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 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 of 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. 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 thanks to everybody who's listening in, 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.

There've 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.

In particular, we would invite you, 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. Of course, they'll 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 none of the seniors will be in there to give you that opportunity to get some very frank responses.

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 that we've procured over time, particularly in the Delaware, where I started Matador over 40 years ago, 43 to be exact, and that's where we started out in the Delaware.

We've got 40 over 40 years of experience, and still think it's the best rock in the country. We like the position that we've built.

It's now over 200,000 acres. 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 go to some of these outlying areas.

Feel free to ask whatever tough questions you want on the inventory. I think our position stands up 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 Netherland and Sewell.

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 changemaker for us, and we're excited to work with Energy Transfer on that opportunity. With that, we'll take the questions.

Mac?

Sounds great. Thanks.

Marvin, we're ready for Q&A.

Hi, this is Noah here. You guys increased your net undrilled lateral footage by 2% this year.

I guess, was this delineation or a result of your brick-by-brick land strategy? Where were these location adds?

You also had some pretty significant inventory adds in the Avalon, 3rd Bone Spring Carbonate, and Wolfcamp D. Are you seeing something that you like from those formations?

Hey, first I'd just say, that was a lot more than one question, wasn't it? Which one of those do you want Tom to answer?

Really just if you could on the inventory adds and if you're seeing anything you like on the Avalon, 3rd Bone Spring, or Wolfcamp D.

Sure, Noah. This is Tom Elsener, EVP for Reservoir Engineering.

Definitely appreciate your question, and it's something we're very very proud to answer. I would say the production out of the Avalon in particular has been very strong.

I think we highlighted a particular well in our kind of Southern Ranger asset area called the Gavelon, a very strong Upper Avalon well that has been a very, very high performer. I think it's getting close to have made over 400,000 BOE, very high oil cuts.

It's something that we have a lot of running room in that part of the basin for. It's something we've expanded our inventory in over the years.

It's something we see as being a big part of our campaign out in the Delaware Basin. The other zones, various adds in all throughout the position, that's what I would say.

I'm proud that you noticed the increase in footage. Our teams have been very busy doing trades, extending laterals, and we're very proud to see the 6% increase in our average lateral length in our inventory from 2024 to 2025.

We've noted that we've been drawing some 3.4-mile-long laterals, particularly on our Ameredev acreage, that have helped us to dramatically increase our average lateral lengths. I think that that's something that I would tip my hat to Chris Calvert and all the operations teams for pushing our lateral lengths out to these types of distances, and doing it very, very well.

I think our teams have been able to improve the quality of our inventory through good geoscience support from Andrew Parker, you mentioned the 3rd Bone Spring Carbonate was a zone that we had not originally included in our inventory several years ago, and it's one that we've drilled very successfully kind of all throughout our Delaware Basin position. Our teams had started in with that target down in our Wolf area many years ago, and then moved it further north into some of our properties over in Ranger, and then over across into Rustler Breaks, and it's been one that has been a great add to our position.

Morning, guys. Joe, I'll make sure to keep to one question.

I don't want to get in trouble. Now,

Neal, the other thing is you know the way to our office. You've been here a number of times asking these questions, and we've always appreciated.

It's been a very useful dialogue, and the guys like having you come and ask you various questions, and so they're hoping you'll come back.

I appreciate that. Y'all have been very generous with the time, Joe, and I definitely look forward to getting back there soon.

Joe, my question for you or Bryan is really just on the '26 plan. It seems you continue now to target free cash flow over production growth.

You look this year, great plan out there for 3% oil growth with 11% reduced capital spend. I compare this to prior years where maybe you were targeting higher production growth.

My question is, do you all now believe, I know you talked about value creation being sort of the key driver out there, do you believe that the key to the value creation is just this capital and operational efficiency, or what do you all look at as the key for this value creation?

It's a good question, and it's a fair question. The way we do things, as we like to collaborate with each other, and several of us kind of lean one way, and others lean another way on what's important.

Then when we roll that all together, it comes out that I think that it depends on the time, and what the nation's economy is doing, and political situation, which one you lean perhaps more on, what interest rates are. There's a lot of factors that go into it, as you would guess, just like what sector of the economy would you invest in.

It varies from year to year and time to time. We begin with first thing is look for the good acreage, because if you have the good acreage, things generally have a good outcome.

