Matador Resources (MTDR) 30 Oct 192019 Q3 Earnings call transcript

Company Profile

Participants

Mac Schmitz	Capital Markets Coordinator for Matador
Joe Foran	Chairman & Chief Executive Officer
Matt Hairford	President
David Lancaster	Executive Vice President & Chief Financial Officer
Billy Goodwin	Executive Vice President & Chief Operating Officer Drilling Completions & Production
Matt Spicer	Senior Vice President & General Manager of Midstream
Scott Hanold	RBC Capital Markets
Gabe Daoud	Cowen & Company
John Freeman	Raymond James.
Neal Dingmann	SunTrust
Asit Sen	Bank of America
Sameer Panjwani	Tudor Pickering Holt
Irene Haas	Imperial Capital
Mike Scialla	Stifel
Richard Tullis	Capital One Securities.
Jeff Grampp	Northland Capital

Call transcript

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Operator

Good morning, ladies and gentlemen. Welcome to the Third Quarter 2019 Matador Resources Company Earnings Conference Call. My name is Bridget, and I'll be serving as the operator for today. At this time all participants are in a listen only mode.

We will facilitate a question-and-answer session at the end of the company's remarks.

discussed conference will recorded company's be November XXXX, this and replay website reminder, earnings XX, replay company's the available as a is issued for being purposes through press As release the yesterday. in on the

turn now to over Coordinator call Capital may begin. Mr. Smith Matador. Mr. the you Schmitz, Markets will I Mac for

Mac Schmitz

Earnings Thank for Matador's us you, for Conference you Call. joining Bridget. Good thank morning, Quarter everyone, XXXX and Third

used certain of such Resources company's by contained the the comparable earnings of regularly presenters in financial Some are financial non-GAAP of with the calculated accordance with Matador reference measuring Reconciliations non-GAAP press company's will measures the financial release. in measures end at GAAP measures today performance. financial

may or reflect company's that As a reminder of certain forecasts is statements on presentation forward-looking current now the be included the expectations events morning's in based future information available. and this

Actual results such could in events materially anticipated those differ from and future statements.

factors could quarterly differ information report Additional recently results XX-Q. company's contained on most in to is Form materially that release its the concerning earnings and cause actual

quarter the I of page to can Events under a release the tab. summarizing earnings Relations slide press call to Presentations earnings XXXX find our like on website Finally, in on presentation everyone addition that remind third our you our release and would short on highlights the the Investor

call Mr. Foran, Joe and to Joe? turn over would now like the to I our Chairman CEO.

Joe Foran

your and the interest comments appreciate morning with on call. for to line Good much appreciate in Thank everyone very discussions our and in We the thank Mac. time you. and today's you, in participating Matador your we you

Executive They and is management Chief Matt introduce Robinson, Land; Officer and Officer; this and Hairford, of Vice Billy David and Land the Midstream of I other Singleton, of Officer Engineering President along Executive Legal staff Greg President Vice by and your Vice and Van are me Lancaster, Chief Operating Goodwin, Executive Brad President; Drilling Now, Completions joining standing Executive team Adams, Administration; and Strategy. who Technology members questions. Executive Chief President all Marketing Krug, morning of President Vice for President Production; Officer; like executive Vice and committee Operating Financial are Chief Reservoir with President Craig to who our Vice senior Executive would

special We have also a guest today.

have of our his Operations and out no could. with going. keep bad is Mexico weather, done Head in and runs in have been comes smoothly that crews sure things as We he that there Jason Southeastern Jason production Thibodeaux, us County. Good that there Loving weather, our and the who up and crew And New gone the make we matter what have Field

very for do. that And being so for Jason much thank thank here people they all field your you and

to their together too each only that effectively person all It but and hard work staff is work – work contributes of rest the for very they our group more make not thank And the pleased our it? earnings was outlined very felt achievements are as quarter The personally take issued thank in report – yesterday, best We the moment want to history. the of many and operational a release financial to third had quarter I and business complex a is Matador well even and quarter it the dedication. this does during one company's we we to XXXX in

Now, this taking your I'd key morning. points questions to before highlight few like a

be year over working I the Board to helpful last team. well. what said appear about in they've been how the very our I and and is strategies that first they out been working supportive The we've and want implementing the mention to

to we going a another Antelope year would reached to beyond plan develop we Ridge said been kept the doing we And we what great we area on executing targets is, program. plan production thing when we We've were began thought that and hope the second the laid we way. out We've The and for what out do we've that also interest of worked into achieve. it's that to us. six-rig

And to managed ever. to better are working has costs. than upgrade those Billy those as or rigs. lower continued good We've

So we've drilled for less wells more actually had cost.

able that dollar, better-than-expected been spending, we've because get so wells and And have where tricky you to for your production. as movement there reduce you your actually but more CapEx do you more

And all The two. last at to spending we next cards thing the the and the could continue that lead looked on believe we've other all accelerate or progress, that noted increased and is making you address issues valuation. in quarter we're narrowing gap, we have play to that that fronts may to which we

received attention midstream began San to the had year. million a special another with year And finally, the that. as would the deal. -- We and we've we we Mateo this attention achieved quarter has $XX And work up indicated that EBITDA doing

if I But not. comes it's know applause hear directed you that in above. us. don't consider thunder it that hear not Now whether coming it We at from in you or

right. All

questions. to Now you it turn let me for over

Operator

from [Operator Markets. Hanold line question comes Scott Instructions] the of The first Capital with RBC

open. Your line is

Scott Hanold

Thanks. Good morning, guys.

Joe Foran

Scott. Hi,

Scott Hanold

such run in in into obviously very kind to like some impact pretty you shut but Can from rate. And QX good assume quarter. a strong would sometimes third like discuss we every bit and little you fracs did QX. wells guys when guys you growth where versus gave you're you though color going next to that's of the to could you going expect exit on about exited offsetting quarter, XQ? by have where that way And drive progress the into looks I quarter to obviously how It you can't a exit

David Lancaster

Scott. It's Hi, David. Yes.

proactively – that own shut then of kind recently -- that in have operations. are practice always Rustler in shut that in going think a as wells of had I there part completion the obviously, fracs. wells -- I number our of particularly operator the our course completed to Breaks just to offset we for And we think it's to we're we of

see we is that in noted. think of -- be do production low going may we've terms November as particularly I we think to

as or result kind shut-ins very in their be so of I production. those XXXX that of and those down part some a think wells the were good flush things BOE of could because

having their to in shut we're in So on life. early them pretty

with but like a any of can there wells we kind fracs. may averaged this to can that following offset the quarter will just is feel we I of how depend I get and quickly we back closer associated feel past cleanup December. additional guess, think that that that December some month these that Scott, if we maybe time on I the what of production the in get in we on lot But of exit in back them that's like

Scott Hanold

Got it. it. Got

prepared some in kind in mentioned accelerate to Okay. and Joe, I And combination opportunities Or that quarters. bridge asset the referring growth free it organic of flow cash and sales? need of think, comments understanding that you is the about sales to just talking now then there's gap that you asset Were had other your a coming right to initiatives?

