Matador Resources Co (MTDR): REPORTS THIRD QUARTER 2026 RESULTS INCLUDING RECORD OIL PRODUCTION AND CONTINUED DEBT REPAYMENT
Matador Resources Co (MTDR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 MATADOR RESOURCES COMPANY REPORTS THIRD QUARTER 2026 RESULTS INCLUDING RECORD OIL PRODUCTION AND CONTINUED DEBT REPAYMENT DALLAS, Texas, November 3, 2026 -- Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported financial and operating res
How this was made
The 30-second read
Why it matters
The earnings beat, debt repayment, and dividend increase provide fresh, material information that can move the stock.
Market read
The release delivers new earnings data and guidance updates, making it a primary catalyst for MTDR trading.
What to watch
Higher CapEx reduction could signal slower growth pipeline; investors should watch future spending plans.
Matador Resources Company Reports Third Quarter 2026 Results Including Record Oil Production and Continued Debt Repayment
Record production, 51% growth in oil and natural gas revenues, higher non-GAAP earnings and adjusted free cash flow, capital expenditures below guidance, increased full-year production guidance and continued debt repayment supported the quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Oil and natural gas revenuesGAAP | $1.22B | – | +51% |
| Third-party midstream services revenuesGAAP | $56.3M | – | – |
| Sales of purchased natural gasGAAP | $112.1M | – | – |
| Net sales of purchased natural gasGAAP | $21.2M | – | – |
| Realized loss on derivativesGAAP | −$160.2M | – | – |
| Unrealized loss on derivativesGAAP | −$67.73M | – | – |
| Total revenuesGAAP | $1.16B | – | – |
| Operating incomeGAAP | $353.9M | – | – |
| Net incomeGAAP | $195.1M | – | – |
| Net income attributable to Matador Resources Company shareholdersGAAP | $172.1M | – | – |
| Earnings per common share, dilutedGAAP | $ 1.39 | – | – |
| Adjusted net income attributable to Matador Resources Company shareholdersnon-GAAP | $257.5M | – | – |
| Adjusted earnings per common share, dilutednon-GAAP | $ 2.08 | – | – |
| Adjusted EBITDA attributable to Matador Resources Company shareholdersnon-GAAP | $738.3M | – | – |
| Net cash provided by operating activitiesGAAP | $594.4M | – | – |
| Adjusted free cash flownon-GAAP | $287.6M | – | – |
| Total productionother | 230,470 BOE per day | – | +10% |
| Oil productionother | 132,019 Bbl per day | – | +10% |
| Natural gas productionother | 590.7 MMcf per day | – | +10% |
| Oil price, without realized derivativesother | $87.25 per Bbl | -11% | +34% |
| Natural gas price, without realized derivativesother | $2.99 per Mcf | N/A | +53% |
| Total operating expensesother | $33.67 per BOE | – | – |
| Lease operating expensesother | $5.66 per BOE | – | – |
| Transportation and processing expensesother | $1.08 per BOE | – | – |
| Midstream operating expensesother | $3.89 per BOE | – | – |
| Depletion, depreciation and amortization expenseother | $16.18 per BOE | – | – |
| Taxes other than incomeother | $4.75 per BOE | – | – |
| General and administrative expensesother | $2.11 per BOE | – | – |
| D/C/E capital expendituresother | $329.9M | – | – |
| Midstream capital expendituresother | $51.5M | – | – |
| Total capital expendituresother | $381.4M | – | 19% reduction or $91 million less |
| San Mateo net incomeGAAP | $46.9M | – | – |
| San Mateo Adjusted EBITDAnon-GAAP | $94M | – | – |
| Matador Combined Midstream Adjusted EBITDAnon-GAAP | $101.4M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Oil and natural gasRecord production and improved oil and natural gas price realizations. | $1.22B | – | +51% |
| Third-party midstream servicesSan Mateo natural gas gathering throughput of 731 MMcf per day and natural gas processing throughput of 695 MMcf per day. | $56.3M | – | – |
| Combined midstreamSan Mateo and Matador’s wholly-owned midstream assets generated $101.4 million of Adjusted EBITDA. | $50.4 million combined quarterly net income | – | – |
Full-Year 2026 Guidance Update Effective November 3, 2026 outlook
- Tax rateCurrent income taxes: 0% to 1% of pretax income
- NoteOil Production: 128,750 to 129,250 Bbl per day
- NoteNatural Gas Production: 565.5 to 568.5 MMcf per day
- NoteTotal Oil Equivalent Production: 223,000 to 224,000 BOE per day
- NoteD/C/E CapEx: $1.50 to $1.54 billion
- NoteMidstream CapEx: $170 to $190 million
- NoteTotal CapEx: $1.67 to $1.73 billion
- NoteCost per completed lateral foot: $785 to $805 for full year 2026
- NoteSan Mateo and Matador’s other wholly-owned midstream assets Adjusted EBITDA: approaching $400 million for full year 2026
- NoteFourth quarter 2026 total production: 238,000 to 242,000 BOE per day
- NoteFourth quarter 2026 oil production: 136,000 to 138,000 Bbl per day
- NoteFourth quarter 2026 natural gas production: 612.0 to 624.0 MMcf per day
- NoteFourth quarter 2026 D/C/E and midstream capital expenditures: approximately $425 to $485 million
- NoteFourth quarter 2026 D/C/E capital expenditures: $340 to $380 million
- NoteFourth quarter 2026 midstream capital expenditures: $85 to $105 million
- NoteFourth quarter 2026 net operated horizontal wells turned to sales: 21 to 23
Capital returns
- $150 million repaid in October 2026.
