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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 02, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Matador Resources Co
Entity Central Index Key	0001520006
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		109,258,899

Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash	$ 27,030	$ 96,505
Restricted cash	25,753	5,977
Accounts receivable
Oil and natural gas revenues	68,655	65,962
Joint interest billings	62,294	67,225
Other	7,002	8,031
Derivative instruments	480	1,190
Lease and well equipment inventory	8,803	5,993
Prepaid expenses and other assets	6,961	6,287
Total current assets	206,978	257,170
Oil and natural gas properties, full-cost method
Evaluated	3,187,112	3,004,770
Unproved and unevaluated	644,460	637,396
Midstream and other property and equipment	327,338	281,096
Less accumulated depletion, depreciation and amortization	(2,097,176)	(2,041,806)
Net property and equipment	2,061,734	1,881,456
Other assets	6,993	7,064
Total assets	2,275,705	2,145,690
Current liabilities
Accounts payable	31,104	11,757
Accrued liabilities	191,233	174,348
Royalties payable	62,985	61,358
Amounts due to affiliates	3,248	10,302
Derivative instruments	4,891	16,429
Advances from joint interest owners	8,852	2,789
Amounts due to joint ventures	3,373	4,873
Other current liabilities	806	750
Total current liabilities	306,492	282,606
Long-term liabilities
Senior unsecured notes payable	574,118	574,073
Asset retirement obligations	25,682	25,080
Amounts due to joint ventures	412	0
Other long-term liabilities	6,235	6,385
Total long-term liabilities	606,447	605,538
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 109,346,765 and 108,513,597 shares issued; and 109,261,912 and 108,510,160 shares outstanding, respectively	1,094	1,085
Additional paid-in capital	1,684,188	1,666,024
Accumulated deficit	(450,590)	(510,484)
Treasury stock, at cost, 84,853 and 3,437 shares, respectively	(2,446)	(69)
Total Matador Resources Company shareholders’ equity	1,232,246	1,156,556
Non-controlling interest in subsidiaries	130,520	100,990
Total shareholders’ equity	1,362,766	1,257,546
Total liabilities and shareholders’ equity	$ 2,275,705	$ 2,145,690

Condensed Consolidated Balance Sheets (Parenthetical) - Unaudited - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	160,000,000	120,000,000
Common stock, shares issued	109,346,765	108,513,597
Common stock, shares outstanding	109,261,912	108,510,160
Treasury stock, shares	84,853	3,437

Condensed Consolidated Statements of Operations - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Oil and natural gas revenues	$ 181,954	$ 114,847
Third-party midstream services revenues	3,068	1,555
Realized loss on derivatives	(4,258)	(2,219)
Unrealized gain on derivatives	10,416	20,631
Total revenues	191,180	134,814
Expenses
Production taxes, transportation and processing	17,791	11,807
Lease operating	22,148	15,758
Plant and other midstream services operating	4,220	2,341
Depletion, depreciation and amortization	55,369	33,992
Accretion of asset retirement obligations	364	300
General and administrative	17,926	16,338
Total expenses	117,818	80,536
Operating income	73,362	54,278
Other income (expense)
Net gain on asset sales and inventory impairment	0	7
Interest expense	(8,491)	(8,455)
Other income	53	70
Total other expense	(8,438)	(8,378)
Net income	64,924	45,900
Net income attributable to non-controlling interest in subsidiaries	5,030	1,916
Net income attributable to Matador Resources Company shareholders	$ 59,894	$ 43,984
Earnings per common share
Basic (in dollars per share)	$ 0.55	$ 0.44
Diluted (in dollars per share)	$ 0.55	$ 0.44
Weighted average common shares outstanding
Basic (shares)	108,913	99,799
Diluted (shares)	109,412	100,298

Condensed Consolidated Statement of Changes in Shareholders' Equity - Unaudited - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated deficit	Treasury Stock	Total shareholders’ equity attributable to Matador Resources Company	Non-controlling interest in subsidiaries
Beginning Balance, shares at Dec. 31, 2017	108,510,160	108,514,000			3,000
Beginning balance at Dec. 31, 2017	$ 1,257,546	$ 1,085	$ 1,666,024	$ (510,484)	$ (69)	$ 1,156,556	$ 100,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to employee stock compensation plan, shares		697,000
Issuance of common stock pursuant to employee stock compensation plan	0	$ 7	(7)			0
Common stock issued to Board members and advisors, shares		6,000
Issuance of common stock pursuant to directors’ and advisors’ compensation plan	0	$ 1	(1)			0
Stock-based compensation expense related to equity-based awards including amounts capitalized	5,390		5,390			5,390
Stock options exercised, shares		130,000
Stock options exercised, net of options forfeited in net share settlements	(1,917)	$ 1	(1,918)			(1,917)
Restricted stock forfeited, shares					82,000
Restricted stock forfeited	(2,377)				$ (2,377)	(2,377)
Contributions related to formation of Joint Venture (see Note 6)	14,700		14,700			14,700	0
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	29,400						29,400
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(4,900)						(4,900)
Current period net income	$ 64,924			59,894		59,894	5,030
Ending Balance, shares at Mar. 31, 2018	109,261,912	109,347,000			85,000
Ending balance at Mar. 31, 2018	$ 1,362,766	$ 1,094	$ 1,684,188	$ (450,590)	$ (2,446)	$ 1,232,246	$ 130,520

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Current period net income	$ 64,924	$ 45,900
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized gain on derivatives	(10,416)	(20,631)
Depletion, depreciation and amortization	55,369	33,992
Accretion of asset retirement obligations	364	300
Stock-based compensation expense	4,179	4,166
Amortization of debt issuance cost	365	44
Net gain on asset sales and inventory impairment	0	(7)
Changes in operating assets and liabilities
Accounts receivable	3,268	(16,777)
Lease and well equipment inventory	(3,806)	147
Prepaid expenses	(674)	(2,251)
Other assets	(249)	39
Accounts payable, accrued liabilities and other current liabilities	15,184	8,256
Royalties payable	1,627	6,984
Advances from joint interest owners	6,063	1,255
Other long-term liabilities	(49)	(108)
Net cash provided by operating activities	136,149	61,309
Investing activities
Oil and natural gas properties capital expenditures	(183,422)	(204,457)
Expenditures for midstream and other property and equipment	(37,332)	(20,867)
Proceeds from sale of assets	0	350
Net cash used in investing activities	(220,754)	(224,974)
Financing activities
Proceeds from stock options exercised	164	1,981
Contributions related to formation of Joint Venture	14,700	171,500
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	29,400	4,900
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(4,900)	0
Taxes paid related to net share settlement of stock-based compensation	(4,458)	(1,896)
Purchase of non-controlling interest of less-than-wholly-owned subsidiary	0	(2,653)
Net cash provided by financing activities	34,906	173,832
(Decrease) increase in cash and restricted cash	(49,699)	10,167
Cash and restricted cash at beginning of period	102,482	214,142
Cash and restricted cash at end of period	$ 52,783	$ 224,309

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Matador Resources Company, a Texas corporation (“Matador” and, collectively with its subsidiaries, the “Company”), is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. The Company’s current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. Additionally, the Company conducts midstream operations, primarily through its midstream joint venture, San Mateo Midstream, LLC (“San Mateo” or the “Joint Venture”), in support of the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and salt water gathering services and salt water disposal services to third parties.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates

The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) but do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “Annual Report”) filed with the SEC. The Company consolidates certain subsidiaries and joint ventures that are less than wholly owned and are not involved in oil and natural gas exploration, including San Mateo, and the net income and equity attributable to the non-controlling interest in these subsidiaries have been reported separately as required by Accounting Standards Codification 810. The Company proportionately consolidates certain joint ventures that are less than wholly owned and are involved in oil and natural gas exploration. All intercompany accounts and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all normal, recurring adjustments that are necessary for a fair presentation of the Company’s interim unaudited condensed consolidated financial statements as of March 31, 2018. Amounts as of December 31, 2017 are derived from the Company’s audited consolidated financial statements included in the Annual Report.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s interim unaudited condensed consolidated financial statements are based on a number of significant estimates, including accruals for oil and natural gas revenues, accrued assets and liabilities primarily related to oil and natural gas and midstream operations, stock-based compensation, valuation of derivative instruments and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates.

Change in Accounting Principles

During the first quarter of 2018, the Company adopted Accounting Standards Codification, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), which specifies how and when to recognize revenue. This standard requires expanded disclosures surrounding revenue recognition and is intended to improve, and converge with international standards, the financial reporting requirements for revenue from contracts with customers. The Company adopted the new guidance using the modified retrospective approach. The adoption did not require an adjustment to opening accumulated deficit for any cumulative effect adjustment and does not have a material impact on the Company’s consolidated balance sheets, statements of operations, statement of shareholders’ equity or statements of cash flows.

Prior to the adoption of ASC 606, the Company recorded oil and natural gas revenues at the time of physical transfer of such products to the purchaser. The Company followed the sales method of accounting for oil and natural gas sales, recognizing revenues based on the Company’s actual proceeds from the oil and natural gas sold to purchasers.

The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in ASC 606. Specifically, revenue is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production.