Joe Foran

oil. could that we're a on we've an the and time bread as from price Yes, asset would of of the get of on it's they do again, offer. a oil far we mid-stream. non-core had they're which in favored $X of profitable strong the sold deal that course, better. a been make But Eagle And Haynesville. more operations, all gas Ford business, time butter to Scott also But about as E&P a good trajectory -- and we we're a little we've we on And and or asset is the the methodical enough above kind is is if

that interest this and said had We've quarter some. than we've more

So where that goes. we'll just see

likes Matt normally the we and of In in as kind have trying minerals some. a do and that we've that we And that of no that -- studying out we there. that things until various to be comfortable it a addition, be methodical measured mineral And the mineral we the we secret have we're each we package feel package cons. and if we're know to say pros It's proactive. deals the the do that study not got leased way

had G&A. promising not do with being we're speaking we ignored want that what or that's that well we this and would a out well little audits we our in we cost us there and and down the put there that cost to been and cost when year as and side. some across and a guy a as follow-up as we've accounting that. little of saved And that bit the that's our and getting guys some do But individual on foot bit cost reductions and and found we some capital work group is to effort the prospect errors has So studying efficiencies saving money, making in Board as other type per the completed the corrected that other to that see achieving driving a down of as the lot well on here know driving of of

a little finding work that's there on to And and it's efficiencies a better do service know ways is to long-winded deal the a to here everybody help. but it's what is everybody's on improve answer, find they that -- ways get mind looking every to so too. to companies everybody with trying to can I

Scott Hanold

Okay.

the every sounds time ground. mean picking quarter that a out you up like I it it's are equivalent just effort. guys holistic So, there right? Is on an

Joe Foran

right. comprehensive. That's It's

Scott Hanold

you. Thank Got it.

Joe Foran

Scott. you, Thank

Operator

next the Cowen line comes from with & question of our Daoud And Company. Gabe

Your line is open.

Gabe Daoud

in Hey maybe I foot D&C could slide footage was with just expectations cost your you everyone. start good guess and morning deck. and Joe delivered hoping I per the

on those given And of could that well bit can -- achieved gains a Ridge in be at you highlighted be the growth D&C on point this lower. Delaware you've Do per delivered number? and moving of both Just think the type footage cost what oil efficiency Antelope conservative? as think numbers you foot

David Lancaster

encouraging were think see guide we did of Jeff for out think below that Hart -- It that of David. conservative we've where it's look I $X,XXX we that estimate to to I well That's think -- Hi we not the our don't think Gabe, best think intentionally numbers conservative that think are a to it's to we Well, kind or ever or little that be. come that whether manage can we put conservative. in is things as I foot.

that was positive. So,

we XX% time this think first out deck, XXXX. -- XX% to I this do for will it we showing the say started that I decline say in managed we was about slide to I put want that And year-to-date. year XX% the about when

efficient Drilling So, will I done push team. great parts continuing give to a credit continue operating operation. to both have this more be our completions great year job of to in think everyone I'd hard. that

could possible think kind that's these we I it's going of numbers improve that see certainly where so we today but upon forward, And them.

Matt Hairford

to tack there. just And Matt. on what is David this Okay said

the see XXX,XXX completed XXXX projecting number lateral that from You an footage. of XXXX rigs rigs, slide with we're going to same to that the of that additional there we're six drill foot

a I think improvement it's efficiency. that's So, great -- in

And his for preparation for they've our enjoy a drilling for might longer laterals. drilling -- these Billy worked and I they've rigs rigs. our provider able and what We've speak ask that longer Billy about in to impressive. with team minute, really selected gone been prepare but is relationship to here in and done these laterals these this and Patterson, We

the the number So, rigs that high-torque Billy prepared capable But third a and and very of adding currently top two-mile, a we getting and just pump, are for super-spec his team longer drilling I of that laterals. things pipe, mean provides these these drill mud with rigs laterals. the drive mile using the other half two high-torque have Patterson

a for going that's efficiency us. be great think I to

then show we what talking the about were number how of of say you're we're all and sit do number wells talking efficiencies. that to year. with them when talking of this of is same really works about graph in year improved vendor not and down this completions type next And service terms We've we the like that and same pricing got

the for sense we less and and push and a figure to we guys and guys same for solution sides. that less can more for -- services, sit time. to down want and of out pressure on sure And so get pricing at discount, with work these that make more both a we're value instance, we're pumping these go but and And makes adding able

Joe Foran

the describe to had year. rigs makeover want these this past you you do rigs Billy of a

Billy Goodwin

mud it ahead pumps Right. We've wasn't and we and gone come those in mentioned. move third really the rigs did with out a those like there when the that with started Matt We forward. and drives and had super-spec We had we And good available. job new day the high-torque back equipment cool. is has a top

other by fourth already. a and And that end way a we've January one end fifth next of one We'll the have month of the by next of got three rigs year. outfitted

of upgraded there. So, the we'll we're and five six have things seeing good

Along That on was different out of [ph] stronger, motors, working the motors with of been that, we're week. those bids. Smith this out time stand and of We bigger last type with it's edge J. kinds a and run bidden things. had with the leading trying different bids hole first

efficiently. those side And also on and kind units to half standalone with got out mile lined things of things a snubbing really out moving the they and one different new and two- ahead were experimented methods, different where completion from found laterals. that We tools and mile running we've mile and tested and got

them drilling and was get all laterals more ready made got when better. longer even to us We we completing The didn't So, did actually we were just stumble. and the -- X-mile go laterals to we we efficient. start

put lot a really off and the work for ahead of paid it's So, time guys of us. in

Joe Foran

job. and did you the Good we've that time. And in -- like Hart difference that your was the first one Jeff your of on ones record noticed

Billy Goodwin

good and oil. sir Yes, very

Gabe Daoud

And great. guess me. for That's as just follow-up a I helpful That's guys. color. Thanks

profile into more Just items two and digging the I shut-ins more on weighted see of for longer in ready rigs. back-half longer-cycle bit we more given just potentially you a the laterals little growth the guess, like could Stateline the mentioned a of times getting some XXXX. trajectory

overall basis kind year-over-year still on see we production double-digit that back-half a but a oil of number? get weighted profile, could growth So

David Lancaster

Yeah.

