Matador Resources Company

good morning ladies and gentlemen welcome to the first quarter 2026 matador resources company's earnings conference call my name is stacy and i'll be serving as the operator for today at this time participants are in a listen only mode we 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 and the replay will be available on the company's website for one year as discussed in the company's earning press release issued yesterday. I will now turn the call over to Mr. Mack Schmitz, Senior Vice President, Investor Relations for Matador. Mr. Schmitz, you may proceed.

Thank you, Stacey. And good morning, everyone, and thank you for joining us for Matador's first quarter of 2026 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 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 that we issued yesterday, I would like to remind everyone that you can find a slide presentation in connection with the first quarter of 2026 earnings release under the Investor Relations tab on our corporate websites. 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. And good morning to everyone. And thank you for participating in today's earnings conference call. We appreciate your time and your interest in Matador very much. I've been coming to you for a long time. It's actually 40 years, over 40 years in time. And And I can unequivocally say that this is one of the more challenging times over that history, but I also feel very good that our team is experienced enough and our balance sheet is strong enough and our lease position is strong enough that we can meet these challenges. And I just want to point out to you what I... over the years, keeping it simple, was to look at three things. Is production up? Yes. Is our production up? Is our capital spending the same or down a little bit? And then finally, is your debt down? So we've reduced debt. We kept the lid on capital spending for those, and our production is up. And our balance sheet is in the best position that we've had during this entire time. So we're ready to meet whatever challenges and opportunities as they may come along. And I'd like to say, emphasize the point about the teamwork here. It's continually gotten better and better. And times like this gets everybody working with extra effort And over time, we've generally made our best gains in times like this. So everybody wants $100 oil or more, but these are often times that help build the company. And so thank you for your thoughtful analyst reports, and we look forward to your questions and want it. say again that we're open to y'all. We want y'all to know you're welcome to come visit us where we will be able to spend more time and you meet more of our people. So ask away and I turn it back to you, Mac. Sounds great. Stacy, we're ready for Q&A. Thank you very much.