Matador Resources shares 2% as the top Q3 profit estimates by Investing.com
DALLAS – Matador Resources Company (NYSE: ) 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, beating the consensus estimate of $1.67 per share. However, revenue of $770.2 million fell short of analysts’ estimates of $842.81 million.
Oil and Matador production reached record levels in Q3, averaging 171,480 barrels of oil equivalent (BOE) per day. This should have increased by 27% compared to the same period last year.
“Matador’s third quarter of 2024 was one of the best in Matador’s history with record production and the closing of our largest acquisition to date,” said Joseph Wm. Foran, Matador 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 is up to 31,500 BOE per day following the shutdown.
Matador raised its full-year production guidance to 2024, 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 raised its 2024 capital spending guidance by $50 million to a range of $1.35 billion to $1.60 billion, citing rapid depletion of wells in newly discovered fields.
This article was created with the support of AI and reviewed by an editor. For more information see our T&C.
