0001520006-24-000165 | 10-Q | XBRL Viewer

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) but do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 27, 2024 (the “Annual Report”). 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, 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. In management’s opinion, these interim unaudited condensed consolidated financial statements include all normal, recurring adjustments that are necessary for a fair presentation of the Company’s interim unaudited condensed consolidated financial statements as of June 30, 2024. Amounts as of December 31, 2023 are derived from the Company’s audited consolidated financial statements included in the Annual Report.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s interim unaudited condensed consolidated financial statements are based on a number of significant estimates, including 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. 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.

Revenues

The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the three and six months ended June 30, 2024 and 2023 (in thousands).


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues from contracts with customers	$	855,195	$	649,890	$	1,640,538	$	1,213,564

Realized gain (loss) on derivatives	3,770		(3,148)		4,045		521
Unrealized loss on derivatives	(11,829)		(8,659)		(9,754)		(15,726)
Total revenues	$	847,136	$	638,083	$	1,634,829	$	1,198,359


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Oil revenues	$	705,550	$	510,364	$	1,304,064	$	912,141
Natural gas revenues	70,729		77,553		175,755		178,685
Third-party midstream services revenues	32,651		30,075		65,008		56,586
Sales of purchased natural gas	46,265		31,898		95,711		66,152
Total revenues from contracts with customers	$	855,195	$	649,890	$	1,640,538	$	1,213,564

Property and Equipment

The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For each of the three and six months ended June 30, 2024 and 2023, the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and, as a result, no impairment charge was necessary.

The Company capitalized approximately $15.1 million and $14.5 million of its general and administrative costs for the three months ended June 30, 2024 and 2023, respectively, and $32.2 million and $27.1 million of its general and administrative costs for the six months ended June 30, 2024 and 2023, respectively. The Company capitalized approximately $9.3 million and $5.3 million of its interest expense for the three months ended June 30, 2024 and 2023, respectively, and $15.2 million and $8.7 million of its interest expense for the six months ended June 30, 2024 and 2023, respectively.

Earnings Per Common Share

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

The following table sets forth the computation of diluted weighted average common shares outstanding for the three and six months ended June 30, 2024 and 2023 (in thousands).


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Weighted average common shares outstanding
Basic	124,786	119,183	122,253	119,109
Dilutive effect of options and restricted stock units	110	659	185	747
Diluted weighted average common shares outstanding	124,896	119,842	122,438	119,856

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.

Climate-Related Disclosures. On March 6, 2024, the SEC adopted a new set of rules that require a wide range of climate-related disclosures, including material climate-related risks, information on any climate-related targets or goals that are material to the registrant’s business, results of operations or financial condition, Scope 1 and Scope 2 greenhouse gas emissions on a phased-in basis by certain larger registrants when those emissions are material and the filing of an attestation report covering the same, and disclosure of the financial statement effects of severe weather events and other natural conditions including costs and losses. Compliance dates under the final rule are phased in by registrant category. Multiple lawsuits have been filed challenging the SEC’s new climate rules, which have been consolidated and will be heard in the U.S. Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC issued an order staying the final rules until judicial review is complete. The Company is currently evaluating the impact of the final rules on its disclosures.

SUPPLEMENTAL DISCLOSURES

6 Months Ended

Jun. 30, 2024

Disclosure Text Block Supplement [Abstract]

SUPPLEMENTAL DISCLOSURES

Accrued Liabilities

The following table summarizes the Company’s current accrued liabilities at June 30, 2024 and December 31, 2023 (in thousands).


	June 30, 2024		December 31, 2023
Accrued evaluated and unproved and unevaluated property costs	$	172,763	$	144,443
Accrued midstream properties costs	34,373		55,195


Accrued lease operating expenses	72,545		62,005
Accrued interest on debt	23,689		22,857
Accrued asset retirement obligations	4,883		4,605
Accrued partners’ share of joint interest charges	41,269		42,101

Accrued payable related to purchased natural gas	5,982		10,400
Other	32,849		24,242
Total accrued liabilities	$	388,353	$	365,848

Supplemental Cash Flow Information

The following table provides supplemental disclosures of cash flow information for the six months ended June 30, 2024 and 2023 (in thousands).


	Six Months Ended June 30,
	2024		2023
Cash paid for income taxes	$	32,283	$	1,677
Cash paid for interest expense, net of amounts capitalized	$	75,213	$	65,757

Increase in asset retirement obligations related to mineral properties	$	3,990	$	8,787
Increase in asset retirement obligations related to midstream properties	$	154	$	641
Increase in liabilities for drilling, completion and equipping capital expenditures	$	43,052	$	89,760
Increase (decrease) in liabilities for acquisition of oil and natural gas properties	$	7,270	$	(346)
Decrease in liabilities for midstream properties capital expenditures	$	(20,836)	$	(929)



Stock-based compensation expense recognized as a liability	$	6,914	$	3,628

Increase in liabilities for accrued cost to issue senior notes	$	—	$	248
Transfer of inventory (to) from oil and natural gas properties	$	(8,001)	$	725

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


	Six Months Ended June 30,
	2024		2023
Cash	$	15,242	$	22,303
Restricted cash	48,661		43,535
Total cash and restricted cash	$	63,903	$	65,838

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Current income tax provision (benefit)	$ 30,104	$ (4,929)	$ 47,376	$ 0
Deferred	$ 47,882	$ 62,235	$ 97,388	$ 113,978
Effective tax rate	25.00%	26.00%	26.00%	26.00%

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 15,242	$ 52,662
Restricted cash	48,661	53,636
Accounts receivable
Oil and natural gas revenues	294,019	274,192
Joint interest billings	204,931	163,660
Other	29,090	35,102
Derivative instruments	5,590	2,112
Lease and well equipment inventory	38,046	41,808
Prepaid expenses and other current assets	102,861	92,700
Total current assets	738,440	715,872
Oil and natural gas properties, full-cost method
Evaluated	10,376,411	9,633,757
Unproved and unevaluated	1,478,247	1,193,257
Midstream properties	1,448,343	1,318,015
Other property and equipment	41,995	40,375
Less accumulated depletion, depreciation and amortization	(5,667,208)	(5,228,963)
Net property and equipment	7,677,788	6,956,441
Other assets
Derivative instruments	2,030	558
Other long-term assets	100,133	54,125
Total other assets	102,163	54,683
Total assets	8,518,391	7,726,996
Current liabilities
Accounts payable	96,241	68,185
Accrued liabilities	388,353	365,848
Royalties payable	195,795	161,983
Amounts due to affiliates	19,576	28,688
Derivative instruments	14,704	0
Advances from joint interest owners	56,439	19,954
Other current liabilities	85,433	40,617
Total current liabilities	856,541	685,275
Long-term liabilities
Borrowings under Credit Agreement	95,000	500,000
Borrowings under San Mateo Credit Facility	512,000	522,000
Senior unsecured notes payable	1,374,596	1,184,627
Asset retirement obligations	93,952	87,485
Deferred income taxes	673,955	581,439
Other long-term liabilities	56,742	38,482
Total long-term liabilities	2,806,245	2,914,033
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 124,885,730 and 119,478,282 shares issued; and 124,811,349 and 119,458,674 shares outstanding, respectively	1,249	1,194
Additional paid-in capital	2,483,075	2,133,172
Retained earnings	2,150,292	1,776,541
Treasury stock, at cost, 74,381 and 19,608 shares, respectively	(2,990)	(45)
Total Matador Resources Company shareholders’ equity	4,631,626	3,910,862
Non-controlling interest in subsidiaries	223,979	216,826
Total shareholders’ equity	4,855,605	4,127,688
Total liabilities and shareholders’ equity	$ 8,518,391	$ 7,726,996

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Matador Resources Company shareholders	$ 228,769	$ 164,666	$ 422,498	$ 327,796

- Definition

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

+ References

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+ Details

BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2024

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATIONS

Ameredev Acquisition

On June 12, 2024, a wholly-owned subsidiary of the Company entered into a definitive agreement to acquire a subsidiary of Ameredev II Parent, LLC (“Ameredev”) from affiliates of EnCap Investments L.P., including certain oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico and Loving and Winkler Counties, Texas (the “Ameredev Acquisition”). The Ameredev Acquisition also includes an approximate 19% stake in Piñon Midstream, LLC, which has midstream assets in southern Lea County, New Mexico. The consideration for the Ameredev Acquisition will consist of a cash payment of $1.905 billion, subject to customary closing adjustments. The consummation of the Ameredev Acquisition is subject to customary closing conditions, including regulatory approval, and is expected to close late in the third quarter of 2024 with an effective date of June 1, 2024.

Q1 2024 Acquisition

On February 15, 2024, a wholly-owned subsidiary of the Company acquired oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico (the “Q1 2024 Acquisition”). The Q1 2024 Acquisition had an effective date of October 1, 2023 and consideration for the acquisition consisted of an amount in cash equal to approximately $155.1 million (which amount was subject to certain customary post-closing adjustments).

The Q1 2024 Acquisition was 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 acquisition date, with any excess purchase price allocated to goodwill.

