MTDR - Earnings call transcript Q1 2022 | Matador Resources Company

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Operator

Good morning, ladies and gentlemen. Welcome to the First Quarter 2022 Matador Resources Company Earnings Conference Call. My name is Shannon, 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 Company’s remarks.

discussed conference will recorded company's be May 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 call Mr. the will I Mac Schmitz, Relations from Vice Matador. President, Investor Mr. may you Schmitz, proceed.

Mac Schmitz

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

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

reflect the current forecasts reminder, based the materially future future or certain on such company's events included anticipated of differ could a and that from Actual morning's results statements those available. and in is presentation events now information this expectations As forward-looking in may be statements.

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

our release to Relations on remind connection find our the would in like XXXX slide press that Investor you addition In can release, everyone a quarter first with under presentation earnings the earnings I to website. tab

to Reservoir Tom Elsener, Marketing would of Planning; President, Stetson, members and now that, and CEO; President, President Mateo Executive Goodwin, Divestitures over President, turn our Chief Treasurer; Executive Midstream And Chairman the Other Joe? Vice are Frenzel, to of Billy answer like Gregg San Operations. Vice team questions. President, Strategy; Vice Brian Vice joining Macalik, Joe Staff; Singleton, Executive Midstream; Krug, of your Executive Executive Operating Joe Foran, and would and Chairman available staff Land I Engineering Vice President, me President Officer Willey, Co-Chief Adams, Vice Chief to Senior Glenn senior and Rob Mr. and the Manager; and and Executive like President Chris with Acquisitions, Founder, and I to the Finally, Michael CEO. Management are Senior of Asset Operations; introduce Calvert, also present Founder, Production; this morning. Vice Foran, They Craig President, and call Officer; Van Accounting President

Joe Foran

And for Thank much you, to very earnings in appreciate We interest point Mac. things. three and your in like and time morning begin good To everyone, thank call. Matador. conference, participating I'd out this today's

company. celebrating, that February, is our XX being since we a First are years public of

than is we earnings XX-year call. our this hope anniversary first do the then. So I of better we did

CapEx, more has why capital And growth from I'd like are to we've equivalent. not And producing and I on Mac, better-than-expected year, had, spending this you our Second, with we And come our retired number debt, this programs now and much we point from but from growth that of oil turn or efficiency. aggregate barrels particularly of that that your various off? questions. XXX,XXX that to lead don't gas one-third three, out that, drilling

Mac Schmitz

Shannon. Thanks, great. Sounds

would over turn it questions, great. that you If to be would

Operator

of is instructions] Hanold from question First RBC [Operator Markets. Scott Capital

Your is open. line now

Scott Hanold

Thank public. being XX-year on you congratulations anniversary all. And the of

yes. first -- my for First, question

give service little like back the you Obviously, year CapEx the OpEx that question, looks price you've talk little both things this of industry well with look we Can inflation? us and But at first in is side. of was a what like bit of big managing most think where been might that you so of bit you far at it the inflation. when my into I pretty a the especially hoping been I you sense doing conversation half point, more the XXXX For year, this open to industry have all, progress course through and think could about if a well. the some the as it it's as

Tom Elsener

is Scott, Elsener. this for Tom Thanks the question.

year. We early are seeing but still little a it's in inflation, the

say some be. all of detailed hard the where of hand about But things to Billy So But talk these we to on in increases and proud completions and off going it's of work of really we they're mitigate year. to and going on doing are drilling some we're cost teams, think I'm certainly, later it production. to exactly the our just to Chris and Chris? can operations

Chris Calvert

is of Operations. Chris SVP this Calvert, Scott,

the cost cost obviously, and think, ticket sand. service I steel, a cost the I the items cost we think main about think fuel of the inflation, of great it's are when question. Operationally, of

into day Specifically that as we speaking Lea go a every to to eliminating to lot push We about talked a of ago. looking looking long casing are operationally, reducing And go to time do we up -- steel stream. Breaks Stateline County. we we're as the Rustler a cost back

fuel We're San obviously, of you exposed either gas field or using field On fuel you CNG. we're amount Mateo increase in to doing we're partner, bringing from that less dual side, fuel is the gas less fuel. the What are the we're in the doing use, price. our

And that And think, is time so less spending that's kind wells. of the on doing reduce last another thing, thing exposure to just diesel. we're to I

of on do components rental can rate we the to components just And is add well. cost there well. what eliminate and day the have that You time

so And room. had Maxcom record we've our wells

of just just less and down up we're with Maxcom. Breaks to we've records Scott. those Stateline, And time set up spent learned we drilling wells, What we've at XXX on records Rustler spending think wells. gone to less we're really time kind I and

