Matador Resources (MTDR) 21 Feb 242023 Q4 Earnings call transcript

Company Profile

Participants

Mac Schmitz	executive
Joseph Wm. Foran	executive
Scott Hanold	analyst
Glenn Stetson	executive
W. Elsener	executive
Neal Dingmann	analyst
Van Singleton	executive
Timothy Rezvan	analyst
Christopher Calvert	executive
Leo Mariani	analyst
Zachary Parham	analyst
Robert Macalik	executive
Brian Willey	executive
Hsu-Lei Huang	analyst
Billy Goodwin	executive
John Freeman	analyst
Phillips Johnston	analyst
Kevin MacCurdy	analyst

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, ladies and gentlemen. Welcome to the Fourth Quarter and Full Year 2023 Matador Resources Company Earnings Conference Call. My name is Tanya, and I'll be serving as the operator for today. [Operator Instructions] As a reminder, this conference is being recorded.

For replay purposes, and the replay will be available on the company's website for 1 year as discussed in the company's earnings press release issued yesterday. I will now turn the call over to Mr. Mac Schmitz, Vice President, Investor Relations for Matador. Mr. begin. may Schmitz,

Mac Schmitz

and joining Tanya, Year everyone, thank and Earnings Thank for good Matador's for us Call. Full Fourth you Conference you, morning, Quarter XXXX and

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

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

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

year our XXXX connection on I issued corporate -- that press to and can find slide a In release can the we would in fourth presentation yesterday, the like tab now remind full quarter Investor that earnings you addition the earnings that, our turn Mr. with with call and release like to to to Joe CEO. Joe? Relations everybody would over website. And Foran, our Chairman under Founder, I

Joseph Wm. Foran

in. This year importance, for -- growing and Mac, year has the been you to all has you, on thank listen year taking too. taken Thank this very was for last And us. important a time

is is XX%, are is and remarkable been is mention up, inventory, of simply lease year dividends acreage like it's up first The I'd are thing our in production that revenues that a course, up. up up, to that

down, down G&A While down, down, the costs down. is LOE is and is debt including are drilling costs are

the right things improve trying in avenue. the But that. big basic So the story, we're that's but now are around that's the to all picture headed on edges

to professionalism. it's The second out Advance point very and date well. and to we've thing, to the We shout acquisition. sorted out I'd how have that integrated hand off. the and and just like and the in Matador largest acreage It That's the always the efficient we're professional went expectations. smoothly by production very delighted how rock were The very exceeded the people

to thanks your to report those So a we'll start work, now on getting were to We're to across trying and that. X wanted those questions. And them. main to the assets put the be of that conversation, for ready full I get we're points and

Operator

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

Scott Hanold

the industry Up northern midstream in of the part constraint has Delaware, an I mean, issue. been

You little Can more some what much third-party solutions it that impacts going tightness. your and forward? a give to you is how guys in on color you alluded

Joseph Wm. Foran

our business eager that's just revenues they as but down of quickly to midstream receiving that we maintenance. And quickly because appreciate after as operations system. have I'll to around question, not gotten about way more, word the they're a be every part the more We've really a older of Well, off they're for needs to on table that been repaired few they've while part constraints their We get course, they to. fill attended equipment appreciate of in. have but not it have the going But and be the and it's a that leak fortunate reason some there. our to can best or maintenance good for It's others going There's for as get the Scott, to and going of that's can it start And is here probably they're we're it. communications. part repaired it. to it the systems them

later we vintage. -- been We But not of course, the of equipment out have down. our is

put but of the So about matter this things perspective in effect of attended make When whole the think the annual a quarters fairly put that fairly about well has had you for And X,XXX down, experiencing And And is you barrels It's to it. but and come we're quarter is we'll of productivity. in the -- our day one this year, exposure it to didn't working in be expected have everybody they month. up to. problem. that whole production, the you're need easily. talking these on go we of just limited it year, if we X% that there maybe

are little. any and projected acquisitions We our very haven't account into production taken

So production and come up that the with year. each to you you have that other our efficiencies have upside group seems

Glenn Stetson

and just is the reduction this want in Glenn. to what Joe quarter, We we'll resolved saying the Pronto production the between this do of the the this -- very underway. nature the very I the properties be be year. the confident was do Advance to of these system that highlight I'll is that end up issues Scott, well by rest just in of and feel for temporary will on QX. nicely set very connectors ourselves for pile

none hand-in-hand very the lot our and do on development others. side and -- communication the to a did we maintenance Mateo both in We are. but each say feel into very second to is, that teams we that right construction in operations, plans and of have of X goes and way And X well the underway have visibility and well the Pronto the on with the there we San release what Mateo businesses with the connector. And same that go Pronto is is San that uptime the the between to highlight those the daily, just really experience we and permits on