The preliminary allocation of the total purchase price for the Q1 2024 Acquisition is set forth below (in thousands). The Company anticipates that the allocation of the purchase price should be finalized during 2024 upon determination of the final purchase price adjustments.


Consideration	Allocation


Cash consideration given	$	155,054
Allocation of purchase price
Current assets	$	3,358
Oil and natural gas properties
Evaluated	45,778
Unproved and unevaluated	107,072

Asset retirement obligations	(1,154)
Net assets acquired	$	155,054

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) future commodity prices and (iii) recent market comparable transactions for unproved acreage. These inputs require significant judgments and estimates and are the most sensitive and subject to change.

The results of operations for the Q1 2024 Acquisition since the closing date have been included in the Company’s interim unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024. The pro forma impact of this business combination to revenues and net income for 2024 would not be material to the Company’s 2024 revenues and net income as reported.

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 Company’s reserves-based revolving credit facility (the “Credit Agreement”). 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.

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 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 final allocation of the total purchase price for the Advance Acquisition is set forth below (in thousands).


Consideration	Allocation
Cash	$	1,676,132
Working capital adjustments	(4,060)
Fair value of Contingent Consideration at April 12, 2023	21,151
Total consideration given	$	1,693,223
Allocation of purchase price
Current assets	$	79,287
Oil and natural gas properties
Evaluated	1,418,668
Unproved and unevaluated	213,835
Midstream assets	63,644
Current liabilities	(73,885)
Asset retirement obligations	(8,326)
Net assets acquired	$	1,693,223

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates	Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) but do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 27, 2024 (the “Annual Report”). 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, 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. In management’s opinion, these interim unaudited condensed consolidated financial statements include all normal, recurring adjustments that are necessary for a fair presentation of the Company’s interim unaudited condensed consolidated financial statements as of June 30, 2024. Amounts as of December 31, 2023 are derived from the Company’s audited consolidated financial statements included in the Annual Report. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s interim unaudited condensed consolidated financial statements are based on a number of significant estimates, including 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. 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.
Property and Equipment	Property and Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For each of the three and six months ended June 30, 2024 and 2023, the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and, as a result, no impairment charge was necessary.
Earnings Per Common Share	Earnings Per Common Share The Company reports basic earnings attributable to Matador shareholders per common share, which excludes the effect of potentially dilutive securities, and diluted earnings attributable to Matador shareholders per common share, which includes the effect of all potentially dilutive securities unless their impact is anti-dilutive.
Recent Accounting Pronouncements	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. Climate-Related Disclosures. On March 6, 2024, the SEC adopted a new set of rules that require a wide range of climate-related disclosures, including material climate-related risks, information on any climate-related targets or goals that are material to the registrant’s business, results of operations or financial condition, Scope 1 and Scope 2 greenhouse gas emissions on a phased-in basis by certain larger registrants when those emissions are material and the filing of an attestation report covering the same, and disclosure of the financial statement effects of severe weather events and other natural conditions including costs and losses. Compliance dates under the final rule are phased in by registrant category. Multiple lawsuits have been filed challenging the SEC’s new climate rules, which have been consolidated and will be heard in the U.S. Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC issued an order staying the final rules until judicial review is complete. The Company is currently evaluating the impact of the final rules on its disclosures.
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.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 460,717	$ 356,019
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized loss on derivatives	9,754	15,726
Depletion, depreciation and amortization	438,245	303,839
Accretion of asset retirement obligations	2,602	1,491
Stock-based compensation expense	5,812	6,221
Deferred income tax provision	97,388	113,978
Amortization of debt issuance cost and other debt-related costs	9,586	2,895
Other non-cash changes	(664)	(15,682)
Changes in operating assets and liabilities
Accounts receivable	(55,086)	56,407
Lease and well equipment inventory	(7,380)	(7,237)
Prepaid expenses and other current assets	320	(24,124)
Other long-term assets	(156)	2,072
Accounts payable, accrued liabilities and other current liabilities	14,832	(28,232)
Royalties payable	33,811	10,085
Advances from joint interest owners	36,485	(4,979)
Income taxes payable	13,846	(1,677)
Other long-term liabilities	1,377	1,709
Net cash provided by operating activities	1,061,489	788,511
Investing activities
Drilling, completion and equipping capital expenditures	(611,715)	(539,511)
Acquisition of oil and natural gas properties	(256,110)	(55,897)
Midstream capital expenditures	(157,201)	(32,871)
Expenditures for other property and equipment	(771)	(2,478)
Proceeds from sale of assets	900	451
Net cash used in investing activities	(1,120,147)	(2,238,733)
Financing activities
Repayments of borrowings under Credit Agreement	(1,720,000)	(2,190,000)
Borrowings under Credit Agreement	1,315,000	2,750,000
Repayments of borrowings under San Mateo Credit Facility	(136,000)	(108,000)
Borrowings under San Mateo Credit Facility	126,000	103,000
Cost to amend credit facilities	(11,424)	(8,645)
Proceeds from issuance of senior unsecured notes	900,000	494,800
Cost to issue senior unsecured notes	(15,621)	(8,255)
Purchase of senior unsecured notes	(699,191)	0
Proceeds from issuance of common stock	344,663	0
Cost to issue equity	(2,566)	0
Dividends paid	(48,747)	(35,685)
Contributions related to formation of San Mateo	10,250	14,700
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	19,110	24,500
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(50,176)	(44,443)
Taxes paid related to net share settlement of stock-based compensation	(14,440)	(22,790)
Other	(595)	(452)
Net cash provided by financing activities	16,263	968,730
Change in cash and restricted cash	(42,395)	(481,492)
Cash and restricted cash at beginning of period	106,298	547,330
Cash and restricted cash at end of period	63,903	65,838
Advance
Investing activities
Acquisition	0	(1,608,427)
Ameredev
Investing activities
Acquisition	$ (95,250)	$ 0

DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

At June 30, 2024, the Company had (i) $500.0 million of outstanding senior notes due 2028 (the “2028 Notes”), (ii) $900.0 million of outstanding senior notes due 2032 (the “2032 Notes”), (iii) $95.0 million in borrowings outstanding under the Credit Agreement and (iv) approximately $52.8 million in outstanding letters of credit issued pursuant to the Credit Agreement. Between June 30, 2024 and July 23, 2024, the Company repaid all $95.0 million of borrowings outstanding under the Credit Agreement.

At June 30, 2024, San Mateo had $512.0 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. Between June 30, 2024 and July 23, 2024, San Mateo repaid $26.0 million of borrowings under the San Mateo Credit Facility.

Credit Agreements

MRC Energy Company

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. On March 22, 2024, 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 $2.50 billion, (ii) increase the elected borrowing commitments from $1.325 billion to $1.50 billion, (iii) increase the maximum facility amount from $2.00 billion to $3.50 billion, (iv) extend the maturity date from October 31, 2026 to March 22, 2029, (v) appoint PNC Bank, National Association as administrative agent thereunder and (vi) add five new banks to the lending group. This March 2024 reaffirmation of the borrowing base constituted the regularly scheduled May 1 redetermination.

On June 12, 2024, in connection with the Ameredev Acquisition, the Company entered into a commitment letter with PNC Capital Markets LLC and PNC Bank, National Association, which commitment letter provides commitments for an amendment to the Credit Agreement to incorporate an up to $250.0 million term loan and increase the elected commitment from $1.50 billion to $2.25 billion.

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 cash or cash equivalents of up to the greater of (a) $150.0 million and (b) 10% of the elected commitment), divided by a rolling four quarter EBITDA calculation, of 3.5 to 1.0 or less. The Company believes that it was in compliance with the terms of the Credit Agreement at June 30, 2024.

San Mateo Midstream, LLC

The San Mateo Credit Facility is non-recourse with respect to Matador and its wholly-owned subsidiaries but is guaranteed by San Mateo’s subsidiaries and secured by substantially all of San Mateo’s assets, including real property. The outstanding borrowings under the San Mateo Credit Facility mature on December 9, 2026, and lender commitments under the facility were $535.0 million at June 30, 2024. 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 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 5.0 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 2.5 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. The Company believes that San Mateo was in compliance with the terms of the San Mateo Credit Facility at June 30, 2024.

Senior Unsecured Notes

2026 Notes Tender Offer and Redemption

On April 2 and April 4, 2024, the Company completed the repurchase of an aggregate principal amount of approximately $556.3 million of the $699.2 million of outstanding senior notes due 2026 (the “2026 Notes”) pursuant to the Company’s cash tender offer for the 2026 Notes announced on March 26, 2024 (the “2026 Notes Tender Offer”). On April 2, 2024, the Company exercised its optional right, under the indenture governing the 2026 Notes, to redeem the remaining aggregate principal amount of approximately $142.9 million of 2026 Notes outstanding on September 15, 2024 (the “2026 Notes Redemption”) and, in connection therewith, to satisfy and discharge the Company’s obligations under such indenture with

respect to the 2026 Notes. In connection with the 2026 Notes Tender Offer and 2026 Notes Redemption, the Company incurred a loss of approximately $3.0 million included in interest expense for the three and six months ended June 30, 2024.