It's hard to turn bad acreage into profitable or highly profitable wells. Beginning with is this a well that's in the right areas and the zone that's been properly tested, or is this a exploration, in effect, well?

The other thing is I lean more towards the long-term reserve growth because when you've proved up the reserves, then it becomes optional when you want to complete wells in those zones and bring them to market. You want to do it in a deliberate style because as you drill these wells, the more you drill them, the better your per-lateral foot or footage rate is, because you just are drilling them faster.

You learned to adapt some ways of increasing your footage and reducing your costs. Last call we had, we were beaten up because we had grown our production, but we had also grown our CapEx.

We took criticism for that. This quarter, we showed what we could do with capital efficiencies that reduced CapEx spending by 11%, and we were able to recover essentially the same amount of production.

To us most important, because of the fluctuation in prices, we increased our overall reserves by 9%. That's not our numbers, but that's Netherland and Sewell's numbers.

We thought that was a good outcome in total for the 90-day period that we increased production a little bit, 1%, but we reduced cost, CapEx, by 11% for roughly the same amount of lateral footage, and our overall reserves went up by 9%. We thought that's good, but y'all be the judge of it.

The market will be the judge of that. We're pretty excited that we have those numbers headed in that way.

Productions up, costs are down, and that we've proved up some new zones and that we're very excited about. With fewer rigs, and I'll let Chris take over from here how he felt what was most important accomplishments for the quarter.

Hi, Neal. Chris Calvert, EVP, Chief Operating Officer.

Great question. When we look at value creation, specifically long-term value creation, I think the fundamentals of your question really do kind of build the foundation of what we think that value creation is.

It's profitability focus, not necessarily production-focused. When we look at that, then we try to figure out the ways to optimize the levers that build that strategy.

On the revenue side, you look at the value of Hugh Brinson as that comes online towards the back end of this year to help improve gas realizations that we spoke to, the production impacts in the first quarter. You look at the CapEx spend, the 11% reduction, the $130 million in CapEx savings forecasted for 2026.

I'd refer you to slide 6 to look at our year-over-year improvements in well costs. Really even more specifically, I would focus you to slide 19, which I think tells a better story that shows we're able to achieve these well cost reductions while delivering stronger well results.

When we can go out and deliver 10% improvements from an EUR perspective, and do it at a lower investment cost, I think being able to optimize those levers just continue to improve the fundamentals of that long-term value creation. I think it's a great question, something we are hyperfocused on.

The CapEx component of our 2026 plan is something that we are extremely thoughtful to that is going to be underpinned by efficiencies, vendor relationships in these volatile times, and we'll look forward to deliver that plan.

Hey, good morning, folks. Thank you for taking my one question.

Joe and Bryan, we couldn't help but notice the second priority for 2026 in your earnings release was midstream value realization. We also saw your report aggregate San Mateo and Matador Midstream EBITDA guidance for the year.

As we think about the timeline knowing this is a high priority, it seems like a drop of Matador assets into San Mateo seems to be a precursor to anything. Is that something you could do now?

Do you need to let the dust settle on the Five Point continuation vehicle first? Can you just kind of walk through the theoretical steps we could be looking at this year?

Thank you.

That's a good one question. Let me try to answer.

I was trying to make notes as you were asking that. No, the limitation of the one question is we're not limiting our time with y'all.

After these one questions are gone through, if you've still got them, stay on the line. We'll stay here as long as you want to ask them, and we invite you to come see us.

Now, in answer to your question that you're talking about is that we approach this on a very holistic approach, and it's not me sitting in a room and telling everybody else what to do. We gather in here in this room same room that I'm talking to you, and we thrash it out.

Different people have different views, but when we get through, we're all feel like we've hashed out a good plan. We try to be nimble enough that as the economic climate changes, we'll change with it.

It's been that kind of 90-day period in the past where you had to move cautiously, or I felt my 40 years of experience out here is be cautious, because you have a president saying he wants $50 oil. That isn't going to work long term for the industry.

Needs to go higher. You've got a world situation where you've got the prospect of war in Iran.

You've got Europe that we're having difficulties on both sides. They don't like some of the things we're doing, and I don't know who's right or wrong, but I hope they get resolved.

