CALL INVITE -> Short Bias $PR, $MTDR, $CHRD; SMID E&Ps Black Book

Returns on capital for E&Ps are ultimately a reflection of the quality of the rock they acquired and the price they paid to acquire and develop. In time, we can look back and see considerable value in the deals these players are closing in 2024, but that's only if they're not caught short in the meantime. Matador has the most elevated balance sheet risk for the group. Yes, it's only 1.3x EBITDA, but that's a moving target when WTI just broke below 70-a-barrel and Waha natural gas pricing is negative. We'll go through type-curves and inventory for each of these companies in our Black Book.