2028 Senior Notes

At June 30, 2024, the Company had $500.0 million of outstanding 2028 Notes, which have a 6.875% coupon rate. The 2028 Notes mature April 15, 2028, and 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 Guarantor Subsidiaries. Neither San Mateo nor Pronto is a guarantor of the 2028 Notes.

2032 Senior Notes

On April 2, 2024, the Company completed the sale of $900.0 million in aggregate principal amount of the 2032 Notes, which have a 6.50% coupon rate and mature on April 15, 2032. Interest on the 2032 Notes is payable in arrears on each April 15 and October 15 and the first interest payment date for the 2032 Notes will be October 15, 2024. The 2032 Notes are guaranteed on a senior unsecured basis by the Guarantor Subsidiaries. Neither San Mateo nor Pronto is a guarantor of the 2032 Notes.

At any time prior to April 15, 2027, the Company may redeem up to 40% in aggregate principal amount of 2032 Notes at a redemption price of 106.500% of the principal amount thereof, plus accrued and unpaid interest, if any, 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 60% of the aggregate principal amount of the 2032 Notes remains outstanding after such redemption. In addition, at any time prior to April 15, 2027, the Company may redeem all or part of the 2032 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, if any, to the applicable redemption date.

On or after April 15, 2027, the Company may redeem all or a part of the 2032 Notes at any time or from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning April 15 of the years indicated below:


Year						Redemption Price
2027						103.250%
2028						101.625%
2029 and thereafter						100.000%

Debt Maturities

The outstanding borrowings of $95.0 million at June 30, 2024 under the Credit Agreement mature on March 22, 2029. The outstanding borrowings of $512.0 million at June 30, 2024 under the San Mateo Credit Facility mature on December 9, 2026. The $500.0 million of outstanding 2028 Notes at June 30, 2024 mature on April 15, 2028. The $900.0 million of outstanding 2032 Notes at June 30, 2024 mature on April 15, 2032.

- 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
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-URI https://asc.fasb.org//470/tableOfContent

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-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
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-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

SUPPLEMENTAL DISCLOSURES - Summary of Current Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 388,353	$ 365,848
Accrued evaluated and unproved and unevaluated property costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	172,763	144,443
Accrued midstream properties costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	34,373	55,195
Accrued lease operating expenses
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	72,545	62,005
Accrued interest on debt
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	23,689	22,857
Accrued asset retirement obligations
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	4,883	4,605
Accrued partners’ share of joint interest charges
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	41,269	42,101
Accrued payable related to purchased natural gas
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	5,982	10,400
Other
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 32,849	$ 24,242

EQUITY	6 Months Ended
EQUITY	Jun. 30, 2024
Equity [Abstract]
EQUITY	EQUITY Equity Offering On March 28, 2024, the Company completed an underwritten public offering of 5,250,000 shares of its common stock. After deducting underwriting discounts and offering expenses, the Company received net proceeds of approximately $342.1 million. The net proceeds from this offering were used for general corporate purposes, including the funding of acquisitions and the repayment of borrowings outstanding under the Credit Agreement. Stock-based Compensation During the six months ended June 30, 2024, the Company granted awards to certain of its employees of 137,100 service-based restricted stock units to be settled in cash, which are liability instruments, and 176,000 performance-based stock units and 112,700 service-based shares of restricted stock, which are equity instruments. The performance-based stock units 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 period ending December 31, 2026, as compared to a designated peer group. The service-based restricted stock and restricted stock units vest over a three-year period. The fair value of these awards was approximately $25.8 million on the grant date. Common Stock Dividend Matador’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.20 per share of common stock in each of the first and second quarters of 2024. The first quarter dividend, which totaled $23.9 million, was paid on March 13, 2024 to shareholders of record as of February 23, 2024. The second quarter dividend, which totaled $24.9 million, was paid on June 7, 2024 to shareholders of record as of May 17, 2024. On July 18, 2024, the Board declared a quarterly cash dividend of $0.20 per share of common stock payable on September 5, 2024 to shareholders of record as of August 15, 2024. San Mateo Distributions and Contributions During the three months ended June 30, 2024 and 2023, San Mateo distributed $25.4 million and $26.4 million, respectively, to the Company and $24.5 million and $25.3 million, respectively, to a subsidiary of Five Point Energy LLC (“Five Point”), the Company’s joint venture partner in San Mateo. During the six months ended June 30, 2024 and 2023, San Mateo distributed $52.2 million and $46.3 million, respectively, to the Company and $50.2 million and $44.4 million, respectively, to a subsidiary of Five Point. During the three months ended June 30, 2024 and 2023, the Company contributed $12.2 million and $25.5 million, respectively, and Five Point contributed $11.8 million and $24.5 million, respectively, of cash to San Mateo. During the six months ended June 30, 2024 and 2023, the Company contributed $19.9 million and $25.5 million, respectively, and Five Point contributed $19.1 million and $24.5 million, respectively, of cash to San Mateo. Performance Incentives Five Point paid the Company $8.8 million of performance incentives during the three months ended June 30, 2024. No performance incentives were paid by Five Point to the Company during the three months ended June 30, 2023. Five Point paid the Company $10.3 million and $14.7 million of performance incentives during the six months ended June 30, 2024 and 2023, respectively. These performance incentives are recorded when received, net of the $1.8 million deferred tax impact to the Company for the three months ended June 30, 2024 and the $2.1 million and $3.1 million deferred tax impact to the Company for the six months ended June 30, 2024 and 2023, respectively, in “Additional paid-in capital” in the Company’s interim unaudited condensed consolidated balance sheets. These performance incentives for the three months ended June 30, 2024 and the six months ended June 30, 2024 and 2023 are also denoted as “Contributions related to formation of San Mateo” under “Financing activities” in the Company’s interim unaudited condensed consolidated statements of cash flows and changes in shareholders’ equity.

- Definition

The entire disclosure for equity.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35410
Entity Registrant Name	Matador Resources Company
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	27-4662601
Entity Address, Address Line One	5400 LBJ Freeway,
Entity Address, Address Line Two	Suite 1500
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		124,816,171
Entity Central Index Key	0001520006
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

FAIR VALUE MEASUREMENTS - Summary of the Valuation of the Company's Financial Assets and Liabilities that were Accounted for at Fair Value on a Recurring Basis (Details) - Fair value on a recurring basis - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets (Liabilities)
Assets (Liabilities)	$ (7,084)	$ 2,670
Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	(14,704)
Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	7,620	2,670
Level 1
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 1 \| Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	0
Level 1 \| Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 2
Assets (Liabilities)
Assets (Liabilities)	(7,084)	2,670
Level 2 \| Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	(14,704)
Level 2 \| Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	7,620	2,670
Level 3
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 3 \| Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	0
Level 3 \| Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	$ 0	$ 0

