DALLAS - Matador Resources Company (NYSE:MTDR) shares gained 2.4% after the oil and gas producer reported third quarter earnings that beat analyst expectations, despite revenue coming in below forecasts.
The company posted adjusted earnings of $1.89 per share for the quarter, surpassing the consensus estimate of $1.67 per share. However, revenue of $770.2 million fell short of analysts' projections of $842.81 million.
Matador's oil and natural gas production hit record levels in Q3, averaging 171,480 barrels of oil equivalent (BOE) per day. This represented a 27% increase compared to the same period last year.
"Matador's third quarter of 2024 was one of the best quarters in Matador's history with record production and the closing of our largest acquisition to date," said Joseph Wm. Foran, Matador's Founder, Chairman and CEO.
The company highlighted its recent acquisition of Ameredev assets, which closed in September and is already exceeding expectations. Production from the acquired assets averaged 31,500 BOE per day following the closing.
Matador raised its full-year 2024 production guidance, now expecting total oil equivalent production of 167,500 to 172,500 BOE per day, up from its previous outlook of 158,500 to 163,500 BOE per day.
The company also increased its capital expenditure guidance for 2024 by $50 million to a range of $1.35 billion to $1.60 billion, citing accelerated completion of wells on newly acquired properties.
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