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Matador Resources Company (MTDR) investor relations material

Matador Resources Company Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary23 Jul, 2025

Executive summary

  • Achieved record Q2 2025 production of 209,013 BOE/d, up 30% year-over-year and exceeding guidance, with oil production at 122,875 Bbl/d.

  • Net income attributable to shareholders was $150 million, with adjusted EBITDA of $594 million and adjusted free cash flow of $133 million.

  • Operational efficiency improved, with drilling and completion costs reduced to $825 per completed lateral foot and cash operating costs per BOE down 13% sequentially.

  • Management maintained strong alignment with shareholders through significant equity participation and active share repurchases.

  • Maintained a strong balance sheet with over $1.8 billion liquidity and leverage ratio below 1.0x.

Financial highlights

  • Q2 2025 net income was $150 million, down 37% sequentially and 34% year-over-year, while adjusted EBITDA was $594 million, up 3% year-over-year.

  • Adjusted free cash flow for Q2 2025 was $133 million, supporting dividends, share repurchases, and land acquisitions.

  • Oil and natural gas revenues were $816 million; total revenues including midstream and derivatives were $895 million.

  • Cash operating costs per BOE fell 13% sequentially to $13.76.

  • Proved reserves at year-end 2024 were 611.5 MMBOE, 59% oil.

Outlook and guidance

  • Increased full-year 2025 production guidance to 200,000–205,000 BOE/d, with 117.5–119.5 MBbl/d oil and 495–513 MMcf/d natural gas.

  • 2025 capital expenditures for drilling, completion, and equipping expected at $1.18–$1.55 billion; midstream capex at $120–$180 million.

  • Q3 2025 production expected to dip to 198,500–201,000 BOE/d due to timing of well completions, with recovery anticipated in Q4.

  • Lowered expected 2025 cash tax payments to 0–5% of pre-tax book net income due to new tax legislation.

  • Oil and gas hedges in place for 2025 and 2026 to manage price risk.

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Frequently asked questions

Matador Resources Company is an independent energy company engaged in the exploration, development, and production of oil and natural gas resources. Its operations focus primarily on the Delaware Basin in West Texas and Southeast New Mexico. The company also has midstream operations supporting its upstream activities. The company is headquartered in Dallas, Texas, and its shares are listed on the NYSE.

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