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of segments	2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED - USD ($) $ in Thousands	Total	Total shareholders’ equity attributable to Matador Resources Company	Common Stock	Additional paid-in capital	Retained earnings	Treasury Stock	Non-controlling interest in subsidiaries
Balance at beginning of period (in shares) at Dec. 31, 2022			118,953,000
Balance at beginning of period at Dec. 31, 2022	$ 3,317,091	$ 3,110,797	$ 1,190	$ 2,101,999	$ 1,007,642	$ (34)	$ 206,294
Treasury stock, beginning of period (in shares) at Dec. 31, 2022						5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(17,768)	(17,768)			(17,768)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			264,000
Issuance of common stock pursuant to employee stock compensation plan	(17,590)	(17,590)	$ 2	(17,592)
Stock-based compensation expense related to equity-based awards including amounts capitalized	3,894	3,894		3,894
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases	12	12		12
Stock options exercised, net of options forfeited in net share settlements (in shares)			15,000
Restricted stock forfeited (in shares)						21,000
Restricted stock forfeited	(1,236)	(1,236)				$ (1,236)
Contribution related to formation of San Mateo	11,613	11,613		11,613
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(19,110)						(19,110)
Current period net income	178,924	163,130			163,130		15,794
Balance at end of period (in shares) at Mar. 31, 2023			119,232,000
Balance at end of period at Mar. 31, 2023	3,455,830	3,252,852	$ 1,192	2,099,926	1,153,004	$ (1,270)	202,978
Treasury stock, end of period (in shares) at Mar. 31, 2023						26,000
Balance at beginning of period (in shares) at Dec. 31, 2022			118,953,000
Balance at beginning of period at Dec. 31, 2022	3,317,091	3,110,797	$ 1,190	2,101,999	1,007,642	$ (34)	206,294
Treasury stock, beginning of period (in shares) at Dec. 31, 2022						5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Current period net income	356,019
Balance at end of period (in shares) at Jun. 30, 2023			119,272,000
Balance at end of period at Jun. 30, 2023	3,617,430	3,402,856	$ 1,192	2,106,987	1,299,753	$ (5,076)	214,574
Treasury stock, end of period (in shares) at Jun. 30, 2023						126,000
Balance at beginning of period (in shares) at Mar. 31, 2023			119,232,000
Balance at beginning of period at Mar. 31, 2023	3,455,830	3,252,852	$ 1,192	2,099,926	1,153,004	$ (1,270)	202,978
Treasury stock, beginning of period (in shares) at Mar. 31, 2023						26,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(17,917)	(17,917)			(17,917)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			27,000
Issuance of common stock pursuant to employee stock compensation plan	950	950		950
Issuance of common stock pursuant to directors' compensation plan (in shares)			11,000
Stock-based compensation expense related to equity-based awards including amounts capitalized	6,097	6,097		6,097
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases	14	14		14
Stock options exercised, net of options forfeited in net share settlements (in shares)			2,000
Restricted stock forfeited (in shares)						100,000
Restricted stock forfeited	(3,806)	(3,806)				$ (3,806)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	24,500						24,500
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(25,333)						(25,333)
Current period net income	177,095	164,666			164,666		12,429
Balance at end of period (in shares) at Jun. 30, 2023			119,272,000
Balance at end of period at Jun. 30, 2023	$ 3,617,430	3,402,856	$ 1,192	2,106,987	1,299,753	$ (5,076)	214,574
Treasury stock, end of period (in shares) at Jun. 30, 2023						126,000
Balance at beginning of period (in shares) at Dec. 31, 2023	119,458,674		119,478,000
Balance at beginning of period at Dec. 31, 2023	$ 4,127,688	3,910,862	$ 1,194	2,133,172	1,776,541	$ (45)	216,826
Treasury stock, beginning of period (in shares) at Dec. 31, 2023	19,608					20,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (23,858)	(23,858)			(23,858)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			100,000
Issuance of common stock pursuant to employee stock compensation plan	(11,381)	(11,381)	$ 1	(11,382)
Issuance of common stock pursuant to public offering (in shares)			5,250,000
Issuance of common stock pursuant to public offering	344,663	344,663	$ 53	344,610
Cost to issue equity	(53)	(53)		(53)
Stock-based compensation expense related to equity-based awards including amounts capitalized	5,149	5,149		5,149
Stock options exercised, net of options forfeited in net share settlements (in shares)			7,000
Restricted stock forfeited (in shares)						35,000
Restricted stock forfeited	(2,046)	(2,046)				$ (2,046)
Contribution related to formation of San Mateo	1,185	1,185		1,185
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	7,350						7,350
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(25,725)						(25,725)
Current period net income	213,190	193,729			193,729		19,461
Balance at end of period (in shares) at Mar. 31, 2024			124,835,000
Balance at end of period at Mar. 31, 2024	$ 4,636,162	4,418,250	$ 1,248	2,472,681	1,946,412	$ (2,091)	217,912
Treasury stock, end of period (in shares) at Mar. 31, 2024						55,000
Balance at beginning of period (in shares) at Dec. 31, 2023	119,458,674		119,478,000
Balance at beginning of period at Dec. 31, 2023	$ 4,127,688	3,910,862	$ 1,194	2,133,172	1,776,541	$ (45)	216,826
Treasury stock, beginning of period (in shares) at Dec. 31, 2023	19,608					20,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Current period net income	$ 460,717
Balance at end of period (in shares) at Jun. 30, 2024	124,811,349		124,886,000
Balance at end of period at Jun. 30, 2024	$ 4,855,605	4,631,626	$ 1,249	2,483,075	2,150,292	$ (2,990)	223,979
Treasury stock, end of period (in shares) at Jun. 30, 2024	74,381					74,000
Balance at beginning of period (in shares) at Mar. 31, 2024			124,835,000
Balance at beginning of period at Mar. 31, 2024	$ 4,636,162	4,418,250	$ 1,248	2,472,681	1,946,412	$ (2,091)	217,912
Treasury stock, beginning of period (in shares) at Mar. 31, 2024						55,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(24,889)	(24,889)			(24,889)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			33,000
Issuance of common stock pursuant to employee stock compensation plan	1,028	1,028	$ 1	1,027
Cost to issue equity	(2,513)	(2,513)		(2,513)
Issuance of common stock pursuant to directors' compensation plan (in shares)			18,000
Stock-based compensation expense related to equity-based awards including amounts capitalized	4,967	4,967		4,967
Restricted stock forfeited (in shares)						19,000
Restricted stock forfeited	(899)	(899)				$ (899)
Contribution related to formation of San Mateo	6,913	6,913		6,913
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	11,760						11,760
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(24,451)						(24,451)
Current period net income	$ 247,527	228,769			228,769		18,758
Balance at end of period (in shares) at Jun. 30, 2024	124,811,349		124,886,000
Balance at end of period at Jun. 30, 2024	$ 4,855,605	$ 4,631,626	$ 1,249	$ 2,483,075	$ 2,150,292	$ (2,990)	$ 223,979
Treasury stock, end of period (in shares) at Jun. 30, 2024	74,381					74,000

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Redemption Price


Year						Redemption Price
2027						103.250%
2028						101.625%
2029 and thereafter						100.000%

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company operates in two business segments: (i) exploration and production and (ii) midstream. The exploration and production segment is engaged in the 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 June 30, 2024, the Company operated a cryogenic gas 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. At June 30, 2024, neither San Mateo nor Pronto was a guarantor of the 2028 Notes or the 2032 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
Three Months Ended June 30, 2024
Oil and natural gas revenues	$	772,267	$	4,012	$	—	$	—	$	776,279
Midstream services revenues	—		104,345		—		(71,694)		32,651
Sales of purchased natural gas	5,121		41,144		—		—		46,265

Realized gain on derivatives	3,770		—		—		—		3,770
Unrealized loss on derivatives	(11,829)		—		—		—		(11,829)
Expenses(1)	436,960		93,618		24,632		(71,694)		483,516
Operating income(2)	$	332,369	$	55,883	$	(24,632)	$	—	$	363,620






Total assets	$	7,102,714	$	1,369,461	$	46,216	$	—	$	8,518,391
Capital expenditures(3)	$	471,863	$	51,525	$	545	$	—	$	523,933

_____________________

(1)Includes depletion, depreciation and amortization expenses of $214.7 million and $10.9 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million.

(2)Includes $18.7 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Includes $157.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $6.3 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
Three Months Ended June 30, 2023
Oil and natural gas revenues	$	586,732	$	1,185	$	—	$	—	$	587,917
Midstream services revenues	—		79,214		—		(49,139)		30,075
Sales of purchased natural gas	5,544		26,354		—		—		31,898

Realized loss on derivatives	(3,148)		—		—		—		(3,148)
Unrealized loss on derivatives	(8,659)		—		—		—		(8,659)
Expenses(1)	341,513		70,122		23,319		(49,139)		385,815
Operating income(2)	$	238,956	$	36,631	$	(23,319)	$	—	$	252,268






Total assets	$	5,998,037	$	1,088,627	$	45,674	$	—	$	7,132,338
Capital expenditures(3)	$	1,897,679	$	82,129	$	709	$	—	$	1,980,517

_____________________

(1)Includes depletion, depreciation and amortization expenses of $167.4 million and $9.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million.

(2)Includes $12.4 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Includes $1.59 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million attributable to midstream acquisition expenditures and $6.8 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
Six Months Ended June 30, 2024
Oil and natural gas revenues	$	1,473,692	$	6,706	$	—	$	(579)	$	1,479,819
Midstream services revenues	—		204,191		—		(139,183)		65,008
Sales of purchased natural gas	10,199		85,512		—		—		95,711

Realized gain on derivatives	4,045		—		—		—		4,045
Unrealized loss on derivatives	(9,754)		—		—		—		(9,754)
Expenses(1)	853,458		187,756		50,804		(139,762)		952,256
Operating income(2)	$	624,724	$	108,653	$	(50,804)	$	—	$	682,573






Total assets	$	7,102,714	$	1,369,461	$	46,216	$	—	$	8,518,391
Capital expenditures(3)	$	1,023,783	$	137,937	$	771	$	—	$	1,162,491

_____________________

(1)Includes depletion, depreciation and amortization expenses of $415.9 million and $21.7 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million.

(2)Includes $38.2 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Includes $358.6 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $13.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Six Months Ended June 30, 2023
Oil and natural gas revenues	$	1,088,080	$	2,746	$	—	$	—	$	1,090,826
Midstream services revenues	—		154,465		—		(97,879)		56,586
Sales of purchased natural gas	11,374		54,778		—		—		66,152

Realized gain on derivatives	521		—		—		—		521
Unrealized loss on derivatives	(15,726)		—		—		—		(15,726)
Expenses(1)	609,093		139,971		43,473		(97,879)		694,658
Operating income(2)	$	475,156	$	72,018	$	(43,473)	$	—	$	503,701






Total assets	$	5,998,037	$	1,088,627	$	45,674	$	—	$	7,132,338
Capital expenditures(3)	$	2,216,184	$	95,409	$	2,478	$	—	$	2,314,071

_____________________

(1)Includes depletion, depreciation and amortization expenses of $284.0 million and $19.2 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.7 million.

