Matador Released 2015 Q1
Matador Resources announced first quarter earnings and set hopes for further Eagle Ford activity.
Related: Matador Reduces Eagle Ford Rigs in 2015
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.
“We are looking, hopefully that circumstances will suggest to be acting again in the Eagle Ford in 2016. We are very open to acquiring and are in the process of acquiring some additional acreage there (EFS) to build up our inventory. We feel we’ve got 250 or so wells to drill over there with welcome deals if some people have expiring acreage that they would like for us to be interested in. We’ve got a lot of good locations left there and we are really high on the Eagle Ford still.”
Q1 Highlights:
- 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.