Matador Resources Company Stock Earnings Reports

Matador reported a strong Q3 2025 performance and reiterated a constructive outlook. Management raised the dividend 20% and emphasized a fortress-like balance sheet (retained earnings > $3.0B, net leverage ~0.4x, roughly $2.0B liquidity after ~$670M revolver paydown). The company accelerated its 2025 capital program by adding ~12 high-return wells (many in Antelope Ridge) with project IRRs >50% and expect long-lived wells (1.1–1.2 MM BOE EURs). Well cost efficiencies materially improved: the company reduced its completed lateral-foot cost guidance from ~$880/ft midpoint to roughly $835–$855/ft (mid ~$844/ft), which management says yields ~$50–$60M of capital savings in 2025. That combination of stronger returns and lower costs provides optionality into 2026 (flex up/down activity; formal guidance in Feb). San Mateo (midstream) continues to perform well as a fee-based business (new processing records, fee revenues largely insulated from commodity moves); Matador is investing in produced-water infrastructure (Matador-owned and San Mateo assets) to support recycling and logistical efficiencies. Management is opportunistic on buybacks, continues accretive land activity, and has hedges in place to mitigate Waha gas-price risk; several long-haul pipeline expansions in 2026 are expected to relieve Waha take-away pressure. Culture/ownership: high insider/employee participation in equity plans and management positions itself as long-term buyers, not sellers.