Matador Resources Company Increases Quarterly Cash Dividend to $0.20 Per Share and Announces Increases to Its Credit Facility
19 Octobre 2023 - 10:15PM
Business Wire
Matador Resources Company (NYSE: MTDR) (“Matador” or the
“Company”) today announced that its Board of Directors amended the
Company’s dividend policy pursuant to which the Company intends to
pay cash dividends on its common stock of $0.20 per share per
quarter beginning in the fourth quarter of 2023, which is a 33%
increase from its prior policy of $0.15 per share per quarter. The
Board also declared a quarterly cash dividend of $0.20 per share of
common stock payable on December 1, 2023, to shareholders of record
as of November 10, 2023.
Joseph Wm. Foran, Matador’s Founder, Chairman and Chief
Executive Officer, stated, “We are pleased to announce an increase
in the Company’s quarterly cash dividend. Today’s announcement is
an increase of 33% as compared to Matador’s prior quarterly cash
dividend of $0.15 per share. Matador’s Board of Directors adopted
its initial dividend policy in February 2021 with a quarterly cash
dividend of $0.025 per share, which has been doubled twice in 2021
and 2022, as well as increased 50% in December 2022 to $0.15 per
share. The continued increase in our quarterly cash dividend is
evidence of our commitment to return value to Matador’s
shareholders as well as our growing financial strength and positive
operational outlook. We are grateful for the continued support and
friendship of our shareholders and look forward to paying this
anticipated dividend to our shareholders on December 1, 2023.”
Matador Amends Credit Agreement and Adds JPMorgan Chase to
Bank Group
On October 19, 2023, Matador and its lenders successfully
amended the Company’s credit agreement to (1) increase the
borrowing base $250 million from $2.25 billion to $2.5 billion, (2)
increase the maximum facility amount $500 million from $1.5 billion
to $2.0 billion and (3) increase the elected commitment $75 million
from $1.25 billion to $1.325 billion, of which only $530 million
was drawn as of September 30, 2023. This $75 million increase in
the elected commitment marks the second time this year Matador’s
banks have increased their commitments as the elected commitment
was previously increased $475 million on March 31, 2023 from $775
million to $1.25 billion in connection with Matador’s acquisition
of Advance Energy Partners Holdings, LLC. Matador is also pleased
to announce that JPMorgan Chase Bank, N.A. is joining the bank
group.
Brian J. Willey, Matador’s Executive Vice President and Chief
Financial Officer, commented, “On behalf of the Board and the
management team, we thank each of our banks for their continued
support. We also welcome JPMorgan Chase to our high-quality bank
group and thank JPMorgan Chase for joining our group. We also thank
BOK Financial and Cathay Bank for increasing their commitments
under the credit agreement. We remain committed to maintaining a
strong balance sheet, growing our production, paying down our debt
and maintaining our discipline over costs and capital
expenditures.”
About Matador Resources Company
Matador is an independent energy company engaged in the
exploration, development, production and acquisition of oil and
natural gas resources in the United States, with an emphasis on oil
and natural gas shale and other unconventional plays. Its current
operations are focused primarily on the oil and liquids-rich
portion of the Wolfcamp and Bone Spring plays in the Delaware Basin
in Southeast New Mexico and West Texas. Matador also operates in
the Eagle Ford shale play in South Texas and the Haynesville shale
and Cotton Valley plays in Northwest Louisiana. Additionally,
Matador conducts midstream operations in support of its
exploration, development and production operations and provides
natural gas processing, oil transportation services, natural gas,
oil and produced water gathering services and produced water
disposal services to third parties.
For more information, visit Matador Resources Company at
www.matadorresources.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. “Forward-looking statements” are statements related to
future, not past, events. Forward-looking statements are based on
current expectations and include any statement that does not
directly relate to a current or historical fact. In this context,
forward-looking statements often address expected future business
and financial performance, and often contain words such as “could,”
“believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,”
“may,” “should,” “continue,” “plan,” “predict,” “potential,”
“project,” “hypothetical,” “forecasted” and similar expressions
that are intended to identify forward-looking statements, although
not all forward-looking statements contain such identifying words.
Such forward-looking statements include, but are not limited to,
statements about guidance, projected or forecasted financial and
operating results, future liquidity, leverage, the payment of
dividends, results in certain basins, objectives, project timing,
expectations and intentions, regulatory and governmental actions
and other statements that are not historical facts. Actual results
and future events could differ materially from those anticipated in
such statements, and such forward-looking statements may not prove
to be accurate. These forward-looking statements involve certain
risks and uncertainties, including, but not limited to, the
following risks related to financial and operational performance:
general economic conditions; the Company’s ability to execute its
business plan, including whether its drilling program is
successful; changes in oil, natural gas and natural gas liquids
prices and the demand for oil, natural gas and natural gas liquids;
its ability to replace reserves and efficiently develop current
reserves; the operating results of the Company’s midstream oil,
natural gas and water gathering and transportation systems,
pipelines and facilities, the acquiring of third-party business and
the drilling of any additional salt water disposal wells; costs of
operations; delays and other difficulties related to producing oil,
natural gas and natural gas liquids; delays and other difficulties
related to regulatory and governmental approvals and restrictions;
impact on the Company’s operations due to seismic events; its
ability to make acquisitions on economically acceptable terms; its
ability to integrate acquisitions; availability of sufficient
capital to execute its business plan, including from future cash
flows, available borrowing capacity under its revolving credit
facilities and otherwise; the operating results of and the
availability of any potential distributions from our joint
ventures; weather and environmental conditions; the ongoing impact
of the novel coronavirus, or COVID-19, or variants thereof, on oil
and natural gas demand, oil and natural gas prices and its
business; and the other factors that could cause actual results to
differ materially from those anticipated or implied in the
forward-looking statements. For further discussions of risks and
uncertainties, you should refer to Matador’s filings with the
Securities and Exchange Commission (“SEC”), including the “Risk
Factors” section of Matador’s most recent Annual Report on Form
10-K and any subsequent Quarterly Reports on Form 10-Q. Matador
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances occurring after the date of this
press release, except as required by law, including the securities
laws of the United States and the rules and regulations of the SEC.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20231019453330/en/
Mac Schmitz Vice President – Investor Relations
investors@matadorresources.com (972) 371-5225
Matador Resources (NYSE:MTDR)
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