Earnings call transcript Q4 2022

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Operator

Good morning, ladies and gentlemen. Welcome to the Fourth Quarter and Full Year 2022 Matador Resources Company Earnings Conference Call. My name is Gerald, and I'll be serving you as the operator for today. [Operator Instructions].

I will now turn the call over to Mr. Investor Matador. President, Vice Schmitz, Relations for Mac Mr. Schmitz, proceed. you may

Mac Schmitz

earnings and morning, you, quarter thank XXXX you Thank and call. and year fourth for good Matador's everyone, Gerald, for joining full conference us

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

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

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

our take full presentation Relations I with our earnings earnings a on yesterday, slide fourth press in issued to In the under release you XXXX find corporate tab that and quarter moment addition everyone the a website. to can release to year connection like Investor would remind

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

Joseph Foran

with then Thank and XXXX for to celebrating first, begin here to And what you, XXXX. fourth you in of be like get Mac. XXXX report I'd happened It's again the our to and and pleasure to Matador. progress at we'll quarter outlook the

cash our step puts or fourth per but This $XXX EBITDA the across and because X.X -- in BOEs per is day complications, we whole free was when over a the we across in fourth BOEs records and just the the us we of $XXX quarter point. quarter. weren't for XXX,XXX is day, million we is, billion, fourth the different it million. quarter. flow notably was records despite other $XXX had Adjusted and went a and public, bad operating million had outlook, year We with forward at had inflection $X.X beginning But important even weather performance XXX,XXX

about think we weren't earned million quarter that more one in and in had than value, alone. you So $XXX we even

speak Now much at to of did six look we I we of this XXXX fourth quarters, when here, of In months XXXX. set of but what the instance, look quarter little quarters a we us end a year. and in for prefer up to to help was the longer-term, all

And more some think well. it's up to us but long-term at look look you we want, of one that at sets ask deferring as things the the year, on here because much very now together we're think, I coming XXXX. as important, we that's too around at So for -- longer look quarter

then four XX we've more that right wells eight Tom? back, in example, the Boros year, by Rodney Robinson at have of eight the flowing we'll we -- -- and an year. and the drilled this end we'll the year the properties As with end year, Voni are next Is have got have that of now the XX and right,

Thomas Elsener

Yes, Joe. correct. That's approximately

Joseph Foran

All right.

you we there. leases ago, still still Boros all Robinson that's years the and have wells So, now add four we and they that more and remember, bought over contributing go and are up, if Rodney XX them to

XX% has analysts tracks, they much, -- mile paid look of because it, went wells in out go mean, into that -- rock remember if we the analyst a this concerned a it reports, laterals was you -- deal, was the drilling up or to this laterals great BLM. potentially comparable the more, BLM X I to happened to at what Advance BLM similar transformation.We is very happened reading BLM here when which being of set our what quality what failed at was the turned look about So, XX% is from Advance could lot and bought us just the too been the the this our with was do that of the but has and stock value the and analysts was of we improvement at wells bad do really much which hammered morning that as deal, as that carefully to we that mile acreage. wrote, of our the it deal and X how and Xx this

But meet absorb with acreage go we're fits map expected. we're I and to we staff, there all in very the and in and and showing those if is program, of that what our So, were it really it's here, you'd about will the excited little it excited be slides in you to do with think adjustment and included around how adjacent. say

making see great to wells going when we're this best CapEx And we're basin. what whole of And the is the have some on we're rock the then we And spend properties. going drilling, to sets strategic extra in connect this. that it that Point, And and Pronto to our value just pipeline us for up coming more to much out Five XXXX. systems, you're of these

first XX quarter to you, at be we'll end net year, XXXX, net on wells. of turning just XXXX, In we In of drilled remind the wells. XX.X the the

to going try get we if benefit. So we we're a full we them possible, set year, if the have to a connect -- so of quarter year's first practice, up the wells, we for

in quarter going the that, in about the are proportion quality from wells wells to we think given XX.X So, a net year that XXXX. and net similar first XX the interest of

we I were the intend there the across all so of that is last XXXX, talking in areas to heavier the to and are, noted for can you saying our part set up things pipelines commend seemed for about that noting we And the we Permian. CapEx connect system. analysts and some be pipelines, into have is system XXXX, -- of next you that the up midstream question where that integrating that.And best shows the of getting which have of go Some Advance to the our the on if slide, properties you go

