Matador Resources Co 2024年度报告

MATADOR RESOURCES COMPANY Matadoris an independent energy company engaged in the exploration, development, production andacquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gasshale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-richportion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and WestTexas. Matador also operates in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development andproduction operations and provides natural gas processing, oil transportation services, natural gas, oil andproduced water gathering services and produced water disposal services to provide flow assurance out ofthe basin for its production and to third parties. AREAS OF OPERATION Matador Resources Company Totals Production:201,116 BOE/dProved Reserves:611.5 MMBOEAcreage:349,400 gross / 218,900 netLocations:5,361 gross / 1,923 net Southeast New Mexico & West Texas Production:197,000 BOE/dProved Reserves:606.2 MMBOEAcreage:328,000 gross / 198,700 netLocations:5,080 gross / 1,869 net South Texas(1) Production:728 BOE/dProved Reserves:1.7 MMBOEAcreage:2,900 gross / 2,900 netLocations:6 gross / 4 net Northwest Louisiana Production:3,388 BOE/dProved Reserves:3.7 MMBOEAcreage:18,500 gross / 17,300 netLocations:275 gross / 50 net Note: Production for the three months ended December31, 2024. All proved reserves, acreage and locations as ofDecember 31, 2024. Some tracts not shown on map.(1)Announced the sale of the remaining Eagle Ford shaleposition in South Texas on April 4, 2025.(2)Eddy and Lea Counties only. Source: Enverus Inc. INCREASING DELAWARE BASIN INVENTORY 10—15 Years of Inventory with average returns greater than 50%(1) DEAR SHAREHOLDERS AND FRIENDS 2024 ACCOMPLISHMENTS INTRODUCTION In the fourth quarter of 2024, Matador achieved record quarterlyaverage daily production of 201,116 BOE per day—the first time inMatador’s history that it has produced an average of over 200,000BOE per day for an entire quarter. This production level is a 30%increase as compared to average daily production of 154,261BOE per day in the fourth quarter of 2023. Matador also producedrecord annual average daily oil production of 99,808 barrels perday and record annual average daily natural gas production of425.7 million cubic feet per day in full-year 2024, as compared toaverage daily oil production of 75,457 barrels per day and averagedaily natural gas production of 338.1 million cubic feet per day infull-year 2023. Matador’s Board of Directors, Executive Committee, staff and I arepleased to celebrate over 40 years of executing Matador’s long-term business strategy of profitable growth at a measured pace,resulting in another record year for Matador in 2024. Althougheach year has its special challenges, we are pleased and excitedto continue to return value each year to our shareholders throughour fixed dividend, which has steadily increased (six increases inthe past four years), and the addition of high-quality assets to oursteadily growing Delaware Basin position. In 2024, the value ofjust our producing oil and natural gas assets increased 30% fromapproximately 132,000 barrels of oil and natural gas equivalent(“BOE”) per day in 2023 to approximately 171,000 BOE per day.The value of our midstream assets also increased substantiallyduring 2024. The capability and productivity of our staff andboard members are also steadily increasing. While maintaining record growth, we believe that Matadorcontinues to be an industry leader in capital efficiencyimprovement by implementing batch drilling operations andcompletion innovations that we estimate to have saved $30to $50 million per year. With the cooperative assistance ofour vendors, Matador’s operations team decreased our costper completed lateral foot by as much as 10% during 2024 to$910 per completed lateral foot from our original expectationsof $1,010 per completed lateral foot across our operating areas.These cost decreases are primarily a result of increased operationalefficiencies such as ‘U-Turn’ wells and ‘simul-frac’ and ‘trimul-frac’completions. For example, Matador turned to sales a record fivenew ‘U-Turn’ wells during the fourth quarter of 2024, which weestimate to have saved a total of $15 million, or approximately$3 million for each ‘U-Turn’ well, as compared to drilling ten verticalwellbores and ten one-mile laterals. This focus on operationalefficiencies and synergies, along with marketing efforts and thequality of the rock underlying our wells, has helped Matador leadits peer group in profitability. WHY MATADOR? Beginning with just $270,000 from family and friends at Matador’sinception back in June of 1983 to over $11 billion in estimated assetvalue as of December 31, 2024 (as described below). We believewe are the highest-ma