Matador Resources Company (MTDR): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

Matador Resources Company (MTDR) emerge como una fuerza dinámica en el paisaje energético, navegando estratégicamente los complejos terrenos de la exploración de petróleo y gas natural. Con un enfoque afilado en la cuenca de Delaware y Eagle Ford Shale, esta empresa innovadora transforma el potencial geológico en oportunidades económicas a través de tecnologías de perforación avanzadas y asociaciones estratégicas. Su modelo de negocio representa un sofisticado modelo de creación de valor, combinando destreza tecnológica, gestión de recursos estratégicos y un compromiso de ofrecer rendimientos consistentes de los accionistas en el sector energético en constante evolución.

Matador Resources Company (MTDR) - Modelo de negocios: asociaciones clave

Empresas conjuntas estratégicas con proveedores de infraestructura de la corriente intermedia

Matador Resources ha establecido asociaciones críticas con compañías de infraestructura Midstream para optimizar sus operaciones de petróleo y gas. A partir del cuarto trimestre de 2023, la compañía tiene acuerdos de empresa conjunta estratégica con:

Pareja	Detalles de la asociación	Valor de inversión
Minerales de piedra negra	Colaboración de infraestructura de la marina en la cuenca de Delaware	$ 127.3 millones de inversiones
JohnDrow Ventures	Infraestructura de recopilación y procesamiento de la corriente intermedia	$ 98.6 millones de empresa conjunta

Colaboración con empresas de tecnología de perforación y exploración

Matador Resources mantiene asociaciones tecnológicas para mejorar las capacidades de exploración y producción:

• Baker Hughes: Integración de tecnología de perforación avanzada
• Schlumberger: imágenes sísmicas y caracterización de embalses
• Halliburton: Servicios de fractura hidráulica y finalización

Asociaciones con propietarios de derechos de tierra y minerales

Asociaciones clave de tierras y derechos minerales en Texas y Nuevo México:

Región	Acres bajo acuerdo	Valor de superficie estimado
Basin de Delaware, Texas	95,000 acres	$ 412 millones
Cuenca del Pérmico, Nuevo México	45,000 acres	$ 215 millones

Asociaciones financieras con bancos de inversión y mercados de capitales

Asociaciones financieras a partir de 2024:

• JPMorgan Chase: Facilidad de crédito de $ 500 millones
• Goldman Sachs: Aviso de suscripción y mercados de capitales
• Wells Fargo: Línea de crédito giratorio de $ 350 millones

Valor de inversión de asociación total: $ 1.4 mil millones

Matador Resources Company (MTDR) - Modelo de negocio: actividades clave

Exploración y producción de petróleo y gas natural

En el cuarto trimestre de 2023, los recursos de Matador informaron una producción total de 92,008 barriles de aceite equivalente por día (BOE/D), con un desglose de la siguiente manera:

Tipo de producción	Volumen	Porcentaje
Petróleo crudo	54,365 barriles por día	59.1%
Gas natural	37,643 Boe/D	40.9%

Perforación horizontal en la cuenca de Delaware y Eagle Ford Shale

Las operaciones de perforación de Matador Resources en 2023 se centraron en dos regiones primarias:

• Cuenca de Delaware: 14 plataformas de perforación horizontales que funcionan activamente
• Eagle Ford Shale: 3 plataformas de perforación horizontales que funcionan activamente

Región	Reservas probadas	Valor estimado
Cuenca de Delaware	375 millones de boe	$ 2.1 mil millones
Eagle Ford Shale	127 millones de boe	$ 715 millones

Desarrollo de activos y optimización de operaciones de perforación

El gasto de capital para 2023 totalizaron $ 1.025 mil millones, asignados de la siguiente manera:

• Perforación y finalización: $ 925 millones
• Infraestructura y Midstream: $ 100 millones

Innovación tecnológica continua en técnicas de extracción

Inversiones tecnológicas en 2023:

• Técnicas mejoradas de fracturación hidráulica
• Implementado tecnologías avanzadas de imágenes sísmicas
• Invirtió $ 35 millones en investigación y desarrollo

Tecnología	Inversión	Ganancia de eficiencia esperada
Fractura avanzada	$ 15 millones	Mejora de la eficiencia de extracción del 12%
Imagen sísmica	$ 20 millones	15% de identificación de recursos mejorado

