Business Context and Reporting Period
This Form 8-K Current Report from Matador Resources Company covers events occurring on June 6, 2019, specifically the Company's Annual Meeting of Shareholders. The filing details the election of directors, approval of compensation plans, and operational updates regarding well testing results.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses on corporate governance and operational milestones rather than financial performance data.
Material Changes and Operational Updates
- Well Test Results: The Company announced results for the Stebbins #204H well (Wolfcamp A-XY completion in Eddy County, New Mexico). The well tested at 2,005 barrels of oil equivalent per day (72% oil) during a 24-hour initial potential test.
- Shareholder Voting: On the record date of April 12, 2019, there were 116,392,034 shares outstanding. A total of 110,153,285 shares were represented at the meeting.
Corporate Governance and Management Commentary
Proposal Outcomes
- Election of Directors: Shareholders elected R. Gaines Baty, Craig T. Burkert, and Matthew P. Clifton as Class II directors. Matthew P. Clifton received the highest support with 92,186,911 votes for, while R. Gaines Baty and Craig T. Burkert received approximately 81.2 million votes for each.
- 2019 Long-Term Incentive Plan: Approved by shareholders with 95,444,333 votes for and 1,979,479 votes against.
- Executive Compensation: The non-binding advisory vote on 2018 executive compensation was approved with 94,461,688 votes for.
- Auditor Ratification: Shareholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for the year ending December 31, 2019, with 109,421,576 votes for.
Investor Verification Checklist
- Verify the full text of the 2019 Long-Term Incentive Plan filed as Exhibit 10.1 to understand specific terms and conditions.
- Review the investor presentation posted on the Company's website on June 6, 2019, for further details on the Stebbins #204H well results.
- Confirm the voting breakdown for director nominees, noting the significant number of votes against R. Gaines Baty and Craig T. Burkert compared to Matthew P. Clifton.