Matador Resources Co. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Matador Resources Company on April 28, 2017. The filing primarily addresses an amendment to the Company's senior secured revolving credit agreement and incorporates by reference a press release dated May 3, 2017, detailing financial results for the three months ended March 31, 2017.
Key Financial Metrics and Credit Facility
- Credit Facility Amendment: The borrowing base under the Revolving Credit Agreement was increased from $400.0 million to $450.0 million.
- Facility Capacity: The maximum facility amount remains unchanged at $500.0 million.
- Elected Commitment: The Company elected to maintain its borrowing commitment at $400.0 million.
- Financial Results: Specific revenue, profit, cash flow, and margin figures for the quarter ended March 31, 2017, are not provided in the text of this filing. The filing references a press release (Exhibit 99.1) containing these details, including non-GAAP measures such as Adjusted EBITDA and PV-10.
Material Changes
The primary material change reported is the increase in the borrowing base of the Company's credit facility, providing additional liquidity capacity. The filing also notes the release of first-quarter 2017 operational and financial results, though specific comparative metrics against the prior period are not detailed in this document.
Guidance, Outlook, and Risks
The filing incorporates a press release containing an operational update as of May 3, 2017. Management commentary, forward-looking guidance, and specific risk factors are contained within the referenced press release and presentation materials available on the Company's website, rather than in the body of this 8-K. The filing notes that 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) for specific Q1 2017 revenue, net income, and cash flow figures.
- Verify the reconciliation of non-GAAP measures (Adjusted EBITDA, PV-10) to GAAP financial measures in the press release.
- Examine the full text of the Tenth Amendment to the Credit Agreement (Exhibit 10.1) for covenants and terms associated with the increased borrowing base.
- Confirm the Company's current debt utilization against the new $450.0 million borrowing base.