Matador Resources (MTDR) 23 Oct 242024 Q3 Earnings call transcript

Good morning, ladies and gentlemen. Welcome to the Third Quarter 2024 Matador Resources Company Earnings Conference Call. My name is Gigi, and I'll be serving as the operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes, and the replay will be available on the company's website for 1 year as discussed in the company's earnings press release issued yesterday.

I will now turn the call over to Mr. President, for Vice Senior Schmitz, Investor Matador. Relations Mac Mr. you may proceed. Schmitz,

and Gigi. Quarter for Call. Good you, thank XXXX morning, Conference Third Thank Matador's everyone, you for joining Earnings us

release. measures will the with measuring financial GAAP in the the performance. non-GAAP at certain today comparable Resources such company's presenters end of are company's measures the by Matador contained of non-GAAP Some earnings of accordance financial financial regularly Reconciliations financial used in calculated press reference the with measures

reminder, included the such may current future statements a Actual be future could forward-looking information expectations of results presentation As this morning's available. events the differ certain in forecasts is on and company's events in materially statements. now and anticipated that from reflect based or those

factors any results annual Additional on quarterly contained and that materially is earnings actual and the recent Form its most could XX-K differ subsequent cause in Form to company's release reports XX-Q. on information report concerning

our to quarter issued find Chairman a press to the over and would And can in with connection with our In release presentation Founder, on Mr. earnings our call like you that, would third release tab Foran, the yesterday, like remind now Investor under that slide turn addition website. earnings the XXXX to everyone Relations to I I Joe Joe? CEO.

sure want most be again, and are others analysts you. to the talk for matters It's everybody time. Mac. with you, question-and-answer And be to Thank we to great about important this that to the

questions, each you that in teams the each It's questions here the performance being acquisition. about than and with coordinating company. very each the is proud that to good got things working and I'd that other that I'm -- answers lot to integrated and quarter, ahead this helping of we've will your of each doing schedule It's it not emphasize but of and corny, to helping us. The way throughout things to better areas events is Ameredev pleased sounds other but unfold, as because is these first other and see everybody thing and of departments. it's a expected. nice like the as working way everybody The very had it big quarter well. we have departments island the contributing together from the and the are works an department really various the was a are hear same for worked All the And their together

bond came did X We All we a and these setting wells We that are some we offering. very Ameredev. offering, did bond did exciting offerings. think, We XXXX. stock things the to up pass, drilled

you the even bottom line, this quarter, fourth I is, like my So the better. like quarter message you'll think if

the to it question. you, I'll back that, with and we'll turn So first take Gigi,

Instructions] question is from [Operator line First Neal of the Truist. Dingmann from

once slide shareholder consider open demonstrate wondering, discount, I actively seeing but of me, back leverage unlike quarter. you continue shares add help as quickly stock wondering commendable out I'm that just notice, say your given under that the think would in these market, I market Nice going would from very can't that be. And larger what return to to forward, continue this you other purchases, how Xx? get a cheap you to you companies of part you this. And I'm the continued all repurchases especially Joe, and shutters open put highlighting we're lot team a like just the it's how

Board gratifying that's Management that Thanks, park the that and complements Neal. they're just group active not buying, the support and and is Thanks of I noting think think the of get staff. whole everyday. the to X, really knocking from Form the but confidence the the staff try for the And the enjoy from better is most can have it -- to out I

to to it's fun come so work. And

can too, are is ahead and a our buying future sold they that best believe we've stock we us. see still that Now the of this by years of and share us, never

specific question about yes, your and talk them them. have companies consider we that other to Now buybacks, we implemented with

as this dividend, of But that But dividend far, at your and buybacks And we'll most debt keeping I'm from $X. are so really may have our us continue doesn't that seem free into to be the think to the to just open-minded shareholders is buybacks our we be then exiting it sometimes We're flow. growing. And taking fixed about able the considered that is get dividend may shareholders. to is fixed it present, And study require we dividends, do effective to The with that short-term dividend with to They the second long-term grows, go debt. are appropriate. return is the to fixed pleased way the factor jump. you're value more cash advantage like I it, to it. And -- shareholders. problem

have moves that it So enjoy from moving our the we and don't when have, like dividend [indiscernible] to dividends we that see and to also we because one thing do thing and given that file haven't down get away upside variable them. XXX worked gratify anything you or buybacks generally there Matador preferred the have to races them annual been consideration. The companies they I'd us attend out, do feel don't we can we offers. But these indicated than meeting, out we buybacks that to rule out last that can extra much, is and overwhelmingly like buybacks. say more be debt our shareholders, get hadn't your that They long-term things that expressed and at believe

one. down the And think it particular good a dividends to group. answers dividend fixed shareholder buybacks. question, Neil. that I And to shareholders. me, it's our helps we to present, received So fixed at all by be best your seems It's hope the or the