rigs of guidance, I we're to be think them is two asking and me and of you changed. going going indicated run that to providing thank Stateline issuance project the are permits going I to and we of going which is without of our Gab still and here pretty the to pending Two Ridge Wolf say, Jackson run rigs Trust, to approval that Antelope Stateline. one on property. asset them going And attendance. as XXXX what six year. is rigs And to at Stebbins hasn't of running. the So Breaks will I know That's are run you're run consistently going and between have running in one where for was that down initial we up the them certainly those on and Rustler those next the today be But

minimum think as pads for made -- will clear, start those I plan we've it with. when drill to we example, we drilling two four-well Stateline, a wells begin on to of the

probably we'll eight we And time drilling or are completed, to be -- wells that turn from hopefully so sales, late wells And the are until have going in and probably those drilling. September. to at to least January, it's going start early it's August

very in from it's quarter be XXXX event a that significant be to they of there And in to the two So those to Once course rigs we a lot production. into think. any there there's production do, be going an fourth eight-month comes don't late will quarter. third and those going the where period contribute of

from I would so be next correct production assume be going that a that you to bit is alone, or And our conclude back-weighted to growth year. into think

just assume growth So next that -- unfold think you'll do see optimistic -- it is way back-weighted that year-over-year. profile. fair that will the we based we we see program will But that a to the I production and are year on

Gabe Daoud

Thanks David, everyone Joe Thanks. Understood. Okay. and else. lot, a

David Lancaster

Thanks, Gabe.

Operator

Raymond of comes our from Thank you. Freeman line with James. question next And John the

open. Your line is

John Freeman

Good morning.

David Lancaster

Hey, John.

John Freeman

asking. a follow-up Yeah. what Gabe Mine of to was was sort

more that to longer mentioned you to transition the a sort these in just pads kind So of the going kind cadence? nature the multi-well lumpy it laterals release the of completion -- of is as all of of as you more be

of factor time-to-time the that activity -- sort And kind just sort hits given is of much from of time-to-time? to kind avoid the that sort be shut bake trying is that's all guidance a frac XQ? into of rig sort happen just of of of in of sort from having kind outlined, just and just like I'm just or XXXX that that if to allocation all to you'll kind that at curious of regularly of I but say don't want something sort have something Or going kind of will to you're of happening during how to will

David Lancaster

this John, is Yeah. David again.

since Ford. off, Eagle First to be XXXX just is I'd in say into production we've forecast baked this the clear, something

Okay.

new. particularly is not this something So

I operating wells think the offsetting always them in. that we're producing currently wells that when to philosophy that have have, going and we we're shut are but completing

have the be an we the that damage to same completing have producing. operation that, because to helps we incurred do proactively operator well a might think do thing any that that next from from And wells itself. offset we protect just one when We it those that's we frac

I And think want do. to to we that. doing continue in we've had good that that's will success something

think very where was just that just wanted -- out. one significant particular I it it we kind quarter of and was point it is this one reason to

five that have a Rustler are weeks noted of all now in for that the shutting asset release five were are side, strong offset by in wells Breaks the be several both very result being another now will as as oil and brand-new of the We we've in and done which gas wells area operations company. frac on

was significance November, through a the worth was impact that pointing that XXXX going being be of thought out. few month to of we the a BOE weeks, sort of for certainly just that something a so And day was

well a as on them producing. quarter. result did our schedule we and wells in where on few our going really completed and substantially of in wells thought that of be the the quarter third you I just when we well of some got production-wise a fact the mean, We quarter. for and were brought that numbers, third outstanding the We turned performance new third to at so internal estimates of ahead we the look beat we

And end to of the we frankly in -- quarter going year. where thought be we're we third the the be by --

So -- above is would to actually and shut to our total where raised of when in our at thought we so the resulted just we it be end production We the wells it going year. be had frankly guidance. production these

thousand as so guidance just of in It we've down year barrels bumped hundred quarter the good bit result So that oil number of due happens we've couple results the of to kind up a seen. that we've for offsetting production our a operations. this just to these all had little got a our

Xs to going only drill the do forward, these as not to where and we Xs. think to Xs of operations complete. of when longer to get little on. to of I that wells drilling there be wells And They go take would on pads laterals. just always wells have be a you longer the more between in multi-well we just that there periods some put We're time longer be. timing the Going will times but shut as

and completion more When a be them one a all -- forward. little ratable there as a fairly more lumpy was the X-mile drilling pace. -- was It I we're going said at will guess drilling we little a time. laterals a bit two That time or at more

and and signaling then one a be for And something a little flat that better we while. or I flat. much think so quarter while kind that better of in where production may been then then down And have result a for we've that's and may times

keep forward. we'll And going something to as go informed it's happen. to we think that I everybody continue of it's

a the I by good think it's thing way.

efficient. perform be I well fact have going are going capital because to going these much they're the wells that And that So more think returns. they're higher to to of

that six can't all. six in it's I got think all to may look a being be things of anything months on and much And But you And may if think months, generating those six much lumpy, production to quarter-to-quarter at where things tell I'll all of little returns we negative so are good. down can payouts. be that. And about think one months, at better going just better take the I it months have of for six I'm quarter, times really a little kind you wells be I to -- one I'll we're to

John Freeman

Absolutely. Yes.

Billy Goodwin

to address mean really Yes, there's drill operate is John the number we and plan to the the one holistic offset all three of are that just part wells saying what fracs. out have frac we how offset our I different which that add of And I wanted was ways that. these David number schedule things and to spaced minimizes are sure we hits make there.

complete when the some much may instances. be And a So our to And anticipated of pretty when non-op that. that. they where David quarter completed participate like have none we're of instances, is be we those had wells or partners we'll than have sooner insight good which this in are stuff, in into said drilled in thing, control of total those wells may going these to not and because they one would elected what is we also

job then making with as is mentioned stuff lumpy. operators can. sometimes as the we fantastic completion field And to operate have other bucket that we the third And the much Thibodeaux, non-op communicating of position guys like don't David Jason But that even a schedules production, drilling think the said, Joe being as up a just team sure ends that we're their done have I it don't in. we completion the understand

John Freeman

better XXXX I strong anything why that. we at you cost to Yes, then costs better look in at and even this And actually Ridge. -- or a on at did that's lot per look the for than a being expecting XXXX. there all initial what foot can basis? laterals the per is me. Antelope can already X-mile those says, are better kind guiding you of anything you Obviously, okay, that were follow-up identify below we those Is when that just foot per when really $XXXX were than foot, for I which than on expecting appreciate well you And the results wells, were

David Lancaster

There's And wells, that things The there. lots the Wolfcamp fantastic Spring of operations did deeper Bone and you little those on John. see little a pressure the wells really you're results while than environment. have are sure, drilling a job different you're wells Yes, and well. a can a the different costs team happen

So to that's going factor in.