Scott Hanold

And are color. us think months differences wells now. which if timing within the had I those the bring do Advance us second the you my And to expect are Dagger your probably on as wells the any color there? wells, question, wells, And with to performing should you've next it. X like Appreciate the how quarter, those you getting any expect Advance remind you the batch sense Got for of had on. close we of give a expectation? Can relative to follow-up online

W. Elsener

Sure, Tom Scott. is Elsener. This

of get results, The with back Margarita got wells those into believe for long very at soon. laterals opposed results, of with oil the a at first average and part deck very online Page teams. as We've on oil those in pleased will we online quality, wells those integrating quarter XXXX. we've to Margarita cuts, growth wells, wells gone just wells fashion. think X.X-mile those the we the to gotten been to a second similar very we're in come the I come to brought are feeling high strong the very very can't brought over similar August Margaritas about have XX like staggered certainly production in question rock great still online to with very wells we've your going oil XX in as we've big facilities we us. very are how close very project online about Dagger Lake and regarding working would X.XX Those of interest. that those XX%. net cuts them and I It always slide the wells a wells wells said, wait still as high And high cuts are Margaritas. to XX smoothly South of XX, wells Margaritas And in with start. The the said is the XXXX, next those off very it's They've just the I a but online

Operator

our Truist. And question next coming from be will Dingmann Neal of

Neal Dingmann

that [Audio that is I'm Robinson you like just that of strong focus regional I'm seemed there. you question very, specifically about about sort My wondering could just Joe, going the had nice that of focus. this Gap] -- activity. area quarter. around in And area, compares is your Lea talk wondering it very -- very Northern how Rodney strong area? great this Stateline you be talk to to could

Joseph Wm. Foran

your of Neal, out middle it. the cut question, in could repeat if you you

guess. So feel than the if to restate I you trying question, better

Neal Dingmann

the Northern wondering, Robinson? suggested production Roddy in I area? natural 'XX growing that you oil how Okay. Northern Joe, getting that gas faster is do is, think that just boosted, I'm wondering specifically, post Northern County the at think, I Stateline I'm can what Lea I'm of by And Lea Lea visors be activity. area this compares connection assume of activity strong will much to all just that very that you

W. Elsener

in line North happy this but other Neal, of want The the then oil some XX% in Tom. tracks, as bulk to not on wells, have also kind the They're assets very one of drilling also the I of San also first that all very the zone the And from and amongst around X,XXX same the the BOE where we've we generally for we also, But always cut, carbonate in Rodney And even XX based the believe zone cuts and X located that area. about south like of the acreage brought added to with Antelope County year have connected Lea all Advance that that of year. Mateo areas some at where that the area. us. area last been Hopefully, asset connector areas system XX speaking, our one one for the donate been the Mateo IP-ed second Ridge sandwiched that added Xrd those inventory San this acreage part well. and Ned acreage Spring is of carbonate as Glenn quite that continue to We've I'll we've Arrowhead Xrd is quarter about we're of been carbonate and approximately add basin. very and day, kind had kind several But That's and where expect we Spring talked to Mallon well contributing our the also we highlight that Ranger not and have of online believe helped or with in very area we've that the of inventory oil to Pronto high. that that this of those properties chime oil. just very between Robinson we're been our but Spring will wells of helps. of some to to and an kind exactly I last all I that around time, of proud we in the results, also are there. I and that focus interest that at Bone we the take to the may the in is. pleased that's would per we've of kind over strength the on same of we East. the all strong that wells this in of Bone highlighted is area. But the area wells to drilled our proud are

Joseph Wm. Foran

Neal, think, on to asking for come in point be say this last not? elaborate? time as since on confidence up a about level to the would the good want And we I quarter. Glenn, record a people that got lines, the high very or you connector from at we some that night they be do I again, want next questions just have they'll

Glenn Stetson

Yes.

taking be of end is Just together million that go very and another tying confident Joe by processing to And of system day there. will a really the we'll quarter X to said, we're just the gathering. those feet I and first cubic is of by be all that mean, XXX as and said, advantage complete advantage those ready

So them service. excited the put in put ground to and now we're it's excited in getting right

Joseph Wm. Foran

the the there are out They're permits paperwork's X taken, all the it, done. all crews. working all surface are use done, Well, on agreements

of we're done just the continue, work. our in of So substantial control fate. already they've It's amount a

the So couple degree. to, we other coming we'll bring same of again, be nicely. a need together high crews. have And will with the again, we'll It have connector to a extra that's to in we finished if have -- matters, way expedite

waiting us. be on won't they So

Neal Dingmann

Go ahead, Glenn.

