Matador Resources Company (MTDR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Matador Resources Company (MTDR) surge como uma força dinâmica na paisagem energética, navegando estrategicamente nos terrenos complexos da exploração de petróleo e gás natural. Com um foco nítido na Bacia de Delaware e na Eagle Ford Shale, esta empresa inovadora transforma o potencial geológico em oportunidades econômicas por meio de tecnologias avançadas de perfuração e parcerias estratégicas. Seu modelo de negócios representa um projeto sofisticado de criação de valor, combinação de proezas tecnológicas, gerenciamento estratégico de recursos e um compromisso de fornecer retornos consistentes dos acionistas no setor de energia em constante evolução.

Matador Resources Company (MTDR) - Modelo de Negócios: Principais Parcerias

Joint ventures estratégicos com provedores de infraestrutura média

A Matador Resources estabeleceu parcerias críticas com empresas de infraestrutura média para otimizar suas operações de petróleo e gás. A partir do quarto trimestre 2023, a empresa possui acordos estratégicos de joint venture com:

Parceiro	Detalhes da parceria	Valor de investimento
Minerais de pedra negra	Colaboração de infraestrutura do meio -fluxo na bacia de Delaware	US $ 127,3 milhões em investimento
JohnDrow Ventures	Infraestrutura de coleta e processamento do meio da corrente	US $ 98,6 milhões de joint venture

Colaboração com empresas de tecnologia de perfuração e exploração

A Matador Resources mantém parcerias tecnológicas para aprimorar os recursos de exploração e produção:

• Baker Hughes: integração avançada de tecnologia de perfuração
• Schlumberger: Imagem sísmica e caracterização do reservatório
• Halliburton: Serviços hidráulicos de fraturamento e conclusão bem

Parcerias com proprietários de direitos de terra e minerais

Principais parcerias de direitos e direitos minerais no Texas e no Novo México:

Região	Acres sob acordo	Valor estimado de área cultivada
Bacia de Delaware, Texas	95.000 acres	US $ 412 milhões
Bacia Permiana, Novo México	45.000 acres	US $ 215 milhões

Parcerias financeiras com bancos de investimento e mercado de capitais

Parcerias financeiras em 2024:

• JPMorgan Chase: Linha de crédito de US $ 500 milhões
• Goldman Sachs: Conselho de subscrição e mercado de capitais
• Wells Fargo: Linha de crédito rotativo de US $ 350 milhões

Valor total de investimento em parceria: US $ 1,4 bilhão

Matador Resources Company (MTDR) - Modelo de negócios: Atividades -chave

Exploração e produção de petróleo e gás natural

No quarto trimestre 2023, os recursos do Matador relataram a produção total de 92.008 barris de petróleo equivalente por dia (BOE/D), com uma quebra da seguinte maneira:

Tipo de produção	Volume	Percentagem
Petróleo bruto	54.365 barris por dia	59.1%
Gás natural	37.643 BOE/D.	40.9%

Perfuração horizontal em Delaware Bacia e Eagle Ford Shale

As operações de perfuração da Matador Resources em 2023 focaram em duas regiões principais:

• Bacia de Delaware: 14 plataformas de perfuração horizontais operando ativamente
• Eagle Ford Shale: 3 plataformas de perfuração horizontais operando ativamente

Região	Reservas comprovadas	Valor estimado
Bacia de Delaware	375 milhões de boe	US $ 2,1 bilhões
Eagle Ford Shale	127 milhões de Boe	US $ 715 milhões

Desenvolvimento de ativos e otimização de operações de perfuração

As despesas de capital para 2023 totalizaram US $ 1,025 bilhão, alocadas da seguinte forma:

• Perfuração e conclusão: US $ 925 milhões
• Infraestrutura e Midstream: US $ 100 milhões

Inovação tecnológica contínua em técnicas de extração

Investimentos tecnológicos em 2023:

• Técnicas aprimoradas de fraturamento hidráulico
• Implementou tecnologias avançadas de imagem sísmica
• Investiu US $ 35 milhões em pesquisa e desenvolvimento

Tecnologia	Investimento	Ganho de eficiência esperado
Fraturamento avançado	US $ 15 milhões	Melhoria de eficiência de extração de 12%
Imagem sísmica	US $ 20 milhões	15% de identificação de recursos aprimorados

