Matador Resources Company (MTDR) saw its loss narrow to $97.42 million, or $1.07 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $679.78 million, or $8.34 a share.
Revenue during the year dropped 5 percent to $264.42 million.
Operating loss for the year was $177.17 million.
Joseph Wm. Foran, Matador’s chairman and chief executive officer , commented, "The entire Matador staff and board are to be commended for overcoming the challenging commodity price environment we faced in 2016. Our oil, natural gas and total oil equivalent production in 2016 were all record annual results for the Company and at the high end of our 2016 production guidance, despite raising our estimates for natural gas and total oil equivalent production on two occasions during 2016. Our proved oil and natural gas reserves increased 24% year-over-year and were also at an all-time high."
Operating cash flow drops significantly
Matador Resources Company has generated cash of $134.09 million from operating activities during the year, down 35.70 percent or $74.45 million, when compared with the last year. The company has spent $405.64 million cash to meet investing activities during the year as against cash outgo of $425.15 million in the last year. It has incurred net capital expenditure of $448.74 million on net basis during the year, up 25.56 percent or $91.36 million from year ago.
Cash flow from financing activities was $467.71 million for the year, up 107.92 percent or $242.76 million, when compared with the last year.
Cash and cash equivalents stood at $212.88 million as on Dec. 31, 2016, up 1,172.32 percent or $196.15 million from $16.73 million on Dec. 31, 2015.
Working capital turns positive
Working capital of Matador Resources Company has turned positive to $109.68 million on Dec. 31, 2016 from negative $9.82 million on Dec. 31, 2015. Current ratio was at 1.65 as on Dec. 31, 2016, up from 0.93 on Dec. 31, 2015.
Debt increases substantially
Matador Resources Company has witnessed an increase in total debt over the last one year. It stood at $573.92 million as on Dec. 31, 2016, up 46.69 percent or $182.67 million from $391.25 million on Dec. 31, 2015. Matador Resources has witnessed an increase in long-term debt over the last one year. It stood at $573.92 million as on Dec. 31, 2016, up 46.69 percent or $182.67 million from $391.25 million on Dec. 31, 2015. Total debt was 39.18 percent of total assets as on Dec. 31, 2016, compared with 34.29 percent on Dec. 31, 2015. Debt to equity ratio was at 0.83 as on Dec. 31, 2016, up from 0.80 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
