Matador Beats on Q4 Earnings & Revenues, Raises Dividend

Financial Performance - Matador Resources Company (MTDR) reported fourth-quarter 2024 adjusted earnings of $1.83 per share, exceeding the Zacks Consensus Estimate of $1.74, but down from $1.99 in the same quarter last year [1] - Total revenues reached $970.4 million, surpassing the Zacks Consensus Estimate of $955 million and increasing from $836.1 million year-over-year [1] Production and Sales - The better-than-expected quarterly results were driven by high total production volume, including contributions from non-operated assets, although lower commodity prices partially offset these positives [2] - Matador achieved record average daily oil production of 118,440 barrels per day (B/D), up from 88,663 B/D in the prior-year quarter, but slightly below the estimate of 119,200 B/D [7] - Total oil equivalent production in the fourth quarter was 201,116 BOE/D, a significant increase from 154,261 BOE/D in the year-ago quarter, marking the first time average production exceeded 200,000 BOE per day [9] Commodity Prices - The average sales price for oil was reported at $70.66 per barrel, down from $79 a year ago and lower than the projected $71.24 per barrel [6] - Natural gas was sold at an average price of $2.72 per thousand cubic feet (Mcf), down from $3.01 in the year-ago quarter and below the estimate of $2.89 Mcf [6] Operating Expenses - Operating expenses per BOE increased to $30.89, slightly higher than the prior-year figure of $30.52 but below the estimate of $30.95 [12] - Lease operating costs rose to $5.37 per BOE from $5.06 a year ago, while production taxes, transportation, and processing costs decreased to $4.70 per BOE from $5.31 in the year-ago quarter [11] Dividend Announcement - Matador Resources announced a quarterly cash dividend of 31.25 cents per share, representing a 25% increase from the previous level of 25 cents, payable on March 14, 2025 [3] Future Outlook - For 2025, Matador has guided average daily oil equivalent production at 202,000-208,000 BOE/D, indicating a 20% increase from the previous projection [14]