CapEx you that and customers, returned we the So third-party to to pipelines, were -- times out build additional Advance CapEx, several up and extend other they connect these the other all believe, as over. be CapEx add systems pipelines signing the to will we additional

dividend where Finally, I of increased $X.XX quarter. we're we're putting to just everybody, share per that mouth XX% We've our kind want to is. to our remind the signal a you money

and individual too. the shareholders, net large Now, the like -- and shareholder, I'm I officers share have they here dividends and other are of like their worth, dividends, largest I'd believe, much

we them, XX% we a for program implemented staff, got our buying And over and participation.

improve, we So, want financial fairest believe to keep the we increasing reward over it's because like to way dividends, long-term dividends our continues we to shareholders. situation as time,

because and going And the a XXXX to is opportunity so, to X% now, think great but year, X% over going it's very set as buying value I gets strong can better see be about it's year ahead the up. of -- be vision clearly a XXXX you little is everything this -- even

to it let questions. So you turn for me all over with that,

Operator

Instructions]. [Operator

from Scott Our Markets. Hanold Capital RBC first of question is

Scott Hanold

looks you what uncompleted normally sense is wells believe, is, XXXX, Can us give somewhat drilled tailwind some this which, back going a of you have, I are think, does I excess year, much bit little of carry. the in -- into you of of that provide half how you a of a XXXX? commentaries like to I it upfront. about at you have the appreciate and I up setting guys talked it's question The Joe, for XX

Thomas Elsener

that Scott, going Tom. that almost double net had are progress at That this same is Yes, last at to that. XX to in net be we the little paint the period of of the year, end wells color just on number the year. -- those wells that's

a some wells very about on going big in the calendar quite Advance that it's bridge. of currently drilling forward. the year Southern the of Ranger So is end wells, which influence these Northern excited We're are

So there water should very cut low and be oil cut. high very

can't wait these online. to So get we just

Scott Hanold

Right.

you'd guess, normal some work a Is efficiency, should -- So, to in the because that assume to down of that year, fair right? capital levels. it? at theory, I And help I look would way next that

Thomas Elsener

Yes sir.

Scott Hanold

point on is is plan to to specifically all of Joe pieces. I some to the us Pronto? with accomplish connect it possible to my those a there as is doing one in know question, JV, but the that other and base touch follow-up capital? to you And benefits little that try with spent a Mateo San obviously give And capital the way you is Okay. what integrate is Can two together a owned, connect fully to in there that one and on the that? bit is Midstream, is those color of like

Brian Willey

we're the connecting systems. Midstream also system is the you. Brian who the really it's the from President as so at we Mateo and Yes, to opportunities those to Willey, and hear good yes, excited this Pronto and Pronto CFO serve the look, do San question, about connect system. plan your here, Scott, to And of

wholly-owned. so that and systems down also do plan JV is and the the for go are Matador area, You're those are get a other and Advance But plan side, in and one wells process connect also we right, the wells County. Lea two is to one on we and some to that

And for us Matador for there, so, both good and for opportunities there's third-party.

capital. do that chance the made we've and this really good And in past. able And spend we so, year the be excited to about that we're to to investments have

customers I thing good had is Mateo and opportunities we business, businesses repeat us. the think, our together. San as always think, those expect the as on that have side, and with Pronto both And on been same it's build investment a lots side. we we we This of for Midstream what I we've third-parties build

a to great for would looking-forward So, it, we're be us. it opportunity

Operator

are Neal from Dingmann We of a Truist. now setting question

Neal Dingmann

just on you Maybe give bit certainly some the little follow-on future Scott's you like of of production 'XX, either call another production versus view can I'm definitely stronger than maybe into rate that this little really asked sense years? it that maybe give of you exit any sort a end the through a of normal even just specifically, but wondering your have way, it seems I'm more color not mean, year -- hoping maybe 'XX year's if or I on strong a guide, expecting just could growth can other

