Matador Resources Swings To Profit In Q4, Affirms 2014 Outlook

(RTTNews) - Independent energy company Matador Resources Co. (MTDR) on Wednesday reported a turnaround to profit in the fourth quarter on higher revenues and production. Looking ahead, the company affirmed its outlook for fiscal 2014 revenues and production.

The Dallas, Texas-based company's net income for the fourth quarter was $15.37 million, or $0.23 per share, compared to net loss of $21.19 million or $0.38 per share in the year-ago period.

The latest quarter's results unrealized loss on derivatives of $0.6 million recorded during the quarter.

On average, twelve analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Oil and natural gas revenues increased 32 percent to $69.7 million from $52.7 million in the same period last year. Analysts had a consensus revenue estimate of $70.01 million for the quarter.

Oil production for the quarter surged 43 percent to 608,000 Bbl, or 6,612 Bbl of oil per day, from 426,000 Bbl, or 4,630 Bbl, in the prior-year period.

The increase in oil production was primarily due to ongoing drilling operations in the Eagle Ford shale, but also reflects initial production from Matador's first horizontal Second Bone Spring well in the Permian Basin.

Average daily oil equivalent production increased 15.4 percent to about 12,000 BOE per day from 10,400 BOE per day in the previous-year quarter.

Looking ahead, to fiscal 2014, Matador Resources maintained its outlook for oil and natural gas revenues of $325 to $355 million. Analysts expect revenues of $355.27 million for the year.

The company also affirmed its full-year outlook for capital expenditures of $440 million, oil production of 2.8 to 3.1 million Bbl, and natural gas production of 13.5 to 15.0 Bcf for the year.

MTDR closed Wednesday's trading at $22.17, up $0.45 or 2.07 percent on a volume of 1.16 million shares. In after-hours, the stock declined $0.08 or 0.36 percent to $22.09.