The majority of the Company’s oil marketing contracts transfer physical custody and title at or near the wellhead, which is generally when control of the oil has been transferred to the purchaser. The majority of the oil produced is sold under contracts using market-based pricing, which price is then adjusted for differentials based upon delivery location and oil quality. To the extent the differentials are incurred after the transfer of control of the oil, the differentials are included in oil sales on the statements of operations as they represent part of the transaction price of the contract. If the differentials, or other related costs, are incurred prior to the transfer of control of the oil, those costs are included in production taxes, transportation and processing expenses on the Company’s consolidated statements of operations as they represent payment for services performed outside of the contract with the customer.

The Company’s natural gas is sold at the lease location, at the inlet or outlet of a natural gas plant or at an interconnect near a marketing hub following transportation from a processing plant. The majority of the Company’s natural gas is sold under fee-based contracts. When the natural gas is sold at the lease, the purchaser gathers the natural gas and transports the natural gas via pipeline to natural gas processing plants where natural gas liquid (“NGL”) products are extracted. The NGL products and remaining residue gas are then sold by the purchaser or the Company sells the natural gas to a third party. Under the fee-based contracts, the Company receives NGL and residue gas value, less the fee component, or is invoiced the fee component. To the extent control of the natural gas transfers upstream of the transportation and processing activities, revenue is recognized as the net amount received from the purchaser. To the extent that control transfers downstream of those services, revenue is recognized on a gross basis, and the related costs are included in production taxes, transportation and processing expenses on the Company’s consolidated statements of operations.

The Company recognizes midstream services revenues at the time services have been rendered and the price is fixed and determinable. Third-party midstream services revenues are those revenues from midstream operations related to third parties, including working interest owners in our operated wells. All midstream services revenues related to the Company’s working interest are eliminated in consolidation. Since the Company has a right to payment from its customers in amounts that correspond directly to the value that the customer receives from the performance completed on each contract, the Company applies the practical expedient in ASC 606 that allows recognition of revenue in the amount for which there is a right to invoice the customer without estimating a transaction price for each contract and allocating that transaction price to the performance obligations within each contract.

The Company determined the impact to its consolidated financial statements as a result of adoption of this standard was a $2.2 million decrease in oil and natural gas revenues and a $2.2 million decrease in production taxes, transportation and processing expenses for the three months ended March 31, 2018, which was not material. As a result of adoption of this standard, the Company is now required to disclose the following information regarding revenues from contracts with customers and revenues from contracts with customers on a disaggregated basis for the three months ended March 31, 2018 (in thousands).



Revenues from contracts with customers	$	185,022
Realized loss on derivatives	(4,258		)
Unrealized gain on derivatives	10,416
Total revenues	$	191,180



Oil revenues	$	148,159
Natural gas revenues	33,795
Third-party midstream services revenues	3,068
Total revenues from contracts with customers	$	185,022

The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

During the first quarter of 2018, the Company adopted Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230), which specifies that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted ASU 2016-18 effective January 1, 2018 and determined that the adoption of this ASU changed the presentation of its beginning and ending cash balances and eliminated the presentation of changes in restricted cash balances from investing activities in its consolidated statements of cash flows. The Company adopted the new guidance using the retrospective transition method; as a result, approximately $6.0 million and $1.3 million of restricted cash was added to the beginning cash balance for the three months ended March 31, 2018 and 2017, respectively.

During the first quarter of 2018, the Company adopted ASU 2017-01, Business Combinations (Topic 805), which specifies the minimum inputs and processes required for an integrated set of assets and activities to meet the definition of a business. The Company adopted ASU 2017-01 prospectively, which did not have a material impact on its consolidated financial statements.

Property and Equipment

The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For both the three months ended March 31, 2018 and 2017, the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and, as a result, no impairment charge was necessary.

The Company capitalized approximately $7.3 million and $5.6 million of its general and administrative costs for the three months ended March 31, 2018 and 2017, respectively, and approximately $1.9 million and $1.2 million of its interest expense for the three months ended March 31, 2018 and 2017, respectively.

Earnings (Loss) Per Common Share

The Company reports basic earnings attributable to Matador Resources Company shareholders per common share, which excludes the effect of potentially dilutive securities, and diluted earnings attributable to Matador Resources Company shareholders per common share, which includes the effect of all potentially dilutive securities unless their impact is anti-dilutive.

The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2018 and 2017 (in thousands).



	Three Months Ended March 31,
	2018	2017
Weighted average common shares outstanding
Basic	108,913	99,799
Dilutive effect of options and restricted stock units	499	499
Diluted weighted average common shares outstanding	109,412	100,298

Recent Accounting Pronouncements

Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP. This ASU will become effective for fiscal years beginning after December 15, 2018 with early adoption permitted. Entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842), which is a land easement practical expedient. If the Company elects to use this practical expedient, the Company should evaluate new or modified land easements under this ASU beginning at the date of adoption. Adoption of ASU 2016-02 will result in increased reported assets and liabilities. The quantitative impact of the new lease standard will depend on the leases in force at the time of adoption. The Company is currently evaluating the impact of the adoption of these ASUs on its consolidated financial statements, including identifying all leases, as defined under the new lease standard, determining which practical expedients the Company will use and quantifying the impact of the new lease standard on existing leases. The Company expects to adopt these ASUs on January 1, 2019.

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2018

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2018 (in thousands).




Beginning asset retirement obligations	$	26,256
Liabilities incurred during period	747
Liabilities settled during period	(411		)
Accretion expense	364
Ending asset retirement obligations	26,956
Less: current asset retirement obligations⁽¹⁾	(1,274		)
Long-term asset retirement obligations	$	25,682

_______________


(1)	Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2018.

Debt	3 Months Ended
Debt	Mar. 31, 2018
Debt Disclosure [Abstract]
DEBT	DEBT At March 31, 2018, the Company had $575.0 million of outstanding 6.875% senior notes due 2023, no borrowings outstanding under the Company’s revolving credit agreement (the “Credit Agreement”) and approximately $2.1 million in outstanding letters of credit issued pursuant to the Credit Agreement. At May 2, 2018, the Company had $575.0 million of outstanding 6.875% senior notes due 2023, $45.0 million in borrowings outstanding under the Credit Agreement and approximately $3.0 million in outstanding letters of credit issued pursuant to the Credit Agreement. Credit Agreement The borrowing base under the Credit Agreement is determined semi-annually as of May 1 and November 1 by the lenders based primarily on the estimated value of the Company’s proved oil and natural gas reserves at December 31 and June 30 of each year, respectively. Both the Company and the lenders may request an unscheduled redetermination of the borrowing base once each between scheduled redetermination dates. During the first quarter of 2018, the lenders completed their review of the Company’s proved oil and natural gas reserves at December 31, 2017, and as a result, on March 5, 2018, the borrowing base was increased to $725.0 million. This March 2018 redetermination constituted the regularly scheduled May 1 redetermination. The Company elected to keep the borrowing commitment at $400.0 million and the maximum facility amount remained at $500.0 million. Borrowings under the Credit Agreement are limited to the lowest of the borrowing base, the maximum facility amount and the elected commitment. The Credit Agreement matures on October 16, 2020. The Company believes that it was in compliance with the terms of the Credit Agreement at March 31, 2018. Senior Unsecured Notes On April 14, 2015 and December 9, 2016, the Company issued $400.0 million and $175.0 million, respectively, of 6.875% senior notes due 2023 (collectively, the “Notes”). The Notes mature on April 15, 2023, and interest is payable semi-annually in arrears on April 15 and October 15 of each year.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s deferred tax assets exceeded its deferred tax liabilities at March 31, 2018 due to the deferred tax assets generated by full-cost ceiling impairment charges recorded in prior periods. The Company established a valuation allowance against most of the deferred tax assets beginning in the third quarter of 2015 and retained a full valuation allowance at March 31, 2018 due to uncertainties regarding the future realization of its deferred tax assets. The valuation allowance will continue to be recognized until the realization of future deferred tax benefits is more likely than not to be utilized.

Equity	3 Months Ended
Equity	Mar. 31, 2018
Equity [Abstract]
EQUITY	ased Compensation In February 2018, the Company granted awards of 667,488 shares of restricted stock and options to purchase 563,408 shares of the Company’s common stock at an exercise price of $29.68 per share to certain of its employees. The fair value of these awards was approximately $26.9 million. All of these awards vest ratably over three years. Performance Incentive In connection with the formation of San Mateo in 2017, the Company has the ability to earn a total of $73.5 million in performance incentives to be paid by its joint venture partner, a subsidiary of Five Point Energy LLC (“Five Point”), over a five-year period. The Company earned, and Five Point paid to the Company, $14.7 million in performance incentives in the first quarter of 2018, and the Company may earn an additional $58.8 million in performance incentives over the next four years. These performance incentives are recorded as an increase to additional paid-in capital when received.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

At March 31, 2018, the Company had various costless collar, three-way costless collar and swap contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and price floor and ceiling and fixed price for the swaps. Each contract is set to expire at varying times during 2018.

The following is a summary of the Company’s open costless collar contracts for oil and natural gas at March 31, 2018.