Joseph Foran

to but especially and I'd as quarter a of basis, time than look year, looking we're a point you this the we're little going at a do an dictates just to exactly longer year, say first this how thing in to on quarter it. got or of things wary it Well, that be arbitrary limited this either I'd play operations we'll deadline at rather is, the

you Tom, And target year, that the sense. of but of this year want not for is question take quarter so, we're fourth to next the trying again? quarter have a operationally whatever or to first make

Thomas Elsener

Sure.

add every we as slide quarter, XXX,XXX our want the our per long-term little slide bit quarter. day. you in of a there yearly have Joe deck, Just production don't get quarterly fourth see of of to growth mentioned, emphasize we shows color, but can kind And to a opposed kind in rates, BOE we as to the that about by

Neal Dingmann

makes Yes, now that sense.

Okay, you frac shut-ins is definitely about like ramp then press second some the the just my question the in And all on spoke release. there. of

Specifically, around Robinson mentioned Joe, so Rodney being about wondering I'm long. just you is the that, around

continue going we So, this operations the been area Or really sort reason shut-ins? have forward for typical as about is think has just plan? primary should is area a typical that of you your or development of the overall to part that

Joseph Foran

on It's the in offset got don't and operator Yes. bigger when affected you production you want either. control because I sometimes multiple a impact have Neal, is weather to too, than that point shut-in you make the one undertaking lot facilities wells, a it your to and wells, these thing, operations, if fracking side. has

got frac you've get a make adjustments. those to going saying, to call You we're and then

that for get or you and delay accelerate might call that So, something reason. a may you

adjustment I a I our good that's had done think to note around work So, job. one wanted has to and staff other that we've

was I question, question, question. second part to Neal, that of second the here saying still because I've me, you the repeating your first it Now, since saying you there? were -- demand are

Thomas Elsener

Gerald, did Neal drop off?

Operator

he did. to like think, Would the I Unfortunately, proceed you me question? to next

Joseph Foran

Yes, go on.

Glenn Stetson

to something is This say EVP Stetson, Production. just that. would Glenn on of I elaborate

hydraulic the wells, Just us wells. able the addition shut-in to we Joe on have in existing the conduct producers XX fracturing case, of the Rodney existing to wells of Rodney XX where mentioned, as required operations be to eight this new

the just and is kind protect shut-in come as assets it so, this existing in nature key in go a of And fully and that we develop to we of them. producers these development

to going similar we're when Stateline, Stateline, these at complete eight a at similarly there's so, And new wells operation.

for do account so, forecast And we and it. that

to comes then really, of the timing so it it. just down And

the Rodney hydraulic wells shut-in, beginning operations And the right eight on started we at the fracturing so, we year. of new

those Tom with all as those it. new flowback in, beginning come along that and wells So Joe, eight all we on so, operations and producers shut wells mentioned or the we're existing

So, fact are the it timing that really NRI. is these and working and a have so thing productive high interest and high wells

an thing. impact, have a timing does it So, really but just

Joseph Foran

any is note other when doesn't do proved in any to that production. The the you on it either individual shut effect future and this, wells of the you side reserves -- or when impair them

long-term And in so, operation it's of a become effects. any part more of the

Operator

from comes Our next Roth. of question Leo Mariani

Leo Mariani

high the up of I setting just what into for you those like here and the if here, guys I production base XXXX. kind more guess, going But it per in what guidance next it of understand doing your XX,XXX at I added per lines flattish 'XX just lot your kind sometime out looks of have high-level like closes the that to around of a early me, leaves of in sounds the volumes and I to I deals. looking of to kind of XXXX are start wanted of look couple little from guidance the to bit your property. guidance, that if is kind quarter second 'XX, a and you're in some despite Advance the you year. looks for it BOE dive that kind assume 'XX some is growth back turn-in with me a per year more 'XX math production like of having day base on

XX wanted So, year, more. at that just added understand look net you If to guys I wells. I kind last a of little bit

the deal, the but closer few is if it XX% it Advance I of to flattish, looks grew XX and base adding now, you're looks You than production like a more outside like year, this wells Advance. back-out production

help I bit? can So, would little been guess, a of a kind would better. me little that it thought I just have understand have

