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Matador Raises 2026 Oil Production Growth Outlook to 7%
oseph Wm. Foran, Matador's Founder, Chairman and CEO, commented, "The second quarter of 2026 was, in our view, one of the most consequential quarters in Matador's history-not only for what we produced, but also for what we acquired and put in place for the years ahead. During the quarter, despite external headwinds and associated oil volume shut-ins, Matador exceeded its expected range for oil production (123,000 to 125,000 barrels of oil per day) and delivered record average oil production of 126,106 barrels of oil per day. On the strength of this performance, we have increased our full-year 2026 outlook for oil from 4% growth up to 7% year-over-year oil production growth. In addition, Matador grew its total proved oil and natural gas reserves 5%, from 667 million barrels of oil equivalent at December 31, 2025 to a record 703 million BOE at June 30, 2026. The Company also generated net cash provided by operating activities of $937.1 million, leading to near-record adjusted free cash flow of $303.2 million during the second quarter of 2026, nearly tripling first quarter 2026 adjusted free cash flow of $113.3 million. This cash flow generation allowed Matador to repay over $200 million of borrowings associated with the Federal lease sale in May 2026."
Company Reports Q2 Revenue of $1.19B
Reports Q2 revenue $1.19B, consensus $1.08B.
Matador Resources Acquires Paloma Assets for $1.275 Billion
Matador Resources announced two of its catalysts for this year. First, a wholly-owned subsidiary of Matador has entered into a definitive agreement to acquire Paloma Permian, a portfolio company of EnCap Investments L.P., including certain proved undeveloped acreage and oil and natural gas producing properties located in Southeast New Mexico. Subject to customary closing adjustments, the consideration for the Paloma Acquisition will consist of a cash payment of $1.275B. The Paloma Acquisition includes 16,235 net undeveloped acres in Eddy and Lea Counties, New Mexico and third quarter estimated production of approximately 11,100 barrels of oil equivalent per day. The Paloma Acquisition is expected to close in the fourth quarter of 2026. Secondly, Matador agreed to acquire primarily undeveloped acreage in what it believes to be the heart of the Woodford play in West Texas and Southeast New Mexico from Ridge Runner Resources II, LLC, another portfolio company of EnCap. As a result of the Ridge Runner Acquisition, prior acreage additions and Matador's ongoing "brick-by-brick" land strategy, Matador will have acquired approximately 50,000 contiguous, undeveloped net acres in the Woodford formation, primarily located in its Antelope Ridge asset area in Lea County, New Mexico and in West Texas. These additional contiguous net acres, together with the Paloma Acquisition, will bring Matador's corporate acreage total to approximately 240,000 net acres in the Delaware Basin. Matador's confidence in the Woodford play is reinforced by the successful test results announced today from Matador's first exploratory well in the Woodford formation in Southeast Lea County, New Mexico, the "Rae's Creek" well. Accordingly, Matador is pleased to announce that the Rae's Creek well recorded initial production rates exceeding 2,200 BOE per day (72% oil) during its official 24-hour test on June 29, 2026. The Rae's Creek well is still producing approximately 20% better than the average production of Woodford formation wells in Texas on a 60-day cumulative oil production basis. The Rae's Creek well test results serve to validate the commercial viability of the Woodford formation in this area of the Delaware Basin.
Matador Resources Acquires Cardinal Midstream for $752 Million
Matador Resources announced that San Mateo Midstream, Matador's 51%-owned midstream joint venture with Five Point Infrastructure, has entered into a definitive agreement to acquire the operating subsidiaries of Cardinal Midstream Partners, a portfolio company of EnCap Flatrock Midstream, for total cash consideration of $752M. The transaction is expected to close on or before July 31, 2026, subject to customary closing conditions. Matador anticipates the Cardinal Acquisition to be cash neutral for Matador as it expects to use distributions from San Mateo and/or proceeds from the potential drop-down to San Mateo or sale of a portion of Matador's wholly-owned midstream assets to fund any required cash contributions to San Mateo related to the acquisition.
Nasdaq Declines Amid Weakness in Tech Stocks
The major averages had a mixed finish, with the Nasdaq the loser amid weakness in technology stocks, most notably SpaceX. Peace negotiations between the U.S. and Iran have reportedly shown progress, helping push oil prices lower and reducing some of the inflation pressure that had worried investors in recent weeks. Of note, U.S. Treasury Secretary Scott Bessent said in a social media post that the Treasury Department has issued a temporary 60-day license to allow Iran to sell oil.At the same time, attention is shifting back toward the Federal Reserve and the possibility that rates stay elevated for longer. Markets this week are closely watching upcoming inflation data, particularly the PCE reading, as recent commentary has reinforced expectations that policymakers remain focused on controlling inflation rather than supporting asset prices.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Chevronwith Microsoftto power a data center in West TexasCRHArcosafor $150 per share in cashAbbVieApogee Therapeuticsfor $135.11 per share in cash, or $10.9BSpaceXhas signed a computing power deal with Reflection worth up to $6.3B,Texas AG Ken Paxtoninto Carnivalfollowing the company's April data breach2. WALL STREET CALLS:SpaceXwith a Sector Weight at KeyBancVisteonat JPMorgan and BarclaysRoth Capitala handful of exploration and production names, saying oil prices are close to a near-term bottomAccentureto Hold at TD CowenTE Connectivityto In Line at Evercore ISI3. AROUND THE WEB:Metais planning a $900M investment in Indian fintech startup Cred for a roughly 20% stake, alongside plans to appoint Cred founder Kunal Shah as the new leader of WhatsApp, Bloomberg' reportsBaldwin Groupis exploring a take-private transaction, Insurance Insider reportsRegenxbioChief Executive Curran Simpson said the Food and Drug Administration has agreed to reverse its rejection of an experimental gene therapy for a rare and fatal brain disease, WSJ saysCharles Schwabis working with Cboe Global Marketsto roll out prediction market contracts that allow customers to place yes-or-no wagers on the performance of the S&P 500, WSJ reportsJohn Jumper is leaving GoogleDeepMind to join Anthropic, Reuters says4. MOVERS:Gettyincreases after entering aDefinium Therapeuticsgains after announcing its Emerge studyMoonLakehigher in New York after announcingfrom its Phase 3 VELA-1 and VELA-2 trialsSable Offshorelower after entering into aVirgin Galacticfalls after filing to exchange $52.5M in5. EARNINGS/GUIDANCE:Ennis, with EPS and revenue higher year-over-yearHawkEye, with EPS missing consensusFervo Energy, with EPS lower year-over-yearMicron Technologytoon June 24FedExtoon June 23INDEXES:The Dow rose 148.01, or 0.29%, to 51,712.71, the Nasdaq lost 351.33, or 1.32%, to 26,166.60, and the S&P 500 declined 27.79, or 0.37%, to 7,472.79.
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