Glenn Stetson

we're building it's point, this at on us, good pipeline. and At very

So...

Neal Dingmann

question second is fantastic acquisition. detail. That's land my guys, And

to I be you these about opportunities? and with wondering, think priority highly added that like bolting about you I'm -- to that -- additions? BOE forward the came going be assets assets latest X,XXX this the see the Specifically, continue just successful per continue will a do you all on just besides mentioned day the

Joseph Wm. Foran

some of Most of Yes. XXX course, that question them transactions. did the is, of -- our are asking biggest has yes group, drawn small. our year, yes. development -- is, Neal, attention a very of them for was thank lot but ever another and our Last you were answer business Advance land group deal very,

deals out them making land men, of they're you of increasingly. deals, your you assets a particular trade a that for there It's there rationalization have the Some But our of couple grown somebody -- out what in pant were -- the operate. of We companies. little all larger. just else's time out last non-op years non-op between

And out so orphans little by things like themselves. that are a

So small material your of I come transactions are that efficient. with will in are more by each themselves impact. But very along. these think a have being they aggregate, add they And kind other. those and much Companies big that don't the make up operations that cooperative

real to or their do same the that. And there's to So the in outfits rationale area another. time, are one wanting at a bigger of then some concentrate assets

a few coming opportunities come then those up. equity you got So have always things out. private has And

group but -- the a that say may has lot. sides. they're -- to for they've make out and them I just sense Van's things think want trying to and he there continue it on and word both building relationships And So do a will road

Van Singleton

Yes. bit This try both that is sides. what we deals Ben. a just Joe make win-win I'll said these for to little and echo add

got a long our of brick-by-brick approach. I think record we've track

and and the I this that It a be more That's But pipeline win-win. And to that think make other said favorable deals the to the do. continue. the to able start also the want pretty could for you and these deal, give great shout to we expect as forward. year. we that the we off said, on just, counterparts of same both we see going say to us, do far I And We're a rest a we did relationships, evaluating a saw know, deals the we're want think side to our trying Joe to see out to And for of And bread sides Advance mentioned too. we smaller our deals, what important we're to to keep that you earlier, and that I I constantly on see outlook have so too. professionalism as can our butter. to think expect are as it takes going you different full. to year

Joseph Wm. Foran

They let like reason some managed month. that's another. key like approach. the that or other relationships pipeline keeping those deals. and in one is to and our But it's run the out his group, make deal keep floating the Well, by men been on build pipeline the of hadn't all and stopped to our been and Van deals Neal time, done at just fall there's dry. brick-by-brick chances. to then one We pipeline, of just It deals we And those ability happens effective, for our land each the

Operator

Tim Our next Markets. from Rezvan coming question Capital of be will KeyBanc

Timothy Rezvan

XX I Dagger wanted back to circle the on Lake wells.

in steep look some like underpin They production a provided clearly big earlier. be ramp of pretty the year. them on they're to back going the what's to You comments going half

give Can Or you the they're the of to a sort schedule happening with pivotal to Have expectations? over guide what there. months online started out exactly specificity obviously us there? couple those completions? next what's get is you on have you of So the

Christopher Calvert

Tim, Chris EVP Calvert, great It's this is Co-COO. question. a

South connector Trimul-frac, that these on on If as -- front. But on project. testing at Dagger look deck, going that's as very this planned. this pretty the It's or similar integration. are actually usual good we as South wells, excuse to me, to as far of we have the operations acreage. the going Lake a some on Advance XX Lake our timing XX We our slide is you to Pronto down messaged the story everything in summary a kind of It's Slide business pilot Dagger

operationally your in And going but itself kind so forward be seems but plan. everything pushing date to for we're question, Trimul-frac as very just and moving And line planned. operations of QX to of excited about we're turn-in more according are specific to forward that