(2)Includes $28.2 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(3)Includes $1.61 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million attributable to midstream acquisition expenditures and $11.3 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

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Selected financial information for segments


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Three Months Ended June 30, 2024
Oil and natural gas revenues	$	772,267	$	4,012	$	—	$	—	$	776,279
Midstream services revenues	—		104,345		—		(71,694)		32,651
Sales of purchased natural gas	5,121		41,144		—		—		46,265

Realized gain on derivatives	3,770		—		—		—		3,770
Unrealized loss on derivatives	(11,829)		—		—		—		(11,829)
Expenses(1)	436,960		93,618		24,632		(71,694)		483,516
Operating income(2)	$	332,369	$	55,883	$	(24,632)	$	—	$	363,620






Total assets	$	7,102,714	$	1,369,461	$	46,216	$	—	$	8,518,391
Capital expenditures(3)	$	471,863	$	51,525	$	545	$	—	$	523,933

_____________________

(2)Includes $18.7 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Three Months Ended June 30, 2023
Oil and natural gas revenues	$	586,732	$	1,185	$	—	$	—	$	587,917
Midstream services revenues	—		79,214		—		(49,139)		30,075
Sales of purchased natural gas	5,544		26,354		—		—		31,898

Realized loss on derivatives	(3,148)		—		—		—		(3,148)
Unrealized loss on derivatives	(8,659)		—		—		—		(8,659)
Expenses(1)	341,513		70,122		23,319		(49,139)		385,815
Operating income(2)	$	238,956	$	36,631	$	(23,319)	$	—	$	252,268






Total assets	$	5,998,037	$	1,088,627	$	45,674	$	—	$	7,132,338
Capital expenditures(3)	$	1,897,679	$	82,129	$	709	$	—	$	1,980,517

_____________________

(2)Includes $12.4 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Six Months Ended June 30, 2024
Oil and natural gas revenues	$	1,473,692	$	6,706	$	—	$	(579)	$	1,479,819
Midstream services revenues	—		204,191		—		(139,183)		65,008
Sales of purchased natural gas	10,199		85,512		—		—		95,711

Realized gain on derivatives	4,045		—		—		—		4,045
Unrealized loss on derivatives	(9,754)		—		—		—		(9,754)
Expenses(1)	853,458		187,756		50,804		(139,762)		952,256
Operating income(2)	$	624,724	$	108,653	$	(50,804)	$	—	$	682,573






Total assets	$	7,102,714	$	1,369,461	$	46,216	$	—	$	8,518,391
Capital expenditures(3)	$	1,023,783	$	137,937	$	771	$	—	$	1,162,491

_____________________

(2)Includes $38.2 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Six Months Ended June 30, 2023
Oil and natural gas revenues	$	1,088,080	$	2,746	$	—	$	—	$	1,090,826
Midstream services revenues	—		154,465		—		(97,879)		56,586
Sales of purchased natural gas	11,374		54,778		—		—		66,152

Realized gain on derivatives	521		—		—		—		521
Unrealized loss on derivatives	(15,726)		—		—		—		(15,726)
Expenses(1)	609,093		139,971		43,473		(97,879)		694,658
Operating income(2)	$	475,156	$	72,018	$	(43,473)	$	—	$	503,701






Total assets	$	5,998,037	$	1,088,627	$	45,674	$	—	$	7,132,338
Capital expenditures(3)	$	2,216,184	$	95,409	$	2,478	$	—	$	2,314,071

_____________________

(2)Includes $28.2 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of contracts

The following is a summary of the Company’s open costless collar contracts at June 30, 2024.


Commodity	Calculation Period	Notional Quantity (Bbl)	Weighted Average Price Floor ($/Bbl)		Weighted Average Price Ceiling ($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil Costless Collar	7/01/2024 - 6/30/2025	16,425,000	$	60.00	$	86.26	$	(14,704)











Total open costless collar contracts							$	(14,704)

The following is a summary of the Company’s open basis differential swap contracts at June 30, 2024.


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

Natural Gas Basis Differential	7/01/2024 - 12/31/2025	16,470,000	$	(0.59)	$	7,620
Total open basis differential swap contracts					$	7,620

Summary of gross asset balances of derivative instruments

The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands).


Derivative Instruments	Gross amounts recognized		Gross amounts netted in the condensed consolidated balance sheets		Net amounts presented in the condensed consolidated balance sheets
June 30, 2024
Current assets	$	23,461	$	(17,871)	$	5,590
Other assets	2,030		—		2,030
Current liabilities	(32,575)		17,871		(14,704)

Total	$	(7,084)	$	—	$	(7,084)
December 31, 2023
Current assets	$	2,573	$	(461)	$	2,112
Other assets	1,743		(1,185)		558


Total	$	4,316	$	(1,646)	$	2,670

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 interim unaudited condensed consolidated statements of income for the periods presented (in thousands).


		Three Months Ended June 30,				Six Months Ended June 30,
Type of Instrument	Location in Condensed Consolidated Statement of Income	2024		2023		2024		2023
Derivative Instrument

Natural Gas	Revenues: Realized gain (loss) on derivatives	$	3,770	$	(3,148)	$	4,045	$	521

Realized gain (loss) on derivatives		$	3,770	$	(3,148)	$	4,045	$	521
Oil	Revenues: Unrealized loss on derivatives	$	(14,704)	$	—	$	(14,704)	$	—
Natural Gas	Revenues: Unrealized gain (loss) on derivatives	2,875		(8,659)		4,950		(15,726)

Unrealized loss on derivatives		$	(11,829)	$	(8,659)	$	(9,754)	$	(15,726)
Total		$	(8,059)	$	(11,807)	$	(5,709)	$	(15,205)

DEBT - Borrowings (Details) - USD ($) $ in Thousands	1 Months Ended
DEBT - Borrowings (Details) - USD ($) $ in Thousands	Jul. 23, 2024	Jun. 30, 2024	Apr. 04, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Line of credit facility		$ 95,000		$ 500,000
Borrowings under San Mateo Credit Facility		512,000		$ 522,000
Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility		95,000
Credit Agreement \| Subsequent Event
Line of Credit Facility [Line Items]
Repayments of borrowings	$ 95,000
Unsecured Debt \| Senior Notes Due 2028
Line of Credit Facility [Line Items]
Long-term debt outstanding		500,000
Unsecured Debt \| Senior Notes Due 2032
Line of Credit Facility [Line Items]
Long-term debt outstanding		900,000
Unsecured Debt \| Senior Notes Due 2026
Line of Credit Facility [Line Items]
Long-term debt outstanding			$ 699,200
Letter of Credit \| Credit Agreement
Line of Credit Facility [Line Items]
Outstanding letters of credit		52,800
Line of Credit \| San Mateo Credit Facility
Line of Credit Facility [Line Items]
Outstanding letters of credit		9,000
Borrowings under San Mateo Credit Facility		$ 512,000
Line of Credit \| San Mateo Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Repayments of borrowings	$ 26,000

DEBT - Senior Unsecured Notes (Details) - Senior Notes - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Apr. 02, 2024	Jun. 30, 2024	Jun. 30, 2024	Apr. 04, 2024
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt outstanding				$ 699.2
2026 Notes Tender Offer And 2026 Notes Redemption
Debt Instrument [Line Items]
Loss incurred		$ 3.0	$ 3.0
2026 Notes Tender Offer
Debt Instrument [Line Items]
Repurchase amount				$ 556.3
2026 Notes Redemption
Debt Instrument [Line Items]
Repurchase amount	$ 142.9
Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt outstanding		$ 500.0	$ 500.0
Interest rate		6.875%	6.875%
Senior Notes Due 2032
Debt Instrument [Line Items]
Long-term debt outstanding		$ 900.0	$ 900.0
Interest rate	6.50%
Senior Notes Due 2032 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Percentage of principal amount redeemed	40.00%
Redemption price	106.50%
Redemption period for completing equity offering (in days)	180 days
Percentage of aggregate principal amount remains outstanding	60.00%
Senior Notes Due 2032 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Percentage of principal amount redeemed	100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Discount rate, present value of future revenue			10.00%
Full-cost ceiling impairment	$ 0	$ 0	$ 0	$ 0
Deferred income tax benefit	(47,882)	(62,235)	(97,388)	(113,978)
Capitalized general and administrative costs	15,100	14,500	32,200	27,100
Interest costs capitalized	$ 9,300	$ 5,300	$ 15,200	$ 8,700

- 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 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

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-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

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-Section 65
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-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 (in thousands).


	Fair Value Measurements at June 30, 2024 using
Description	Level 1		Level 2		Level 3		Total
Assets (Liabilities)
Oil costless collars	$	—	$	(14,704)	$	—	$	(14,704)
Natural gas basis differential swaps	—		7,620		—		7,620

Total	$	—	$	(7,084)	$	—	$	(7,084)


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

Natural gas basis differential swaps	$	—	$	2,670	$	—	$	2,670

Total	$	—	$	2,670	$	—	$	2,670

Additional disclosures related to derivative financial instruments are provided in Note 8.

Other Fair Value Measurements

At June 30, 2024 and December 31, 2023, the carrying values reported on the interim unaudited condensed 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 June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, the fair value of the 2028 Notes was $508.6 million and $510.9 million, respectively, based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy.

At June 30, 2024, the fair value of the 2032 Notes was $900.9 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. See Note 3 for discussion of the fair value measurement of assets acquired and liabilities assumed as part of the Q1 2024 Acquisition and the Advance Acquisition.

