Dallas-based Matador Resources said Wednesday because of lower commodity prices it will reduce its 2025 drilling and completion activities, drop from nine to eight rigs by midyear, and reduce capital spending by $100 million to $1.275 billion. Joe Foran, chairman and CEO, said 2025 production now is forecast at about 200,000 boed – down 5,000 boed from earlier guidance. On a conference call Thursday, Foran said, “When prices get a little lower, you take a few more moments to think about what you are doing.”
In 2025 first quarter, Matador’s total production was 198,631 boed for an increase of 32 percent over last year. That was slightly above guidance of 195,000 to 197,000 boed. It turned to sales 40 gross (33.5 net) operated wells, including its first 3-mile lateral wells.
Foran added, “With 13 formations and over 20 producing zones, Matador believes the Delaware Basin is one of the best basins in which to operate in turbulent times. Matador has approximately 18.3 million feet of inventory and 1,869 locations in the Delaware Basin. Matador estimates that these locations provide 10 to 15 years of inventory… According to Enverus data, Matador leads its peers in well productivity.”