MMcf per day (Q4 2024E)	New“472.0 to 476.0”	—	—	—	—	—	—	—
Average Daily Oil Production, Bbl per day (Q4 2024E)	New“118,500 to 119,500”	—	—	—	—	—	—	—
Average Daily Total Production, BOE per day	New“197,000 to 199,000”	—	—	—	—	—	—	—
D/C/E CapEx (New Full-Year 2024)	New“$1.15 to $1.35 billion”	—	—	—	—	—	—	—
D/C/E capital expenditures	New“approximately $205 to $305 million”	—	—	—	—	—	—	—
D/C/E cost per completed lateral foot	New“between $925 and $935 per completed lateral foot”	—	—	—	—	—	—	—
DD&A (lowered)	New“$15.50 to $15.90 per BOE”	—	—	—	—	—	—	—
DD&A expense	New“between $15.75 and $16.25 per BOE”	—	—	—	—	—	—	—
Depletion, depreciation and amortization expense	New“between $15.75 and $16.25 per BOE”	—	—	—	—	—	—	—
Drilling and completion costs per completed lateral foot	New“between $925 and $935 per completed lateral foot”	—	—	—	—	—	—	—
Drilling rig count	New“nine drilling rigs”	—	—	—	—	—	—	—
Drilling rigs operated	New“nine”	—	—	—	—	—	—	—
Expected cash tax payments	New“1% to 5% of pre-tax book net income”	—	—	—	—	—	—	—
G&A expenses	New“between $1.80 and $2.00 per BOE”	—	—	—	—	—	—	—
LOE	New“between $5.75 to $6.25 per BOE”	—	—	—	—	—	—	—
LOE (narrowed range)	New“$5.55 to $5.75 per BOE”	—	—	—	—	—	—	—
Midstream CapEx (New Full-Year 2024)	New“$200 to $250 million”	—	—	—	—	—	—	—
Midstream capital expenditures (Matador's proportionate share)	New“approximately $42 to $62 million”	—	—	—	—	—	—	—
Natural Gas, MMcf per day (New Full-Year 2024)	New“414.0 to 426.0”	—	—	—	—	—	—	—
Net operated wells turned to sales	New“101.9”	—	—	—	—	—	—	—
Oil, Bbl per day (New Full-Year 2024)	New“98,500 to 101,500”	—	—	—	—	—	—	—
Operated horizontal wells turned to sales	New“33 gross (26.9 net)”	—	—	—	—	—	—	—
Proceeds from sale of Piñon Midstream 19% interest	New“between $110 million and $120 million”	—	—	—	—	—	—	—
Proportionate share of midstream capital expenditures	New“approximately $42 to $62 million”	—	—	—	—	—	—	—
Total CapEx (New Full-Year 2024)	New“$1.35 to $1.60 billion”	—	—	—	—	—	—	—
Total production, BOE per day (New Full-Year 2024)	New“167,500 to 172,500”	—	—	—	—	—	—	—
Total, BOE per day	New“167,500 to 172,500”	—	—	—	—	—	—	—
Total, BOE per day (Q4 2024E)	New“197,000 to 199,000”	—	—	—	—	—	—	—
U-Turn wells turned-in-line	New“five new U-Turn wells”	—	—	—	—	—	—	—
No period stated
Estimated increase in natural gas revenue for each $0.50 per MMBtu price increase (post-Hugh Brinson)	—	—	—	—	—	—	New“approximately $90 million annually”	—
Additional drilling and completion cost synergies (Ameredev)	—	New“over $150 million”	—	—	—	—	—	—
Additional operational synergies from Ameredev LOE efforts	New“over $1 million per month”	—	—	—	—	—	—	—
Ameredev integration synergies	New“approximately $160 million”	—	—	—	—	—	—	—
Annualized dividend	—	—	—	New“$1.25 per share”	Changed“$1.50 annually, or $0.375 per quarter”	—	—	—
Average 12-month cumulative oil production (Federal lease sale and Paloma acquisition assets)	—	—	—	—	—	—	—	New“20% to 30% higher than Matador’s average 12-month cumulative oil production for wells turned to sales in previous years”
Delaware Basin drilling inventory	—	—	—	New“ten to 15 years”	—	—	—	—
Delaware Basin high-quality inventory target	—	—	—	—	—	New“10 to 15 years”	—	—
Dividend policy	—	New“$1.25 annually, or $0.3125 per quarter”	—	—	Changed“$1.50 annually, or $0.375 per quarter”	—	—	—
Fixed quarterly dividend	New“$0.25 per quarter, or $1.00 per share on an annual basis”	—	—	—	—	—	—	—
Future well costs associated with the Federal lease sale and Paloma acquisition	—	—	—	—	—	—	—	New“15% to 20% below Matador’s current drilling and completion cost per completed lateral foot average”
Hugh Brinson pipeline begin flowing gas	—	—	—	—	—	New“third quarter of 2026”	—	—
Hugh Brinson pipeline fully in-service	—	—	—	—	—	New“fourth quarter of 2026”	—	—
Liquidity	—	—	—	—	—	—	New“$2.2 billion”	—
Proceeds from sale of 19% interest in Piñon Midstream	New“between $110 million and $120 million”	—	—	—	—	—	—	—
Quarterly base dividend	—	—	—	New“$0.3125 per share”	—	—	—	—
Quarterly cash dividend	—	New“$0.3125 per share”	—	Reiterated“$0.3125 per share”	Raised“$0.375 per share”	—	—	—
Quarterly dividend	New“$0.25 per quarter”	—	—	—	—	—	—	—
Quarterly fixed dividend	—	—	New“$0.3125 per share”	—	—	—	—	—
Rates of return on the properties being acquired	—	—	—	—	—	—	—	New“exceed 80% on average”
RBL borrowings repayment	—	—	—	—	—	—	New“full repayment”	—
Stock repurchase program	—	—	New“will consider implementing a stock repurchase program later this month at its regularly scheduled meeting”	—	—	—	—	—
Well cost reductions (Woodford)	—	—	—	—	—	—	—	New“30% to 40% well cost reductions”

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.