0001520006-24-000078 | 10-K | XBRL Viewer

Print Document View Excel Document

Derivative Financial Instruments - Gross Asset and Liability Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Gross amounts of recognized assets		$ 3,930
Derivative Asset, Fair Value, Gross Liability		0
Natural gas derivatives		3,930
Total	$ 4,316	3,930
Gross amounts netted in the consolidated balance sheets	(1,646)	0
Derivative Asset (Liability), Net	2,670	3,930
Offsetting Derivative Liabilities [Abstract]
Gross amounts netted in the consolidated balance sheets		0
Gross amounts netted in the consolidated balance sheets	(1,646)	0
Derivative asset		3,930
Derivative Asset (Liability), Net	$ 2,670	$ 3,930
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent, Other Receivables, Net, Current	Other Assets, Noncurrent, Other Receivables, Net, Current
Current assets
Derivative [Line Items]
Gross amounts of recognized assets	$ 2,573
Derivative Asset, Fair Value, Gross Liability	461
Natural gas derivatives	2,112
Offsetting Derivative Liabilities [Abstract]
Gross amounts netted in the consolidated balance sheets	(461)
Derivative asset	2,112
Other Assets
Derivative [Line Items]
Gross amounts of recognized assets	1,743
Derivative Asset, Fair Value, Gross Liability	1,185
Natural gas derivatives	558
Offsetting Derivative Liabilities [Abstract]
Gross amounts netted in the consolidated balance sheets	(1,185)
Derivative asset	$ 558

Leases - Lease Payment Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2021	$ 36,946
2022	8,939
2024	296
2025	0
Thereafter	0
Total lease payments	49,216
Less imputed interest	(1,470)
Lease liability	47,746	$ 63,453
Less current obligations	(36,946)	(43,921)
Long-term lease obligations	10,800	19,532
Financing Leases
2021	1,254
2022	842
2023	153
2024	0
2025	0
Thereafter	0
Total lease payments	2,249
Less imputed interest	(126)
Total lease obligations	2,123	1,315
Less current obligations	(1,254)	(685)
Long-term lease obligations	869	$ 630
2022	$ 3,035

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The following table presents a summary of the Company’s property and equipment balances as of December 31, 2023 and 2022 (in thousands).


	December 31,
	2023		2022
Oil and natural gas properties
Evaluated (subject to amortization)	$	9,633,757	$	6,862,455
Unproved and unevaluated (not subject to amortization)	1,193,257		977,502
Total oil and natural gas properties	10,827,014		7,839,957
Accumulated depletion	(5,034,243)		(4,362,292)
Net oil and natural gas properties	5,792,771		3,477,665
Midstream properties
Midstream equipment and facilities	1,318,015		1,057,668
Accumulated depreciation	(167,116)		(126,706)
Net midstream properties	1,150,899		930,962
Other property and equipment
Furniture, fixtures and other equipment	17,985		13,257
Software	8,241		8,225
Leasehold improvements	14,149		11,365
Total other property and equipment	40,375		32,847
Accumulated depreciation	(27,604)		(23,277)
Net other property and equipment	12,771		9,570
Net property and equipment	$	6,956,441	$	4,418,197

The following table provides a breakdown of the Company’s unproved and unevaluated property costs not subject to amortization as of December 31, 2023 and the year in which these costs were incurred (in thousands).


Description	2023		2022		2021		2020		2019 and prior		Total
Costs incurred for
Property acquisition	$	326,437	$	97,748	$	109,718	$	40,355	$	546,592	$	1,120,850
Exploration wells	21,359		1,298		488		303		722		24,170
Development wells	42,904		2,198		908		542		1,685		48,237

Total	$	390,700	$	101,244	$	111,114	$	41,200	$	548,999	$	1,193,257

Property acquisition costs are costs incurred to purchase, lease or otherwise acquire oil and natural gas properties, but may also include broker and legal expenses, geological and geophysical expenses and capitalized internal costs associated with developing oil and natural gas prospects on these properties. Property acquisition costs are transferred into the amortization base on an ongoing basis as these properties are evaluated and proved reserves are established or impairment is determined. Unproved and unevaluated properties are assessed for possible impairment on a periodic basis based upon changes in operating or economic conditions.

Property acquisition costs incurred that remain in unproved and unevaluated property at December 31, 2023 are related to the Company’s leasehold and mineral acquisitions in the Delaware Basin in Southeast New Mexico and West Texas. These costs are associated with acreage for which proved reserves have yet to be assigned. A significant portion of these costs are associated with properties that are held by production or have automatic lease renewal options. As the Company drills wells and assigns proved reserves to these properties or determines that certain portions of this acreage, if any, cannot be assigned proved reserves, portions of these costs are transferred to the amortization base.

Costs excluded from amortization also include those costs associated with exploration and development wells in progress or awaiting completion at year-end. These costs are transferred into the amortization base on an ongoing basis as these wells are completed and proved reserves are established or confirmed. These costs totaled $72.4 million at December 31, 2023. Of this total, $24.2 million was associated with exploration wells and $48.2 million was associated with development wells. The

Company anticipates that most of the $72.4 million associated with these wells in progress at December 31, 2023 will be transferred to the amortization base during 2024. Unproved and unevaluated property costs for exploration and development wells incurred in years prior to 2023 are costs related to the advanced preparation for wells that the Company intends to drill in the future.

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating leases	$ 28,930	$ 19,521
Short-term leases	32,905	21,830
Financing leases
Depreciation of assets	2,765	571
Interest on lease liabilities	410	143
Total financing leases	3,175	714
Total lease expense	65,010	42,065
Lease operating
Lessee, Lease, Description [Line Items]
Operating leases	25,637	15,970
Short-term leases	27,252	17,437
Plant and other midstream services
Lessee, Lease, Description [Line Items]
Operating leases	360	285
Short-term leases	5,590	4,359
General and administrative
Lessee, Lease, Description [Line Items]
Operating leases	2,933	3,266
Short-term leases	63	34
Drilling Rig Leases
Financing leases
Gross payments	84,100	58,700
Drilling Rig Leases And Other Equipment Rentals
Financing leases
Gross payments	$ 159,700	$ 101,500

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid related to lease liabilities
Operating cash payments for operating leases	$ 28,766	$ 19,290
Investing cash payments for operating leases	84,065	58,693
Financing cash payments for financing leases	1,082	620
Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	87,042	80,254
Financing leases	$ 3,891	$ 1,511

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plan (Textual) [Abstract]
Employees annual compensation	3.00%
Safe Harbor match	$ 2,200,000	$ 1,800,000	$ 1,600,000
Discretionary matching contributions	2,800,000	2,300,000	2,100,000
No additional discretionary contributions	$ 0	$ 0	$ 0

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

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 exploration, development, production and acquisition of oil and natural gas resources in the United States 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. 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, oil, natural gas and produced water gathering services and produced water disposal services to third parties. The majority of the Company’s midstream operations in the Rustler Breaks, West Texas and Stateline asset areas and the Greater Stebbins Area in the Delaware Basin are conducted through San Mateo. In addition, at December 31, 2023, the Company operated the Marlan Processing Plant, compressor stations and natural gas gathering pipelines in Lea and Eddy Counties, New Mexico through Pronto, which is a wholly-owned subsidiary of the Company. Neither San Mateo nor Pronto is a guarantor of the 2026 Notes or the 2028 Notes.

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
			Midstream		Corporate
Year Ended December 31, 2023
Oil and natural gas revenues	$	2,538,813	$	6,786	$	—	$	—	$	2,545,599
Midstream services revenues	—		346,933		—		(224,780)		122,153
Sales of purchased natural gas	23,521		126,348		—		—		149,869

Realized loss on derivatives	(9,575)		—		—		—		(9,575)
Unrealized loss on derivatives	(1,261)		—		—		—		(1,261)
Expenses(1)	1,417,957		304,924		99,362		(224,780)		1,597,463
Operating income(2)	$	1,133,541	$	175,143	$	(99,362)	$	—	$	1,209,322






Total assets(3)	$	6,385,762	$	1,257,988	$	83,246	$	—	$	7,726,996
Capital expenditures(4)	$	2,970,230	$	254,393	$	3,636	$	—	$	3,228,259

_____________________

(1)Includes depletion, depreciation and amortization expenses of $675.0 million and $40.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.3 million.

(2)Includes $64.3 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Excludes intercompany receivables and investments in subsidiaries.

(4)Includes $1.81 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million in midstream acquisition expenditures and $42.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2022
Oil and natural gas revenues	$	2,897,336	$	8,402	$	—	$	—	$	2,905,738
Midstream services revenues	—		298,184		—		(207,578)		90,606
Sales of purchased natural gas	116,772		83,583		—		—		200,355

Realized loss on derivatives	(157,483)		—		—		—		(157,483)
Unrealized gain on derivatives	18,809		—		—		—		18,809
Expenses(1)	1,177,104		227,556		101,673		(207,578)		1,298,755
Operating income(2)	$	1,698,330	$	162,613	$	(101,673)	$	—	$	1,759,270






Total assets(3)	$	4,022,609	$	1,016,580	$	515,316	$	—	$	5,554,505
Capital expenditures(4)	$	903,518	$	158,544	$	1,213	$	—	$	1,063,275

_____________________

(1)Includes depletion, depreciation and amortization expenses of $429.7 million and $34.7 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $2.0 million.

(2)Includes $72.1 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Excludes intercompany receivables and investments in subsidiaries.

(4)Includes $131.0 million attributable to land and seismic acquisition expenditures related to the exploration and production segment, $75.8 million in midstream acquisition expenditures and $39.6 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2021
Oil and natural gas revenues	$	1,695,032	$	5,510	$	—	$	—	$	1,700,542
Midstream services revenues	—		228,817		—		(153,318)		75,499
Sales of purchased natural gas	47,398		38,636		—		—		86,034

Realized loss on derivatives	(220,105)		—		—		—		(220,105)
Unrealized gain on derivatives	21,011		—		—		—		21,011
Expenses(1)	794,880		142,444		85,899		(153,318)		869,905
Operating income(2)	$	748,456	$	130,519	$	(85,899)	$	—	$	793,076






Total assets(3)	$	3,324,681	$	879,672	$	57,800	$	—	$	4,262,153
Capital expenditures(4)	$	778,191	$	59,361	$	376	$	—	$	837,928

_____________________

(1)Includes depletion, depreciation and amortization expenses of $310.9 million and $31.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $2.6 million.

(2)Includes $55.7 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Excludes intercompany receivables and investments in subsidiaries.

(4)Includes $263.5 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $28.5 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 11, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt		$ 2,206,627	$ 1,160,245
Borrowings under Credit Agreement		500,000	$ 0
San Mateo Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Long-term line of credit		$ 522,000
Unsecured Debt \| Additional 2026 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of principle		25.00%
Default period		30 days
Period after notice to comply		180 days
Period after notice to comply with other agreements		60 days
Maximum aggregate payment defaults and accelerations		$ 50,000
Maximum outstanding judgments		$ 50,000
Maximum outstanding judgements, payment period		60 days
Unsecured Debt \| Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt		$ 699,200
Stated interest rate		5.875%
Unsecured Debt \| Senior Notes Due 2026 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption Price		101.469%
Unsecured Debt \| Senior Notes Due 2026 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption Price		100.00%
Unsecured Debt \| 2028 Senior Notes
Debt Instrument [Line Items]
Long-term debt		$ 500,000
Stated interest rate		6.875%
Unsecured Debt \| 2028 Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of principle		25.00%
Default period		30 days
Period after notice to comply		180 days
Period after notice to comply with other agreements		60 days
Maximum aggregate payment defaults and accelerations		$ 100,000
Maximum outstanding judgments		$ 100,000
Maximum outstanding judgements, payment period		60 days
Percentage of principal amount redeemed	35.00%
Redemption Price	106.875%
Debt Instrument, Redemption, Threshold	180 days
Debt Instrument, Redemption Price, Percentage of Principal Amount Remaining Outstanding	65.00%
Unsecured Debt \| 2028 Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Percentage of principal amount redeemed	100.00%

Stock Based Compensation - Liability-Based (Details) - Restricted Stock Liability Based - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested Shares, Beginning Balance (in shares)	722,000
Shares Granted (in shares)	229,000
Shares Vested (in shares)	(378,852)	(587,251)	(487,252)
Shares Forfeited (in shares)	(107,000)
Non-vested Shares, Ending Balance (in shares)	465,000	722,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations	$ 53,741	$ 41,959
Liabilities incurred during period	6,944	4,069
Liabilities settled during period	(1,634)	(1,198)
Revisions in estimated cash flows	21,642	10,794
Acquisitions during the period	8,326	0
Divestitures during the period	(872)	(4,304)
Accretion expense	3,943	2,421
Ending asset retirement obligations	92,090	53,741
Less: current asset retirement obligations	(4,605)	(756)
Long-term asset retirement obligations	$ 87,485	$ 52,985

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Dallas, TX
Auditor Firm ID	185

Debt - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Senior unsecured notes payable	$ 1,184,627	$ 695,245
Issuance costs and discounts, net	(14,564)	(3,946)
Long-term debt	2,206,627	1,160,245
Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Long-Term Debt, Gross	500,000	0
San Mateo Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Long-Term Debt, Gross	522,000	465,000
Unsecured Debt \| Senior Notes Due 2026
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 699,191	699,191
Stated interest rate	5.875%
Long-term debt	$ 699,200
Unsecured Debt \| 2028 Senior Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 500,000	$ 0
Stated interest rate	6.875%
Long-term debt	$ 500,000

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2023
Oil and natural gas revenues	$	2,538,813	$	6,786	$	—	$	—	$	2,545,599
Midstream services revenues	—		346,933		—		(224,780)		122,153
Sales of purchased natural gas	23,521		126,348		—		—		149,869

Realized loss on derivatives	(9,575)		—		—		—		(9,575)
Unrealized loss on derivatives	(1,261)		—		—		—		(1,261)
Expenses(1)	1,417,957		304,924		99,362		(224,780)		1,597,463
Operating income(2)	$	1,133,541	$	175,143	$	(99,362)	$	—	$	1,209,322






Total assets(3)	$	6,385,762	$	1,257,988	$	83,246	$	—	$	7,726,996
Capital expenditures(4)	$	2,970,230	$	254,393	$	3,636	$	—	$	3,228,259

_____________________

(2)Includes $64.3 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Excludes intercompany receivables and investments in subsidiaries.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2022
Oil and natural gas revenues	$	2,897,336	$	8,402	$	—	$	—	$	2,905,738
Midstream services revenues	—		298,184		—		(207,578)		90,606
Sales of purchased natural gas	116,772		83,583		—		—		200,355

Realized loss on derivatives	(157,483)		—		—		—		(157,483)
Unrealized gain on derivatives	18,809		—		—		—		18,809
Expenses(1)	1,177,104		227,556		101,673		(207,578)		1,298,755
Operating income(2)	$	1,698,330	$	162,613	$	(101,673)	$	—	$	1,759,270






Total assets(3)	$	4,022,609	$	1,016,580	$	515,316	$	—	$	5,554,505
Capital expenditures(4)	$	903,518	$	158,544	$	1,213	$	—	$	1,063,275

_____________________

(2)Includes $72.1 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Excludes intercompany receivables and investments in subsidiaries.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2021
Oil and natural gas revenues	$	1,695,032	$	5,510	$	—	$	—	$	1,700,542
Midstream services revenues	—		228,817		—		(153,318)		75,499
Sales of purchased natural gas	47,398		38,636		—		—		86,034

Realized loss on derivatives	(220,105)		—		—		—		(220,105)
Unrealized gain on derivatives	21,011		—		—		—		21,011
Expenses(1)	794,880		142,444		85,899		(153,318)		869,905
Operating income(2)	$	748,456	$	130,519	$	(85,899)	$	—	$	793,076






Total assets(3)	$	3,324,681	$	879,672	$	57,800	$	—	$	4,262,153
Capital expenditures(4)	$	778,191	$	59,361	$	376	$	—	$	837,928

_____________________

(2)Includes $55.7 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Excludes intercompany receivables and investments in subsidiaries.

Subsequent Events (Details) $ in Millions	Feb. 15, 2024 USD ($)
Subsequent Event \| Oil And Natural Gas Producing Properties And Undeveloped Acreage In Lea County, New Mexico
Subsequent Event [Line Items]
Cash	$ 155.1

Business Combinations and Divestitures - Preliminary Allocation of Acquisition (Details) - Advance Acquisition $ in Thousands	Apr. 12, 2023 USD ($)
Business Acquisition [Line Items]
Cash	$ 1,676,132
Working capital adjustments	(4,161)
Fair value of Contingent Consideration at April 12, 2023	21,151
Total consideration given	1,693,122
Current assets	79,215
Evaluated	1,418,668
Unproved and unevaluated	213,528
Midstream assets	63,644
Current liabilities	(73,607)
Asset retirement obligations	(8,326)
Net assets acquired	$ 1,693,122

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of the non-vested restricted stock and restricted stock units

A summary of the non-vested equity-based restricted stock and restricted stock units as of December 31, 2023 is presented below (in thousands, except fair value).


	Restricted Stock			Restricted Stock Units

	Service Based				Service Based			Performance Based
Non-vested restricted stock and restricted stock units	Shares	Weighted average fair value			Shares	Weighted average fair value		Shares	Weighted average fair value
Non-vested at December 31, 2022	658	$	24.59		16	$	66.16	596	$	56.31
Granted	277	$	53.53		24	$	51.50	144	$	87.39
Vested(1)	(290)	$	19.90		(16)	$	66.16	(281)	$	50.53
Forfeited	(49)	$	47.50		—	$	—	(103)	$	54.81
Non-vested at December 31, 2023	596	$	47.31		24	$	51.50	356	$	73.82

__________________

(1)On December 31, 2023, 280,500 of the performance-based awards that were granted in 2021 vested. The vested units earned 178% for each vested award representing 499,290 aggregate shares of common stock, which were issued on December 31, 2023.

A summary of the non-vested liability-based restricted stock units as of December 31, 2023 is presented below (in thousands).



