Last10K.com

Matador Resources Co (MTDR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

MTDR Quarterly Reports

Matador Resources Co

CIK: 1520006 Ticker: MTDR
Exhibit 99.1

MATADOR RESOURCES COMPANY REPORTS FIRST QUARTER 2020 RESULTS AND UPDATES FULL YEAR 2020 OPERATIONAL PLANS AND GUIDANCE

DALLAS, Texas, April 29, 2020 -- Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported financial and operating results for the first quarter of 2020 and updated its full year 2020 operational plans and guidance. A short slide presentation summarizing the highlights of Matador’s first quarter 2020 earnings release is also included on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab.

First Quarter 2020 Management Comments

Joseph Wm. Foran, Matador’s Chairman and CEO, commented, “We are trying something new in this quarterly release. On both our website and on the webcast planned for tomorrow’s earnings conference call is a set of five slides identified as ‘Chairman’s Remarks’ (Slides A through E) to add color and detail to my remarks. Please let me know if this additional information is helpful to you.

“If you will look at Slide A, you will see that the first quarter of 2020 was another good quarter for Matador. The Board and I would like to commend once again the Matador team for their focused and professional response to the dual crises of the novel coronavirus and the abrupt decline in oil prices. Since early March, we have worked together to identify ways that Matador can reduce capital spending and operating expenses while increasing revenues and cash flows to weather these challenging times. At a meeting of Matador’s Board on March 10, 2020, I volunteered to take a 25% pay cut. The Board joined me in taking a 25% pay cut, too. Matador’s President and its Executive Vice Presidents then took a 20% pay cut, the other Vice Presidents took a 10% pay cut and the rest of the staff took a 5% pay cut. According to one prominent energy industry compensation study, Matador was the first company to announce any such cuts. Among the other first steps we took were to hedge 90% of our anticipated oil production for the remainder of the year, including all of our forecasted oil production in the second quarter, at oil prices ranging from $35 to $48 per barrel and to cut our capital spending by roughly 35% by reducing our rig count from six to three. We are prepared to take additional steps to further reduce spending if necessary.

“If you will now look at Slide B, throughout the first quarter, the operations group led the way to our goal of achieving lower-than-expected capital spending and operating expenses. Our capital expenditures for drilling, completing and equipping wells this past quarter were $25 million less than our original estimates for the first quarter of 2020, and we estimate that $15 million of these savings were attributable to improved operational efficiencies and lower-than-expected drilling and completion costs. Drilling and completion costs for all operated horizontal wells completed and turned to sales in the first quarter of 2020 averaged just over $1,000 per completed lateral foot, a decrease of 13% from average drilling and completion costs of $1,165 per completed lateral foot achieved in 2019. We expect drilling and completion costs per completed lateral foot to continue to decline throughout 2020, reflecting improved operational efficiencies, reduced service costs and the impact of drilling longer laterals, with most being two-mile laterals. These results bring us to Slide C, which indicates by the fourth quarter Matador could be approaching cash flow neutrality.

“At the end of this quarter, we also achieved the first of four important production milestones we set for Matador in 2020. Matador had previously predicted in early 2020 a significant surge in production when the first six Rodney Robinson wells in the western portion of the Antelope Ridge asset area were turned to sales in late March. As recently reported in a separate press release, the Rodney Robinson wells achieved record 24-hour initial potential test results for Matador from all three formations tested, collectively testing at rates of approximately 15,000 barrels of oil per day and 25 million cubic feet of natural gas per day. The other three production milestones should occur when the five Ray wells in the Rustler Breaks asset area and the five Leatherneck wells in the Greater Stebbins Area are turned to sales during the summer and when the 13 Boros wells in the Stateline asset area are turned to sales

1

The following information was filed by Matador Resources Co (MTDR) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Matador Resources Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Matador Resources Co.

Continue

Assess how Matador Resources Co's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Matador Resources Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Revenue
Financial
M & A
Legal
Other
Filter Subcategory:
All
Product
Shares
Expense
Earnings
Geography
Cash Flow
Debt
Income
Other
Inside Matador Resources Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Parenthetical) - Unaudited
Condensed Consolidated Balance Sheets - Unaudited
Condensed Consolidated Statement Of Changes In Shareholders' Equity - Unaudited
Condensed Consolidated Statement Of Changes In Shareholders' Equity - Unaudited (Parenthetical)
Condensed Consolidated Statements Of Cash Flows - Unaudited
Condensed Consolidated Statements Of Operations - Unaudited
Asset Retirement Obligations
Asset Retirement Obligations (Details)
Asset Retirement Obligations (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Details)
Debt Credit Agreement (Details)
Debt Senior Unsecured Notes (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Details 2)
Derivative Financial Instruments (Details 3)
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details)
Equity
Equity (Details)
Fair Value Measurements
Fair Value Measurements (Details 1)
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Nature Of Operations
Segment Information
Segment Information (Details)
Segment Information (Tables)
Subsidiary Guarantors
Subsidiary Guarantors Consolidated Balance Sheet (Details)
Subsidiary Guarantors Consolidated Cash Flow (Details)
Subsidiary Guarantors Consolidated Income Statement (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details Textual)
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies - Disaggregated Revenue (Details)
Supplemental Disclosures
Supplemental Disclosures (Details 1)
Supplemental Disclosures (Details)
Supplemental Disclosures (Tables)
Supplemental Disclosures Supplemental Disclosures - Restricted Cash Reconciliation (Details)
Ticker: MTDR
CIK: 1520006
Form Type: 10-Q Quarterly Report
Accession Number: 0001520006-20-000140
Submitted to the SEC: Fri May 01 2020 4:50:00 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Tuesday, March 31, 2020
Industry: Crude Petroleum And Natural Gas

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/mtdr/0001520006-20-000140.htm