Joe Foran

processing all other been this Billy have departments. you President, and is

Billy Goodwin

of vendors of we've tubular rest the with them like year. Matador. covered us and working with the And keep everything, This and handle longtime and BNL they Goodwin, stay is vendors, our been in and goods, Billy we're supplied front casing President, out we all and Pico, they of and for our talk

think, second Matador. drilled and worked almost We Patterson Joe's drilled, Drilling. I first ever also with They've in well ever

that's rigs equipment technology relationship. good good they on us we to and those And rigs. work and highest us work for and with So can ensure that been get

so we faster they our in any issues was ensuring Universal, wells And along we in other with got of agreements helped faster. don't of and like sand front and get talking long-term after about, with plenty us And they there. Chris that, out we've and both vendors, out, have place so drill and Halliburton stay have and can

us creates So there. flow out more mentioned the of XX% to anything the cash all company, in wells for if more us helps drill And to about say faster. don't in And wells guys XXX% and And also wants like I together zone shout things Maxcom. Maxcom keeping reserves. of better Chris those that better Ned time know that those to

Edmund Frost

really very Frost, really hour we're impacts working zone. done save great has geoscientists them, zone Vice familiar save, room better days the clock to you Matador Geoscience, in the job seeing and right efficiency, Senior that Yes. a engineers for that favorable Every these wells but the great a as said, faster. President in growth bottom drilling Billy together group Scott, in that really really Maxcom drilling of control productivity, into done with has good job. the you turns And done that's job now. Ned line But and around helping lead of sense. know you're staying achieve staying I in our And implications the well that a better They've room. the of

Joe Foran

approximately that to again like records the to This tallied, time improved we results. And Maxcom which better-than-expected XXX checking, thought million that, leads $XX is And then some our of I said or I'd savings. reservoir some group. zones XX% follow that we we in Those up the about in up to to Ned. Joe added again. more, have on

this, are emphasize that things to lot Scott, that group innovation. sustainable that time savings increases Billy because productivity and doing by So his and of we're a there the are are and trying

we're we're it finding inflationary ways guys money. mitigate of trying So to but more will spending well our results are pressure, the to improve that and address also effects be -- there without course,

Billy Goodwin

to we're hour that and be to throw Maxcom we in more lateral again. This we've XXX-foot seeing is working drill drilling started used with with to with Billy also also trying and more drilling whole the a an Goodwin laterals or quarters I'd now program, where sizes, one like in up all doing of seen as each BHA. X.XX hole getting hole with over have curves assembly, X, size this and equally X.X-inch and hole one well drilling X.XX, and inch foot XX,XXX size,

better BHA. that, bits great. the technology the with and can curve do and same drill there, and so lateral motors Vendors So we that's out improving making the

as all to off hats So those well. guys

Scott Hanold

frankly, And remainder cash free you of just flow year. this operations. risen. the plus flow quantum It's over the balance seeing after since follow-up so part fourth that there's you, your earnings, billion another and of have for quarter a now, commodity have $X but also been way when even you down the you right even see free to in durability what great And the all cash of to And we of my back as on may it far. paying increase obviously, continues potential maybe some one's the prices revolver for hear of Joe, the reported that we've part big maybe is of

give look the that cash XXXX, how you just as free you are what utilizing the are? a sense likely us that so of like just and give flow of looking about us think outlets and that can of priorities And sense at where you like and start a do at are

Joe Foran

reduce getting question. work all and this possible But could operations is reasonably changed angles. advantageous much -- disrupting continue your is Well, to We the different we departments it we the what say Scott, to group. on as our down we're the to from big how all where that's plan put a has different it's and team The to from to business best a big were ideas conceptually, think studying without I'd teams debt different use. really all as together, working debt. And your

We sustain only path a continue going to this to if first the -- priority think is XXXX. year but good into itself, will we prices debt. these forward. debt, -- And So reduce reducing that's continuing not reduce just reduce high

it going to we're to returns is raises of second a careful do it's same prices going of all most dividend that improves any, this we the raise to that of it our know our themselves a We fashion. sustain shareholders steady to in this have strengthen if a acquiring little to to additional like and to but and most a a want as want may certainly year. how to where we spend happy we fashion over and consistent and we're direction great as to be area, this company you that's maintain approach we to attractive where we're -- we thing prudent plan Matador. -- but in is, a in programs near it to We have years might The policy raise to a disciplined is this going dividends, opportunity. of And -- And make where anywhere And spend We're that's that dividends disciplined drilling if is. to want the we make you financially. much, prediction But our early very in money shareholders. it, we're shareholders. acreage. and the it large room shareholder not know, we're try and dividends Everybody to the do