Europe has been a good ally for us. Then in our own country, you have this relations with Mexico, Venezuela, all those different countries.

You have the worldview, you've got to take into account. We hedged our bet.

We're 50% hedged on oil to protect the balance sheet, no matter which direction we ultimately head. We've taken those precautions.

We've got great vendors. Patterson is always helpful to us on timing of rigs and quality of rigs.

It's a complex, multifaceted, and we get the various department heads in here, and we hash it out, making sure we're taking all this into account. Five Point has been very good to work with, and that simply is a situation that they have an exit period in their fund, and they've got a continuation fund working so that they can work out long term, and that's making steady progress.

We expect it to be resolved in the near term. We don't have control over that, but Five Point's been a good partner, and they've done what they said they would do.

We're watching that. Oil is important to the state of New Mexico, you're going to deal with government agencies like the Bureau of Land Management and like the State Land Office on these matters, and what are their plans, it's incorporating that in.

Then we really like our bank group, and they've been very supportive. We have an RBL that, of course, is increased over time as we've proved up more reserves, which is something we take into account.

All 19, the most recent redetermination by our bank group was that they came back and increased our borrowing base, and all 19 were unanimous in their support, and even raised the amount that they have been offering on the midstream system. We thought that was a win the whole way through.

Other suppliers, B&L Pipe Co has been very supportive through time, and we like to confirm what direction pipe prices are, because when you're drilling these longer laterals, you want to be sure you have the best quality pipe at the best prices. Give credit to all of them, and Halliburton on our frac designs and execution.

I would say you're not going to make a decision in an afternoon, but you're going to gather together, get everybody's proposals in there, massage them together, and go from there. It's something that these long relationships that we have with these vendors really pays off, because you really make that time together in planning this that much more efficient, and we think that planning has played a big role in the reduction in our CapEx, as well as the efficiency gains in the timing that we have in drilling these wells.

We're just drilling them faster than we have in the past because everybody knows what they're supposed to do, and people come up with ways to expedite the operation and the drilling plans. Chris, did I leave something out there?

No, I think Joe hit on a lot, and I think to the question, Tim, the relationships we have on the E&P upstream side that Joe has mentioned have been long-standing, a part of the success story of the operational excellence of Matador. I think to the story with Five Point in the continuation vehicle, I think what we're excited about is they're structuring a deal that allows them to be part of the future growth of the entity.

Now, as the drop-down conversation moves forward, I think that's something that from the E&P side, we have referenced these 3.4-mile laterals, we've referenced the productivity of the Ameredev acreage that is now in our asset base, and so I think that is an exciting story from both the E&P side and the wholly owned Matador Midstream side, the gathering side. I think that the cadence of any sort of drop-down, I think that's something that we will continue to work on, but we're excited about the continuation vehicle simply because it's another sign of support from Five Point, and they've been supportive of everything from plant expansions to interconnects between Marlan and Black River.

This is just another sign that they want to be a part of the growth story that is San Mateo.

Chris, that's excellent, but I just want to add on to that that we've gotten a number of questions recently about our artificial intelligence participation. What we found most effective is to work together with our vendors and where we can use artificial intelligence between us.

Most often, they have the program, they're ahead of us, maybe more often. Work together so it's a win-win situation.

We're taking maybe it's baby steps, but we are taking it in a deliberate fashion with our partners, some of whom have more experience in this area, and we feel like it's another win-win where we all are gaining from the collaboration.

Hey, thanks for taking my questions. Can you talk about how you're thinking about using the buyback going forward?

It was relatively limited over the last couple quarters. I know you didn't plan to be formulaic with the buybacks, but just any thoughts on how you plan to allocate free cash flow to buybacks in future?

Thanks.

Hey, Zach. This is Rob Macalik, CFO.

Definitely on the shareholder return, we're proud of the cash we've returned in the form of both the dividend and the share buyback. We've raised the dividend six times in the last 4 years and are really proud of the 3% yield that we have on that dividend today.

We just instituted the share buyback in 2025, and we think it's a really nice extra tool that we have at our discretion. As you can see through the management and employee share purchases, including the guys in the field, we as a management team feel like the stock is undervalued, and so we've been trying to be prudent with our capital, but we do think that the share buyback is a nice tool that we have that we can continue to use opportunistically and feel like between the dividend and the share buyback, are really good shareholder return tools to use.

