Matador Resources Company (MTDR) Q2 2026 earnings summary

Executive summary

• Achieved record oil production of 126,106 barrels per day in Q2 2026, exceeding guidance and raising full-year oil production growth outlook from 4% to 7% year-over-year.

• Total proved oil and natural gas reserves increased 5% to 703 million BOE as of June 30, 2026.

• Executed and integrated four major strategic acquisitions (Cardinal, Paloma, Ridge Runner, BLM), expanding high-quality drilling inventory and midstream assets.

• Net income attributable to shareholders for Q2 2026 was $391 million ($3.15 per diluted share), up from $150 million in Q2 2025, driven by higher oil prices and increased production.

• Strategic focus on profitable growth, debt reduction, and leveraging midstream assets for operational synergies.

Financial highlights

• Q2 2026 oil and natural gas revenues reached $1.09 billion, up from $816 million in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $781 million, up from $594 million in Q2 2025.

• Adjusted free cash flow for Q2 2026 was $303 million, more than double Q2 2025.

• Paid down over $200 million in bank debt in Q2 2026, reducing total debt to under $1 billion.

• Net debt/LTM adjusted EBITDA was ~1.4x as of Q2 2026.

Outlook and guidance

• Increased full-year 2026 oil production guidance to 127,500–129,000 barrels per day and total BOE production to 218,500–223,500 per day.

• Full-year 2026 adjusted free cash flow estimated at $900 million, with a focus on debt repayment and a target leverage ratio of 1.0x by end of 2027.

• Full-year D/C/E capital expenditures guidance raised to $1.48–$1.56 billion and midstream capex to $145–$165 million.

• 129 gross (112.6 net) operated wells and 242 gross (15.9 net) non-operated wells to be turned to sales in 2026.

• Anticipates strong finish to 2026 and even stronger performance in 2027, with mid-single-digit oil growth targeted for 2027.