Matador Resources Co. is upping oil and natural gas production while lowering costs, management said during a second quarter earnings call on Tuesday.

The company is on track to produce more than 140,000 boe/d by year’s end, which would result in 40% production growth during 2023. Production in the second quarter was 130,683 boe/d, up 18% year/year and a company record. Oil accounted for 76,345 b/d of the total.

Part of the output gains come from its recent purchase of Advance Energy Partners Holdings LLC, with producing assets in the Permian Basin. The company also saw “higher-than-expected natural gas production from nonoperated assets in the Haynesville Shale in Louisiana and outperformance of our Rodney Robinson leasehold wells in Lea County, NM,” where eight wells...