Dallas, Texas 05/07/2014 (FINANCIALSTRENDS) – Matador Resources Co (NYSE:MTDR) reported its financial and operating results for the first quarter of 2014, and topped off the record quarterly oil production results by upping the ante on its full year 2014 guidance. It’s no surprise that analysts are falling over each other trying to give the company upgraded ratings.
Matador Resources Co First Quarter Earnings Report
Matador Resources posted oil production of 661,000 Bbl for the first quarter, an increase of 44% from 460,000 Bbl produced in the same quarter last year. It’s also 9% higher than the production in the previous quarter ended Dec 31, 2013.
The Company reported oil and natural gas revenues of $78.9 million for the quarter, which is an increase of 33% from the $59.3 million they reported for the first quarter in 2013 and an increase of 13% from the $69.7 million for the last quarter of 2013.
Adjusted EBITDA was $56.3 million for the quarter, representing a 39% increase on the $40.7 million the Company reported in the same quarter last year.
Statement by Matador Resources CEO Joseph Wm. Foran
Matador Resources Chairman and CEO Joseph Wm. Foran said that, “The Matador staff delivered strong operating, land acquisition and financial results in the first quarter of 2014… This growth is due primarily to growth in our oil production rates, and we expect this growth to continue throughout the year.”
Matador Resources updated its full-year 2014 guidance to adjust for an increase in estimated capital expenditures from $440 to $540 million, as a result of larger than expected Permian Basin and Eagle Ford acreage acquisitions.
The Company also updated guidance to show increased production of natural gas by approximately 18%, from the earlier guidance of 13.5 to 15.0 Bcf to a new one of 16.0 to 17.5 Bcf.
Full year guidance update for oil and natural gas revenues shifted it from the previous guidance of $325 to $355 million to a new one of $380 to $400 million. Adjusted EBITDA was likewise updated from previous guidance of $235 to $265 million to a new range of $270 to $290 million.