Matador Resources Company (MTDR) - Modelo de negócios: Recursos -chave

Direitos significativos da terra e mineral

A partir do quarto trimestre de 2023, a Matador Resources possui aproximadamente 166.000 acres líquidos na bacia de Delaware do Texas e no Novo México. O colapso da área cultivada inclui:

Localização	Líquido acres
Condado de Culberson, Texas	46,000
County Loving, Texas	32,000
Lea County, Novo México	88,000

Equipamento avançado de perfuração e fraturamento hidráulico

A Matador Resources mantém uma frota moderna de equipamentos de perfuração e conclusão, incluindo:

• 5 plataformas de perfuração operadas
• Tecnologia avançada de perfuração horizontal
• Equipamento de fraturamento hidráulico de alta eficiência

Equipe de gerenciamento experiente

Estatísticas -chave de liderança:

Posição	Anos de experiência no setor
CEO Joseph Foran	Mais de 40 anos
CFO Craig Adams	Mais de 25 anos
Coo Ty Halsey	Mais de 20 anos

Recursos financeiros

Métricas financeiras a partir do quarto trimestre 2023:

• Total de ativos: US $ 4,2 bilhões
• Dívida total: US $ 1,8 bilhão
• Caixa e equivalentes: US $ 285 milhões
• Capacidade de empréstimo em Linha de Crédito: US $ 500 milhões

Capacidades tecnológicas

Detalhes da infraestrutura tecnológica:

Tecnologia	Capacidade
Perfuração horizontal	Comprimento lateral médio de 10.500 pés
Imagem sísmica	Tecnologia de mapeamento de subsuperfície 3D
Otimização da produção	Sistemas de monitoramento de dados em tempo real

Matador Resources Company (MTDR) - Modelo de Negócios: Proposições de Valor

Produção de petróleo e gás natural de alta eficiência

A partir do quarto trimestre 2023, a Matador Resources relatou a produção diária de 95.000 barris de petróleo equivalente (BOE) por dia, com uma mistura de produção de 62% de petróleo e 38% de gás natural.

Métrica de produção	2023 valor
Produção diária	95.000 boe/dia
Porcentagem de petróleo	62%
Porcentagem de gás natural	38%

Crescimento consistente em reservas e recursos de produção

As reservas comprovadas de Matador em 31 de dezembro de 2023, totalizaram 285,4 milhões de BOE, representando um aumento de 16% em relação a 2022.

• Total de reservas comprovadas: 285,4 milhões de boe
• Taxa de substituição de reserva: 243% em 2023
• Reservas desenvolvidas comprovadas: 154,7 milhões de boe

Extração econômica em regiões geológicas premium

Matador se concentra na bacia de Delaware, com um custo médio de descoberta e desenvolvimento de US $ 14,87 por Boe em 2023.

Métrica de custo	2023 valor
Custo de localização e desenvolvimento	$ 14,87/BOE
Eficiência de perfuração	1,5 poços por unidade de perfuração

Compromisso com a sustentabilidade ambiental

Matador reduziu a intensidade das emissões de metano para 0,11 toneladas de CO2 equivalente por BOE em 2023.

• Intensidade de emissões de metano: 0,11 toneladas métricas CO2E/BOE
• Redução de queima: 35% em comparação com 2022
• Taxa de reciclagem de água: 78%

Retornos fortes para os acionistas

Em 2023, Matador entregou um retorno sobre o capital empregado (ROCE) de 24,3% e retornou US $ 250 milhões aos acionistas por meio de dividendos e recompras de ações.

Métrica de desempenho financeiro	2023 valor
Retorno sobre o capital empregado	24.3%
Retornos dos acionistas	US $ 250 milhões
Fluxo de caixa livre	US $ 812 milhões

Matador Resources Company (MTDR) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com compradores de energia

No quarto trimestre 2023, a Matador Resources Company manteve aproximadamente 12 a 15 acordos de compra de energia de longo prazo com consumidores regionais e nacionais de energia. A duração média do contrato abrange de 3 a 5 anos, com valores totais de contrato variando entre US $ 75 milhões e US $ 125 milhões.

