Investor Presentaiton
Adjusted EBITDA
A Tightly Integrated Strategy: Growing E&P and Midstream Together
Average Daily Total Production
(BOE/d)
Q4 2020E BOE up 9% sequentially; up 8% YoY
80,000
Oil Natural Gas
70,000
60,000
50,000
36,922
41,954
43,718
45,273
40,000
30,000
20,000
29,965
32,999
52,937
61,290
69,645
73,749
71,161
73,302
72,989
79,400
Average Daily Total Delaware Production
Delaware Basin (BOE/d)
80,000
70,000
60,000
50,000
40,000
30,000
20,000
20,670
Q4 2020E BOE up 12% sequentially; up 21% YoY
■Oil Natural Gas
24,535
27,622
30,707
34,859
37,160
46,489
47,831
61,493
60,268
66,005
66,354
74,250
10,000
0
0
4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20E
Matador Adjusted EBITDA (1)(2)
10,000
4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20E
San Mateo Adjusted EBITDA(2)
($ in millions)
Q4 2020E Adjusted EBITDA (1)(2)(4)
up 8% sequentially; down 28% YoY
($ in millions)
$80
$35
$200
$180
Matador Adjusted EBITDA (1)(2)
Oil Price (3)
Q4 2020E San Mateo Adjusted EBITDA (2)(5)
up 16% sequentially; up 23% YoY
$32.5
$181.0
$160.8
$155.4
$160
$148.2
$144.1
$140.6
$137.3
$140
$124.8
$117.3
$120
$108.6
$100
$84.8
$80
$70.0 $72.7
$54.5
$60
$70
$30
$60
$131.0
$121.0
$50
$107.6
$40
$30
$20
$28.0
$26.3 $26.5 $26.2
WTI Oil Price, $/Bbl
$25
$22.7
$23.2
$20.8
$19.1
$20
$17.4
$14.0
$15
$11.5
$9.6
$10
$6.7
$7.5 $7.1
$40
$5
$10
$20
$0
$0
$0
4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20E (4)
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20E (5)
Note: All Q420E estimates are at the midpoint of the company's guidance as of and as provided on October 27, 2020.
(1) Attributable to Matador Resources Company shareholders.
(2) Adjusted EBITDA is a non-GAAP financial measure. 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. San Mateo Adjusted EBITDA is based on the combined Adjusted EBITDA of San Mateo I and San Mateo II.
(3) Average settlement price for West Texas Intermediate ("WTI") crude oil for the period.
(4) Expected to be between $128 and $134 million, based upon estimated realized oil and natural gas prices of $37.67 per Bbl and $2.96 per Mcf, respectively (assumes strip pricing as of late October 2020).
(5) Expected to be between $31 and $34 million, based upon estimates for increased throughput and processing services in Q4 2020.
matador 7
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