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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.
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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