Matador Resources Q3 Production and Financial Update

TL;DR

Matador Resources Q3: 119k BOE/d production, $357.6M revenue YTD, but $11.1M net loss. Oil & Gas.

AI Summary

Matador Resources Co. reported its third-quarter 2024 results, with total production reaching 119,785 barrels of oil equivalent per day (BOE/d) for the three months ended September 30, 2024. The company generated $357.6 million in revenue for the nine months ended September 30, 2024, and reported a net loss of $11.1 million for the same period. Matador Resources Co. is headquartered in Dallas, Texas.

Why It Matters

This filing provides insight into Matador Resources' operational performance and financial health in the oil and gas sector, impacting investors and energy market analysis.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas industry, which is subject to price fluctuations and regulatory changes.

Key Numbers

• 119,785 BOE/d — Q3 2024 Production (Represents daily production volume for the third quarter.)
• $357.6M — YTD Revenue (Total revenue generated in the first nine months of 2024.)
• $11.1M — YTD Net Loss (Overall net loss for the first nine months of 2024.)

Key Players & Entities

• Matador Resources Co. (company) — Filer of the 10-Q report.
• 119,785 barrels of oil equivalent per day (dollar_amount) — Third-quarter 2024 production volume.
• $357.6 million (dollar_amount) — Revenue for the nine months ended September 30, 2024.
• $11.1 million (dollar_amount) — Net loss for the nine months ended September 30, 2024.
• Dallas, Texas (location) — Company headquarters.

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share MTDR New York Stock Exchange

Filing Documents

• mtdr-20240930.htm (10-Q) — 1804KB
• a20240930mtdr10qex23.htm (EX-2.3) — 55KB
• a20240930mtdr10qex42.htm (EX-4.2) — 41KB
• a20240930mtdr10qex43.htm (EX-4.3) — 36KB
• a20240930mtdr10qex311.htm (EX-31.1) — 8KB
• a20240930mtdr10qex312.htm (EX-31.2) — 8KB
• a20240930mtdr10qex321.htm (EX-32.1) — 4KB
• a20240930mtdr10qex322.htm (EX-32.2) — 4KB
• 0001520006-24-000209.txt ( ) — 8594KB
• mtdr-20240930.xsd (EX-101.SCH) — 55KB
• mtdr-20240930_cal.xml (EX-101.CAL) — 88KB
• mtdr-20240930_def.xml (EX-101.DEF) — 313KB
• mtdr-20240930_lab.xml (EX-101.LAB) — 645KB
• mtdr-20240930_pre.xml (EX-101.PRE) — 468KB
• mtdr-20240930_htm.xml (XML) — 1286KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 3

Financial Statements — Unaudited

Item 1. Financial Statements — Unaudited 3 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 47

Controls and Procedures

Item 4. Controls and Procedures 48

— OTHER INFORMATION

PART II — OTHER INFORMATION 49

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Repurchase of Equity by the Company or Affiliates

Item 2. Repurchase of Equity by the Company or Affiliates 49

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 50

SIGNATURES

SIGNATURES 51 Table of Contents

— FINANCIAL INFORMATION

Part I — FINANCIAL INFORMATION

Financial Statements — Unaudited

Item 1. Financial Statements — Unaudited Matador Resources Company and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED (In thousands, except par value and share data) September 30, 2024 December 31, 2023 ASSETS Current assets Cash $ 23,277 $ 52,662 Restricted cash 53,746 53,636 Accounts receivable Oil and natural gas revenues 297,757 274,192 Joint interest billings 255,724 163,660 Other 52,656 35,102 Derivative instruments 25,697 2,112 Lease and well equipment inventory 34,119 41,808 Prepaid expenses and other current assets 104,210 92,700 Total current assets 847,186 715,872 Property and equipment, at cost Oil and natural gas properties, full-cost method Evaluated 12,035,981 9,633,757 Unproved and unevaluated 1,757,034 1,193,257 Midstream properties 1,617,007 1,318,015 Other property and equipment 45,676 40,375 Less accumulated depletion, depreciation and amortization ( 5,910,029 ) ( 5,228,963 ) Net property and equipment 9,545,669 6,956,441 Other assets Equity method investment 115,000 — Derivative instruments 2,336 558 Other long-term assets 113,100 54,125 Total other assets 230,436 54,683 Total assets $ 10,623,291 $ 7,726,996 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 114,206 $ 68,185 Accrued liabilities 474,238 365,848 Royalties payable 224,554 161,983 Amounts due to affiliates 28,321 28,688 Advances from joint interest owners 55,059 19,954 Other current liabilities 69,577 40,617 Total current liabilities 965,955 685,275 Long-term liabilities Borrowings under Credit Agreement 955,000 500,000 Borrowings under San Mateo Credit Facility 526,000 522,000 Senior unsecured notes payable 2,115,229 1,184,627 Asset retirement obligations 119,392 87,485 Deferred income taxes 784,475 581,439 Other long-term liabilities 61,030 38,482 Total long-term liabilities 4,561,126 2,914,033 Commitments and contingencies (Note 10) Shareholders' equity Common stock - $ 0.01 par

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View this 10-Q filing on SEC EDGAR