Commodity	Calculation Period	Notional Quantity (Bbl or MMBtu)	Weighted Average Price Floor ($/Bbl or $/MMBtu)		Weighted Average Price Ceiling ($/Bbl or $/MMBtu)		Fair Value of Asset (Liability) (thousands)
Oil - WTI ⁽¹⁾	04/01/2018 - 12/31/2018	2,160,000	$	44.27	$	60.29	$	(11,663	)
Oil - WTI ⁽¹⁾	01/01/2019 - 12/31/2019	2,400,000	$	50.00	$	64.75	(1,288		)
Oil - LLS ⁽²⁾	04/01/2018 - 12/31/2018	540,000	$	45.00	$	63.05	(2,708		)
Natural Gas	04/01/2018 - 12/31/2018	12,600,000	$	2.58	$	3.67	480
Total open costless collar contracts							$	(15,179	)

_____________________


(1)	NYMEX West Texas Intermediate crude oil.


(2)	Argus Louisiana Light Sweet crude oil.

The following is a summary of the Company’s open three-way costless collar contracts for oil at March 31, 2018. Open three-way costless collars consist of a long put (the floor), a short call (the ceiling) and a long call that limits losses on the upside.



Commodity	Calculation Period	Notional Quantity (Bbl)	Weighted Average Price Floor ($/Bbl)		Weighted Average Price, Short Call ($/Bbl)		Weighted Average Price, Long Call ($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil - WTI ⁽¹⁾	04/01/2018 - 12/31/2018	1,440,000	$	50.08	$	63.50	$	66.68	$	(1,196	)
Total open three-way costless collar contracts									$	(1,196	)

_____________________


(1)	NYMEX West Texas Intermediate crude oil.

The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2018.



Commodity	Calculation Period	Notional Quantity (Bbl)	Fixed Price ($/Bbl)			Fair Value of Asset (Liability) (thousands)
Oil Basis Swaps	04/01/2018 - 12/31/2018	3,915,000	$	(1.02	)	$	11,552
Total open swap contracts						$	11,552
Total open derivative financial instruments						$	(4,823	)

From time-to-time, we enter into derivative financial instruments with certain counterparties. These derivative financial instruments are subject to master netting arrangements, and all but one counterparty allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets.

The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 (in thousands).



Derivative Instruments	Gross amounts recognized			Gross amounts netted in the condensed consolidated balance sheets			Net amounts presented in the condensed consolidated balance sheets
March 31, 2018
Current assets	$	109,635		$	(109,155	)	$	480
Other assets	5,835			(5,835		)	—
Current liabilities	(114,046		)	109,155			(4,891		)
Other liabilities	(6,247		)	5,835			(412		)
Total	$	(4,823	)	$	—		$	(4,823	)
December 31, 2017
Current assets	$	131,092		$	(129,902	)	$	1,190
Current liabilities	(146,331		)	129,902			(16,429		)
Total	$	(15,239	)	$	—		$	(15,239	)

The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.



		Three Months Ended March 31,
Type of Instrument	Location in Condensed Consolidated Statement of Operations	2018			2017
Derivative Instrument
Oil	Revenues: Realized loss on derivatives	$	(4,309	)	$	(1,635	)
Natural Gas	Revenues: Realized gain (loss) on derivatives	51			(584		)
Realized loss on derivatives		(4,258		)	(2,219		)
Oil	Revenues: Unrealized gain on derivatives	11,127			17,780
Natural Gas	Revenues: Unrealized (loss) gain on derivatives	(711		)	2,851
Unrealized gain on derivatives		10,416			20,631
Total		$	6,158		$	18,412

Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are classified and disclosed in one of the following categories.


Level 1	Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets.

Level 2

Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that are valued with industry standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace.


Level 3	Unobservable inputs that are not corroborated by market data that reflect a company’s own market assumptions.

Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The following tables summarize the valuation of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in accordance with the classifications provided above as of March 31, 2018 and December 31, 2017 (in thousands).



	Fair Value Measurements at March 31, 2018 using
Description	Level 1		Level 2			Level 3		Total
Assets (Liabilities)
Natural gas derivatives	$	—	$	480		$	—	$	480
Oil derivatives and basis swaps	—		(5,303		)	—		(5,303		)
Total	$	—	$	(4,823	)	$	—	$	(4,823	)



	Fair Value Measurements at December 31, 2017 using
Description	Level 1		Level 2			Level 3		Total
Assets (Liabilities)
Natural gas derivatives	$	—	$	1,190		$	—	$	1,190
Oil derivatives and basis swaps	—		(16,429		)	—		(16,429		)
Total	$	—	$	(15,239	)	$	—	$	(15,239	)

Additional disclosures related to derivative financial instruments are provided in Note 7.

Other Fair Value Measurements

At March 31, 2018 and December 31, 2017, the carrying values reported on the interim unaudited condensed consolidated balance sheets for accounts receivable, prepaid expenses and other assets, accounts payable, accrued liabilities, royalties payable, amounts due to affiliates, advances from joint interest owners, amounts due to joint ventures and other current liabilities approximated their fair values due to their short-term maturities.

At March 31, 2018 and December 31, 2017, the fair value of the Notes was $599.3 million and $614.1 million, respectively, based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Processing, Transportation and Salt Water Disposal Commitments Delaware Basin — Loving County, Texas Natural Gas Processing In late 2015, the Company entered into a 15-year, fixed-fee natural gas gathering and processing agreement whereby the Company committed to deliver the anticipated natural gas production from a significant portion of its Loving County, Texas acreage in West Texas through the counterparty’s gathering system for processing at the counterparty’s facilities. Under this agreement, if the Company does not meet the volume commitment for transportation and processing at the facilities in a contract year, it will be required to pay a deficiency fee per MMBtu of natural gas deficiency. At the end of each year of the agreement, the Company can elect to have the previous year’s actual transportation and processing volumes be the new minimum commitment for each of the remaining years of the contract. As such, the Company has the ability to unilaterally reduce the gathering and processing commitment if the Company’s production in the Loving County area is less than the Company’s currently projected production. If the Company ceased operations in this area at March 31, 2018, the total deficiency fee required to be paid would be approximately $12.6 million. In addition, if the Company elects to reduce the gathering and processing commitment in any year, the Company has the ability to elect to increase the committed volumes in any future year to the originally agreed gathering and processing commitment. Any quantity in excess of the volume commitment delivered in a contract year can be carried over to the next contract year for purposes of calculating the natural gas deficiency. The Company paid approximately $3.5 million and $3.2 million in natural gas processing and gathering fees under this agreement during the three months ended March 31, 2018 and 2017, respectively. The Company can elect to either sell the residue gas to the counterparty at the tailgate of its processing plants or have the counterparty deliver to the Company the residue gas in-kind to be sold to third parties downstream of the plants. Delaware Basin — Eddy County, New Mexico Natural Gas Transportation In late 2017, the Company entered into an 18-year, fixed-fee natural gas transportation agreement whereby the Company committed to deliver a portion of the residue natural gas production at the tailgate of San Mateo’s Black River cryogenic natural gas processing plant in the Rustler Breaks asset area (the “Black River Processing Plant”) to transport through the counterparty’s pipeline. Under this agreement, if the Company does not meet the volume commitment for transportation in a contract year, the Company will owe the fees to transport the committed volume whether or not the committed volume is utilized. The minimum contractual obligation at March 31, 2018 was approximately $58.8 million. The Company paid approximately $0.5 million in transportation fees under this agreement during the three months ended March 31, 2018. In late 2017, the Company also entered into a fixed-fee NGL transportation and fractionation agreement whereby the Company committed to deliver its NGL production at the tailgate of the Black River Processing Plant. The Company is committed to deliver a minimum amount of NGLs to the counterparty upon construction and completion of a pipeline expansion and a fractionation facility by the counterparty, which is currently expected to be completed late in 2019. The Company has no rights to compel the counterparty to construct this pipeline extension or fractionation facility. If the counterparty does not construct the pipeline extension and fractionation facility, then the Company does not have any minimum volume commitments under the agreement. If the counterparty constructs the pipeline extension and fractionation facility on or prior to February 28, 2021, then the Company will have a commitment to deliver a minimum amount of NGLs for seven years following the completion of the pipeline extension and fractionation facility. If the Company does not meet its NGL volume commitment in any quarter during the seven-year commitment period, it will be required to pay a deficiency fee per gallon of NGL deficiency. Should the pipeline extension and fractionation facility be completed on or prior to February 28, 2021, the minimum contractual obligation during the seven-year period would be approximately $132.5 million. Delaware Basin — San Mateo In February 2017, the Company dedicated its current and future leasehold interests in the Rustler Breaks and Wolf asset areas pursuant to 15-year, fixed-fee natural gas, oil and salt water gathering agreements and salt water disposal agreements. In addition, the Company dedicated its current and future leasehold interests in the Rustler Breaks asset area pursuant to a 15-year, fixed-fee natural gas processing agreement (collectively with the gathering and salt water disposal agreements, the “Operational Agreements”). San Mateo provides the Company with firm service under each of the Operational Agreements in exchange for certain minimum volume commitments. The minimum contractual obligation under the Operational Agreements at March 31, 2018 was approximately $225.6 million. Beginning in May 2017, a subsidiary of San Mateo entered into certain agreements with third parties for the engineering, procurement, construction and installation of an expansion of the Black River Processing Plant. The expansion was completed late in the first quarter of 2018. San Mateo’s total commitments under these agreements are $55.3 million. The subsidiary of San Mateo paid approximately $2.4 million under these agreements during the three months ended March 31, 2018. As of March 31, 2018, the remaining obligations under these agreements were $3.1 million, which are expected to be paid within the next few months. During the first quarter of 2018, a subsidiary of San Mateo entered into agreements for additional field compression and an amine gas treatment unit to maximize the operation of the Black River Processing Plant. San Mateo’s total commitments under these agreements are $13.4 million. The subsidiary of San Mateo paid approximately $0.4 million under these agreements during the three months ended March 31, 2018. As of March 31, 2018, the remaining obligations under these agreements were $13.0 million, which are expected to be paid within the next year. Other Commitments The Company does not own or operate its own drilling rigs, but instead enters into contracts with third parties for such drilling rigs. These contracts establish daily rates for the drilling rigs and the term of the Company’s commitment for the drilling services to be provided. The Company would incur a termination obligation if the Company elected to terminate a contract and if the drilling contractor were unable to secure replacement work for the contracted drilling rigs at the same daily rates being charged to the Company prior to the end of their respective contract terms. The Company’s undiscounted minimum outstanding aggregate termination obligations under its drilling rig contracts were approximately $32.7 million at March 31, 2018. At March 31, 2018, the Company had outstanding commitments to participate in the drilling and completion of various non-operated wells. If all of these wells are drilled and completed as proposed, the Company’s minimum outstanding aggregate commitments for its participation in these non-operated wells were approximately $30.1 million at March 31, 2018. The Company expects these costs to be incurred within the next year. Legal Proceedings The Company is a party to several lawsuits encountered in the ordinary course of its business. While the ultimate outcome and impact to the Company cannot be predicted with certainty, in the opinion of management, it is remote that these lawsuits will have a material adverse impact on the Company’s financial condition, results of operations or cash flows.

