Matador Resources announced first quarter earnings and set hopes for further Eagle Ford activity.
In an earnings call on May 7th, Matador executives discussed the company’s $50.2 million loss for the first quarter of 2015, a drastic change from the $16.4 million profit reported one year ago.
Low oil prices have taken a toll on the company’s earnings and caused them to temporarily suspend operations in the Eagle Ford Shale.
- Company growth: Up from 400 barrels of oil per day to over 11,000 barrels a day
- Reduced operating costs 30% to 40% through vendor adjustments and reducing number of days on wells and complete them better and then our gas lift system on production.
- Production continues to meet & exceed our expectations and for the first time in our history, we produce more than 2 million BOEs in a single quarter, recording production of 2.1
- Completed the merger with HEYCO that included 29 new employees in Roswell, New Mexico.