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Matador Resources' adjusted Q2 earnings beat Street estimates but dip YOY

Matador Resources Co. on July 31 reported an adjusted net income of $34.6 million, or 30 cents per share, down from the $46.1 million, or 41 cents per share, posted for the second quarter of 2018.

The S&P Global Market Intelligence normalized consensus earnings estimate for the second quarter was a net income of 20 cents per share.

The firm's GAAP net income came in at $36.8 million, down from the $59.8 million seen a year ago.

Total revenue was pegged at $241.7 million, up from the $211.4 million reported during the corresponding period in 2018.

Production for the quarter averaged 61,290 barrels of oil equivalent per day, compared to the 52,937 boe/d seen a year ago.

Matador increased its production guidance range for the year to 22.6 million boe to 23.1 million boe. The previous guidance was 22 million boe to 22.8 million boe. Adjusted EBITDA is now forecast to be $540 million to $560 million, up from the original range of $520 million to $550 million.

The company also increased its projected midstream capex by $15 million.