Non-vested restricted stock units																														Shares
Non-vested at December 31, 2022																														722
Granted																														229
Vested																														(379)
Forfeited																														(107)
Non-vested at December 31, 2023																														465

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases
Right-of-use asset	$ 44,404	$ 58,798
Other current liabilities	$ (36,946)	$ (43,921)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Other long-term liabilities	$ (10,800)	$ (19,532)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ (47,746)	$ (63,453)
Financing leases
Other property and equipment, at cost	11,316	7,425
Accumulated depreciation	$ (7,236)	$ (4,470)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Net property and equipment	$ 4,080	$ 2,955
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Other current liabilities	$ (1,254)	$ (685)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Other long-term liabilities	$ (869)	$ (630)
Total financing lease liabilities	$ (2,123)	$ (1,315)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income (loss)	$ 910,359	$ 1,286,317	$ 640,636
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Unrealized loss (gain) on derivatives	1,261	(18,809)	(21,011)
Depletion, depreciation and amortization	716,688	466,348	344,905
Accretion of asset retirement obligations	3,943	2,421	2,068
Stock-based compensation expense	13,661	15,123	9,039
Net deferred income tax provision (benefit)	172,104	344,480	74,710
Amortization of debt issuance cost and other debt related costs	7,047	(517)	3,659
Other non-cash changes	(7,262)	1,311	331
Changes in operating assets and liabilities
Accounts receivable	59,893	(205,426)	(98,456)
Lease and well equipment inventory	(3,034)	(2,847)	(1,537)
Prepaid expenses	(11,757)	(22,952)	(11,786)
Other assets	646	175	56
Accounts payable, accrued liabilities and other current liabilities	2,810	63,455	76,891
Royalties payable	34,273	23,339	28,310
Advances from joint interest owners	(32,402)	34,283	7,018
Other long-term liabilities	(402)	(7,962)	(1,478)
Net cash provided by operating activities	1,867,828	1,978,739	1,053,355
Investing activities
Drilling, completion and equipping capital expenditures	(1,192,800)	(771,830)	(431,136)
Acquisition of oil and natural gas properties	(187,655)	(155,074)	(238,609)
Midstream capital expenditures	(165,719)	(80,051)	(63,359)
Expenditures for other property and equipment	(3,636)	(1,213)	(376)
Proceeds from sale of assets and other	14,750	46,507	4,215
Net cash used in investing activities	(3,211,192)	(1,037,477)	(729,265)
Financing activities
Purchase of senior unsecured notes	0	(344,302)	0
Repayments of borrowings under Credit Agreement	(3,032,000)	(300,000)	(600,000)
Borrowings under Credit Agreement	3,532,000	200,000	260,000
Repayments of borrowings under San Mateo Credit Facility	(171,000)	(150,000)	(84,000)
Borrowings under San Mateo Credit Facility	228,000	230,000	135,000
Cost to enter into or amend credit facilities	(9,296)	(3,725)	(4,108)
Proceeds from issuance of senior unsecured notes	494,800	0	0
Issuance costs of senior unsecured notes	(8,503)	0	0
Dividends paid	(77,175)	(35,246)	(14,581)
Contributions related to formation of San Mateo	38,200	28,250	48,626
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	24,500	0	0
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(78,253)	(85,995)	(61,985)
Taxes paid related to net share settlement of stock-based compensation	(22,910)	(19,242)	(8,211)
Other	(16,031)	(592)	706
Net cash provided by (used in) financing activities	902,332	(480,852)	(328,553)
(Decrease) increase in cash and restricted cash	(441,032)	460,410	(4,463)
Cash and restricted cash at beginning of period	547,330	86,920	91,383
Cash and restricted cash at end of period	106,298	547,330	86,920
Midstream
Investing activities
Payments to Acquire Businesses, Net of Cash Acquired	0	(75,816)	0
Advance
Investing activities
Payments to Acquire Businesses, Net of Cash Acquired	$ (1,676,132)	$ 0	$ 0

Property and Equipment - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Anticipated amount for wells	$ 72,400
Projects Inception to Date
Property, Plant and Equipment [Line Items]
Exploration costs	24,170
Development wells	$ 48,237

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 846,074	$ 1,214,206	$ 584,968

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, dividends (in usd per share)	$ 0.20	$ 0.15	$ 0.15	$ 0.15	$ 0.10	$ 0.10	$ 0.05	$ 0.05	$ 0.65	$ 0.30	$ 0.125
Contribution related to formation of San Mateo, I, tax									$ 8.0	$ 5.9	$ 3.6

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	119,478,282	118,953,381
Common stock, shares outstanding (in shares)	119,458,674	118,948,624
Treasury stock (in shares)	19,608	4,757

Segment Reporting (Details) $ in Thousands	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of business segments \| segment	2
Revenues	$ 2,817,621	$ 3,196,699	$ 1,862,075
Realized gain on derivatives	(9,575)	(157,483)	(220,105)
Unrealized gain on derivatives	(1,261)	18,809	21,011
Expenses	1,597,463	1,298,755	869,905
Operating income	1,209,322	1,759,270	793,076
Assets	7,726,996	5,554,505	4,262,153
Capital expenditures	3,228,259	1,063,275	837,928
Depletion, depreciation and amortization	716,688	466,348	344,905
Midstream capital expenditures	165,719	80,051	63,359
Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Realized gain on derivatives	(9,575)	(157,483)	(220,105)
Unrealized gain on derivatives	(1,261)	18,809	21,011
Expenses	1,417,957	1,177,104	794,880
Operating income	1,133,541	1,698,330	748,456
Assets	6,385,762	4,022,609	3,324,681
Capital expenditures	2,970,230	903,518	778,191
Depletion, depreciation and amortization	675,000	429,700	310,900
Payments to acquire productive assets		131,000	263,500
Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0	0
Unrealized gain on derivatives	0	0	0
Expenses	304,924	227,556	142,444
Operating income	175,143	162,613	130,519
Assets	1,257,988	1,016,580	879,672
Capital expenditures	254,393	158,544	59,361
Depletion, depreciation and amortization	40,400	34,700	31,500
Income (loss) attributable to noncontrolling interest	64,300	72,100	55,700
Land and seismic acquisition expenditures	1,810,000
Midstream capital expenditures	63,600	75,800
Payments to acquire productive assets	42,200	39,600	28,500
Corporate
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0	0
Unrealized gain on derivatives	0	0	0
Expenses	99,362	101,673	85,899
Operating income	(99,362)	(101,673)	(85,899)
Assets	83,246	515,316	57,800
Capital expenditures	3,636	1,213	376
Depletion, depreciation and amortization	1,300	2,000	2,600
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0	0
Unrealized gain on derivatives	0	0	0
Expenses	(224,780)	(207,578)	(153,318)
Operating income	0	0	0
Assets	0	0	0
Capital expenditures	0	0	0
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	2,545,599	2,905,738	1,700,542
Oil and natural gas revenues \| Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Revenues	2,538,813	2,897,336	1,695,032
Oil and natural gas revenues \| Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Revenues	6,786	8,402	5,510
Oil and natural gas revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0
Oil and natural gas revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0
Third-party midstream services revenues
Segment Reporting Information [Line Items]
Revenues	122,153	90,606	75,499
Third-party midstream services revenues \| Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Revenues	0	0	0
Third-party midstream services revenues \| Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Revenues	346,933	298,184	228,817
Third-party midstream services revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0
Third-party midstream services revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(224,780)	(207,578)	(153,318)
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	149,869	200,355	86,034
Sales of purchased natural gas \| Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Revenues	23,521	116,772	47,398
Sales of purchased natural gas \| Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Revenues	126,348	83,583	38,636
Sales of purchased natural gas \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0
Sales of purchased natural gas \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements include the accounts of Matador and its wholly-owned and majority-owned subsidiaries. These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Accordingly, 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 (“ASC”), Consolidation (Topic 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 balances and transactions have been eliminated in consolidation.

Use of Estimates

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 consolidated financial statements are based on a number of significant estimates, including oil and natural gas revenues, accrued assets and liabilities, stock-based compensation, valuation of derivative instruments, deferred tax assets and liabilities, purchase price allocations 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. The Company’s oil and natural gas reserves estimates, which are inherently imprecise and based upon many factors that are beyond the Company’s control, including oil and natural gas prices, are prepared by the Company’s engineering staff in accordance with guidelines established by the Securities and Exchange Commission (“SEC”) and then audited for their reasonableness and conformance with SEC guidelines by Netherland, Sewell & Associates, Inc., independent reservoir engineers. 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.

Restricted Cash

Restricted cash represents a portion of the cash associated with the Company’s less-than-wholly-owned subsidiaries, primarily San Mateo. By contractual agreement, the cash in the accounts held by the Company’s less-than-wholly-owned subsidiaries is not to be commingled with other Company cash and is to be used only to fund the capital expenditures and operations of these less-than-wholly-owned subsidiaries.

Accounts Receivable

The Company sells its operated oil, natural gas and natural gas liquids (“NGL”) production to various purchasers (see “—Revenues” below). In addition, the Company may participate with industry partners in the drilling, completion and operation of oil and natural gas wells. Substantially all of the Company’s accounts receivable are due from purchasers of oil, natural gas and NGLs, participants in oil and natural gas wells for which the Company serves as the operator, customers of San Mateo and Pronto or the Company’s derivative counterparties. Accounts receivable are typically due within 30 to 60 days of the production date and 30 days of the billing date and are stated at amounts due from purchasers and industry partners. Amounts are considered past due if they have been outstanding for 60 days or more. No interest is typically charged on past due amounts.

The Company reviews its need for an allowance for doubtful accounts on a periodic basis and determines the allowance, if any, by considering the length of time past due, previous loss history, future net revenues associated with the debtor’s ownership interest in oil and natural gas properties operated by the Company and the debtor’s ability to pay its obligations, among other things.

Lease and Well Equipment Inventory

Lease and well equipment inventory is stated at the lower of cost or net realizable value and consists entirely of materials or equipment scheduled for use in future well or midstream operations.

Property and Equipment

Oil and Natural Gas Properties

The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, all costs associated with the acquisition, exploration and development of oil and natural gas properties and reserves, including unproved and unevaluated property costs, are capitalized as incurred and accumulated in a single cost center representing the Company’s activities, which are undertaken exclusively in the United States. Such costs include lease acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, costs of drilling both productive and non-productive wells, capitalized interest on qualifying projects and general and administrative expenses directly related to acquisition, exploration and development activities, but do not include any costs related to production, selling or general corporate administrative activities. The Company capitalized $54.2 million, $47.8 million and $38.4 million of its general and administrative costs into oil and natural gas properties in 2023, 2022 and 2021, respectively. The Company capitalized $20.2 million, $10.1 million and $4.8 million of its interest expense into oil and natural gas properties for the years ended December 31, 2023, 2022 and 2021, respectively.

Capitalized costs of oil and natural gas properties are amortized using the unit-of-production method based upon production and estimates of proved reserves quantities. For the years ended December 31, 2023, 2022 and 2021, the Company recorded depletion expense of $672.0 million, $428.9 million and $310.1 million, respectively. Unproved and unevaluated property costs are excluded from the amortization base used to determine depletion. Unproved and unevaluated properties are assessed for possible impairment on a periodic basis based upon changes in operating or economic conditions. This assessment includes consideration of the following factors, among others: the assignment of proved reserves, geological and geophysical evaluations, intent to drill, remaining lease term and drilling activity and results. Upon impairment, the costs of the unproved and unevaluated properties are immediately included in the amortization base. Exploratory dry holes are included in the amortization base immediately upon determination that the well is not productive.

Sales of oil and natural gas properties are accounted for as adjustments to net capitalized costs with no gain or loss recognized, unless such adjustments would significantly alter the relationship between net capitalized costs and proved reserves of oil and natural gas. All costs related to production activities and maintenance and repairs are expensed as incurred. Significant workovers that increase the properties’ reserves are capitalized.

Ceiling Test

The net capitalized costs of oil and natural gas properties are limited to the lower of unamortized costs less related deferred income taxes or the cost center “ceiling.” The cost center ceiling is defined as the sum of:

(a) the present value, discounted at 10%, of future net revenues of proved oil and natural gas reserves, reduced by the estimated costs of developing these reserves, plus

(b) unproved and unevaluated property costs not being amortized, plus

(c) the lower of cost or estimated fair value of unproved and unevaluated properties included in the costs being amortized, if any, less

(d) any income tax effects related to the properties involved.

Any excess of the Company’s net capitalized costs above the cost center ceiling as described above is charged to operations as a full-cost ceiling impairment. The Company’s derivative instruments are not considered in the ceiling test computations as the Company does not designate these instruments as hedge instruments for accounting purposes.

The estimated present value of after-tax future net cash flows from proved oil and natural gas reserves is highly dependent upon the quantities of proved reserves, the estimation of which requires substantial judgment. The associated commodity prices and the applicable discount rate used in these estimates are in accordance with guidelines established by the SEC. Under these guidelines, oil and natural gas reserves are estimated using then-current operating and economic conditions, with no provision for price and cost changes in future periods except by contractual arrangements. Future net revenues are calculated using prices that represent the arithmetic averages of the first-day-of-the-month oil and natural gas prices for the previous 12-month period, and a 10% discount factor is used to determine the present value of future net revenues. For the period from January through December 2023, these average oil and natural gas prices were $74.70 per Bbl and $2.64 per MMBtu, respectively. For the period from January through December 2022, these average oil and natural gas prices were $90.15 per Bbl and $6.36 per MMBtu, respectively. For the period from January through December 2021, these average oil and natural gas prices were $63.04 per Bbl and $3.60 per MMBtu, respectively. In estimating the present value of after-tax future net cash flows from proved oil and natural gas reserves, the average oil prices were further adjusted by property for quality, transportation and marketing fees and regional price differentials, and the average natural gas prices were further adjusted by property for energy content, transportation and marketing fees and regional price differentials.

During the years ended December 31, 2023, 2022 and 2021, the Company’s full-cost ceiling exceeded the net capitalized costs less related deferred income taxes. As a result, the Company recorded no impairment to its net capitalized costs during the years ended December 31, 2023, 2022 and 2021. Changes in oil and natural gas production rates, oil and natural gas prices, reserves estimates, future development costs and other factors will determine the Company’s actual ceiling test computation and impairment analyses in future periods.

Midstream Properties and Other Property and Equipment

Midstream properties and other property and equipment are recorded at historical cost or acquisition date fair value and include midstream equipment and facilities, including the Company’s pipelines, processing facilities and produced water disposal systems, and corporate assets, including furniture, fixtures, equipment, land and leasehold improvements. Midstream equipment and facilities are depreciated over a 30-year useful life using the straight-line, mid-month convention method. Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Software, furniture, fixtures and other equipment are depreciated over their useful life (five to 30 years) using the straight-line method. The Company capitalized $2.9 million, $2.2 million and $1.3 million of general and administrative costs into midstream properties in 2023, 2022 and 2021, respectively. The Company capitalized $2.1 million of interest expense into midstream properties for the year ended December 31, 2023. The Company did not capitalize any interest expense into midstream properties for the years ended December 31, 2022 or 2021. Maintenance and repair costs that do not extend the useful life of the property or equipment are expensed as incurred. See Note 3 for a detail of midstream properties and other property and equipment.

The Company evaluates midstream properties and other property and equipment for potential impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. The carrying amount of a long-lived asset is not recoverable when it exceeds the undiscounted sum of the future cash flows expected to result from the use and eventual disposition of the asset. Expected future cash flows represent management’s estimates based on reasonable and supportable assumptions.

Gains and losses associated with the disposition of midstream properties and other property and equipment are recognized as a component of other income (expense) in the consolidated statements of income.

Asset Retirement Obligations

The Company recognizes the fair value of an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. The asset retirement obligation is recorded as a liability at its estimated present value, with an offsetting increase recognized in oil and natural gas properties, midstream properties or other property and equipment on the consolidated balance sheets. Periodic accretion of the discounted value of the estimated liability is recorded as an expense in the consolidated statements of income.

Derivative Financial Instruments

From time to time, the Company uses derivative financial instruments to mitigate its exposure to commodity price risk associated with oil, natural gas and NGL prices. The Company’s derivative financial instruments are recorded on the consolidated balance sheets as either an asset or a liability measured at fair value. The Company has elected not to apply hedge accounting for its existing derivative financial instruments, and as a result, the Company recognizes the change in derivative fair value between reporting periods currently in its consolidated statements of income. The fair value of the Company’s derivative financial instruments is determined using 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. Realized gains and losses from the settlement of derivative financial instruments and unrealized gains and unrealized losses from valuation changes in the remaining unsettled derivative financial instruments are reported as a component of revenues in the consolidated statements of income. See Note 12 for additional information about the Company’s derivative instruments.

Revenues

The Company enters into contracts with customers to sell its oil and natural gas production. Revenue from these contracts 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 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 or a central delivery point, 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 at or after the transfer of control of the oil, the differentials are included in oil revenues on the statements of income, 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 income, 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 processing 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 via pipeline to natural gas processing plants where, if necessary, NGLs are extracted. The NGLs and remaining residue gas are then sold by the purchaser, or if the Company elects to take in-kind the natural gas or the NGLs, the Company sells the natural gas or the NGLs 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 gathering 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 income.

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 the Company’s 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 Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606)

(“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 periodically enters into natural gas purchase transactions with third parties whereby the Company (i) purchases the third party’s natural gas and subsequently sells the natural gas to other purchasers or (ii) processes the third party’s natural gas at Pronto’s cryogenic natural gas processing plant in Eddy County, New Mexico (the “Marlan Processing Plant”) or San Mateo’s Black River cryogenic natural gas processing plant in Eddy County, New Mexico (the “Black River Processing Plant”) and then purchases, and subsequently sells, the residue gas and NGLs to other purchasers. Revenues and expenses from these transactions are presented on a gross basis on the Company’s consolidated statements of income as the Company acts as a principal in the transactions by assuming the risk and rewards of ownership, including credit risk, of the natural gas purchased and by assuming the responsibility to deliver and process the natural gas volumes to be sold.

From time to time, the Company, as an owner of mineral interests, may enter into or extend a lease to a third-party lessee to develop the oil and natural gas attributable to certain of its mineral interests in return for a specified payment or lease bonus. In those instances, revenue is recognized in the period when the lease is signed and the Company has no further obligation to the lessee. The Company records these payments as “Lease bonus - mineral acreage” revenues on its consolidated statements of income.

The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the years ended December 31, 2023, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2023		2022		2021
Revenues from contracts with customers	$	2,817,621	$	3,196,699	$	1,862,075

Realized loss on derivatives	(9,575)		(157,483)		(220,105)
Unrealized (loss) gain on derivatives	(1,261)		18,809		21,011
Total revenues	$	2,806,785	$	3,058,025	$	1,662,981


	Year Ended December 31,
	2023		2022		2021
Oil revenues	$	2,144,894	$	2,113,606	$	1,205,608
Natural gas revenues	400,705		792,132		494,934
Third-party midstream services revenues	122,153		90,606		75,499
Sales of purchased natural gas	149,869		200,355		86,034
Total revenues from contracts with customers	$	2,817,621	$	3,196,699	$	1,862,075

The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient in accordance with ASC 606. The expedient, 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.

Stock-Based Compensation

The Company may grant equity-based and liability-based common stock, stock options, restricted stock, restricted stock units, performance stock units and other awards permitted under any long-term incentive plan of the Company then in effect to members of its Board of Directors (the “Board”) and certain employees, contractors and advisors. All equity-based awards are measured at fair value on the date of grant and are recognized on a straight-line basis over the awards’ vesting periods as either a component of general and administrative expenses in the consolidated statements of income or capitalized in accordance with the Company’s policy on capitalizing general and administrative expenses for employees involved in acquisition, exploration, development and midstream activities. Awards that are expected to be settled in cash are liability-based awards, which are

measured at fair value at each reporting date and are recognized over the awards’ vesting periods either as a component of general and administrative expenses in the consolidated statements of income or capitalized in accordance with the Company’s policy on capitalizing general and administrative expenses for employees involved in acquisition, exploration, development and midstream activities.

The Company uses the Monte Carlo simulation method to measure the fair value of performance units. The closing price of Matador’s common stock on the grant date is used to measure the fair value of restricted stock and restricted stock unit awards granted under the 2012 Long-Term Incentive Plan (as subsequently amended and restated, the “2012 Incentive Plan”), while the closing price of Matador’s common stock on the trading day prior to the grant date is used to measure the fair value of restricted stock and restricted stock unit awards granted under the 2019 Long-Term Incentive Plan (the “2019 Incentive Plan”).

Income Taxes

The Company accounts for income taxes using the asset and liability approach for financial accounting and reporting. The Company evaluates the probability of realizing the future benefits of its deferred tax assets and records a valuation allowance for the portion of any deferred tax assets when it is more likely than not that the benefit from the deferred tax asset will not be realized.