I think you'll continue to see us use that in a very conservative way, but use it when there's a dislocation between our stock price and what the rest of the market is doing.

Good morning, all, and thanks for your time.

Morning.

Thanks for your time, too.

Wanted to focus on surfactants with my question. Could you perhaps elaborate on the enhanced performance you're seeing in your well results, the degree at which you could expand the program in 2026, and how much of this is baked into your guidance?

Great question. This is Chris Calvert again.

I'll start with the back part. We have not baked any sort of uplift into our 2026 production guidance plan, I'll put that out right now.

As far as quantifying the successful results, we were excited about the pilot test we did in 2025. We have long used surfactants throughout completions.

This is something that as the technology advances, as we continue to delineate from a subsurface perspective in the parts of the basin that we feel could be more benefited from advanced surfactants, that was kind of the basis of our pilot test in 2025. We're excited about the early results.

As we look into 2026, once again, no sort of uplift is baked into the production. However, I think it's a little early to speak to the enhancements or uplift, other than the fact that we have noticed that it is formation-specific, certain formations respond a little better, but I think that could delineate and differentiate as we move into 2026 as we test in different parts of the basin.

Stay tuned. We're excited about the '26 plan.

Once again, the capital is projected into the budget, but not production.

Hey, good morning, and thank you for taking our question. Our question's really on the Woodford.

What is the strategy there? Is your position primarily held by production?

You're drilling your first well in the first half of this year. You have additional pipeline capacity by the end of this year.

Is there further de-risking in 2000 in 2027? How are you thinking about that play?

John. This is Chris.

I can take it again, and probably pass it to Tom. We're excited about the Woodford.

Obviously, our geoscience team has long looked at deeper parts of the basin. We've delineated and have producing wells out of 23 discrete horizons in the basin.

The Woodford would be additive to that. We have a geoscience team who's long looked at deeper parts of the basin, and I think if you've looked at public data about some of these well results in and around the zip codes in which they're being reported, you'll see that there is a nice overlap to what we think is the fairway of this basin that is existing to current Matador acreage on the map.

We look at this as additive, and I can kick it to Tom.

Hey, John. Appreciate your question on the Woodford.

This will be our first well in the Woodford, and so I would say our primary objective is to learn as much as we can about the Woodford and all the other zones immediately adjacent to it. We'll be drilling a pilot hole and running logs, and I know Andrew Parker could speak more to some of those things, but we do have a nice position over there on the eastern side of the basin where others have had some success further over into Texas in the Woodford.

Clearly, we're very excited about it, and so it's something that would be purely incremental to our current inventory. We have not yet awarded any inventory whatsoever to the Woodford.

It'd be a great win for Matador. I'll pass it over to Andrew Parker to speak more.

Thanks, John. Just to add on to Chris and Tom here, we've had our eye on this, we're real excited about the results in Texas, and we really like our rock in New Mexico.

We think we have a lot of running room here. Again, it's very early, but we're excited to share more about this test later in the year.

[unclear] but the Woodford, it's an important part of the petroleum system in the Delaware Basin, which this just adds to our confidence of being in the best basin here, and our confidence in our inventory across the basin as well. We're real excited about it.

Thanks for taking my question. Matador basically built itself on the brick-by-brick M&A as well as organic growth.

Moving forward, it looks like, I think for the industry, the growth rate is obviously coming down, as well as Matador. What do you see in terms of the ways to add values for Matador going forward, and do you see a lot of M&A opportunities left to continue to consolidate?

Hey, Scott. This is Van Singleton, Co-President.

Thanks for your question. I think you can see from last year that our brick-by-brick approach was effective, as it has been for some time.

And 17,500 acres without doing a major transaction, that was 690 or so individual transactions. I think you can count to see us be vigilant to protect the balance sheet, but always look for good opportunities in the future.

We try to keep a pipeline of deals coming in, but they need to be the right deals in the right neighborhoods. Many of these are in units we have or adjacent to units that we have to form these longer laterals, and we're excited to see there's still opportunities out there, and we'll continue to make trades that are good for both sides.

Again, just like doing the deals with EnCap, they've been good partners to work with. We look forward to other deals like that coming up, and if some bigger deals do come up, we'll give them full valuation and do consideration.