But I as Billy we forward before, think we another again, done think the team I a doing yet prepared. of I nice like getting And rigs think, has they're go these mentioned job operations planning. record. mentioned, lots bit of

So those to are continue on. going things

these get you the When completing laterals. completions, to start you longer

You can do rig-assist do coal, you snubbing it it can standalone do snubbing with with units, unit. with can it you

job happen. the those things done nice completion make cost finding to effective of prepared really go team in So and getting ways has a and

will off great something It's going to to a evolve over we're that So start. time. be

Joe Foran

this that John, other factors Joe. One thing is into it.

stay And of you in turn you're a means factor advent that, the to to smaller a we've more do within out I we've wells able are XX-foot. generally that a have rock. zone room, to you seems some often since you're when make XX-foot, our leg. And preferred your going these better. if able think that One MAXCOM horizontal zone, zone, like to even stay taken right where going And they're XX/X. the through that difference room in that been our on fracing

rigs XXX% zone. we ourselves through those wells consider in room time MAXCOM they the job that on a zone, we drilling with were of such working And XXX% like Jeff to the good that did preferred steering a Hart,

this. the continue these stay And So we zone, we'll Matt to results was talking and those like add several that about. can little you've reserves in along improve got more then to of with the things what

these putting every put them it individual to and And Hart, Jason they’ve is well. off Each out monitoring different. And in online. in about one as learned on, a and has there hang days give his production that complete something know lot continued there Jeff crew, And and well as the they a pays and first XX them the you they wells they’re of produced well. XX,XXX attention. very as barrels think time I

So, other these things. with results. ways for to the very doing too. to We keep better improve than keep same expected pleased looking want We'll

John Freeman

Thanks, Well guys. I done. appreciate it.

David Lancaster

Thank you.

Joe Foran

Thanks John.

Operator

next from of our with line Neal is And question Dingmann SunTrust. the

is open. Your line

Neal Dingmann

the question is team, efficiencies about a Joe my improve every like to would efficiencies. such to question it allow you these see point my improve seems be would continue just Obviously think if quarter. really continue about it could? -- this -- And even that targeted sort when could you Maybe rig you to efficiencies of about talk drop you you the if desire? your growth growth potentially you you still and another and the would give if you

Joe Foran

Yeah. Neil, these I at deals. these look things as single are variable not

that's You at thing. outspend. isn't it you you the just what outspend, outspend, outspend, we you if got to it's good look for continue And from more a if amount get the to get than expected we

it's it's is risk the additional spindrift, not deal a will it and be we're expense or -- trying calculated the this just Although, additional off? to worth pay

a that, seeking -- opportunity it's what to We not five And it us. we're as that yes. we that on getting? to go that look opportunities wasn't could far maybe is, are these we'll do set time we at we've front that. do if conceivable. our here of but strong has into in could we been got same answer But so we're so tremendous rigs And And thing efficiencies, the where period enter

good came delivering Everybody there Five be to at of some interest Mateo Stebbins have results confidence very and knows incentives what noted us then that San our to -- the look area delivered that's Stebbins. going you going an Rustler in to joint Point. Breaks a They've great be with strong And venture there. with forward. is we going doing that's

mention to to Arrowhead results want You more that's two think another Verna for Ranger. Robinson Loving had to yet, in us. go not are there Antelope is that we well, our than performed Ridge, down to And very be Rodney over strongly good Stateline County. do there And going Rae and well we areas. we've The of best

I regard, looking just coming in all notion can would the she all think this things. and up I are do about So Warren. really the Senator areas that good. And don't mention

fracking. if wise. can would it she that says I think be eliminate do think she I don't

reserve We she I the not energy saying in country gets this to and tech and of excises smarter. would have wise the that finance that around the after three a right here effect areas get to going in sees that strongest do. our let's businesses hope be right there that and

it I of even over HBP already federal But of be will ban thousands to the treated election to does, there don't we wells. leases in do. to it's to which By time if going our granted have still lease is thing I another Permian think but if out not from in locations she that think almost all and not, producing fracking But all producing different. one lands, other the the be status, already

We always and gas found We've were on oil-finding the we We've a We early the great adapted. drill first in into the to back think were We the early Eagle here Haynesville. the Haynesville the out on one We team. to decision. of Ford have made we wells. right Permian. were

approach elected. good But she I I goes the we're great have along that got the be come going will them. whatever to thriving modify our this seeks reality of as to her And to lot make sets So confidence opportunities be And if hurt to there's wouldn't she a in that I've of rhetoric. think way most that industries. think time

David Lancaster

could. Joe drop the to one five. saying to wanted to pace is there Number we what dropping six-rig want I and the to we if about just underscore pace, five

Midstream the talking the But to I'll team have Midstream my together executing the really for that do the important E&P head is about work put and put plan think the going be Midstream how that's provide one optionality on and is What we're the plan to looking for businesses on they're We thing -- when we've for that anchor together the and and to to think about tenant we're successful. I volumes. that. pace an

the business Matador got that and And that on so Midstream work economics they've based with alone. the for

up the build a out when Mateo lines both to way my which business gravy absolutely nice Matador and of additional to Matador together same the volumes. these being incentivized San parties, top to third when another allows also do even But in one drill just feed off I of addition team put faster, time drill secure because the on and it's is these I'm them go to they very head-on at wells

Neal Dingmann

Matt follow-up. I one And do if

Just Jeff some in I'm apply Or that about guys to the is Hart was that -- have color there's there. simply lot additional completion all you just design been here prolific wells? Or a already was didn't I'm completion you well. could that was longer wondering talking the -- talked any around state. that did else this. future that you around have design just around more the was if very know you on different there wondering well that What potential things I this the what design? it anything just laterals. Obviously out

Matt Hairford

kind settled out talked us. investor and laterals volumes that long volumes helpful. able will profit in drill deck, been and particular tweak to for and Nothing you the to mean the that and -- specifically knobs of was the in Neal. diverting those We've things of Joe agents the different be to what come to design very, good been able then unique zone diverting how and be I in to we're saying very continue is back about MAXCOM, have to in and XXX% front happen. you've making fluid agents doing that these that And low-temp using our to seen we earlier in were in the I things on about stay about say

comes much simple it right execution. just to pretty it when down it's But

able drive wells under those per You the day. those more things efficiency All down. and do team time drilled to comes they're just these costs expected stages completion in get

Neal Dingmann

hope Joe into Great. talk And can Warren? you some sense Thanks.

