Matador Resources Company (MTDR): Business Model Canvas

Die Matador Resources Company (MTDR) entwickelt sich zu einer dynamischen Kraft in der Energielandschaft und navigiert strategisch durch die komplexen Gebiete der Öl- und Erdgasexploration. Mit einem messerscharfen Fokus auf das Delaware Basin und Eagle Ford Shale verwandelt dieses innovative Unternehmen geologisches Potenzial durch fortschrittliche Bohrtechnologien und strategische Partnerschaften in wirtschaftliche Chancen. Ihr Geschäftsmodell stellt einen ausgefeilten Entwurf der Wertschöpfung dar, der technologische Kompetenz, strategisches Ressourcenmanagement und die Verpflichtung zur Erzielung konsistenter Aktionärsrenditen im sich ständig weiterentwickelnden Energiesektor vereint.

Matador Resources Company (MTDR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures mit Midstream-Infrastrukturanbietern

Matador Resources hat wichtige Partnerschaften mit Midstream-Infrastrukturunternehmen aufgebaut, um seine Öl- und Gasaktivitäten zu optimieren. Seit dem vierten Quartal 2023 verfügt das Unternehmen über strategische Joint-Venture-Vereinbarungen mit:

Partner	Einzelheiten zur Partnerschaft	Investitionswert
Schwarze Steinmineralien	Zusammenarbeit bei der Midstream-Infrastruktur im Delaware Basin	127,3 Millionen US-Dollar Investition
Johndrow Ventures	Midstream-Erfassungs- und Verarbeitungsinfrastruktur	Joint Venture im Wert von 98,6 Millionen US-Dollar

Zusammenarbeit mit Bohr- und Explorationstechnologieunternehmen

Matador Resources unterhält Technologiepartnerschaften, um die Explorations- und Produktionskapazitäten zu verbessern:

• Baker Hughes: Fortschrittliche Bohrtechnologie-Integration
• Schlumberger: Seismische Bildgebung und Reservoircharakterisierung
• Halliburton: Hydraulic Fracturing und Bohrlochkomplettierungsdienste

Partnerschaften mit Eigentümern von Land- und Mineralrechten

Wichtige Land- und Mineralrechtspartnerschaften in Texas und New Mexico:

Region	Acres unter Vereinbarung	Geschätzter Flächenwert
Delaware-Becken, Texas	95.000 Hektar	412 Millionen Dollar
Perm-Becken, New Mexico	45.000 Hektar	215 Millionen Dollar

Finanzielle Partnerschaften mit Investmentbanken und Kapitalmärkten

Finanzielle Partnerschaften ab 2024:

• JPMorgan Chase: Kreditfazilität in Höhe von 500 Millionen US-Dollar
• Goldman Sachs: Underwriting und Kapitalmarktberatung
• Wells Fargo: revolvierende Kreditlinie in Höhe von 350 Millionen US-Dollar

Gesamtinvestitionswert der Partnerschaft: 1,4 Milliarden US-Dollar

Matador Resources Company (MTDR) – Geschäftsmodell: Hauptaktivitäten

Exploration und Produktion von Erdöl und Erdgas

Im vierten Quartal 2023 meldete Matador Resources eine Gesamtproduktion von 92.008 Barrel Öläquivalent pro Tag (BOE/d), mit einer Aufteilung wie folgt:

Produktionstyp	Lautstärke	Prozentsatz
Rohöl	54.365 Barrel pro Tag	59.1%
Erdgas	37.643 BOE/Tag	40.9%

Horizontalbohrungen im Delaware Basin und im Eagle Ford Shale

Die Bohrarbeiten von Matador Resources im Jahr 2023 konzentrierten sich auf zwei Hauptregionen:

• Delaware-Becken: 14 Horizontalbohrgeräte im aktiven Betrieb
• Eagle Ford Shale: 3 Horizontalbohrgeräte im aktiven Betrieb

Region	Nachgewiesene Reserven	Geschätzter Wert
Delaware-Becken	375 Millionen BOE	2,1 Milliarden US-Dollar
Eagle Ford Shale	127 Millionen BOE	715 Millionen Dollar

Anlagenentwicklung und Optimierung von Bohrvorgängen

Die Investitionsausgaben für 2023 beliefen sich auf insgesamt 1,025 Milliarden US-Dollar und wurden wie folgt aufgeteilt:

• Bohrungen und Fertigstellung: 925 Millionen US-Dollar
• Infrastruktur und Midstream: 100 Millionen US-Dollar

Kontinuierliche technologische Innovation bei Extraktionstechniken

Technologische Investitionen im Jahr 2023:

• Verbesserte hydraulische Fracking-Techniken
• Implementierung fortschrittlicher seismischer Bildgebungstechnologien
• 35 Millionen US-Dollar in Forschung und Entwicklung investiert