We need to stick to our strategy of protecting the balance sheet and putting ourselves in a position for future growth. Bryan, do you want to add to that?

Yeah. Hey, Scott.

This is Bryan Erman, Co-President, Chief Legal Officer, and Head of M&A. Just to pile onto what Van said, I think we have shown that we can grow in different ways.

We did the Ameredev and Advance deals in previous years, and then as Van said, we did 17,500 net acres and essentially replaced our inventory that we drilled last year through smaller deals. I think that's a differentiator for us that we can grow through the bigger deals, and we do think there will be some out there in the future that to look at.

In the years that those aren't there, we can grow through the brick-by-brick approach, and we really do feel like that's a differentiator for Matador.

Scott, this is Joe, and let's put a little bit of this in perspective. I started as I as you know with $270,000 in in 1983, and today we've got over $10 billion in assets.

Throughout that 40-year period, this same question's been asked and asked again. Do you think you can grow anymore?

Has there been so much consolidation that there are not opportunities out there? We've always been able to find opportunities, and I don't really see it much different, and that we think that we aim for being better, not just bigger.

In a lot of these situations, by going after these areas like Woodford and that they fit us very well. I'm not sure it fits a major.

They need to be down there where they've got hundreds of thousands of acres. These are small smaller, but they still fit us, and we consolidate that way.

Van and others have an active trading circle where we give up here in their area, and they give back. Those arrangements are working.

As far as the profitability goes, I think we've proven over 40 years that we've managed our money well to reinvest in the right areas, and even at old Matador, we were investing in the right areas there and developing trades. We've been active in each of these extensions, and and we've had merger opportunities, many merger opportunities, but so far we've found it's worked best to be as we are.

We're a little unique in a lot of areas, and one thing is the collaboration with each other in the company, as well as with our outside relationships. A good example of this is working with planes as we have.

We've done some they've made us aware of some very good ways to add to production and make sure we're in the right areas, and right equipment, what's on pipe and what's still on trucking. Is another example is that so rather than fret about who's the next merger or anything, we try to work on the efficiencies and think it's worked out pretty well that in 43 years, we moved from one rig and part of the time and having $300,000 in assets, which at the time I thought was a lot of money, but not so much today when we're drilling 3,000 feet or more and gain efficiencies there.

The business has changed, but the basics about building relationship, being in the absolute best area you can afford, and and working trades to consolidate things, and looking for the new technology, all that, that's same the same thing in sports is that, it's not how, how big your school is, but it's often about how good your people are. You look at University of Indiana hadn't had a winning season or championship since the 1800s, the late 1800s, but then they win the national championship because they got better people.

It's not that we bribe people into coming, but we do have a dedicated group of professionals who try to get better every day, and you've been to our offices often. Scott, wouldn't you agree that that it's a very motivated group here that works well together and has kind of a unique culture to it?

I'll ask that question of you if you'd respond.

Thank you. Good morning, all.

Thanks for taking the call. Just wanted to touch on D&C in '26 for a moment.

You guys guided towards the midpoint of $795. Talked a bit about cycle times, lateral length, batch development.

Just wanted to get an idea if you could parse that a little bit on how those improvements are kind of broken out amongst those groups or any other levers.

This is Chris Calvert. You kind of tailed off on the back end of the question, but I'll repeat it a little bit and then whatever I missed.

You said a little bit more commentary surrounding increased lateral length, reduced cycle times that led to the reduction in our D&C cost per foot to $795. I think, Paul, the first thing I would point to is when we look at this improvement in D&C cost per foot, it is largely efficiency-driven.

We've talked a lot about this well batch that sits on our Ameredev acreage that's 3.4-mile laterals, we expect to turn in line the first part of this year, that is contributory to the 10% increase in lateral lengths. I think when we speak to the ability to do more with less, and I think that is a standard story that is somewhat spread across the industry, of being able to drill the same lateral footage or accomplish the same with fewer rig counts, stories like increased lateral length help contribute to that.

When we look at improvements in completion efficiencies, we were kind of one of the first to do simul- and trimul-frac in the Delaware Basin, it has stayed a large part of our completion story. We've seen completion efficiency improvements of 20% year-over-year as far as completed lateral footage per day, all of which contributes to lowering your D&C cost per foot.

