Investor Presentaiton
Revolver Borrowings Outstanding - Quarterly Estimates for Q4 2020
($ in millions)
Letters of Credit
$1,000
Revolver Borrowings Outstanding
$900
Borrowing Base
$900
$800
$200 million
Elected Commitment
$700
$700
$25 million better than July 28, 2020 guidance projection
$600
$500
$520
$45
$400
$361
$430
$45
$205 million
$495
$45
$46
$300
$200
$475
$450
$385
Q4 2020!
$315
Expect to
generate
positive free
cash flow in
$100
$0
Net Debt/ LTM Adjusted EBITDA(1)(2);
Realized Oil Price (3) ($/Bbl):
Realized Gas Price (3) ($/Mcf):
Q1 2020
2.2x
Q2 2020
2.5x
Q3 2020
2.8x
Q4 2020E
3.2x
$45.87
$1.70
$24.03
$1.49
$38.67
$2.27
$37.67
$2.96
Assumes strip pricing as of late October 2020 and no significant transactions in 2020.
(1) Adjusted EBITDA is a non-GAAP financial measure. Reflects calculation under Matador's revolving credit agreement (the "Credit Agreement"). For a definition of Adjusted EBITDA and a reconciliation of
Adjusted EBITDA (non-GAAP) to net income (loss) (GAAP) and net cash provided by operating activities (GAAP), see Appendix.
(2) For purposes of the Credit Agreement, Net Debt at September 30, 2020 is calculated as (i) $1.05 billion in senior notes outstanding, plus (ii) $520 million in debt under the Credit Agreement, including
outstanding borrowings and letters of credit, less (iii) $41.8 million in available cash.
(3) Without realized derivatives. Q4 values shown above are estimated realized oil and natural gas prices used in making borrowing projections.
Matador 14
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