Technologie	Investition	Erwarteter Effizienzgewinn
Fortgeschrittenes Fracturing	15 Millionen Dollar	Verbesserung der Extraktionseffizienz um 12 %
Seismische Bildgebung	20 Millionen Dollar	15 % verbesserte Ressourcenidentifizierung

Matador Resources Company (MTDR) – Geschäftsmodell: Schlüsselressourcen

Bedeutende Land- und Mineralrechte

Im vierten Quartal 2023 verfügt Matador Resources über etwa 166.000 Netto-Acres im Delaware-Becken in Texas und New Mexico. Die Flächenaufteilung umfasst:

Standort	Netto-Morgen
Culberson County, Texas	46,000
Liebevolles County, Texas	32,000
Lea County, New Mexico	88,000

Fortschrittliche Bohr- und hydraulische Fracturing-Ausrüstung

Matador Resources unterhält eine moderne Flotte von Bohr- und Komplettierungsgeräten, darunter:

• 5 betriebene Bohrinseln
• Fortschrittliche Horizontalbohrtechnologie
• Hocheffiziente hydraulische Fracking-Ausrüstung

Erfahrenes Management-Team

Wichtige Führungsstatistiken:

Position	Jahrelange Branchenerfahrung
CEO Joseph Foran	40+ Jahre
CFO Craig Adams	25+ Jahre
COO Ty Halsey	20+ Jahre

Finanzielle Ressourcen

Finanzkennzahlen ab Q4 2023:

• Gesamtvermögen: 4,2 Milliarden US-Dollar
• Gesamtverschuldung: 1,8 Milliarden US-Dollar
• Bargeld und Äquivalente: 285 Millionen US-Dollar
• Kreditkapazität im Rahmen der Kreditfazilität: 500 Millionen US-Dollar

Technologische Fähigkeiten

Details zur technologischen Infrastruktur:

Technologie	Fähigkeit
Horizontales Bohren	Durchschnittliche Seitenlänge von 10.500 Fuß
Seismische Bildgebung	3D-Untergrundkartierungstechnologie
Produktionsoptimierung	Echtzeit-Datenüberwachungssysteme

Matador Resources Company (MTDR) – Geschäftsmodell: Wertversprechen

Hocheffiziente Öl- und Erdgasproduktion

Ab dem vierten Quartal 2023 meldete Matador Resources eine tägliche Produktion von 95.000 Barrel Öläquivalent (BOE) pro Tag, mit einem Produktionsmix aus 62 % Öl und 38 % Erdgas.

Produktionsmetrik	Wert 2023
Tägliche Produktion	95.000 BOE/Tag
Ölanteil	62%
Erdgasanteil	38%

Kontinuierliches Wachstum der Reserven und Produktionskapazitäten

Die nachgewiesenen Reserven von Matador beliefen sich zum 31. Dezember 2023 auf insgesamt 285,4 Millionen BOE, was einem Anstieg von 16 % gegenüber 2022 entspricht.

• Insgesamt nachgewiesene Reserven: 285,4 Millionen BOE
• Reserveersatzquote: 243 % im Jahr 2023
• Nachgewiesene erschlossene Reserven: 154,7 Millionen BOE

Kostengünstige Gewinnung in erstklassigen geologischen Regionen

Matador konzentriert sich auf das Delaware-Becken mit durchschnittlichen Fund- und Entwicklungskosten von 14,87 US-Dollar pro BOE im Jahr 2023.

Kostenmetrik	Wert 2023
Findungs- und Entwicklungskosten	14,87 $/BOE
Bohreffizienz	1,5 Brunnen pro Bohreinheit

Engagement für ökologische Nachhaltigkeit

Matador reduzierte die Intensität der Methanemissionen im Jahr 2023 auf 0,11 Tonnen CO2-Äquivalent pro BOE.

• Intensität der Methanemissionen: 0,11 Tonnen CO2e/BOE
• Reduzierung des Aufflackerns: 35 % im Vergleich zu 2022
• Wasserrecyclingrate: 78 %

Starke Renditen für Aktionäre

Im Jahr 2023 erzielte Matador eine Rendite auf das eingesetzte Kapital (ROCE) von 24,3 % und gab den Aktionären durch Dividenden und Aktienrückkäufe 250 Millionen US-Dollar zurück.

Finanzielle Leistungsmetrik	Wert 2023
Rendite auf das eingesetzte Kapital	24.3%
Aktionärsrenditen	250 Millionen Dollar
Freier Cashflow	812 Millionen Dollar

Matador Resources Company (MTDR) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Energieeinkäufern

Im vierten Quartal 2023 unterhielt die Matador Resources Company etwa 12–15 langfristige Energieabnahmeverträge mit regionalen und nationalen Energieverbrauchern. Die durchschnittliche Vertragslaufzeit beträgt 3–5 Jahre, wobei der Gesamtvertragswert zwischen 75 und 125 Millionen US-Dollar liegt.

