Matador Resources Co. expects to produce more oil in 2024 than expected, indicating that wells in the western Permian Basin — the most active oil field in the United States — continue to lead the nation’s oil growth.

Dallas-based Matador now expects to produce an average of 98,500 to 101,500 barrels of oil per day in 2024, a 5% increase from the company’s previous forecast. The upper limit of Matador’s previous annual projection was 96,500 barrels per day.