Dallas-based independent Matador Resources Co. delivered better-than-expected results during the first quarter, with Permian Basin-heavy natural gas production jumping 36%.

Gas output reached nearly 390 MMcf/d, 4% higher than guidance. That came even as average realized gas prices were $2.96/Mcf, about 25% lower year/year.

What stoked the performance was the diversified portfolio, executives explained during the quarterly conference call. In addition to exploration and production, Matador has a natural gas liquids (NGL) system, including cryogenic natural gas processing plants owned by joint venture San Mateo Midstream LLC and subsidiary Pronto Midstream LLC.

[Inside the Political Firestorm: NGI sits down with Neil Chatterjee, a former FERC chairman and commissioner, to...