The Company recognizes tax benefits from an uncertain tax position on the basis of a two-step process in which (i) the

Company determines whether it is more likely than not that the tax position will be sustained upon examination by the taxing

authorities based upon the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not

recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized

upon ultimate settlement with the related tax authority.

When necessary, the Company would include interest assessed by taxing authorities in “Interest expense” and penalties related to income taxes in “Other expense” on its consolidated statements of income. The Company did not record any interest or penalties related to income taxes for the years ended December 31, 2023, 2022 and 2021.

Earnings 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 are reconciliations of the numerators and denominators used to compute the Company’s basic and diluted earnings per common share as reported for the years ended December 31, 2023, 2022 and 2021 (in thousands, except per share data).


	Year Ended December 31,
	2023		2022		2021

Net income attributable to Matador Resources Company shareholders — numerator	$	846,074	$	1,214,206	$	584,968

Weighted average common shares outstanding — denominator
Basic	119,139		118,122		116,999
Dilutive effect of options and restricted stock units	841		2,009		2,164
Diluted weighted average common shares outstanding	119,980		120,131		119,163
Earnings per common share attributable to Matador Resources Company shareholders
Basic	$	7.10	$	10.28	$	5.00
Diluted	$	7.05	$	10.11	$	4.91

Credit Risk

The Company’s cash is held in financial institutions and at times these amounts exceed the insurance limits of the Federal Deposit Insurance Corporation. Management believes, however, that the Company’s counterparty risks are minimal based on the reputation and history of the institutions selected.

The Company uses derivative financial instruments to mitigate its exposure to oil, natural gas and NGL price volatility. These transactions expose the Company to potential credit risk from its counterparties. The Company manages counterparty credit risk through established internal derivatives policies that are reviewed on an ongoing basis. Additionally, the Company’s commodity derivative contracts at December 31, 2023 were with Bank of America, which is a lender under the Company’s reserves-based revolving credit agreement (the “Credit Agreement”).

Accounts receivable constitute the principal component of additional credit risk to which the Company may be exposed. The Company attempts to minimize credit risk exposure to counterparties by monitoring the financial condition and payment history of its purchasers and joint interest partners.

Recent Accounting Pronouncements

Segments. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. This ASU is effective retrospectively for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its disclosures.

Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this standard provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid. This ASU is effective for the Company prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its disclosures.

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2023
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. Additionally, the Company conducts midstream operations primarily through its midstream joint venture, San Mateo Midstream, LLC and its subsidiaries (“San Mateo”), and Pronto Midstream, LLC and its subsidiary (“Pronto”) in support of the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties.

Income Taxes - Deferred Tax Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforwards	$ 14,387	$ 12,874
Compensation	13,303	14,184
Research and experimental tax credits, net of reserve	12,638	0
Lease liabilities	9,723	12,585
Other	451	1,934
Total deferred tax assets	50,502	41,577
Valuation allowance on deferred tax assets	(12,556)	(11,322)
Total deferred tax assets, net of valuation allowance	37,946	30,255
Deferred tax liabilities
Property and equipment	(534,538)	(378,925)
Less than wholly-owned subsidiaries	(71,735)	(63,388)
Lease right of use assets	(9,723)	(12,585)
Unrealized gain on derivatives	(676)	(995)
Other	(2,713)	(2,713)
Total deferred tax liabilities	(619,385)	(458,606)
Net deferred tax liabilities	$ (581,439)	$ (428,351)

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

At December 31, 2023, the Company had (i) $699.2 million of outstanding 5.875% senior notes due 2026 (the “2026 Notes”), (ii) $500.0 million of outstanding 6.875% senior notes due 2028 (the “2028 Notes”), (iii) $500.0 million in borrowings outstanding under the Credit Agreement and (iv) approximately $52.3 million in outstanding letters of credit issued pursuant to the Credit Agreement.

At December 31, 2023, San Mateo had $522.0 million in borrowings outstanding under its revolving credit facility (the “San Mateo Credit Facility”) and approximately $9.0 million in outstanding letters of credit issued pursuant to the San Mateo Credit Facility.

Credit Agreements

MRC Energy Company

On November 18, 2021, the Company entered into its Fourth Amended and Restated Credit Agreement with the lenders party thereto, currently led by Truist Bank as administrative agent (the “Credit Agreement”). MRC Energy Company (“MRC”), a subsidiary of Matador that directly or indirectly holds the ownership interests in the Company’s other operating subsidiaries, other than its less-than-wholly-owned subsidiaries, is the borrower under the Credit Agreement. Borrowings are secured by mortgages on at least 85% of MRC’s and the Restricted Subsidiaries’ (as defined in the Credit Agreement) proved oil and natural gas properties and by the equity interests of certain of MRC’s wholly-owned subsidiaries, which are also guarantors. San Mateo and Pronto are not guarantors of the Credit Agreement. In addition, all obligations under the Credit Agreement are guaranteed by Matador, the parent corporation. Various commodity hedging agreements with certain of the lenders under the Credit Agreement (or affiliates thereof) are also secured by the collateral of and guaranteed by certain eligible subsidiaries of MRC. The Credit Agreement matures on October 31, 2026 or, if earlier, the date that is 180 days prior to the earliest stated redemption date of any senior notes of the Company with an outstanding principal balance in excess of $25.0 million.

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. The Company and the lenders may each request an unscheduled redetermination of the borrowing base once between scheduled redetermination dates.

In March 2023, the lenders completed their review of the Company’s proved oil and natural gas reserves, and, as a result, the Company and its lenders entered into an amendment to the Fourth Amended and Restated Credit Agreement, which amended the Credit Agreement to, among other things: (i) reaffirm the borrowing base at $2.25 billion, (ii) increase the elected borrowing commitment from $775.0 million to $1.25 billion, (iii) maintain the maximum facility amount at $1.50 billion and (iv) add another bank to the lending group. This March 2023 reaffirmation of the borrowing base constituted the regularly scheduled May 1 redetermination.

In October 2023, the lenders completed their review of the Company’s proved oil and natural gas reserves, and, as a result, the Company and its lenders entered into an amendment to the Fourth Amended and Restated Credit Agreement, which amended the Credit Agreement to, among other things: (i) increase the borrowing base from $2.25 billion to $2.50 billion, (ii) increase the elected borrowing commitment from $1.25 billion to $1.325 billion, (iii) increase the maximum facility amount from $1.50 billion to $2.00 billion and (iv) add another bank to the lending group. This October 2023 redetermination constituted the regularly scheduled November 1 redetermination. Borrowings under the Credit Agreement are limited to the lowest of the borrowing base, the maximum facility amount and the elected borrowing commitment (subject to compliance with the covenants noted below).

In the event of an increase in the elected borrowing commitment, the Company is required to pay a fee to the lenders equal to a percentage of the amount of the increase, which is determined based on market conditions at the time of the increase. If, upon a redetermination of the borrowing base, the borrowing base were to be less than the outstanding borrowings under the Credit Agreement at such time, the Company would be required to provide additional collateral satisfactory in nature and value to the lenders to increase the borrowing base to an amount sufficient to cover such excess or to repay the deficit in equal installments over a period of six months.

Total deferred loan costs were $9.3 million at December 31, 2023, and these costs are being amortized over the term of the Credit Agreement. At December 31, 2023, the Company had $500.0 million in borrowings outstanding under the Credit Agreement and approximately $52.3 million in outstanding letters of credit issued pursuant to the Credit Agreement. The Company’s effective interest rate under the Credit Agreement was 7.21% at December 31, 2023.

After giving effect to the amendment to the Credit Agreement, the applicable interest rate margin for borrowings under the Credit Agreement ranges from 1.75% to 2.75% for borrowings bearing interest with reference to the Adjusted Term SOFR Rate and from 0.75% to 1.75% for borrowings bearing interest with reference to the Alternate Base Rate (as defined in the Credit Agreement), in each case depending on the level of borrowings under the Credit Agreement. In addition, the Adjusted Term SOFR Rate includes a credit spread adjustment of 0.10% for all interest periods. The interest period for Adjusted Term SOFR Rate borrowings may be one, three or six months as designated by MRC. If MRC has outstanding borrowings under the Credit Agreement and interest rates increase, so will MRC’s interest costs, which may have a material adverse effect on the Company’s results of operations and financial condition.

A commitment fee of 0.375% to 0.50%, depending on the level of borrowings under the Credit Agreement, is also paid quarterly in arrears. The Company includes this commitment fee, any amortization of deferred financing costs (including origination, borrowing base increase and amendment fees) and annual agency fees, if any, as interest expense and in its interest rate calculations and related disclosures. The Credit Agreement requires the Company to maintain (i) a current ratio, which is defined as (x) total consolidated current assets plus the unused availability under the Credit Agreement divided by (y) total consolidated current liabilities less current maturities under the Credit Agreement, of not less than 1.0 to 1.0 at the end of each fiscal quarter and (ii) a debt to EBITDA ratio, which is defined as debt outstanding (net of up to $75 million of unrestricted cash and cash equivalents) divided by a rolling four quarter EBITDA calculation, of 3.50 to 1.0 or less at the end of each fiscal quarter.

Subject to certain exceptions, the Credit Agreement contains various covenants that limit MRC’s and its Restricted Subsidiaries’ (as defined in the Credit Agreement) ability to take certain actions, including, but not limited to, the following:

•incur indebtedness or grant liens on any of its assets;

•enter into commodity hedging agreements or interest rate agreements;

•declare or pay dividends, distributions or redemptions;

•merge or consolidate;

•make any loans or investments;

•engage in transactions with affiliates;

•engage in certain asset dispositions, including a sale of all or substantially all of MRC’s assets; and

•take certain actions with respect to the Company’s senior unsecured notes.

If an event of default exists under the Credit Agreement, the lenders will be able to terminate their commitments, accelerate the maturity of the borrowings and exercise other rights and remedies. Events of default include, but are not limited to, the following events:

•failure to pay any principal on the outstanding borrowings when due or any interest on the outstanding borrowings, any reimbursement obligation under any letter of credit or any fees or other amounts within certain grace periods;

•failure to perform or otherwise comply with the covenants and obligations in the Credit Agreement or other loan documents, subject, in certain instances, to certain grace periods;

•bankruptcy or insolvency events involving the Company or any of the Restricted Subsidiaries; and

•a change of control, as defined in the Credit Agreement.

The Company believes that it was in compliance with the terms of the Credit Agreement at December 31, 2023.

San Mateo Midstream, LLC

On December 19, 2018, San Mateo entered into the San Mateo Credit Facility with the lenders party thereto, currently led by Truist Bank as administrative agent. In October 2023, the lenders under the San Mateo Credit Facility increased the lender

commitments from $485.0 million to $535.0 million and added one new bank to San Mateo’s lending group. The San Mateo Credit Facility includes an accordion feature, which provides for potential increases in lender commitments of up to $735.0 million. The San Mateo Credit Facility is non-recourse with respect to Matador and its other subsidiaries, but is guaranteed by San Mateo’s subsidiaries and secured by substantially all of San Mateo’s assets, including real property.

Total deferred loan costs were $3.1 million at December 31, 2023, and these costs are being amortized over the term of the San Mateo Credit Facility. San Mateo’s effective interest rate under the San Mateo Credit Facility was 7.71% at December 31, 2023. At December 31, 2023, San Mateo had $522.0 million in borrowings outstanding under the San Mateo Credit Facility and $9.0 million in outstanding letters of credit issued pursuant to the San Mateo Credit Facility. The outstanding borrowings under the San Mateo Credit Facility mature on December 9, 2026.

Borrowings under the San Mateo Credit Facility may be in the form of a base rate loan or an Adjusted Term SOFR Rate loan. If San Mateo borrows funds as a base rate loan, such borrowings will bear interest at a rate equal to the greatest of (i) the prime rate for such day, (ii) the Federal Funds Effective Rate (as defined in the San Mateo Credit Facility) on such day, plus 0.50%, and (iii) the Adjusted Term SOFR Rate (as defined in the San Mateo Credit Facility) for a one month tenor plus 1.0%, plus, in each case, an amount ranging from 1.25% to 2.25% depending on San Mateo’s Consolidated Total Leverage Ratio (as defined in the San Mateo Credit Facility). If San Mateo borrows funds as an Adjusted Term SOFR Rate loan, such borrowings will bear interest at a rate equal to (x) the Adjusted Term SOFR Rate for the chosen interest period plus (y) an amount ranging from 2.25% to 3.25% depending on San Mateo’s Consolidated Total Leverage Ratio. If San Mateo has outstanding borrowings under the San Mateo Credit Facility and interest rates increase, so will San Mateo’s interest costs, which may have a material adverse effect on San Mateo’s results of operations and financial condition.

A commitment fee of 0.30% to 0.50%, depending on San Mateo’s Consolidated Total Leverage Ratio, is also paid quarterly in arrears. The Company includes this commitment fee, any amortization of deferred financing costs (including origination and amendment fees) and annual agency fees, if any, as interest expense and in its interest rate calculations and related disclosures. The San Mateo Credit Facility requires San Mateo to maintain a debt to EBITDA ratio, which is defined as total consolidated funded indebtedness outstanding (as defined in the San Mateo Credit Facility) divided by a rolling four quarter EBITDA calculation, of 5.00 or less, subject to certain exceptions. The San Mateo Credit Facility also requires San Mateo to maintain an interest coverage ratio, which is defined as a rolling four quarter EBITDA calculation divided by San Mateo’s consolidated interest expense for such period, of 2.50 or more. The San Mateo Credit Facility also restricts the ability of San Mateo to distribute cash to its members if San Mateo’s liquidity is less than 10% of the lender commitments under the San Mateo Credit Facility.

Subject to certain exceptions, the San Mateo Credit Facility contains various covenants that limit San Mateo’s and its restricted subsidiaries’ ability to take certain actions, including, but not limited to, the following:

•incur indebtedness or grant liens on any of San Mateo’s assets;

•enter into hedging agreements;

•declare or pay dividends, distributions or redemptions;

•merge or consolidate;

•make any loans or investments;

•engage in transactions with affiliates;

•engage in certain asset dispositions, including a sale of all or substantially all of San Mateo’s assets; and

•issue equity interests in San Mateo or its restricted subsidiaries.

If an event of default exists under the San Mateo Credit Facility, the lenders will be able to terminate their commitments, accelerate the maturity of the borrowings and exercise other rights and remedies. Events of default include, but are not limited to, the following events:

•failure to pay any principal or interest on the outstanding borrowings or any reimbursement obligation under any letter of credit when due or any fees or other amounts within certain grace periods;

•failure to perform or otherwise comply with the covenants and obligations in the San Mateo Credit Facility or other loan documents, subject, in certain instances, to certain grace periods;

•bankruptcy or insolvency events involving San Mateo or its subsidiaries; and

•a change of control, as defined in the San Mateo Credit Facility.

The Company believes that San Mateo was in compliance with the terms of the San Mateo Credit Facility at December 31, 2023.

Senior Unsecured Notes

2026 Notes

At December 31, 2023, the Company had $699.2 million of outstanding 2026 Notes, which have a 5.875% coupon rate. The 2026 Notes were registered under the Securities Act and mature September 15, 2026. Interest is payable on the 2026 Notes semi-annually in arrears on each March 15 and September 15. The 2026 Notes are jointly and severally guaranteed on a senior unsecured basis by certain subsidiaries of the Company (the “Guarantors”). San Mateo and Pronto are not Restricted Subsidiaries (as defined in the indenture governing the 2026 Notes (the “2026 Notes Indenture”)) or Guarantors of the 2026 Notes.

The Company may redeem all or a part of the 2026 Notes at any time or from time to time at the following redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on September 15 of the years indicated below:


Year						Redemption Price


2023						101.469%
2024 and thereafter						100.000%

Subject to certain exceptions, the 2026 Notes Indenture contains various covenants that limit the Company’s and its Restricted Subsidiaries’ ability to take certain actions, including, but not limited to, the following:

•incur additional indebtedness;

•sell assets;

•pay dividends or make certain investments;

•create liens that secure indebtedness;

•enter into transactions with affiliates; and

•merge or consolidate with another company.

In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to Matador, any Restricted Subsidiary (as defined in the 2026 Notes Indenture) that is a Significant Subsidiary (as defined in the 2026 Notes Indenture) or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding 2026 Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the then outstanding 2026 Notes may declare all the 2026 Notes to be due and payable immediately. Events of default include, but are not limited to, the following events:

•default for 30 days in the payment when due of interest on the 2026 Notes;

•default in the payment when due of the principal of, or premium, if any, on the 2026 Notes;

•failure by the Company to comply with its obligations to offer to purchase or purchase 2026 Notes pursuant to the change of control or asset sale covenants of the 2026 Notes Indenture or to comply with the covenant relating to mergers;

•failure by the Company for 180 days after notice to comply with its reporting obligations under the 2026 Notes Indenture;

•failure by the Company for 60 days after notice to comply with any of the other agreements in the 2026 Notes Indenture;

•payment defaults and accelerations with respect to other indebtedness of the Company and its Restricted Subsidiaries in the aggregate principal amount of $50.0 million or more;

•failure by the Company or any Restricted Subsidiary to pay certain final judgments aggregating in excess of $50.0 million within 60 days;

•any subsidiary guarantee by a Guarantor ceases to be in full force and effect, is declared null and void in a judicial proceeding or is denied or disaffirmed by its maker; and

•certain events of bankruptcy or insolvency with respect to the Company or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary.

2028 Notes

On April 11, 2023, the Company completed the sale of $500.0 million in aggregate principal amount of the 2028 Notes, which have a 6.875% coupon rate and mature April 15, 2028. Interest is payable on the 2028 Notes semi-annually in arrears on each April 15 and October 15. The 2028 Notes are jointly and severally guaranteed on a senior unsecured basis by the Guarantors. San Mateo and Pronto are not Restricted Subsidiaries (as defined in the indenture governing the 2028 Notes (the “2028 Notes Indenture”)) or Guarantors of the 2028 Notes.

At any time prior to April 15, 2025, the Company may redeem up to 35% in aggregate principal amount of 2028 Notes at a redemption price of 106.875% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, in an amount not greater than the net proceeds of certain equity offerings so long as the redemption occurs within 180 days of completing such equity offering and at least 65% of the aggregate principal amount of the 2028 Notes remains outstanding after such redemption. In addition, at any time prior to April 15, 2025, the Company may redeem all or part of the 2028 Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest.

On or after April 15, 2025, the Company may redeem all or a part of the 2028 Notes at any time or from time to time at the following redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:


Year						Redemption Price
2025						103.438%
2026						101.719%
2027 and thereafter						100.000%

Subject to certain exceptions, the 2028 Notes Indenture contains various covenants that limit the Company’s and its Restricted Subsidiaries’ ability to take certain actions, including, but not limited to, the following:

•incur additional indebtedness;

•sell assets;

•pay dividends or make certain investments;

•create liens that secure indebtedness;

•enter into transactions with affiliates; and

•merge or consolidate with another company.

