MTDR reporting

[setliff]

beats on eps and revs


Matador Resources Company Reports Third Quarter 2013 Results, Provides Operational Update and Increases Guidance
Press Release: Matador Resources Company DALLAS--(BUSINESS WIRE)--

Matador Resources Company (MTDR) ("Matador" or the "Company"), an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources, with an emphasis on oil and natural gas shale and other unconventional plays and with a current focus on its Eagle Ford operations in South Texas and its Permian Basin operations in Southeast New Mexico and West Texas, today reported financial and operating results for the three and nine months ended September 30, 2013. Headlines include the following:

Record oil production of 617,000 Bbl for the quarter ended September 30, 2013, resulting in a year-over-year increase of 104% from 303,000 Bbl produced in the quarter ended September 30, 2012, a sequential increase of 38% from 447,000 Bbl produced in the quarter ended June 30, 2013.

Record oil and natural gas revenues of $81.9 million for the quarter ended September 30, 2013, a year-over-year increase of 115% from $38.0 million reported for the quarter ended September 30, 2012, and a sequential increase of 41% from $58.2 million for the quarter ended June 30, 2013.

Record Adjusted EBITDA of $61.5 million for the third quarter of 2013, a year-over-year increase of 115% from $28.6 million reported for the third quarter of 2012, and a sequential increase of 51% from $40.8 million for the second quarter of 2013.

Record oil and natural gas revenues of $199.4 million for the nine months ended September 30, 2013, a year-over-year increase of 93% from $103.3 million for the nine months ended September 30, 2012.

Record Adjusted EBITDA of $142.9 million for the nine months ended September 30, 2013, a year-over-year increase of 83% from $77.9 million for the nine months ended September 30, 2012.

Record total proved oil and natural gas reserves of 44.2 million BOE at September 30, 2013, including 13.9 million Bbl of oil and 182.0 Bcf of natural gas, with a PV-10 of $538.6 million (Standardized Measure of $486.1 million). Proved oil reserves increased 65% to 13.9 million Bbl at September 30, 2013, as compared to 8.4 million Bbl at September 30, 2012, and increased 32%, as compared to 10.5 million Bbl at December 31, 2012.

Acquired approximately 49,000 gross (32,800 net) acres primarily in Lea and Eddy Counties, New Mexico between January 1 and November 6, 2013, bringing the Company's total acreage position in the Permian Basin in Southeast New Mexico and West Texas to approximately 64,900 gross (40,400 net) acres.

Increased previously announced 2013 annual oil production guidance from 1.8 to 2.0 million Bbl to 2.0 to 2.1 million Bbl.
Increased previously announced 2013 annual natural gas production guidance from 11.0 to 12.0 billion cubic feet to 12.0 to 13.0 billion cubic feet.

Increased previously announced 2013 annual oil and natural gas revenues guidance from $220 to $240 million to $250 to $270 million.
Increased previously announced 2013 annual Adjusted EBITDA guidance from $155 to $175 million to $180 to $190 million.

The Company will hold an Analyst Day in Dallas, Texas, on December 12, 2013 at 10:00 a.m. Central Time to discuss its 2014 operational plan, capital budget and forecasts and its Permian Basin position.

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Net Income (Loss) (this was way down in the report)

For the quarter ended September 30, 2013, Matador reported net income of approximately $20.1 million and earnings of $0.35 per common share, as compared to a net loss of approximately $9.2 million and a loss of $0.17 per common share for the quarter ended September 30, 2012. The Company's earnings per share for the quarter ended September 30, 2013 were unfavorably impacted by a non-cash unrealized loss on derivatives of $9.3 million but favorably impacted by a low effective tax rate resulting from the reversal of the full valuation allowance against its net federal deferred tax assets maintained in previous quarters.


complete report here----
http://finance.yahoo.com/news/matador-r ... 00177.html

[dan_s]

I just started working on this one. I will have an updated forecast model and valuation posted under the Watch List Tab this evening.

[dan_s]

Matador Resources (MTDR): The company reported 3rd quarter results that were significantly better than my original forecast. An updated Net Income & Cash Flow Forecast model has been posted under the Watch List Tab.

My Fair Value Estimate has increased $3.00/share to $27.00/share. Compare to First Call's Price Target of $19.36/share.

Analyst love increasing production guidance and a fresh reserve report. I expect this one to go up tomorrow.

A couple things to note:
> My forecast and valuation does include the 9,775,000 shares they sold in September.
> Production will dip in Q4 as they are completing Eagle Ford wells in bunches and have to shut-in all wells on a pad to frac and complete new wells.
> Natural gas price in the forecast looks high because it is a blended price with their NGLs.
> Eagle Ford oil sells in the Gulf Coast market at a premium to WTI, which is why I use $95/bbl for 2014 oil in the forecast.
> 75% of Matador's 2014 oil production is covered by hedges with $88/bbl floor, so very limited commodity price risk on this one.
> My production forecast for 2014 is a SWAG since the company has not provided any official guidance. With two rigs now drilling full-time in the Eagle Ford and one full-time in the Permian Basin, I think it is a safe bet they will have significant production growth next year.

[dan_s]

If you are not familiar with Matador, you should read our profile. It is still available under the Watch List Tab.