Joe Foran

asked people continue want the working to And a And would would Thank that attention the don't you and but pay political see giving gas. party in XX oil have shutting And there's thrive. Neal, And sensible out that in New she skills. question I any worked their And what have. out many are down -- country they've from there who good to state skills they're just been of I of to have needs her industry. they've that you're out very relationship. it's Mexico I me years there economy for part people the the raised about hope operators. have don't I

in think of amazing of I into monies think I Is -- the it's an state paid and industry number that? that pay-in. third amount the taxes by it's a

David Lancaster

spending Joe, it state, tax comes that's the from the but that sort of really about right. that from additional and And that's just well. not brings comes that all including revenue into in that that jobs lease bonuses that thing, and the as royalties

Joe Foran

industry And Yeah. late. X%. in to about been Senator I this jobs of our have has most the mean plan is X%. Well, addition in about all valorem Warren ad paying the created

in jobs category there already that an X% down jobs. be where we're paying area -- So creating wouldn't and where in

So I work the And together think is that. real do I run candidates and will I point. think that in bipartisan should our are think all solutions long we that find my

government want let's a I and think keep all that's good what we fair system.

Neal Dingmann

Thanks Great. guys.

Operator

Bank our And with Asit from America. you. question next of Thank is Sen

is line open. Your

Asit Sen

I everyone. Dave on if efficiency could morning, update Good and wondering, questions. But on XXXX. details drilling for quick have expectations rate Thanks. decline was base the Thanks gains. I your all you into us two

David Lancaster

that -- drill as that those tend organization. shallower longer mature we wells observation I think laterals, do think said, bit for that been that I as Well, and more the the company that past I answered for a declines was also think decline whole. would our become in the I And of as to think we early. continue And exhibit -- that I base question hope XX% to more XXXX we've a as a XX%, the has shallow I would

in And the improvement so also that that I'm to forward. rate as base a the decline result will contribute going hopeful

Asit Sen

on second my higher Mateo question expected. EBITDA than And Great. was Okay. was San

by So differentials extent trend the think Gulf to forward? driven online? this to was coming about going do what Dave how Coast And Express we

David Lancaster

do all So didn't San with EBITDA to anything adjusted transition first the to the Express. Coast have Mateo Gulf of

to really our business the of midstream the the of quarter in do had addition part with on was execution volumes and excellent continued the it what third to So, system. particularly all year third-party but long,

So in case the I you didn't at third a that quarter have don't fact on if you release XX% has XXX that reiterate up the hit year. want probably plant all was and picked in the Mateo to day I various million but of times around that I some think full. this the know San the been we in cylinders processing capacity

we and was actual that the being so time. run -- from contractually full-full for full have mean of were system gas but I standpoint process. that through some we been

Pipeline. comes back of that Gulf and after the an Delaware gas we we was with improve Coast places to on the will think residue for realizations the that were going of Basin. San for then Express it gas what we've Gulf had we plant us But is do -- gas Gulf Mateo. of that's residue and but that our transported Coast out in the volumes have those large excellent done nothing Express. with So, And quarter natural the is really pleased be is Coast do other numbers price going forward that now Coast in to the What Gulf to Express the processing,

that we could pricing marketing day we Ship that pipeline of that was more That by pricing a some again ago we with sort because gas we expect came it. opposed months credit would is of was forward. gas had And an an And Basin this upon the Waha, of prices XX would we give knew anticipating issues overall natural receive of time there. outlet the up our going wanted and Channel the in than to we there to at lot team volume I for ready that kind about in the improvement Delaware signed decision Houston the the we as transportation need the time realization based natural made our one lot Gulf see Coast of the a for that to when and

see we the pipeline days made Coast We're before going we a it that the came significant to decision. natural And up. from And quantity via We anticipated. now of Gulf made that that glad call. have our so to Coast we thrilled Express Gulf we Delaware We have a that in the service few gas and signed that Pipeline.

Asit Sen

details there. helpful. very Thanks Great, for the

David Lancaster

sir. Yes

Operator

next question Panjwani our from with Sameer is And line of Pickering Tudor the Holt.

is line open. Your

Sameer Panjwani

good Hey guys, morning.

wanted touch question the on front. on So an earlier D&C to

installed you're you quarter. So the foot just XXXX drilling you that on drilled pads that of in some already third the

assume you costs going outlook has on what's $XXXX. smaller from from up these think size XXXX. would continue get are for to a the early pad call I here on to average better planned I back it but

the bridge So gap can help you there? just

David Lancaster

good Well, David. all of Sameer, first is this morning,

Bone some in of Third Hart in Jeff he made. the to Bone well. alluded answer well, called release is Third one Matt that The the of that think that out I the a Spring comments we the Spring previous

it's shallower well. So a

And require A continue casing will We drill expensive and little strings. be complete. that a to to Wolfcamp and that are more wells higher going and just pressure drill a they're of deeper going will B lot to Wolfcamp for and wells be to

end. at the and Canyon Bone to or you'll kind year, to number the cost low the the average shallower Spring probably the still D&C wells that we and and -- will that Spring regard may Spring that Second when First think the I be Brushy together it Third next of the Bone Bone may are that the per all occasional see the laterals with in foot number, Avalon -- the you becomes two-mile in and think X,XXX think zones put it an will we now there right be I But X,XXX/foot. average do

just that, graph are kind It's because $XXXX that. like right cost all where not the the or that that's why. more. the given weighted comes one And little think less. of deeper all some out. But are a cost something in $XXXX shallower are middle just little kind There of projected will will is There of that that well. I it think that it's I some of are a we have average that that's

Sameer Panjwani

Okay.

we'll on go-forward uplift the was benefits event XXXX means overall should about more the efficiency. and correctly? the That's here efficiency capital helpful. there seems a of year more trajectory implication me be transition a which of will good, some guess benchmark thinking production and XXXX I It the that not be a then maybe on year, I next production of cost Am both cost for also to is Okay. see commentary capital in that And that XXXX. while on

David Lancaster

think Well about per I the the we of terms able you’ll clearly you in will it amount guess feet are lateral I And see to I that. capital that deliver – the Sameer, of mean see I clearly think completed I -- foot, of same dollars money? when think for efficiency more

is And your that, about our think is it's nature it's while for talked just of the correct. I comment Again business. something we've a

the the any in you you it, start and get come have come usually production And associated that before seeing production You well the right? out drilling so efficiency with a the to happens from capital before and return of ground begin see the well. to completion

a will be delay. a there bit of little So

of we XXXX. So that in to capital into see XXXX definitely I to continued improvement of production the will as think get efficiency, you'll the see you XXXX latter really and that parts impact start but

to first we X I just Stateline drilled a it come probably XXXX. come in if probably wells or moment for right going production -- the the on of in end talk you Xst of the at could example, the see think right positive August certainly if of the if at think batch for end just early be we about beginning the about mean, is that or I really of early they XXXX. let's year impact very September, the next on in X

to that the the that stages flush flush early in of and So stages very still X X in their more much production initial then have their production. wells going in are and in are you're stages kind pretty

think of the impact capital be all you're a when that, that's that's what efficiency fact little later the unwind, the come think of impact I to all we'll will referring to year. to how of so I production it you is that's see And long probably going expected. but next year But think kind