- Matador repurchased 253,603 shares of its common stock at a weighted average price of approximately $47.64 per share for a total of $12 million during the third quarter of 2026.
- Repurchases of common stock were $12,087 thousand during the third quarter of 2026 and $24,193 thousand for the nine months ended September 30, 2026.
- Dividends paid were $46,205 thousand during the third quarter of 2026 and $139,463 thousand for the nine months ended September 30, 2026.
- Annual dividend increased to $1.75 per share per year from $1.50 per share, a 17% increase.
- San Mateo distributed $30.6 million to Matador during the third quarter of 2026.
What drove it
- Third-quarter production exceeded the guidance midpoint of 224,000 BOE per day by 3%, driven primarily by new-well outperformance and an earlier-than-expected twelve-well batch turned to sales in the Ranger Asset area.
- Natural gas revenue was $162 million, compared with negative $39 million in the second quarter of 2026, aided by increased natural gas realizations and commissioning of the Hugh Brinson pipeline on September 1, 2026.
- Natural gas production increased to 590.7 MMcf per day from 537.1 MMcf per day in the second quarter of 2026.
- Third-quarter total capital expenditures of $381.4 million were below the $410 to $440 million August 2026 guidance range, primarily due to timing shifts in upstream and midstream spending.
- Natural gas gathering throughput increased 38% year over year to 731 MMcf per day, while natural gas processing throughput increased 30% to 695 MMcf per day.
- Paloma and Ridge Runner are expected to contribute approximately 10,000 BOE per day, 57% oil, in the fourth quarter of 2026.
Concerns
- GAAP net income attributable to Matador Resources Company shareholders was $172.1 million, compared with $176.4 million in the third quarter of 2025 and $390.7 million in the second quarter of 2026.
- Realized loss on derivatives was $ (160.2) million and unrealized loss on derivatives was $ (67,727) thousand in the third quarter of 2026.
- Oil prices without realized derivatives declined 11% sequentially to $87.25 per Bbl.
- Midstream operating expense of $3.89 per BOE exceeded full-year expectations of $3.30 per BOE, primarily due to the Cardinal Midstream acquisition and certain non-recurring costs.
- San Mateo net income was $135 million for the first nine months of 2026, compared with $160 million for the first nine months of 2025.
- Oil gathering and transportation throughput declined 34% year over year to 38,300 Bbl per day.
What to watch
- Execution of fourth-quarter production guidance of 238,000 to 242,000 BOE per day and the contribution from Paloma and Ridge Runner.
- Fourth-quarter capital expenditure guidance of approximately $425 to $485 million, including expansion of the Marlan processing plant and related system buildouts.
- The effectiveness of long-term gas sales agreements with liquefaction companies on the Gulf Coast expected to become effective in the first quarter of 2027.
- Progress toward leverage approaching 1.5x by year-end 2026.
- Construction of a new 300 MMcfd natural gas processing plant at San Mateo’s Marlan plant complex.
- The planned commencement of operations through year-end 2027 on 35 to 40 gross wells associated with Federal lease sale and Paloma acreage, alongside up to 15 gross Woodford wells.
Balance sheet and cash flow
- Cash: $ 11,756 thousand at September 30, 2026.
- Restricted cash: $ 58,357 thousand at September 30, 2026.
- Cash and restricted cash at end of period: $ 70,113 thousand.
- Borrowings under Credit Agreement: $ 951,000 thousand at September 30, 2026.
- Borrowings under San Mateo Revolving Credit Facility: $ 1,002,000 thousand at September 30, 2026.
- Current term loan payable under San Mateo Credit Facility: $ 647,266 thousand at September 30, 2026.
- Senior unsecured notes payable: $ 2,367,642 thousand at September 30, 2026.