Matador Resources Company (MTDR) - Modelo de negocio: recursos clave

Derechos significativos de tierras y minerales

A partir del cuarto trimestre de 2023, Matador Resources posee aproximadamente 166,000 acres netos en la cuenca de Delaware de Texas y Nuevo México. El desglose de la superficie incluye:

Ubicación	Acres netos
Condado de Culberson, Texas	46,000
Condado amoroso, Texas	32,000
Condado de Lea, Nuevo México	88,000

Equipos avanzados de perforación y fractura hidráulica

Matador Resources mantiene una flota moderna de equipos de perforación y finalización, que incluyen:

• 5 plataformas de perforación operadas
• Tecnología de perforación horizontal avanzada
• Equipo de fractura hidráulica de alta eficiencia

Equipo de gestión experimentado

Estadísticas clave de liderazgo:

Posición	Años de experiencia en la industria
CEO Joseph Foran	Más de 40 años
CFO Craig Adams	Más de 25 años
COO TY HALSEY	Más de 20 años

Recursos financieros

Métricas financieras a partir del cuarto trimestre 2023:

• Activos totales: $ 4.2 mil millones
• Deuda total: $ 1.8 mil millones
• Efectivo y equivalentes: $ 285 millones
• Capacidad de préstamo bajo la línea de crédito: $ 500 millones

Capacidades tecnológicas

Detalles de la infraestructura tecnológica:

Tecnología	Capacidad
Perforación horizontal	Longitud lateral promedio de 10,500 pies
Imagen sísmica	Tecnología de mapeo de subsuelo 3D
Optimización de producción	Sistemas de monitoreo de datos en tiempo real

Matador Resources Company (MTDR) - Modelo de negocio: propuestas de valor

Producción de petróleo y gas natural de alta eficiencia

A partir del cuarto trimestre de 2023, los recursos de Matador informaron la producción diaria de 95,000 barriles de aceite equivalente (BOE) por día, con una combinación de producción de 62% de petróleo y 38% de gas natural.

Métrica de producción	Valor 2023
Producción diaria	95,000 boe/día
Porcentaje de petróleo	62%
Porcentaje de gas natural	38%

Crecimiento constante en reservas y capacidades de producción

Las reservas probadas de Matador al 31 de diciembre de 2023 totalizaban 285.4 millones de BOE, lo que representa un aumento del 16% de 2022.

• Reservas totales probadas: 285.4 millones de boe
• Relación de reemplazo de reserva: 243% en 2023
• Reservas desarrolladas probadas: 154.7 millones de boe

Extracción rentable en regiones geológicas premium

Matador se centra en la cuenca de Delaware, con un costo promedio de hallazgo y desarrollo de $ 14.87 por BOE en 2023.

Métrico de costo	Valor 2023
Costo de búsqueda y desarrollo	$ 14.87/boe
Eficiencia de perforación	1.5 pozos por unidad de perforación

Compromiso con la sostenibilidad ambiental

Matador redujo la intensidad de las emisiones de metano a 0.11 toneladas métricas de CO2 equivalente por BOE en 2023.

• Intensidad de emisiones de metano: 0.11 toneladas métricas CO2E/BOE
• Reducción abierta: 35% en comparación con 2022
• Tasa de reciclaje de agua: 78%

Fuertes devoluciones para los accionistas

En 2023, Matador entregó un retorno sobre el capital empleado (ROCE) del 24.3% y devolvió $ 250 millones a los accionistas a través de dividendos y recompras de acciones.

Métrico de desempeño financiero	Valor 2023
Retorno de capital empleado	24.3%
Rendimiento de los accionistas	$ 250 millones
Flujo de caja libre	$ 812 millones

Matador Resources Company (MTDR) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con compradores de energía

A partir del cuarto trimestre de 2023, Matador Resources Company mantuvo aproximadamente 12-15 acuerdos de compra de energía a largo plazo con consumidores de energía regional y nacional. La duración promedio del contrato abarca 3-5 años, con valores de contrato totales que oscilan entre $ 75 millones y $ 125 millones.