Vertragstyp	Durchschnittliche Dauer	Geschätzter Jahreswert
Erdgasversorgung	4 Jahre	45-60 Millionen Dollar
Rohölversorgung	3 Jahre	30-45 Millionen Dollar

Direktverkauf an Raffinerien und Energiehandelsplattformen

Matador Resources führte Direktverkäufe über mehrere Kanäle durch. Die Daten für 2023 zeigen:

• 17 aktive Raffineriepartnerschaften
• 8 Integrationen von Energiehandelsplattformen
• Gesamtes Direktverkaufsvolumen: 42.500 Barrel pro Tag

Transparente Kommunikation mit Investoren und Stakeholdern

Zu den Kennzahlen zur Anlegerkommunikation für 2023 gehörten:

Kommunikationskanal	Häufigkeit	Investoren-Engagement-Rate
Vierteljährliche Gewinnaufrufe	4 Mal/Jahr	87 % Anwesenheit
Jahreshauptversammlung	1 Mal/Jahr	72 % Beteiligung

Reaktionsschneller Kundenservice in der Energiebeschaffung

Kennzahlen zur Kundendienstleistung für 2023:

• Durchschnittliche Antwortzeit: 2,3 Stunden
• Kundenzufriedenheitsbewertung: 4,6/5
• Engagiertes Support-Team: 22 Fachleute

Digitale Plattformen für Investor Relations und Marktaktualisierungen

Statistiken zum digitalen Engagement für 2023:

Plattform	Monatliche Besucher	Durchschnittliche Sitzungsdauer
Investor-Relations-Website	45,000	7,5 Minuten
Mobile App für Investoren	22,500	4,2 Minuten

Matador Resources Company (MTDR) – Geschäftsmodell: Kanäle

Direktvertrieb an Energiemärkte

Die Matador Resources Company führt Direktverkäufe über mehrere Kanalstrategien durch, die auf die Öl- und Gasmärkte abzielen. Im vierten Quartal 2023 meldete das Unternehmen eine Gesamtproduktion von 93.300 Barrel Öläquivalent pro Tag (BOE/Tag).

Vertriebskanal	Marktsegment	Volumen (BOE/Tag)
Direktvertrieb im Perm-Becken	Rohöl	55.980 BOE/Tag
Eagle Ford Shale-Verkäufe	Erdgas	37.320 BOE/Tag

Digitale Plattformen für die Investorenkommunikation

MTDR nutzt umfassende digitale Kommunikationskanäle für Anleger.

• Investor-Relations-Website: Detaillierte Finanzberichterstattung
• Webcast-Plattformen für vierteljährliche Gewinne
• Elektronisches Archivierungssystem SEC EDGAR
• Downloads von Investorenpräsentationen

Branchenkonferenzen und Networking im Energiesektor

Matador Resources nimmt an wichtigen Konferenzen der Energiebranche teil und veranstaltet jedes Jahr schätzungsweise 8 bis 10 strategische Networking-Veranstaltungen.

Konferenztyp	Teilnahmehäufigkeit	Hauptzweck
Konferenzen zu Energieinvestitionen	4 pro Jahr	Investor Relations
Technische Energiesymposien	3-4 pro Jahr	Technologie-Schaufenster

Finanzberichterstattung und Investorenpräsentationen

MTDR bietet detaillierte Finanzkommunikation über mehrere Kanäle. Im Jahr 2023 veröffentlichte das Unternehmen vier vierteljährliche Gewinnberichte mit einem Gesamtumsatz von 2,1 Milliarden US-Dollar.

Strategisches Marketing durch Publikationen zur Energiewirtschaft

Matador Resources unterhält Marketingpräsenz in Fachpublikationen der Energiebranche und richtet sich an institutionelle Anleger und Branchenexperten.

• Hart Energy-Veröffentlichungen
• Öl & Gas-Investor-Magazin
• Zeitschrift für Erdöltechnologie

Matador Resources Company (MTDR) – Geschäftsmodell: Kundensegmente

Erdölraffinerien

Matador Resources liefert Rohöl an Erdölraffinerien mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Jährliche Rohölproduktion	59.108 Barrel pro Tag (4. Quartal 2023)
Gesamtzahl der Kunden mit raffinierten Produkten	12 große Erdölraffinerien
Durchschnittlicher Vertragswert	3,2 Millionen US-Dollar pro Raffinerie jährlich

Große Energieversorgungsunternehmen

Merkmale des Kundensegments:

• Gesamtverträge der Versorgungsunternehmen: 8 regionale Versorgungsunternehmen
• Erdgasproduktionsvolumen: 237,1 Millionen Kubikfuß pro Tag (4. Quartal 2023)
• Durchschnittlicher jährlicher Vertragswert: 7,5 Millionen US-Dollar pro Versorgungsunternehmen

Industrielle Energieverbraucher

Aufteilung der Industriekundensegmente:

Industriesektor	Anzahl der Kunden	Jährliche Energieversorgung
Herstellung	17 Industriekunden	124,6 Millionen Kubikfuß pro Tag
Chemische Verarbeitung	9 Industriekunden	68,3 Millionen Kubikfuß pro Tag