Supplemental Disclosures

3 Months Ended

Mar. 31, 2018

Supplemental Disclosures [Abstract]

SUPPLEMENTAL DISCLOSURES

Accrued Liabilities

The following table summarizes the Company’s current accrued liabilities at March 31, 2018 and December 31, 2017 (in thousands).



	March 31, 2018		December 31, 2017
Accrued evaluated and unproved and unevaluated property costs	$	108,200	$	105,347
Accrued midstream property costs	22,817		14,823
Accrued lease operating expenses	12,234		12,611
Accrued interest on debt	18,228		8,345
Accrued asset retirement obligations	1,274		1,176
Accrued partners’ share of joint interest charges	26,109		27,628
Other	2,371		4,418
Total accrued liabilities	$	191,233	$	174,348

Supplemental Cash Flow Information

The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2018 and 2017 (in thousands).



	Three Months Ended March 31,
	2018			2017
Increase in asset retirement obligations related to mineral properties	$	337		$	1,434
Decrease in asset retirement obligations related to midstream properties	$	—		$	(194	)
Increase in liabilities for oil and natural gas properties capital expenditures	$	5,863		$	2,820
Increase (decrease) in liabilities for midstream properties capital expenditures	$	8,090		$	(6,329	)
Stock-based compensation expense recognized as liability	$	(102	)	$	(152	)
Decrease in liabilities for accrued cost to issue equity	$	—		$	(294	)
Transfer of inventory (to) from oil and natural gas properties	$	(176	)	$	31
Transfer of inventory to midstream and other property and equipment	$	(820	)	$	—

The following table provides a reconciliation of cash and restricted cash recorded in the interim unaudited condensed consolidated balance sheets to cash and restricted cash as presented on the interim unaudited condensed consolidated statements of cash flows (in thousands).



	Three Months Ended March 31,
	2018		2017
Cash	$	27,030	$	209,705
Restricted cash	25,753		14,604
Total cash and restricted cash	$	52,783	$	224,309

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company operates in two business segments: (i) exploration and production and (ii) midstream. The exploration and production segment is engaged in the acquisition, exploration and development of oil and natural gas properties and is currently focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. The midstream segment conducts midstream operations in support of the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and salt water gathering services and salt water disposal services to third parties. Substantially all of the Company’s midstream operations in the Rustler Breaks and Wolf asset areas in the Delaware Basin are conducted through San Mateo.

The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.”



	Exploration and Production								Consolidations and Eliminations			Consolidated Company
	Exploration and Production			Midstream		Corporate			Consolidations and Eliminations			Consolidated Company
Three Months Ended March 31, 2018
Oil and natural gas revenues	$	180,260		$	1,694	$	—		$	—		$	181,954
Midstream services revenues	—			15,812		—			(12,744		)	3,068
Realized loss on derivatives	(4,258		)	—		—			—			(4,258		)
Unrealized gain on derivatives	10,416			—		—			—			10,416
Expenses⁽¹⁾	106,155			7,198		17,209			(12,744		)	117,818
Operating income (loss)⁽²⁾	$	80,263		$	10,308	$	(17,209	)	$	—		$	73,362
Total assets	$	1,902,151		$	323,536	$	50,018		$	—		$	2,275,705
Capital expenditures⁽³⁾	$	189,445		$	45,717	$	526		$	—		$	235,688

_____________________


(1)	Includes depletion, depreciation and amortization expenses of $53.2 million and $1.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million.


(2)	Includes $5.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.


(3)	Includes $22.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.



	Exploration and Production								Consolidations and Eliminations			Consolidated Company
	Exploration and Production			Midstream		Corporate			Consolidations and Eliminations			Consolidated Company
Three Months Ended March 31, 2017
Oil and natural gas revenues	$	114,165		$	682	$	—		$	—		$	114,847
Midstream services revenues	—			9,616		—			(8,061		)	1,555
Realized loss on derivatives	(2,219		)	—		—			—			(2,219		)
Unrealized gain on derivatives	20,631			—		—			—			20,631
Expenses⁽¹⁾	68,339			4,503		15,755			(8,061		)	80,536
Operating income (loss)⁽²⁾	$	64,238		$	5,795	$	(15,755	)	$	—		$	54,278
Total assets	$	1,296,823		$	166,148	$	223,422		$	—		$	1,686,393
Capital expenditures⁽³⁾	$	208,373		$	12,880	$	1,464		$	—		$	222,717

_____________________


(1)	Includes depletion, depreciation and amortization expenses of $32.5 million and $1.2 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million.


(2)	Includes $1.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.


(3)	Includes $4.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

Subsidiary Guarantors (Notes)

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

SUBSIDIARY GUARANTORS

Matador’s Notes are jointly and severally guaranteed by certain subsidiaries of Matador (the “Guarantor Subsidiaries”) on a full and unconditional basis (except for customary release provisions). At March 31, 2018, the Guarantor Subsidiaries were 100% owned by Matador. Matador is a parent holding company and has no independent assets or operations, and there are no significant restrictions on the ability of Matador to obtain funds from the Guarantor Subsidiaries by dividend or loan. San Mateo and its subsidiaries (the “Non-Guarantor Subsidiaries”) are not guarantors of the Notes.

The following presents condensed consolidating financial information of the issuer (Matador), the Non-Guarantor Subsidiaries, the Guarantor Subsidiaries and all entities on a consolidated basis (in thousands). Elimination entries are necessary to combine the entities. This financial information is presented in accordance with the requirements of Rule 3-10 of Regulation S-X. The following financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities.



Condensed Consolidating Balance Sheet March 31, 2018
	Matador		Non-Guarantor Subsidiaries		Guarantor Subsidiaries		Eliminating Entries			Consolidated
ASSETS
Intercompany receivable	$	601,346	$	487	$	—	$	(601,833	)	$	—
Third-party current assets	292		30,637		176,049		—			206,978
Net property and equipment	—		267,651		1,794,083		—			2,061,734
Investment in subsidiaries	1,216,908		—		136,713		(1,353,621		)	—
Third-party long-term assets	6,444		—		3,504		(2,955		)	6,993
Total assets	$	1,824,990	$	298,775	$	2,110,349	$	(1,958,409	)	$	2,275,705
LIABILITIES AND EQUITY
Intercompany payable	$	—	$	—	$	601,833	$	(601,833	)	$	—
Third-party current liabilities	18,626		28,113		260,027		(274		)	306,492
Senior unsecured notes payable	574,118		—		—		—			574,118
Other third-party long-term liabilities	—		3,429		31,581		(2,681		)	32,329
Total equity attributable to Matador Resources Company	1,232,246		136,713		1,216,908		(1,353,621		)	1,232,246
Non-controlling interest in subsidiaries	—		130,520		—		—			130,520
Total liabilities and equity	$	1,824,990	$	298,775	$	2,110,349	$	(1,958,409	)	$	2,275,705



Condensed Consolidating Balance Sheet December 31, 2017
	Matador		Non-Guarantor Subsidiaries		Guarantor Subsidiaries		Eliminating Entries			Consolidated
ASSETS
Intercompany receivable	$	585,109	$	2,912	$	—	$	(588,021	)	$	—
Third-party current assets	2,240		9,334		245,596		—			257,170
Net property and equipment	—		223,178		1,658,278		—			1,881,456
Investment in subsidiaries	1,147,295		—		111,077		(1,258,372		)	—
Third-party long-term assets	6,425		—		3,642		(3,003		)	7,064
Total assets	$	1,741,069	$	235,424	$	2,018,593	$	(1,849,396	)	$	2,145,690
LIABILITIES AND EQUITY
Intercompany payable	$	—	$	—	$	588,021	$	(588,021	)	$	—
Third-party current liabilities	8,847		19,891		254,142		(274		)	282,606
Senior unsecured notes payable	574,073		—		—		—			574,073
Other third-party long-term liabilities	1,593		3,466		29,135		(2,729		)	31,465
Total equity attributable to Matador Resources Company	1,156,556		111,077		1,147,295		(1,258,372		)	1,156,556
Non-controlling interest in subsidiaries	—		100,990		—		—			100,990
Total liabilities and equity	$	1,741,069	$	235,424	$	2,018,593	$	(1,849,396	)	$	2,145,690



Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2018
	Matador			Non-Guarantor Subsidiaries			Guarantor Subsidiaries		Eliminating Entries			Consolidated
Total revenues	$	—		$	17,194		$	186,480	$	(12,494	)	$	191,180
Total expenses	1,234			6,928			122,150		(12,494		)	117,818
Operating (loss) income	(1,234		)	10,266			64,330		—			73,362
Interest expense	(8,491		)	—			—		—			(8,491		)
Other income	6			—			47		—			53
Earnings in subsidiaries	69,613			—			5,236		(74,849		)	—
Income before income taxes	59,894			10,266			69,613		(74,849		)	64,924
Net income attributable to non-controlling interest in subsidiaries	—			(5,030		)	—		—			(5,030		)
Net income attributable to Matador Resources Company shareholders	$	59,894		$	5,236		$	69,613	$	(74,849	)	$	59,894



Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2017
	Matador			Non-Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminating Entries			Consolidated
Total revenues	$	—		$	9,663		$	132,648		$	(7,497	)	$	134,814
Total expenses	1,260			3,868			82,905			(7,497		)	80,536
Operating (loss) income	(1,260		)	5,795			49,743			—			54,278
Net gain on asset sales and inventory impairment	—			—			7			—			7
Interest expense	(8,455		)	—			—			—			(8,455		)
Other income	27			—			43			—			70
Earnings in subsidiaries	53,672			—			3,825			(57,497		)	—
Income before income taxes	43,984			5,795			53,618			(57,497		)	45,900
Total income tax provision (benefit)	—			54			(54		)	—			—
Net income attributable to non-controlling interest in subsidiaries	—			(1,916		)	—			—			(1,916		)
Net income attributable to Matador Resources Company shareholders	$	43,984		$	3,825		$	53,672		$	(57,497	)	$	43,984



Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018
	Matador			Non-Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminating Entries			Consolidated
Net cash (used in) provided by operating activities	$	(144	)	$	10,385		$	125,908		$	—		$	136,149
Net cash used in investing activities	—			(36,831		)	(204,323		)	20,400			(220,754		)
Net cash provided by financing activities	—			44,900			10,406			(20,400		)	34,906
(Decrease) increase in cash and restricted cash	(144		)	18,454			(68,009		)	—			(49,699		)
Cash and restricted cash at beginning of period	286			5,663			96,533			—			102,482
Cash and restricted cash at end of period	$	142		$	24,117		$	28,524		$	—		$	52,783



Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017
	Matador			Non-Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminating Entries			Consolidated
Net cash (used in) provided by operating activities	$	(99,235	)	$	(1,064	)	$	161,608		$	—		$	61,309
Net cash provided by (used in) investing activities	29			(19,147		)	(63,816		)	(142,040		)	(224,974		)
Net cash provided by financing activities	—			31,707			85			142,040			173,832
(Decrease) increase in cash and restricted cash	(99,206		)	11,496			97,877			—			10,167
Cash and restricted cash at beginning of period	99,795			2,900			111,447			—			214,142
Cash and restricted cash at end of period	$	589		$	14,396		$	209,324		$	—		$	224,309

Subsequent Events (Notes)	3 Months Ended
Subsequent Events (Notes)	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	In April 2018, the Company entered into a short-term natural gas transportation agreement whereby the Company committed to firm transportation from the tailgate of the Black River Processing Plant. Under this short-term agreement, the Company will owe the fees to transport the committed volume whether or not the committed volume is transported through the counterparty’s pipeline. The minimum contractual obligation under this short-term contract is approximately $4.8 million. This short-term agreement ends September 30, 2019. In addition, in April 2018, the Company entered into a 16-year, fixed-fee natural gas transportation agreement that begins on October 1, 2019, whereby the Company committed to firm transportation from the tailgate of the Black River Processing Plant. The Company will owe the fees to transport the committed volume whether or not the committed volume is transported through the counterparty’s pipeline. The minimum contractual obligation is approximately $56.8 million.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates

Change in Accounting Principles and Recent Accounting Pronouncements



Oil revenues	$	148,159
Natural gas revenues	33,795
Third-party midstream services revenues	3,068
Total revenues from contracts with customers	$	185,022

Change in Accounting Principles

Recent Accounting Pronouncements

Property and Equipment

Earnings (Loss) Per Common Share

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Disaggregation of revenue

$2.2 million decrease in oil and natural gas revenues and a $2.2 million decrease in production taxes, transportation and processing expenses for the three months ended March 31, 2018, which was not material. As a result of adoption of this standard, the Company is now required to disclose the following information regarding revenues from contracts with customers and revenues from contracts with customers on a disaggregated basis for the three months ended March 31, 2018 (in thousands).



Revenues from contracts with customers	$	185,022
Realized loss on derivatives	(4,258		)
Unrealized gain on derivatives	10,416
Total revenues	$	191,180



Oil revenues	$	148,159
Natural gas revenues	33,795
Third-party midstream services revenues	3,068
Total revenues from contracts with customers	$	185,022

Reconciliations of basic and diluted distributed and undistributed earnings (loss) per common share

The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2018 and 2017 (in thousands).



	Three Months Ended March 31,
	2018	2017
Weighted average common shares outstanding
Basic	108,913	99,799
Dilutive effect of options and restricted stock units	499	499
Diluted weighted average common shares outstanding	109,412	100,298

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2018

Asset Retirement Obligation Disclosure [Abstract]

Schedule of changes in Company's asset retirement obligations

The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2018 (in thousands).




Beginning asset retirement obligations	$	26,256
Liabilities incurred during period	747
Liabilities settled during period	(411		)
Accretion expense	364
Ending asset retirement obligations	26,956
Less: current asset retirement obligations⁽¹⁾	(1,274		)
Long-term asset retirement obligations	$	25,682

_______________


(1)	Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2018.

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Open Option Contracts Written [Line Items]

Summary of gross asset balances of derivative instruments



Derivative Instruments	Gross amounts recognized			Gross amounts netted in the condensed consolidated balance sheets			Net amounts presented in the condensed consolidated balance sheets
March 31, 2018
Current assets	$	109,635		$	(109,155	)	$	480
Other assets	5,835			(5,835		)	—
Current liabilities	(114,046		)	109,155			(4,891		)
Other liabilities	(6,247		)	5,835			(412		)
Total	$	(4,823	)	$	—		$	(4,823	)
December 31, 2017
Current assets	$	131,092		$	(129,902	)	$	1,190
Current liabilities	(146,331		)	129,902			(16,429		)
Total	$	(15,239	)	$	—		$	(15,239	)

Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations



		Three Months Ended March 31,
Type of Instrument	Location in Condensed Consolidated Statement of Operations	2018			2017
Derivative Instrument
Oil	Revenues: Realized loss on derivatives	$	(4,309	)	$	(1,635	)
Natural Gas	Revenues: Realized gain (loss) on derivatives	51			(584		)
Realized loss on derivatives		(4,258		)	(2,219		)
Oil	Revenues: Unrealized gain on derivatives	11,127			17,780
Natural Gas	Revenues: Unrealized (loss) gain on derivatives	(711		)	2,851
Unrealized gain on derivatives		10,416			20,631
Total		$	6,158		$	18,412

Open costless collar contracts

Open Option Contracts Written [Line Items]

Summary of contracts for oil and natural gas

The following is a summary of the Company’s open costless collar contracts for oil and natural gas at March 31, 2018.



Commodity	Calculation Period	Notional Quantity (Bbl or MMBtu)	Weighted Average Price Floor ($/Bbl or $/MMBtu)		Weighted Average Price Ceiling ($/Bbl or $/MMBtu)		Fair Value of Asset (Liability) (thousands)
Oil - WTI ⁽¹⁾	04/01/2018 - 12/31/2018	2,160,000	$	44.27	$	60.29	$	(11,663	)
Oil - WTI ⁽¹⁾	01/01/2019 - 12/31/2019	2,400,000	$	50.00	$	64.75	(1,288		)
Oil - LLS ⁽²⁾	04/01/2018 - 12/31/2018	540,000	$	45.00	$	63.05	(2,708		)
Natural Gas	04/01/2018 - 12/31/2018	12,600,000	$	2.58	$	3.67	480
Total open costless collar contracts							$	(15,179	)

_____________________


(1)	NYMEX West Texas Intermediate crude oil.


(2)	Argus Louisiana Light Sweet crude oil.



Commodity	Calculation Period	Notional Quantity (Bbl)	Weighted Average Price Floor ($/Bbl)		Weighted Average Price, Short Call ($/Bbl)		Weighted Average Price, Long Call ($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil - WTI ⁽¹⁾	04/01/2018 - 12/31/2018	1,440,000	$	50.08	$	63.50	$	66.68	$	(1,196	)
Total open three-way costless collar contracts									$	(1,196	)

_____________________


(1)	NYMEX West Texas Intermediate crude oil.