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Disaggregation of revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues from contracts with customers	$	855,195	$	649,890	$	1,640,538	$	1,213,564

Realized gain (loss) on derivatives	3,770		(3,148)		4,045		521
Unrealized loss on derivatives	(11,829)		(8,659)		(9,754)		(15,726)
Total revenues	$	847,136	$	638,083	$	1,634,829	$	1,198,359


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Oil revenues	$	705,550	$	510,364	$	1,304,064	$	912,141
Natural gas revenues	70,729		77,553		175,755		178,685
Third-party midstream services revenues	32,651		30,075		65,008		56,586
Sales of purchased natural gas	46,265		31,898		95,711		66,152
Total revenues from contracts with customers	$	855,195	$	649,890	$	1,640,538	$	1,213,564

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

The following table sets forth the computation of diluted weighted average common shares outstanding for the three and six months ended June 30, 2024 and 2023 (in thousands).


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Weighted average common shares outstanding
Basic	124,786	119,183	122,253	119,109
Dilutive effect of options and restricted stock units	110	659	185	747
Diluted weighted average common shares outstanding	124,896	119,842	122,438	119,856

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Gross Asset Balances of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative Asset, Current	Derivative Asset, Current
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Gross amounts recognized	$ (32,575)
Total	(7,084)	$ 4,316
Gross amounts netted in the condensed consolidated balance sheets	17,871
Total, Gross amounts netted in the condensed consolidated balance sheets	0	(1,646)
Net amounts presented in the condensed consolidated balance sheets	(14,704)
Total, Net amounts presented in the condensed consolidated balance sheets	(7,084)	2,670
Current assets
Derivative [Line Items]
Gross amounts recognized	23,461	2,573
Gross amounts netted in the condensed consolidated balance sheets	(17,871)	(461)
Net amounts presented in the condensed consolidated balance sheets	5,590	2,112
Other assets
Derivative [Line Items]
Gross amounts recognized	2,030	1,743
Gross amounts netted in the condensed consolidated balance sheets	0	(1,185)
Net amounts presented in the condensed consolidated balance sheets	$ 2,030	$ 558

BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination and Asset Acquisition [Abstract]

Preliminary Allocation of Acquisition


Consideration	Allocation


Cash consideration given	$	155,054
Allocation of purchase price
Current assets	$	3,358
Oil and natural gas properties
Evaluated	45,778
Unproved and unevaluated	107,072

Asset retirement obligations	(1,154)
Net assets acquired	$	155,054

The final allocation of the total purchase price for the Advance Acquisition is set forth below (in thousands).


Consideration	Allocation
Cash	$	1,676,132
Working capital adjustments	(4,060)
Fair value of Contingent Consideration at April 12, 2023	21,151
Total consideration given	$	1,693,223
Allocation of purchase price
Current assets	$	79,287
Oil and natural gas properties
Evaluated	1,418,668
Unproved and unevaluated	213,835
Midstream assets	63,644
Current liabilities	(73,885)
Asset retirement obligations	(8,326)
Net assets acquired	$	1,693,223

DEBT - Credit Agreements (Details) $ in Millions		6 Months Ended
DEBT - Credit Agreements (Details) $ in Millions	Mar. 22, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 12, 2024 USD ($)
Revolving Credit Facility \| Fourth Amended Credit Agreement
Debt Instrument [Line Items]
Increase in borrowing base	$ 2,500.0
Maximum borrowing commitment	1,325.0
Accordion feature, Higher borrowing commitment	1,500.0
Higher maximum facility amount	2,000.0
Maximum facility amount	$ 3,500.0
Line of credit facility covenant terms, current ratio	1.0
Cash and cash equivalent limit	$ 150.0
EBITDA ratio	3.5
Revolving Credit Facility \| Amendment To Credit Agreement \| Ameredev
Debt Instrument [Line Items]
Increase in borrowing base			$ 250.0
Maximum borrowing commitment			1,500.0
Accordion feature, Higher borrowing commitment			$ 2,250.0
Line of Credit \| San Mateo Credit Facility
Debt Instrument [Line Items]
Maximum borrowing commitment		$ 535.0
EBITDA ratio		5.0
Line of credit, accordian feature (up to)		$ 735.0
Consolidated interest expense, minimum		2.5
Liquidity restriction on cash distribution, percentage of lender commitments, less than		10.00%

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded a current income tax provision of $30.1 million and $47.4 million and a deferred income tax provision of $47.9 million and $97.4 million for the three and six months ended June 30, 2024, respectively. The Company recorded a current income tax benefit of $4.9 million for the three months ended June 30, 2023 and a deferred income tax provision of $62.2 million and $114.0 million for the three and six months ended June 30, 2023, respectively. The Company’s effective income tax rate of 25% and 26% for the three months ended June 30, 2024 and 2023, respectively, and 26% for each of the six months ended June 30, 2024 and 2023 differed from the U.S. federal statutory rate due primarily to permanent differences between book and taxable income and state taxes, primarily in New Mexico.

- 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

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations			$ 92,090
Liabilities incurred during period			4,661
Liabilities settled during period			(192)
Divestitures during period			(326)
Accretion expense	$ 1,329	$ 792	2,602	$ 1,491
Ending asset retirement obligations	98,835		98,835
Less: current asset retirement obligations	(4,883)		(4,883)
Long-term asset retirement obligations	$ 93,952		$ 93,952		$ 87,485

BUSINESS COMBINATIONS - Preliminary Allocation of Acquisition (Details) - USD ($) $ in Thousands	Feb. 15, 2024	Apr. 12, 2023
Oil And Natural Gas Producing Properties And Undeveloped Acreage In Lea County, New Mexico
Business Acquisition [Line Items]
Cash	$ 155,054
Current assets	3,358
Evaluated	45,778
Unproved and unevaluated	107,072
Asset retirement obligations	(1,154)
Net assets acquired	$ 155,054
Initial Advance Acquisition And Advance ORRI Acquisition (Advance Acquisition)
Business Acquisition [Line Items]
Cash		$ 1,676,132
Working capital adjustments		(4,060)
Fair value of Contingent Consideration at April 12, 2023		21,151
Total consideration given		1,693,223
Current assets		79,287
Evaluated		1,418,668
Unproved and unevaluated		213,835
Midstream assets		63,644
Current liabilities		(73,885)
Asset retirement obligations		(8,326)
Net assets acquired		$ 1,693,223

FAIR VALUE MEASUREMENTS - Narrative (Details) - Senior Notes - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Senior Notes Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 508.6	$ 510.9
Senior Notes Due 2032
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 900.9

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	124,885,730	119,478,282
Common stock, shares outstanding (in shares)	124,811,349	119,458,674
Treasury stock (in shares)	74,381	19,608

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED (Parenthetical) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.20	$ 0.20	$ 0.15	$ 0.15
Contribution related to formation of San Mateo, net of tax	$ 1.8	$ 0.3		$ 3.1	$ 2.1	$ 3.1

ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

The following table summarizes the changes in the Company’s asset retirement obligations for the six months ended June 30, 2024 (in thousands).


Beginning asset retirement obligations	$	92,090
Liabilities incurred during period	4,661
Liabilities settled during period	(192)


Divestitures during period	(326)
Accretion expense	2,602
Ending asset retirement obligations	98,835
Less: current asset retirement obligations(1)	(4,883)
Long-term asset retirement obligations	$	93,952

_______________

(1)Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at June 30, 2024.

ASSET RETIREMENT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 (in thousands).


Beginning asset retirement obligations	$	92,090
Liabilities incurred during period	4,661
Liabilities settled during period	(192)


Divestitures during period	(326)
Accretion expense	2,602
Ending asset retirement obligations	98,835
Less: current asset retirement obligations(1)	(4,883)
Long-term asset retirement obligations	$	93,952

_______________

(1)Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at June 30, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliations of Basic and Diluted Distributed and Undistributed Earnings (Loss) Per Common Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted average common shares outstanding
Basic (in shares)	124,786	119,183	122,253	119,109
Dilutive effect of options and restricted stock units (in shares)	110	659	185	747
Diluted weighted average common shares outstanding (in shares)	124,896	119,842	122,438	119,856

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended				6 Months Ended
	Jul. 18, 2024	Jun. 07, 2024	Mar. 28, 2024	Mar. 13, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock pursuant to public offering (in shares)			5,250,000
Net proceeds from issuance of common stock			$ 342,100
Dividends declared (in dollars per share)					$ 0.20	$ 0.20	$ 0.15	$ 0.15
Cash dividend		$ 24,900		$ 23,900	$ 24,889	$ 23,858	$ 17,917	$ 17,768
Distributions					24,451	25,725	25,333	19,110
Contributions					11,760		24,500
Contribution related to formation of San Mateo, net of tax					1,800	$ 300		$ 3,100	$ 2,100	$ 3,100
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 0.20
Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)									137,100
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)									176,000
Vesting period									3 years
Performance-Based Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage									0.00%
Performance-Based Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage									200.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)									112,700
Service-based Restricted Stock Units And Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									3 years
Fair value of awards									$ 25,800
Matador Resources Company \| San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions					25,400		26,400		52,200	46,300
Five Point
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance incentives earned					8,800		0		10,300	14,700
Five Point \| San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions					24,500		25,300		50,200	44,400
San Mateo \| Matador Resources Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions					12,200		25,500		19,900	25,500
San Mateo \| Five Point
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions					$ 11,800		$ 24,500		$ 19,100	$ 24,500

DERIVATIVE FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

At June 30, 2024, the Company had various costless collar contracts open and in place to mitigate its exposure to oil price volatility, each with an established price floor and ceiling. At June 30, 2024, 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 natural gas liquids prices at June 30, 2024.

