Matador Resources Company’s MTDR shares declined marginally 0.3% despite reporting better-than-expected first-quarter 2021 earnings on Apr 28. This shows that investors are cautious since the pandemic is still keeping the upstream business uncertain.The company reported first-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 39 cents per share. Moreover, the bottom line improved significantly from the year-ago profit of 20 cents per share.The company also reported total quarterly revenues of $267 million, in line with the Zacks Consensus Estimate. However, the top line declined from the year-ago level of $372 million.Notably, the better-than-expected earnings gained from higher realizations of commodity prices.Matador Resources Company Price, Consensus and EPS Surprise Matador Resources Company price-consensus-eps-surprise-chart | Matador Resources Company QuoteProductionFor first-quarter 2021, total production volume averaged 6,658 thousand barrels of oil equivalent (MBoe) (comprising 56.1% oil), higher than 6,476 MBoe a year ago.The average production volume of oil was 41,537 barrels per day (Bbls/d), up from 40,626 Bbls/d reported in first-quarter 2020. Natural gas production was 194.7 million cubic feet per day (MMcf/d), up from 183.2 MMcf/d a year ago.Price RealizationAverage realized price for oil (excluding realized derivatives) was $57.05 per barrel, up from $45.87 in the year-ago quarter. Moreover, natural gas price of $5.88 per thousand cubic feet was higher than $1.70 in the prior-year quarter.Operating ExpensesThe company’s production taxes, transportation and processing costs increased to $5.13 per barrels of oil equivalent (Boe) from $3.35 in the year-ago quarter. Also, plant and other midstream services’ operating expenses increased to $2.05 per Boe from the year-earlier figure of $1.54. However, lease operating costs fell from $4.77 per Boe in first-quarter 2020 to $3.90.Total operating expenses per Boe were recorded at $25.65, lower than the year-ago level of $26.18.Balance SheetAs of Mar 31, 2021, Matador had cash and restricted cash of $48.3 million. Long-term debt was recorded at $1,715 million, which included $340 million of borrowings under its credit agreement. Debt to capitalization was 52%.Capital SpendingFor the drilling, completing and equipping of wells in the first quarter, the company spent $126 million, which is 11% lower than its projection. Enhanced operational efficiencies along with a reduction in drilling and completion costs in the Delaware Basin primarily aided its performance.OutlookFor 2021, Matador maintains its previous oil equivalent production guidance of 29.9-31 million barrels. Moreover, the company expects total oil production between 17.2 million and 17.8 million barrels.The company’s 2021 capital spending guidance for drilling, completing and equipping wells is pegged at $525-$575 million. In midstream, it expects to spend $20-$30 million.Zacks Rank & Other Stocks to ConsiderThe company currently sports a Zacks Rank #1 (Strong Buy).Some other top-ranked players in the energy space are TOTAL SE TOT, Chevron Corporation CVX and Petrobras SA PBR, each carrying a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.TOTAL’s earnings for 2021 are expected to increase 11.5% year over year.Chevron’s earnings for 2021 are expected to increase 13.9% year over year.Petrobras’ bottom line for 2021 is expected to increase 9.9% year over year.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TOTAL SE (TOT): Free Stock Analysis Report Petroleo Brasileiro S.A. Petrobras (PBR): Free Stock Analysis Report Chevron Corporation (CVX): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research