Joseph Foran

deal, our I into would it Advance Well, and the doing we're we doing be because understand that Advance the not we that, when of weren't other account that shifting resources have we Leo, you're deal, flattish. rigs, wouldn't taking staff ways If are can and some production.

of rock be got of operated in You would fully have -- inventory. our which outstanding and inventory, staff the will is our the quality some over on inventory of drilling our worth we a decade

inventory plenty when road, we we've the gotten and could've Midstream addressing we and we system. So been be the Advance, instead of have connecting and pipeline we've that up on -- our questions, would

don't it's I our we of but And the kind that add to quality rock again, rate, we think quality adjacent So, acreage chance we're we now, have if to of to will important obtaining. that it a never obtain rock. on look

only gained used weren't your a through touch down would you running passes. situation. game passes we're the back five that calling And XX If more. hey, in working, game, because football you're it the would've yards be coach, So, running like this

to Fortunately, Advance, we properties. so some got in or choice our have of do a Advance own

HBP, properties in production going the because of particularly where where accelerate Our we're work are they that Advance, that. will have coming to off DUCs,

of focus your connect talking rigs, but better taking new that opportunity take Advance on of think pipeline, didn't that's and properties it focus much that about, and we a our growth asset of your you'd And at a looking you Advance, on and options, But couple program. more -- if and we up better sense you're to X% out advantage to made inventory. our than the less in puts see base our the so, bringing have

Leo Mariani

I the 'XX. Okay. color. just a in And that appreciate is around CapEx obviously fair up then bit Midstream, your year Midstream this

You doing there. guys kind explained of you're what

elevated kind So of kind on we of Is say this call that a kind it still bit? year, more, into, was is spending near-term But I'll comes be Midstream or just to Midstream? you it just expect look of expense as do the have lot a capital one-time of think down helpful. the on -- you next do

Brian Willey

again, Leo, of here, Brian question. and is I'm the Willey and President Midstream this for thanks

said lot expenditures there. I think XXXX to a haven't capital and we about that relates

prepared know like. into what advantage look will don't would are that that if lot I a We're of we're So, for go take about XXXX, we to to detail excited XXXX in opportunities. want there

that opportunistic year, we're we there's Matador to And if so, go the forward to want at continue we of opportunities, take as throughout those. advantage third-party

get year evaluate we And as the and XXXX. so, we'll as to those closer progresses

Joseph Foran

very believe, answer, good turn very in deal our to didn't to Yes, and we Brian, are going course, Pronto, I just offered good was we in April, of That were driven fit too is buying was I'd say, it's of did but to with May, think that and it we in opportunistic know it I down a we assets. it. well other us

build properties so, years, And an to it advantage into whether acquisition it's try a of to of BLM, go or going oil or like we're these measure, next BLM so to opportunities. sale take take to that's federal and the Midstream we why and as year we where able but try plan lies. our go advantage financial stick those rigidly, to up do to a And be it the not -- five opportunity we statement of

Operator

question next Our of Daoud Cowen. from Gabe comes

Gabriel Daoud

as the wells on XX of Guys, likelihood kind I wells of was expectations end what's come even just year? some this cycle that pulled could you the beat of net on curious these forward by the exiting be with year, times, the or

Thomas Elsener

they XXXX, to wells and on could think year. go but tell be the forward, there's guys completions To faster, we is if in to that kind expect our it's trying of little keep point the bit this Gabe, about drilling just a faster Joe's of them to this chance end the these do but cycle bringing Tom. guys too go early always sooner, I point open, at options a

Gabriel Daoud

LOE. increases the then of the LOE result increase that there of And kind of talk question to low looks back just is the bit then Advance. a It as the be of like little on on Advance? driving Could maybe lower side And year for turning and XQ about the what's maybe potential on just a worked kind you overtime? a