- Total assets: $ 14,693,313 thousand at September 30, 2026.
- Total liabilities: $ 8,278,051 thousand at September 30, 2026.
- Net cash provided by operating activities: $ 2,002,106 thousand for the nine months ended September 30, 2026.
- Net cash used in investing activities: $ (3,384,997) thousand for the nine months ended September 30, 2026.
- Net cash provided by financing activities: $ 1,373,527 thousand for the nine months ended September 30, 2026.
Analysis
Matador reported a production-led third quarter. Total production averaged 230,470 BOE per day, up 10% from 209,184 BOE per day in the third quarter of 2025 and above the 224,000 BOE per day guidance midpoint. Oil production was 132,019 Bbl per day and natural gas production was 590.7 MMcf per day. Management attributed the production outperformance principally to stronger new-well performance and an earlier-than-expected twelve-well Ranger Asset batch turned to sales.
Oil and natural gas revenues reached $ 1,222.1 million, up 51% from $ 810.2 million, reflecting record production and improved commodity realizations. Natural gas realizations without derivatives rose to $2.99 per Mcf from $(0.79) per Mcf in the second quarter of 2026, while natural gas revenue was $162 million versus negative $39 million in the second quarter. The Hugh Brinson pipeline, commissioned on September 1, 2026, supported the improvement. Oil pricing was less favorable sequentially, with oil prices without realized derivatives declining 11% to $87.25 per Bbl.
Profitability was mixed between GAAP and adjusted measures. Net income attributable to Matador shareholders was $172.1 million, below $176.4 million a year earlier, while adjusted net income increased to $257.5 million from $169.3 million and adjusted diluted EPS increased to $2.08 from $1.36. The quarter included a $ (160.2) million realized loss on derivatives and a $ (67,727) thousand unrealized loss on derivatives. Adjusted EBITDA rose to $738.3 million from $566.5 million, and adjusted free cash flow increased to $287.6 million from $93.4 million.
Capital discipline remained a central feature of the release. Total capital expenditures were $381.4 million, below the $410 to $440 million August guidance range, with management attributing the result to timing shifts. Lease operating expense of $5.66 per BOE was better than the $5.80 per BOE expectation, though total operating expenses of $33.67 per BOE were elevated by $3.89 per BOE of midstream operating costs tied to Cardinal Midstream and non-recurring costs. The company repurchased $12 million of stock and raised its annual dividend to $1.75 per share per year.
The company increased its full-year production guidance to 223,000 to 224,000 BOE per day and maintained total capital expenditure guidance at $1.67 to $1.73 billion. Fourth-quarter production is expected at 238,000 to 242,000 BOE per day, supported by Paloma and Ridge Runner, while fourth-quarter capital expenditures are expected to rise to approximately $425 to $485 million. Matador also repaid $150 million in October 2026 and expects its leverage ratio to approach 1.5x by year-end 2026. Midstream growth remains important, with combined midstream Adjusted EBITDA of $101.4 million in the quarter and expected full-year combined midstream Adjusted EBITDA approaching $400 million.
Management, verbatim
The Company's third quarter results beat our expectations handily. The outperformance was built on strong production numbers and momentum provided by acquisitions across both the upstream and midstream businesses.
Joseph Wm. Foran, Founder, Chairman and CEO
Oil and natural gas revenues reached record levels in the third quarter.
Joseph Wm. Foran, Founder, Chairman and CEO
This was a landmark year of growth for our midstream business.
Joseph Wm. Foran, Founder, Chairman and CEO
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Forward revenue guidance was not reported.
- Forward gross-margin guidance was not reported.
- Prior-outlook section was not separately provided; therefore, no actual-versus-prior-guidance comparison was made.
- A consolidated free cash flow measure was not reported; the company reported adjusted free cash flow, a non-GAAP metric.
- No balance-sheet debt maturity schedule was reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Matador Resources filed an 8‑K on Nov 3 2026 announcing its third‑quarter financial and operational highlights.
Ticker impact
Matador Resources reported Q3 2026 results with record production, 51% revenue increase and a $150M debt repayment, beating guidance.
likely upward pressure as investors price in higher cash flow and dividend raise
The company exceeded production and revenue guidance, repaid significant debt, and raised its annual dividend, all of which support a positive re‑rating.
Market effects
Oil and gas sector may see modest rally as Matador's results highlight strong demand and pricing.
U.S. energy stocks could benefit from the positive earnings surprise.
Limited to energy markets; no broad macro impact.
Counterpoint
If oil prices reverse, the production gains may not sustain, potentially pressuring the stock.
Key entities
- companyMatador Resources Co
U.S. oil and natural gas producer reporting Q3 2026 results.
