Dallas-based independent Matador Resources Co., in sync with its midstream affiliate, pulled out all stops in the third quarter by reducing costs at a record rate while it boosted its oil and natural gas production.

The portfolio stretches across oil- and natural gas-rich basins of Louisiana and Texas, but operations primarily are directed to the Permian Basin’s Delaware sub-basin, where it works its magic in the Wolfcamp and Bone Spring formations. 

The third quarter proved to be strong, with oil production up 6% year/year to 42,300 b/d and natural gas output rising 3% to 184 MMcf/d. Total production averaged 73,000 boe/d, 5% higher than a year ago. The output gains came even though realized oil prices averaged $38.67/bbl, from year-ago average of $54.19. Matador fetched an...