Hanold the next [Operator comes question from Scott Our Capital Instructions] line Markets. of from RBC

especially us framework you're Joe, hoping areas, what new some was the capital assets does of provided can Ameredev really light if respective a out of sense and about obviously, about like bit mean performing My allocation on in like are all year? utilize of thinking more you to color I how and much that would and you to XXXX, potentially terms in 'XX that your next how box. for X that quarter. give context maybe strongly And in a little get you rigs, these of, when Nice question, think capital

Officer. first Willey, we thing me or Chief pace that best. is growth think answers at the is the your Well, question parts a some take with let But profitable and very of that with Calvert, to our Brian Operating share Scott, in measured Chris

know It's during $XXX,XXX to that. growth present you've we XX% it, level, think grown heard in said grow we've that no And the those we've growth. often. And on heard has it XX every but annual expression, not You've years, I that a XXXX tried year. is Having what to from Matador's we a corny averaged been. culture average,

a of rate of land than and engineering with we'll we and know XX% have as will on locations that we reach figure certain up have a now is expect and to X,XXX all And we're we we out return average. to assets. grow. billion inventory, XX% as geology staff, our we think that than lot Now sizes, ideal, worked grow, but Maybe more $XX to we're come together maybe fortunate try over better in

and when an think So kind that of you can needs returns, be part. those get drill to we active

engineers. acquisitions Elsener All that. Again, for -- Now new and Cliff the long worked the known better and you've those we'll zones Glenn team, and increase we then alert good doing last make made time, it credit these out you fracs all and with ways I us acquisitions, to finding be that time the add Tom a XX as [indiscernible] a for job evaluating now. other that that on know. during to But add reserves. Ned years,

-- year working, the I'm plan but corrections in shareholders. to to to it's make So ways and new the to course open we of even stay middle returns try a growth it optimize and to to do that's

X, X-year the and and we is that along X, those look stay lines proceed a more plan and is sensitive flexible Well, into it. is, have much year to we that we we do It's for that so not In those we go where it's year special this. opportunity do So this that. opportunities.

Yes. Financial Executive Chief And and Officer. Vice is President Willey, Joe, this Brian

those the we to Ameredev a and rigs per year. a mentioned, those profitable in we and exactly really you past didn't are running a the full year. And great next And Joe Scott, put to be we've as out we than XX%. those you This about rigs have year. X year, then properties, X Scott, little properties pace. them excited a look X expect question, able BOE we throughout to on interest, superspec year those more about mentioned I and M, also mentioned. From And excited if year, next so do As rigs at that see were And your can like capital that Joe had having but over only We bit better day high already you rigs. it, half those growth Slide next have for to have mentioned measured X XXX,XXX perspective, think made you and over the the year expectations. but number, mentioned we're for the expect our very a CapEx had working keep rigs to you the hope opportunities, reference performing

bit X will high it bit be expect next plan this little we'd interest year was into wells so working year. the we but February directionally, billion the and a for will XXXX. And year, our But when of that that, year. this between do a some full the from little CapEx than the go higher than the Ameredev rigs in specifics It's $X.XX higher

[Operator line comes Zach Our of from Parham question the from Instructions] next JPMorgan.

tax a that in about to to at be to give future just trend you subject cash this in noted you reported taxes you a talk on where refund in cash you expect expect color point? AMT to Can us expect little taxes would quarter didn't be years? and And XXXX how XXXX. You this maybe