When we think about cycle time improvements, that really underpins the ability to turn in line the same net lateral footage in 2026 versus 2025, do it with $130 million D&C capital savings year-over-year, and then also still be able to deliver moderate production growth in the form of 2 or 3% organic oil volumes. I think the underpinning story to the $795 number is largely efficiency-driven, focused on, like I said, longer laterals and reduced cycle times.

Thanks. Was hoping you could talk about the better wells for less money slide, and just what I was really interested in is first the forecasting of EURs and the bottom-up build here, and then just second, the footnote around excluding wells drilled by Ameredev or Advance, and whether this has been a drag on historical EURs, and if Matador-designed wells are demonstrating improvement across this acreage.

Hey, Phillip. It's Tom Elsener, EVP for Reservoir Engineering.

I'll take the first part of that one. What we're really proud of is the continued improvement in our well productivity over these years, and really highlighted by our own operations, and showing how we've been able to improve our BOE per foot of lateral year-over-year is something we're really proud of.

It's not something that just comes very easily. It comes from a combination of improved targeting, improved spacing, improved completions, many of the different operational improvements that Chris has been lining out, but also from our geoscience teams finding better places to buy acreage, better places to land the wells.

Combined with the approximately 25% improvement in cost per foot over these years, those are some very big improvements to the rate of returns, to the quality of the inventory. We're certainly very proud of the Ameredev acreage and the Advance acreage, and those have been great acquisitions for us.

As has been mentioned on the deal front, we've been very successful with big deals and the smaller brick-by-brick transactions. Matador has improved its portfolio over the years through a wide range of different techniques.

If I can tag onto your note, Tom, is just that as an example of these efficiencies, it isn't just it makes the well better, but it has generated additional cash flow that we've been able to pay down our debt some. Last year, for example, we paid it down by $200 million, we've getting our leverage ratio down there to about one, which gives you more options having that kind of a balance sheet strength.

We tie those together in our discussions and when we collaborate, what does this mean?

I'd just like to say if anybody else on the call doesn't feel that they got your questions answered, please give a call in to Mac and we'll arrange a separate conference call, but we want to make ourselves available to you because we think there's a lot of good progress is being made and we're very excited about some of these new areas that we're developing. It's just hard to always fit it in a 90-day period, but as this year goes along, I think you're going to see why we were as optimistic about the year as we have been, and hope that oil prices will stabilize, and that some of the disruptions will be settled over time, and then the economy will remain strong.

I give much credit to this team, has continued to grow and to work that much better together, and reiterate our invitation to come see and meet the people in person that have a direct effect on the value of the company, and then meet some of the younger people, because I think they've done a very impressive job. With that, I want to be sure and give a shout-out to Glenn Stetson.

Glenn and didn't call on to say much, but he's watched over both the production and the midstream and kept both of them running, even in bad weather and other times, and so, Glenn, if you want to say anything, please do so now, and if you want me to ask you a question first, to give you a structure to do that, but you watching over those two very important areas that've got to work together, the production and the midstream.

All right. Thank you, Joe.

This is Glenn Stetson, EVP of Production. I think Tom and Chris have both gave examples of things that we're doing on the efficiency side.

I would like to provide an example of where both Matador, San Mateo, and on the completion side, the production side, and the midstream, companies can work together to achieve some of those efficiencies. One of them is on the produced water side, using produced water for hydraulic fracturing operations.

In 2025, 72% of the water that we used was produced water, and that has the benefit of both reducing our CapEx per foot, but also reducing our lease operating expenses. We couldn't achieve those results without the help of San Mateo and Matador's wholly owned midstream properties or assets.

That just another area of where we are working together to help on all fronts.

Trying to help put the importance of flow assurance into perspective is if you're going to, as some of you've heard me say, if you're going to be a cotton farmer in Dawson County, Texas, you better also try to own part of the cotton gin, because you've got to gin your cotton before it gets to market. It's the same thing.

After we produce the gas, it's got to be collected by midstream entity and then taken to market. We started in on that view when first Matador went public back in 2012, that it was important over the long run to have an interest in midstream to be sure you had flow assurance, and that's delivered a lot of benefit to us through time.

Now, we're not cotton farmers, but I believe it's an apt analogy.

Marvin, with that, that concludes our closing remarks. Thank you.