mtdr-20210930
0001520006false2021Q3December 3100015200062021-01-012021-09-30xbrli:shares00015200062021-10-26iso4217:USD00015200062021-09-3000015200062020-12-31iso4217:USDxbrli:shares0001520006us-gaap:OilAndGasMember2021-07-012021-09-300001520006us-gaap:OilAndGasMember2020-07-012020-09-300001520006us-gaap:OilAndGasMember2021-01-012021-09-300001520006us-gaap:OilAndGasMember2020-01-012020-09-300001520006us-gaap:NaturalGasMidstreamMember2021-07-012021-09-300001520006us-gaap:NaturalGasMidstreamMember2020-07-012020-09-300001520006us-gaap:NaturalGasMidstreamMember2021-01-012021-09-300001520006us-gaap:NaturalGasMidstreamMember2020-01-012020-09-300001520006mtdr:NaturalGasSalesMember2021-07-012021-09-300001520006mtdr:NaturalGasSalesMember2020-07-012020-09-300001520006mtdr:NaturalGasSalesMember2021-01-012021-09-300001520006mtdr:NaturalGasSalesMember2020-01-012020-09-3000015200062021-07-012021-09-3000015200062020-07-012020-09-3000015200062020-01-012020-09-300001520006us-gaap:CommonStockMember2020-12-310001520006us-gaap:AdditionalPaidInCapitalMember2020-12-310001520006us-gaap:RetainedEarningsMember2020-12-310001520006us-gaap:TreasuryStockMember2020-12-310001520006us-gaap:ParentMember2020-12-310001520006us-gaap:NoncontrollingInterestMember2020-12-3100015200062021-04-012021-06-300001520006us-gaap:RetainedEarningsMember2021-01-012021-03-310001520006us-gaap:ParentMember2021-01-012021-03-3100015200062021-01-012021-03-310001520006us-gaap:CommonStockMember2021-01-012021-03-310001520006us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001520006us-gaap:TreasuryStockMember2021-01-012021-03-310001520006us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001520006us-gaap:CommonStockMember2021-03-310001520006us-gaap:AdditionalPaidInCapitalMember2021-03-310001520006us-gaap:RetainedEarningsMember2021-03-310001520006us-gaap:TreasuryStockMember2021-03-310001520006us-gaap:ParentMember2021-03-310001520006us-gaap:NoncontrollingInterestMember2021-03-3100015200062021-03-310001520006us-gaap:RetainedEarningsMember2021-04-012021-06-300001520006us-gaap:ParentMember2021-04-012021-06-300001520006us-gaap:CommonStockMember2021-04-012021-06-300001520006us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001520006us-gaap:TreasuryStockMember2021-04-012021-06-300001520006us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001520006us-gaap:CommonStockMember2021-06-300001520006us-gaap:AdditionalPaidInCapitalMember2021-06-300001520006us-gaap:RetainedEarningsMember2021-06-300001520006us-gaap:TreasuryStockMember2021-06-300001520006us-gaap:ParentMember2021-06-300001520006us-gaap:NoncontrollingInterestMember2021-06-3000015200062021-06-300001520006us-gaap:RetainedEarningsMember2021-07-012021-09-300001520006us-gaap:ParentMember2021-07-012021-09-300001520006us-gaap:CommonStockMember2021-07-012021-09-300001520006us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001520006us-gaap:TreasuryStockMember2021-07-012021-09-300001520006us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001520006us-gaap:CommonStockMember2021-09-300001520006us-gaap:AdditionalPaidInCapitalMember2021-09-300001520006us-gaap:RetainedEarningsMember2021-09-300001520006us-gaap:TreasuryStockMember2021-09-300001520006us-gaap:ParentMember2021-09-300001520006us-gaap:NoncontrollingInterestMember2021-09-300001520006us-gaap:CommonStockMember2019-12-310001520006us-gaap:AdditionalPaidInCapitalMember2019-12-310001520006us-gaap:RetainedEarningsMember2019-12-310001520006us-gaap:TreasuryStockMember2019-12-310001520006us-gaap:ParentMember2019-12-310001520006us-gaap:NoncontrollingInterestMember2019-12-3100015200062019-12-310001520006us-gaap:CommonStockMember2020-01-012020-03-3100015200062020-01-012020-03-310001520006us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001520006us-gaap:ParentMember2020-01-012020-03-310001520006us-gaap:TreasuryStockMember2020-01-012020-03-3100015200062020-04-012020-06-300001520006us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001520006us-gaap:RetainedEarningsMember2020-01-012020-03-310001520006us-gaap:CommonStockMember2020-03-310001520006us-gaap:AdditionalPaidInCapitalMember2020-03-310001520006us-gaap:RetainedEarningsMember2020-03-310001520006us-gaap:TreasuryStockMember2020-03-310001520006us-gaap:ParentMember2020-03-310001520006us-gaap:NoncontrollingInterestMember2020-03-3100015200062020-03-310001520006us-gaap:CommonStockMember2020-04-012020-06-300001520006us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001520006us-gaap:ParentMember2020-04-012020-06-300001520006us-gaap:TreasuryStockMember2020-04-012020-06-300001520006us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001520006us-gaap:RetainedEarningsMember2020-04-012020-06-300001520006us-gaap:CommonStockMember2020-06-300001520006us-gaap:AdditionalPaidInCapitalMember2020-06-300001520006us-gaap:RetainedEarningsMember2020-06-300001520006us-gaap:TreasuryStockMember2020-06-300001520006us-gaap:ParentMember2020-06-300001520006us-gaap:NoncontrollingInterestMember2020-06-3000015200062020-06-300001520006us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001520006us-gaap:ParentMember2020-07-012020-09-300001520006us-gaap:TreasuryStockMember2020-07-012020-09-300001520006us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001520006us-gaap:RetainedEarningsMember2020-07-012020-09-300001520006us-gaap:CommonStockMember2020-09-300001520006us-gaap:AdditionalPaidInCapitalMember2020-09-300001520006us-gaap:RetainedEarningsMember2020-09-300001520006us-gaap:TreasuryStockMember2020-09-300001520006us-gaap:ParentMember2020-09-300001520006us-gaap:NoncontrollingInterestMember2020-09-3000015200062020-09-300001520006mtdr:OilRevenuesMember2021-07-012021-09-300001520006mtdr:OilRevenuesMember2020-07-012020-09-300001520006mtdr:OilRevenuesMember2021-01-012021-09-300001520006mtdr:OilRevenuesMember2020-01-012020-09-300001520006mtdr:NaturalGasRevenuesMember2021-07-012021-09-300001520006mtdr:NaturalGasRevenuesMember2020-07-012020-09-300001520006mtdr:NaturalGasRevenuesMember2021-01-012021-09-300001520006mtdr:NaturalGasRevenuesMember2020-01-012020-09-30xbrli:pure00015200062020-09-302020-09-3000015200062020-06-302020-06-300001520006us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001520006us-gaap:EmployeeStockOptionMember2020-07-012020-09-300001520006us-gaap:RestrictedStockMember2020-07-012020-09-300001520006us-gaap:RestrictedStockMember2020-01-012020-09-300001520006us-gaap:UnsecuredDebtMembermtdr:SeniorNotesDue2026Member2021-09-300001520006mtdr:CreditAgreementMember2021-09-300001520006us-gaap:LetterOfCreditMembermtdr:CreditAgreementMember2021-09-300001520006us-gaap:UnsecuredDebtMembermtdr:SBALoanCARESActMember2021-09-300001520006us-gaap:SubsequentEventMemberus-gaap:LetterOfCreditMembermtdr:CreditAgreementMember2021-10-012021-10-260001520006mtdr:SanMateoCreditFacilityMemberus-gaap:LineOfCreditMember2021-09-300001520006mtdr:SanMateoCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2021-10-012021-10-260001520006mtdr:ThirdAmendedCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2021-04-300001520006mtdr:ThirdAmendedCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2021-09-300001520006mtdr:ThirdAmendedCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-09-300001520006mtdr:SanMateoCreditFacilityMemberus-gaap:LineOfCreditMember2021-06-290001520006mtdr:SanMateoCreditFacilityMemberus-gaap:LineOfCreditMember2021-01-012021-09-300001520006mtdr:A2026NotesOfferingMemberus-gaap:UnsecuredDebtMember2021-09-300001520006mtdr:ServiceBasedRestrictedStockUnitsMember2021-01-012021-09-300001520006mtdr:PerformanceBasedStockUnitsMember2021-01-012021-09-300001520006us-gaap:RestrictedStockMember2021-01-012021-09-300001520006mtdr:PerformanceBasedStockUnitsMembersrt:MinimumMember2021-01-012021-09-300001520006mtdr:PerformanceBasedStockUnitsMembersrt:MaximumMember2021-01-012021-09-300001520006mtdr:ServicebasedRestrictedStockUnitsAndPerformanceBasedStockUnitsMember2021-01-012021-09-300001520006us-gaap:SubsequentEventMember2021-10-012021-10-310001520006mtdr:SanMateoMembermtdr:MatadorResourcesCompanyMember2021-07-012021-09-300001520006mtdr:SanMateoMembermtdr:MatadorResourcesCompanyMember2020-07-012020-09-300001520006mtdr:SanMateoMembermtdr:FivePointMember2021-07-012021-09-300001520006mtdr:SanMateoMembermtdr:FivePointMember2020-07-012020-09-300001520006mtdr:SanMateoMembermtdr:MatadorResourcesCompanyMember2021-01-012021-09-300001520006mtdr:SanMateoMembermtdr:MatadorResourcesCompanyMember2020-01-012020-09-300001520006mtdr:SanMateoMembermtdr:FivePointMember2021-01-012021-09-300001520006mtdr:SanMateoMembermtdr:FivePointMember2020-01-012020-09-300001520006mtdr:FivePointMembermtdr:SanMateoMidstreamMember2021-01-012021-09-300001520006mtdr:SanMateoMidstreamMembermtdr:MatadorResourcesCompanyMember2021-01-012021-09-300001520006mtdr:FivePointMembermtdr:SanMateoMidstreamMember2021-07-012021-09-300001520006mtdr:SanMateoMidstreamMembermtdr:MatadorResourcesCompanyMember2021-07-012021-09-300001520006mtdr:SanMateoMidstreamMembermtdr:MatadorResourcesCompanyMember2020-07-012020-09-300001520006mtdr:FivePointMembermtdr:SanMateoMidstreamMember2020-07-012020-09-300001520006mtdr:SanMateoMidstreamMembermtdr:MatadorResourcesCompanyMember2020-01-012020-09-300001520006mtdr:FivePointMembermtdr:SanMateoMidstreamMember2020-01-012020-09-300001520006mtdr:FivePointMembermtdr:MatadorsProportionateInterestInSanMateoMembermtdr:SanMateoMidstreamMember2020-01-012020-09-300001520006mtdr:SanMateoMember2021-07-012021-09-300001520006mtdr:SanMateoMember2020-07-012020-09-300001520006mtdr:SanMateoMember2021-01-012021-09-300001520006mtdr:SanMateoMember2020-01-012020-09-30utr:bbl0001520006srt:OilReservesMembermtdr:DerivativeContractCalculationPeriodOneMembermtdr:OpenCostlessCollarContractsMember2021-09-30iso4217:USDutr:bbl0001520006srt:NaturalGasReservesMembermtdr:DerivativeContractCalculationPeriodOneMembermtdr:OpenCostlessCollarContractsMember2021-09-300001520006srt:OilReservesMembermtdr:DerivativeContractCalculationPeriodThreeMembermtdr:OpenCostlessCollarContractsMember2021-09-300001520006mtdr:DerivativeContractCalculationPeriodTwoMembersrt:NaturalGasReservesMembermtdr:OpenCostlessCollarContractsMember2021-09-300001520006mtdr:OpenCostlessCollarContractsMember2021-09-300001520006srt:OilReservesMembermtdr:OpenSwapContractsMembermtdr:DerivativeContractCalculationPeriodOneMember2021-09-300001520006mtdr:OpenSwapContractsMember2021-09-300001520006mtdr:DerivativeContractCalculationPeriodOneMembermtdr:OilBasisSwapMembermtdr:OpenBasisSwapContractsMember2021-09-300001520006mtdr:OilBasisSwapMembermtdr:OpenBasisSwapContractsMembermtdr:DerivativeContractCalculationPeriodThreeMember2021-09-300001520006mtdr:OpenBasisSwapContractsMember2021-09-300001520006us-gaap:OtherCurrentAssetsMember2021-09-300001520006us-gaap:OtherNoncurrentAssetsMember2021-09-300001520006us-gaap:OtherCurrentLiabilitiesMember2021-09-300001520006us-gaap:OtherNoncurrentLiabilitiesMember2021-09-300