Joe Zach, the CAO. obviously, all referenced really months, Rob really part. feel I like last been this proud cylinders, tax not is firing earlier, has there. do only and on all We're on team on is like work cylinders cash over and but team really the the And the the firing with X EVP I'm this Macalik, acquisition, Ameredev the we did of

wanted just So that. I start to with

win release, -- minimum I And the on noted As the for really answer alternative noted second percentage XXXX. our for that XXXX, is for confident corporate of company. pretax big the income. in in the you we a as the you our of that estimate another cash taxes reduce And thing did we're really think tax

we as available go Matador actual largely will planning, think I and that for have for plan XXXX. on tax the where XXXX we will be come and rate dependent cash the through our our out deductions

go we as on through February. so that the have plan, And say more we'll in to

Instructions] Our from [Operator question of John next line Raymond from Freeman the comes James.

what pull of Trimul-Frac you've possibly this to savings, you clear. the further topic leverage looked option efficiency shifting be all to potential use on about on if something per at another run that's et that I'm kind color obviously, seems What think any just dual e-fleets lowering can and sort the D&C to from impressive that year of of the continue keep trying pretty next Would cetera? fuel foot, expanding gains

obviously, of EVP Calvert, that. fact of drilling and Chris the F Yes, the in have proud for to down an the the oilfield January the deck, to cost been estimates little down OFS in thank in our foot bit John, lateral talked and completion that able we're referring Chief Slide a We're foot second of now you $XXX pull Operating half Officer. our this per to It's reduction. We've seen year, the extremely market it's per from -- services noticing range. market. of $X,XXX about in X% we we've softening

of pushing think our Trimul-Frac I efficiencies pilot this from actually what of into one tested frac year, the front spoken first drivers the was we second effectiveness remote at capital X which of more Trimul-Fracs operations. to. Really implementation of program, you've in using year. the We've looking Trimul-Frac of successfully forward part can been push done However, the that the done primary half this forward, operational have

our larger we're non-Trimul-Frac when I as increase of portfolio we time the continues Trimul- continues is the for we into it move And able also tie reduces because part to or that think of XXXX, side. it our respectively. But companies wells solidify operations every simply on $XXX,XXX or even so to vendor a wells completion a remote Simul-Frac relationships going convert non-Simul times savings, push into can our together, $XXX,XXX look efficiency potentially Trimul-Frac to service well or of be non-Simul because batch, or

a So it us. really win-win for is situation

so larger percentage completion process And optimization frac both of to of a being will of be is include remote high operations. priority, increased a those continuing which those

And should so standpoint, it. they from completion cover about a

our assistance drilling to On the Maxcom the drilling to XXX records continuing use MAXCOM of drilling side, of Over center. date to reduce continues times. with that it's inception XXXX, in the operations since

our year to turned U-turn technologies, as U-Turn look we've on specifically our that XX% half if line in time become XXXX So we to for continued a at larger to of drill U-Turn drilling which the in of presence compared our this reduced X portfolio, expect back example, by be wells. have wells our

that And same continued into story, the processes. so efficiencies pull to those going XXXX be think improvement the just is forward continue we'll I upon to

shout-out the But think And so we've recognition levers for I accomplishments pulled. we appreciate to the and be that still the there made. are

think we've proven I ourselves.

to basin proven we've Slide it X from as well. refer in efficient most you standpoint operational operators of as H the the an If

that what And holds, and telling continue XXXX think story we're look forward so to we'll excited in I February. to

basic drilling [indiscernible] because we're can wells the just on, too. pay be wants dividends, wells go hand. his his want in to and you about can know and crews everybody see contributed have to like, has years get pay but over and because it'll with Patterson time underscore day, against and use closely the waving faster, playing size done to which time to Glenn time relationship X other. why a and it or I that's with long over pipe our frac that to savings and $XXX,XXX. And down is your an a working the and It's Chris, the our at coming He vendor But turn up, each -- to adds is that more job, I mentioned because these some XX and you've means savings worthwhile will build you XX I all have vendors there we're the or save like rigs belief we're are savings able development outstanding drilled. And and it term. about these add it's others, you X the not it'll -- not

as So to go they're again, X all. part MAXCOM and of the XX/X, you with call efficiencies. I geologists helping want to collaborating and the shout And X-week work that to also engineers, attention the out guys and room, really and [indiscernible] those shifts,

as team, the And and this, the all you as drilling everybody the so has pleased are. and MAXCOM groups, on Glenn? that team, together these finance real making progress I'm team you're much worked

efficiency on reducing it as what another for a but help I little cost water the really we that John, lease the operating to bit OpEx saying, just hydraulic too, Chris fracturing frac. was just use helps operations on pile does use to CapEx, wanted what wells on on produced and and produced expenses, we water the for of is Joe see. It

it's cost another that has we and some see So the efficiencies environmental just benefit can as place well. added also

staff Well, more in our found and group production of is work and thing X that's less as helped ways we the at LOE that we people. lease to the operators thing, that look this, have field do a last has with

think are doing more and So a wells, terrific spread job. their costs over I they're