Matador it's with to we coming sure number and gives cash shareholders of to options, of great don't to and parameters, value that are into about. continue ideas at looking going be great we a we to items good have those opportunity keep the a sure with and be want getting and banks. we're those but think it out we hasty valuable share and our can thought some us the good we've so there make flow gains it our up relations add of that and And of options, we with one to we everything So more the make and any are in them

Scott Hanold

to of return on about where if Yes. right to have your of there of a you potential? company is decisions still is trying Or fixed the a context see you you yield you some Or think of as the forward? that and out matter, some particular past like it figure to kind dividend do in think you're that for growth like that's now? And that? appropriate shareholders a Is the percent and all size

Joe Foran

something is we raised say fixed of Scott, back don't Well, in the in believe fixed you've it. once the We to dividend, I'd walk both dividend. of that want steady believe but it you the growth

shareholders, with circumstances when could declared meeting and to and Russian and what the I -- of mean are different again discuss you how steady raise circumstances. going are a at. have we and and Board, and it Ukraine we overnight could peace much yes, be be So looking dividend declare as in set a to you'd

much borrowing exactly a as going as drilling terms, flow. it's cash early we the it as general as on is cash we to And dividend in saw down we're to but programs make acquisitions. stay a this you within raise to the by to can we So little do. not weren't to And doing stress, debt were think prudent, cash plan what but as And we plan our year, few based flow. living we to only to consistently able money, say have I I But pay permits. and the flow to tried as

Scott Hanold

that. appreciate Joe I team. and Thanks

Operator

from is with Dingmann next Truist Our question Securities. Neal

line now Your open. is

Neal Dingmann

the first time Billy the little the question you to show very at Tom, want op wells. that stats all. or maybe the for a show you way. nicely Joe, XXXX maybe milestones, morning for different the on Good side. my X guys maybe where Thanks I'm up the for looking Slide I bit details. lines tap

again, there that, fair on any delays bit Is any talks that question talk appear the the out what It but services about regarding guess anything But line having around right? if that delays or you in nature just of challenges? I seeing are everybody inflation. you're about check and the there, on time guys double any tightness doesn't Maybe just services, a doesn't say? you could it I want such, like be appear So of to to my any may that are based little that. it

Tom Elsener

Sure. for got good year, time on -- we've really Neal, set the this year. we still up major the that line feel our is for plan and Tom. our milestones the about We

we're We bringing And up on QX. then looking going XX bringing back a online Breaks -- have Antelope are wells And wells. a be the in with tranche Ranger Rustler in Ridge, good. in later wells busy second QX. in quarter Things big we'll to coming XX have we of year

we've together. in minute, casing production We're great better at had a teams groups, and a between Stateline, and As knowledge here some group. targets Billy with to warnings install will systems different mention doing Ned's the working about these reducing wondering job strings the asset with are all like better transferring warned of how some

to And going so things we're firing cautious remain on year. all cylinders and cautious, the are well, we just want for

Billy Goodwin

And everyone Billy. The Tom We're all is together. working this Neal, finding and there. mean -- back A+ just up geology I saying here. land rock our excited what I'll is excited. better. drilling land up, of X-mile getting it for at opportunities and looking vendors faster and bolt and wells. our there and positions And we're X-mile And more all are our

New new ideas, technology.

the spending we're extra and to drill mitigate some to costs. there return us that faster to helping wells of and us money And get

it's all So good.

Neal Dingmann

like. midstream, San one -- talk I for about Mateo, No. a bit just any I And upside about you just know your performance and maybe see on delays. about incentives. of hitting all could you San could you the some just priorities about nice talk talk That's if if Could part some San new Mateo follow-up don't on talked maybe in some what priorities I then about seeing you it real or certainly adding those of you're that of you know maybe Greg. your earning customers more? and talk Mateo. sounds

