Matador Resources Company (NYSE:MTDR) Q3 2017 Earnings Conference Call - Final Transcript

Nov 07, 2017 • 10:00 am ET


Matador Resources Company (NYSE:MTDR) Q3 2017 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen. Welcome to the Third Quarter 2017 Matador Resources Company Earnings Conference Call. My name is Nicole and I will be serving as your operator today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session at the end of company's remarks. As a reminder, this conference is being recorded for replay purposes and a replay will be available on the company's website through November 30, 2017 as discussed in the company's earnings press release issued yesterday.

I would now like to turn the call over to Mr. Mac Schmitz, Capital Markets Coordinator for Matador. Mr. Schmitz, you may begin.

Mac Schmitz

Thank you, Nicole. Good morning, everyone and thank you for joining us for Matador's third quarter 2017 earnings conference call. (Forward-Looking Cautionary Statements)

Finally, in addition to our earnings press release issued yesterday, I would like to remind everyone that you can find a short slide presentation summarizing the highlights of our third quarter 2017 earnings release on our website on Presentations and Webcasts page under the Investors tab.

And with that, I would now like to turn the call over to Mr. Joe Foran, our Chairman and CEO. Joe?

Joe Foran

Thank you, Mac and good morning to everyone on the line. I know this is a busy morning for you, but we really appreciate you participating in today's call. Now, I would like to introduce you to the senior members of the operating staff who are joining me this morning, who are standing by for any questions. Matt Hairford, President; David Lancaster, EVP and CFO; Craig Adams, EVP, Land, Legal and Administration; Van Singleton, EVP of Land; Billy Goodwin, EVP of Operations; Brad Robinson, SVP of Reservoir Engineering and Chief Technology Officer; Gregg Krug, SVP, Marketing and Midstream; Rob Macalik, our new SVP and CAO who is just promoted; Matt Spicer, VP and General Manager of Midstream; Kathy Wayne, Vice President, Controller and Treasurer; Brian Willey, VP and Co-General Counsel; Bryan Erman, VP and Co-General Counsel. Ned Frost, VP of Geoscience; Tom Elsener, VP, Engineering and Asset Manager; and Jim Basich, who has just been promoted to VP and Managing Director, IP.

I am pleased to announce another quarter of strong execution and better than expected operational and financial results by the Matador staff or its shareholders in the third quarter of 2017. I would like to highlight a few quick key points before taking your questions. First, I think I would like to say as you read in our press release, this is the best quarter where we have had in company history and I am pleased because we are dealing with $50 oil and not a $100 oil and through volume and execution in cutting costs, our team really delivered its record quarter in terms of reserves in nearly every other category, great work on reducing LOE. And so as you can say in midstream advance to plan that it was a total team effort, but I would like