Energy next MacCurdy [Operator from of Partners. comes from Instructions] Kevin line Our Pickering question the

looks trajectory a the day how increase? you medium since to XX,XXX closed over congratulations third activity could you assets. Good from that of you increased about day the wanted on barrels quarter. I to about in the assets the the production those, are on wonder up It assets a good ask from barrels talk Maradev the XX,XXX materially has and quarter. production like and pretty those deal And Ameredev drove morning, a Matador specifically team, I term? what envisioning

of is Glenn EVP again, this Production. Kevin,

per that as the days yes, XX,XXX just So day. the BOE averaged it's last assets Ameredev that noted, of the you XX quarter,

little operations that asset. XX will over when forecasting of result middle drilled wells Ameredev new in the to the be down of that as be a that of to the we were the are that in QX, shut-ins fracturing is related but We a bit being took the

bit the and well -- little Olive Tea are X also the on our a Ameredev than wells And last related brought those was your -- both had So projections. to to question before that answer about wells closing. lot XX our outperformance the days doing that in of really better very the quarter a in new of expectations,

EVP Ned a Ameredev Kevin, worth moment putting this to think this Frost, is taking Geoscience, I for together. it's of commend position

of liked we our We always side as area Ridge eastern the it. have the call basin, Antelope

on XX, at then look wells, you a been of of Glenn are also as Antelope results over the really which can a confirming these part like the Slide I well came the block results optimistic very Olives, Tea here. of here. mentioned, few well at If basin, see on Eastern rate. We strong our you had this a quality Brice federal said, out at called And the but are Ridge in kind rock rate. coming are I the in Cathy always about the strong of think

keep next to wells great So this basin forward we're part really developing years. and the the in bring excited few of more in

Our Daoud from [Operator from Cowen. the comes next Gabe of Instructions] TD question line

any this Quick does next question. XXX quarter, the contemplate inorganic for any volumes? in did MBOE/d in The that opportunities? year, acquisitions come that target million then $XX And

a you a to it, with piece want small production. came for of years Singleton of of we'll that Van the kind it volumes the bit was a very that continue Brian, as speak the brick-by-brick done component far to more is approach on may we have to but little and many -- acquisitions go, This as of do.

Vice this Chief Brian President Officer. Financial Yes, Willey, and is

it production XXX our -- quarter for was those July that per guidance. the acquisitions. was It baked minimal was day, but said, Dan was into fairly BOE roughly As about the third for already

go And so as transactions fairly what that our next minimal. year, And build look go as into and always at we are guidance closed we into we forward.

We pay Joe. that was things all most major the to said. what were is But Gabe, what questions long to opportunity was I they of have received. happy want that is these to we've It And the gotten acreage drove emphasize undeveloped production primarily inventory, deals. is the just one this for year our inventory. what of on

building as to we evaluated acquisition weighted opportunities, so our And was cash were but a weighted but not were that, a not more and the than to bit, just the that that future. we we in inventory the we little inventory real and opportunity bit that, the flow up delivered, adding PDP for little disappointed buying well adding -- were target

[Operator Leo Instructions] Our line of ROTH. Mariani the next question from comes from

I ask midstream little wanted of a the the to business side bit here. about

try of CapEx, DC&E have a think slightly a I would spent rig you position been But has I a maybe to down I called release. the plan you little additionally, billion, CapEx some come years. for you couple then value specifically think on over to out that of if is do the guys saying of source 'XX? a sense this value. And to next than little you in And kind a year, some see last midstream makes little wanted in a So a and the a while capital that greater mean, the there's that maybe up to company start company $X.X the unlock obviously, in of in in higher spoke be frustration to with guys to CapEx infrastructure works for of bit bit count.

