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Matador Resources

Matador Resources (MTDR) Q1 2026 Earnings

Reported May 6, 2026 at 4:20 PM ET · SEC Source

Q1 26 EPS

$1.53

BEAT +21.41%

Est. $1.26

Q1 26 Revenue

$941.6M

BEAT +8.32%

Est. $869.3M

vs S&P Since Q1 26

-23.3%

TRAILING MARKET

MTDR -21.4% vs S&P +1.9%

Market Reaction

Did MTDR Beat Earnings? Q1 2026 Results

Matador Resources delivered a strong first-quarter beat in Q1 2026, with adjusted earnings of $1.53 per diluted share clearing the $1.26 consensus estimate by 21.41% and revenue of $941.60 million topping expectations by 8.32%, even as total revenue … Read more Matador Resources delivered a strong first-quarter beat in Q1 2026, with adjusted earnings of $1.53 per diluted share clearing the $1.26 consensus estimate by 21.41% and revenue of $941.60 million topping expectations by 8.32%, even as total revenue slipped 6.4% year-over-year amid a punishing commodity pricing environment. The standout driver was operational outperformance, with total production of 207,594 BOE per day exceeding the upper end of guidance and rising 5% year-over-year, though the headline results masked a GAAP net loss of $35.87 million tied to a $255.47 million unrealized derivatives loss. Analysts had broadly anticipated earnings pressure heading into the print, given Waha natural gas prices collapsing 82% year-over-year to $0.64 per Mcf. Looking ahead, Matador raised its full-year oil production guidance to 123,000 to 125,000 barrels per day while projecting adjusted free cash flow of roughly $1.10 billion to $1.20 billion for 2026, a dramatic improvement from $437.00 million last year, with the Hugh Brinson pipeline poised to meaningfully reduce Waha pricing exposure by late 2026.

Key Takeaways

  • • Strong early performance of newer wells exceeding expectations by approximately 2,600 barrels of oil per day
  • • Flow assurance from San Mateo and Matador midstream assets despite Winter Storm Fern
  • • Accelerated well activity from second half 2025 contributing to Q1 production
  • • Deferred third-party maintenance from Q1 to Q2 added approximately 2,000 BOE per day
  • • Electric and hybrid-electric fracturing fleets reducing diesel consumption by over 90%
  • • Multi-well completions (simul- and trimul-frac) and faster drilling reducing costs
  • • Net purchased natural gas sales of $38.4 million mitigating negative Waha pricing

MTDR Forward Guidance & Outlook

Matador raised full-year 2026 oil production guidance to 123,000–125,000 barrels per day (from 122,000–124,000) and total BOE production to 210,500–216,000 BOE per day (from 209,500–215,000), while reaffirming capital expenditure guidance of $1.45–$1.55 billion. Operating expenses guidance increased to $31.00–$33.00 per BOE from $30.00–$31.00 due to higher oil prices driving up severance taxes. Estimated full-year 2026 adjusted free cash flow is approximately $1.1–$1.2 billion at strip pricing as of early May 2026, compared to $437 million in 2025. The company expects full RBL repayment in May 2026, bringing liquidity to approximately $2.2 billion. For Q2 2026, Matador expects oil production of ~123,000–125,000 barrels per day and total production of 206,000–212,000 BOE per day, with CapEx of $430–$460 million. The Hugh Brinson pipeline is expected to begin flowing gas in Q3/Q4 2026, substantially reducing Waha pricing exposure.

24/7 Wall St

MTDR YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

MTDR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Matador is pleased to report a strong start to 2026. First quarter results exceeded the midpoint of our prior oil production guidance by 3%, and we have paid down over $350 million on our reserve-based lending facility since year-end.”

— Joseph Wm. Foran, Q1 2026 Earnings Press Release

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