Glenn Stetson

I had when a they out and we properties, is water built highlight this to dispose a Stetson. system to wanted the Glenn had there Tim, too. just well Advance that gathering And bought they

side. that gas side, with so the is be water planned Pronto we'll gas on mentioned, the tying connector. then that And And into on I to go the as to

all there takeaway we're set standpoint. up So a from

Timothy Rezvan

do And Okay. any happen? [ know ], have you April on I those Just then tills provide can will understand. June? that trying you you to staggered timing Like in when or

W. Elsener

mid- in the since Margarita, a further Very things I are tend agree have my Tom the have We'll is ramp-up again. did along Tim, guess. these probably to things on to Chris, second these is change probably to compared how integration side. we a a And bit great probably facilities many Yes, bit the forecasts, But do this to very and little little quarter. of of Margarita they well, compressed in are late confidence we QX with process. going but similar

Operator

Our question coming Leo will Mariani. next from be

Leo Mariani

color kind little So just on the to wanted of get a bit of midstream. more kind

confident issues behind of you seem think end quarter here. you I guys the first sort of the obviously very be at the will

just plan? a So parties. to potential new for as you're once $XXX dependent upon do you in this kind million Pronto address everything where not Pronto could partner you lot of system, to on you San And your connected the feel like third gives and the then is of kind more Advance conversations terms in redundancies of you Mateo, also stand to

Glenn Stetson

yes. start. Glenn. This The I'll answer is short is Leo,

be to flow one the the X or way set those Mateo can will other. systems San Pronto connector that So up such

and expansion of we're million $XXX that a capacity And Pronto swing second whole looks that those or San provide for -- be. And be second that there's underway the feel fill system, today the that or X between actively are day of there. -- a going it's BD where of lot the Matador's but today plant gas And we're of equity half teams on Mateo certainly, Pronto it situation back our third-party is that excuse there forth volumes -- like either plant for lot to more deliver can the basin. but northern with first more so the expand me, what more as there'll exists to nature plant that might what and capacity will expansion of teams flow assurance a of are second maintenance extra half of flexibility the XXXX. volumes whatever the and -- And preventative scheduled systems our on to given going a will in we plant opportunities and that opportunity today, working the for the once there is times on are and system is system, that the like up part

Leo Mariani

And $XXX color discussions, just helpful. you with That's potential plant? on kind new partners million for Okay. any where of that partner stand

Joseph Wm. Foran

question Yes. I'll position. Leo, that take a -- are we that -- in look, is

We of fund on have We what million for $XXX RBL money we to the over paid borrowed plenty down acquisition. advantage it. our on our RBL

that So is there. that's that it's use of the

on RBL. We $X have our over billion

have standing. good We

it's So not a problem.

the Our Mateo. criteria so we to in in have the bring we some what that something the we're that of -- drilling is gives helps like or with that San partner, extra value not some way incentives enhances or plant, the the because and interested efficiency need system table somebody

trying get it, place because to find out can And already who If of interested we're have not a RBL. financing. our appeal just can doesn't we're partner we have in that a we with is talking in that So enhance but lot there.

Operator

from will Zach question next Parham our coming be of And JPM.

Zachary Parham

in able some you Can on to a XXXX? still cash were will first to at your a you're your than us the in had future to was bit thoughts subject of modeling the cash assumed of just defer be majority XXXX give pretax income better on taxes taxes you'd taxes, as guess any years? how AMT. we on in how color guidance X% we And I trend XX%

Robert Macalik

I'm Rob Sure. Macalik. Officer. is Chief This the Accounting

In with that to we internally on continue deduction take and and up was external providers tax rate. that go as XXXX. in were hard, X% you going to down and credit we're for every about both XXXX, that, to We allowed try really our noted, we tax take work our law. current under We tax knew

that's just I the think as we we vague that out we feel our than a to bit referenced better but were be it confident alternative continue tax current there that through even for we estimation anticipating won't the what very is kind XXXX. work to in KMP, little that of you guidance minimum subject

pretax to subject evaluate continue and But through We factors moment, continue good like as be we'll go and down in whether you can the to said, to XXXX, that. about much and just we'll to are to that of can. said, income work our that we very like But cash into the we continue there look XX% so as feel X% would be that drive many we'll that monitor taxes. at I

Zachary Parham

And then one just quick follow-up.

expected flow there's detail quarter. that On that $XX cash if future are you in million payments Advance the payment to any and deal? Can this statement, what regards was to there a exactly

Van Singleton

is This last we interest that for deal was Van. additional complementary actually what very Zach. a on the tack-on to in Sure, some was closed year. had basin That

know goes make had we move the deal. are to same but were earlier just this so a to additional I think that, from they acreage and out these interest and called wanted expand which you They to I that And more towards it deal, Brian, that want important. we said was able don't if us, on relationships what

