Matador Delivers Strong Quarterly Results, Initial 2026 Guidance

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Matador Resources (MTDR) delivered another solid operational quarter for 3Q25, setting up a constructive exit into year-end and 2026. Total production averaged roughly 209 Mboepd (above guidance), on the back of strong Delaware Basin results and incremental volumes from non-operated wells in the Haynesville. Of the $430MM in quarterly capital spend, ~$350MM related to drilling and completion (D&C), as it accelerated 4.5 net operated wells in 3Q and plans 7.5 additional net wells in 4Q. Those accelerated completions, supported by lower service costs and improved drilling efficiencies, allow MTDR to enter 2026 with production momentum.

Looking ahead to 4Q25, MTDR expects to average 205–208 Mboepd (oil 119–121 Mbpd, gas 516–522MMcfpd) on $300–$380MM in D&C Capex and $10–$30MM of midstream spending. The company will turn to sales ~27.5 net operated wells, split evenly between Antelope Ridge and Rustler Breaks/West Texas. Efficiency gains are translating directly to capital savings as well costs have fallen from $880 per lateral foot to $855 per lateral foot. This equates to ~$50MM to $60MM of capital savings across ~1.2MM net lateral feet. These cost gains, paired with longer 3.4-mile laterals and high EUR wells, are allowing MTDR to maintain its production growth targets even as it trims total spending

For 2026, MTDR’s operational outlook remains geared toward measured, returns-focused growth. Management plans to hold roughly the same lateral footage while spending 8–12% less total Capex, aided by continued service cost relief and completion efficiency gains. The company will begin the year with 13.6 net wells already online in January, giving it a strong boost toward 2–5% YoY production growth. Rig count is expected to stay steady at 9 rigs, with similar drilling cadence and completion intensity as 2025, but with improved lateral lengths and greater use of tri and simul-frac operations. FY26 Capex is estimated at ~$1.55B with $1.31B allocated to D&C activity (129 net wells) and $0.24B allocated to infrastructure, land and seismic spend. The result is a 2026 program that drives incremental production growth, capital efficiency, and provides a clear line of sight to multi-year production stability across the Delaware Basin.

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Companies Mentioned

• Matador Resources Company (MTDR)

_{Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Patrick Enwright accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Patrick Enwright makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.}