Matador Resources Company

Good morning, ladies and gentlemen. Welcome to the third quarter 2021 Matador Resources Company Earnings Conference Call. My name is Grace, and I'll be serving as the operator for today. At this time, all participants are in a listen-only mode. We will facilitate a question and answer session at the end of the company's remarks. As a reminder, this conference is being recorded for weekly purposes. and the replay will be available on the company's website through November 30, 2021, as discussed in the company's earnings press release issued yesterday. I will now turn the call over to Mr. Max Schmitz, Capital Markets Coordinator for Matador. Mr. Schmitz, you may proceed.

Thank you, Grace. Good morning, everyone, and thank you for joining us for Matador's third quarter 2021 earnings conference call. Some of the presenters today will reference certain non-GAAP financial measures regularly used by Matador Resources in measuring the company's financial performance. Reconciliations of such non-GAAP financial measures with the comparable financial measures calculated in accordance with GAAP are contained at the end of the company's earnings press release. As a reminder, certain statements included in this morning's presentation may be forward-looking and reflect the company's current expectations or forecasts of future events based on the information that is now available. Actual results and future events could differ materially from those anticipated in such statements. Additional information concerning factors that could cause actual results to differ materially is contained in the company's earnings release and its most recent quarterly report on Form 10-Q. Finally, in addition to the earnings press release, I would like to remind everyone on the call that you can find a slide presentation in connection with the third quarter 2021 earnings release under the Investor Relations tab on our website. I would now like to turn the call over to Mr. Joe Foran, our chairman and CEO. Joe? Thank you, Mac.

I just have a very brief comment or two before you begin the question and answer. First, I just want to say it's been very exciting for us this year and gratifying. Our themes were to pay down debt, find a way to increase our dividends, and to set ourselves up for another good year in 2022. Coming into the fourth quarter as we have, we believe those objectives have been attained, and we're excited about the outlook going forward and that 2022 is shaping up to be a good year. All areas of the company are doing well. The team is performing. They're working together. reaching some outstanding results, which is reflected in our current stock price. And it gives me great pleasure just to note that we've, the last month or so, really since the end of August, that we've been attaining one record, all-time record high after another. And so we appreciate the support we've received from you and from the market and from our shareholders, and especially a shout-out to our field staff, who worked through the cold and hours, sleeping in their trucks, doing whatever it took to keep the wells running through the night, getting up and checking it every few hours, from the capital efficiency gains that each of the groups have contributed to, so that three years ago, we drilled one well that was over a mile and a half long. And this year, every well, we will drill will be two miles or longer, except for one. So a great change that is added to the performance of the company, and we appreciate all the extra effort that our staff, both here and in the field, have done to bring about this really high performance execution. And so with that, I'd like to turn it back to you for questions.