Sameer Panjwani

That then Yes. And sense. Okay. makes I think... finally

Joe Foran

a that Sameer a long think you've bad you're building shifting buildings. X-story X it Joe. just and this year. building X-story or you're buildings having Well for I been time doesn't is mean to of

You've got more technical more expertise. demand and you've got

You've of more everything. got

out it better the But first two and there near-term to revenues just That's it then we're the done the going part It bad than you bigger – be the a one efficiency It's better. or the what just all you're up and of going just natural was. you growth as the you're soon near term And building. can't the your that up, not because affects as get effect shows progress. building year. have rent to a are still reality. is capital It's

to work a within quarter it We're it may It -- be to year. of going that going happen X back half we're or the an going year, It's attention to calling the but isn't quarter. a hard. pointed to better your it transition to as over level all out David's

but when better. matter But wells. online, and a reserves, just something, yet even assets for And often days though XX to Matador it it's is these not ready can getting they're it count has of or wells more better that these drills go you has that still

the asset is So there.

free; is what represents Matt for each of there. your Just a like more X -- pace doesn't you in that. share It's than as measured all gas, that's isn't it happening. just to behind methodical business get your on acreage way proceed at It midstream line every orderly, X come waiting like your say of and as to a minerals, very we profitable and growth barrel share this Mcf oil of of Matador mean,

well two to days, to but the or rate the the get there. better is twice think is get And wait that the to it's lateral. business. month that's asset with a X-mile you drilled, asset or good a We would or story once you it's of and whatever, three coming. two get the a change have month or a And wait to capital few yes To efficiency

Sameer Panjwani

more Right. And really helpful. in Joe. If thanks just for one I It's can time. squeeze really, my that question color

is merits already we're seems the it market to ban, of think degree. the some page price it definitely starting to same but of all the on frac in like a I

can and of kind provided maybe around federal a how work of around in ban on optionality your many exposure, assume through inventory lands years of or if So you from standpoint federal available terms this a to we you'd context frac goes but your leases? some into excluding acreage you've effect permitting have talk

Joe Foran

locations ban litigation frac your But a think we've got Sameer we Chevron, major had ban. frac the I that several before Conoco. companies you've effect, drill if into thousand there's goes of could Well with years Exxon,

of They're on probably out here. taking go have so got and process property that be to on invested objecting, they've there'd by because line the You way ban due lead you'd that that in a concerns. going and down much

lands, I be to do think that's on -- she why So may able more. I federal don't unleased

the the And to you've out she's in then But spent people before have in she's to and Midstream. look just practical. monies while it's source horse trying of is it. for a find production -- pay she's the money to and she tackles where been a been been activities rules go for granted already big change having to I for doesn't that seem and to revenue. that to what her already this just pay as she to wants And got way has lease

are her wells producing. thing see going last don't she's that just go -- those I to after with leases So are the

David Lancaster

reorganize that lands program ban if be federal were just state are with and have this able our he that on to that, just just do said maybe with just to so that happen we to on lands agree pivot will add Sameer, And fee not to add small to to Joe comment said. what reorganize there. many what lands. and one our locations I certainly federal on And many, schedule, we to

have for a got that room to I over that we're pretty we've think done it's that resilient way. same the able we matter people if I understand this organization come meet in company public a a anything lot private that we've and as has way. that demonstrated our Matador as a our think always everybody that today and company, that time And think the I and of and smart challenges feels --

planned faced we'll for ahead be to ready while we have it we're, challenge, if don't that meet think and expect And will be head I on. it so to we with

if come cross we we'll to so we bridge that should it when And ever.

Joe Foran

I if thing so belief. commentator to barrel in problem add David's my you'd happen One to statement, to fracking, a about And on out, our a outspend. ban see oil there's $XXX or if would one no go prices pointed that were there'd anymore be $XXX

David Lancaster

As a commentators those matter of fact one of I Sameer. was think

I correctly right So recall if Sameer?

Sameer Panjwani

Yes.

correct. You're

David Lancaster

Thank for you that.

Joe Foran

and this bringing state yes, lot fee completed this on become We're Thank of have effect that we'd up. outspend prior for have have suddenly a they've plan. it our drilled no -- and land already But All going much according election. go locations could those to And to the valuable. problem. developed should into before to more you

change Ford we're a think as the I good a We're be in we'll said, core going adapt found in again wells that's the is in I most to to the the important thing more core core if out we And have and So team shape. pretty have the best wary. Eagle the of the here in our of that's plan core here the And in Haynesville, the circumstances. Delaware. the

So let's best can they that give them area. some regard the find next go

Sameer Panjwani

Great. Thanks guys.

Joe Foran

you. Thank

David Lancaster

you. Thank

Operator

Haas with Thank you. Imperial from And Irene is our question Capital. next

Your line is open.

Irene Haas

quickly. Very Yes.

for Mateo all of have look on it I demand as be the kind capacity that similar have. works for is the next a that's That's year? Would it going in high current taking Mateo spending year? what's at Just all you San fact the utilization, really San

Matt Hairford

Rustler that we've next San building we're II to feet at CapEx our cubic We're will area in the to at before messaging for XXX Rustler oil Mateo about Yes. Irene, water day plant for Stebbins And and gas adding -- area year. gas line a about to this Breaks. Black the plant the regards another systems adding in and at be plant. same back there River I the is gas talked the Stateline been a get Matt. and think In area the gathering as Breaks there we've million also the trunk

all budget. that now currently time is is and on on So

building that plant next have should to we'll with along operational in it. summer year the go So gathering and the be facilities sometime we

plan. So going of we're opportunities. remain That different kind to the being open to that's said,

have up really from too. good San Mateo a something will take we in the look now right comes don't anything at that As perspective, we But a works.

Irene Haas

Thanks. Great.

Matt Hairford

Irene. Thanks,

David Lancaster

Thanks, Irene.

Operator

question Mike our with And Stifel. is next from Scialla

Your open. line is

Mike Scialla

in the something Yeah. is you've guys. Good morning, I know addressed past... this

Operator

line Pardon is through Scialla, your coming me, Mr. jumbled. very

David Lancaster

a I'm was that Mike bad cold sure not really which morning. Either has this it or there.

Mike Scialla

Can now? you hear me

David Lancaster

Thanks. Yes.

Mike Scialla

don’t think cold. And about Sorry that. have I a I

David Lancaster

healthier much sound You there.

