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Matador Resources Company (MTDR) investor relations material
Matador Resources Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 2025 production of 209,184 BOE/day, up 22% year-over-year and 5% above guidance, with natural gas production reaching 537.9 MMcf/d, exceeding guidance by 9%.
Net income for Q3 2025 was $176.4 million ($1.42 per diluted share), down from $248.3 million in Q3 2024, with adjusted EBITDA of $566.5 million.
Announced a 20% dividend increase to $1.50 per share annually, marking the fourth increase in seven years, and repurchased 1.3 million shares for $55 million.
Maintained a strong balance sheet with leverage ratio under 1.0x and over $1.9 billion in liquidity.
Paid down $105 million of RBL debt in Q3, reducing total borrowings to $285 million.
Financial highlights
Q3 2025 revenues were $939.0 million, up 4% year-over-year, with oil and natural gas revenues increasing 5% to $810.2 million.
Adjusted EBITDA for Q3 2025 was $566.5 million, and adjusted free cash flow was $132.7 million.
Net cash from operating activities for the nine months ended September 30, 2025 was $1.95 billion, up from $1.67 billion in 2024.
D&C costs for operated wells expected to average $835–$855 per completed lateral foot in 2025.
Market capitalization as of October 20, 2025, was $5.4 billion.
Outlook and guidance
Raised 2025 production guidance to 205,500–206,500 BOE/day and oil to 119,250–119,750 Bbl/day.
Increased 2025 D/C/E CapEx guidance to $1.47–$1.55 billion, with total CapEx to $1.625–$1.725 billion.
2026 organic production expected at ~210,000 BOE/day, with 2–5% oil growth and 8–12% lower CapEx vs. 2025.
Flexibility to adjust 2026 capital plans based on market conditions, with a focus on maintaining optionality and efficiency.
Anticipate further efficiency gains in completions, drilling, and logistics, aiming to improve D&C costs below current guidance if $50 oil persists.
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