Leo, do and midstream, or always But is I'll what it your it with take first on to can and a -- more we're open opportunities Brian to at suggested. answer Greg yes, or thing the to stab have add to been Chris. is several question

for we that And Officer Financial Ward had added business. Board. remember Chief may Susan at You our Shell, their the midstream Susan to been

great a that along study various us experience So she and the open to career engineering wealth brings us. her of to background, opportunities help are alternatives knowledge,

times. really most or don't in we've it there they some we trucks we system with very proved was during were I their the us temperatures. time but come in. is So We've still to Storm I assurance value important in itself else we keep equipment, it was the leaky It's is Uri. of parties, and and because the of operating, and because they were important. And were highly and trucks. Only it sleeping third whether whatever, out of the that really most participants of flow providing them, to proved guys, and their thought at X doing maybe very was older in a own little is us just X% stock of shutting and that flowing, equipment our about know sleeping got plants in freezing and new value. in older our to and new pipe, outside the everything Everybody because gas really our which it midstream were And

talk another where the water thing produced one they've the finish is and when of in, the is they're they pipe really is completion contributed second cooperating about the that disposal the well, there waiting. And area reusing timing with water. and when drillers so on completing coming money is team The we

So not it's hardly produced using water. any fresh these days, but the water we're

still Good So flowing. it's too. is And environment, the bottom pipeline, for good the the gas have line. on to good the oil for

So X%, think our I Is right? that less to Glenn. emissions are down right, than is

Mateo in and business gas to for in EBITDA same absolutely gathering side there Mateo, midstream San so quarter many the on for gathering of terms and on throughput of record the operating the that's terms staff throughput water for benefits a right. to so. resulted definitely want in Yes, just Yes, Pronto record side, commend San on are the

has and partner this a open from good game, made often business. people We that us We've to say company, -- on propositions Mateo we're to a That acquired us. in in Five straight finish has some When but Point second better San out from And [indiscernible] know, we're system. working you to our come a we fashion we about the open if we in side. we've reflecting to have for a going, and the capital it, plant, the we got a budget as play others. Pronto again, them. like And divert with really value. had drilling other timely

think And we'll and glad be I gas money Brian flowing others. wants all insurance our be the good something he that's has that will to say.

Yes, Leo, great you of time question, uptime. if question. over building is see assurance, said, on flow look half Slide next budget that had that on Maybe plant the that and we're new the year. for plant you and building second on Joe can the XX% what And upon I, our

$XXX As for then year, we'll expenditures system. about million on capital we out the course, finish that we, also of we'll we expenditures the plant. will the midstream had in And next year, capital capital as have think other This we about that side. do build

probably program the range. expenditure $XX think think yet. quite I million we're capital I a maintenance million there is in don't $XX to

million that cap with great to then system be fully we'll of get projects, when I there's built other less maintenance I not than we're I think and from year. And program do this of somewhere next year, $XX think $XXX the year. But this $XX that then million any maintenance million we it's course. between to If the to more XXXX think level. out,

with always and fantastic I are third guys and looking projects, opportunities. those for job do parties think the a we our

we'd any maintenance but absent in those of in -- more of that we'd be types expect XXXX, capital model. opportunities So

spent to field to that and the worked here out Sean We'll and sure right. are make also a work out Ronnie and Raines, to on Justin give that have shout plant, in and that goes there his days it building

everybody great I [indiscernible] sorry, got everybody has a express by a that and I'm Greg wonderful Thibodeaux So Jason name, effort in he do Jason and job but the just and working. can't [indiscernible]

And a just Thomas. So great us And get between Witten again, that's with Green and long is there's result. been another with to that and good a contributed. way has the long Sam to of really have a Sam the time, collaboration one teams illustration they've time us been been Thomas another Sam

I've question done. with guys, to credited know your I they've gone job So they the but mentioned be beyond and need these

the question Instructions] from [Operator Our line next Michael from of comes Scialla Stephens.

mentioned Chris, more Trimul-Fracs forward operations. more you remote going expect you the and of

So mechanics and behind explain the of I just could Simul-Frac wondering remote the some advantages and Trimul-Fracs. the of of you was the if maybe aspect maybe

Yes. behind Sure, collaboration the It complete kind the distance those between fundamental those feet X That's between fleet. X connect teams, a a as Mike. teams, team. And some with great with and finally, pads together surface that -- is or you X,XXX team question. operation them X asset with frac really of land apart, the operations the locations laid then whether individual the can and surface X you culminating if maybe are those and that it's X,XXX surface wells starts on casing use, feet, it take the have and teamwork thought surface casing, to that's truly just X