Brian Willey

that San Brian happy of good is question. question. I'm a this William, answer It's the Mateo. Neal, President to

asking for it. So thanks

out field. out that potential as relates efforts opportunities. something great the It's the team opportunities is we customers. with opportunities then in there see at the existing great development it and the now, look see we the testament great in customers right well a business the a also that market team, we out as work office the continue to to customers new a job as there. operations coordinating really third and do here and They are parties, to As And with existing of

business to good it's the get this In earlier. mentioned so how those Maxcom particular, we opportunities. And repeat and

able have control Mateo controller have of pressures many and commodity we -- monitor San room with. actually side, third-party we that and best sure have occur our of they've the the worked to the the and On say ever one we we're were systems where also a no that the where make flow And goes. issues obviously that customers

feedback and together working them. with good So really good

release, quarter. On incentive we $XX incentives in received the million -- press side, Matador think announced last I -- we the of we

operate receive in to areas. as continue San incentives to the we expect We Mateo

-- and incentives continue and first Mateo that's San And to so get expect that million towards, we one work incentives to on then quarter of the we'll the of remainder two left San $XX priorities. there's and year, Mateo next our

Joe Foran

we're midstream really that then gather while that oil, re-up customers we'll gas about thing other us. in or their they signed clients Neal repeat from and business deal, that -- Yes, business gotten to we've sell the customers, amount this collect area, of is additional have pleases for to the me commitments or water a the

beginning Spicer and the good we're that with service. team you they've again additional sure and add to really when And we that you James the get And it. to so to customer has operating tried given really difference them Matt as pleased make to to work side re-up make get a or think and a that's

the we've long really and look a to that find like we've check feel of at. tried You Brian? that's one mountain, term you marks that

Brian Willey

in think I is Joe. a one Delaware point really system, we that unique is thing other you, on now. The there out right which X-pipe the Thank have also

or whether performed to been well. the to had on one that, of of had on service we've gas, oil And be be able commodities, water, commodities. we've and so because And it different them that have customers opportunities

as think the And customers repeat three of and is real different having customers that's need. our that so a commodities, with I advantage we're for us care to these serve take everything all able good well we

Joe Foran

the talking follow-up another And XX/X. we're control that about commodity that point you when room, goes

And so a well sure being that's a the paid And been measurement are can right. quantities as you're to room give well quicker as watching that it night be you so received response.

Neal Dingmann

Thanks gentlemen. Thanks details. for the

Operator

from [Operator question Zach JPMorgan. is next Our Parham instructions] with

line Your open. is now

Zach Parham

thanks for taking guys, Hey my questions.

on question capital his on up following earlier allocation. Just

further, reducing at prudent As you the at this Because cash debt to is debt think about push to generate of low company? you're strip with the do free the very debt have believe level what to could levels. you year, flow you going

Joe Foran

What have Zach, that's amount a circumstances, good be or to by the times our end scenarios. pay And dodge to I at right you to how shareholders. or it commodity because could level it detail don't plan very always If we of to more our different we're plans trying of on where X take question a down on But on plans a it the and ready to debt will this way. market on I'm or you turn see not and you if a be depends not feel early what in will default because very really it'll always a good want number is the that. the strongly depends as we debt not and think fall, used a long number, do other that still situation. up array debt we question. But the And else, the to opinions we're the somewhere situation when present for be saying, of economy have to putting your Board at this shape gets. we'll prices international options. paying time. wide get summer it But we and Exactly different in the circumstances. the area. tell down those sure we'll to can't months. is on reviewing here thing There's We're exactly have to Same

in take been $X to of with when So have great we size. higher our billion. opportunity XXs there new We've traded point advantage the this We up a is approaching reached inflection that. a were we think

so the us shareholder, a it's generalists And stock, down but pay we the operational that why generally default. has we financial have. have we for you that's stock and down shareholders chances that attractive debt exits a advantage, we're gives did to goes on when the allocating coming as debt, the were reducing your of long-term make company And back at into take you the sells the over don't is good that's to billion. when and back all that another stronger your advantage And and opportunities And whoever we the some shareholders, -- growth that We'll increases shape market. look we're we an to It helps uses -- company should be But other everyone. you as deal. us the money, it time at known for think the particularly shareholders. sure of our shareholders, more you it to debt, back that you want and when the when that the the just certainly, the -- under be strengthens pay return to think stock just and we just once to buying $X buy

locations want want the can put think the we both do and still reduce the and that at same senior the to grow program active teams to So with and Board these staff. we time that debt, together very we presented return the our to and good maintain shareholders, and drilling we to to

steps for to this a for time and to we plan. the make value growth a as opportunities that's Matador's and and see push really of the most So period exciting us these next help us,