Glenn Stetson

this we've highlight of due that a Production. County, as increase is Glenn is number us did attributive -- them ultimately, is primarily seen in wells specifically, Stetson, that we're We this forecasting Lea Gabe, the bit in But deck. EVP the a little slide drilling Advance well. to of acquisition the primarily to of

area. a we're And of so, Pronto isn't in excited and properties why and is that of function to the the up coming but Mateo Advance those another San Ranger is properties, hooking asset part reason of fact the a that that servicing our properties lot about

And with folding do that forward, think metric that's Advance so, that can improve a -- as that we properties the go in the into certainly of those expense Pronto and we Matador. we are upon

Operator

question John James. Our Freeman next of Raymond from comes

John Freeman

Midstream of surprise, on help the be Midstream. to sort question and fit by kind obviously when ways wanted follow-up our that maybe just 'XX off. I think, CapEx to for guess on we 'XX trying to Leo's not maybe can just we're us, caught I model little so on understand is I But that of

may going are done not one-off be things certain to various pursue be may to there or like if you that feel versus or may for still reasons? Just that need projects

trying help ballpark the think, would 'XX? to just that off, of today Midstream us a of year, is when of I is is kind idea spend, Again, it just out. Or model a -- similar next is lower I Just meaningfully that number all it it kind a us frame you where a to anything of realize 'XX have ways just help idea? but certainly our better look sit would kind we get

Joseph Foran

to give comment connect that bit. build-out probably will little see our is and a there Well, we that them. the help will much and say, like a to It's business hard as and opportunity only the that to so Mateo between Brian third-party which system, San predict, I'd up. John, that we Advance Joe this time, it's I'll I'd highly also not between points three get likely Pronto But during system. map, will you connect to just and its you that again, the Pronto, on -- that distance is

be what would So, Can't that's likely, stop done. it more could that. see

again, terms very to quarter far and or you invite the you, with happen we'll know. come often. six you terms along ask we'll here have say, As easy months connect as that depends I unlimited meet the they're will way. analysts again, hard And I here that's and such, time as if to we everybody can or if us Certainly, third-party, we'll so, we to more But -- right another, and or for have to to -- a say, our long doesn't build definition of would another or and us, on try and round. give you. you all to one Dallas time meet have questions, your of

And a asked. in there it's of you that do, number. just number County, I fair is give don't options question Lea -- it's might a want we to hard you've to But but a over

number plans formation that there and wouldn't hold stage. it's -- us to understand be You have may are that that to others in that the would understand still

John Freeman

Joe, I candid how being. appreciate you're

Brian Willey

Willey. just reminder, add this as is And XX:XX. that, John, is on a a San little Brian I'll Mateo just bit And on

have capital ones, at San a out we system So number those our other of pay for when capital have We we XX% only some expenditures. Mateo, third-parties. building and of which water including opportunities projects great

it's a on owned, expenditures. over However, capital and those of XXX% we pay so Pronto, XXX%

Mateo. kind Midstream they and Matador's, side of expand XXX% in Lea not as that County, those -- we the into through are otherwise, expenditures the San capital just like XX% you're And into that so, that's something thinking are and future on

John Freeman

I appreciate it question. guys. And just then a follow-up

starting trying we've just of from kind prices, count, counts, pullback a rig XX% inflation given in the kind maybe frac service just of to XQ 'XX the cost the get November levels, inflation momentum. baking As down losing of had levels, a the sort sense of kind all much crews details at the guess, repriced when the of frac getting I got, right maybe kind would service how conservatism to kind helpful. additional as rigs opportunity you of, of maybe, running, is Just you're of things we're that obviously, of to the cost to And kind now any commodity of you in stand look more you hear lot about kind sort leading-edge be versus built-in some number? pricing are

Christopher Calvert

is Yes, and Calvert, Chris John, this EVP Co-COO.

speak to rather guys do these think, you we in to say little we inflation, I We pricings conservatively. miss. versus to a XX% to the XX% a bit come beat numbers would and that

little fairly so, that's us. a we a good that think has really back recently conservative the be to. estimate And We think market, towards pulled while might for still

is Now with maybe our feel have us. crews the of there with with like to bit does softening happy fleets answer have little in that are that your us, rig question, we market. a we It frac we our

really basins. brings other You competition to had in maybe some slowdowns But Permian. that the

