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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.
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Q3 2025 earnings summary22 Oct, 2025

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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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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