Matador Resources (MTDR) Q4 Results - Feb 21
Posted: Wed Feb 21, 2024 11:40 am
Fourth Quarter 2023 Operational and Financial Highlights
Record quarterly average production of 154,300 BOE per day (88,700 barrels of oil per day) < Beat my forecast of 145,500 by a wide margin. Matador completes wells in "bunches", so it often has spikes in production. Plus, they like to "Over-Promise and Under-Deliver" on production guidance.
Net cash provided by operating activities of $618.3 million < My Adjusted Operating Cash Flow forecast was $537.2 million.
Adjusted free cash flow of $180.5 million
Net income of $254.5 million, or $2.12 per diluted common share
Adjusted net income of $238.4 million, or $1.99 per diluted common share < Comparable to my forecast of $243.8 million net income. Remember that operating cash flow is much more important to my valuations than net income, which includes a lot of non-cash items.
Adjusted EBITDA of $552.8 million
San Mateo net income of $43.7 million
San Mateo Adjusted EBITDA of $61.6 million
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Conclusion: Another outstanding quarter for this profitable Aggressive Growth Company. Double digit production growth year after year.
Record quarterly average production of 154,300 BOE per day (88,700 barrels of oil per day) < Beat my forecast of 145,500 by a wide margin. Matador completes wells in "bunches", so it often has spikes in production. Plus, they like to "Over-Promise and Under-Deliver" on production guidance.
Net cash provided by operating activities of $618.3 million < My Adjusted Operating Cash Flow forecast was $537.2 million.
Adjusted free cash flow of $180.5 million
Net income of $254.5 million, or $2.12 per diluted common share
Adjusted net income of $238.4 million, or $1.99 per diluted common share < Comparable to my forecast of $243.8 million net income. Remember that operating cash flow is much more important to my valuations than net income, which includes a lot of non-cash items.
Adjusted EBITDA of $552.8 million
San Mateo net income of $43.7 million
San Mateo Adjusted EBITDA of $61.6 million
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Conclusion: Another outstanding quarter for this profitable Aggressive Growth Company. Double digit production growth year after year.