Brian Willey

this Yes, Van, Brian. is

I think right. that's exactly

add And as XX to and we We XX year acres bought. online excited the the really interest continuation really on fourth similar great statement, on is a it's But the came that already Advance wells we the wells Margarita almost rules, combination did we so in come about to about. talked it's business additional coming it's that -- And deal, the treated year. expect last wells accounting before. some the we're of of cash this for flow continue a -- they as because on

the continue and complete folks to acreage, with and able great being really these to transactions. we working So [indiscernible] enjoy

Zachary Parham

Can detail Maybe squeeze one could acquisitions? in. more those I production that came with if any you

Brian Willey

is Brian. Yes. This

that per really got. day So the I X,XXX due acreage Advance that is mentioned acquisition, think the interest the BOE release, additional in that really, we that Advance that to we and

I oil, is feel forward, it's good we going And oil that's XX% we so us. XX% think a And what think at I got. for if look

so it's good acreage. And really, really

And so good interest.

really that's specific that So for deal.

I think we way. do blocking our group mentioned the deals and that, does to time. and they we very job tackling earlier, continue and add all interest And a at land good that add production

And year growth, think doing so the as course, year, year. that deals grow we this that few continue do job a we deals. years this throughout do always of of last is land done they'll part to the that a has we'll XXX and that We expect group great

Joseph Wm. Foran

worked [indiscernible] us some were and primarily it transaction. minerals also was that appreciated in some that with us. and Matador good on overrides fit We They a for

But this, if we like a have isn't huge. follow-up It got impact. nothing that the do so we we And that. they'll and favorable appreciate

Operator

Oliver be will coming TPH & Huang Our of question next from Company.

Hsu-Lei Huang

Just on side, I using or going about this think completions of are to be Simul- year the you highlighted Trimul-frac all ops. XX% operational

much a of kind as been cycle cost into how time today? expected outlook the and from benefit your Just the perspective it efficiency have benefit underwritten XXXX sits also of

Christopher Calvert

great Calvert. Yes, Oliver, is a Chris That's question. this

help focus main really put OFS capital in that those the XX to footage of is has efficiencies do And our referring Slide about we where we're operational talking insulate forward teams from kind or efficiencies. been our how deck the inflation deflation. lateral really, completed of any sort You're of that

Simul-frac XXXX. baked when capital look a budgets. And the we of cost savings associated Simul-frac into and/or our We Trimul-frac, so savings pilot-tested lot with are in at those

such So I we we're budget into portfolio, -- now that become do budget. Trimul-Frac a that process standpoint, efficiency of still think it now. of I an in calculate doing said, that forward-looking we that factor right percentage our like our and large has -- from

we're about from far And the Simul-frac. will so of to April. we call excited XX% a on think the talking more in as Trimul-frac. completion what I about capital We standpoint as saw improvement efficiencies But move we'll to be that we when XX% gain, efficiencies in the about

improvement by the some Trimul-frac And numbers, incorporating similar operational portfolio. standpoint a so we're efficiency significant expecting into from an operational

Joseph Wm. Foran

Chris, to on capital U-turn you're going that area, there. the look wells savings Page same Tom about and on the and you talk XX. was thing, why M to ask at I The Slide

W. Elsener

Yes, Oliver, at the wells. looking U-turn Slide Sure. on M Thanks, Elsener. Joe. Tom this is

results talked first pressures of about X kind Wolf as IP our X-mile-long And property lateral, production or BOE just that we've drilled performed very U-turn first straight before, called on very a they're those from done U-turn in we even of had wells, though per they like day. high we've and As successful wells Texas. X X,XXX rates wells before between our and them X,XXX we've

with so really to like drill the the rock cost the those You there next months put several -- may now. would lateral combined a be the We into of mix we're years. the think great highlighted may those. And program, I the if more that a it wouldn't wells know just savings that to of ready to kind over few X down want difference kind was had nice U-Turn results. We we some that monitor or we've And U-turn more execute XX team do or up U-turn. we schedule there, to X-mile from of seemed the to kind for of production into that of drill wells

the phase. are I different they'll still in about going so kind We very learn some for very areas. that different And of targets think learning in I think be We're to successful. those. And we're excited

it. not the So running we mode think walking about still yet -- I mode. we're very still optimistic quite We're think of we're in but the in kind I

