Matador Resources Co Q2 FY2024 earnings call

• Joe Foran emphasized teamwork behind the results, growth from 3,300 bbl/day in 2012 to over 95,000 bbl/day, proved reserves of over $500 million for Matador alone and over $600 million if Ameredev closes, and invited visits to see teamwork. • Brian Willey and Chris Calvert discussed financials, efficiencies in drilling including reduced D&C cost per foot due to simul-frac, trimul-frac, and U-Turns, and midstream coordination enabling flow assurance. • Chris Calvert highlighted the Dagger Lake South well as an example of teamwork and efficiencies, including $350,000 savings per well and accelerated production. • Ned Frost discussed geoscience advancements, moving from 3 targeted zones to 11 zones with 25 discrete target intervals in the Delaware Basin.

No detailed product segment financial performance with absolute terms and revenue contribution % provided in the transcript.

• Anticipated increased volumes in third and fourth quarters, with a step-up in fourth quarter volumes. • Expectation of integrating Ameredev assets pending regulatory approvals. • Ninth rig expected to add incremental wells, with efficiencies like reduced days on well contributing to potential growth. • Continued focus on process improvements and teamwork to drive future volumes.

• Actual results could differ materially from forward-looking statements as noted in the earnings release and SEC filings. • Regulatory approvals for the Ameredev acquisition could pose uncertainties.

Q: What's driving the big step-up in 4Q volumes?

A: Brian Willey and Chris Calvert discussed teamwork, drill schedule optimization, and efficiencies like simul-frac and trimul-frac contributing to increased volumes.

Q: Path forward on Advance assets and cube development?

A: Tom Elsener and Glenn Stetson discussed drilling more wells on Advance properties, cube development requiring careful coordination, and midstream integration enabling gas and oil processing.

Q: Drivers of reduced D&C cost per foot?

A: Chris Calvert explained efficiencies from simul-frac, trimul-frac, U-Turns, and teamwork across land, geology, and operations teams.

Q: Midstream build-out after adding Piñon?

A: Joe Foran and Gregg Krug stated they would be open to enhancing the midstream system near properties, with continued focus on flow assurance and measurement audits.

Q: Ameredev production and rigs?

A: Brian Willey and Tom Elsener discussed Ameredev's current production, drilled but uncompleted laterals, and the ninth rig's potential to add incremental wells.

Q: Well cycle times and full-year guidance?

A: Chris Calvert discussed efficiencies from trimul-frac and reduced days on well, with potential upward bias in full-year guidance if efficiencies continue.

Q: Ameredev Q4 production?

A: Tom Elsener stated comments would be more appropriate after the deal closes.

Q: Rig program for 2025?

A: Joe Foran and Brian Willey discussed importance of reduced days on well, flexibility, and employee/partner relationships in planning the 2025 rig program