Institutionelle Anleger

Details zum Anlegersegment:

• Gesamte institutionelle Eigentümerschaft: 98,4 %
• Anzahl institutioneller Anleger: 276
• Größte institutionelle Aktionäre:
  • Vanguard Group: 12,3 % der Anteile
  • BlackRock: 9,7 % Anteil
  • State Street Corporation: 6,5 % der Anteile

Regionale und nationale Energiehändler

Kennzahlen zum Energiehandelskundensegment:

Handelskategorie	Anzahl der Händler	Jährliches Handelsvolumen
Regionale Händler	42 Handelsunternehmen	1,2 Milliarden Kubikfuß
Nationale Händler	18 Handelsunternehmen	2,7 Milliarden Kubikfuß

Matador Resources Company (MTDR) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Im Jahr 2023 meldete die Matador Resources Company Explorations- und Bohrkosten in Höhe von 471,9 Millionen US-Dollar. Die Investitionsausgaben des Unternehmens für Bohr- und Fertigstellungsaktivitäten im Delaware-Becken beliefen sich auf etwa 1,1 Milliarden US-Dollar.

Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Bohrkosten	$385.6
Kosten für seismische Untersuchungen	$42.3
Geologische Analyse	$44.0

Ausrüstung und technologische Investitionen

Matador Resources stellte im Jahr 2023 298,7 Millionen US-Dollar für Ausrüstungs- und Technologieinvestitionen bereit.

• Bohrplattformtechnologie: 87,5 Millionen US-Dollar
• Hydraulic Fracturing-Ausrüstung: 112,3 Millionen US-Dollar
• Datenanalyse- und Überwachungssysteme: 98,9 Millionen US-Dollar

Erwerb von Land- und Mineralrechten

Das Unternehmen verbrachte 213,4 Millionen US-Dollar auf den Erwerb von Land- und Mineralrechten im Jahr 2023, wobei der Schwerpunkt hauptsächlich auf dem Delaware Basin in Texas liegt.

Region	Acres erworben	Kosten pro Acre
Delaware-Becken	45,672	$4,670
Eagle Ford Shale	12,345	$3,900

Betriebs- und Wartungskosten

Die Betriebskosten für Matador Resources beliefen sich im Jahr 2023 auf insgesamt 612,3 Millionen US-Dollar.

• Produktionsbetrieb: 287,6 Millionen US-Dollar
• Wartung der bestehenden Infrastruktur: 224,7 Millionen US-Dollar
• Transport und Logistik: 100,0 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten beliefen sich auf 89,5 Millionen US-Dollar im Jahr 2023 und umfasst Umweltvorschriften, Sicherheitsprotokolle und behördliche Berichterstattung.

Compliance-Kategorie	Aufwand (in Millionen US-Dollar)
Umweltkonformität	$42.3
Sicherheitsvorschriften	$31.7
Regulatorische Berichterstattung	$15.5

Matador Resources Company (MTDR) – Geschäftsmodell: Einnahmequellen

Ölverkäufe aus der Produktion im Delaware-Becken

Für das vierte Quartal 2023 meldete Matador Resources eine Gesamtölproduktion von 69.191 Barrel pro Tag. Der durchschnittlich erzielte Ölpreis betrug 73,63 USD pro Barrel. Die gesamten Öleinnahmen beliefen sich im Jahr 2023 auf etwa 1,86 Milliarden US-Dollar.

Produktionsmetrik	Wert 2023
Tägliche Ölproduktion	69.191 Barrel
Realisierter Ölpreis	73,63 $/Barrel
Gesamter Ölumsatz	1,86 Milliarden US-Dollar

Erdgasverkauf und Derivate

Im Jahr 2023 produzierte Matador 262,7 Millionen Kubikfuß Erdgas pro Tag. Der durchschnittlich erzielte Erdgaspreis betrug 2,54 US-Dollar pro MMBtu. Der gesamte Erdgasumsatz erreichte 382 Millionen US-Dollar.

• Tägliche Erdgasproduktion: 262,7 MMcf/Tag
• Realisierter Erdgaspreis: 2,54 $/MMBtu
• Gesamteinnahmen aus Erdgas: 382 Millionen US-Dollar

Einnahmen aus der Midstream-Infrastruktur

Matadors Joint Venture Black Mountain Midstream erwirtschaftete im Jahr 2023 einen Infrastrukturumsatz von 64,3 Millionen US-Dollar.

Einnahmen aus Lizenzgebühren und Mineralrechten

Die Lizenzeinnahmen für 2023 beliefen sich auf 187,5 Millionen US-Dollar, was 9,2 % des Gesamtumsatzes des Unternehmens entspricht.

Strategischer Vermögensverkauf und Portfoliooptimierung

Im Jahr 2023 schloss Matador Vermögensverkäufe im Gesamtwert von 276,4 Millionen US-Dollar ab, hauptsächlich im Delaware-Becken.