The following is a summary of the Company’s open costless collar contracts at June 30, 2024.


Commodity	Calculation Period	Notional Quantity (Bbl)	Weighted Average Price Floor ($/Bbl)		Weighted Average Price Ceiling ($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil Costless Collar	7/01/2024 - 6/30/2025	16,425,000	$	60.00	$	86.26	$	(14,704)











Total open costless collar contracts							$	(14,704)

The following is a summary of the Company’s open basis differential swap contracts at June 30, 2024.


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

Natural Gas Basis Differential	7/01/2024 - 12/31/2025	16,470,000	$	(0.59)	$	7,620
Total open basis differential swap contracts					$	7,620

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 interim unaudited condensed consolidated balance sheets.


Derivative Instruments	Gross amounts recognized		Gross amounts netted in the condensed consolidated balance sheets		Net amounts presented in the condensed consolidated balance sheets
June 30, 2024
Current assets	$	23,461	$	(17,871)	$	5,590
Other assets	2,030		—		2,030
Current liabilities	(32,575)		17,871		(14,704)

Total	$	(7,084)	$	—	$	(7,084)
December 31, 2023
Current assets	$	2,573	$	(461)	$	2,112
Other assets	1,743		(1,185)		558


Total	$	4,316	$	(1,646)	$	2,670


		Three Months Ended June 30,				Six Months Ended June 30,
Type of Instrument	Location in Condensed Consolidated Statement of Income	2024		2023		2024		2023
Derivative Instrument

Natural Gas	Revenues: Realized gain (loss) on derivatives	$	3,770	$	(3,148)	$	4,045	$	521

Realized gain (loss) on derivatives		$	3,770	$	(3,148)	$	4,045	$	521
Oil	Revenues: Unrealized loss on derivatives	$	(14,704)	$	—	$	(14,704)	$	—
Natural Gas	Revenues: Unrealized gain (loss) on derivatives	2,875		(8,659)		4,950		(15,726)

Unrealized loss on derivatives		$	(11,829)	$	(8,659)	$	(9,754)	$	(15,726)
Total		$	(8,059)	$	(11,807)	$	(5,709)	$	(15,205)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

SUPPLEMENTAL DISCLOSURES - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Disclosure Text Block Supplement [Abstract]
Cash	$ 15,242	$ 52,662	$ 22,303
Restricted cash	48,661	53,636	43,535
Total cash and restricted cash	$ 63,903	$ 106,298	$ 65,838	$ 547,330

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 855,195	$ 649,890	$ 1,640,538	$ 1,213,564
Realized gain (loss) on derivatives	3,770	(3,148)	4,045	521
Unrealized loss on derivatives	(11,829)	(8,659)	(9,754)	(15,726)
Total revenues	847,136	638,083	1,634,829	1,198,359
Oil revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	705,550	510,364	1,304,064	912,141
Natural gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	70,729	77,553	175,755	178,685
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	32,651	30,075	65,008	56,586
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 46,265	$ 31,898	$ 95,711	$ 66,152

- 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

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Contracts (Details) $ in Thousands	Jun. 30, 2024 USD ($) bbl MMBTU $ / bbl $ / MMBTU
Summary of contracts for oil and natural gas
Derivative Liability, Type [Extensible Enumeration]	Open Basis Swap Contracts [Member]
Oil Costless Collar
Summary of contracts for oil and natural gas
Notional Quantity \| bbl	16,425,000
Fair Value of Asset (Liability) \| $	$ (14,704)
Oil Costless Collar \| Minimum
Summary of contracts for oil and natural gas
Weighted Average Price \| $ / bbl	60.00
Oil Costless Collar \| Maximum
Summary of contracts for oil and natural gas
Weighted Average Price \| $ / bbl	86.26
Oil Basis
Summary of contracts for oil and natural gas
Notional Quantity \| MMBTU	16,470,000
Fixed Price ($/MMBtu) \| $ / MMBTU	(0.59)
Fair Value of Asset (Liability) \| $	$ 7,620

SUPPLEMENTAL DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure Text Block Supplement [Abstract]

Summary of current accrued liabilities

The following table summarizes the Company’s current accrued liabilities at June 30, 2024 and December 31, 2023 (in thousands).


	June 30, 2024		December 31, 2023
Accrued evaluated and unproved and unevaluated property costs	$	172,763	$	144,443
Accrued midstream properties costs	34,373		55,195


Accrued lease operating expenses	72,545		62,005
Accrued interest on debt	23,689		22,857
Accrued asset retirement obligations	4,883		4,605
Accrued partners’ share of joint interest charges	41,269		42,101

Accrued payable related to purchased natural gas	5,982		10,400
Other	32,849		24,242
Total accrued liabilities	$	388,353	$	365,848

Supplemental disclosures of cash flow information

The following table provides supplemental disclosures of cash flow information for the six months ended June 30, 2024 and 2023 (in thousands).


	Six Months Ended June 30,
	2024		2023
Cash paid for income taxes	$	32,283	$	1,677
Cash paid for interest expense, net of amounts capitalized	$	75,213	$	65,757

Increase in asset retirement obligations related to mineral properties	$	3,990	$	8,787
Increase in asset retirement obligations related to midstream properties	$	154	$	641
Increase in liabilities for drilling, completion and equipping capital expenditures	$	43,052	$	89,760
Increase (decrease) in liabilities for acquisition of oil and natural gas properties	$	7,270	$	(346)
Decrease in liabilities for midstream properties capital expenditures	$	(20,836)	$	(929)



Stock-based compensation expense recognized as a liability	$	6,914	$	3,628

Increase in liabilities for accrued cost to issue senior notes	$	—	$	248
Transfer of inventory (to) from oil and natural gas properties	$	(8,001)	$	725


	Six Months Ended June 30,
	2024		2023
Cash	$	15,242	$	22,303
Restricted cash	48,661		43,535
Total cash and restricted cash	$	63,903	$	65,838

NATURE OF OPERATIONS	6 Months Ended
NATURE OF OPERATIONS	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONSMatador 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.

BUSINESS COMBINATIONS - Narrative (Details) $ in Thousands					2 Months Ended	3 Months Ended			6 Months Ended
BUSINESS COMBINATIONS - Narrative (Details) $ in Thousands	Jun. 12, 2024 USD ($)	Feb. 15, 2024 USD ($)	Oct. 01, 2023 USD ($)	Apr. 12, 2023 USD ($) $ / bbl	Oct. 31, 2023 $ / bbl	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Revenues from contracts with customers						$ 855,195		$ 649,890	$ 1,640,538	$ 1,213,564
Net income attributable to Matador Resources Company shareholders						228,769		164,666	422,498	327,796
Oil and natural gas revenues
Business Acquisition [Line Items]
Revenues from contracts with customers						$ 776,279		$ 587,917	1,479,819	1,090,826
Ameredev
Business Acquisition [Line Items]
Aggregate purchase price	$ 1,905,000
Acquisition									95,250	0
Ameredev \| Piñon Midstream, LLC
Business Acquisition [Line Items]
Percentage acquired	19.00%
Oil And Natural Gas Producing Properties And Undeveloped Acreage In Lea County, New Mexico
Business Acquisition [Line Items]
Aggregate purchase price		$ 155,054
Advance
Business Acquisition [Line Items]
Acquisition				$ 1,600,000					$ 0	$ 1,608,427
Cash				$ 7,500
Average oil and gas prices (USD per barrel) \| $ / bbl				85	85
Payments made for contingent consideration							$ 15,000
Advance ORRI Acquisition
Business Acquisition [Line Items]
Acquisition			$ 81,000
Initial Advance Acquisition And Advance ORRI Acquisition (Advance Acquisition)
Business Acquisition [Line Items]
Percentage acquired			100.00%
Aggregate purchase price				$ 1,676,132
Fair value of contingent consideration				$ 21,151

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
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 transportation, gathering, processing, fractionation, sales and disposal. The Company paid approximately $16.3 million and $11.4 million for deliveries under these agreements during the three months ended June 30, 2024 and 2023, respectively, and $31.7 million and $22.1 million for deliveries under these agreements during the six months ended June 30, 2024 and 2023, 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 June 30, 2024, the total deficiencies required to be paid by the Company under these agreements would be approximately $593.0 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 southern portion of the Arrowhead asset area (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 June 30, 2024 was approximately $164.4 million. 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 on 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.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Delivery Of Natural Gas And Oil Production To Third Parties
Long-term Purchase Commitment [Line Items]
Payment for volume requirement agreement	$ 16.3	$ 11.4	$ 31.7	$ 22.1
Volume requirement commitment	593.0		$ 593.0
Rustler Breaks and Wolf Asset Area \| Corporate Joint Venture \| San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Term of contractual obligation			15 years
Rustler Breaks Asset Area \| Corporate Joint Venture \| San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Term of contractual obligation			15 years
Operational Agreements \| San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Contractual obligation	$ 164.4		$ 164.4