The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2018.



Commodity	Calculation Period	Notional Quantity (Bbl)	Fixed Price ($/Bbl)			Fair Value of Asset (Liability) (thousands)
Oil Basis Swaps	04/01/2018 - 12/31/2018	3,915,000	$	(1.02	)	$	11,552
Total open swap contracts						$	11,552
Total open derivative financial instruments						$	(4,823	)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Summary of the valuation of the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis



	Fair Value Measurements at March 31, 2018 using
Description	Level 1		Level 2			Level 3		Total
Assets (Liabilities)
Natural gas derivatives	$	—	$	480		$	—	$	480
Oil derivatives and basis swaps	—		(5,303		)	—		(5,303		)
Total	$	—	$	(4,823	)	$	—	$	(4,823	)



	Fair Value Measurements at December 31, 2017 using
Description	Level 1		Level 2			Level 3		Total
Assets (Liabilities)
Natural gas derivatives	$	—	$	1,190		$	—	$	1,190
Oil derivatives and basis swaps	—		(16,429		)	—		(16,429		)
Total	$	—	$	(15,239	)	$	—	$	(15,239	)

Supplemental Disclosures (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Disclosures [Abstract]

Summary of current accrued liabilities

The following table summarizes the Company’s current accrued liabilities at March 31, 2018 and December 31, 2017 (in thousands).



	March 31, 2018		December 31, 2017
Accrued evaluated and unproved and unevaluated property costs	$	108,200	$	105,347
Accrued midstream property costs	22,817		14,823
Accrued lease operating expenses	12,234		12,611
Accrued interest on debt	18,228		8,345
Accrued asset retirement obligations	1,274		1,176
Accrued partners’ share of joint interest charges	26,109		27,628
Other	2,371		4,418
Total accrued liabilities	$	191,233	$	174,348

Supplemental disclosures of cash flow information

The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2018 and 2017 (in thousands).



	Three Months Ended March 31,
	2018			2017
Increase in asset retirement obligations related to mineral properties	$	337		$	1,434
Decrease in asset retirement obligations related to midstream properties	$	—		$	(194	)
Increase in liabilities for oil and natural gas properties capital expenditures	$	5,863		$	2,820
Increase (decrease) in liabilities for midstream properties capital expenditures	$	8,090		$	(6,329	)
Stock-based compensation expense recognized as liability	$	(102	)	$	(152	)
Decrease in liabilities for accrued cost to issue equity	$	—		$	(294	)
Transfer of inventory (to) from oil and natural gas properties	$	(176	)	$	31
Transfer of inventory to midstream and other property and equipment	$	(820	)	$	—



	Three Months Ended March 31,
	2018		2017
Cash	$	27,030	$	209,705
Restricted cash	25,753		14,604
Total cash and restricted cash	$	52,783	$	224,309

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Selected financial information for segments



	Exploration and Production								Consolidations and Eliminations			Consolidated Company
	Exploration and Production			Midstream		Corporate			Consolidations and Eliminations			Consolidated Company
Three Months Ended March 31, 2018
Oil and natural gas revenues	$	180,260		$	1,694	$	—		$	—		$	181,954
Midstream services revenues	—			15,812		—			(12,744		)	3,068
Realized loss on derivatives	(4,258		)	—		—			—			(4,258		)
Unrealized gain on derivatives	10,416			—		—			—			10,416
Expenses⁽¹⁾	106,155			7,198		17,209			(12,744		)	117,818
Operating income (loss)⁽²⁾	$	80,263		$	10,308	$	(17,209	)	$	—		$	73,362
Total assets	$	1,902,151		$	323,536	$	50,018		$	—		$	2,275,705
Capital expenditures⁽³⁾	$	189,445		$	45,717	$	526		$	—		$	235,688

_____________________


(1)	Includes depletion, depreciation and amortization expenses of $53.2 million and $1.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million.


(2)	Includes $5.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.


(3)	Includes $22.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.



	Exploration and Production								Consolidations and Eliminations			Consolidated Company
	Exploration and Production			Midstream		Corporate			Consolidations and Eliminations			Consolidated Company
Three Months Ended March 31, 2017
Oil and natural gas revenues	$	114,165		$	682	$	—		$	—		$	114,847
Midstream services revenues	—			9,616		—			(8,061		)	1,555
Realized loss on derivatives	(2,219		)	—		—			—			(2,219		)
Unrealized gain on derivatives	20,631			—		—			—			20,631
Expenses⁽¹⁾	68,339			4,503		15,755			(8,061		)	80,536
Operating income (loss)⁽²⁾	$	64,238		$	5,795	$	(15,755	)	$	—		$	54,278
Total assets	$	1,296,823		$	166,148	$	223,422		$	—		$	1,686,393
Capital expenditures⁽³⁾	$	208,373		$	12,880	$	1,464		$	—		$	222,717

_____________________


(1)	Includes depletion, depreciation and amortization expenses of $32.5 million and $1.2 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million.


(2)	Includes $1.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.


(3)	Includes $4.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 185,022
Realized loss on derivatives	(4,258)	$ (2,219)
Unrealized gain on derivatives	10,416	20,631
Total revenue	191,180	$ 134,814
Oil revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	148,159
Natural gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	33,795
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,068
Total revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 185,022

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in oil and natural gas revenues	$ (185,022)
Restricted cash	$ 25,753	$ 14,604	$ 5,977
Discount rate, present value of future revenue	10.00%
Impairment charges	$ 0	0
Capitalized general and administrative costs	7,300	5,600
Interest costs capitalized	1,900	1,200
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	6,000	$ 1,300
Calculated under Revenue Guidance in Effect before Topic 606 \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in oil and natural gas revenues	(2,200)
Decrease in production taxes, transportation and processing expenses	$ 2,200

Summary of Significant Accounting Policies (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Weighted average common shares outstanding for basic earnings (loss) per share	108,913	99,799
Dilutive effect of options and restricted stock units	499	499
Diluted weighted average common shares outstanding	109,412	100,298

Asset Retirement Obligations (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Changes in the Company's asset retirement obligations

Beginning asset retirement obligations

$ 26,256

Liabilities incurred during period

747

Liabilities settled during period

(411)

Accretion expense

364

$ 300

Ending asset retirement obligations

26,956

Less: current asset retirement obligations

^[1]

(1,274)

Long-term asset retirement obligations

$ 25,682

$ 25,080

[1]	Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2018.

Debt (Details) - USD ($)	May 02, 2018	Mar. 31, 2018	Dec. 31, 2017	Apr. 28, 2017	Dec. 09, 2016	Apr. 14, 2015
Revolving Credit Agreement (Textual) [Abstract]
Senior unsecured notes		$ 574,118,000	$ 574,073,000
Third Amended Credit Agreement
Revolving Credit Agreement (Textual) [Abstract]
Amended maximum borrowing capacity		500,000,000
Senior Notes \| Senior Notes Due 2023
Revolving Credit Agreement [Line Items]
Long-term Debt		$ 575,000,000
Revolving Credit Agreement (Textual) [Abstract]
Interest rate		6.875%			6.875%	6.875%
Senior unsecured notes					$ 175,000,000	$ 400,000,000
Subsequent Event \| Senior Notes \| Senior Notes Due 2023
Revolving Credit Agreement [Line Items]
Long-term Debt	$ 575,000,000
Revolving Credit Agreement (Textual) [Abstract]
Interest rate	6.875%
Revolving Credit Facility
Revolving Credit Agreement (Textual) [Abstract]
Maximum borrowing capacity		$ 400,000,000		$ 725,000,000
Revolving Credit Facility \| Third Amended Credit Agreement
Revolving Credit Agreement (Textual) [Abstract]
Borrowings under Credit Agreement		0
Revolving Credit Facility \| Subsequent Event \| Third Amended Credit Agreement
Revolving Credit Agreement (Textual) [Abstract]
Borrowings under Credit Agreement	$ 45,000,000
Letter of Credit
Revolving Credit Agreement (Textual) [Abstract]
Outstanding letters of credit		$ 2,100,000
Letter of Credit \| Subsequent Event
Revolving Credit Agreement (Textual) [Abstract]
Outstanding letters of credit	$ 3,000,000

Equity (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Feb. 15, 2017	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)	563,408
Share price (in dollars per share)	$ 29.68
Fair value	$ 26.9
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	667,488
Vesting period of shares	3 years
Corporate Joint Venture \| San Mateo Midstream
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance incentives earned		$ 14.7
Deferred performance incentives		$ 58.8	$ 73.5
Deferred performance incentives term		4 years	5 years