In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to Matador, any Restricted Subsidiary (as defined in the 2028 Notes Indenture) that is a Significant Subsidiary (as defined in the 2028 Notes Indenture) or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding 2028 Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the then outstanding 2028 Notes may declare all the 2028 Notes to be due and payable immediately. Events of default include, but are not limited to, the following events:

•default for 30 days in the payment when due of interest on the 2028 Notes;

•default in the payment when due of the principal of, or premium, if any, on the 2028 Notes;

•failure by the Company to comply with its obligations to offer to purchase or purchase 2028 Notes pursuant to the change of control or asset sale covenants of the 2028 Notes Indenture or to comply with the covenant relating to mergers;

•failure by the Company for 180 days after notice to comply with its reporting obligations under the 2028 Notes Indenture;

•failure by the Company for 60 days after notice to comply with any of the other agreements in the 2028 Notes Indenture;

•payment defaults and accelerations with respect to other indebtedness of the Company and its Restricted Subsidiaries in the aggregate principal amount of $100.0 million or more;

•failure by the Company or any Restricted Subsidiary to pay certain final judgments aggregating in excess of $100.0 million within 60 days;

•any subsidiary guarantee by a Guarantor ceases to be in full force and effect, is declared null and void in a judicial proceeding or is denied or disaffirmed by its maker; and

Debt Maturities

The components of debt, including the effects of issuance costs and net discounts, as of December 31, 2023 and 2022 are as follows (in thousands).


	December 31,
	2023		2022
Revolving credit agreements:
Credit Agreement due 2026	$	500,000	$	—
San Mateo Credit Facility due 2026	522,000		465,000
Senior unsecured notes:
5.875% senior notes due 2026	699,191		699,191
6.875% senior notes due 2028	500,000		—
Issuance costs and discounts, net	(14,564)		(3,946)
Total senior unsecured notes payable	1,184,627		695,245
Total long-term debt	$	2,206,627	$	1,160,245

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the years ended December 31, 2023, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2023		2022		2021
Revenues from contracts with customers	$	2,817,621	$	3,196,699	$	1,862,075

Realized loss on derivatives	(9,575)		(157,483)		(220,105)
Unrealized (loss) gain on derivatives	(1,261)		18,809		21,011
Total revenues	$	2,806,785	$	3,058,025	$	1,662,981


	Year Ended December 31,
	2023		2022		2021
Oil revenues	$	2,144,894	$	2,113,606	$	1,205,608
Natural gas revenues	400,705		792,132		494,934
Third-party midstream services revenues	122,153		90,606		75,499
Sales of purchased natural gas	149,869		200,355		86,034
Total revenues from contracts with customers	$	2,817,621	$	3,196,699	$	1,862,075

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


	Year Ended December 31,
	2023		2022		2021

Net income attributable to Matador Resources Company shareholders — numerator	$	846,074	$	1,214,206	$	584,968

Weighted average common shares outstanding — denominator
Basic	119,139		118,122		116,999
Dilutive effect of options and restricted stock units	841		2,009		2,164
Diluted weighted average common shares outstanding	119,980		120,131		119,163
Earnings per common share attributable to Matador Resources Company shareholders
Basic	$	7.10	$	10.28	$	5.00
Diluted	$	7.05	$	10.11	$	4.91

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Senior Notes Due 2026 \| Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes payable	$ 694,100,000	$ 675,700,000
2028 Senior Notes \| Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes payable	510,900,000
Pipe and other equipment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge for equipments held in inventory	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of net deferred tax position

The Company’s net deferred tax position as of December 31, 2023 and 2022 is as follows (in thousands).


	December 31,
	2023		2022













Deferred tax assets

Net operating loss carryforwards	$	14,387	$	12,874


Compensation	13,303		14,184
Research and experimental tax credits, net of reserve	12,638		—
Lease liabilities	9,723		12,585

Other	451		1,934
Total deferred tax assets	50,502		41,577
Valuation allowance on deferred tax assets	(12,556)		(11,322)
Total deferred tax assets, net of valuation allowance	37,946		30,255
Deferred tax liabilities
Property and equipment	(534,538)		(378,925)

Less than wholly-owned subsidiaries	(71,735)		(63,388)
Lease right of use assets	(9,723)		(12,585)
Unrealized gain on derivatives	(676)		(995)
Other	(2,713)		(2,713)
Total deferred tax liabilities	(619,385)		(458,606)
Net deferred tax liabilities	$	(581,439)	$	(428,351)

Income tax expense reconciled to the tax computed at the statutory federal rate

The current income tax provision and the deferred income tax provision for the years ended December 31, 2023, 2022 and 2021 were comprised of the following (in thousands).


	Year Ended December 31,
	2023		2022		2021
Current income tax provision
Federal income tax	$	1,554	$	31,335	$	—
State income tax	12,368		23,542		—
Net current income tax provision	$	13,922	$	54,877	$	—
Deferred income tax provision
Federal income tax	$	145,711	$	302,486	$	44,883
State income tax	26,393		41,994		29,827
Net deferred income tax provision	$	172,104	$	344,480	$	74,710

Reconciliations of the tax expense computed at the statutory federal rate to the Company’s total income tax provision for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands).


	Year Ended December 31,
	2023		2022		2021

Federal tax expense at statutory rate(1)	$	230,241	$	353,992	$	150,223

State income tax expense	38,525		59,870		26,646


Permanent differences	3,558		(84)		9,612



Non-controlling interest in subsidiaries	(13,500)		(15,143)		(11,690)
Tax credits generated	(109,368)		—		—
Reserve on uncertain tax positions	35,336		—		—
Change in federal valuation allowance	—		—		(103,262)
Change in state valuation allowance	1,234		722		3,181


Total income tax provision	$	186,026	$	399,357	$	74,710

__________________

(1)The statutory federal tax rate was 21% for the years ended December 31, 2023, 2022 and 2021.

Reconciliation of Unrecognized Tax Benefits

A reconciliation of UTBs for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands).


	Year Ended December 31,
	2023		2022		2021
Balance at beginning of period	$	—	$	—	$	—
Additions for tax positions	35,336		—		—

Balance at end of period(1)	$	35,336	$	—	$	—

__________________

(1)At December 31, 2023, the UTBs related to the U.S. federal and state of Texas jurisdictions were $30.7 million and $4.6 million, respectively.

Supplemental Disclosures - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental disclosures of cash flow information
Cash paid for income taxes, net of refunds received	$ 4,597	$ 63,500	$ 0
Cash paid for interest expense, net of amounts capitalized	111,742	72,561	74,843
Increase in asset retirement obligations related to mineral properties	33,209	9,111	1,091
Increase in asset retirement obligations related to midstream properties	1,197	251	257
Increase (decrease) in liabilities for drilling, completion and equipping capital expenditures	31,364	(13,304)	80,255
Increase (decrease) in liabilities for acquisition of oil and natural gas properties	709	(2,531)	2,981
Increase (decrease) in liabilities for midstream capital expenditures	43,572	3,824	(4,478)
Stock-based compensation expense recognized as liability	11,380	31,906	24,494
Transfer of inventory from (to) oil and natural gas properties	933	148	(398)
Tax payments	$ 13,500	$ 63,500
U.S. federal tax refunds			$ 8,900

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS 401(k) Plan All full-time Company employees are eligible to join the Company’s defined contribution retirement plan the first day of the calendar month immediately following their date of employment. Each employee may contribute up to the maximum allowable under the Internal Revenue Code. Each year, the Company makes a contribution to the plan that equals 3% of the employee’s annual compensation, up to the maximum allowable under the Internal Revenue Code, referred to as the Employer’s Safe Harbor Non-Elective Contribution, which totaled $2.2 million, $1.8 million and $1.6 million in 2023, 2022 and 2021, respectively. In addition, each year, the Company may make a discretionary matching contribution, as well as additional contributions. The Company’s discretionary matching contributions totaled $2.8 million, $2.3 million and $2.1 million in 2023, 2022 and 2021, respectively. The Company made no additional contributions in any reporting period presented.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash used to settle liability-based awards	$ 20,500	$ 30,800	$ 12,400
Stock-based compensation expense	13,661	15,123	9,039
Aggregate intrinsic value for the restricted stock and restricted stock units outstanding	82,800
Aggregate intrinsic value expected to be settled in cash	26,700
Tax benefits recognized for stock based compensation	7,000	11,000	7,900
Capitalized stock-based compensation	7,400	5,000	7,200
Expensed stock-based compensation	$ 25,600	47,100	30,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining requisite service period of unvested stock awards	1 year 8 months 12 days
Unrecognized compensation expense related to unvested restricted stock and restricted stock units	$ 49,200
Unrecognized compensation expense related to unvested restricted stock expected to be settled in cash	17,600
Fair value of restricted stock and restricted stock units vested	64,800	99,600	51,900
Restricted stock or unit expenses	$ 33,000	51,600	36,300
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of shares	3 years
Performance-Based Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%
Performance-Based Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 500	$ 1,000
Restricted Stock Service Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)	277,000
Restricted stock vested (in shares)	290,000
Restricted Stock Service Based \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of shares	1 year
Restricted Stock Service Based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of shares	3 years
Restricted Stock Liability Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)	229,000
Restricted stock vested (in shares)	378,852	587,251	487,252
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares (in shares)		4,000,000
Remaining number of shares available (in shares)	3,934,015
2019 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized (in shares)	3,725,000
2012 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares of common stock provided (in shares)	8,700,000
2019 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares of common stock provided (in shares)	4,488,901

Supplemental Disclosures

12 Months Ended

Dec. 31, 2023

Supplemental Disclosures [Abstract]

SUPPLEMENTAL DISCLOSURES

Accrued Liabilities

The following table summarizes the Company’s current accrued liabilities at December 31, 2023 and 2022 (in thousands).


	December 31,
	2023		2022
Accrued evaluated and unproved and unevaluated property costs	$	144,443	$	112,766
Accrued midstream properties costs	55,195		11,623

Accrued lease operating expenses	62,005		46,975
Accrued interest on debt	22,857		10,461
Accrued asset retirement obligations	4,605		756
Accrued partners’ share of joint interest charges	42,101		42,199

Accrued payable related to purchased natural gas	10,400		11,158
Other	24,242		25,372
Total accrued liabilities	$	365,848	$	261,310

Supplemental Cash Flow Information

The following table provides supplemental disclosures of cash flow information for the years ended December 31, 2023, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2023		2022		2021
Cash paid for income taxes, net of refunds received(1)	$	4,597	$	63,500	$	—
Cash paid for interest expense, net of amounts capitalized	$	111,742	$	72,561	$	74,843
Increase in asset retirement obligations related to mineral properties	$	33,209	$	9,111	$	1,091
Increase in asset retirement obligations related to midstream properties	$	1,197	$	251	$	257
Increase (decrease) in liabilities for drilling, completion and equipping capital expenditures	$	31,364	$	(13,304)	$	80,255
Increase (decrease) in liabilities for acquisition of oil and natural gas properties	$	709	$	(2,531)	$	2,981
Increase (decrease) in liabilities for midstream capital expenditures	$	43,572	$	3,824	$	(4,478)



Stock-based compensation expense recognized as liability	$	11,380	$	31,906	$	24,494


Transfer of inventory from (to) oil and natural gas properties	$	933	$	148	$	(398)

_____________________

(1)Represents tax payments of $13.5 million and $63.5 million for the years ended December 31, 2023 and 2022, respectively, and U.S. federal tax refunds of $8.9 million for the year ended December 31, 2023.

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


	Year Ended December 31,
	2023		2022		2021
Cash	$	52,662	$	505,179	$	48,135
Restricted cash	53,636		42,151		38,785
Total cash and restricted cash	$	106,298	$	547,330	$	86,920

Fair Value Measurements - Valuation of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets (Liabilities)
Natural gas derivatives		$ 3,930
Total	$ 4,316	3,930
Fair value on a recurring basis
Assets (Liabilities)
Natural gas derivatives	2,670	(3,930)
Total	2,670	3,930
Fair value on a recurring basis \| Level 1
Assets (Liabilities)
Natural gas derivatives	0	0
Total	0	0
Fair value on a recurring basis \| Level 2
Assets (Liabilities)
Natural gas derivatives	2,670	(3,930)
Total	2,670	3,930
Fair value on a recurring basis \| Level 3
Assets (Liabilities)
Natural gas derivatives	0	0
Total	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

Deferred tax assets and liabilities are the result of temporary differences between the financial statement carrying values and the tax bases of assets and liabilities. The Company’s net deferred tax position as of December 31, 2023 and 2022 is as follows (in thousands).


	December 31,
	2023		2022













Deferred tax assets

Net operating loss carryforwards	$	14,387	$	12,874


Compensation	13,303		14,184
Research and experimental tax credits, net of reserve	12,638		—
Lease liabilities	9,723		12,585

Other	451		1,934
Total deferred tax assets	50,502		41,577
Valuation allowance on deferred tax assets	(12,556)		(11,322)
Total deferred tax assets, net of valuation allowance	37,946		30,255
Deferred tax liabilities
Property and equipment	(534,538)		(378,925)

Less than wholly-owned subsidiaries	(71,735)		(63,388)
Lease right of use assets	(9,723)		(12,585)
Unrealized gain on derivatives	(676)		(995)
Other	(2,713)		(2,713)
Total deferred tax liabilities	(619,385)		(458,606)
Net deferred tax liabilities	$	(581,439)	$	(428,351)

The current income tax provision and the deferred income tax provision for the years ended December 31, 2023, 2022 and 2021 were comprised of the following (in thousands).


	Year Ended December 31,
	2023		2022		2021
Current income tax provision
Federal income tax	$	1,554	$	31,335	$	—
State income tax	12,368		23,542		—
Net current income tax provision	$	13,922	$	54,877	$	—
Deferred income tax provision
Federal income tax	$	145,711	$	302,486	$	44,883
State income tax	26,393		41,994		29,827
Net deferred income tax provision	$	172,104	$	344,480	$	74,710


	Year Ended December 31,
	2023		2022		2021

Federal tax expense at statutory rate(1)	$	230,241	$	353,992	$	150,223

State income tax expense	38,525		59,870		26,646


Permanent differences	3,558		(84)		9,612



Non-controlling interest in subsidiaries	(13,500)		(15,143)		(11,690)
Tax credits generated	(109,368)		—		—
Reserve on uncertain tax positions	35,336		—		—
Change in federal valuation allowance	—		—		(103,262)
Change in state valuation allowance	1,234		722		3,181


Total income tax provision	$	186,026	$	399,357	$	74,710

__________________

(1)The statutory federal tax rate was 21% for the years ended December 31, 2023, 2022 and 2021.

The Company files a United States federal income tax return and several state tax returns, a number of which remain open for examination. The earliest tax year open for examination for the federal, the State of New Mexico and the State of Louisiana tax returns is 2020. The earliest tax year open for examination for the State of Texas tax return is 2019.

As of December 31, 2023, the Company had unrecognized tax benefits (“UTB”) of $35.3 million as a result of research and experimental expenditures related to horizontal drilling and completion innovations, which would reduce the Company’s effective tax rate in future periods if and when realized. There were no UTBs as of December 31, 2022 or 2021. Although the Company does not anticipate a material change in UTBs within the next 12 months, the timing as to when the Company will substantially resolve the uncertainties associated with the UTBs is unknown.

A reconciliation of UTBs for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands).


	Year Ended December 31,
	2023		2022		2021
Balance at beginning of period	$	—	$	—	$	—
Additions for tax positions	35,336		—		—

Balance at end of period(1)	$	35,336	$	—	$	—

__________________

(1)At December 31, 2023, the UTBs related to the U.S. federal and state of Texas jurisdictions were $30.7 million and $4.6 million, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) purchaser	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / bbl	Dec. 31, 2023 USD ($) $ / MMBTU	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) purchaser	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / bbl	Dec. 31, 2022 USD ($) $ / MMBTU	Dec. 31, 2021 USD ($)	Dec. 31, 2021 purchaser	Dec. 31, 2021	Dec. 31, 2021 $ / bbl	Dec. 31, 2021 $ / MMBTU
Property, Plant and Equipment [Line Items]
Billing date	30 days
Outstanding days of account receivable	60 days
Allowance for doubtful accounts	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Number of purchasers \| purchaser			3					3					3
Capitalized general and administrative costs		54,200,000					47,800,000					$ 38,400,000
Capitalized interest expense		20,200,000					10,100,000					4,800,000
Depletion		672,000,000					428,900,000					310,100,000
Previous period used for price calculation	12 months
Present value discounted percent of future net revenues of proved oil and natural gas reserves				10.00%
Average oil and natural gas prices					74.70	2.64				90.15	6.36				63.04	3.60
Stock-based compensation (non-cash) expense		13,661,000					15,123,000					9,039,000
Common stock and restricted stock unit expense		1,200,000					1,000,000					900,000
Minimum
Property, Plant and Equipment [Line Items]
Accounts receivable due period	30 days
Contract term after production	1 month
Maximum
Property, Plant and Equipment [Line Items]
Accounts receivable due period	60 days
Contract term after production	2 months
Plains Marketing, L.P. \| Customer Concentration Risk \| Sales Revenue, Goods, Net
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				42.00%					27.00%					29.00%
Plains Marketing, L.P. \| Customer Concentration Risk \| Accounts Receivable
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				38.00%
BP America Production Company \| Customer Concentration Risk \| Sales Revenue, Goods, Net
Property, Plant and Equipment [Line Items]
Concentration risk, percentage									9.00%					10.00%
BP America Production Company \| Customer Concentration Risk \| Accounts Receivable
Property, Plant and Equipment [Line Items]
Concentration risk, percentage														39.00%
Exxon Mobil Corporate \| Customer Concentration Risk \| Sales Revenue, Goods, Net
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				24.00%					34.00%					33.00%
Exxon Mobil Corporate \| Customer Concentration Risk \| Accounts Receivable
Property, Plant and Equipment [Line Items]
Concentration risk, percentage									29.00%
Enterprise \| Customer Concentration Risk \| Sales Revenue, Goods, Net
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				10.00%
Three Significant Customers \| Customer Concentration Risk \| Sales Revenue, Goods, Net
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				76.00%					70.00%					72.00%
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Capitalized general and administrative costs		2,900,000					2,200,000					1,300,000
Capitalized interest expense		$ 2,100,000					$ 0					$ 0
Useful life using the straight-line	30 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years	5 years	5 years	5 years	5 years	5 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	30 years	30 years	30 years	30 years	30 years	30 years