Joseph Wm. Foran

innovations you're the to Billy, rig your design. group say and managed pressure else you've had on? a working you anything to of for drilling Do lot want

Billy Goodwin

job our through record had have on coming out good top and the looking getting and rigs I XXX. mean already to to and U-turn our operation, new so drilled rig, and a Patterson or been and it a just They and last there there and the do the they've it a that lot ahead get doing out it to shout was they've decades. and we got build We're also us But time, there highlight. really at well. XXX since Patterson Schlumberger They've sir. showtime some their them. we're started to game fixing was together, ] was great and also we of their technology it, and next work Board upped to week good there done systems little things production people to together. go worked really we engineers and with our But out there, just while with X and getting and our some frac and and us they others rig got intermediate had were project, and that it of did Yes, extra MAXCOM week, leave up mention a wells us, from we're to the a just They [ it's that and to records we're operating put where we there operation. And game. completed, good we and great sure great I give didn't started and rig wells, good set job with help there, that there MAXCOM there and geologists successful this of picked a on us. at X,XXX-horsepower do on with stay up with especially now great couple our with job we've more Halliburton, after the those a everything had a like out engineers add continued techniques ago, another as there. And -- with one and while hole expecting rig, make got a and group, work good larger all out surface talking year is side a records done the Patterson with a about hole, we're have to getting for

better it an get of of little the that's in the other a zone, each our -- new records a zone, barrels to and us people, drilling there try about better time $XX that's talk I we're get zone And just operations. And don't of get also, faster, stay when in all sides the and extra work of So makes and we the to money, of but time. they an out you and talk and you XX,XXX coming in. us oil to better, all lot saving, lateral We foot, talk and just barrels get and a our for great both a money and staying in staying engineers spend of all be you money the geologists operation to extra time, lot. XX continuously and a and is on there. records hands there. XX% a per But that in saved the worked oil. of with drill We XX,XXX-foot million a We all XXX% in right big we you the about part. lot mean about know

great, have a been want job. Chris, completion a just both doing you program efficient do that? around something to add and drilling great to So all and

Christopher Calvert

the just Oliver, loop. Yes. close of I'll kind

It's relationships just a for it us not what There's to into And through case that every for year. come of around kind can so those I looked we down is operationally that for And you us from that's technology a we push time, improvements reimagining new make just NexTier other comes for more then and Patterson, really comes and just single goes or complete to win-win to and of really of Halliburton. partners, a and that technological here a office. our that's side. something such the we Trimul-frac. people a as or us better Simul-frac be Trimul-frac -- look think of and lot in in continue which been drill NexTier, faster how wells situation process. find and vendors at to process a and the it people It's but long like a Simul-frac, help this also would engineering reimagining Patterson, efficiencies

capital combination think efficiencies we maintain of maximize I So our how a standpoint. and operations it's from look the good really approach to

Joseph Wm. Foran

efficiencies, I do Speaking have wait who we're don't it. appreciate we is giving for some and... on to all need the time, there. Forrester there the is pipe out We while of him shout-outs Smith, -- to

Christopher Calvert

numerous. on that, just ready decades. list far case for we Yes, when people. going like a things is correct, you're as well, our our really pipe up looking and to held location don't and casing have anything Joe. ready and if tills a you're has you we're when to be The service lot provider at But provider been of timing that as There's think I about talk

relationships good the in help times and have the you think back weather that flourish I go that so bad times. And

situations to is I forward think a companies, a we continue itself. the that Patterson, vendor to And and something make level, the and it of win-win at tremendous whether we Matador so value for both partnerships Halliburton, NexTier, casing it's kind push

Hsu-Lei Huang

great increase I caught wells across Bone results all the that detail. for of eye my you data know capital for program. first and for the but have targeting kind And the had That's extensive our of Spring the follow-up, XXXX stack

to behind there's just if commentary kind of year-over-year So also any the trends productivity for and of a well for embedded on wells decision? process expectations program And any respect sort that color with assumptions whole. the for thought as maybe those

W. Elsener

the have throughout Sure. years Downey to confident feel in certainly investing Slide #X portion, was that EOR -- Spring in put that continue of kind program, of kind interval and the to delineate different showing Spring we you going well is and successful years see -- variety very, to Ridge, out and productivity the the those first your a a Oliver, Delaware many the Elsener. all X of or all kind different continue. money of Bone our oilier of continue First Antelope Even the First going the very very focus in Northern part we that are there's Bone to in we've areas well Eastern we kind kind specific with generated Slide our There the of Basin performances really resources on could last northern simply asset C been Spring we average Marlan into investing of that tested zone the Yes, Tom company's very of in the targets. Kind reason back because question, at but in over we're is results the been like that. solid. to yes, and this oil Bone expect that First awards ago we