Einnahmequelle	Wert 2023
Ölverkäufe	1,86 Milliarden US-Dollar
Erdgasverkauf	382 Millionen Dollar
Midstream-Umsatz	64,3 Millionen US-Dollar
Lizenzeinnahmen	187,5 Millionen US-Dollar
Vermögensverkäufe	276,4 Millionen US-Dollar

Matador Resources Company (MTDR) - Canvas Business Model: Value Propositions

You're looking at the core value Matador Resources Company delivers to its customers and investors as of late 2025. It's about operational control, efficiency, and direct shareholder rewards, all grounded in their premium Delaware Basin assets.

Integrated Upstream/Midstream model ensuring flow assurance and reduced bottlenecks

Matador Resources Company's structure is designed to keep product moving, which is a major value driver in the Permian. By owning a significant stake in its midstream infrastructure through San Mateo Midstream, LLC, Matador secures what they call flow assurance for its own production and for third-party customers in the Delaware Basin. This integration helps avoid the production curtailments seen when relying solely on third parties. For instance, San Mateo Midstream expanded its processing capacity by 38%, increasing it from 520 million cubic feet of natural gas per day (MMcf/d) to 720 MMcf/d with the startup of the Marlan Plant expansion. Matador, which owns 51% of San Mateo, saw its midstream segment deliver record quarterly net income of $66 million and record quarterly Adjusted EBITDA of $85.5 million in the second quarter of 2025.

The key components of this integrated value proposition include:

• - Midstream capacity reaching 720 MMcf/d post-expansion.
• - Flow assurance provided by San Mateo and Pronto Midstream assets.
• - Matador's 51% ownership stake in the profitable midstream JV.

Strong capital efficiency with Q2 2025 D&C costs below guidance

The operational focus at Matador Resources Company has clearly translated into lower costs for bringing wells online. In the second quarter of 2025, the company reported Drilling and Completion (D&C) costs of approximately $825 per completed lateral foot. This figure beat the guidance Matador had set in April 2025, which was around $880 per completed lateral foot. Furthermore, the actual D/C/E capital expenditures for Q2 2025 were $345.3 million, coming in 4% below the midpoint of the guided range of $330 to $390 million. This efficiency helps them generate free cash flow even with fluctuating commodity prices.

Consistent return of capital to shareholders via a $1.50 per share annual dividend

Matador Resources Company has made a clear commitment to returning capital directly to you, the shareholder. On October 15, 2025, the Board approved a 20% increase to the dividend policy. This move established a new annual dividend of $1.50 per share, which translates to a quarterly payment of $0.375 per share. As of October 20, 2025, this represented an increased annualized yield of approximately 3.5%. Beyond the dividend, the company also actively repurchased stock; in Q2 2025 alone, Matador bought back 1.1 million shares, or about 1% of common stock outstanding, for $44 million.

Here's the quick math on the shareholder return policy update:

Metric	Old Annual Dividend	New Annual Dividend (Post Oct 2025)	Q2 2025 Share Repurchase Value
Amount	$1.25 per share	$1.50 per share	$44 million

Record production growth, averaging 209,184 BOE per day in Q3 2025

Operational execution resulted in record output. Matador Resources Company achieved a company record average daily production of 209,184 barrels of oil and natural gas equivalent (BOE) per day for the third quarter of 2025. This performance exceeded the midpoint of the July 2025 guidance by 5%. To put that in perspective, the Q3 2025 volume was a 22% year-over-year gain compared to the 171,480 BOE per day averaged in the third quarter of 2024. Oil production for Q3 2025 specifically averaged 119,556 barrels per day.

High-quality, long-life drilling inventory (10 to 15 years) in core areas

The foundation of Matador Resources Company's long-term value is its acreage position in the Delaware Basin. The company estimates it holds approximately 1,869 locations across 13 formations and over 20 producing zones. Management estimates that this inventory provides a long life of 10 to 15 years of drilling inventory in their core areas.

The scale of the inventory is substantial:

• - Estimated net locations: 1,869.
• - Estimated total inventory feet: 18.3 million feet.
• - Estimated inventory life: 10 to 15 years.

Finance: draft 13-week cash view by Friday.

Matador Resources Company (MTDR) - Canvas Business Model: Customer Relationships

You're looking at how Matador Resources Company manages its connections with the outside world-from the buyers of its oil and gas to the investors funding its operations. It's a mix of selling commodities, securing service capacity, and keeping shareholders informed.

Transactional relationships with large-scale commodity purchasers

Matador Resources Company's primary transactional relationships are with purchasers of its produced commodities. The company's operational output directly feeds these relationships. For instance, in the third quarter of 2025, Matador Resources Company achieved a company record total BOE production averaging 209,184 BOE per day, which was a 22% year-over-year increase. The company increased its full-year 2025 production guidance to a range of 205,500 to 206,500 BOE per day. Furthermore, Matador Resources Company is proactively communicating operational performance, revising its full-year 2025 drilling and completion costs down to a range of \$835 to \$855 per completed lateral foot.

