Matador Resources Company Reports Robust Q3 2024 Financial Results and Increases Full-Year Guidance
Matador Resources Company (NYSE: MTDR) has announced its financial results for the third quarter of 2024, showcasing a remarkable performance driven by record production levels and strategic acquisitions.
Key Financial Metrics
| Metric | Q3 2024 |
|---|---|
| Earnings Per Share (EPS) | $1.99 |
| Net Income | $248.3 million |
| Adjusted EBITDA | $574.5 million |
Matador's third quarter results reveal a robust financial performance with a net income of $248.3 million or $1.99 per diluted share and an Adjusted EBITDA of $574.5 million. This performance is underpinned by continued operational efficiencies and a significant increase in production levels.
Revenue Performance by Segment
| Segment | Revenue Q3 2024 | Previous Guidance |
|---|---|---|
| Upstream Production | Record production | Exceeded expectations |
| Midstream Operations | - | Aligned with guidance |
The company achieved record production levels, surpassing previous guidance, and continued to create value through its midstream operations, ensuring reliable flow assurance and strong financial contributions.
Key Developments and Operational Highlights
- Record Production : Achieved record average total production of 171,480 BOE per day, 5% above guidance.
- Ameredev Acquisition : Successfully integrated the Ameredev assets, exceeding oil production expectations by 10%.
- Operational Efficiencies : Implemented innovative operational practices resulting in significant cost savings and operational efficiencies.
Management Commentary
Joseph Wm. Foran, Founder, Chairman and CEO, emphasized the strategic achievements during the quarter, including the successful acquisition and integration of Ameredev assets. He highlighted Matador's strong production growth, operational efficiencies, and the company's robust financial health, underpinned by strategic planning and execution.
Dividends and Share Repurchase Program
Matador's Board of Directors announced a 25% increase in the fixed quarterly dividend to $0.25, marking the fifth increase in four years, reflecting confidence in the company's future prospects.
Forward Guidance
Looking ahead, Matador raised its full-year guidance for production, reflecting continued strong performance and operational efficiencies. The company anticipates average production to exceed 200,000 BOE per day in 2025.
Stock Price Movement
Following the earnings release, Matador's stock price experienced a slight decline of approximately 0.94%.
In summary, Matador Resources continues to demonstrate strong financial and operational growth, driven by strategic acquisitions, robust production levels, and operational excellence, positioning the company well for future success.
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