We rock, are the best the in best of Permian the we're Basin. part in

of inflation, do see slowdown. little some are you're And a on been there pressures but so, we there right, operations, bit of has upward certain that our components

MaxCom numbers always these like to that Remote kind efficiencies are service. year Simul-Frac of that this the fifth more of we so, being wells priced faster, do in those will this said, we our room in mention, I progresses. to one of And anniversary night. None But released last Simul-Frac, thing as Brian to like drilling speak the is

we Simul-Frac, continued operationally do efficiencies so, use dual-fuel that's forward, going And to increased capital technologies. expect of whether

So in see going that's really story inflation we of it where kind the XXXX. of to

Joseph Foran

us someone put Matador, first dollar $XXX,XXX, the That capital personal every have but a you on every of Matador that, that Matador it's as money other spent we accuse and sensitive, inefficient. we commentary still really am -- over only started started our second pencils. and quarters part counts, it, footnote expands. anybody's of now to $X sharpen million at start I very I when our $XXX,XXX, our one being they capital to John, nickel is and dime and the who watch when And hurt on

this to any in things follow-up most blame economical there and it, really so, try a we and of vendors fashion mentioned done then, we've results, spending efficiency. But works of with XX kind or now knocked around work do the if saying got seen And And a me. that the drilled view our money, capital earlier, to the planned is and nobody staff capital efficiency, hard wells I with on way improving that as that the you've but to the do on BLM for emphasizes things you've so, was -- drilled is

trillion So, we been gas and X that now nearly which our direct is cubic-feet reserves, barrels, is hope are we a correlation at there between XXX million our had efficient. capital

open a it. to XXX% to effort capital efficient always we're is there better suggestions do and so, And know, if to a trying -- and we're there's be once you way

Operator

from accepting Rezvan question be Capital of last We'll Tim KeyBanc our Markets.

Timothy Rezvan

about acreage I'd year. on part drill of XX% net Arrowhead. plans turn-in your like It are Ranger like start in to this northern on your lines to and the your of in looks

reflects concerns productivity. on today reaction and price stock the efficiency think, overall I

have And about little talk or little in your and year, in as those a expectations a Northern more less more if So, you can Stateline, wells development activity as exploratory you you the nature? this North? view

Thomas Elsener

Bone wells And I'm been a a minute. Northern an Engineering. five and Bridge, oil. place where bit. Tom where years we as going area, ago. Advance is off the now Spring and those Rodney going In of area four, to and the here quite three wells Third of a this in Robinson is the acreage this of drilling start Ned to Elsener, has produced those This and But in Sand wells barrels Southern of each drilled over million X where Ranger pass EVP we've I'm Reservoir to

this wouldn't excited quite area, team at we're an Spring is and between we've it there his Spring Ned Rodney some drilled Bone are familiar Wolfcamp so, Spring Second That know, very Sand that But Wolfcamp wells Sand Avalon, to Second and classify and some and so try Bs here Bone Bone And well exciting Carb Third with it's more Bone quarter. as I out A-XY, Bone development. exploration, said, as point. much the First and first Third some and some still the and got Spring area and I Carb being Robinson at coming online in we've is

of his So, done here, oil for of exploring to we're I today, a and job of we cuts the marvelous known comfortable have very lot lot different team productivity a think, these a high with but and feel wells. not Ned produce -- water. targets have They're

working So, the rates the quite they to of steady decline have said, these that value. the pressures nice long-term And I'll South, Ned. flashy down. over some of don't with they it provide have that, pass we'll will good for being down be high that That places LOE but wells,

Edmund Frost

this Tim, is Frost, Ned EVP at Geoscience.

on nice did Rodney we block of and the I an really Mallon of Robinson, framing for on of tip well it and results, of hat bringing that. between joke acreage basin this said for Tom a kind of time, forward. developing long nice that think, that and a our focused of area the to very again, Advance lot a we've quality a is a mean, kind before, we've really benches job I lot acreage been that value quality, is asset high Advance

kind for excited be we all optimistic you And generate bit Arrowhead. get area this of across our took about and there will also areas of from. We're a back that year. Arrowhead, Matador's a a had you I little still to We're there, value our think to is lot and see do long-term rigs Matador asset asked will think, spread shareholders. to break area. in on that accretive We this will this very

