2023-07-25 16:59:05 ET
Matador Resources ( NYSE: MTDR ) +1.9% post-market Tuesday after beating Q2 adjusted earnings expectations and raising its full-year production guidance.
Q2 net income of $164.7M, or $1.37/share, was little changed from $163.1 in Q1 but well below year-ago net income of $415.7M, or $3.47/share; Q2 adjusted EBITDA rose to $423.3M from $365.2M in Q1 but fell from $663.8M in the same quarter last year.
Matador ( MTDR ) said Q2 was the best production quarter in its history, averaging 130,683 boe/day, which topped its previous guidance of 126.5K boe/day and Q1 production of 106,654 boe/day.
Citing better than expected well performance across both the company's legacy assets and the recently acquired Advance assets, Matador ( MTDR ) raised the midpoint of its full-year total oil production guidance to 27.15M barrels from 26.85M barrels and the midpoint of full-year natural gas production guidance to 117B cf from 110.7B cf, which increased the midpoint of total production guidance to 46.65M boe from 45.3M boe previously.
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Matador Resources moves higher after Q2 beat; raises full-year production view