Matador Resources Company (MTDR): Business Model Canvas [Jan-2025 Mise à jour]

Matador Resources Company (MTDR) apparaît comme une force dynamique dans le paysage énergétique, naviguant stratégiquement dans les terrains complexes de l'exploration pétrolière et gazier. Avec un accent rasant sur le Basin du Delaware et le schiste Eagle Ford, cette entreprise innovante transforme le potentiel géologique en opportunités économiques grâce à des technologies de forage avancées et des partenariats stratégiques. Leur modèle commercial représente un plan sophistiqué de création de valeur, de mélange des prouesses technologiques, de gestion stratégique des ressources et d'un engagement à fournir des rendements cohérents des actionnaires dans le secteur de l'énergie en constante évolution.

Matador Resources Company (MTDR) - Modèle d'entreprise: partenariats clés

Coentreprises stratégiques avec des fournisseurs d'infrastructures intermédiaires

Matador Resources a établi des partenariats critiques avec les sociétés d'infrastructure intermédiaire pour optimiser ses opérations pétrolières et gazières. Au quatrième trimestre 2023, la société a des accords de coentreprise stratégiques avec:

Partenaire	Détails du partenariat	Valeur d'investissement
Minéraux en pierre noire	Collaboration d'infrastructures intermédiaires dans le bassin du Delaware	Investissement de 127,3 millions de dollars
JohnDrow Ventures	Infrastructure de rassemblement et de traitement du milieu	98,6 millions de dollars de coentreprise

Collaboration avec les entreprises de technologie de forage et d'exploration

Matador Resources maintient des partenariats technologiques pour améliorer les capacités d'exploration et de production:

• Baker Hughes: Advanced Drilling Technology Intégration
• Schlumberger: imagerie sismique et caractérisation des réservoirs
• Halliburton: Services de fracturation hydraulique et d'achèvement des puits

Partenariats avec des propriétaires de droits fonciers et minéraux

Partenariats clés des droits fonciers et des droits minéraux au Texas et au Nouveau-Mexique:

Région	Acres en accord	Valeur de superficie estimée
Basin Delaware, Texas	95 000 acres	412 millions de dollars
Basin Permien, Nouveau-Mexique	45 000 acres	215 millions de dollars

Partenariats financiers avec les banques d'investissement et les marchés des capitaux

Partenariats financiers à partir de 2024:

• JPMorgan Chase: facilité de crédit de 500 millions de dollars
• Goldman Sachs: Advisory des marchés de la souscription et des capitaux
• Wells Fargo: ligne de crédit renouvelable de 350 millions de dollars

Valeur d'investissement totale de partenariat: 1,4 milliard de dollars

Matador Resources Company (MTDR) - Modèle d'entreprise: activités clés

Exploration et production de pétrole et de gaz naturel

Au quatrième trimestre 2023, Matador Resources a signalé une production totale de 92 008 barils d'équivalent de pétrole par jour (BOE / D), avec une rupture comme suit:

Type de production	Volume	Pourcentage
Huile brute	54 365 barils par jour	59.1%
Gaz naturel	37 643 BOE / D	40.9%

Forage horizontal dans le bassin du Delaware et Eagle Ford Shale

Les opérations de forage de Matador Resources en 2023 se sont concentrées sur deux régions principales:

• Basin Delaware: 14 plates-formes de forage horizontales opérant activement
• Eagle Ford Shale: 3 plates-formes de forage horizontales opérant activement

Région	Réserves prouvées	Valeur estimée
Bassin du Delaware	375 millions de BOE	2,1 milliards de dollars
Eagle Ford Schiste	127 millions de BOE	715 millions de dollars

Développement et optimisation des actifs des opérations de forage

Les dépenses en capital pour 2023 ont totalisé 1,025 milliard de dollars, alloué comme suit:

• Forage et achèvement: 925 millions de dollars
• Infrastructure et milieu: 100 millions de dollars

Innovation technologique continue dans les techniques d'extraction

Investissements technologiques en 2023:

• Techniques de fracturation hydrauliques améliorées
• Mise en œuvre des technologies d'imagerie sismique avancées
• A investi 35 millions de dollars dans la recherche et le développement

Technologie	Investissement	Gain d'efficacité attendu
Fracturation avancée	15 millions de dollars	Amélioration de l'efficacité d'extraction à 12%
Imagerie sismique	20 millions de dollars	15% d'identification améliorée des ressources