Zach Parham

there, cash do raising dividends? anything as the guess or and what considering you free -- reducing with also earlier up variable mentioned Got following Are I mentioned would potential dividends you just dividend you else, you flow. it. special debt

Joe Foran

first companies But than mean, direction mind we're allocating special in we're care debt. conversation. of probably conversation course, be dividend, increasing lean of it. following better those, I now, the are companies Zach, of saying do fixed taking care And right them. shareholders who we're of for we're doing. through working the And and dividends, the to it works not to dividend well increasing the existing and we of taking going seem doing what other and other practices are that variable dividends we studying see don't are how to if in they the in for

So at get we here, be other and saying that right seems always this reserve And is we're working -- to But for have around smarter. a the we we'll if focus to time, the dividends -- repaying to companies, certainly on debt. we're adopt fixed be quick it. and

Zach Parham

And one just follow-up. maybe quick

talk in You cash little a quarter. through rest of trend about year? how paid all you Can the taxes this the should that bit

Joe Foran

that originally strange conservatively were without it needing earlier than profitable a consider upon game in were owe a comes be problem. taxes, we that I year, us, going that mean would thought going if to Yes. of around in a play we pay to here. Zach, XXXX we had And pay through in we and go -- a to pleasantly we to were more where forecast. with high-class came Well, course, taxes we surprised because we're compliant and we way we the it straight position taxes. and our But we're tax

And it's problem. so taxes -- has a coming high-class into

door pay of $XXX the important quarter things proportionate be one at remains that what the way, we would cash million, a oil remember if go to not $XX it's that's shows share if while million, Now might that it this expect out $XX barrel. to that's

to change, to the Rob turn would I'd So But to that is depending to either or up year how goes. number rest Rob. going of add like you down, that? the

Robert Macalik

Accounting Macalik, Officer. Yes. Rob This is Chief

said you Joe. think it I well,

continue I that. amount are think that lower proportionate when monitor actually and a we're Joe that, the -- lot something of the much like went take allowed to year. that share door variables a in We're we're There take deductions to is the said, you're the deductions game. all looking situation we is throughout that than and going to the out just at straight play of cash the

Joe Foran

to supposed we're and taxes do I any go to plans pay were you're your... dividends. mean, But to and on exotic to better comment going just But the taxes. to -- that's other Yes. avoid to avoid and -- ask to I just it's to try they not that or to We're do the going better debt execution things. Michael dividend considering like do. plans on what would to the and It's

Michael Frenzel

this Vice Zach, and said potential I a have Michael but One cash I is consistently Hey thing as free used cash President of the Treasurer. Executive add, use it we Frenzel, we've Joe, think to before, wanted our in past.

able it's history, think that And excited that's I your that note we'd Uncle on Lea quarter nice talked could rig about you we'll ones area. talked just or bolt-on that done as we to I there. potential from out have look to about think ought some excited I we at we to wells, But work work. why put trying opportunities a know use something, to cash. of accretive and about one I were the Ches be comment -- find think throughout that good put our like on the we pretty we're as we getting that last about to why that obvious up the a in or County, area Tom consider certainly where

Joe Foran

up to just said the it try that And and open well, up with they and our new teams or too. serious in other when we're that zone may did geoscience conversation, areas ideas going to this back on consideration like one have Yes. just Ches to what come Uncle up Michael give that

we're business our policy. again, right advantage get this to cash And smarter. of So reserve own careful unusual and our to take keep we're and spending I going it want we to and that in always with that time so shareholders, think it's be money

Zach Parham

answers. the for Thanks

Joe Foran

curiosity Thanks, we're call you visit anytime that, to want or open Zach. and want ready to look, what anytime a to do. And and you you we're others updates. all I and further Neal all Scott you about to have know more planning if say to with to that and

Operator

is Stifel. from question next Scialla Michael with Our

open. Your line now is

Michael Scialla

Hi, that of up like mentioned been Ches to wanted wells questions guys. looked wells. good just follow have morning Most a those Uncle on, my Michael, performance asked, of out strong you but very

there differently very acquire the you in to result Just a but good as that that in Is if drilling area? or just there? curious additional wells of a design got mentioned, area, opportunities with of do know I properties to, more accelerate geology? -- you couple And completion any anything move you're you that --

Tom Elsener

the at Ned Elster. And Ranger to of in looking off of the Michael Tom and show off there. and a rock. have team make that our constantly something we the up is hat with at to that those putting we my work geology the We're Certainly, looking at of team to that alluded, looking geoscience possible cut think always to obviously, certainly our and wells. the wellbores rig the Yes, excited very but something in profit ways wells get very closely most out, of are to Uncle for proud is work types good though. why we're And us. continue we as this Ches wells with water we be with and very very, We're we to Maxcom are good high important the really to front oil Mike, And stands at opportunity certainly best think to good complete put to cuts area jobs always look is also very the we ways us. the low opportunities better ways are to in stimulation why fluid.

years for running we'll be there area, to rig certainly come. in our We sixth active up in that many are and

Michael Scialla

I all That’s had.