And capable we're to that entire a ways, testimony high-quality bringing I that's across acreage projects think, our the in many footprint. of forward

there that So, I think, do, to after. amount to after always is get go a stuff we looking always and we're year next target as great exploration this of for

bring I'm space we'll forward some continue I'd have to in the sure, So, this to watch and future. more

Timothy Rezvan

I John's And to inflation question as bit like I'd guess on little to earlier. add on a follow-up, cost my

we it's some there year foot, calendar sight there you've reductions. of over year? reduction per see or obviously, that for but expect of rig just you to of But You average. the and put on I assumed you could year? sort the prices implied is softening is recognize line what know that how believe you of kind out steel number, the conservative, it's course curious But could trend $X,XXX count

Christopher Calvert

Yes, Tim, again. Calvert Chris this is

out or upon things think, beat that. I from operationally percentage, our to wells that's expectation drilling to improve goal an and operations go obviously standpoint, like continuously We our increasing faster whether estimates. look Simul-Frac is

of in on past XXXX, we guard say, And started to so, you I -- Simul-Frac gone we to look out, we've XXXX. guess, difficult every while would it's to simply I give rails sort year performance just whether some to where that

We've we've XXXX. increased wells then of on XXXX that number in the that done in

we strings, know that whether things upon continuously casing improve give performance areas while an hard an our always that high capital you we so usage, operating areas group past beat, an say we where at to it's could estimate efficient level. And that on like are that. think think our the I dual-fuel from we to that's redesigning we execute We and look extremely

while I still very do that such so on dollar to forward to improve we and guard that's the have savings year, those procedures. increasing hard things That just it's put we give look nice you statistics rail, last And continuously when as do a of Simul-Frac. sort any a would

Operator

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

Joseph Foran

and and Founder Chairman by our to thank again and extensive CEO, This in come is Joe, once and for to visit. and first more see us Matador, like you the we'll invitation have interest and extend your I'd

than I we second try want that, to to is a quarter. just look longer-term know thing The

some up quarter also productive. XXXX that in in I it really going better and plans, a good. for and of had And to was the great we'll it we but whole make think, fourth -- year that but time be to for trying get us, year laurels, value, to will XXXX. that, be progress of think be good that we rest a such We've the in again but very seen up year be set for but good, this just XXXX, way the first a quarter on for our rest not quarter not the of to but set we're to

to and the I conservative doing have we So the curve. we'd I I I back if on with will us And historic growth Advance, weren't handle it, our want we're that we than production. cost be inflation, conservative X%. a all a lot better on bigger more think overly do But you and history along conservative. getting trust overly think be on that maybe that's on

water strategic. going little when takes different to capacity product if or advantage, control it it you're it, with you have planning. have see again, is I disposed and advantages And just real that's But been Midstream, some a your and And because up. a to limits have saltwater and units your And think your have some the own got -- getting you time you just companies Midstream get that disposed. there market with more of involved, to you

long-term we're that real we have, build, pace. that's measured say, and at what proper trying And something a value to what growth has

have teams you problem a or and drill have rig each of relates all for six timing in to your you've wait of in, could some the do Midstream come getting it. we them their -- that want high-class to timing and And fracking the of And they and your sector. finish to got their the when before you of neighbors to wells in that have

got takes a we've so, them more and and little little And rigs more capital That allocate do timing. a planning help that. to to

this year, also So, tried keep we've up but to quarter, look look the always year-after the then and we to we at momentum. the look at --

like and make once So, when I us, to and if come you at invite detail, and sense plan see see you think, you the want get see all you'll more to it meet in of to as of quality caliber our company. the $XX rock a continues growth emphasize best of I its of billion our the our and people to the success future Matador and assurance quality staff, is the get to we always you'll

I'll But return we off. So sign with will to call don't hesitate always us, that, calls.

Operator

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

Matador Resources (MTDR) 22 Feb 232022 Q4 Earnings call transcript