Matador Resources Company

Good morning, ladies and gentlemen. Welcome to the third quarter 2025 Matador Resources Company Earnings Conference call. My name is Jonathan, and I will be serving as the operator for today. At this time, all participants are in 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 replay purposes only. And the replay will be available on the company's website for one year as discussed in the company's earnings press release issued yesterday. I will now turn the call over to Mr. Max Schmitz, Senior Vice President, Investor Relations for Matador. Mr. Schmitz, you may proceed.

Thank you, Jonathan. And good morning, everyone. And thank you for joining us for Matador's third quarter 2025 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 annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. In addition to our earnings press release yesterday, I would like to remind everyone that you can find a slide presentation in connection with the third quarter 2025 earnings release under the investor relations tab on our website. And with that, I would now like to turn the call over to Mr. Joe Foran, our founder, chairman, and CEO. Joe?

Thank you, Mac. It's good to talk to everybody again. We think we've had a heck of a quarter and really pleased with our process and all of our different areas and the progress. And we're going to try to go around the table so you can hear directly from a lot of the people doing the actual work. But I think they've just done an outstanding job today, and we're particularly excited on this quarter because any time you get to raise the dividend, you generally get a lot of addables from your shareholders, particularly the rank-and-file shareholders. But also pleased that, recognized by the Dallas Morning News as one of the larger companies in the Dallas-Fort Worth area. But the nicest part of the bill is that when you do the calculations, although 36 in size, we are number one in profit per employee. So I give a lot of credit to the staff and their contributions and look forward to this report. And I know everybody is interested in knowing about capital spending and the thought processes behind that, but would tell you if I were faced with the same situation, we would still spend this money just as we did this year. I think the teams really worked together on that, and the executive committee of the board and the executive committee of the company all went through this and said not only about this quarter, but setting up – next year is going to be one of the most fruitful years we have is we have lots of inventory, lots of cash flow, and good liquidity and room on our RBL. So ask away. I might turn it over to Chris, our Chief Operating Officer, just to describe some of the thought and process that we went through before deciding on this capital structure.