Operator

you, this call the conference turn closing the Q&A and I'd This morning's to call. ladies for remarks. to gentlemen. like any portion ends Thank of over management

Joe Foran

Glenn Right. value one us sometimes first just points Two I'd have I the get of we end away other is from but a area, that didn't a only we reducing. improvement mention. cash taking perhaps, it of of how and cut like second, admissions. down question affects would on And how necessarily to on the flow. our we assets capacity words just when the much that for has but other on two time And the to environmental deal, Cliff, not the the the environmental where we’re enabling don't like I'd it, and of those from the much to And predict lot give how on a few purposes this Midstream, and that complete say recycling just that

Glenn Stetson

project, emission very in sustainability reduce we of at We XX% production improvement forward of emissions she's definitely our a we're spearheaded to to year-over-year gas that focused Appel to everything side focused year. in Shelly reduction 'XX We're working 'XX. XXXX side, that end first And the Shelly now. from kind we on and has can footprint. greenhouse on and released report that, the on -- to on last showed and report doing completion our look on the Yes, our

of XX% helps on use some natural in On and an very we that pipe our the impacts of gross production helps basin, have the have not where these production amount in labor made. increased the trucks. both units pipe. trading of levels, gas side, on environment recovery of we vapor and And are certainly, flow the getting talking liquids is assurance that That terms The water with use as our flare. Today, is mitigate pipe and side at also advantageous. the well. the focus about gas of have on having to over that that of reducing shortages on The operated in we impacts the some we XX% oil our biggest it's of can

we're where on-site -- are expense don't have side side as we electrical that well generation, that emission those as grid wells on the where -- is lease helps operating long we as on converting Another using helps thing to the power. doing

kind so where operating situation expenses. And it's lease both and of a win-win admissions we there reduced

the we when versus look On now. gross operated gross -- flared, currently around production are at volumes right you flaring side, operated X% we're

amount we really communication to That, is have San that Mateo, from one -- Midstream San our for have publish very firm always there closely home the that want in XXXX in again, year. teams terms and and we that also gas. contributed having the work that transport the of the the we the reduction go wells, turn in they We to when have they later in Mateo from have of day seen we'll the we we in partners, between are to a on operations year-over-year helpful plug then our plant and that making a XXXX. of the very specifically is of our sure give improvements XXXX that flaring again of to with fact for in and what kind And part also from that has further

Cliff Humphreys

just comment fracs. Thanks as recycled our to exercise And use note more Since expands water every of the Glenn. to just Mateo New Mexico. produced water think our This wanted I allows SVP more to San recycled that, Cliff on the Humphreys, usage. do trying in the that us completions in with Joe's to to group I really increased is XXXX, is much partnership And avenue infrastructure Completions.

ever X water quarter, barrels this is under used the most our we any example, completions, we've quarter. million in For produced just done of in which recycled

So we and Mateo. increase, with as great a savings have well partnership we it effort, its good cost San results ESG and to the great as continuing see from that

Joe Foran

asset is quarter. various remaining Chesapeake, which a And then well non-op operators, a importance had increasingly the Louisiana. million we is most our with Northwest wells drilling so been assets the us. day, with And in to recently obviously, gas XX Midstream on a We've bought second

over reserved of you cubic believe knew made awaiting all HBP. billion Bcf, gas uphole could there's we lot drilling some for It But that it's a They're Valley. which we is right second, price consistent we easily feet, of valuable the all reserves held still included up and would with program the But sometime. production. set future drilled bank stay XXX activity be And over by going So anywhere. now, there. just a there. a to gas deal not a It's the there. Haynesville when Chesapeake, They're we rights, Cotton

behind. be participation us. answer mention We'll We'll your you. look want those assets, appreciate support happy questions with to and happy your be So and I meet all to just to And us. see again, invite with everyone, come

Operator

for participation concludes This your thank today's today. Ladies and call. you gentlemen,

Matador Resources (MTDR) 27 Apr 222022 Q1 Earnings call transcript