Operator

Our next question will Freeman be Raymond John coming James. of from

John Freeman

Marlan out on once you Can envision speak the that return payback processing parties volume On and that's Matador up third how and period plant the split year? running between plant, and the to you also it's all laid you the expected. next

Brian Willey

now I is this a to that, after. and really, John, Matador. take XX% right clean Yes, then can I'm Brian. anything at we're happy But Glenn San Mateo, XX%, think shot at up

now. plant, almost with you think as right over up split end forward, almost move But new the think opposite you'll I plant. going the the more it's I XX-XX Pronto, to with new

probably So party. And and all being in we those in, to up of We the area. them third other XX% we'll end Matador Matador, opportunities. lot are up there forward a look XX% third-party think that

of of good a lot lot And and repeat partnerships customers. a so

lot build of we as think there. plant, so real the there's And we a opportunity

John Freeman

the you this year. which for kind for follow-up, and great. Brian, talked is about like need for dovetails about of it it seems That's kind then you more in of processing And a -- just all area my probably mentioned,

plant that all some processing year, all of we another there another And identified lease at you've like expand like area capability? being point, area once the that, guess you acreage so the about to coming would footprint across -- I is think Marlan is expansion sort next already completed

Joseph Wm. Foran

think do did and -- still why of happy and in there's them our is. we're planning us to all stage, opportunity to the and we'll mind the And we've out detail we prioritize certainly that's firm on But you. you, that be thinking a go our out, that that's it's have other John, a to opportunities. is what a got and matter there we to little it our up for lot along good to with but stage share go a tenant opportunities drilling We've And part and third a time is table about give this because with process, but great ideas with all of and in reconciling are too party the some -- exactly we're have plans, thinking we we'll and when then be each little we come factors. -- great the guys -- other. around those

Operator

be from next Johnston Phillips coming Our will of question Securities. Capital One

Phillips Johnston

QX. answered the been questions maybe but clarification my property in Advance of just a Most on have additional acquisition

a impact to QX. X,XXX about day mentioned You

impact of impact of quarter's impact, partial is that of number? a a north closed? the run full meaning terms when in Just that or that rate somewhere timing current that Was quarter's

Brian Willey

really to that done answer impact. the really to we're really referring XXXX. happy land just into On said, us again, returns guys I'm It full I for will continue have fantastic the -- Brian. is referring I deal we're X,XXX, job. this have mean I think, go-forward think I Yes, a quarter to a the basis, that. going good to forward as

we're over you XX XXXX, XXX,XXX of Page and if think X,XXX acres, deck, you'll see look had now I our net at we in acres.

fantastic our And to do so they reserves a add and that production, our continue to job. to brick-by-brick acquisition add build and

Phillips Johnston

clarify you've been any ones acquisitions embedded volumes from small-scale guidance, exit types of fourth to it 'XX the is future does organic quarter production just in the incremental assume where And rate Great. sort today? see what's from of Okay. these your Or like we doing? guidance

Brian Willey

Yes.

acquisitions that really, I think closed, those account. it's going more year, forward organic close But in than we to take know that being it's that, major, closed it's other are we into large or this growth. being

these that. of will know there of And There's some I be think so that. we that we brick-by-brick always acquisitions. do some And

we growth into it's as of exit really, take organic rates more on So XXXX. the the a that But just year account. for we look some at straight

Operator

the MacCurdy from Energy Pickering be will And Kevin Partners. question final of

Kevin MacCurdy

appreciate the I details all lines and on quarter CapEx. first the turn

-- wells that us cadence to that turn-in-line going Or how we in mean, CapEx on XQ mentioned another wells? year? come the of you bridge the higher? production drive Is the the throughout is there what's the oil expected. more I slug hit second rate, quarter. than guided that XX gap that you you really or kind can Can color the rate on was on better exit help provide any for You of you exit

Brian Willey

thanks the Brian. is question. for This Yes. Kevin,

second through and higher. help going wells quarter, drive year, think will the those in talked really about those do production on I come the we XX

In to addition, turn total, to XX wells. net in expect this year, we sales

kind well as forward as out the quarter spread go are throughout those the fourth second, of third so And quarter. we into

split come online. It's quarters a and quarter really those quarter with kind second it's third will from mix so And just the because the of XX towards second between quarter more wells weighted there. X

that us about. that that for quarter so And sets we've talked up fourth great

exit about rate up excited I how for us that and year. think really we're next it sets

