Permian Producer Matador Increases 2024 Oil Output Plans
- Company expects to produce up to 96,500 barrels a day
- Executives credit boost to efficiencies in well drilling
Dallas-based Matador now plans to produce 93,500 to 96,500 barrels per day in 2024.
Photographer: Angus Mordant/BloombergMatador Resources Co. plans to pump more oil in 2024 than it originally expected, a sign that wells in the western section of the Permian Basin – the most prolific US oil field – are surprising drillers to the upside and bolstering national supply.
Through the first six months of the year Matador has already surpassed projections – its record average oil production in the second quarter was 3% better than the company’s expected average for that time frame, according to the company’s earnings report released Wednesday. Dallas-based Matador now plans to produce 93,500 to 96,500 barrels per day in 2024. The upper end of ts previous full-year projection range was 95,000 barrels per day.