DEBT - Redemption Price (Details) - Senior Notes - Senior Notes Due 2032	6 Months Ended
	Jun. 30, 2024
Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Redemption price	103.25%
Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Redemption price	101.625%
Debt Instrument, Redemption, Period Three
Debt Instrument, Redemption [Line Items]
Redemption price	100.00%

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 using
Description	Level 1		Level 2		Level 3		Total
Assets (Liabilities)
Oil costless collars	$	—	$	(14,704)	$	—	$	(14,704)
Natural gas basis differential swaps	—		7,620		—		7,620

Total	$	—	$	(7,084)	$	—	$	(7,084)


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

Natural gas basis differential swaps	$	—	$	2,670	$	—	$	2,670

Total	$	—	$	2,670	$	—	$	2,670

CONDENSED CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Revenues	$ 855,195	$ 649,890	$ 1,640,538	$ 1,213,564
Realized gain (loss) on derivatives	3,770	(3,148)	4,045	521
Unrealized loss on derivatives	(11,829)	(8,659)	(9,754)	(15,726)
Total revenues	847,136	638,083	1,634,829	1,198,359
Expenses
Production taxes, transportation and processing	76,812	61,991	146,965	117,477
Lease operating	79,030	61,043	155,325	105,450
Purchased natural gas	35,240	27,103	74,672	55,551
Depletion, depreciation and amortization	225,934	177,514	438,245	303,839
Accretion of asset retirement obligations	1,329	792	2,602	1,491
General and administrative	27,913	26,715	57,566	49,148
Total expenses	483,516	385,815	952,256	694,658
Operating income	363,620	252,268	682,573	503,701
Other income (expense)
Net loss on impairment	0	(202)	0	(202)
Interest expense	(35,986)	(34,229)	(75,548)	(50,405)
Other (expense) income	(2,121)	16,564	(1,544)	16,903
Total other expense	(38,107)	(17,867)	(77,092)	(33,704)
Income before income taxes	325,513	234,401	605,481	469,997
Income tax provision (benefit)
Current	30,104	(4,929)	47,376	0
Deferred	47,882	62,235	97,388	113,978
Total income tax provision	77,986	57,306	144,764	113,978
Net income	247,527	177,095	460,717	356,019
Net income attributable to non-controlling interest in subsidiaries	(18,758)	(12,429)	(38,219)	(28,223)
Net income attributable to Matador Resources Company shareholders	$ 228,769	$ 164,666	$ 422,498	$ 327,796
Earnings per common share
Basic (in dollars per share)	$ 1.83	$ 1.38	$ 3.46	$ 2.75
Basic (in shares)	124,786	119,183	122,253	119,109
Diluted (in shares)	124,896	119,842	122,438	119,856
Diluted (in dollars per share)	$ 1.83	$ 1.37	$ 3.45	$ 2.73
Weighted average common shares outstanding	$ 1.83	$ 1.38	$ 3.46	$ 2.75
Oil and natural gas revenues
Revenues
Revenues	$ 776,279	$ 587,917	$ 1,479,819	$ 1,090,826
Third-party midstream services revenues
Revenues
Revenues	32,651	30,075	65,008	56,586
Expenses
Plant and other midstream services operating	37,258	30,657	76,881	61,702
Sales of purchased natural gas
Revenues
Revenues	$ 46,265	$ 31,898	$ 95,711	$ 66,152

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Location and Aggregate Fair Value of All Derivative Financial Instruments Recorded in the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instrument
Realized gain (loss) on derivatives	$ 3,770	$ (3,148)	$ 4,045	$ 521
Unrealized loss on derivatives	(11,829)	(8,659)	(9,754)	(15,726)
Total	(8,059)	(11,807)	(5,709)	(15,205)
Revenues
Derivative Instrument
Realized gain (loss) on derivatives	3,770	(3,148)	4,045	521
Unrealized loss on derivatives	(11,829)	(8,659)	(9,754)	(15,726)
Natural Gas \| Revenues
Derivative Instrument
Realized gain (loss) on derivatives	3,770	(3,148)	4,045	521
Unrealized loss on derivatives	2,875	(8,659)	4,950	(15,726)
Oil \| Revenues
Derivative Instrument
Unrealized loss on derivatives	$ (14,704)	$ 0	$ (14,704)	$ 0

- Definition

+ References + Details

SEGMENT INFORMATION - Selected Financial Information for Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 855,195	$ 649,890	$ 1,640,538	$ 1,213,564
Realized gain (loss) on derivatives	3,770	(3,148)	4,045	521
Unrealized loss on derivatives	(11,829)	(8,659)	(9,754)	(15,726)
Expenses	483,516	385,815	952,256	694,658
Operating (loss) income	363,620	252,268	682,573	503,701
Total assets	8,518,391	7,132,338	8,518,391	7,132,338	$ 7,726,996
Capital expenditures	523,933	1,980,517	1,162,491	2,314,071
Depletion, depreciation and amortization	225,934	177,514	438,245	303,839
Midstream capital expenditures			157,201	32,871
Corporate
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	0	0	0	0
Unrealized loss on derivatives	0	0	0	0
Expenses	24,632	23,319	50,804	43,473
Operating (loss) income	(24,632)	(23,319)	(50,804)	(43,473)
Total assets	46,216	45,674	46,216	45,674
Capital expenditures	545	709	771	2,478
Depletion, depreciation and amortization	300	300	600	700
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	0	0	0	0
Unrealized loss on derivatives	0	0	0	0
Expenses	(71,694)	(49,139)	(139,762)	(97,879)
Operating (loss) income	0	0	0	0
Total assets	0	0	0	0
Capital expenditures	0	0	0	0
Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	3,770	(3,148)	4,045	521
Unrealized loss on derivatives	(11,829)	(8,659)	(9,754)	(15,726)
Expenses	436,960	341,513	853,458	609,093
Operating (loss) income	332,369	238,956	624,724	475,156
Total assets	7,102,714	5,998,037	7,102,714	5,998,037
Capital expenditures	471,863	1,897,679	1,023,783	2,216,184
Depletion, depreciation and amortization	214,700	167,400	415,900	284,000
Capital expenditures attributable to land and seismic acquisition expenditures	157,300	1,590,000	358,600	1,610,000
Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	0	0	0	0
Unrealized loss on derivatives	0	0	0	0
Expenses	93,618	70,122	187,756	139,971
Operating (loss) income	55,883	36,631	108,653	72,018
Total assets	1,369,461	1,088,627	1,369,461	1,088,627
Capital expenditures	51,525	82,129	137,937	95,409
Depletion, depreciation and amortization	10,900	9,800	21,700	19,200
Net income attributable to non-controlling interest in subsidiaries		(12,400)	(38,200)	(28,200)
Capital expenditures attributable to land and seismic acquisition expenditures		63,600		63,600
Capital expenditures attributable to non-controlling interest	6,300	6,800	13,400	11,300
Operating Income (Loss) \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interest in subsidiaries	(18,700)
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	776,279	587,917	1,479,819	1,090,826
Oil and natural gas revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Oil and natural gas revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	(579)	0
Oil and natural gas revenues \| Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	772,267	586,732	1,473,692	1,088,080
Oil and natural gas revenues \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,012	1,185	6,706	2,746
Midstream services revenues
Segment Reporting Information [Line Items]
Revenues	32,651	30,075	65,008	56,586
Midstream services revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Midstream services revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(71,694)	(49,139)	(139,183)	(97,879)
Midstream services revenues \| Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Midstream services revenues \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	104,345	79,214	204,191	154,465
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	46,265	31,898	95,711	66,152
Sales of purchased natural gas \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Sales of purchased natural gas \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Sales of purchased natural gas \| Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	5,121	5,544	10,199	11,374
Sales of purchased natural gas \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 41,144	$ 26,354	$ 85,512	$ 54,778

SUPPLEMENTAL DISCLOSURES - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Condensed Cash Flow Statements, Captions [Line Items]
Cash paid for income taxes	$ 32,283	$ 1,677
Cash paid for interest expense, net of amounts capitalized	75,213	65,757
Increase in liabilities for drilling, completion and equipping capital expenditures	43,052	89,760
Increase (decrease) in liabilities for acquisition of oil and natural gas properties	7,270	(346)
Decrease in liabilities for midstream properties capital expenditures	(20,836)	(929)
Stock-based compensation expense recognized as a liability	6,914	3,628
Increase in liabilities for accrued cost to issue senior notes	0	248
Transfer of inventory (to) from oil and natural gas properties	(8,001)	725
Mineral Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase in asset retirement obligations	3,990	8,787
Midstream Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase in asset retirement obligations	$ 154	$ 641