Matador Resources Company (MTDR) - Modèle d'entreprise: Ressources clés

Droits fonciers et minéraux importants

Au quatrième trimestre 2023, Matador Resources détient environ 166 000 acres nets dans le bassin du Delaware du Texas et du Nouveau-Mexique. La ventilation de la superficie comprend:

Emplacement	Acres nets
Comté de Culberson, Texas	46,000
Comté aimant, Texas	32,000
Comté de Lea, Nouveau-Mexique	88,000

Forage avancé et équipement de fracturation hydraulique

Matador Resources maintient une flotte moderne d'équipement de forage et d'achèvement, notamment:

• 5 plates-formes de forage opérées
• Technologie de forage horizontale avancée
• Équipement de fracturation hydraulique à haute efficacité

Équipe de gestion expérimentée

Statistiques clés du leadership:

Position	Années d'expérience dans l'industrie
PDG Joseph Foran	Plus de 40 ans
CFO Craig Adams	25 ans et plus
Coo Ty Halsey	20 ans et plus

Ressources financières

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 4,2 milliards de dollars
• Dette totale: 1,8 milliard de dollars
• Caisse et équivalents: 285 millions de dollars
• Capacité d'emprunt sous facilité de crédit: 500 millions de dollars

Capacités technologiques

Détails des infrastructures technologiques:

Technologie	Capacité
Forage horizontal	Durée latérale moyenne de 10 500 pieds
Imagerie sismique	Technologie de cartographie souterraine 3D
Optimisation de la production	Systèmes de surveillance des données en temps réel

Matador Resources Company (MTDR) - Modèle d'entreprise: propositions de valeur

Production de pétrole et de gaz naturel à haute efficacité

Depuis le quatrième trimestre 2023, Matador Resources a signalé une production quotidienne de 95 000 barils d'équivalent pétrolier (BOE) par jour, avec un mélange de production de 62% de pétrole et 38% de gaz naturel.

Métrique de production	Valeur 2023
Production quotidienne	95 000 Boe / Day
Pourcentage de pétrole	62%
Pourcentage de gaz naturel	38%

Croissance constante des réserves et des capacités de production

Les réserves prouvées de Matador au 31 décembre 2023, ont totalisé 285,4 millions de BOE, ce qui représente une augmentation de 16% par rapport à 2022.

• Total des réserves prouvées: 285,4 millions de BOE
• Ratio de remplacement de réserve: 243% en 2023
• Réserves développées: 154,7 millions de BOE

Extraction rentable dans les régions géologiques premium

Matador se concentre sur le bassin du Delaware, avec un coût moyen de constatation et de développement de 14,87 $ par BOE en 2023.

Métrique coût	Valeur 2023
Coût de recherche et de développement	14,87 $ / BOE
Efficacité de forage	1,5 puits par unité de forage

Engagement envers la durabilité environnementale

Le matador a réduit l'intensité des émissions de méthane à 0,11 tonnes métriques de CO2 équivalent par BOE en 2023.

• Intensité des émissions de méthane: 0,11 tonnes métriques CO2E / BOE
• Réduction du lac: 35% par rapport à 2022
• Taux de recyclage de l'eau: 78%

Solides rendements pour les actionnaires

En 2023, Matador a livré un retour sur capital employé (ROCE) de 24,3% et a rendu 250 millions de dollars aux actionnaires par le biais de dividendes et de rachats d'actions.

Métrique de performance financière	Valeur 2023
Retour sur le capital employé	24.3%
Renvoie des actionnaires	250 millions de dollars
Flux de trésorerie disponibles	812 millions de dollars

Matador Resources Company (MTDR) - Modèle d'entreprise: relations clients

Contrats à long terme avec les acheteurs d'énergie

Au quatrième trimestre 2023, la société Matador Resources a maintenu environ 12 à 15 accords d'achat d'énergie à long terme avec des consommateurs d'énergie régionaux et nationaux. La durée moyenne du contrat s'étend sur 3 à 5 ans, avec des valeurs totales de contrat variant entre 75 millions à 125 millions de dollars.