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	(Accumulated deficit) retained earnings	Parent	Noncontrolling Interest	Treasury Stock, Common
Beginning Balance at Dec. 31, 2020	$ 1,513,025	$ 1,169	$ 2,027,069	$ (741,705)	$ 1,286,530	$ 226,495	$ (3)
Beginning Balance, shares (in shares) at Dec. 31, 2020		116,847,000					2,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(14,581)			(14,581)	(14,581)
Issuance of common stock pursuant to employee stock compensation plan (in shares)		768,000
Issuance of common stock pursuant to employee stock compensation plan		$ 7	(7)
Issuance of Class A common stock to Board member and advisors (in shares)		81,000
Issuance of Class A common stock to Board member and advisors		$ 1	(1)
Stock options expense related to equity based awards	12,113		12,113		12,113
Stock options exercised (in shares)		312,000
Stock options exercised, net of options forfeited in net share settlements	(4,255)	$ 3	(4,258)		(4,255)
Restricted stock forfeited (in shares)							156,000
Restricted stock forfeited	(2,621)				(2,621)		$ (2,621)
Contributions related to formation of San Mateo I (see Note 6)	45,056		45,056		45,056
Distributions to non-controlling interest owners of less-than wholly-owned subsidiaries	(61,985)					(61,985)
Cancellation of treasury stock (in shares)		(146,000)					(146,000)
Cancellation of treasury stock		$ (1)	(2,380)				$ 2,381
Net (loss) income	640,636			584,968	584,968	55,668
Ending Balance, shares (in shares) at Dec. 31, 2021		117,862,000					12,000
Ending Balance at Dec. 31, 2021	2,127,388	$ 1,179	2,077,592	(171,318)	1,907,210	220,178	$ (243)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(35,246)			(35,246)	(35,246)
Issuance of common stock pursuant to employee stock compensation plan (in shares)		1,001,000
Issuance of common stock pursuant to employee stock compensation plan	(11,534)	$ 10	(11,544)		(11,534)
Stock Issued During Period, Shares, Issued for Services (in shares)		25,000
Stock options expense related to equity based awards	20,224		20,224		20,224
Stock options exercised (in shares)		157,000
APIC, Share-based Payment Arrangement, Recognition and Exercise	(4,005)	$ 2	(4,007)		(4,005)
Restricted stock forfeited (in shares)							85,000
Restricted stock forfeited	(2,376)				(2,376)		$ (2,376)
Contributions related to formation of San Mateo I (see Note 6)	22,318		22,318		22,318
Distributions to non-controlling interest owners of less-than wholly-owned subsidiaries	(85,995)					(85,995)
Cancellation of treasury stock (in shares)		(92,000)					(92,000)
Cancellation of treasury stock		$ (1)	(2,584)				$ 2,585
Net (loss) income	$ 1,286,317			1,214,206	1,214,206	72,111
Ending Balance, shares (in shares) at Dec. 31, 2022	118,948,624	118,953,000					5,000
Ending Balance at Dec. 31, 2022	$ 3,317,091	$ 1,190	2,101,999	1,007,642	3,110,797	206,294	$ (34)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(77,175)			(77,175)	(77,175)
Issuance of common stock pursuant to employee stock compensation plan (in shares)		623,000
Issuance of common stock pursuant to employee stock compensation plan	(15,554)	$ 6	(15,560)		(15,554)
Issuance of Class A common stock to Board member and advisors (in shares)		11,000
Stock options expense related to equity based awards	21,580		21,580		21,580
Stock options exercised (in shares)		22,000
APIC, Share-based Payment Arrangement, Recognition and Exercise	49		49		49
Restricted stock forfeited (in shares)							146,000
Restricted stock forfeited	(5,087)				(5,087)		$ (5,087)
Contributions related to formation of San Mateo I (see Note 6)	30,178		30,178		30,178
Contributions from noncontrolling interest	24,500					24,500
Distributions to non-controlling interest owners of less-than wholly-owned subsidiaries	(78,253)					(78,253)
Cancellation of treasury stock (in shares)		(131,000)					(131,000)
Cancellation of treasury stock		$ (2)	(5,074)				$ 5,076
Net (loss) income	$ 910,359			846,074	846,074	64,285
Ending Balance, shares (in shares) at Dec. 31, 2023	119,458,674	119,478,000					20,000
Ending Balance at Dec. 31, 2023	$ 4,127,688	$ 1,194	$ 2,133,172	$ 1,776,541	$ 3,910,862	$ 216,826	$ (45)

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Revenues	$ 2,817,621	$ 3,196,699	$ 1,862,075
Realized loss on derivatives	(9,575)	(157,483)	(220,105)
Unrealized (loss) gain on derivatives	(1,261)	18,809	21,011
Total revenues	2,806,785	3,058,025	1,662,981
Expenses
Production taxes, transportation and processing	264,493	282,193	178,987
Lease operating	243,655	157,105	108,964
Plant and other midstream services operating	128,910	95,522	61,459
Purchased natural gas	129,401	178,937	77,126
Depletion, depreciation and amortization	716,688	466,348	344,905
Accretion of asset retirement obligations	3,943	2,421	2,068
General and administrative	110,373	116,229	96,396
Total expenses	1,597,463	1,298,755	869,905
Operating income	1,209,322	1,759,270	793,076
Other income (expense)
Net loss on asset sales and impairment	(202)	(1,311)	(331)
Interest expense	(121,520)	(67,164)	(74,687)
Other income (expense)	8,785	(5,121)	(2,712)
Total other expense	(112,937)	(73,596)	(77,730)
Income before income taxes	1,096,385	1,685,674	715,346
Income tax provision (benefit)
Current	13,922	54,877	0
Deferred	172,104	344,480	74,710
Total income tax provision	186,026	399,357	74,710
Net income	910,359	1,286,317	640,636
Net income attributable to non-controlling interest in subsidiaries	(64,285)	(72,111)	(55,668)
Net income attributable to Matador Resources Company shareholders	$ 846,074	$ 1,214,206	$ 584,968
Earnings per common share attributable to Matador Resources Company shareholders
Basic (usd per share)	$ 7.10	$ 10.28	$ 5.00
Diluted (usd per share)	$ 7.05	$ 10.11	$ 4.91
Weighted average common shares outstanding
Basic (in shares)	119,139	118,122	116,999
Diluted (in shares)	119,980	120,131	119,163
Oil and natural gas revenues
Revenues
Revenues	$ 2,545,599	$ 2,905,738	$ 1,700,542
Third-party midstream services revenues
Revenues
Revenues	122,153	90,606	75,499
Sales of purchased natural gas
Revenues
Revenues	$ 149,869	$ 200,355	$ 86,034

Leases - Maturities of Office Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2021	$ 36,946
2022	8,939
2022	3,035
2024	296
2025	0
Thereafter	0
Total lease payments	$ 49,216

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash	$ 52,662	$ 505,179
Restricted cash	53,636	42,151
Accounts receivable
Oil and natural gas revenues	274,192	224,860
Joint interest billings	163,660	180,947
Other	35,102	48,011
Derivative instruments	2,112	3,930
Lease and well equipment inventory	41,808	15,184
Prepaid expenses and other current assets	92,700	51,570
Total current assets	715,872	1,071,832
Oil and natural gas properties, full-cost method
Evaluated	9,633,757	6,862,455
Unproved and unevaluated	1,193,257	977,502
Midstream properties	1,318,015	1,057,668
Midstream properties	40,375	32,847
Less accumulated depletion, depreciation and amortization	(5,228,963)	(4,512,275)
Net property and equipment	6,956,441	4,418,197
Other assets
Derivative instruments	558	0
Other long-term assets	54,125	64,476
Total other assets	54,683	64,476
Total assets	7,726,996	5,554,505
Current liabilities
Accounts payable	68,185	58,848
Accrued liabilities	365,848	261,310
Royalties payable	161,983	117,698
Amounts due to affiliates	28,688	32,803
Advances from joint interest owners	19,954	52,357
Other current liabilities	40,617	52,857
Total current liabilities	685,275	575,873
Long-term liabilities
Borrowings under Credit Agreement	500,000	0
Borrowings under San Mateo Credit Facility	522,000	465,000
Senior unsecured notes payable	1,184,627	695,245
Asset retirement obligations	87,485	52,985
Deferred income taxes	581,439	428,351
Other long-term liabilities	38,482	19,960
Total long-term liabilities	2,914,033	1,661,541
Commitments and contingencies (Note 14)
Shareholders' equity
Common stock — $0.01 par value, 160,000,000 shares authorized; 119,478,282 and 118,953,381 shares issued; and 119,458,674 and 118,948,624 shares outstanding, respectively	1,194	1,190
Additional paid-in capital	2,133,172	2,101,999
Retained earnings	1,776,541	1,007,642
Treasury stock, at cost, 19,608 and 4,757 shares, respectively	(45)	(34)
Total shareholders' equity	3,910,862	3,110,797
Non-controlling interest in subsidiaries	216,826	206,294
Total shareholders’ equity	4,127,688	3,317,091
Total liabilities and shareholders’ equity	$ 7,726,996	$ 5,554,505

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

The Company’s asset retirement obligations primarily relate to future costs associated with plugging and abandonment of its oil, natural gas and salt water disposal wells, removal of pipelines, equipment and facilities from leased acreage and returning such land to its original condition. The amounts recognized are based on numerous estimates and assumptions, including future retirement costs, future recoverable quantities of oil and natural gas, future inflation rates and the Company’s credit-adjusted risk-free interest rate. Revisions to the liability can occur due to changes in these estimates and assumptions or if federal or state regulators enact new plugging and abandonment requirements. At the time of the actual plugging and abandonment of its oil and natural gas wells, the Company includes any gain or loss associated with the operation in the amortization base to the extent the actual costs are different from the estimated liability.

The following table summarizes the changes in the Company’s asset retirement obligations for the years ended December 31, 2023 and 2022 (in thousands).


	Year Ended December 31,
	2023		2022
Beginning asset retirement obligations	$	53,741	$	41,959
Liabilities incurred during period	6,944		4,069
Liabilities settled during period	(1,634)		(1,198)
Revisions in estimated cash flows	21,642		10,794
Acquisitions during the period	8,326		—
Divestitures during the period	(872)		(4,304)
Accretion expense	3,943		2,421
Ending asset retirement obligations	92,090		53,741
Less: current asset retirement obligations(1)	(4,605)		(756)
Long-term asset retirement obligations	$	87,485	$	52,985

__________________

(1)Included in “Accrued liabilities” in the Company’s consolidated balance sheets at December 31, 2023 and 2022.

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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 that 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 December 31, 2023 and 2022 (in thousands).


	Fair Value Measurements at December 31, 2023 using
Description
	Level 1		Level 2		Level 3		Total
Assets (Liabilities)

Natural gas derivatives	$	—	$	2,670	$	—	$	2,670

Total	$	—	$	2,670	$	—	$	2,670


	Fair Value Measurements at December 31, 2022 using
Description
	Level 1		Level 2		Level 3		Total
Assets (Liabilities)

Natural gas derivatives	$	—	$	3,930	$	—	$	3,930

Total	$	—	$	3,930	$	—	$	3,930

Additional disclosures related to derivative financial instruments are provided in Note 12.

Other Fair Value Measurements

At December 31, 2023 and 2022, the carrying values reported on the consolidated balance sheets for accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, royalties payable, amounts due to affiliates, advances from joint interest owners and other current liabilities approximated their fair values due to their short-term maturities.

At December 31, 2023 and 2022, the carrying value of borrowings under the Credit Agreement and the San Mateo Credit Facility approximated their fair value as both are subject to short-term floating interest rates that reflect market rates available to the Company at the time and are classified at Level 2 in the fair value hierarchy.

At December 31, 2023 and 2022, the fair value of the 2026 Notes was $694.1 million and $675.7 million, respectively, based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy.

At December 31, 2023, the fair value of the 2028 Notes was $510.9 million based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy.

Certain assets and liabilities are measured at fair value on a nonrecurring basis, including assets and liabilities acquired in a business combination, lease and well equipment inventory when the market value is determined to be lower than the cost of

the inventory and other property and equipment that are reduced to fair value when they are impaired or held for sale. The Company recorded no impairment to its lease and well equipment inventory or other property and equipment in 2023 and 2022.

- 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

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Balance at beginning of period	$ 0	$ 0	$ 0
Additions for tax positions	35,336	0	0
Balance at end of period	35,336	$ 0	$ 0
Unrecognized Tax Benefits, U.S. Federal	30,700
TEXAS
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Balance at end of period	$ 4,600

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-35410
Entity Registrant Name	Matador Resources Company
Entity Incorporation, State or Country Code	TX
Entity Address, Address Line Two	Suite 1500
Entity Tax Identification Number	27-4662601
Entity Address, Address Line One	5400 LBJ Freeway,
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	371-5200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MTDR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5,764,468,069
Entity Common Stock, Shares Outstanding		119,519,883
Entity Central Index Key	0001520006
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Documents Incorporated by Reference	The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated by reference to the registrant’s definitive proxy statement relating to the 2024 Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.

Debt - Debt Redemption (Details)		12 Months Ended
Debt - Debt Redemption (Details)	Apr. 11, 2023	Dec. 31, 2023
Unsecured Debt \| Senior Notes Due 2026 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption Price		101.469%
Unsecured Debt \| Senior Notes Due 2026 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption Price		100.00%
Unsecured Debt \| 2028 Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption Price	106.875%
Senior Notes \| 2028 Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption Price		103.438%
Senior Notes \| 2028 Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption Price		101.719%
Senior Notes \| 2028 Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption Price		100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation - Equity Based (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 13,661	$ 15,123	$ 9,039
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 500	$ 1,000
Restricted Stock Service Based
Summary of non-vested stock options
Non-vested Shares, Beginning Balance (in shares)	658,000
Shares Granted (in shares)	277,000
Shares Vested (in shares)	(290,000)
Shares Forfeited (in shares)	(49,000)
Non-vested Shares, Ending Balance (in shares)	596,000	658,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average fair value, Beginning Balance (usd per share)	$ 24.59
Weighted average fair value, Granted (usd per share)	53.53
Weighted average fair value, Vested (usd per share)	19.90
Weighted average fair value, Forfeited (usd per share)	47.50
Weighted average fair value, Ending Balance (usd per share)	$ 47.31	$ 24.59
Restricted Stock Units Service Based
Summary of non-vested stock options
Non-vested Shares, Beginning Balance (in shares)	16,000
Shares Granted (in shares)	24,000
Shares Vested (in shares)	(16,000)
Shares Forfeited (in shares)	0
Non-vested Shares, Ending Balance (in shares)	24,000	16,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average fair value, Beginning Balance (usd per share)	$ 66.16
Weighted average fair value, Granted (usd per share)	51.50
Weighted average fair value, Vested (usd per share)	66.16
Weighted average fair value, Forfeited (usd per share)	0
Weighted average fair value, Ending Balance (usd per share)	$ 51.50	$ 66.16
Restricted Stock Units Performance Based
Summary of non-vested stock options
Non-vested Shares, Beginning Balance (in shares)	596,000
Shares Granted (in shares)	144,000
Shares Vested (in shares)	(281,000)
Shares Forfeited (in shares)	(103,000)
Non-vested Shares, Ending Balance (in shares)	356,000	596,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average fair value, Beginning Balance (usd per share)	$ 56.31
Weighted average fair value, Granted (usd per share)	87.39
Weighted average fair value, Vested (usd per share)	50.53
Weighted average fair value, Forfeited (usd per share)	54.81
Weighted average fair value, Ending Balance (usd per share)	$ 73.82	$ 56.31
Restricted Stock Units Performance Based \| 2019 Incentive Plan
Summary of non-vested stock options
Non-vested Shares, Ending Balance (in shares)	280,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Percentage of vested units earned for each vested award	178.00%
Restricted Stock Units Performance Based \| 2019 Incentive Plan \| Maximum
Summary of non-vested stock options
Non-vested Shares, Ending Balance (in shares)	499,290

Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Increase in revenue	$ 2,817,621	$ 3,196,699	$ 1,862,075
Realized gain on derivatives	(9,575)	(157,483)	(220,105)
Unrealized gain on derivatives	(1,261)	18,809	21,011
Total revenues	2,806,785	3,058,025	1,662,981
Oil
Disaggregation of Revenue [Line Items]
Increase in revenue	2,144,894	2,113,606	1,205,608
Natural gas revenues
Disaggregation of Revenue [Line Items]
Increase in revenue	400,705	792,132	494,934
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Increase in revenue	122,153	90,606	75,499
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Increase in revenue	$ 149,869	$ 200,355	$ 86,034

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Supplemental Disclosures - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Summary of current accrued liabilities
Total accrued liabilities	$ 365,848	$ 261,310
Other	24,242	25,372
Accrued evaluated and unproved and unevaluated property costs
Summary of current accrued liabilities
Total accrued liabilities	144,443	112,766
Accrued midstream properties costs
Summary of current accrued liabilities
Total accrued liabilities	55,195	11,623
Accrued lease operating expenses
Summary of current accrued liabilities
Total accrued liabilities	62,005	46,975
Accrued interest on debt
Summary of current accrued liabilities
Total accrued liabilities	22,857	10,461
Accrued asset retirement obligations
Summary of current accrued liabilities
Total accrued liabilities	4,605	756
Accrued partners’ share of joint interest charges
Summary of current accrued liabilities
Total accrued liabilities	42,101	42,199
Accrued payable related to purchased natural gas
Summary of current accrued liabilities
Total accrued liabilities	$ 10,400	$ 11,158

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of the Company's property and equipment

The following table presents a summary of the Company’s property and equipment balances as of December 31, 2023 and 2022 (in thousands).


	December 31,
	2023		2022
Oil and natural gas properties
Evaluated (subject to amortization)	$	9,633,757	$	6,862,455
Unproved and unevaluated (not subject to amortization)	1,193,257		977,502
Total oil and natural gas properties	10,827,014		7,839,957
Accumulated depletion	(5,034,243)		(4,362,292)
Net oil and natural gas properties	5,792,771		3,477,665
Midstream properties
Midstream equipment and facilities	1,318,015		1,057,668
Accumulated depreciation	(167,116)		(126,706)
Net midstream properties	1,150,899		930,962
Other property and equipment
Furniture, fixtures and other equipment	17,985		13,257
Software	8,241		8,225
Leasehold improvements	14,149		11,365
Total other property and equipment	40,375		32,847
Accumulated depreciation	(27,604)		(23,277)
Net other property and equipment	12,771		9,570
Net property and equipment	$	6,956,441	$	4,418,197

Breakdown of the Company's unproved and unevaluated property costs not subject to amortization


Description	2023		2022		2021		2020		2019 and prior		Total
Costs incurred for
Property acquisition	$	326,437	$	97,748	$	109,718	$	40,355	$	546,592	$	1,120,850
Exploration wells	21,359		1,298		488		303		722		24,170
Development wells	42,904		2,198		908		542		1,685		48,237

Total	$	390,700	$	101,244	$	111,114	$	41,200	$	548,999	$	1,193,257

Supplemental Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Disclosures [Abstract]

Summary of current accrued liabilities

The following table summarizes the Company’s current accrued liabilities at December 31, 2023 and 2022 (in thousands).


