Pure-play Delaware Basin (Permian) oil producer: FY2025 record output of 207 MBOE/d (58% oil) and 667 MMBOE proved reserves (+9% YoY), one of the fastest-growing US mid-cap E&Ps.
Integrated San Mateo midstream (51% JV) adds flow assurance and fee income. Balance sheet is strong at 1.1x leverage with $1.8bn liquidity; seventh dividend raise in four years took the payout to $1.50/yr, plus buybacks.
Its EV/EBITDA of 4.5x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.6% is higher than the 6.5% median, and at $15.55/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Matador Resources Company scores 56/100, strongest on growth (82/100). Sub-scores: value 55, quality 57, growth 82, risk 53 (higher = riskier).
Matador Resources Company holds approximately 0.67 billion boe of proved (1P) reserves with FY2025 production of about 207 thousand boe/d (58% liquids), a reserve life of roughly 8.8 years. Break-even: ~$44 (WTI FCF breakeven) — Corporate free-cash-flow breakeven sits in the low-$40s WTI; the $1.50/yr dividend is covered to roughly $40 WTI.
Using Matador Resources Company's SEC-disclosed after-tax standardized measure of proved reserves ($0.3bn) less net debt ($3.3bn) gives an equity-NAV floor of about $-3.0bn — the current market capitalisation sits -321% versus that floor. Disclosed pre-tax PV-10: $8.2bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Excludes undeveloped inventory beyond the SEC 5-year PUD rule and the San Mateo/Pronto midstream business.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Stateline (Wolf/Jackson Trust) | United States | Oil (Delaware) | Core Loving Co., TX development |
| Antelope Ridge | United States | Oil (Delaware) | Eddy/Lea Co., NM |
| Rustler Breaks | United States | Oil & gas (Delaware) | Eddy Co., NM |
| Arrowhead | United States | Oil (Delaware) | Eddy Co., NM |
| Ranger | United States | Oil (Delaware) | Lea Co., NM |
| Ameredev acreage | United States | Oil (Delaware) | 2024 bolt-on, Lea/Loving Co. |
| San Mateo Midstream | United States | Midstream | 51% JV; 720 MMcf/d processing |
| Pronto Midstream | United States | Midstream | Wholly-owned Delaware gas gathering/processing |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 90 | 112 | 131 | 171 | 207 |
| Proved reserves (bnboe) | 0.32 | 0.38 | 0.45 | 0.61 | 0.67 |
| Revenue ($bn) | 1.9 | 3.2 | 2.8 | 3.5 | 3.7 |
| EBITDA ($bn) | 1.0 | 1.8 | 1.6 | 1.6 | 2.3 |
| Net income ($bn) | 0.6 | 1.2 | 0.8 | 0.9 | 0.8 |
| Free cash flow ($bn) | 0.6 | 1.1 | 0.5 | 0.7 | 0.4 |
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✓ FY2025 figures verified against primary sources:
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