Type de contrat	Durée moyenne	Valeur annuelle estimée
Approvisionnement en gaz naturel	4 ans	45 à 60 millions de dollars
Approvisionnement en pétrole brut	3 ans	30 à 45 millions de dollars

Ventes directes vers les raffineries et les plateformes de trading d'énergie

Les ressources de Matador ont exécuté les ventes directes via plusieurs canaux, avec 2023 données montrant:

• 17 partenariats de raffinerie actifs
• 8 Intégrations de plate-forme de trading d'énergie
• Volume total des ventes directes: 42 500 barils par jour

Communication transparente avec les investisseurs et les parties prenantes

Les mesures de communication des investisseurs pour 2023 comprenaient:

Canal de communication	Fréquence	Taux d'engagement des investisseurs
Appels de résultats trimestriels	4 fois / an	87% de fréquentation
Réunion des actionnaires annuelle	1 heure / an	Participation de 72%

Service client réactif dans l'approvisionnement en énergie

Métriques de performance du service client pour 2023:

• Temps de réponse moyen: 2,3 heures
• Évaluation de satisfaction du client: 4.6 / 5
• Équipe de soutien dédiée: 22 professionnels

Plateformes numériques pour les relations avec les investisseurs et les mises à jour du marché

Statistiques d'engagement numérique pour 2023:

Plate-forme	Visiteurs mensuels	Durée moyenne de la session
Site Web de relations avec les investisseurs	45,000	7,5 minutes
Application mobile investisseur	22,500	4,2 minutes

Matador Resources Company (MTDR) - Modèle d'entreprise: canaux

Ventes directes vers les marchés de l'énergie

Matador Resources Company effectue des ventes directes grâce à plusieurs stratégies de canaux ciblant les marchés pétroliers et gaziers. Au quatrième trimestre 2023, la société a déclaré une production totale de 93 300 barils d'équivalent de pétrole par jour (BOE / jour).

Canal de vente	Segment de marché	Volume (BOE / Day)
Ventes directes du bassin Permien	Huile brute	55 980 BOE / JOUR
Ventes de schiste Eagle Ford	Gaz naturel	37 320 BOE / JOUR

Plateformes numériques pour les communications des investisseurs

MTDR utilise des canaux de communication complets des investisseurs numériques.

• Site Web des relations avec les investisseurs: reportage détaillé
• Plateformes de webdiffusion trimestrielle des résultats
• SEC EDGAR ELECTRONIQUE SYSTÈME
• Téléchargements de présentation des investisseurs

Conférences de l'industrie et réseautage du secteur de l'énergie

Matador Resources participe à des conférences clés de l'industrie de l'énergie, avec environ 8 à 10 événements de réseautage stratégique par an.

Type de conférence	Fréquence de participation	Objectif principal
Conférences d'investissement énergétique	4 par an	Relations avec les investisseurs
Symposiums techniques d'énergie	3-4 par an	Vitrine technologique

Rapports financiers et présentations des investisseurs

MTDR fournit des communications financières détaillées via plusieurs canaux. En 2023, la société a publié 4 rapports de bénéfices trimestriels avec un chiffre d'affaires total de 2,1 milliards de dollars.

Marketing stratégique par le biais de publications de l'industrie de l'énergie

Matador Resources maintient la présence marketing dans des publications spécialisées de l'industrie de l'énergie, ciblant les investisseurs institutionnels et les professionnels de l'industrie.

• Publications Hart Energy
• Huile & Gas Investor Magazine
• Journal of Petroleum Technology

Matador Resources Company (MTDR) - Modèle d'entreprise: segments de clientèle

Raffineries de pétrole

Matador Resources fournit du pétrole brut aux raffineries de pétrole avec les mesures clés suivantes:

Métrique	Valeur
Production annuelle de pétrole brut	59 108 barils par jour (Q4 2023)
Clients totaux de produits raffinés	12 Major Raffineries de pétrole
Valeur du contrat moyen	3,2 millions de dollars par raffinerie par an

Entreprises de services publics d'énergie à grande échelle

Caractéristiques du segment de la clientèle:

• Contrats totaux de l'entreprise de services publics: 8 fournisseurs de services publics régionaux
• Volume de production de gaz naturel: 237,1 millions de pieds cubes par jour (Q4 2023)
• Valeur du contrat annuel moyen: 7,5 millions de dollars par entreprise de services publics

Consommateurs d'énergie industrielle

Répartition du segment de la clientèle industrielle:

Secteur de l'industrie	Nombre de clients	Approvisionnement énergétique annuel
Fabrication	17 clients industriels	124,6 millions de pieds cubes par jour
Traitement chimique	9 clients industriels	68,3 millions de pieds cubes par jour

Investisseurs institutionnels

Détails du segment des investisseurs:

• Propriété totale institutionnelle: 98,4%
• Nombre d'investisseurs institutionnels: 276
• Les plus grands actionnaires institutionnels:
  • Vanguard Group: 12,3% de propriété
  • BlackRock: 9,7% de propriété
  • State Street Corporation: 6,5% de propriété

Commerçants d'énergie régionaux et nationaux

Métriques du segment de la clientèle de négociation d'énergie:

Catégorie de trading	Nombre de commerçants	Volume de trading annuel
Commerçants régionaux	42 entités commerciales	1,2 milliard de pieds cubes
Commerçants nationaux	18 entités commerciales	2,7 milliards de pieds cubes

Matador Resources Company (MTDR) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

En 2023, Matador Resources Company a déclaré des frais d'exploration et de forage de 471,9 millions de dollars. Les dépenses en capital de la société pour les activités de forage et d'achèvement dans le bassin du Delaware étaient d'environ 1,1 milliard de dollars.

Catégorie de dépenses	Montant (million de dollars)
Frais de forage	$385.6
Dépenses d'enquête sismique	$42.3
Analyse géologique	$44.0

Équipement et investissements technologiques

Matador Resources a alloué 298,7 millions de dollars pour l'équipement et les investissements technologiques en 2023.

• Technologie de plate-forme de forage: 87,5 millions de dollars
• Équipement de fracturation hydraulique: 112,3 millions de dollars
• Systèmes d'analyse et de surveillance des données: 98,9 millions de dollars

Acquisition des droits fonciers et minéraux

L'entreprise a dépensé 213,4 millions de dollars Sur l'acquisition de droits fonciers et miniers en 2023, en se concentrant principalement sur le bassin du Delaware au Texas.

Région	Acres acquis	Coût par acre
Bassin du Delaware	45,672	$4,670
Eagle Ford Schiste	12,345	$3,900

Coûts opérationnels et d'entretien

Les dépenses opérationnelles des ressources Matador ont totalisé 612,3 millions de dollars en 2023.

• Opérations de production: 287,6 millions de dollars
• Entretien des infrastructures existantes: 224,7 millions de dollars
• Transport et logistique: 100,0 millions de dollars

Compliance et dépenses réglementaires

Les frais liés à la conformité sont équipés de 89,5 millions de dollars en 2023, couvrant les réglementations environnementales, les protocoles de sécurité et les rapports réglementaires.

Catégorie de conformité	Dépenses (millions de dollars)
Conformité environnementale	$42.3
Règlements sur la sécurité	$31.7
Représentation réglementaire	$15.5

Matador Resources Company (MTDR) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole de la production du bassin Delaware

Au quatrième trimestre 2023, Matador Resources a signalé une production totale de pétrole de 69 191 barils par jour. Le prix moyen réalisé du pétrole était de 73,63 $ le baril. Les revenus pétroliers totaux pour 2023 étaient d'environ 1,86 milliard de dollars.

Métrique de production	Valeur 2023
Production quotidienne de pétrole	69 191 barils
Prix ​​du pétrole réalisé	73,63 $ / baril
Revenu total de pétrole	1,86 milliard de dollars

Ventes et dérivés du gaz naturel

En 2023, Matador a produit 262,7 millions de pieds cubes de gaz naturel par jour. Le prix moyen réalisé du gaz naturel était de 2,54 $ par MMBTU. Le chiffre d'affaires total du gaz naturel a atteint 382 millions de dollars.

• Production quotidienne du gaz naturel: 262,7 mmcf / jour
• Prix ​​réalisé du gaz naturel: 2,54 $ / MMBTU
• Revenu total du gaz naturel: 382 millions de dollars

Revenus d'infrastructure intermédiaire

La coentreprise Black Mountain de Matador a généré des revenus d'infrastructures de 64,3 millions de dollars en 2023.

Redevance et revenu des droits minéraux

Les revenus de redevances pour 2023 étaient de 187,5 millions de dollars, ce qui représente 9,2% du total des revenus de l'entreprise.

Ventes stratégiques des actifs et optimisation du portefeuille

En 2023, Matador a terminé les ventes d'actifs totalisant 276,4 millions de dollars, principalement dans le bassin du Delaware.

Flux de revenus	Valeur 2023
Vente de pétrole	1,86 milliard de dollars
Ventes de gaz naturel	382 millions de dollars
Revenus en milieu	64,3 millions de dollars
Revenu de redevance	187,5 millions de dollars
Ventes d'actifs	276,4 millions de dollars

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.