Matador Resources Company has recently released its 10-Q report, providing a detailed insight into its financial performance and operational highlights. The company, headquartered in Dallas, Texas, is an independent energy company engaged in the exploration, development, production, and acquisition of oil and natural gas resources in the United States. Its operations are focused on the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas, the Eagle Ford shale play in South Texas, and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, the company conducts midstream operations in support of its exploration, development, and production operations, providing natural gas processing, oil transportation services, and produced water disposal services to third parties.
In the second quarter of 2024, Matador Resources reported total oil equivalent production of 14.6 million BOE, with an average daily oil equivalent production of 160,305 BOE per day. Of this, 60% was oil and 40% was natural gas. The company's average daily oil production for the same period saw a 25% year-over-year increase, reaching 95,488 Bbl per day. Similarly, the average daily natural gas production increased by 19% year-over-year, reaching 388.9 MMcf per day.
On a GAAP basis, Matador Resources reported net income attributable to Matador shareholders of $228.8 million, or $1.83 per diluted common share, for the second quarter of 2024, compared to $164.7 million, or $1.37 per diluted common share, for the second quarter of 2023. The company's Adjusted EBITDA, a non-GAAP financial measure, was $578.1 million for the second quarter of 2024, compared to $423.3 million during the second quarter of 2023.
For the six months ended June 30, 2024, the company reported net income attributable to Matador shareholders of $422.5 million, or $3.45 per diluted common share, on a GAAP basis, as compared to $327.8 million, or $2.73 per diluted common share, for the same period in 2023. The Adjusted EBITDA for the first half of 2024 was $1.08 billion, compared to $788.5 million during the first half of 2023.
Matador Resources also announced its definitive agreement to acquire a subsidiary of Ameredev II Parent, LLC, including certain oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico, and Loving and Winkler Counties, Texas. The Ameredev Acquisition, expected to close late in the third quarter of 2024, is estimated to have approximately 117.7 million BOE (60% oil) in proved reserves and is anticipated to contribute an estimated production of 25,000 to 26,000 BOE per day (65% oil) in the third quarter of 2024.
The company's operations update revealed that it began 2024 operating seven drilling rigs in the Delaware Basin, with plans to continue operating a total of nine drilling rigs upon the consummation of the Ameredev Acquisition. Matador Resources highlighted its average daily oil equivalent production in the Delaware Basin for the second quarter of 2024, which saw a 25% increase from the same period in 2023, primarily attributable to the Advance Acquisition and the increased number of wells being operated by the company and other operators.
These figures and developments from Matador Resources' 10-Q report provide a comprehensive view of the company's financial performance and operational activities in the second quarter of 2024. As a result of these announcements, the company's shares have moved -0.4% on the market, and are now trading at a price of $61.44. Check out the company's full 10-Q submission here.
