Matador Resources 2023 Outlook

Matador 2023 Outlook

“While we are pleased with the record results of 2022, we are even more excited about the opportunities ahead for Matador in 2023 and in future years. The integration of the Advance assets will add to our increasing high quality inventory locations and provide opportunities for continued growth. Advance currently has one drilling rig operating on these assets, and we expect to continue drilling on this acreage and increase the number of our operated drilling rigs from seven to eight drilling rigs following the closing of the acquisition. Our production estimates for 2023 only include production from the Advance properties following closing of the acquisition, which we expect to occur in the second quarter of 2023, because any production revenues from the Advance assets prior to the closing date will be part of the purchase price adjustment at closing.

2023 Guidance Highlights

Oil production guidance of 26.4 to 27.3 million barrels
Natural gas production guidance of 107.7 to 113.7 billion cubic feet
Total production guidance of 44.35 to 46.25 million BOE, or 121,500 to 126,700 BOE per day
Drilling, completing and equipping capital expenditures of $1.18 to 1.32 billion
Midstream capital expenditures of $150 to 200 million

Matador Resources Company’s focus is to create a risk balanced portfolio of exploration opportunities for oil and natural gas in unconventional resource plays, supplemented with exploration for more conventional targets. We concentrate our exploration efforts primarily on known hydrocarbon-producing areas with well-established production histories offering the potential for multiple-zone completions.

Matador Resources Company ranks #17 in wells drilled in 2022 with 133 wells drilled in the Mid Continent of the US. The Mid Continent region includes Texas, Oklahoma, New Mexico and Louisiana.