Tipo de contrato	Duração média	Valor anual estimado
Suprimento de gás natural	4 anos	US $ 45-60 milhões
Suprimento de petróleo bruto	3 anos	US $ 30-45 milhões

Vendas diretas para refinarias e plataformas de negociação de energia

O Matador Resources executou vendas diretas por meio de vários canais, com 2023 dados mostrando:

• 17 parcerias de refinaria ativa
• 8 Integrações da plataforma de negociação de energia
• Volume total de vendas direta: 42.500 barris por dia

Comunicação transparente com investidores e partes interessadas

Métricas de comunicação de investidores para 2023 incluídas:

Canal de comunicação	Freqüência	Taxa de envolvimento do investidor
Chamadas de ganhos trimestrais	4 vezes/ano	87% de participação
Reunião Anual dos Acionistas	1 hora/ano	72% de participação

Atendimento ao cliente responsivo em compras de energia

Métricas de desempenho de atendimento ao cliente para 2023:

• Tempo médio de resposta: 2,3 horas
• Classificação de satisfação do cliente: 4.6/5
• Equipe de suporte dedicado: 22 profissionais

Plataformas digitais para relações com investidores e atualizações de mercado

Estatísticas de engajamento digital para 2023:

Plataforma	Visitantes mensais	Duração média da sessão
Site de Relações com Investidores	45,000	7,5 minutos
Aplicativo móvel do investidor	22,500	4,2 minutos

Matador Resources Company (MTDR) - Modelo de Negócios: Canais

Vendas diretas para mercados de energia

A Matador Resources Company realiza vendas diretas por meio de estratégias de vários canais direcionadas aos mercados de petróleo e gás. A partir do quarto trimestre de 2023, a empresa relatou a produção total de 93.300 barris de petróleo equivalente por dia (BoE/dia).

Canal de vendas	Segmento de mercado	Volume (Boe/Day)
Vendas diretas da bacia do Permiano	Petróleo bruto	55.980 BOE/dia
Vendas de xisto de águia ford	Gás natural	37.320 BOE/dia

Plataformas digitais para comunicações de investidores

O MTDR utiliza canais abrangentes de comunicação de investidores digitais.

• Site de Relações com Investidores: Relatórios Financeiros detalhados
• Plataformas trimestrais de webcast
• Sistema de arquivamento eletrônico da Sec Edgar
• Downloads de apresentação do investidor

Conferências do setor e redes do setor de energia

A Matador Resources participa de conferências importantes no setor de energia, com cerca de 8 a 10 eventos estratégicos de rede estratégica anualmente.

Tipo de conferência	Frequência de participação	Propósito primário
Conferências de investimento em energia	4 por ano	Relações com investidores
Simpósios de energia técnica	3-4 por ano	Vitrine de tecnologia

Relatórios financeiros e apresentações de investidores

O MTDR fornece comunicações financeiras detalhadas por meio de vários canais. Em 2023, a empresa divulgou 4 relatórios trimestrais com receita total de US $ 2,1 bilhões.

Marketing estratégico por meio de publicações do setor de energia

A Matador Resources mantém a presença de marketing em publicações especializadas no setor de energia, visando investidores institucionais e profissionais do setor.

• Publicações de energia da Hart
• Óleo & Gas Investor Magazine
• Journal of Petroleum Technology

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

Refinarias de petróleo

Recursos Matador fornecem petróleo bruto para refinarias de petróleo com as seguintes métricas -chave:

Métrica	Valor
Produção anual de petróleo bruto	59.108 barris por dia (Q4 2023)
Total de clientes refinados de produtos	12 principais refinarias de petróleo
Valor médio do contrato	US $ 3,2 milhões por refinaria anualmente

Empresas de utilidade de energia em larga escala

Características do segmento de clientes:

• Contratos totais da empresa de serviços públicos: 8 provedores de serviços públicos regionais
• Volume de produção de gás natural: 237,1 milhões de pés cúbicos por dia (quarto trimestre 2023)
• Valor médio anual do contrato: US $ 7,5 milhões por empresa de utilidade

Consumidores de energia industrial

Redução do segmento de clientes industriais:

Setor da indústria	Número de clientes	Fornecimento anual de energia
Fabricação	17 clientes industriais	124,6 milhões de pés cúbicos por dia
Processamento químico	9 clientes industriais	68,3 milhões de pés cúbicos por dia

Investidores institucionais

Detalhes do segmento de investidores:

• Propriedade institucional total: 98,4%
• Número de investidores institucionais: 276
• Maiores acionistas institucionais:
  • Grupo Vanguard: 12,3% de propriedade
  • BlackRock: 9,7% de propriedade
  • State Street Corporation: 6,5% de propriedade

