Matador Resources (MTDR) Q1 Results - April 26

[dan_s]

Matador's Q1 production of 93,969 Boe per day beat my forecast of 91,500 Boe per day.

Their average realized oil & gas prices (net of cash settlements on their hedges) CRUSHED my forecast assumptions.
Realized oil price of $91.68/bbl vs my forecast of $82.00/bbl
Realized natural gas price of $7.43 vs my forecast of $6.50 < Matador reports ngas and NGLs on a combined basis.

Adjusted Net Income of $277.5 million compares to my forecast of $217.5 million.

Matador has significantly improved their balance sheet, so a higher valuation multiple is justified.

I will spend more time on the model tomorrow, but my valuation of $82 is going higher.