	December 31,
	2023		2022
Accrued evaluated and unproved and unevaluated property costs	$	144,443	$	112,766
Accrued midstream properties costs	55,195		11,623

Accrued lease operating expenses	62,005		46,975
Accrued interest on debt	22,857		10,461
Accrued asset retirement obligations	4,605		756
Accrued partners’ share of joint interest charges	42,101		42,199

Accrued payable related to purchased natural gas	10,400		11,158
Other	24,242		25,372
Total accrued liabilities	$	365,848	$	261,310

Supplemental disclosures of cash flow information

The following table provides supplemental disclosures of cash flow information for the years ended December 31, 2023, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2023		2022		2021
Cash paid for income taxes, net of refunds received(1)	$	4,597	$	63,500	$	—
Cash paid for interest expense, net of amounts capitalized	$	111,742	$	72,561	$	74,843
Increase in asset retirement obligations related to mineral properties	$	33,209	$	9,111	$	1,091
Increase in asset retirement obligations related to midstream properties	$	1,197	$	251	$	257
Increase (decrease) in liabilities for drilling, completion and equipping capital expenditures	$	31,364	$	(13,304)	$	80,255
Increase (decrease) in liabilities for acquisition of oil and natural gas properties	$	709	$	(2,531)	$	2,981
Increase (decrease) in liabilities for midstream capital expenditures	$	43,572	$	3,824	$	(4,478)



Stock-based compensation expense recognized as liability	$	11,380	$	31,906	$	24,494


Transfer of inventory from (to) oil and natural gas properties	$	933	$	148	$	(398)

_____________________


	Year Ended December 31,
	2023		2022		2021
Cash	$	52,662	$	505,179	$	48,135
Restricted cash	53,636		42,151		38,785
Total cash and restricted cash	$	106,298	$	547,330	$	86,920

Property and Equipment - Breakdown of Unproved and Unevaluated Property Costs Not Subject to Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Costs incurred for
Total unproved and unevaluated	$ 1,193,257	$ 977,502
2023
Costs incurred for
Property acquisition	326,437
Exploration wells	21,359
Development wells	42,904
Total unproved and unevaluated	390,700
2022
Costs incurred for
Property acquisition	97,748
Exploration wells	1,298
Development wells	2,198
Total unproved and unevaluated	101,244
2021
Costs incurred for
Property acquisition	109,718
Exploration wells	488
Development wells	908
Total unproved and unevaluated	111,114
2020
Costs incurred for
Property acquisition	40,355
Exploration wells	303
Development wells	542
Total unproved and unevaluated	41,200
2017 and prior
Costs incurred for
Property acquisition	546,592
Exploration wells	722
Development wells	1,685
Total unproved and unevaluated	548,999
Total
Costs incurred for
Property acquisition	1,120,850
Exploration wells	24,170
Development wells	48,237
Total unproved and unevaluated	$ 1,193,257

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt Instrument Redemption


Year						Redemption Price


2023						101.469%
2024 and thereafter						100.000%


Year						Redemption Price
2025						103.438%
2026						101.719%
2027 and thereafter						100.000%

Components of Debt

The components of debt, including the effects of issuance costs and net discounts, as of December 31, 2023 and 2022 are as follows (in thousands).


	December 31,
	2023		2022
Revolving credit agreements:
Credit Agreement due 2026	$	500,000	$	—
San Mateo Credit Facility due 2026	522,000		465,000
Senior unsecured notes:
5.875% senior notes due 2026	699,191		699,191
6.875% senior notes due 2028	500,000		—
Issuance costs and discounts, net	(14,564)		(3,946)
Total senior unsecured notes payable	1,184,627		695,245
Total long-term debt	$	2,206,627	$	1,160,245

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Leases - Narrative (Details)	Dec. 31, 2023
Leases [Abstract]
Incremental borrowing rate, operating leases	5.92%
Incremental borrowing rate, finance leases	4.55%

Business Combinations and Divestitures - Allocation Schedule (Details) - Summit Midstream - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Total cash consideration given	$ 77,828
Cash acquired		$ 2,012
Property, plant & equipment		74,100
Accounts receivable		6,093
Other assets		296
Accrued liabilities		(4,673)
Net assets acquired		$ 77,828

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

In 2012, the Company’s Board adopted and shareholders approved the 2012 Incentive Plan. The 2012 Incentive Plan provided for a maximum of 8,700,000 shares of common stock in the aggregate that could be issued pursuant to options, restricted stock, stock appreciation rights, restricted stock units or other performance award grants.

In 2019, the Board adopted and shareholders approved the 2019 Incentive Plan. In 2022, the Board adopted and shareholders approved the first amendment to the 2019 Long-Term Incentive Plan authorizing an additional 3,725,000 shares of common stock for issuance to employees, directors, contractors or advisors of the Company. As of December 31, 2023, the 2019 Incentive Plan provided for a maximum of 4,488,901 shares of common stock in the aggregate that may be issued pursuant to grants of options, restricted stock, stock appreciation rights, restricted stock units or other performance award grants. The persons eligible to receive awards under the 2019 Incentive Plan include employees, directors, contractors or advisors of the Company. The primary purpose of the 2019 Incentive Plan is to attract and retain key employees, directors, contractors or advisors of the Company. With the adoption of the 2019 Incentive Plan, the Company does not expect to make any future awards under the 2012 Incentive Plan, but the 2012 Incentive Plan will remain in place until all awards outstanding under that plan have been settled.

The 2012 Incentive Plan and 2019 Incentive Plan (collectively, the “LTIPs”) are administered by the independent members of the Board, who, upon recommendation of the Strategic Planning and Compensation Committee of the Board, determine the number of options, restricted shares or other awards to be granted, the effective dates, the terms of the grants and the vesting periods. The Company typically uses newly issued shares of common stock to satisfy option exercises or restricted share grants.

During the years ended December 31, 2023, 2022 and 2021, the Company granted both equity-based and liability-based awards under the 2019 Incentive Plan. The fair value of equity-based awards is fixed at the grant date, while the fair value of liability-based awards is remeasured at each reporting period.

In 2022, the Board adopted and shareholders approved an Employee Stock Purchase Plan (the “ESPP”), which authorizes a maximum of 4.0 million shares of common stock to be purchased. The purpose of the ESPP is to encourage and enable the Company’s eligible employees to acquire an interest in the Company through the ownership of common stock. At December 31, 2023, the Company had 3,934,015 remaining shares available for issuance under the ESPP.

Service-Based Restricted Stock, Restricted Stock Units and Common Stock

The Company has granted stock, restricted stock and restricted stock unit awards to employees, consultants, outside directors and advisors of the Company under the LTIPs. The stock and restricted stock are issued upon grant, with the restrictions, if any, being removed upon vesting. The equity-based restricted stock units are issued upon vesting, unless the recipient makes an election to defer issuance for a set term after vesting. Liability-based restricted stock units are settled in cash upon vesting. Restricted stock and restricted stock units granted in 2023, 2022 and 2021 were service-based awards, which will settle in cash or equity, and vest over a one-year to three-year period. Performance-based restricted stock units granted in 2023 and 2022 vest in an amount between zero and 200% of the target units granted based on the Company’s relative total shareholder return over the three-year periods ending December 31, 2025 and 2024, respectively, as compared to a designated peer group, and will be settled in equity.

Equity-Based

A summary of the non-vested equity-based restricted stock and restricted stock units as of December 31, 2023 is presented below (in thousands, except fair value).


	Restricted Stock			Restricted Stock Units

	Service Based				Service Based			Performance Based
Non-vested restricted stock and restricted stock units	Shares	Weighted average fair value			Shares	Weighted average fair value		Shares	Weighted average fair value
Non-vested at December 31, 2022	658	$	24.59		16	$	66.16	596	$	56.31
Granted	277	$	53.53		24	$	51.50	144	$	87.39
Vested(1)	(290)	$	19.90		(16)	$	66.16	(281)	$	50.53
Forfeited	(49)	$	47.50		—	$	—	(103)	$	54.81
Non-vested at December 31, 2023	596	$	47.31		24	$	51.50	356	$	73.82

__________________

Liability-Based

A summary of the non-vested liability-based restricted stock units as of December 31, 2023 is presented below (in thousands).



Non-vested restricted stock units																														Shares
Non-vested at December 31, 2022																														722
Granted																														229
Vested																														(379)
Forfeited																														(107)
Non-vested at December 31, 2023																														465

During the years ended December 31, 2023, 2022 and 2021, the Company settled 378,852, 587,251 and 487,252 liability-based awards, respectively, for $20.5 million, $30.8 million and $12.4 million in cash, respectively.

At December 31, 2023, the aggregate intrinsic value for the restricted stock and restricted stock units outstanding was $82.8 million, of which $26.7 million is expected to be settled in cash as calculated based on the maximum number of shares of restricted stock units vesting, based on the closing price of Matador’s common stock on the appropriate date under the LTIPs.

At December 31, 2023, the total remaining unrecognized compensation expense related to unvested restricted stock and restricted stock units was approximately $49.2 million, of which $17.6 million is expected to be settled in cash, based on the closing price of Matador’s common stock on the appropriate date under the LTIPs. The weighted average remaining requisite service period (vesting period) of all non-vested restricted stock and restricted stock units was 1.7 years.

The fair value of restricted stock and restricted stock units vested during 2023, 2022 and 2021 was $64.8 million, $99.6 million and $51.9 million, respectively.

Summary

During the years ended December 31, 2023, 2022 and 2021, the total expense attributable to restricted stock and restricted stock units was $33.0 million, $51.6 million and $36.3 million, respectively. During the year ended December 31, 2023, the Company did not recognize expense attributable to stock options. During the years ended December 31, 2022 and 2021, the total expense attributable to stock options was $0.5 million and $1.0 million, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company capitalized $7.4 million, $5.0 million and $7.2 million, respectively, related to stock-based compensation and expensed the remaining $25.6 million, $47.1 million and $30.0 million, respectively.

The total tax benefit recognized for all stock-based compensation was $7.0 million, $11.0 million and $7.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease, Cost

The following table presents supplemental consolidated statement of income information related to lease expenses, on a gross basis, for the years ended December 31, 2023 and 2022, respectively (in thousands). Lease payments represent gross payments to vendors, which, for certain of the Company’s operating assets, are partially offset by amounts received from other working interest owners in the Company’s operated wells.


	Year Ended December 31,
	2023		2022
Operating leases
Lease operating	$	25,637	$	15,970
Plant and other midstream services	360		285
General and administrative	2,933		3,266
Total operating leases(1)	28,930		19,521
Short-term leases
Lease operating	27,252		17,437
Plant and other midstream services	5,590		4,359
General and administrative	63		34
Total short-term leases(2)(3)	32,905		21,830
Financing leases
Depreciation of assets	2,765		571
Interest on lease liabilities	410		143
Total financing leases	3,175		714
Total lease expense	$	65,010	$	42,065

_____________________

(1) Does not include gross payments related to drilling rig leases of $84.1 million and $58.7 million for the years ended December 31, 2023 and 2022, respectively, that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the consolidated balance sheets at December 31, 2023 and 2022, respectively.

(2) These costs are related to leases that are not recorded as right of use assets or lease liabilities in the consolidated balance sheets as they are short-term leases.

(3) Does not include gross payments related to short-term drilling rig leases and other equipment rentals of $159.7 million and $101.5 million for the years ended December 31, 2023 and 2022, respectively, that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the consolidated balance sheets at December 31, 2023 and 2022, respectively.

The following table presents supplemental consolidated cash flow information related to lease payments for the years ended December 31, 2023 and 2022, respectively (in thousands).


	Year Ended December 31,
	2023		2022
Cash paid related to lease liabilities
Operating cash payments for operating leases	$	28,766	$	19,290
Investing cash payments for operating leases	$	84,065	$	58,693
Financing cash payments for financing leases	$	1,082	$	620

Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	$	87,042	$	80,254
Financing leases	$	3,891	$	1,511

Assets And Liabilities, Lessee

The following table presents supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022, respectively (in thousands).


	December 31,
	2023		2022
Operating leases
Other long-term assets	$	44,404	$	58,798
Other current liabilities	$	(36,946)	$	(43,921)
Other long-term liabilities	(10,800)		(19,532)
Total operating lease liabilities	$	(47,746)	$	(63,453)

Financing leases
Other property and equipment, at cost	$	11,316	$	7,425
Accumulated depreciation	(7,236)		(4,470)
Net property and equipment	$	4,080	$	2,955
Other current liabilities	$	(1,254)	$	(685)
Other long-term liabilities	(869)		(630)
Total financing lease liabilities	$	(2,123)	$	(1,315)

Lessee, Lease Terms

The following table presents the maturities of lease liabilities at December 31, 2023 (in years).


Weighted-Average Remaining Lease Term						December 31, 2023
Operating leases						1.4
Financing leases						1.6

Finance Lease, Liability, Maturity

The following table presents a schedule of future minimum lease payments required under all lease agreements as of December 31, 2023 (in thousands).


	December 31, 2023
	Operating Leases		Financing Leases


2024	$	36,946	$	1,254
2025	8,939		842
2026	3,035		153
2027	296		—
2028	—		—
Thereafter	—		—
Total lease payments	49,216		2,249
Less imputed interest	(1,470)		(126)
Total lease obligations	47,746		2,123
Less current obligations	(36,946)		(1,254)
Long-term lease obligations	$	10,800	$	869

Lessee, Operating Lease, Liability, Maturity

The following table presents a schedule of future minimum lease payments required under all lease agreements as of December 31, 2023 (in thousands).


	December 31, 2023
	Operating Leases		Financing Leases


2024	$	36,946	$	1,254
2025	8,939		842
2026	3,035		153
2027	296		—
2028	—		—
Thereafter	—		—
Total lease payments	49,216		2,249
Less imputed interest	(1,470)		(126)
Total lease obligations	47,746		2,123
Less current obligations	(36,946)		(1,254)
Long-term lease obligations	$	10,800	$	869

Business Combinations and Divestitures - Narrative (Details) $ in Thousands				3 Months Ended				9 Months Ended	12 Months Ended
	Oct. 01, 2023 USD ($)	Apr. 12, 2023 USD ($) $ / bbl	Jun. 30, 2022 USD ($) compressor_station mi	Dec. 31, 2023 USD ($) compressor_station	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) compressor_station	Dec. 31, 2023 USD ($) compressor_station	Dec. 31, 2023 compressor_station $ / bbl	Dec. 31, 2023 compressor_station $ / MMBTU	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / bbl	Dec. 31, 2022 USD ($) $ / MMBTU	Dec. 31, 2021 USD ($)	Dec. 31, 2021 $ / bbl	Dec. 31, 2021 $ / MMBTU
Business Acquisition [Line Items]
Oil and Gas, average sale price										74.70	2.64		90.15	6.36		63.04	3.60
Increase in revenue									$ 2,817,621			$ 3,196,699			$ 1,862,075
Increase in net income									$ 846,074			1,214,206			584,968
Compressor stations \| compressor_station				11				11	11	11	11
Proceeds from divestiture of businesses									$ 700			46,500
Oil and natural gas revenues
Business Acquisition [Line Items]
Increase in revenue									2,545,599			2,905,738			1,700,542
Summit Midstream
Business Acquisition [Line Items]
Cash acquired												2,012	$ 2,012	$ 2,012
Compressor stations \| compressor_station			3
Oil and gas pipeline \| mi			45
Total cash consideration given			$ 77,828
Advance Acquisition
Business Acquisition [Line Items]
Fair value of contingent consideration		$ 21,151
Percentage acquired	100.00%
Total cash consideration given		1,693,122
Advance Acquisition \| Oil and natural gas revenues
Business Acquisition [Line Items]
Increase in revenue								$ 398,900
Increase in net income								$ 166,900
Advance
Business Acquisition [Line Items]
Payments to acquire business, net		1,600,000							1,676,132			$ 0			$ 0
Cash acquired		$ 7,500
Oil and Gas, average sale price \| $ / bbl		85
Pay for contingent consideration				$ 15,000	$ 0	$ 0	$ 0
Fair value of contingent consideration		$ 21,200
Increase (decrease) for contract acquired in business combination									$ 6,200
Advance ORRI Acquisition
Business Acquisition [Line Items]
Payments to acquire business, net	$ 81,000

Supplemental Disclosures - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosures [Abstract]
Cash	$ 52,662	$ 505,179	$ 48,135
Restricted cash	53,636	42,151	38,785
Total cash and restricted cash	$ 106,298	$ 547,330	$ 86,920	$ 91,383

Business Combinations and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATIONS AND DIVESTITURES

Business Combinations

Advance Acquisition

On April 12, 2023, a wholly-owned subsidiary of the Company completed the acquisition of Advance Energy Partners Holdings, LLC (“Advance”) from affiliates of EnCap Investments L.P., including certain oil and natural gas producing properties, undeveloped acreage and midstream assets located primarily in Lea County, New Mexico and Ward County, Texas (the “Initial Advance Acquisition”). The Initial Advance Acquisition had an effective date of January 1, 2023 and an aggregate purchase price consisting of (i) an amount in cash equal to approximately $1.60 billion (which amount was subject to certain customary post-closing adjustments) (the “Cash Consideration”) and (ii) potential additional cash consideration of $7.5 million for each month of 2023 in which the average oil price (as defined in the securities purchase agreement) exceeded $85 per barrel (all such payments for the 12 months in 2023, the “Contingent Consideration”). The Cash Consideration was paid upon the closing of the Initial Advance Acquisition and was funded by a combination of cash on hand and borrowings under the Credit Agreement. The Company made no payments related to the Contingent Consideration during the first, second, or third quarters of 2023. In the fourth quarter of 2023, the Company paid Contingent Consideration of $15.0 million, as the average oil price for the months of September and October 2023 exceeded $85 per barrel.

The Company recorded the Contingent Consideration at fair value on the date of the business combination and recorded the change in the fair value in future periods as “Other income (expense)” in its consolidated statements of income. The fair value of the Contingent Consideration was $21.2 million at April 12, 2023. The change in fair value of the Contingent Consideration included in “Other income (expense)” during the year ended December 31, 2023 was income of $6.2 million. The Company used the Monte Carlo simulation method to measure the fair value of the Contingent Consideration, which has unobservable inputs and is thus classified at Level 3 in the fair value hierarchy (see Note 13 for discussion of the fair value hierarchy).

On December 1, 2023, the Company acquired additional interests from affiliates of EnCap Investments L.P., including overriding royalty interests and royalty interests in certain oil and natural gas properties located primarily in Lea County, New Mexico, most of which were included in the Initial Advance Acquisition (the “Advance Royalty Acquisition”). The Advance Royalty Acquisition had an effective date of October 1, 2023 and an aggregate purchase price of approximately $81.0 million (which amount is subject to certain customary post-closing adjustments), and was funded by cash on hand.

The Initial Advance Acquisition and Advance Royalty Acquisition (collectively, the “Advance Acquisition”) were accounted for under the acquisition method of accounting as a business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations (“ASC Topic 805”). Under ASC Topic 805, the purchase price is allocated to the underlying tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values as of the respective acquisition dates, with any excess purchase price allocated to goodwill. The Advance Acquisition was treated as an asset acquisition for tax purposes, as the Company acquired 100% of the membership interests of Advance in the Initial Advance Acquisition, and acquired additional overriding royalty interests and royalty interests in the Advance Royalty Acquisition.

The preliminary allocation of the total purchase price for the Advance Acquisition is set forth below (in thousands). The Company anticipates that the allocation of the purchase price should be finalized during the second quarter of 2024 upon determination of the final purchase price adjustments.


Consideration given			Allocation
Cash			$1,676,132
Working capital adjustments			(4,161)
Fair value of Contingent Consideration at April 12, 2023			21,151
Total consideration given			$1,693,122
Allocation of purchase price
Current assets			$79,215
Oil and natural gas properties
Evaluated			1,418,668
Unproved and unevaluated			213,528
Midstream assets			63,644
Current liabilities			(73,607)
Asset retirement obligations			(8,326)
Net assets acquired			$1,693,122

The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair value of oil and gas properties and asset retirement obligations were measured using the discounted cash flow technique of valuation.

Significant inputs to the valuation of oil and gas properties include estimates of: (i) future production volumes, (ii) expected operating and development costs, (iii) future commodity prices, (iv) recent market comparable transactions for unproved acreage and (v) a market-based weighted average cost of capital rate. These inputs require significant judgments and estimates and are the most sensitive and subject to change.

The results of operations for the Advance Acquisition since the respective closing dates have been included in the Company’s consolidated financial statements for the year ended December 31, 2023. The oil and natural gas production from the Advance Acquisition increased the Company’s revenues and net income for the period from April 12, 2023 through December 31, 2023 by $398.9 million and $166.9 million, respectively.

