Yahoo Finance Matador Resources Company (NYSE:MTDR) Q1 2024 Earnings Call Transcript
Matador Resources Company (NYSE:MTDR) Q1 2024 Earnings Call Transcript April 24, 2024
Matador Resources Company isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning, ladies and gentlemen. Welcome to the First Quarter 2024 Matador Resources Company Earnings Conference Call. My name is Daniel, and I'll be serving as the operator for today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session at the end of the company's remarks. And as a reminder, this conference is being recorded for replay purposes and the replay will be available on the company's website for one year, as discussed in the company's earnings press release issued yesterday. I will now turn the call over to Mr. Mac Schmitz, Senior Vice President, Investor Relations for Matador. Mr. Schmitz, you may proceed.
Mac Schmitz: Thank you, Daniel, and good morning, everyone, and thank you for joining us for Matador's first quarter 2024 earnings conference call. Some of the presenters today will reference certain non-GAAP financial measures regularly used by Matador Resources in measuring the company's financial performance. Reconciliations of such non-GAAP financial measures with comparable financial measures calculated in accordance with GAAP are contained at the end of the company's earnings press release. As a reminder, certain statements included in this morning's presentation may be forward-looking and reflect the company's current expectations or forecasts of future events based on the information that is now available. Actual results and future events could differ materially from those anticipated in such statements.
Additional information concerning factors that could cause actual results to differ materially is contained in the company's earnings release, and its most recent annual report on Form 10-K, and any subsequent quarterly reports on Form 10-Q. In addition to this morning's earnings press release, I would like to remind everyone that you can find a slide presentation in connection with the first quarter 2024 earnings release under the Investor Relations tab on our corporate website. And with that, I would now like to turn the call over to Mr. Joe Foran, our Founder, Chairman and CEO. Joe?
Joe Foran: Thank you, Mac. We'll try to be brief and to the point, but, obviously, the quarter is off to a good start. We're really pleased and believe or confident that the next quarter will be even better. We now have the connectors in place and functioning. So you have 595 miles of pipeline. Their work is enhanced by being in one system. Second, we've -- by doing so, we've increased our flow assurance and not only increased the flow assurance, at the same time, we improved our balance sheet by recently having three transactions. We amended the credit agreement to extend out to 2029, five years, and increase the committed amount from $1.325 billion to $1.5 billion with room to go up from there on the basis of our borrowing base.
And that's important because, think about it for a moment that 19 different credit committees among our 19 banks said that we have the financial strength to do that. And then 19 different reservoir groups reviewed our assets and said they were in support of not only the amounts at $1.5 billion, but we could go higher than that. And this what we call the Triple Crown was -- Triple Crown was supported by both our old and new banks and is in place and is available not that we plan to spend it immediately or anything else, but it indicates the financial strength that we can look for future quarters. And then the last thing, yes, I'm pleased to report that we're going to turn on a record number of wells this quarter. There'll be 43 gross operated wells and 36.2 net wells.
So I look forward to answering your questions today, but also look forward to coming back in 90 days and indicating what we've done to improve the asset base of Matador. So with that, I turn it back to you, Mac, and to whatever questions that are on the line.
Mac Schmitz: Great. Thanks. Thanks, Joe. Daniel, we're ready for questions. Thank you.
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