Derivative Financial Instruments (Details) $ in Thousands	Mar. 31, 2018 USD ($) MMBTU bbl $ / MMBTU $ / bbl	Dec. 31, 2017 USD ($)
Summary of contracts for oil and natural gas
Derivative, Fair Value, Net \| $	$ (4,823)	$ (15,239)
Open costless collar contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) \| $	(15,179)
Open Swap Collar Contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) \| $	$ 11,552
Derivative Contract, Calculation Period One \| Open costless collar contracts \| Oil - WTI
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) \| bbl	2,160,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	44.27
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	60.29
Fair Value of Asset (Liability) \| $	$ (11,663)
Derivative Contract, Calculation Period One \| Open costless collar contracts \| Oil - LLS
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) \| bbl	540,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	45.00
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	63.05
Fair Value of Asset (Liability) \| $	$ (2,708)
Derivative Contract, Calculation Period One \| Open costless collar contracts \| Natural Gas
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) \| MMBTU	12,600,000
Weighted Average Price Floor ($/Bbl or $/MMBtu) \| $ / MMBTU	2.58
Weighted Average Price Ceiling ($/Bbl or $/MMBtu) \| $ / MMBTU	3.67
Fair Value of Asset (Liability) \| $	$ 480
Derivative Contract, Calculation Period One \| Open Three-way Costless Collar Contracts \| Oil - WTI
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) \| bbl	1,440,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	50.08
Fair Value of Asset (Liability) \| $	$ (1,196)
Derivative Contract, Calculation Period One \| Open Swap Collar Contracts \| Oil Basis Swaps
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) \| bbl	3,915,000
Derivative, Swap Type, Average Fixed Price	(1.02)
Fair Value of Asset (Liability) \| $	$ 11,552
Derivative Contract, Calculation Period One \| Short Call \| Open Three-way Costless Collar Contracts \| Oil - WTI
Summary of contracts for oil and natural gas
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	63.50
Derivative Contract, Calculation Period One \| Long Call \| Open Three-way Costless Collar Contracts \| Oil - WTI
Summary of contracts for oil and natural gas
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	66.68
Derivative Contract, Calculation Period Two \| Open costless collar contracts \| Oil - WTI
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) \| bbl	2,400,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	50.00
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	64.75
Fair Value of Asset (Liability) \| $	$ (1,288)

Derivative Financial Instruments (Details 2) $ in Thousands	Mar. 31, 2018 USD ($) bbl $ / bbl	Dec. 31, 2017 USD ($)
Summary of gross liability balances of derivative instruments
Total	$ (4,823)	$ (15,239)
Gross amounts netted in the condensed consolidated balance sheets	0	0
Net amounts presented in the condensed consolidated balance sheets	(4,823)	(15,239)
Current assets
Derivative [Line Items]
Gross amounts of recognized assets	109,635	131,092
Gross amounts netted in the condensed consolidated balance sheets	(109,155)	(129,902)
Oil, natural gas and natural gas liquids (NGL) derivatives	480	1,190
Other assets
Derivative [Line Items]
Gross amounts of recognized assets	5,835
Gross amounts netted in the condensed consolidated balance sheets	(5,835)
Oil, natural gas and natural gas liquids (NGL) derivatives	0
Current liabilities
Summary of gross liability balances of derivative instruments
Gross amounts of recognized liabilities	(114,046)	(146,331)
Gross amounts netted in the condensed consolidated balance sheet	109,155	129,902
Oil, natural gas and natural gas liquids (NGL) derivatives	(4,891)	$ (16,429)
Other liabilities
Summary of gross liability balances of derivative instruments
Gross amounts of recognized liabilities	(6,247)
Gross amounts netted in the condensed consolidated balance sheet	5,835
Oil, natural gas and natural gas liquids (NGL) derivatives	(412)
Open Costless Collar Contracts
Summary of gross liability balances of derivative instruments
Derivative Assets (Liabilities), at Fair Value, Net	$ (15,179)
Derivative Contract, Calculation Period One \| Oil - WTI \| Open Three-way Costless Collar Contracts
Derivative [Line Items]
Notional Quantity (Bbl or MMBtu) \| bbl	1,440,000
Summary of gross liability balances of derivative instruments
Derivative, Floor Price \| $ / bbl	50.08
Derivative Assets (Liabilities), at Fair Value, Net	$ (1,196)
Derivative Contract, Calculation Period One \| Oil - WTI \| Open Costless Collar Contracts
Derivative [Line Items]
Notional Quantity (Bbl or MMBtu) \| bbl	2,160,000
Summary of gross liability balances of derivative instruments
Derivative, Floor Price \| $ / bbl	44.27
Derivative, Cap Price \| $ / bbl	60.29
Derivative Assets (Liabilities), at Fair Value, Net	$ (11,663)

Derivative Financial Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized loss on derivatives	$ (4,258)	$ (2,219)
Unrealized gain on derivatives	10,416	20,631
Total	6,158	18,412
Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized loss on derivatives	(4,258)	(2,219)
Unrealized gain on derivatives	10,416	20,631
Oil \| Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized loss on derivatives	(4,309)	(1,635)
Unrealized gain on derivatives	11,127	17,780
Natural Gas \| Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized loss on derivatives	51	(584)
Unrealized gain on derivatives	$ (711)	$ 2,851

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets (Liabilities)
Total	$ (4,823)	$ (15,239)
Fair value on a recurring basis
Assets (Liabilities)
Derivative Asset	480	1,190
Derivative Liability	(5,303)	(16,429)
Total	(4,823)	(15,239)
Fair value on a recurring basis \| Level 1
Assets (Liabilities)
Derivative Asset	0	0
Derivative Liability	0	0
Fair value on a recurring basis \| Level 2
Assets (Liabilities)
Derivative Asset	480	1,190
Derivative Liability	(5,303)	(16,429)
Total	(4,823)	(15,239)
Fair value on a recurring basis \| Level 3
Assets (Liabilities)
Derivative Asset	0	0
Derivative Liability	$ 0	$ 0

Fair Value Measurements (Details 1) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Senior Notes Due 2023 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 599.3	$ 614.1

Commitments and Contingencies (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 17, 2017	May 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2015
Drilling Rig Commitments
Commitments and Contingencies (Textual) [Abstract]
Maximum termination outstanding obligations of contracts			$ 32,738
Outside Operated Drilling Commitments
Commitments and Contingencies (Textual) [Abstract]
Maximum termination outstanding obligations of contracts			30,128
Loving County System Agreement
Commitments and Contingencies (Textual) [Abstract]
Agreement term					15 years
Deficiency fee required to be paid			12,600
Transportation and processing fee under the agreement			3,500	$ 3,200
Eddy County
Commitments and Contingencies (Textual) [Abstract]
Transportation and processing fee under the agreement			500
Capital Addition Purchase Commitments
Commitments and Contingencies (Textual) [Abstract]
Remaining commitments		$ 55,300
Payment for long-term purchase commitment			2,400
Remaining purchase obligation			3,100
Field Compression and Amine Gas Treatment
Commitments and Contingencies (Textual) [Abstract]
Remaining commitments			13,400
Payment for long-term purchase commitment			400
Remaining purchase obligation			13,000
Corporate Joint Venture \| San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Contractual obligation			$ 225,600
Rustler Breaks and Wolf Asset Area \| Corporate Joint Venture \| San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Term of contractual obligation	15 years
Rustler Breaks Asset Area \| Corporate Joint Venture \| San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Term of contractual obligation	15 years
Natural Gas Transportation Agreement \| Eddy County
Commitments and Contingencies (Textual) [Abstract]
Agreement term			18 years
Contractual obligation			$ 58,800
Natural Gas Transportation and Fractionation Agreement \| Eddy County
Commitments and Contingencies (Textual) [Abstract]
Agreement term			7 years
Contractual obligation				$ 132,500

Supplemental Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Supplemental Disclosures [Line Items]
Total accrued liabilities	$ 191,233	$ 174,348
Accrued evaluated and unproved and unevaluated property costs
Supplemental Disclosures [Line Items]
Total accrued liabilities	108,200	105,347
Accrued midstream property costs
Supplemental Disclosures [Line Items]
Total accrued liabilities	22,817	14,823
Accrued lease operating expenses
Supplemental Disclosures [Line Items]
Total accrued liabilities	12,234	12,611
Accrued interest on debt
Supplemental Disclosures [Line Items]
Total accrued liabilities	18,228	8,345
Accrued asset retirement obligations
Supplemental Disclosures [Line Items]
Total accrued liabilities	1,274	1,176
Accrued partners’ share of joint interest charges
Supplemental Disclosures [Line Items]
Total accrued liabilities	26,109	27,628
Other
Supplemental Disclosures [Line Items]
Total accrued liabilities	$ 2,371	$ 4,418

Supplemental Disclosures (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Cash Flow Statements, Captions [Line Items]
Increase in liabilities for oil and natural gas properties capital expenditures	$ 5,863	$ 2,820
Increase (decrease) in liabilities for midstream properties capital expenditures	8,090	(6,329)
Stock-based compensation expense recognized as liability	(102)	(152)
Decrease in liabilities for accrued cost to issue equity	0	(294)
Transfer of inventory (to) from oil and natural gas properties	(176)	31
Transfer of inventory to other property and equipment	(820)	0
Mineral Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase (decrease) in asset retirement obligations	337	1,434
Midstream Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase (decrease) in asset retirement obligations	$ 0	$ (194)

Supplemental Disclosures Supplemental Disclosures - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash	$ 27,030	$ 96,505	$ 209,705
Restricted cash	25,753	5,977	14,604
Total cash and restricted cash	$ 52,783	$ 102,482	$ 224,309	$ 214,142