Direct, long-term contracts with third-party midstream customers for reliable service

A key relationship element is through its integrated midstream joint venture, San Mateo Midstream. San Mateo Midstream provides natural gas processing, oil transportation, gathering services, and produced water disposal to third parties. This midstream arm is described as primarily a fixed-fee business designed to help provide flow assurance for Matador Resources Company and its third-party customers. The reliability of this service is evidenced by the successful expansion of San Mateo Midstream's processing capacity, which increased from 520 million cubic feet of natural gas per day (MMcf/d) to 720 MMcf/d with the startup of the Marlan Plant expansion in May 2025. San Mateo Midstream delivered record quarterly Adjusted EBITDA of \$85.5 million in the second quarter of 2025.

The nature of these midstream relationships can be summarized:

• Primarily fixed-fee structure for third-party services.
• Capacity expanded by 38% to 720 MMcf/d by May 2025.
• Focus on delivering flow assurance to external producers.
• Management is exploring strategic alternatives for the midstream asset.

Investor relations focused on transparency and capital return

Matador Resources Company maintains a relationship with its shareholders centered on transparency regarding financial health and a commitment to capital return. As of October 21, 2025, the Board approved a 20% increase in the annual dividend, raising it from \$1.25 to \$1.50 per share per year, payable proportionally each quarter. This marked the seventh time the Board raised the dividend in four years. The base dividend represented an increased annualized yield to shareholders of approximately 3.5% as of October 20, 2025. Furthermore, as of October 21, 2025, Matador Resources Company had repurchased 1.3 million outstanding shares for approximately \$55 million, at a weighted average price of approximately \$41 per share. The company reported third quarter 2025 net income of \$176 million, or earnings per share of \$1.42.

Here's a look at the recent capital return actions and financial context:

Metric	Value/Amount (Late 2025)	Reference Period/Date
Annualized Base Dividend	\$1.50 per share	As of October 2025
Q3 2025 Quarterly Base Dividend	\$0.375 per share	Declared October 2025
Shares Repurchased	1.3 million shares	As of October 21, 2025
Total Share Repurchase Value	Approximately \$55 million	As of October 21, 2025
Q3 2025 Adjusted Earnings Per Share (EPS)	\$1.36	Third Quarter 2025
Net Cash Provided by Operating Activities	\$722 million	Third Quarter 2025

Proactive communication on operational performance and guidance updates

Matador Resources Company keeps its stakeholders updated through regular reporting and guidance adjustments. For example, following its third quarter 2025 results, the company increased its full-year 2025 production guidance and provided a 2026 outlook. The company increased the number of operated wells expected to be turned to sales in full-year 2025 from 106.3 net operated wells to 118.3 net operated wells. In the third quarter of 2025, Matador Resources Company turned to sales 34.5 net operated wells, exceeding the midpoint of its guidance range by 4.5 net operated wells. The company also noted that its total third quarter D/C/E CapEx was \$430 million, which was \$95 million above the midpoint of its July 2025 guidance range, due to accelerated operating activities. The company hosts regular conference calls, such as the Q3 2025 Earnings Conference Call on October 22, 2025.

Matador Resources Company (MTDR) - Canvas Business Model: Channels

Matador Resources Company (MTDR) uses a combination of direct sales and its integrated midstream assets to move product to market. The company focuses on its primary operating areas in the Delaware Basin in Southeast New Mexico and West Texas, and the Haynesville shale and Cotton Valley plays in Northwest Louisiana.

Direct sales contracts for crude oil and natural gas to refiners and marketers are the initial point of monetization for the upstream production. In the third quarter of 2025, Matador Resources Company (MTDR) achieved record total production of 209,184 barrels of oil and natural gas equivalent (BOE) per day. Of this total, average daily oil production was 119,556 barrels of oil per day (Bbl/d), and average daily natural gas production was 537.8 million cubic feet per day (MMcf/d). The realized price for oil, before accounting for realized derivatives, was $64.91 per barrel for the third quarter of 2025. The company also recently announced it entered into multiple natural gas transportation and marketing agreements on October 30, 2025, to improve all-in pricing netbacks.

San Mateo Midstream pipelines and processing plants provide critical flow assurance and delivery for product. Matador Resources Company (MTDR) holds a 51% ownership stake in this midstream joint venture. The strategic value of San Mateo is highlighted by its expanded processing capacity, which increased 38% from 520 MMcf/d to 720 MMcf/d upon the startup of the Marlan Plant expansion in May 2025. This system delivered record throughput in the third quarter of 2025, processing 533 MMcf/d of natural gas.

