MTDR - Matador Resources Non-GAAP EPS of $1.42 beats by $0.06 revenue of $638.08M misses by $13.66M
2023-07-25 16:20:02 ET
- Matador Resources press release ( NYSE: MTDR ): Q2 Non-GAAP EPS of $1.42 beats by $0.06 .
- Revenue of $638.08M (-32.4% Y/Y) misses by $13.66M .
- Updating 2023 Guidance: “Due to the better-than-expected well performance across both Matador’s legacy assets and the recently-acquired Advance assets, we are increasing our 2023 production guidance. We are increasing the midpoint of our 2023 total oil production guidance from 26.85 million barrels of oil to 27.15 million barrels of oil and increasing the midpoint of our 2023 total natural gas production guidance from 110.7 billion cubic feet of natural gas to 117.0 billion cubic feet of natural gas. As a result, we are increasing the midpoint of our 2023 total oil and natural gas equivalent production guidance from 45.30 million BOE to 46.65 million BOE.
- “We also anticipate decreased D/C/E costs for the remainder of 2023 and into 2024. Our long-term relationships with our vendors have been beneficial as we have begun to see service costs peaking across the board. Combining these overall peaking service costs with our capital and operational efficiencies, which include faster drilling and completion times, dual-fuel fracturing fleets, simultaneous and remote fracturing operations and the use of existing facilities, should position us well to increase production while still reducing costs. We expect that these capital and operational efficiencies and service cost decreases will result in well cost savings of $25.0 to $30.0 million for the remainder of 2023 as compared to our prior expectations. As a result, we currently expect our drilling and completion costs for full-year 2023 to average $1,100 per completed lateral foot, which is a decrease from our prior expectation of $1,125 per completed lateral foot. We expect to continue to realize additional benefits from our capital and operational efficiencies and decreased service costs in 2024 and beyond.
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Matador Resources Non-GAAP EPS of $1.42 beats by $0.06, revenue of $638.08M misses by $13.66M