Dallas-based Matador Resources said this week its 4Q production was 201,116 boed (59 percent oil) thanks to better-than-expected performance from new wells in Delaware Basin and higher production from non-operated assets. The 4Q output is 30 percent more than 2023Q4 and the first time Matador has topped 200,000 boed. Oil production in 4Q was 118,400 b/d – below guidance but up 34 percent from 2023Q4.
Wells acquired by Matador from Ameredev Stateline II accounted for 23,200 boed of 4Q output. Joe Foran, chairman and CEO, said Tuesday that Ameredev assets produced 11 percent more oil and gas than expected. And Matador said it realized $4 million in drilling and completion savings since September.
Matador completed and turned to sales 33 operated wells (gross) in Delaware Basin in 4Q and 124 for fullyear 2024 (half in Antelope Ridge region in southeast New Mexico). Forsan said Matador expects to increase new wells to 144 in 2025 and focus operations on laterals of at least 2 miles. Guidance for production is 202,000 to 208,000 boed.
Forsan said drilling and completions costs are forecast to fall to $865 to $895 per lateral foot – down from $910 in 2024. Capital spending was $1.32 billion in 2024 with 2025 capex expected to be $1.28 billion to $1.47 billion. He added, “While we celebrate our 2024 results and accomplishments, Matador remains focused on its continued growth, profitability and increased efficiencies in 2025… The Matador team fully expects to produce record results again in 2025. Matador aims at increasing its average boed production by 20 percent.”