Kevin MacCurdy

processing expansion in follow-up, that payments XXXX much the on of you the to million plant my I overall. $XXX Marlan mentioned plant some how cost said you budget is the that, expansion? midstream think past, allocated as plant XQ, made And in the Great. you've that could

Glenn Stetson

Glenn. -- is is this Kevin, This

So for Marlan some the addition of XXXX, of between CapEx and properties -- the out $XX stations compressor the And of million with the then Ranger. on actual that we're talking North there associated attributed part to million the approximately our about a Ranger there's build-out then that X and Northern building the -- is the $XXX connectors obviously to to plant. we've

Operator

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

Joseph Wm. Foran

Yes. I have do remarks. few a closing

and last we were for The last XXX,XXX highlights BOE company during first XX%. Slide that we about year was year. D, is other I by did. saying this Advance just come per the with day and enough, our year. that time to I beginning thought year, the we and refer sure would you to that at At which the programs, summarizes -- barrels our drilling up And boost

barrels. was rate XXX,XXX exit Our

by work great So the team.

and emphasize has in interest of employee our itself have that -- and management XX% Matador, about the of we group that and Slide that participation our just program. D also Second over shows purchase alignment stock X%

dollars. got our just table. I'd the in that XX/X this you, of MAXCOM So eye added years, and for each company, give chips on period, like we're it's millions we've of sure shout paid room. like the a everybody to they've to getting the tens over measurement oil an be and And our barrel like of also to time runs out room It throughout and MCF. keeps

at discussed think meeting. Board the I was $XX number million our we

that each invoice. work oil So tracking each them at of great by and it's in barrel checking

to asked Some you work, really price things have good shift to it lot to questions just it's oil if million and just all reserve there'd also -- of paid but oil a more from I that. stuck be but $XXX the tedious some than they've emphasize $XXX slipped, want And of million. that that's growth off. I'd hadn't of

be probably approaching Delaware would Basin land the X,XXX. acreage when began we interest, in the land men, $XXX increased they his remember, this and you that group, affairs area went the position from as to Van the acres, group and think XXX,XXX of with those, and acres guys establishing if an XXX,XXX and we as you public XXXX, And of Some women, I million. the of the then itself, growth -- women we're

this go gone in XX we've to have And over X,XXX I've didn't without the and been blue-chip in being customers third-party years. companies these be you we've believe from are I So growing and the XXX always want basin. really that business from to missed careful. Also, I've revenues that to out tried -- there XXX,XXX.

in. cost, Vans rigs more modern been team Billy's on capital I using group a innovations started a And we're you I room our and as And on K $XXX,XXX team continue of will but efficient, locations that should this am for just put you year he's more and tortoise with approaching his right? foreseeable these little we and make is a that midstream, putting thing is public. such the a the one been [indiscernible], little is saving of the also I And altogether Page growth come that doing and by the Slide with together there. And So kind MAXCOM saying bit we of bit after since number billion. that have went it's Tom that think money And of, us to as shows see getting today, steady year. assets acquisition $XX the hare XX, be

Unknown Executive

yes. Joe, are You

Joseph Wm. Foran

see on but dividend. on They lot strong ways the gave compared Slide offer eye too, that's have time the outperformance we've what the to price hard than been And for to balance continue me we sheet S&P leverage a oil to and our to and that's O -- XXX we had add. because performance pronunciation of And consistent with X, we're balance to can you look with big boost less my ratio my of sheet shareholders, a think intend years over an the that some a I a a keep on ex-LP.

available to also you. we you know want do look, that, I So to are

got them. really questions. Brian you need answers. questions, your Welcome is you've will to Mac good. If take

we'll have If lunch buy and you extensive. you we'll more breakfast have come visit we'll -- or us, a

of get proud And getting are up old-fashioned day and staff of shovel and steady every working want we be by little. where -- to help we I today pick it's going bases on to what from we're forward, the progress right. and better get done year day. It's we're So to to very aim the -- And outlook the making we and kind we and were and that's team because for. a we what see better little corny our ago think think where say are we're can still what trying we're open every that's the that, better. But it's get people you to

open. off sign to now I'm lines our that, going are with but So phone

talked the well us that you information, you and to and for If you as as follow-up further time need thank have study. taking

Operator

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

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.