-- kind the piloted able actually together this. We we we really on XXXX, on that acreage pilot not strung made well Simul-Frac Voni Stateline X, pad on were of And so Simul-Frac that X-well theme was that tested down would successfully to on. where them it use X our a have in been pads pad, candidates the behind and

savings or have candidates from of else, been land the upwards we tied of that teamwork the with benefit it process. been been with not kind theme efficiency. would an the be of We're otherwise we've Simul- the to able collaborative able feel completions well otherwise engineering, and really it's engineering million. Trimul-Frac to has that's and to into And fundamental wells so truly has transition $XX behind everybody been those pads taking team would XX of that X not that over And those type where that

convert idea up well tie but X we really to them instance that work or be it's of in Frac we and to to well pads the will Trimul, set the where And able with completion. those Simul so Trimul be together the or Simul teams not, that's can a pads naturally

Huang from Pickering Instructions] next Tudor question the Oliver [Operator & comes Holt line of Company. Our from

hit to wanted Just on LOE.

You of trends result for all volumes flowing point as XXXX. and QX into towards some through Ameredev a

Just area the of today? Ameredev to is range are how through guidance you the things to where all of flow would within Pinyon allow wanted to the ops more And see planning any component in for interest specifics do on area? the pending in that reduce you your sale all this sits QX also that being

I'll take Glenn. the Oliver, this is question.

sale really doesn't The the as any So OpEx effect it on have effects. relates have those Pinyon, really to any opinion doesn't for that properties.

express I'll I start want this Ameredev as appreciation that. And transitioning that thank operations we to in over then a for and for of that helped employees did the properties. transition us those have with took the professionalism we ensuring my and second, do smooth So quarter

release, than higher we the the expenses production, base those operating Matador's As notionally mentioned in are production. legacy for properties

And so time. in we did give would as QX. bit of little slightly guide I up a result, Oliver, say, a us

on operations from field-based. plans get already optimization, really there where also a Mexico, A as production to to place I of and of then where center then of that month $X have we've optimization for hydraulic the we've front, chemical, chemical efficient spend as it's relates the already in and savings. is to recycled a produced mentioned, costs kind We chemical some lot out more moved operations. And room recognized Austin those for as use we potential usage. And reduced personnel implementing feel million New are there's well water, their fracturing seen

about month. it little we're and forward there. We're at we operations So other and about bit our as improve OpEx in out there's ways X examples to continue you looking a telling a to looking more

us and machine. will some give So a be lean time it

way we lean It quality have any with advanced but fit our and a it. emphasize We work. But it up Yes. not rock. did of geological the remote good about of well in with perfectly engineering the with with it, field-based our of group problems we on of but to much of us the having person the matches talk pleased the that's the don't as to Ameredev I'm about have quality again, advance Ameredev. very same very the as ours. operations a as to towards adjacent kind have most Ameredev to adjacent properties to fits a but and rock, this geologist, excites what practice whatever opposed that, more is

that great was -- quarter of to So call in if a the follow-ups run us in, try really up good this you, a your for say answer XXXX. And long I again, it'd for all also is call make after -- sets an and fit to us. would that hesitate argument good sure be was it's over, you that really but this we'll understand for to you -- is and a and don't question. And all

So question. I have more Go X ahead. think we

from from line Markets. Scott comes question Hanold of last the Our Instructions] [Operator RBC Capital

of like you've component ground been Just a you think obviously commodity looking sellers? looking And are the curious, terms obviously, ground And been what hoping to of out kind big business market there. done What's continue of on out diligent you follow-up. to seeing at XXXX, so what have has ways very buyers front And of very -- game good game your and of you do I'm get do X into appetite is the different building volatile all from there now? that. And feel ability you right just like and in far? very the about the kind

have built that you followed M&A, Scott. of a an full these, a my point, the Yes. transaction period of of to rationalization, by I'd for bucket of time like all a the whole what lot interesting properties. have example, larger by over what it's the It's companies, the you by big seen emphasize when where of XX years I've But is time particularly

won't rationalize them, those creates only not sell and us, and them fit. of that would their plans a fit they will and they but Some others where buying opportunity for

you'll tend to turn some along, of think of see to equity second and those I that fair people rationalization years amount some. And companies area, time. over will assets the period their some X, equity is the some or private the a come ever there lead X private of then