The performance of the midstream segment is a key channel metric, as shown below:

Metric	Q2 2025 (Gross)	Q3 2025 (MTDR Share)
San Mateo Net Income	$66 million (Q2)	$1.42 Adjusted EPS (Total Company)
San Mateo Adjusted EBITDA	$85.5 million (Q2)	$566.5 million Adjusted EBITDA (Total Company Q3)
San Mateo Processing Capacity	520 MMcf/d (Pre-Marlan Expansion)	720 MMcf/d (Post-Marlan Expansion)

Commodity hedging programs and strategic marketing efforts help lock in prices and manage market risk, which is evident in the realized pricing versus unhedged prices. The company's adjusted earnings per share (EPS) for the third quarter of 2025 was $1.36, while total revenues were $939 million. The quarterly base dividend was raised 20% to $0.375 per share for the third quarter of 2025, representing an annualized dividend of $1.50 per share.

Investor communications via earnings calls and SEC filings provide transparency on the channels used to deliver product and value. Matador Resources Company (MTDR) held its quarterly earnings conference calls on the following dates in 2025:

• - Q1 2025 Earnings Conference Call: April 24, 2025.
• - Q2 2025 Earnings Conference Call: July 23, 2025.
• - Q3 2025 Earnings Conference Call: October 22, 2025.

The 2025 Annual Meeting of Shareholders was held on June 12, 2025.

Matador Resources Company (MTDR) - Canvas Business Model: Customer Segments

You're looking at the core groups Matador Resources Company serves, which is a mix of commodity buyers, capital providers, and strategic partners. Honestly, for an E&P company, the customer base is quite diverse.

Large-scale crude oil and natural gas purchasers (e.g., refiners, utilities, traders)

These are the entities taking the physical product. Matador Resources Company delivered a record average daily production of 209,184 BOE per day in the third quarter of 2025. For context, their oil production alone averaged 119,556 barrels per day in that same quarter. To manage natural gas sales, Matador is securing firm transportation for 500,000 MMBtu per day of production out of the Permian Basin to access better-priced markets. These markets have historically priced natural gas at over $2.00 per MMBtu higher than the Waha Hub price. The realized oil price in the second quarter of 2025 was $64.34 per Bbl.

Here's a snapshot of their output and realized pricing from recent periods:

Metric	Value (Q3 2025)	Value (Q2 2025)
Average Daily Total Production (BOE/day)	209,184	209,013
Average Daily Oil Production (Bbl/day)	119,556	122,875
Realized Oil Price (per Bbl)	Not specified for Q3	$64.34
Net Income (Millions USD)	$176 million	Not specified for Q2

Institutional and retail equity investors seeking growth and dividend income

The capital markets provide the funding for Matador Resources Company's operations. Institutional investors are definitely the dominant group here. As of late 2025 filings, the institutional ownership percentage stands at 91.98%. Insiders, who are also investors, hold about 5.8% of the company. The company supports the income-seeking segment by having raised its quarterly cash dividend to $0.375 per share, which translates to an annual rate of $1.50. To show management alignment, Matador Resources Company repurchased 1.3 million shares for approximately $55 million as of October 21, 2025.

Top institutional holders as of September 30, 2025, include:

• The Vanguard Group, Inc. holding 14,780,888 shares
• Blackrock, Inc. holding 10,480,084 shares
• Dimensional Fund Advisors Lp. holding 6,411,520 shares
• State Street Corp. holding 4,531,520 shares

Third-party exploration and production (E&P) companies needing midstream services

Matador Resources Company's midstream segment, San Mateo, serves third parties. While specific third-party throughput volumes aren't explicitly broken out for 2025 in the search snippets, the fact that Matador is securing firm transportation for 500,000 MMBtu per day on the Hugh Brinson Pipeline suggests significant capacity intended to serve both Matador and external producers needing access to the Gulf Coast and LNG markets. Furthermore, Matador noted that close to 30% of their Q3 2025 production beat came from six non-operated Haynesville wells, indicating existing third-party or joint venture activity utilizing their infrastructure or acreage.

Land and mineral owners for ongoing bolt-on acquisitions

These owners are crucial for Matador Resources Company's growth strategy in the Delaware Basin. The company actively pursues a 'brick-by-brick' land acquisition strategy. During the third quarter of 2025 alone, Matador completed over $125 million in transactions focused on the Delaware Basin, primarily acquiring undeveloped acreage and working interests. This activity helps expand their already substantial position, which is stated to be over 200,000 net acres in the Delaware Basin. These targeted acquisitions position them for over 10 years of engineered locations with expected average rates of return around 50% at oil prices as low as $50 per barrel.

Matador Resources Company (MTDR) - Canvas Business Model: Cost Structure

The Cost Structure for Matador Resources Company is heavily weighted toward capital deployment for asset growth and ongoing operational maintenance, reflecting its upstream focus.