Mike Scialla

just this Maybe the in know get we'll possibility go I addressed want checked mid-cap that thoughts see M&A your E&P but like after of investors I to get companies Joe, some call. the latest out on to would you've or past, a merge. the drillco.

Joe Foran

we've sold deal We We always midstream one play a Five first Haynesville We've a of position part to a made straight said, Matador, with our Point. we projects. made on deal Chesapeake. Well, game. with we EnLink of sold with our a JV early

play And a think very so, we straight game. we

consideration. So it give serious anytime serious offer, get we we'll a

spent companies doesn't most What particularly if okay, again, And E&P, other. they one as that also I often, pointing you've washes some tend hand things, look an things in, to too between look people Matt it just look then. the comes got affect at from that But offer time that at, narrowly. out, price at and found to they when midstream

Our lot And not a operational on the there provide to an we're And We're the up, we E&P almost up now. when has anchor hook are, of midstream, the reduces just advantages. when being risk all for pipe by flary. helps you tenant, hook midstream.

trucks it thousands reduces off highway ESG that the of of our cost we've disposal. So helps taken water really program, the plus

a sides got come attention. and our such has that. ratcheted made that of to strong offer both one at in you've And really look has no So yet

us account have something the to a come won't we a there financial partner They where money somebody to services. and terms pay it, the has that most the some only quality in operations that's offer of and also there have good in maybe that amount, that for just but to want taken who's we be they needs time of enhanced assure into decline in

a we just to on, is company, And that helpful advantages sells they would but but the help know we have or we So game. on know a are the than most that it's assets, options during of have the happened, when value it we the turn hard hadn't winter, know our in to you're -- it problems, marketing public more how just investors in way and street the that hadn't to have end it. in it ready understand taking of play we're straight gas operational gas on a find or people there been that right probably you that somebody and your this that's gas when pipeline there other the

suffered are most at law. those people think the I that

of at keeping the And now. And so, when been rate it it years it think advantage hadn't choice in the growing that of a two at we the could is. to time what be asset it, it's it a all, three growing and couple is hard

And close at Giving discussed to what it's get up want it's should every most or meeting of we that opportunity yet been for times. at a weekly three value a fully discussed But little do. short-term it. payout, call it and we two the hadn't even internally, least on Board

Mike Scialla

Thanks for that. And…

Joe Foran

sense Does you, that Mike? to make

Mike Scialla

does, see, plant at Would it or a fire period? times Or were thoughts capacity are want you're to any online? comes about the would there Joe. sounds alternative? given And be for your to it that? at San what next be what constrained if you like is you're -- that gas Yes, near I Mateo, before there the potential so, short

Matt Spicer

is a question. good Mike. really Matt Yes, This Spicer. That's

lot our at interruptible a plant where on our as is us up of that If fill volumes we've XX%. contracts allowing system well, success, look at you on had the side to which we some have gas

that's we aside firm other just We the system. or gas see Matador move as on come So more the customers constraints. with interruptible on don't gas,

Mike Scialla

Very you. good. Thank

Joe Foran

Thank you, Mike.

Operator

question the with And from our One of line next Capital comes Richard Tullis Securities.

line Your is open.

Richard Tullis

released Hey, stepped the Joe, touch been Hopefully, for didn't thanks. topics. know But moment. I everyone. XXXX on you real Good hasn't budget morning, a away I as quick, yet. goes, far as two these

likely next next year, spending gap the what But longer like and lateral year and development into at oil at you gas as more NGL current, gains the a say with recent efficiency could to move look high level, and come nat $XX pricing.

Joe Foran

trying XXXX get to Well, heard for to whether know don't somebody numbers. thanked David Richard, the you it. I

Richard Tullis

play I'll like, I didn't hear it.

Joe Foran

tell narrowing looking, these have we're better think, for is And quarters, the we That you, good the play. narrowing that first not steadily. know naturally thing would that's but only cards some also occurring have gap the to I we we spending as better and we

which two of gave the year, us incentives then We rate of priorities, thing change, set which of was which making the the the the they're drilling narrows midstream doing the story. did, efficiency we that, BLM, second in deal first And that. out our the because capital

those we that Now some that that's are of a prove. million $X to lot making wells me. with but these us to And small, to more -- thing either laterals -- we we're the was -- we proving we've the that of small that we're now the not have, and leaves deal other one wanted kind made up longer flexibility cards that

with started $XXX,XXX. I

The audits. we've made a So me. sales. anything of on of of a recovered We've lot recovered number And lot still over million we've to has scrappiness money. But leased recovered is a We've minerals. money judgments. $X

non-core to -- We're pleased that. of the do non-core we're and quality with other assets the beginning or We're very And with efforts. now offers assets. we're continuing of those see to the pleased the that

seeing is the you're results all this. and So happening that of

Okay.

kept we the that the day Wildlife in XX a Haynesville, said Haynesville, LA drilled. wells. has million they've best They're wells or For those making piece more. the Chesapeake example, are a

of XX% half roughly have We that.

dollar. to gas cents Well the just method. Well for, deliberate that's one that reason why hated over went would sell you the shows edge. That on our have the

a that's wells, outcome. day a million XXX great have we So

deliberate, enjoyed a want that. And them. did to to you with continuing on why We've work great that's in job Chesapeake example an be these sales.

job. think, company Van, terrific So a done I Craig have and and

know expand And Loving other more kind know get. New don't -- But the probably Mexico, and the expand areas. we what our but results we'll there. have I and Because effort. we'll in now, of we efforts in County what

and That's like think, of some two $XXX kind properties. over over drilling way well last millions did it, amounted the we years, collected where of to the I if dollars. aggregate, tens sold we've probably million. So, And fees you of in

on we more those assets, I Because be efforts now the think, have stepped we to And certainty retain. will up. expect lot a

Richard Tullis

is know touched XXXX? Haynesville you I E&P do say, Thank you, of on Ford Eagle my asset just the and out year-end last And you related Joe. be that. question Basically could you totally by to think sales.

Joe Foran

Well we always could. Yeah.

it, just accept really, sell to it, you me tell you'll to If you less. want sell really if get. accept And offer the you want

Richard Tullis

My understanding is…

Joe Foran

We've clear trying be names It's you tried these number that know there. be would Richard. to that. well-known saying just is that to And sold not here we've recognize and I'm on a facetious, of to all sales. You

deal. It's offer. clear, that come made we've to Chesapeake in always And is strong to tire come a came try response. But don't in expect kicker. they We made a strong with in that, get it with did a offer. a

worked like We've Matt, something. well in ready with And them you since made look then. areas. think, I say to other deals with we other other buyers, you're

Matt Hairford

these I with great Richard, mean, day. those for Joe's the two they're thinking, operation low-cost was are I wells. a a That's volumes. Haynesville And about wells of us. XX million just talking lot a mean, -- that's very I

And operate. we've for efficient asset that's I of got Eagle they're a there. to terms very, great still the And in production very Ford, mean, us.

a We locations. have of number undeveloped

Ford an anything really in out which some we that did, everything Eagle after the So we've was in We do Eagle as turned us. has done Austin company lower testing, operated well the Chalk Ford. didn't for and

So still there's in assets. of both those lots opportunities

of get them. to there. point, Joe's have to value ton of still want fire think we don't there's and sale We just a rid So, a to

Richard Tullis

Thanks, Joe. as Matt. Thanks understand. appreciate well I I comments. the

Joe Foran

is the thing last And Richard. you thank our Well, we boosted production.

