MTDR - Matador trades higher on Q3 beat raised FY22 production outlook

Matador Resources ( NYSE: MTDR ) stock rose ~2% on Wednesday after Q3 results beat estimates and the company raised the midpoint of its FY22 production outlook.

Q3 adjusted EPS grew +114% Y/Y to $2.68, while total revenue increased +78% Y/Y to $840.93M.

"During the third quarter of 2022, Matador achieved better than expected average oil and natural gas equivalent production of over 105,000 barrels of oil and natural gas equivalent (“BOE”) per day, which was 4% better than our expectations of approximately 101,000 BOE per day," said Matador’s Founder, Chairman and CEO Joseph Wm. Foran.

Adjusted EBITDA attributable to Matador shareholders increased ~83.7% Y/Y to $539.73M. GAAP net income attributable to Matador shareholders grew ~65.8% Y/Y to $337.57M.

Outlook :

Foran said the company was on path to achieve its goal for the year, which are — growing the fixed dividend and returns to shareholders, reducing debt and increasing production, reserves and midstream assets.

"Due to the better-than-expected well performance across our Delaware Basin asset areas in the third quarter of 2022, we are increasing the midpoints of our 2022 total oil and natural gas production guidance from 21.7 million barrels to 21.85 million barrels for oil and from 95.5 billion cubic feet to 97.0 billion cubic feet for natural gas," Foran added.

Foran noted that the midpoint of the company's 2022 capital expenditures outlook for drilling, completing and equipping wells remains unchanged at $800M.

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