Shale Driller Matador Boosts Oil Output After Record Profit

The shale explorer expects daily production to average the equivalent of 107,000 barrels during the current quarter, up from less than 94,000 during the first three months of the year, according to a release on Tuesday.

Founder and Chief Executive Officer Joseph Foran announced the production increase after disclosing first-quarter adjusted profit of $2.32 a share that exceeded every estimate from analysts in a Bloomberg survey.

Matador shares initially surged on the profit announcement before surrendering most of those gains. The stock had advanced more than 35% this year.