Matador Resources Company reported significant financial performance for the third quarter and the nine months ended September 30, 2024, reflecting robust growth in revenues and strategic developments, including a major acquisition.
For Q3 2024, Matador's total revenues reached $899.8 million, a 16.5% increase from $772.3 million in Q3 2023. Oil and natural gas revenues specifically rose to $770.2 million, up 10% from $701.5 million in the prior year. The nine-month period saw total revenues of $2.5 billion, compared to $1.97 billion in the same period of 2023, marking a 28.6% increase. This growth was primarily driven by a 33% rise in oil revenues, which reached $2 billion for the nine months, despite a 15% decline in natural gas revenues due to lower realized prices.
Net income for Q3 2024 was $272.7 million, slightly down from $278.4 million in Q3 2023. However, net income attributable to Matador shareholders decreased to $248.3 million from $263.7 million year-over-year. For the nine months ended September 30, 2024, net income attributable to shareholders increased to $670.8 million, up from $591.5 million in 2023. Earnings per share for Q3 2024 were $1.99, compared to $2.21 in Q3 2023, while for the nine months, it rose to $5.45 from $4.97.
The company’s total assets surged to $10.6 billion as of September 30, 2024, up from $7.7 billion at the end of 2023, largely due to the acquisition of Ameredev, completed on September 18, 2024, for approximately $1.831 billion. This acquisition included oil and natural gas properties and a 19% stake in Piñon Midstream, LLC. Funding for this acquisition was sourced from cash on hand and borrowings under a secured revolving credit facility, which was amended to increase borrowing commitments.
Matador's operational metrics also showed improvement, with average daily production increasing by 28% to 171,480 BOE per day in Q3 2024. The company operated nine drilling rigs in the Delaware Basin, which accounted for the majority of its production.
Financially, Matador's cash position decreased to $23.3 million as of September 30, 2024, from $52.7 million at the end of 2023. However, total current assets increased to $847.2 million, up from $715.9 million. The company’s total debt rose significantly, with borrowings under its Credit Agreement increasing to $955 million from $500 million at the end of 2023.
Overall, Matador Resources Company demonstrated strong revenue growth and strategic expansion through acquisitions, positioning itself favorably in the competitive energy sector.
About Matador Resources Co
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