Pro Forma Information

The following unaudited pro forma financial information represents a summary of the condensed consolidated results of operations for the year ended December 31, 2023 and 2022, assuming the Advance Acquisition had been completed as of January 1, 2022. The pro forma financial information is provided for illustrative purposes only and does not purport to represent what the actual consolidated results of operations or the consolidated financial position of the Company would have been had the Advance Acquisition occurred on the dates noted above, nor is it necessarily indicative of the future results of operations or consolidated financial position of the Company. Future results may vary significantly from the results reflected because of various factors.

The information below reflects certain nonrecurring pro forma adjustments that were directly related to the business combination based on currently available information and certain estimates and assumptions that the Company believes provide a reasonable basis for presenting the significant effects of the Advance Acquisition, including (i) the increase in depletion reflecting the relative fair values and production volumes attributable to the acquired properties and the revision to the depletion rate reflecting the reserve volumes acquired, (ii) adjustments to interest expense as a result of the incremental borrowings necessary to finance the Advance Acquisition and (iii) the estimated tax impacts of the pro-forma adjustments. The pro forma financial information does not reflect the benefits of projected synergies, potential cost savings or the costs that may be necessary to achieve such savings, opportunities to increase revenue generation or other factors that may result from the Advance Acquisition and, accordingly, does not attempt to predict or suggest future results. Management cannot identify the timing, nature and amount of such savings, costs or other factors, any of which could affect the future consolidated results of operations or consolidated financial position of the Company.


	Year Ended December 31,
		2023		2022
		Unaudited
		(In thousands, except per share data)
Total revenue		$	2,969,831	$	3,818,976
Net income attributable to Matador Resources Company shareholders		$	937,031	$	1,496,346

Earnings per share:
Basic		$	7.87	$	12.67
Diluted		$	7.81	$	12.46

Pronto Acquisition

On June 30, 2022, the Company acquired the Marlan Processing Plant, three compressor stations and approximately 45 miles of natural gas gathering pipelines in Lea and Eddy Counties, New Mexico as part of the acquisition (the “Pronto Acquisition”) of a wholly-owned subsidiary of Summit Midstream Partners, LP that was subsequently renamed Pronto. This acquisition was also accounted for as a business combination in accordance with ASC Topic 805. In addition, the Company assumed certain takeaway capacity on a Federal Energy Regulatory Commission regulated natural gas pipeline. As consideration for the business combination, the Company paid approximately $77.8 million in cash, subject to certain customary post-closing purchase price adjustments. The pro forma impact of this business combination to revenues and net income for 2022 would not be material to the Company’s 2022 revenues and net income as reported.

The allocation of the consideration given related to this business combination was as follows (in thousands), which the Company considered to be final as of December 31, 2022.


Consideration given	Allocation
Total cash consideration given	$	77,828


Allocation of purchase price
Cash acquired	$	2,012
Property, plant & equipment	74,100
Accounts receivable	6,093
Other assets	296

Accrued liabilities	(4,673)
Net assets acquired	$	77,828

Divestitures

During 2023 and 2022, the Company converted approximately $0.7 million and $46.5 million, respectively, of non-core assets to cash. These properties were primarily located in South Texas and Northwest Louisiana.

Derivative Financial Instruments - Open Basis Differential Swap Contracts (Details) $ in Thousands	Dec. 31, 2023 USD ($) bbl $ / bbl
Derivative [Line Items]
Fair Value of Asset (Liability)	$ 2,670
Oil Basis Swap \| 01/01/2024 - 12/31/2025
Derivative [Line Items]
Notional Quantity (MMBtu) \| bbl	21,930,000
Fixed price (usd per Bbl) \| $ / bbl	(0.59)
Fair Value of Asset (Liability)	$ 2,670

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Between January 1, 2024 and February 20, 2024, a wholly-owned subsidiary of the Company acquired oil and natural gas producing properties and undeveloped acreage located in Lea and Eddy Counties, New Mexico. The consideration for the acquisitions consisted of an amount in cash equal to approximately $155.1 million (which amount is subject to certain customary post-closing adjustments) and the assumption of certain well costs. The Company is evaluating the accounting treatment of these transactions.

Business Combinations and Divestitures - Pro Forma Information (Details) - Advance Acquisition - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenue	$ 2,969,831	$ 3,818,976
Net income attributable to Matador Resources Company shareholders	$ 937,031	$ 1,496,346
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 7.87	$ 12.67
Diluted (in dollars per share)	$ 7.81	$ 12.46

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of contracts for oil and natural gas

The following is a summary of the Company’s open basis differential swap contracts at December 31, 2023.


		Notional Quantity (MMBtu)	Fixed Price ($/MMBtu)		Fair Value of Asset (Liability) (thousands)

Commodity	Calculation Period

Natural Gas Basis Differential	01/01/2024 - 12/31/2025	21,930,000	$	(0.59)	2,670

Total open basis differential swap contracts					$	2,670

Summary of offsetting assets

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 consolidated balance sheets as of December 31, 2023 and December 31, 2022 (in thousands).


Derivative Instruments	Gross amounts recognized		Gross amounts netted in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets
December 31, 2023
Current assets	$	2,573	$	(461)	$	2,112
Other assets	1,743		(1,185)		558


Total	$	4,316	$	(1,646)	$	2,670
December 31, 2022
Current assets	$	3,930	$	—	$	3,930



Total	$	3,930	$	—	$	3,930

Summary of offsetting liabilities


Derivative Instruments	Gross amounts recognized		Gross amounts netted in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets
December 31, 2023
Current assets	$	2,573	$	(461)	$	2,112
Other assets	1,743		(1,185)		558


Total	$	4,316	$	(1,646)	$	2,670
December 31, 2022
Current assets	$	3,930	$	—	$	3,930



Total	$	3,930	$	—	$	3,930

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

The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the consolidated statements of income for the periods presented (in thousands).


		Year Ended December 31,
Type of Instrument	Location in Statements of Income	2023		2022		2021
Derivative Instrument
Oil	Revenues: Realized loss on derivatives	$	—	$	(75,806)	$	(194,058)
Natural Gas	Revenues: Realized loss on derivatives	(9,575)		(81,677)		(26,047)

Realized loss on derivatives		(9,575)		(157,483)		(220,105)
Oil	Revenues: Unrealized gain on derivatives	—		14,727		26,857
Natural Gas	Revenues: Unrealized (loss) gain on derivatives	(1,261)		4,082		(5,846)

Unrealized (loss) gain on derivatives		(1,261)		18,809		21,011
Total		$	(10,836)	$	(138,674)	$	(199,094)

Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Oil and natural gas properties
Evaluated (subject to amortization)	$ 9,633,757	$ 6,862,455
Total unproved and unevaluated	1,193,257	977,502
Total oil and natural gas properties	10,827,014	7,839,957
Accumulated depletion	(5,034,243)	(4,362,292)
Net oil and natural gas properties	5,792,771	3,477,665
Midstream Properties [Abstract]
Midstream properties	1,318,015	1,057,668
Accumulated depreciation	5,228,963	4,512,275
Other property and equipment
Other property and equipment	40,375	32,847
Accumulated depreciation	(27,604)	(23,277)
Net other property and equipment	12,771	9,570
Net property and equipment	6,956,441	4,418,197
Midstream equipment and facilities
Midstream Properties [Abstract]
Midstream properties	1,318,015	1,057,668
Accumulated depreciation	167,116	126,706
Net midstream properties	1,150,899	930,962
Furniture, fixtures and other equipment
Other property and equipment
Other property and equipment	17,985	13,257
Software
Other property and equipment
Other property and equipment	8,241	8,225
Leasehold improvements
Other property and equipment
Other property and equipment	$ 14,149	$ 11,365

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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 December 31, 2023 using
Description
	Level 1		Level 2		Level 3		Total
Assets (Liabilities)

Natural gas derivatives	$	—	$	2,670	$	—	$	2,670

Total	$	—	$	2,670	$	—	$	2,670


	Fair Value Measurements at December 31, 2022 using
Description
	Level 1		Level 2		Level 3		Total
Assets (Liabilities)

Natural gas derivatives	$	—	$	3,930	$	—	$	3,930

Total	$	—	$	3,930	$	—	$	3,930

Derivative Financial Instruments - Location and Aggregate Gain (Loss) of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized loss on derivatives	$ (9,575)	$ (157,483)	$ (220,105)
Unrealized (loss) gain on derivatives	(1,261)	18,809	21,011
Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized loss on derivatives	(9,575)	(157,483)	(220,105)
Unrealized (loss) gain on derivatives	(1,261)	18,809	21,011
Total	(10,836)	(138,674)	(199,094)
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	0	(75,806)	(194,058)
Unrealized (loss) gain on derivatives	0	14,727	26,857
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	(9,575)	(81,677)	(26,047)
Unrealized (loss) gain on derivatives	$ (1,261)	$ 4,082	$ (5,846)

- Definition

+ References + Details

Income Taxes - Current and Deferred Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax provision
Federal income tax	$ 1,554	$ 31,335	$ 0
State income tax	12,368	23,542	0
Net current income tax provision	13,922	54,877	0
Deferred income tax provision
Federal income tax	145,711	302,486	44,883
State income tax	26,393	41,994	29,827
Net deferred income tax provision	172,104	344,480	74,710
Deferred income tax provision (benefit)
Federal tax (benefit) expense at statutory rate	230,241	353,992	150,223
State income tax expense	38,525	59,870	26,646
Permanent differences	3,558	(84)	9,612
Non-controlling interest in subsidiaries	(13,500)	(15,143)	(11,690)
Tax credits generated	(109,368)	0	0
Reserve on uncertain tax positions	35,336	0	0
Change in federal valuation allowance	0	0	(103,262)
Change in state valuation allowance	1,234	722	3,181
Total income tax provision	$ 186,026	$ 399,357	$ 74,710

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

The Company determines if an arrangement is a lease at inception of the contract. If an arrangement is a lease, the present value of the related lease payments is recorded as a liability, and an equal amount is capitalized as a right of use asset on the Company’s consolidated balance sheets. The Company elected to include payments for non-lease components associated with certain leases when determining the present value of the lease payments. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s estimated incremental borrowing rate, determined at the lease commencement date using the Company’s average secured borrowing rate, is used to calculate present value. The weighted average estimated incremental borrowing rates used for the year ended December 31, 2023 were 5.92% and 4.55% for operating leases and financing leases, respectively. For these purposes, the lease term includes options to extend the lease when it is reasonably certain that the Company will exercise such option. Leases with terms of 12 months or less at inception are not recorded on the consolidated balance sheets unless there is a significant cost to terminate the lease, including the cost of removal of the leased asset. As the Company is the responsible party under these arrangements, the Company records the resulting assets and liabilities on a gross basis in its consolidated balance sheets.


	Year Ended December 31,
	2023		2022
Operating leases
Lease operating	$	25,637	$	15,970
Plant and other midstream services	360		285
General and administrative	2,933		3,266
Total operating leases(1)	28,930		19,521
Short-term leases
Lease operating	27,252		17,437
Plant and other midstream services	5,590		4,359
General and administrative	63		34
Total short-term leases(2)(3)	32,905		21,830
Financing leases
Depreciation of assets	2,765		571
Interest on lease liabilities	410		143
Total financing leases	3,175		714
Total lease expense	$	65,010	$	42,065

_____________________

(2) These costs are related to leases that are not recorded as right of use assets or lease liabilities in the consolidated balance sheets as they are short-term leases.

The following table presents supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022, respectively (in thousands).


	December 31,
	2023		2022
Operating leases
Other long-term assets	$	44,404	$	58,798
Other current liabilities	$	(36,946)	$	(43,921)
Other long-term liabilities	(10,800)		(19,532)
Total operating lease liabilities	$	(47,746)	$	(63,453)

Financing leases
Other property and equipment, at cost	$	11,316	$	7,425
Accumulated depreciation	(7,236)		(4,470)
Net property and equipment	$	4,080	$	2,955
Other current liabilities	$	(1,254)	$	(685)
Other long-term liabilities	(869)		(630)
Total financing lease liabilities	$	(2,123)	$	(1,315)

The following table presents supplemental consolidated cash flow information related to lease payments for the years ended December 31, 2023 and 2022, respectively (in thousands).


	Year Ended December 31,
	2023		2022
Cash paid related to lease liabilities
Operating cash payments for operating leases	$	28,766	$	19,290
Investing cash payments for operating leases	$	84,065	$	58,693
Financing cash payments for financing leases	$	1,082	$	620

Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	$	87,042	$	80,254
Financing leases	$	3,891	$	1,511

The following table presents the maturities of lease liabilities at December 31, 2023 (in years).


Weighted-Average Remaining Lease Term						December 31, 2023
Operating leases						1.4
Financing leases						1.6

The following table presents a schedule of future minimum lease payments required under all lease agreements as of December 31, 2023 (in thousands).


	December 31, 2023
	Operating Leases		Financing Leases


2024	$	36,946	$	1,254
2025	8,939		842
2026	3,035		153
2027	296		—
2028	—		—
Thereafter	—		—
Total lease payments	49,216		2,249
Less imputed interest	(1,470)		(126)
Total lease obligations	47,746		2,123
Less current obligations	(36,946)		(1,254)
Long-term lease obligations	$	10,800	$	869

Leases

LEASES


	Year Ended December 31,
	2023		2022
Operating leases
Lease operating	$	25,637	$	15,970
Plant and other midstream services	360		285
General and administrative	2,933		3,266
Total operating leases(1)	28,930		19,521
Short-term leases
Lease operating	27,252		17,437
Plant and other midstream services	5,590		4,359
General and administrative	63		34
Total short-term leases(2)(3)	32,905		21,830
Financing leases
Depreciation of assets	2,765		571
Interest on lease liabilities	410		143
Total financing leases	3,175		714
Total lease expense	$	65,010	$	42,065

_____________________

(2) These costs are related to leases that are not recorded as right of use assets or lease liabilities in the consolidated balance sheets as they are short-term leases.

The following table presents supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022, respectively (in thousands).


	December 31,
	2023		2022
Operating leases
Other long-term assets	$	44,404	$	58,798
Other current liabilities	$	(36,946)	$	(43,921)
Other long-term liabilities	(10,800)		(19,532)
Total operating lease liabilities	$	(47,746)	$	(63,453)

Financing leases
Other property and equipment, at cost	$	11,316	$	7,425
Accumulated depreciation	(7,236)		(4,470)
Net property and equipment	$	4,080	$	2,955
Other current liabilities	$	(1,254)	$	(685)
Other long-term liabilities	(869)		(630)
Total financing lease liabilities	$	(2,123)	$	(1,315)

The following table presents supplemental consolidated cash flow information related to lease payments for the years ended December 31, 2023 and 2022, respectively (in thousands).


	Year Ended December 31,
	2023		2022
Cash paid related to lease liabilities
Operating cash payments for operating leases	$	28,766	$	19,290
Investing cash payments for operating leases	$	84,065	$	58,693
Financing cash payments for financing leases	$	1,082	$	620

Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	$	87,042	$	80,254
Financing leases	$	3,891	$	1,511

The following table presents the maturities of lease liabilities at December 31, 2023 (in years).


Weighted-Average Remaining Lease Term						December 31, 2023
Operating leases						1.4
Financing leases						1.6

The following table presents a schedule of future minimum lease payments required under all lease agreements as of December 31, 2023 (in thousands).


	December 31, 2023
	Operating Leases		Financing Leases


2024	$	36,946	$	1,254
2025	8,939		842
2026	3,035		153
2027	296		—
2028	—		—
Thereafter	—		—
Total lease payments	49,216		2,249
Less imputed interest	(1,470)		(126)
Total lease obligations	47,746		2,123
Less current obligations	(36,946)		(1,254)
Long-term lease obligations	$	10,800	$	869

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, the Company uses derivative financial instruments to mitigate its exposure to commodity price risk associated with oil, natural gas and NGL prices. The Company records derivative financial instruments on its consolidated balance sheets as either assets or liabilities measured at fair value. The Company has elected not to apply hedge accounting for its existing derivative financial instruments. As a result, the Company recognizes the change in derivative fair value between reporting periods currently in its consolidated statements of income as an unrealized gain or loss. The fair value of the Company’s derivative financial instruments is determined using 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. The Company has evaluated and considered the credit standings of its counterparties in determining the fair value of its derivative financial instruments.

At December 31, 2023, the Company had natural gas basis differential swap contracts open and in place to mitigate its exposure to natural gas price volatility, with a specific term (calculation period), notional quantity (volume hedged) and fixed price. The Company had no open contracts associated with oil or NGL prices at December 31, 2023.

The following is a summary of the Company’s open basis differential swap contracts at December 31, 2023.


		Notional Quantity (MMBtu)	Fixed Price ($/MMBtu)		Fair Value of Asset (Liability) (thousands)

Commodity	Calculation Period

Natural Gas Basis Differential	01/01/2024 - 12/31/2025	21,930,000	$	(0.59)	2,670

Total open basis differential swap contracts					$	2,670

The Company’s derivative financial instruments are subject to master netting arrangements, and the Company’s counterparties 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 consolidated balance sheets.


Derivative Instruments	Gross amounts recognized		Gross amounts netted in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets
December 31, 2023
Current assets	$	2,573	$	(461)	$	2,112
Other assets	1,743		(1,185)		558


Total	$	4,316	$	(1,646)	$	2,670
December 31, 2022
Current assets	$	3,930	$	—	$	3,930



Total	$	3,930	$	—	$	3,930


		Year Ended December 31,
Type of Instrument	Location in Statements of Income	2023		2022		2021
Derivative Instrument
Oil	Revenues: Realized loss on derivatives	$	—	$	(75,806)	$	(194,058)
Natural Gas	Revenues: Realized loss on derivatives	(9,575)		(81,677)		(26,047)

Realized loss on derivatives		(9,575)		(157,483)		(220,105)
Oil	Revenues: Unrealized gain on derivatives	—		14,727		26,857
Natural Gas	Revenues: Unrealized (loss) gain on derivatives	(1,261)		4,082		(5,846)

Unrealized (loss) gain on derivatives		(1,261)		18,809		21,011
Total		$	(10,836)	$	(138,674)	$	(199,094)

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Processing, Transportation and Produced Water Disposal Commitments Firm Commitments From time to time, the Company enters into agreements with third parties whereby the Company commits to deliver anticipated natural gas and oil production and produced water from certain portions of its acreage for gathering, transportation, processing, fractionation, sales and disposal. The Company paid approximately $51.5 million and $48.3 million for deliveries under these agreements during the years ended December 31, 2023 and 2022, respectively. Certain of these agreements contain minimum volume commitments. If the Company does not meet the minimum volume commitments under these agreements, it will be required to pay certain deficiency fees. If the Company ceased operations in the areas subject to these agreements at December 31, 2023, the total deficiencies required to be paid by the Company under these agreements would be approximately $546.0 million. San Mateo Commitments The Company dedicated to San Mateo its current and certain future leasehold interests in the Rustler Breaks asset area and the Wolf portion of the West Texas asset area and acreage in the Greater Stebbins Area and the Stateline asset area pursuant to 15-year, fixed-fee oil transportation, oil, natural gas and produced water gathering and produced water disposal agreements. In addition, the Company dedicated to San Mateo its current and certain future leasehold interests in the Rustler Breaks asset area and acreage in the Greater Stebbins Area and Stateline asset area pursuant to 15-year, fixed-fee natural gas processing agreements (collectively with the transportation, gathering and produced 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 remaining minimum contractual obligation under the Operational Agreements at December 31, 2023 was approximately $218.2 million. 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 $22.2 million at December 31, 2023. At December 31, 2023, 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 undiscounted minimum outstanding aggregate commitments for its participation in these non-operated wells were approximately $27.9 million at December 31, 2023. The Company expects these costs to be incurred within the next year. At December 31, 2023, the Company had outstanding midstream commitments of $162.7 million for the construction and installation of Pronto’s additional natural gas processing plant with a designed inlet processing capacity of 200 MMcf per day, including a nitrogen rejection unit and additional related facilities, in addition to commitments to purchase 11 compressors to be utilized in San Mateo and Pronto operations. The Company expects the majority of these costs to be incurred within the next year. Legal Proceedings The Company is a party to several legal proceedings 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 legal proceedings will have a material adverse impact on the Company’s financial condition, results of operations or cash flows.

