Matador Resources (MTDR) Tops Q3 EPS by 7c

Matador Resources (NYSE: MTDR) reported Q3 EPS of $0.06, $0.07 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $88.7 million versus the consensus estimate of $77.6 million.

2016 Guidance Update

On November 1, 2016, Matador increased certain elements of its 2016 guidance, based on a 3-rig drilling program, as follows:

• Total natural gas production guidance increased from 28.0 to 29.0 billion cubic feet to 29.5 to 30.5 billion cubic feet. Matador’s 2016 natural gas guidance has increased from initial guidance of 26.0 to 28.0 billion cubic feet in February 2016;
• Total oil equivalent production guidance increased from 9.6 to 9.9 million BOE to 9.8 to 10.2 million BOE. Matador’s 2016 total equivalent oil production guidance has increased from initial guidance of 9.2 to 9.8 million BOE in February 2016;
• Expected capital expenditures were adjusted from $325 million to between $425 and $450 million, with the additional capital primarily being used for strategic acreage and minerals acquisitions and to accelerate a number of new midstream initiatives in the Delaware Basin; and
• Adjusted EBITDA guidance increased from $130 to $140 million to $140 to $150 million based on actual results for the first nine months of 2016 and estimated oil and natural gas prices for the remainder of 2016 using oil and natural gas futures prices as of late October 2016. Matador’s 2016 Adjusted EBITDA guidance has increased from initial guidance of $120 to $130 million in February 2016.

Although Matador kept its 2016 oil production guidance unchanged at 4.9 to 5.1 million barrels, at November 1, 2016, the Company anticipates that its 2016 oil production should be between the midpoint and upper end of its guidance range.

For earnings history and earnings-related data on Matador Resources (MTDR) click here.

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