The company's high capital intensity is driven by the continuous need for Drilling, Completing, and Equipping (D/C/E) wells to maintain and grow production volumes. Matador Resources Company updated its full-year 2025 D/C/E CapEx guidance to be in the $1.47 to $1.55 billion range. This revised guidance supported an expected total 2025 competed well count of 118.3 net wells. For context on the quarterly spend, total third quarter 2025 D/C/E CapEx was $430 million.

Ongoing operational costs include Lease Operating Expenses (LOE), which are a direct cost of keeping wells producing. Matador Resources Company reported Lease Operating Expenses of $5.56 per BOE in the second quarter of 2025. The company's full-year 2025 guidance range for LOE was set between $5.50 to $6.00 per BOE.

Financial obligations related to the balance sheet are a significant cost component, specifically interest expense on senior notes and reserves-based loan (RBL) borrowings. As of June 30, 2025, Matador Resources Company had $2.15 billion in senior notes outstanding and $390 million in borrowings outstanding under its RBL. The interest expense, net of the non-cash portion, for the second quarter of 2025 was reported as $49,672 thousand.

Costs associated with the integrated midstream segment, San Mateo, are also a key part of the structure. These are the Midstream operating costs for San Mateo's gas processing and water systems, categorized by Matador Resources Company as Plant and other midstream services operating (POMS) expenses. POMS expenses were reported at $2.40 per BOE for the second quarter of 2025. The guidance range for full-year 2025 POMS expenses was set at $2.50 to $3.00 per BOE.

Here's a breakdown of key cost metrics and related figures:

Cost Component	Specific Metric/Period	Amount/Rate
Full-Year 2025 D/C/E CapEx Guidance	Range	$1.47 billion to $1.55 billion
Lease Operating Expenses (LOE)	Q2 2025	$5.56 per BOE
Lease Operating Expenses (LOE)	Full-Year 2025 Guidance Range	$5.50 to $6.00 per BOE
Plant and Other Midstream Services Operating (POMS)	Q2 2025	$2.40 per BOE
Plant and Other Midstream Services Operating (POMS)	Full-Year 2025 Guidance Range	$2.50 to $3.00 per BOE
Senior Notes Outstanding	As of June 30, 2025	$2.15 billion
RBL Borrowings	As of June 30, 2025	$390 million
Interest Expense, net of non-cash portion	Q2 2025	$49,672 thousand

The structure also includes other operating costs that factor into the total unit expense:

• Production taxes, transportation and processing costs in Q2 2025 were $4.35 per BOE.
• Total operating expenses per BOE in Q2 2025 were $29.91.
• D&C costs for operated horizontal wells were expected to average $865 to $895 per foot for 2025.

Matador Resources Company (MTDR) - Canvas Business Model: Revenue Streams

You're looking at how Matador Resources Company brings in the money, and as of late 2025, it's a clear two-pronged approach: selling what you pull out of the ground and charging others to use your midstream infrastructure. The biggest chunk comes from the Sales of crude oil, natural gas, and natural gas liquids (NGLs). For the third quarter of 2025, the total revenues hit $939.02 million. Remember, Matador Resources Company reports production on a two-stream basis, meaning the economic value from NGLs is bundled right into the natural gas revenue line item. That quarterly revenue number shows the direct impact of their drilling and completion success, like hitting a record total production of 209,184 barrels of oil and natural gas equivalent per day (BOE/d) in Q3 2025. That's how you see the upstream engine running. It's a solid top line, even with the commodity price volatility we've seen this year.

To give you a quick snapshot of the financial results tied to these revenue-generating activities for the third quarter of 2025, look at this:

Financial Metric	Amount (Q3 2025)
Total Revenues	$939.02 million
Net Cash Provided by Operating Activities	$722 million
Adjusted EBITDA (Attributable to Shareholders)	$567 million
San Mateo Quarterly Adjusted EBITDA	$74 million

The second key stream is the fee-based revenue generated through San Mateo, Matador Resources Company's midstream joint venture, where Matador Resources Company holds a 51% ownership stake. This segment provides essential services like third-party fees for natural gas processing and water disposal. San Mateo processed a record 533 MMcf per day of natural gas in Q3 2025, which is a direct measure of the throughput generating those fees. The segment itself posted quarterly Adjusted EBITDA of $74 million for the period. Looking ahead, the expectation for the full year 2025 is that San Mateo will generate between $30 million and $40 million in EBITDA, which really helps stabilize cash flows regardless of daily commodity price swings. These midstream fees are the predictable, contractually-supported revenue that helps fund the whole operation.

When you look at the cash generated from these combined operations, the numbers speak volumes about the underlying strength of the business model in the third quarter of 2025:

• Net Cash Provided by Operating Activities was $722 million.
• Adjusted EBITDA for Matador Resources Company shareholders reached $567 million.
• The company also generated adjusted free cash flow of $93 million in the quarter.
• San Mateo's contribution to cash flow is significant, with an expected full-year 2025 EBITDA projection of $285 million to $295 million.

The cash flow from operations is definitely robust; that $722 million figure is a 44% jump from the prior quarter, so you see the operational leverage working.