By January 15, 2016 Read More →

Matador Resources ups Permian Basin oil production 35% in 2015

Compared to 2014, Matador’s 2015 Permian Basin oil production increased from 3.3 million b/d to 4.5 million b/d

Matador

Even though oil prices plunged in 2015, like many oil and gas companies operating in the Permian Basin, Matador Resources increased its production last year.

Matador Resources Company is focused on its Permian (Delaware) Basin operations in Southeast New Mexico and West Texas, producing record oil, natural gas and total oil equivalent production during 2015.

The company produced approximately 4.5 million barrels of oil, 27.7 billion cubic feet of natural gas and 9.1 million barrels of oil equivalent, it announced Thursday in a press release.

The annual production numbers were the best in Matador Resources’ history for any single calendar year and were at the top of 2015 guidance metrics as revised upwards multiple times during the year from initial guidance for oil and natural gas production of 4.0 to 4.2 million barrels and 24.0 to 26.0 billion cubic feet, respectively, on Feb. 5, 2015 to final guidance of 4.4 to 4.5 million barrels and 27.0 to 28.0 billion cubic feet, respectively, as updated on Nov. 4, 2015.

Compared to 2014, Matador’s 2015 oil production increased 35 per cent from 3.3 million barrels to 4.5 million barrels, its 2015 natural gas production increased 81 per cent from 15.3 billion cubic feet to 27.7 billion cubic feet and its 2015 total oil equivalent production increased 55 per cent from 5.9 million BOE to 9.1 million BOE.

The company said it is particularly pleased with these results given the challenging operating and commodity price environment in 2015 and especially considering the reduction in its drilling program from five rigs to two rigs during the first quarter of 2015, returning to three rigs in late July for the balance of the year.

Matador’s 2015 production numbers were impacted somewhat by the winter storms in West Texas and New Mexico during the last week of the year, which resulted in much of its Delaware Basin production being shut in for several days. This production is currently back on line.

Financially, as evidenced by the company’s performance through the first three quarters of the year, Matador said in the press release that it expects 2015 to be one of the best years in its history despite low commodity prices.

Posted in: Energy Financial

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