Business Context and Reporting Period
Matador Resources Company filed a Form 8-K on April 23, 2021, reporting on events occurring on that date and referencing financial results for the three months ended March 31, 2021. The Company is an oil and natural gas exploration and production company incorporated in Texas.
Key Financial Metrics and Agreements
- Credit Facility: The Company entered into an amendment to its senior secured revolving credit agreement on April 23, 2021.
- Borrowing Base: Reaffirmed at $900.0 million.
- Borrowing Commitment: Elected commitment remained at $700.0 million.
- Financial Results: The filing incorporates by reference a press release (Exhibit 99.1) dated April 28, 2021, containing Q1 2021 results. Specific GAAP revenue, profit, cash flow, and margin figures are not detailed in the text of this 8-K filing.
- Non-GAAP Measures: The referenced press release includes Adjusted EBITDA, adjusted net income, and adjusted free cash flow for both Matador Resources and its midstream affiliate, San Mateo Midstream, LLC.
Material Changes
- LIBOR Transition: The credit agreement amendment added provisions to replace interest rate benchmarks in connection with the expected discontinuation of the London Interbank Offered Rate (LIBOR).
- Guaranty: Matador Resources Company reaffirmed its guaranty of obligations under the amended credit agreement.
Guidance, Outlook, and Risks
The filing references a press release and investor presentation containing an operational update and financial highlights. The text does not provide specific forward-looking guidance, risk factors, or management commentary beyond the incorporation of the press release. The filing notes that certain lenders may perform investment banking or advisory services for the Company in the ordinary course of business.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated April 28, 2021) for specific Q1 2021 revenue, earnings, and cash flow figures.
- Examine Exhibit 10.1 for the full terms of the credit agreement amendment regarding LIBOR replacement.
- Verify the reconciliation of non-GAAP measures (Adjusted EBITDA, Adjusted Free Cash Flow) to GAAP measures in the press release.
- Check the Company's investor relations website for the referenced presentation summarizing the press release highlights.