Matador Resources Co. on March 11 unveiled plans to scale back drilling among other measures, which included its CEO voluntarily reducing his salary, as the Permian Basin operator responds to a slump in oil prices.

“As we navigate this abrupt change in oil prices, our first priority is to protect our balance sheet and to position ourselves for the long run,” Joseph Wm. Foran, Matador chairman and CEO, said in a statement. 

On March 9, oil had its biggest one-day drop since 1991 with U.S. crude futures sinking as low as $27.34 a barrel. Despite initially climbing upward, WTI crude ended March 11 down $1.38 or 4% to $32.98.

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