always when to have then situations some they that that they the their be want have to they and budget, lay or have their really answer like coming a turn company help want some don't on you try wells market. And to plan or those and where to interest we more they So off. need of fit fit quick you proposed than

open our the they're making there'll always do like other that a land where and Same keep some have out and on years We were are Ameredev, way we ends that happy things some Van farms some business. out give you that, time. for we all a shout department ended to if and to repeat leads in on surprising it think Advance big be that less, So And that, a time. a to there were you they of the more try those have be a and and presence it's for lot to last continuing and you and where but John deals deal, hope less. But of Van where going agriculture, and year, more, some deals a note, happy say right? I years trading deals. if did the and all ranches they're lot

and operational really focusing our sure to fit keeping again, sheet sides. the that leads plans we looking you win-win focusing full. But add we've the best and at program also focus whatever are years I'll win-win long a balance our the sides, and just making both the and into And both time, are Scott, I well we're things for little of opportunities that did. to on on one, think deals a consistently is not creating you've on on pipeline over this that what bit a and rock No, are: situations had that. our

that's and these think opportunities our time and that, with to So the relationships something at it's I not pipeline continue appropriate, right the then continue going of decision keep to full make for us. or we're whether

is Brian Willey. This Yes.

is this question. think the I last

out a be couple just things for the of that models there. doing might those So

appreciate ratio. oil our to about ratio, gas to the First, we Street's oil optimism the regards gas as to

the at to my as look LNG the more which going to think recently, Haynesville whether think I closer gas we we of report terminals. And have those talk I if significant gas. the reserve a Bcf I assets, appreciate prices sorry, or second wanted XXX we I Bcf, we me remind to that. But XX% don't everybody quickly We our [indiscernible] in years. there. forward, to have over bank Street, of plan obviously pivot we it's XX% number, Valley. to were once our have of X we We of gas probably the yet a that's But stabilize in which to factor would probably close in through which on been a because have want drill don't think Cotton we it's point, lot I'm XXX to those those gas about next don't over -- there. there's I new gas expect to leads AI opportunities is, if just that higher a really or than that's could,

addition have significant the to Basin. Delaware in In that gas we over reserves are the

have think right now Tcf reserves. X.X we I over in gas

as needed. And say increase Joe gassy but recently the is selected which will in magazine become can receive presented more probably Legacy It Joe can if a say here that's awards has what's Dallas, and then to this, next Magazine CEO so want special week. to The be Award. finally, I And its going think to we I'm leading anyway. those me it we won't maybe presentation

Jones, include is accomplishments legacy award over with Joe's oil that XX put of Pickens. And right best years some have him our the Kelcy this country Prior very Sheffield known. And the has award. [indiscernible] Scott men and winners Boone prestigious last just so there a Warren,

so And Joe. congratulations to

that $X.X family a as we've I company Matador a $XXX,XXX think from it's started with of a public from billion. with friends deserved grown company well and to market cap

just -- probably on it, wanted like I won't say that. he to Joe, but And to mention honor. wanted congratulations, great just this So

my to a for there's it see this, lot Yes, and they of friends have said among it. to they disbelief believe

some I be over So But possible really time, if I you was to of Boone's staff in of and of sitting a the shows anything. great great both the you together. including Marlin way and top are room, engineer, this have be We're Mesa. lot. along from can you, thank DeGolyer Jack President of by lot would participation the Brian. But Downey. President have and a he was Upchurch Marlin MacNaughton, without These members Shell Sleeper, surprised that and former from to Jim Mesa came and again, that that just relatives, enough contributed really people men working say you, -- as Arco people none that, it of the elected

these directing myself as all So I as happen. out among done I can really gone guys credit much. it just haven't so have much made who traffic and

a good making got do of award, it's without time that's in point good look like our it's and room, everybody I probably but this may me So the Economics forward. I with collaboration. I'll chances to in for is know you have prices that's decisions so reason the gotten agree to that the working this may didn't habit to accept it you all and good. and main all that here the group commodity process change, making help change, to the of of but where going they're the people are thank the

unless you, all like thank but that's else but life I'd So Gigi, thank a -- that's thank remarks supposedly as a This you. I somebody I closing achievement, of I think isn't yet. is, question, said, our to my think a over has and lifetime

call. the and ladies for This morning's this you, today. thank your today's This Q&A Thank participation program. concludes gentlemen. of ends you portion conference And

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