Dallas-based Matador Resources last week raised guidance for 2024 fullyear production by 6 percent and said it expects to produce more than 200,000 boed in 2025. In third quarter Matador closed its acquisition of Ameredev, and production from the first 7 wells turned to sales since the effective date of the deal exceeded expectations by more than 10 percent and averaged 1,975 boed (76 percent oil) during initial 24-hour production tests. “Matador now owns nearly 200,000 net acres (196,200) in the Delaware Basin,” Joseph Foran, chairman and CEO, said Oct. 22, “which is believed by many to be the best basin in the United States. The Delaware Basin is also where we have 10 to 15 years of inventory….”
Matador achieved record production in 3Q of 171,480 boed (5 percent above guidance). And production of 100,314 b/d of oil was 3 percent above guidance. Production in 2023Q3 was 135,096 boed, and in 2024Q2 it was 160,305 boed.
Forsan added, “Matador expects continued records and consistently improving operational execution in 2025. We anticipate that average total production will exceed 200,000 boed (60 percent oil) during 2025 with our current 9-rig program.” Guidance for fullyear 2024 increased to 167,500-to-172,500 boed from 158,500-to-163,500 boed. Matador also owns a combined 28,400 acres in Eagle Ford and Haynesville. Upstream capital spending will be “a little bit higher” than this year’s budget of $1.25 billion.