Matador sees Q3 D/C/E CapEx $330M-$370M

Matador is currently operating nine drilling rigs in the Delaware Basin and expects to operate nine drilling rigs for the remainder of 2024. Matador expects that this ninth drilling rig will add an incremental four gross (3.9 net) operated wells turned to sales in late December 2024, which is expected to add approximately 40,000 BOE to 2024 forecasted production. At July 23, 2024, Matador expects D/C/E capital expenditures for the third quarter of 2024 will be approximately $330 to $370 million, which is an 11% increase as compared to $314.5 million for the second quarter of 2024. Matador expects full-year 2024 D/C/E capital expenditures to be between the midpoint and the high end of its previous expected range of $1.10 to $1.30 billion. Matador estimates its proportionate share of midstream capital expenditures to be approximately $45 to $65 million in the third quarter of 2024, which is a 21% increase as compared to $45.3 million in the second quarter of 2024, primarily due to the timing of Pronto’s 2024 midstream projects. These capital expenditure estimates for the third quarter of 2024 do not include capital expenditures associated with the Ameredev properties.