JPM E&P Shale Well Watcher: Matador Releases Successful Woodford Test in the Northern Delaware Basin

Research evidence excerpt

JPM E&P Shale Well Watcher: Matador Releases Successful Woodford Test in the Northern Delaware Basin

J P M O R G A N North America Equity Research

27 July 2026

JPM E&P Shale Well Watcher

Matador Releases Successful Woodford Test in the

Northern Delaware Basin

JPM View: In this week's Well Watcher, we highlight MTDR's expanding position Oil & Gas Exploration & Production

ACin the emerging Woodford play, on the back of a successful first test at the Rae's Creek Arun Jayaram

well and the concurrent Ridge Runner acquisition. Underpinned by encouraging (1-212) 622-8541

offset production, the Rae's Creek well in Southeast Lea County recorded an IP-24 of arun.jayaram@jpmchase.com

2,200+ Boe/d (72% oil) on its official 24-hour test, with 60-day cumes ~20% ahead Pankaj Bhatter, CFA

of the average Woodford test in Texas. The early results are encouraging, though we (1-212) 622-3795

would expect costs to run above MTDR's base D&C program of $785-805 per ft, as pankaj.bhatter@jpmchase.com

the test was drilled beyond 14,000 ft (see Figure 1Matador’sRae’sCrekPermitActivity). On the acreage transaction, the Jack Jerusalmi

Ridge Runner acquisition lifts MTDR's total Woodford position to ~50K net acres at (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

a combined cost of ~$205mm, or ~$4K per net acre (see Figure 3MTDRWodfordAcreageMap). The 100%- J.P. Morgan Securities LLC

operated position holds ~150 net locations at ~$1.3mm each - an interval not

previously reflected in MTDR's inventory, reserves, or lease position, and thus a

potential source of inventory upside - and MTDR expects to continue adding to it

through smaller, incremental acquisitions. Looking ahead, we expect a more detailed

update on the Woodford well results and early productivity on MTDR's upcoming

2Q26 print.