Dallas-based independent Matador Resources Co., which works in the Permian Basin, Haynesville and Eagle Ford shales, reported record natural gas production for 2023, and it is not planning to reduce output this year, even with low prices.

The independent “exceeded production expectations” for gas and oil. Output increased 38% year/year during 4Q2023, driven by the Permian’s Delaware sub-basin. Average total production was 154,261 boe/d during the quarter, up from 111,735 boe/d in 4Q2022. 

Average natural gas output surged to nearly 394 MMcf/d during the final quarter from 297 MMcf/d in the year-ago period. The gains came “despite…natural gas prices decreasing 58% from $6.36/Mcf in 2022 to $2.64 in 2023,” CEO Joseph Foran said.

El Paso Permian spot natural gas...