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2018 USD ($) segment	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of segments \| segment	2
Oil and natural gas revenues	$ 181,954	$ 114,847
Third-party midstream services revenues	3,068	1,555
Realized loss on derivatives	(4,258)	(2,219)
Unrealized gain on derivatives	10,416	20,631
Expenses	117,818	80,536
Operating (loss) income	73,362	54,278
Total assets	2,275,705	1,686,393	$ 2,145,690
Capital expenditures	235,688	222,717
Depletion, depreciation and amortization	55,369	33,992
Impairment charges	0	0
Corporate
Segment Reporting Information [Line Items]
Oil and natural gas revenues		0
Third-party midstream services revenues	0	0
Realized loss on derivatives		0
Unrealized gain on derivatives		0
Expenses	17,209	15,755
Operating (loss) income	(17,209)	(15,755)
Total assets	50,018	223,422
Capital expenditures	526	1,464
Depletion, depreciation and amortization	600	300
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Oil and natural gas revenues		0
Third-party midstream services revenues	(12,744)	(8,061)
Realized loss on derivatives		0
Unrealized gain on derivatives		0
Expenses	(12,744)	(8,061)
Total assets	0	0
Capital expenditures	0	0
Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Oil and natural gas revenues	180,260	114,165
Third-party midstream services revenues	0	0
Realized loss on derivatives	(4,258)	(2,219)
Unrealized gain on derivatives	10,416	20,631
Expenses	106,155	68,339
Operating (loss) income	80,263	64,238
Total assets	1,902,151	1,296,823
Capital expenditures	189,445	208,373
Depletion, depreciation and amortization	53,200	32,500
Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Oil and natural gas revenues	1,694	682
Third-party midstream services revenues	15,812	9,616
Realized loss on derivatives		0
Unrealized gain on derivatives		0
Expenses	7,198	4,503
Operating (loss) income	10,308	5,795
Total assets	323,536	166,148
Capital expenditures	45,717	12,880
Depletion, depreciation and amortization	1,500	1,200
Net income attributable to non-controlling interest in subsidiaries		1,900
Capital expenditures	22,400	$ 4,700
Operating Income (Loss) \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interest in subsidiaries	$ 5,000

Subsidiary Guarantors Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	$ 0	$ 0
Third-party current assets	206,978	257,170
Net property and equipment	2,061,734	1,881,456
Investment in subsidiaries	0	0
Third-party long-term assets	6,993	7,064
Total assets	2,275,705	2,145,690	$ 1,686,393
Intercompany payable	0	0
Third-party current liabilities	306,492	282,606
Senior unsecured notes payable	574,118	574,073
Other third-party long-term liabilities	32,329	31,465
Total equity attributable to Matador Resources Company	1,232,246	1,156,556
Non-controlling interest in subsidiaries	130,520	100,990
Total liabilities and equity	2,275,705	2,145,690
Eliminating Entries
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	(601,833)	(588,021)
Third-party current assets	0	0
Net property and equipment	0	0
Investment in subsidiaries	(1,353,621)	(1,258,372)
Third-party long-term assets	(2,955)	(3,003)
Total assets	(1,958,409)	(1,849,396)
Intercompany payable	(601,833)	(588,021)
Third-party current liabilities	(274)	(274)
Senior unsecured notes payable	0	0
Other third-party long-term liabilities	(2,681)	(2,729)
Total equity attributable to Matador Resources Company	(1,353,621)	(1,258,372)
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	(1,958,409)	(1,849,396)
Matador \| Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	601,346	585,109
Third-party current assets	292	2,240
Net property and equipment	0	0
Investment in subsidiaries	1,216,908	1,147,295
Third-party long-term assets	6,444	6,425
Total assets	1,824,990	1,741,069
Intercompany payable	0	0
Third-party current liabilities	18,626	8,847
Senior unsecured notes payable	574,118	574,073
Other third-party long-term liabilities	0	1,593
Total equity attributable to Matador Resources Company	1,232,246	1,156,556
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	1,824,990	1,741,069
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	487	2,912
Third-party current assets	30,637	9,334
Net property and equipment	267,651	223,178
Investment in subsidiaries	0	0
Third-party long-term assets	0	0
Total assets	298,775	235,424
Intercompany payable	0	0
Third-party current liabilities	28,113	19,891
Senior unsecured notes payable	0	0
Other third-party long-term liabilities	3,429	3,466
Total equity attributable to Matador Resources Company	136,713	111,077
Non-controlling interest in subsidiaries	130,520	100,990
Total liabilities and equity	298,775	235,424
Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	0	0
Third-party current assets	176,049	245,596
Net property and equipment	1,794,083	1,658,278
Investment in subsidiaries	136,713	111,077
Third-party long-term assets	3,504	3,642
Total assets	2,110,349	2,018,593
Intercompany payable	601,833	588,021
Third-party current liabilities	260,027	254,142
Senior unsecured notes payable	0	0
Other third-party long-term liabilities	31,581	29,135
Total equity attributable to Matador Resources Company	1,216,908	1,147,295
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	$ 2,110,349	$ 2,018,593

Subsidiary Guarantors Consolidated Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Income Statements, Captions [Line Items]
Total revenues	$ 191,180	$ 134,814
Total expenses	117,818	80,536
Operating (loss) income	73,362	54,278
Net gain on asset sales and inventory impairment	0	7
Interest expense	(8,491)	(8,455)
Other income	53	70
Earnings in subsidiaries	0	0
Income before income taxes	64,924	45,900
Total income tax provision (benefit)		0
Net income attributable to non-controlling interest in subsidiaries	(5,030)	(1,916)
Net income attributable to Matador Resources Company shareholders	59,894	43,984
Eliminating Entries
Condensed Income Statements, Captions [Line Items]
Total revenues	(12,494)	(7,497)
Total expenses	(12,494)	(7,497)
Operating (loss) income	0	0
Net gain on asset sales and inventory impairment		0
Interest expense	0	0
Earnings in subsidiaries	(74,849)	(57,497)
Income before income taxes	(74,849)	(57,497)
Total income tax provision (benefit)		0
Net income attributable to non-controlling interest in subsidiaries	0	0
Net income attributable to Matador Resources Company shareholders	(74,849)	(57,497)
Matador \| Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	0
Total expenses	1,234	1,260
Operating (loss) income	(1,234)	(1,260)
Net gain on asset sales and inventory impairment		0
Interest expense	(8,491)	(8,455)
Other income	6	27
Earnings in subsidiaries	69,613	53,672
Income before income taxes	59,894	43,984
Total income tax provision (benefit)		0
Net income attributable to non-controlling interest in subsidiaries	0	0
Net income attributable to Matador Resources Company shareholders	59,894	43,984
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	17,194	9,663
Total expenses	6,928	3,868
Operating (loss) income	10,266	5,795
Net gain on asset sales and inventory impairment		0
Interest expense	0
Other income	0	0
Earnings in subsidiaries	0	0
Income before income taxes	10,266	5,795
Total income tax provision (benefit)		54
Net income attributable to non-controlling interest in subsidiaries	(5,030)	(1,916)
Net income attributable to Matador Resources Company shareholders	5,236	3,825
Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	186,480	132,648
Total expenses	122,150	82,905
Operating (loss) income	64,330	49,743
Net gain on asset sales and inventory impairment		7
Interest expense		0
Other income	47	43
Earnings in subsidiaries	5,236	3,825
Income before income taxes	69,613	53,618
Total income tax provision (benefit)		(54)
Net income attributable to non-controlling interest in subsidiaries	0	0
Net income attributable to Matador Resources Company shareholders	$ 69,613	$ 53,672

Subsidiary Guarantors Consolidated Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 136,149	$ 61,309
Net cash provided by (used in) investing activities	(220,754)	(224,974)
Net cash provided by (used in) financing activities	34,906	173,832
(Decrease) increase in cash and restricted cash	(49,699)	10,167
Cash and restricted cash at beginning of period	102,482	214,142
Cash and restricted cash at end of period	52,783	224,309
Eliminating Entries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	0	0
Net cash provided by (used in) investing activities	20,400	(142,040)
Net cash provided by (used in) financing activities	(20,400)	142,040
(Decrease) increase in cash and restricted cash	0	0
Cash and restricted cash at beginning of period	0	0
Cash and restricted cash at end of period	0	0
Matador \| Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(144)	(99,235)
Net cash provided by (used in) investing activities	0	29
Net cash provided by (used in) financing activities	0	0
(Decrease) increase in cash and restricted cash	(144)	(99,206)
Cash and restricted cash at beginning of period	286	99,795
Cash and restricted cash at end of period	142	589
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	10,385	(1,064)
Net cash provided by (used in) investing activities	(36,831)	(19,147)
Net cash provided by (used in) financing activities	44,900	31,707
(Decrease) increase in cash and restricted cash	18,454	11,496
Cash and restricted cash at beginning of period	5,663	2,900
Cash and restricted cash at end of period	24,117	14,396
Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	125,908	161,608
Net cash provided by (used in) investing activities	(204,323)	(63,816)
Net cash provided by (used in) financing activities	10,406	85
(Decrease) increase in cash and restricted cash	(68,009)	97,877
Cash and restricted cash at beginning of period	96,533	111,447
Cash and restricted cash at end of period	$ 28,524	$ 209,324

Subsequent Events (Details) - 16-Year Fixed Fee Natural Gas Transportation Agreement - Eddy County - Subsequent Event - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2018	May 02, 2018
Subsequent Event [Line Items]
Agreement term	16 years
Contractual obligation	$ 4.8	$ 56.8