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands								1 Months Ended	3 Months Ended												12 Months Ended
	Feb. 20, 2024	Feb. 13, 2024	Dec. 01, 2023	Sep. 01, 2023	Jun. 01, 2023	Mar. 09, 2023	Jan. 01, 2019	Oct. 31, 2023	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Class of Stock [Line Items]
Common stock, dividends (in usd per share)									$ 0.20	$ 0.15	$ 0.15	$ 0.15	$ 0.10	$ 0.10	$ 0.05	$ 0.05					$ 0.65	$ 0.30	$ 0.125
Dividends paid			$ 23,700	$ 17,800	$ 17,900	$ 17,800															$ 77,175	$ 35,246	$ 14,581
New quarterly dividend (in usd per share)								$ 0.20
Preferred shares authorized (in shares)									2,000,000												2,000,000
Distributions to noncontrolling interest																					$ 78,253	85,995	61,985
Contribution related to formation of San Mateo, I, tax																					8,000	5,900	3,600
Contributions from noncontrolling interest																					24,500
Five Point
Class of Stock [Line Items]
Proceeds from joint venture																					23,500	28,300
Five Point \| San Mateo
Class of Stock [Line Items]
Contributions from noncontrolling interest																					24,500
Matador Resources Company \| San Mateo
Class of Stock [Line Items]
Contributions from noncontrolling interest																					25,500
San Mateo Midstream
Class of Stock [Line Items]
Proceeds from joint venture																					81,400	$ 89,500	$ 64,500
San Mateo Midstream \| Corporate Joint Venture
Class of Stock [Line Items]
Deferred performance incentives							$ 150,000																	$ 73,500
Period (in years)																								5 years
San Mateo Midstream \| Corporate Joint Venture \| Five Point
Class of Stock [Line Items]
Payments for deferred performance incentives																	$ 14,700	$ 14,700	$ 14,700	$ 14,700
Earnings from equity method investments																					$ 85,700
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends (in usd per share)		$ 0.20
Subsequent Event \| San Mateo Midstream \| Corporate Joint Venture
Class of Stock [Line Items]
Deferred performance incentives	$ 73,500

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2023 USD ($) compressor_station MMcf	Dec. 31, 2022 USD ($)
Long-term Purchase Commitment [Line Items]
Compressor stations \| compressor_station	11
Processing capacity of natural gas per day (in MMcf) \| MMcf	200
Third-party midstream services revenues
Long-term Purchase Commitment [Line Items]
Other commitment	$ 162.7
Delivery Of Natural Gas And Oil Production To Third Parties
Long-term Purchase Commitment [Line Items]
Payment for other commitment	51.5	$ 48.3
Other commitment	546.0
Drilling Rig Commitments
Long-term Purchase Commitment [Line Items]
Maximum termination outstanding obligations of contracts	22.2
Minimum outstanding commitments	27.9
Corporate Joint Venture \| San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Contractual obligation	$ 218.2
2019 15-Year Fixed Fee Natural Gas Transportation Agreement \| San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Supply agreement, term	15 years

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net income attributable to Matador Resources Company shareholders — numerator	$ 846,074	$ 1,214,206	$ 584,968
Weighted average common shares outstanding — denominator
Basic (in shares)	119,139	118,122	116,999
Dilutive effect of options and restricted stock units (in shares)	841	2,009	2,164
Diluted weighted average common shares outstanding (in shares)	119,980	120,131	119,163
Earnings per common share attributable to Matador Resources Company shareholders
Basic (usd per share)	$ 7.10	$ 10.28	$ 5.00
Diluted (usd per share)	$ 7.05	$ 10.11	$ 4.91

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Use of Estimates

Restricted Cash

Accounts Receivable

For the year ended December 31, 2023, three significant purchasers accounted for 76% of the Company’s total oil, natural gas and NGL revenues: Plains Marketing, L.P. (42%), Exxon Mobil Corporation (24%) and Enterprise (10%). For the year ended December 31, 2022, three significant purchasers accounted for 70% of the Company’s total oil, natural gas and NGL revenues: Exxon Mobil Corporation (34%), Plains Marketing, L.P. (27%) and BP America Production Company (9%). For the year ended December 31, 2021, three significant purchasers accounted for 72% of the Company’s total oil, natural gas and NGL revenues: Exxon Mobil Corporation (33%), Plains Marketing, L.P. (29%) and BP America Production Company (10%). If any one of Matador’s major customers were to stop purchasing its production, the Company believes there are a number of other purchasers to whom the Company could sell Matador’s production. If multiple significant customers were to discontinue purchasing Matador’s production abruptly, the Company believes it would have the resources needed to access alternative customers or markets and avoid or materially mitigate associated sales disruptions. At December 31, 2023, 2022 and 2021, approximately 38%, 29% and 39%, respectively, of the Company’s accounts receivable, including joint interest billings, related to the top three purchasers.

Lease and Well Equipment Inventory

Lease and well equipment inventory is stated at the lower of cost or net realizable value and consists entirely of materials or equipment scheduled for use in future well or midstream operations.

Oil and Natural Gas Properties

Ceiling Test

(a) the present value, discounted at 10%, of future net revenues of proved oil and natural gas reserves, reduced by the estimated costs of developing these reserves, plus

(b) unproved and unevaluated property costs not being amortized, plus

(c) the lower of cost or estimated fair value of unproved and unevaluated properties included in the costs being amortized, if any, less

(d) any income tax effects related to the properties involved.

Midstream Properties and Other Property and Equipment

Asset Retirement Obligations

Derivative Financial Instruments

Revenues

The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the years ended December 31, 2023, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2023		2022		2021
Revenues from contracts with customers	$	2,817,621	$	3,196,699	$	1,862,075

Realized loss on derivatives	(9,575)		(157,483)		(220,105)
Unrealized (loss) gain on derivatives	(1,261)		18,809		21,011
Total revenues	$	2,806,785	$	3,058,025	$	1,662,981


	Year Ended December 31,
	2023		2022		2021
Oil revenues	$	2,144,894	$	2,113,606	$	1,205,608
Natural gas revenues	400,705		792,132		494,934
Third-party midstream services revenues	122,153		90,606		75,499
Sales of purchased natural gas	149,869		200,355		86,034
Total revenues from contracts with customers	$	2,817,621	$	3,196,699	$	1,862,075

Stock-Based Compensation

The Company’s consolidated statements of income for the years ended December 31, 2023, 2022 and 2021 include an equity-based compensation (non-cash) expense of $13.7 million, $15.1 million and $9.0 million, respectively. This equity-based compensation expense includes common stock issuances and restricted stock units expense totaling $1.2 million, $1.0 million and $0.9 million for the years ended December 31, 2023, 2022 and 2021, respectively, paid to independent members of the Board and advisors as compensation for their services to the Company.

Income Taxes

The Company recognizes tax benefits from an uncertain tax position on the basis of a two-step process in which (i) the

Company determines whether it is more likely than not that the tax position will be sustained upon examination by the taxing

authorities based upon the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not

recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized

upon ultimate settlement with the related tax authority.

Allocation of Purchase Price in Business Combinations

As part of the Company’s business strategy, it periodically pursues the acquisition of midstream assets and oil and natural gas properties. The purchase price in a business combination is allocated to the assets acquired and liabilities assumed based on their fair values as of the acquisition date, which may occur many months after the announcement date. Therefore, while the consideration to be paid may be fixed, the fair value of the assets acquired and liabilities assumed is subject to change during the period between the announcement date and the acquisition date. The most significant estimates in the allocation typically relate to the value assigned to proved oil and natural gas reserves and unproved and unevaluated properties. As the allocation of the purchase price is subject to significant estimates and subjective judgments, the accuracy of this assessment is inherently uncertain.

Earnings Per Common Share


	Year Ended December 31,
	2023		2022		2021

Net income attributable to Matador Resources Company shareholders — numerator	$	846,074	$	1,214,206	$	584,968

Weighted average common shares outstanding — denominator
Basic	119,139		118,122		116,999
Dilutive effect of options and restricted stock units	841		2,009		2,164
Diluted weighted average common shares outstanding	119,980		120,131		119,163
Earnings per common share attributable to Matador Resources Company shareholders
Basic	$	7.10	$	10.28	$	5.00
Diluted	$	7.05	$	10.11	$	4.91

Credit Risk

Recent Accounting Pronouncements

Leases - Lease Terms (Details)	Dec. 31, 2023
Weighted-Average Remaining Lease Term
Operating leases	1 year 4 months 24 days
Financing leases	1 year 7 months 6 days

Business Combinations and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Preliminary Allocation of Acquisition


Consideration given			Allocation
Cash			$1,676,132
Working capital adjustments			(4,161)
Fair value of Contingent Consideration at April 12, 2023			21,151
Total consideration given			$1,693,122
Allocation of purchase price
Current assets			$79,215
Oil and natural gas properties
Evaluated			1,418,668
Unproved and unevaluated			213,528
Midstream assets			63,644
Current liabilities			(73,607)
Asset retirement obligations			(8,326)
Net assets acquired			$1,693,122

Pro Forma Information


	Year Ended December 31,
		2023		2022
		Unaudited
		(In thousands, except per share data)
Total revenue		$	2,969,831	$	3,818,976
Net income attributable to Matador Resources Company shareholders		$	937,031	$	1,496,346

Earnings per share:
Basic		$	7.87	$	12.67
Diluted		$	7.81	$	12.46

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of the consideration given related to this business combination was as follows (in thousands), which the Company considered to be final as of December 31, 2022.


Consideration given	Allocation
Total cash consideration given	$	77,828


Allocation of purchase price
Cash acquired	$	2,012
Property, plant & equipment	74,100
Accounts receivable	6,093
Other assets	296

Accrued liabilities	(4,673)
Net assets acquired	$	77,828

Debt - Credit Agreements (Details) - USD ($) $ in Thousands		12 Months Ended
Debt - Credit Agreements (Details) - USD ($) $ in Thousands	Nov. 18, 2021	Dec. 31, 2023	Oct. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 19, 2018
Debt Instrument [Line Items]
Long-term debt		$ 2,206,627			$ 1,160,245
Borrowings under credit agreement		$ 500,000			0
Secured debt, percentage of mortgages used as security		85.00%
Repay deficit in agreement, period		6 months
Deferred loan costs		$ 9,300
Borrowings under San Mateo Credit Facility		522,000			$ 465,000
Third Amended Credit Agreement
Debt Instrument [Line Items]
EBITDA ratio, debt outstanding, cash and cash equivalents limit		$ 75,000
Debt to EBITDA ratio covenant		3.50
Third Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.375%
Third Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
San Mateo Credit Facility
Debt Instrument [Line Items]
Effective interest rate		7.71%
Eurodollar \| Third Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Additional interest rate		1.75%
Eurodollar \| Third Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Additional interest rate		2.75%
Base Rate Loan \| Third Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Additional interest rate		1.75%
Unsecured Debt \| Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt		$ 699,200
Unsecured Debt \| 2028 Senior Notes
Debt Instrument [Line Items]
Long-term debt		500,000
Revolving Credit Facility \| Amendment To Credit Agreement- March 2023
Debt Instrument [Line Items]
Senior secured revolving credit maximum facility				$ 775,000
Increase in borrowing capacity				2,250,000
Line of credit, maximum facility amount				1,500,000
Higher borrowing capacity				$ 1,250,000
Revolving Credit Facility \| Amendment To Credit Agreement- October 2023
Debt Instrument [Line Items]
Increase in borrowing capacity			$ 2,500,000
Line of credit, maximum facility amount			2,000,000
Higher borrowing capacity			1,325,000
Line of Credit \| Fourth Amended Credit Agreement
Debt Instrument [Line Items]
Long-term line of credit	$ 25,000
Maturity date if earlier prior to the earliest stated redemption date (in days)	180 days
Line of Credit \| San Mateo Credit Facility
Debt Instrument [Line Items]
Outstanding letters of credit		9,000
Long-term line of credit		522,000
Accordian feature, increase limit		735,000	$ 535,000			$ 485,000
Deferred loan costs		$ 3,100
Line of Credit \| San Mateo Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.30%
Line of Credit \| San Mateo Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
Letter of Credit \| Credit Agreement
Debt Instrument [Line Items]
Outstanding letters of credit		$ 52,300
Additional interest rate		7.21%
Base Rate Loan \| Minimum
Debt Instrument [Line Items]
Additional interest rate		0.75%
Federal Funds Effective Rate \| Line of Credit \| San Mateo Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Adjusted LIBO Rate \| Line of Credit \| San Mateo Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Adjusted LIBO Rate \| Line of Credit \| San Mateo Credit Facility \| Minimum
Debt Instrument [Line Items]
Additional interest rate		1.25%
Adjusted LIBO Rate \| Line of Credit \| San Mateo Credit Facility \| Maximum
Debt Instrument [Line Items]
Additional interest rate		2.25%
Statutory Reserve Rate \| Line of Credit \| San Mateo Credit Facility \| Minimum
Debt Instrument [Line Items]
Additional interest rate		2.25%
Statutory Reserve Rate \| Line of Credit \| San Mateo Credit Facility \| Maximum
Debt Instrument [Line Items]
Additional interest rate		3.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Third Amended Credit Agreement
Debt Instrument [Line Items]
Debt instrument interest rate		0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Third Amended Credit Agreement \| Interest Period One
Debt Instrument [Line Items]
Debt Instrument, Interest Period		1 month
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Third Amended Credit Agreement \| Interest Period Two
Debt Instrument [Line Items]
Debt Instrument, Interest Period		3 months
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Third Amended Credit Agreement \| Interest Period Three
Debt Instrument [Line Items]
Debt Instrument, Interest Period		6 months
The Bank Of Nova Scotia \| San Mateo Credit Facility
Debt Instrument [Line Items]
Debt to EBITDA ratio covenant		5.00
Interest coverage ratio		2.50

Equity	12 Months Ended
Equity	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Common Stock Dividend The Board declared quarterly cash dividends of $0.15 per share of common stock in each of the first, second and third quarters of 2023. The first quarter dividend, which totaled $17.8 million was paid on March 9, 2023 to shareholders of record as of February 27, 2023. The second quarter dividend, which totaled $17.9 million, was paid on June 1, 2023 to shareholders of record as of May 11, 2023. The third quarter dividend, which totaled $17.8 million, was paid on September 1, 2023 to shareholders of record as of August 11, 2023. In October 2023, the Board amended the Company’s dividend policy to increase the quarterly dividend to $0.20 per share of common stock and also declared a quarterly cash dividend of $0.20 per share of common stock. The fourth quarter dividend, which totaled $23.7 million, was paid on December 1, 2023 to shareholders of record as of November 10, 2023. The Board declared a quarterly cash dividend of $0.05 per share of common stock in each of the first two quarters of 2022 and the Board declared a quarterly cash dividend of $0.10 per share of common stock for the last two quarters of 2022. Total cash dividends declared and paid totaled $77.2 million and $35.2 million, respectively, during the years ended December 31, 2023 and 2022. On February 13, 2024, the Board declared a quarterly cash dividend of $0.20 per share of common stock payable on March 13, 2024 to shareholders of record as of February 23, 2024. Treasury Stock On October 19, 2023, October 20, 2022 and October 21, 2021, Matador’s Board canceled all of the shares of treasury stock outstanding as of September 30, 2023, 2022 and 2021, respectively. These shares were restored to the status of authorized but unissued shares of common stock of the Company. The shares of treasury stock outstanding at December 31, 2023, 2022 and 2021 represent forfeitures of non-vested restricted stock awards and forfeitures of fully vested restricted stock awards due to net share settlements with employees. Preferred Stock The Company’s Amended and Restated Certificate of Formation authorizes 2,000,000 shares of preferred stock. Before any such shares are issued, the Board shall fix and determine the designations, preferences, limitations and relative rights, including voting rights of the shares of each such series. San Mateo Distributions and Contributions During the years ended December 31, 2023, 2022 and 2021, San Mateo distributed $81.4 million, $89.5 million and $64.5 million, respectively, to the Company and $78.3 million, $86.0 million and $62.0 million, respectively, to Five Point Energy, LLC (“Five Point”), the Company’s joint venture partner in San Mateo. During the year ended December 31, 2023, the Company contributed $25.5 million and Five Point contributed $24.5 million of cash to San Mateo. During the years ended December 31, 2022 and 2021, neither the Company nor Five Point contributed cash to San Mateo. Performance Incentives As part of the joint venture agreements with Five Point, the Company had the potential to earn two different sets of performance incentives. These performance incentives are recorded as additional contributions related to the formation of San Mateo as they are received. Beginning in 2017, the Company had the potential to earn up to $73.5 million in performance incentives related to the Company’s performance in its Rustler Breaks asset area in Eddy County and the Wolf portion of its West Texas asset area in Loving County over a five-year period, which in October 2020 was extended by an additional year to January 31, 2023. Through January 31, 2023, the Company had earned all of the potential $73.5 million in performance incentives. Five Point paid $14.7 million in performance incentives in each of the first quarters of 2018, 2019, 2020, 2021 and 2023. Beginning in 2019, the Company had the potential to earn up to $150.0 million in additional deferred performance incentives in its Stebbins area and surrounding leaseholds in the southern portion of its Arrowhead asset area (the “Greater Stebbins Area”) and Stateline asset area through mid-2024, of which the Company had earned $85.7 million through February 20, 2024, plus additional performance incentives for securing volumes from third-party customers. During the years ended December 31, 2023 and 2022, Five Point paid $23.5 million and $28.3 million, respectively, in these additional performance incentives. Both of these performance incentives are recorded when received, net of the $8.0 million and $5.9 million deferred tax impact to Matador for the years ended December 31, 2023 and 2022, respectively, in “Additional paid-in-capital” in the Company’s consolidated balance sheets.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2023

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 years ended December 31, 2023 and 2022 (in thousands).


	Year Ended December 31,
	2023		2022
Beginning asset retirement obligations	$	53,741	$	41,959
Liabilities incurred during period	6,944		4,069
Liabilities settled during period	(1,634)		(1,198)
Revisions in estimated cash flows	21,642		10,794
Acquisitions during the period	8,326		—
Divestitures during the period	(872)		(4,304)
Accretion expense	3,943		2,421
Ending asset retirement obligations	92,090		53,741
Less: current asset retirement obligations(1)	(4,605)		(756)
Long-term asset retirement obligations	$	87,485	$	52,985

__________________

(1)Included in “Accrued liabilities” in the Company’s consolidated balance sheets at December 31, 2023 and 2022.