Matador Resources Company

Good morning, ladies and gentlemen, and welcome to the fourth quarter and full year 2025 Matador Resource Company earnings conference call. My name is Marvin, and I'll 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 remark. As a reminder, this conference is being recorded for replay purposes, and the replay will be available on the company's website for one year as discussed in the company's earnings press release. issues yesterday. I'll now turn the call over to Mr. Mack Smith, Senior Vice President, Investor Relations for Matador. Mr. Smith, you may begin.

Thank you, Marvin, and good morning, everyone, and thank you for joining us for Matador's fourth quarter and full year 2025 earnings conference call. Some of the presenters this morning will reference certain non-GAAP financial measures usually 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 our fourth quarter and full year 2025 earnings release under the investor relations tab on our corporate 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, Matt, and thanks to everybody who's listening in and has taken the opportunity to participate in this conference call. The first thing I do really encourage you to look over the slides, particularly if you don't have time to read the whole press release that we had, but There's been a lot of thought put into those slides to try to make important points that I believe are essential to the Matador story. Second, if you also do not feel you've been given an adequate opportunity to ask questions, we want to invite each of you to come visit us at our offices where we will make sure that you're given all the time that you want to ask your questions and get your answers. And in particular, we would invite, if you do come, we will make sure that you get to have lunch with the executive team or most of the executive team that's in town. Or if you'd rather, we will arrange for you to meet or have breakfast or lunch with a lot of our young leaders and get to know the people who are coming up and being pillars of support and activity and are just doing a wonderful job, great job, in directing our various activities. And, of course, they're relative, you know, have some years of experience, but they're the ones who are actually on the job and the first level of supervision and executive action, which, you know, None of the seniors will be in there to give you that opportunity to get some very frank responses. And that invitation goes and just work through MAC to set up such a meeting. Then what I wish to emphasize today in this conversation is the quality inventory we procured over time particularly in the Delaware where I've been I started Matador over 40 years ago 43 to be exact and that's where we started out in the Delaware so we've got reflect 40 over 40 years of experience and still think it's the best rock in the country and we like the position that we built It's now over 200,000 acres. And if you're given my experience, having started a company, is when you're in what you feel is the best rock, it's a lot easier to build than trying to gather some of these outlying areas. So feel free to ask whatever tough questions you want on the inventory. I think our position stands out against anybody acre for acre. Second is I hope you'll note the strong balance sheet that we have and that this past quarter we increased production. Most importantly, we increased reserves by 9% as measured by Netherlands and Sewell. So we increased production and reduced debt. And we had strong cash flow throughout even though prices went up and down throughout the last 90-day period. We believe this inventory, balance sheet, the strong cash flow all lead to growth, optionality, and with San Mateo, we now have flow assurance outside the basin. Hugh Brinson has been a change maker for us, and we're excited to work with Energy Transfer on that opportunity. And with that, we'll take the questions. Max? Sounds great. Thanks. Marvin, we're ready for Q&A.