JPM E&P Shale Well Watcher: All Eyes on Matador’s (MTDR) Woodford Test in the Northern Delaware Basin at Antelope Ridge

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JPM E&P Shale Well Watcher: All Eyes on Matador’s (MTDR) Woodford Test in the Northern Delaware Basin at Antelope Ridge

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

20 July 2026

JPM E&P Shale Well Watcher

All Eyes on Matador’s (MTDR) Woodford Test in the

Northern Delaware Basin at Antelope Ridge

JPM View: In this week's Well Watcher, we highlight MTDR’s first exploratory test Oil & Gas Exploration & Production

ACof the Woodford interval in the Delaware Basin, which the company is drilling on its Arun Jayaram

Antelope Ridge asset. MTDR finished drilling operations on the well in 1Q26, and (1-212) 622-8541

was undertaking completion operations at the time of the 1Q26 conference call in arun.jayaram@jpmchase.com

early May. The company had framed the Woodford exploration as a significant Pankaj Bhatter, CFA

catalyst for 2026, with upbeat expectations on the back of surrounding offset (1-212) 622-3795

production. Importantly, MTDR does not currently include any Woodford locations pankaj.bhatter@jpmchase.com

in its 10-15 year inventory count, nor are they reflected in the company’s reserves or Jack Jerusalmi

lease position, and a successful test would represent upside to the company’s (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

inventory depth. We expect the company to provide a more detailed update on well J.P. Morgan Securities LLC

results and early productivity on its upcoming 2Q26 print, and we will be closely

watching these results as MTDR looks to delineate the Woodford and potentially add

a new inventory tier to its Delaware Basin portfolio.

• Oil pipeline scrapes: Based on recent pipeline scrapes data, Lower 48 oil

production was up 1.6%, with the last 7 days averaging ~13.5 MMBo/d vs.

~13.3 MMBo/d in the prior week. Lower 48 production for July MTD averaged