Ford got didn't the pricing. you the a preferred if have some two XX Louisiana North that it preferred sell Ford quite there and day they in Eagle get wells million Eagle pricing Now, effect. in These the up

last before Waha the prices got So it low, was summer, help went Gulf a online. big Coast when

we're Now, to the Gulf so is prices not anymore. online sensitive Coast

But see cash a play it like So they're we try and potential today looking were. flowing there. we'll more we at ready holistically, always well to our But we're we properties straight game. than probably more

Richard Tullis

Joe. you, Thank

Joe Foran

Thank you, Richard.

Operator

with And next from is Grampp Northland you. our Capital. Thank question Jeff

Your line is open.

Jeff Grampp

Thanks for me in. guys. Good morning, getting

Joe Foran

Hi, Jeff.

Jeff Grampp

quick credit like side a It little a on facility. the Mateo with looks money San Just the took side. into one you guys bit corporate a more

and how So kind about rate a run appropriate that San is to you you X.X like about guys you some is of that? that where Or corporate keep wondering times basis. So would maybe like just Mateo how could into mean, the strategically, some think pull the San for leverage the or ramps-up of guys it? of credit what money at about EBITDA on kind back maybe utilizing money put entity? facility think looks wondering, I that as Mateo. you on more It kind just guys guys it's strategically

David Lancaster

Thank we sort you, we're is Jeff. finance It's it of just started to business. way looking just – good David. Well, I that think what's that at a

a – the generally more I with folks comfortable understood little well are on a pretty more they're that think midstream businesses. little it's leverage

So I banks at nor currently think you're around level. going would to San we would a on that I think the our think uncomfortable higher and don't with Mateo, leverage we're And right, X.X. I be

five covenant we times have think bank the a group. about I in debt-to-EBITDA

still we'll do So not aggression. there. to with it's room great move something be But probably would there that

San in think Mateo I measured of Matador. we'll like our just terms we be been in in have use very of leverage

Jeff Grampp

right. All guys. time for Thanks

Joe Foran

Thanks, Jeff.

David Lancaster

Thanks, Jeff.

Operator

you. question RBC from Thank comes And Markets. Hanold Scott Capital the with final of our line

open. is line Your

Scott Hanold

guys. Hey,

something going follow-up get permits prolific the any wells be some in for I to majority drill frac could at just us look occur? pretty quick a into effectively in online. quick one any want guys way when Just getting those you that accelerate So, you give those to can way and too the Stateline the to in prior But want And the to update get are there don't to debate. important and you Can on theory in to that? much on wells you're you those? is where you get ban at obviously of

David Lancaster

the see that Stateline Yeah. progress in Scott, again. we're we it's the David pleased very permits. with Look,

move we'll that, So, there down rigs them receive ahead and I our we still this a the of And very to think couple of get when then that with those first batch we're fall. sometime permits started. optimistic we'll have move plans

have that are and stages we for particular said and put permits we process. release currently federal acreage in – our submitted the that out the As in have we review asset we on various XX of approval they exposure,

done And They've required working have these have specifically our BLM. of who focused give that great it's in the processes. we've a of We're staff own pending a in front together the to that those but permits how of a and permits throughout -- on our information teams a process think Carlsbad on lot they're to the very fairly appreciate that's job. very team land They're significant permitting involved industry. the really there job. us. work all be are thankful them. and great We And on and those continue not BLM only appreciative internal been submitted. of for I amount diligently with have permits pulled credit all We to worked our doing

we to to thing certainly time So, those expectation come at even batch perhaps the the an then accelerate a Stateline to year enable of opportunity we'll regular and the fairly throughout will next is I continue pace think get plan give initial we and pace just plenty our continue right to should decide and our to at prosecute to us development that to do. that that's at the us

with very the optimistic, that making So, very we're very, very, satisfied progress there.

Scott Hanold

Appreciate the color. Thank you.

Operator

call to management And the morning's to portion does this like for remarks. the I'd over call. conference you. Thank Q&A turn of closing that conclude

Joe Foran

I'd and We've will II mentioning an area. deal. That's Stebbins into of our good close tied a up initial of is results interest wells that becoming big again increased San also just Mateo be like to had simply by that there. part

we the The that to we is third second the strengths of mention pivot. our have think Haynesville. of done. ability to have thing job again got just were and in that we from a be thank want just is pivoted ways thing to And the the for wonderful they've lot I the one all staff to That's we

Chesapeake we came along couldn't proverbial remember, us it made you If offer a refuse.

jobs So, prove throats oil we the larger to public. And we go of were position we going with go the the in when Eagle prove did did that province could that JV deal the up the Delaware. shale throats up. did that them pivoted And molecules through an pore smaller building of pore Ford the which we the the narrower -- the was oil to and started to could the frac that

our to. the part And stool. we rest it's that big leg third us advised be but well could would looked that in enough back to that Haynesville or Eagle pivot then either locations. necessary. built we'll of the we We've everybody that -- a we the have at flexibility. that if it of Ford don't I And kind need plenty think got of But

everybody are We've to that. Patterson. our We great drop short-term us They've contracts. on with and one. got Halliburton short-term relatively and with rigs. relationship worked could on thing want a They Same Don't do -- else.

think lot going So, has forward. business the a of opportunities we

want we're do what we to to do going say we feel do. comfortable I that people

going going is more you longer some you've that drilling out more efficiency that So, when you're have pads effect got merely to laterals, of off to we That's capital the challenge the but natural of when with to that laterals, be us. a big going going to that, in accept make built -- you've got way in. it's for pay the -- you're that that do point

we're concerns I've the all And will so addressing And areas. -- our like these that and of we that all in heard you if chances today.

the each better even addressing And some continuing side are of as with plus are, forward. going those ahead good of We as the as those. get going results good on to plus most side. those -- And they're -- as we're

know glad And to you really shareholders. the that and Thank you you be you so I the thank to a have We choice. staff. We hope did. keep you'll Matador you'll picking think

Operator

you participation thank Ladies and your for concludes today. gentlemen, This the program.

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