Comerciantes regionais e nacionais de energia

Métricas de segmento de clientes de negociação de energia:

Categoria de negociação	Número de comerciantes	Volume de negociação anual
Comerciantes regionais	42 entidades comerciais	1,2 bilhão de pés cúbicos
Comerciantes nacionais	18 entidades comerciais	2,7 bilhões de pés cúbicos

Matador Resources Company (MTDR) - Modelo de Negócios: Estrutura de Custo

Despesas de exploração e perfuração

Em 2023, a Matador Resources Company relatou despesas de exploração e perfuração de US $ 471,9 milhões. As despesas de capital da empresa para atividades de perfuração e conclusão na bacia de Delaware foram de aproximadamente US $ 1,1 bilhão.

Categoria de despesa	Valor (US $ milhões)
Custos de perfuração	$385.6
Despesas de pesquisa sísmica	$42.3
Análise geológica	$44.0

Equipamentos e investimentos tecnológicos

A Matador Resources alocou US $ 298,7 milhões para equipamentos e investimentos tecnológicos em 2023.

• Tecnologia da plataforma de perfuração: US $ 87,5 milhões
• Equipamento de fraturamento hidráulico: US $ 112,3 milhões
• Sistemas de análise e monitoramento de dados: US $ 98,9 milhões

Aquisição de direitos de terra e mineral

A empresa gastou US $ 213,4 milhões sobre aquisição de direitos e direitos de minerais em 2023, concentrando -se principalmente na bacia de Delaware, no Texas.

Região	Acres adquiridos	Custo por acre
Bacia de Delaware	45,672	$4,670
Eagle Ford Shale	12,345	$3,900

Custos operacionais e de manutenção

As despesas operacionais para os recursos do Matador totalizaram US $ 612,3 milhões em 2023.

• Operações de produção: US $ 287,6 milhões
• Manutenção da infraestrutura existente: US $ 224,7 milhões
• Transporte e logística: US $ 100,0 milhões

Conformidade e despesas regulatórias

Os custos relacionados à conformidade totalizaram US $ 89,5 milhões Em 2023, abrangendo regulamentos ambientais, protocolos de segurança e relatórios regulatórios.

Categoria de conformidade	Despesa (US $ milhões)
Conformidade ambiental	$42.3
Regulamentos de segurança	$31.7
Relatórios regulatórios	$15.5

Matador Resources Company (MTDR) - Modelo de negócios: fluxos de receita

Vendas de petróleo da produção da bacia de Delaware

A partir do quarto trimestre de 2023, a Matador Resources relatou a produção total de petróleo de 69.191 barris por dia. O preço médio realizado no petróleo foi de US $ 73,63 por barril. A receita total do petróleo para 2023 foi de aproximadamente US $ 1,86 bilhão.

Métrica de produção	2023 valor
Produção diária de petróleo	69.191 barris
Preço do petróleo realizado	US $ 73,63/barril
Receita total do petróleo	US $ 1,86 bilhão

Vendas e derivativos de gás natural

Em 2023, Matador produziu 262,7 milhões de pés cúbicos de gás natural por dia. O preço médio percebido no gás natural foi de US $ 2,54 por MMBTU. A receita total do gás natural atingiu US $ 382 milhões.

• Produção diária de gás natural: 262,7 mmcf/dia
• Preço percebido do gás natural: US $ 2,54/mMBTU
• Receita total de gás natural: US $ 382 milhões

Receita de infraestrutura do meio do meio

A joint venture da Black Mounty Midstream da Matador gerou receita de infraestrutura de US $ 64,3 milhões em 2023.

Renda de royalties e direitos minerais

A renda de royalties para 2023 foi de US $ 187,5 milhões, representando 9,2% da receita total da empresa.

Vendas estratégicas de ativos e otimização de portfólio

Em 2023, o Matador concluiu as vendas de ativos, totalizando US $ 276,4 milhões, principalmente na bacia de Delaware.

Fluxo de receita	2023 valor
Vendas de petróleo	US $ 1,86 bilhão
Vendas de gás natural	US $ 382 milhões
Receita no meio da corrente	US $ 64,3 milhões
Renda de royalties	US $ 187,5 milhões
Vendas de ativos	US $ 276,4 milhões

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.