Dallas-based Matador Resources, with current operations focused in Wolfcamp and Bone Spring plays in Delaware Basin, said last week it reached record production in third quarter. Matador said Oct. 24 it reached production of 135,096 boed in 3Q – up 3 percent over 130,683 boed in 2Q and up 28 percent from 105,214 boed in 2022Q3. Also in 3Q, Matador reached record production of 77,529 b/d of oil and 345.4 million cubic feet per day of natural gas. Those marks erased previous standards of 76,345 b/d of oil in 2Q and 326.0 million cfd of natural gas in 2Q.
Primary drivers of this record performance were better-than-expected production from wells in Lea County, N.M., higher-than-expected production from non-operated assets, fewer shut-in wells than anticipated, and certain land transactions that closed in third quarter rather than 4Q.
Joseph Wm. Foran, chairman and CEO, said, “These results reflect our long-term approach to managing Matador’s business allowing for profitable growth at a measured pace, maintaining a strong balance sheet, and returning value to our shareholders.” Foran said Matador’s drilling, completing and equipping expenses in 3Q were about $4 million lower than expected, and its midstream capital expenses for 3Q were about $48 million lower than expected. Fullyear 2023 midstream capital expenses are expected to be between $135 million to $165 million (compared to previous guidance of $150 million to $200 million).
Matador’s current position in Delaware Basin is more than 150,000 net acres. The company plans to operate 7 drilling rigs for the remainder of 2023 and return an eighth rig in 2024Q1.