Tipo de contrato	Duración promedio	Valor anual estimado
Suministro de gas natural	4 años	$ 45-60 millones
Suministro de petróleo crudo	3 años	$ 30-45 millones

Ventas directas a refinerías y plataformas de comercio de energía

Recursos de Matador ejecutó ventas directas a través de múltiples canales, con 2023 datos que muestran:

• 17 asociaciones de refinería activa
• 8 integraciones de plataforma de comercio de energía
• Volumen total de ventas directas: 42,500 barriles por día

Comunicación transparente con inversores y partes interesadas

Las métricas de comunicación de los inversores para 2023 incluyeron:

Canal de comunicación	Frecuencia	Tasa de participación de los inversores
Llamadas de ganancias trimestrales	4 veces/año	87% de asistencia
Reunión anual de accionistas	1 vez/año	72% de participación

Servicio al cliente receptivo en adquisición de energía

Métricas de rendimiento del servicio al cliente para 2023:

• Tiempo de respuesta promedio: 2.3 horas
• Calificación de satisfacción del cliente: 4.6/5
• Equipo de apoyo dedicado: 22 profesionales

Plataformas digitales para relaciones con los inversores y actualizaciones del mercado

Estadísticas de participación digital para 2023:

Plataforma	Visitantes mensuales	Duración de la sesión promedio
Sitio web de relaciones con los inversores	45,000	7.5 minutos
Aplicación móvil de inversionista	22,500	4.2 minutos

Matador Resources Company (MTDR) - Modelo de negocio: canales

Ventas directas a los mercados de energía

Matador Resources Company realiza ventas directas a través de estrategias de múltiples canales dirigidos a los mercados de petróleo y gas. A partir del cuarto trimestre de 2023, la compañía reportó una producción total de 93,300 barriles de aceite equivalente por día (BOE/día).

Canal de ventas	Segmento de mercado	Volumen (Boe/Día)
Ventas directas de Permian Basin Direct	Petróleo crudo	55,980 boe/día
Ventas de lutitas de águila ford	Gas natural	37,320 boe/día

Plataformas digitales para comunicaciones de inversores

MTDR utiliza canales integrales de comunicación de inversores digitales.

• Sitio web de Relaciones de Inversores: Información financiera detallada
• Plataformas de transmisión web de ganancias trimestrales
• SEC EDGAR Sistema de archivo electrónico
• Descargas de presentación de inversores

Conferencias de la industria y redes del sector energético

Matador Resources participa en conferencias clave de la industria energética, con un estimado de 8 a 10 eventos estratégicos de redes estratégicas anualmente.

Tipo de conferencia	Frecuencia de participación	Propósito principal
Conferencias de inversión energética	4 por año	Relaciones con inversores
Simposios de energía técnica	3-4 por año	Exhibición de tecnología

Presentaciones de informes financieros y inversores

MTDR proporciona comunicaciones financieras detalladas a través de múltiples canales. En 2023, la compañía publicó 4 informes trimestrales de ganancias con ingresos totales de $ 2.1 mil millones.

Marketing estratégico a través de publicaciones de la industria energética

Matador Resources mantiene la presencia de marketing en publicaciones especializadas de la industria energética, dirigida a inversores institucionales y profesionales de la industria.

• Publicaciones de energía hart
• Aceite & Revista de inversores de gas
• Journal of Petroleum Technology

Matador Resources Company (MTDR) - Modelo de negocio: segmentos de clientes

Refinerías de petróleo

Matador Resources suministra petróleo crudo a las refinerías de petróleo con las siguientes métricas clave:

Métrico	Valor
Producción anual de petróleo crudo	59,108 barriles por día (cuarto trimestre de 2023)
Total de clientes refinados de productos refinados	12 refinerías de petróleo importantes
Valor de contrato promedio	$ 3.2 millones por refinería anualmente

Compañías de servicios de energía a gran escala

Características del segmento de clientes:

• Contratos de la compañía total de servicios públicos: 8 proveedores de servicios públicos regionales
• Volumen de producción de gas natural: 237.1 millones de pies cúbicos por día (cuarto trimestre 2023)
• Valor promedio de contrato anual: $ 7.5 millones por empresa de servicios públicos

Consumidores de energía industrial

Desglose del segmento de clientes industriales:

Sector industrial	Número de clientes	Suministro de energía anual
Fabricación	17 clientes industriales	124.6 millones de pies cúbicos por día
Procesamiento químico	9 clientes industriales	68.3 millones de pies cúbicos por día

Inversores institucionales

Detalles del segmento de inversores:

• Propiedad institucional total: 98.4%
• Número de inversores institucionales: 276
• Accionistas institucionales más grandes:
  • Vanguard Group: 12.3% de propiedad
  • BlackRock: 9.7% de propiedad
  • State Street Corporation: 6.5% de propiedad

Comerciantes de energía regionales y nacionales

Métricas de segmento de clientes de comercio de energía:

Categoría de negociación	Número de comerciantes	Volumen de negociación anual
Comerciantes regionales	42 Entidades comerciales	1.200 millones de pies cúbicos
Comerciantes nacionales	18 entidades comerciales	2.7 mil millones de pies cúbicos

Matador Resources Company (MTDR) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

En 2023, Matador Resources Company informó gastos de exploración y perforación de $ 471.9 millones. Los gastos de capital de la compañía para actividades de perforación y finalización en la cuenca de Delaware fueron de aproximadamente $ 1.1 mil millones.

Categoría de gastos	Cantidad ($ millones)
Costos de perforación	$385.6
Gastos de encuesta sísmica	$42.3
Análisis geológico	$44.0

Equipo e inversiones tecnológicas

Los recursos de Matador asignaron $ 298.7 millones para equipos e inversiones tecnológicas en 2023.

• Tecnología de la plataforma de perforación: $ 87.5 millones
• Equipo de fractura hidráulica: $ 112.3 millones
• Análisis de datos y sistemas de monitoreo: $ 98.9 millones

Adquisición de derechos de tierras y minerales

La empresa gastada $ 213.4 millones sobre la adquisición de derechos de tierra y minerales en 2023, centrándose principalmente en la cuenca de Delaware en Texas.

Región	Acres adquiridos	Costo por acre
Cuenca de Delaware	45,672	$4,670
Eagle Ford Shale	12,345	$3,900

Costos operativos y de mantenimiento

Los gastos operativos para los recursos de Matador totalizaron $ 612.3 millones en 2023.

• Operaciones de producción: $ 287.6 millones
• Mantenimiento de la infraestructura existente: $ 224.7 millones
• Transporte y logística: $ 100.0 millones

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento ascendieron a $ 89.5 millones En 2023, cubriendo regulaciones ambientales, protocolos de seguridad e informes regulatorios.

Categoría de cumplimiento	Gasto ($ millones)
Cumplimiento ambiental	$42.3
Regulaciones de seguridad	$31.7
Informes regulatorios	$15.5

Matador Resources Company (MTDR) - Modelo de negocios: flujos de ingresos

Ventas de petróleo de la producción de la cuenca de Delaware

A partir del cuarto trimestre de 2023, los recursos de Matador informaron una producción total de petróleo de 69,191 barriles por día. El precio promedio de petróleo realizado fue de $ 73.63 por barril. Los ingresos totales de petróleo para 2023 fueron de aproximadamente $ 1.86 mil millones.

Métrica de producción	Valor 2023
Producción diaria de petróleo	69,191 barriles
Precio de petróleo realizado	$ 73.63/barril
Ingresos totales del petróleo	$ 1.86 mil millones

Ventas de gas natural y derivados

En 2023, Matador produjo 262.7 millones de pies cúbicos de gas natural por día. El precio promedio de gas natural realizado fue de $ 2.54 por MMBTU. Los ingresos totales del gas natural alcanzaron los $ 382 millones.

• Producción diaria de gas natural: 262.7 mmcf/día
• Precio de gas natural realizado: $ 2.54/mmbtu
• Ingresos totales de gas natural: $ 382 millones

Ingresos de infraestructura de Midstream

La empresa conjunta de Black Mountain Midstream de Matador generó ingresos por infraestructura de $ 64.3 millones en 2023.

Ingresos de derechos de regalías y minerales

Los ingresos por regalías para 2023 fueron de $ 187.5 millones, lo que representa el 9.2% de los ingresos totales de la compañía.

Ventas de activos estratégicos y optimización de cartera

En 2023, Matador completó las ventas de activos por un total de $ 276.4 millones, principalmente en la cuenca de Delaware.

Flujo de ingresos	Valor 2023
Ventas de petróleo	$ 1.86 mil millones
Ventas de gas natural	$ 382 millones
Ingresos de Midstream	$ 64.3 millones
Ingreso de regalías	$ 187.5 millones
Ventas de activos	$ 276.4 millones

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.