DALLAS - Matador Resources Company (NYSE: NYSE:MTDR) delivered a robust financial performance in the first quarter of 2024, surpassing Wall Street's expectations on both earnings and revenue fronts. This sent the stock up 2% in after-market trading.
The independent energy company reported an adjusted earnings per share (EPS) of $1.71, outpacing the analyst consensus of $1.55. Revenue also exceeded forecasts, reaching $787.69 million against an anticipated $744.58 million.
The company's production figures for the quarter were equally impressive, with an average daily oil equivalent production of 149,760 barrels of oil equivalent (BOE) per day, a significant 40% increase from the first quarter of the previous year. This growth is attributed to the Advance acquisition completed in April 2023 and robust production from new wells on existing assets. Matador's leadership is optimistic about maintaining this upward trajectory, aiming for the higher end of its full-year 2024 guidance for total oil and natural gas equivalent production.
Joseph Wm. Foran, Founder, Chairman, and CEO of Matador, expressed satisfaction with the results, which he attributed to the company's operational excellence and financial discipline. "Matador is pleased to report another quarter that exceeded our original expectations due to the excellent operational and financial execution by the Matador team," he said.
Looking ahead, Matador anticipates a 5% increase in average daily oil equivalent production to approximately 157,250 BOE per day for the second quarter of 2024. This forecast aligns with the company's strategy of profitable growth and its commitment to enhancing shareholder value.
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