001520006us-gaap:OtherCurrentAssetsMember2020-12-310001520006us-gaap:OtherNoncurrentAssetsMember2020-12-310001520006us-gaap:OtherCurrentLiabilitiesMember2020-12-310001520006us-gaap:OtherNoncurrentLiabilitiesMember2020-12-310001520006srt:OilReservesMemberus-gaap:SalesMember2021-07-012021-09-300001520006srt:OilReservesMemberus-gaap:SalesMember2020-07-012020-09-300001520006srt:OilReservesMemberus-gaap:SalesMember2021-01-012021-09-300001520006srt:OilReservesMemberus-gaap:SalesMember2020-01-012020-09-300001520006srt:NaturalGasReservesMemberus-gaap:SalesMember2021-07-012021-09-300001520006srt:NaturalGasReservesMemberus-gaap:SalesMember2020-07-012020-09-300001520006srt:NaturalGasReservesMemberus-gaap:SalesMember2021-01-012021-09-300001520006srt:NaturalGasReservesMemberus-gaap:SalesMember2020-01-012020-09-300001520006us-gaap:SalesMember2021-07-012021-09-300001520006us-gaap:SalesMember2020-07-012020-09-300001520006us-gaap:SalesMember2021-01-012021-09-300001520006us-gaap:SalesMember2020-01-012020-09-300001520006mtdr:OilDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001520006mtdr:OilDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001520006mtdr:OilDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001520006mtdr:OilDerivativesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001520006mtdr:GasDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001520006mtdr:GasDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001520006mtdr:GasDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001520006mtdr:GasDerivativesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001520006us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001520006us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001520006us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001520006us-gaap:FairValueMeasurementsRecurringMember2021-09-300001520006mtdr:OilDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001520006mtdr:OilDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001520006mtdr:OilDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001520006mtdr:OilDerivativesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001520006mtdr:GasDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001520006mtdr:GasDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001520006mtdr:GasDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001520006mtdr:GasDerivativesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001520006us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001520006us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001520006us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001520006us-gaap:FairValueMeasurementsRecurringMember2020-12-310001520006us-gaap:UnsecuredDebtMembermtdr:SeniorNotesDue2023Member2021-09-300001520006us-gaap:UnsecuredDebtMembermtdr:SeniorNotesDue2023Member2020-12-310001520006mtdr:DeliveryOfNaturalGasAndOilProductionToThirdPartiesMember2021-07-012021-09-300001520006mtdr:DeliveryOfNaturalGasAndOilProductionToThirdPartiesMember2020-07-012020-09-300001520006mtdr:DeliveryOfNaturalGasAndOilProductionToThirdPartiesMember2021-01-012021-09-300001520006mtdr:DeliveryOfNaturalGasAndOilProductionToThirdPartiesMember2020-01-012020-09-300001520006mtdr:DeliveryOfNaturalGasAndOilProductionToThirdPartiesMember2021-09-300001520006mtdr:DeliveryOfResidueGasProductionMember2021-01-012021-09-300001520006mtdr:DeliveryOfResidueGasProductionMember2021-09-300001520006mtdr:SanMateoMidstreamMembermtdr:RustlerBreaksandWolfAssetAreaMemberus-gaap:CorporateJointVentureMember2017-02-172017-02-170001520006mtdr:SanMateoMidstreamMembermtdr:RustlerBreaksAssetAreaMemberus-gaap:CorporateJointVentureMember2017-02-172017-02-170001520006mtdr:SanMateoMidstreamMembermtdr:OperationalAgreementsMember2021-09-300001520006mtdr:AccruedEvaluatedAndUnprovedAndUnevaluatedPropertyCostsMember2021-09-300001520006mtdr:AccruedEvaluatedAndUnprovedAndUnevaluatedPropertyCostsMember2020-12-310001520006mtdr:AccruedSupportEquipmentAndFacilitiesCostsMember2021-09-300001520006mtdr:AccruedSupportEquipmentAndFacilitiesCostsMember2020-12-310001520006mtdr:AccruedLeaseOperatingExpensesMember2021-09-300001520006mtdr:AccruedLeaseOperatingExpensesMember2020-12-310001520006mtdr:AccruedInterestOnBorrowingsUnderCreditAgreementMember2021-09-300001520006mtdr:AccruedInterestOnBorrowingsUnderCreditAgreementMember2020-12-310001520006mtdr:AccruedAssetRetirementObligationsMember2021-09-300001520006mtdr:AccruedAssetRetirementObligationsMember2020-12-310001520006mtdr:AccruedPartnersShareOfJointInterestChargesMember2021-09-300001520006mtdr:AccruedPartnersShareOfJointInterestChargesMember2020-12-310001520006mtdr:AccruedPayableRelatedToPurchasedNaturalGasMember2021-09-300001520006mtdr:AccruedPayableRelatedToPurchasedNaturalGasMember2020-12-310001520006mtdr:OtherAccruedLiabilityMember2021-09-300001520006mtdr:OtherAccruedLiabilityMember2020-12-310001520006mtdr:MineralPropertiesMember2021-01-012021-09-300001520006mtdr:MineralPropertiesMember2020-01-012020-09-300001520006mtdr:MidstreamPropertiesMember2021-01-012021-09-300001520006mtdr:MidstreamPropertiesMember2020-01-012020-09-30mtdr:segment0001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMemberus-gaap:OilAndGasMember2021-07-012021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMember2021-07-012021-09-300001520006us-gaap:CorporateNonSegmentMemberus-gaap:OilAndGasMember2021-07-012021-09-300001520006us-gaap:IntersegmentEliminationMemberus-gaap:OilAndGasMember2021-07-012021-09-300001520006us-gaap:NaturalGasMidstreamMemberus-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2021-07-012021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:NaturalGasMidstreamMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001520006us-gaap:CorporateNonSegmentMemberus-gaap:NaturalGasMidstreamMember2021-07-012021-09-300001520006us-gaap:NaturalGasMidstreamMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMembermtdr:NaturalGasSalesMember2021-07-012021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMembermtdr:NaturalGasSalesMember2021-07-012021-09-300001520006us-gaap:CorporateNonSegmentMembermtdr:NaturalGasSalesMember2021-07-012021-09-300001520006us-gaap:IntersegmentEliminationMembermtdr:NaturalGasSalesMember2021-07-012021-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2021-07-012021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001520006us-gaap:CorporateNonSegmentMember2021-07-012021-09-300001520006us-gaap:IntersegmentEliminationMember2021-07-012021-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMember2021-09-300001520006us-gaap:CorporateNonSegmentMember2021-09-300001520006us-gaap:IntersegmentEliminationMember2021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingIncomeLossMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMemberus-gaap:OilAndGasMember2020-07-012020-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMember2020-07-012020-09-300001520006us-gaap:CorporateNonSegmentMemberus-gaap:OilAndGasMember2020-07-012020-09-300001520006us-gaap:IntersegmentEliminationMemberus-gaap:OilAndGasMember2020-07-012020-09-300001520006us-gaap:NaturalGasMidstreamMemberus-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2020-07-012020-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:NaturalGasMidstreamMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001520006us-gaap:CorporateNonSegmentMemberus-gaap:NaturalGasMidstreamMember2020-07-012020-09-300001520006us-gaap:NaturalGasMidstreamMemberus-gaap:IntersegmentEliminationMember2020-07-012020-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMembermtdr:NaturalGasSalesMember2020-07-012020-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMembermtdr:NaturalGasSalesMember2020-07-012020-09-300001520006us-gaap:CorporateNonSegmentMembermtdr:NaturalGasSalesMember2020-07-012020-09-300001520006us-gaap:IntersegmentEliminationMembermtdr:NaturalGasSalesMember2020-07-012020-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2020-07-012020-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001520006us-gaap:CorporateNonSegmentMember2020-07-012020-09-300001520006us-gaap:IntersegmentEliminationMember2020-07-012020-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2020-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMember2020-09-300001520006us-gaap:CorporateNonSegmentMember2020-09-300001520006us-gaap:IntersegmentEliminationMember2020-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMemberus-gaap:OilAndGasMember2021-01-012021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMember2021-01-012021-09-300001520006us-gaap:CorporateNonSegmentMemberus-gaap:OilAndGasMember2021-01-012021-09-300001520006us-gaap:IntersegmentEliminationMemberus-gaap:OilAndGasMember2021-01-012021-09-300001520006us-gaap:NaturalGasMidstreamMemberus-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2021-01-012021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:NaturalGasMidstreamMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001520006us-gaap:CorporateNonSegmentMemberus-gaap:NaturalGasMidstreamMember2021-01-012021-09-300001520006us-gaap:NaturalGasMidstreamMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMembermtdr:NaturalGasSalesMember2021-01-012021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMembermtdr:NaturalGasSalesMember2021-01-012021-09-300001520006us-gaap:CorporateNonSegmentMembermtdr:NaturalGasSalesMember2021-01-012021-09-300001520006us-gaap:IntersegmentEliminationMembermtdr:NaturalGasSalesMember2021-01-012021-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2021-01-012021-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001520006us-gaap:CorporateNonSegmentMember2021-01-012021-09-300001520006us-gaap:IntersegmentEliminationMember2021-01-012021-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMemberus-gaap:OilAndGasMember2020-01-012020-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:OilAndGasMember2020-01-012020-09-300001520006us-gaap:CorporateNonSegmentMemberus-gaap:OilAndGasMember2020-01-012020-09-300001520006us-gaap:IntersegmentEliminationMemberus-gaap:OilAndGasMember2020-01-012020-09-300001520006us-gaap:NaturalGasMidstreamMemberus-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2020-01-012020-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:NaturalGasMidstreamMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001520006us-gaap:CorporateNonSegmentMemberus-gaap:NaturalGasMidstreamMember2020-01-012020-09-300001520006us-gaap:NaturalGasMidstreamMemberus-gaap:IntersegmentEliminationMember2020-01-012020-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMembermtdr:NaturalGasSalesMember2020-01-012020-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMembermtdr:NaturalGasSalesMember2020-01-012020-09-300001520006us-gaap:CorporateNonSegmentMembermtdr:NaturalGasSalesMember2020-01-012020-09-300001520006us-gaap:IntersegmentEliminationMembermtdr:NaturalGasSalesMember2020-01-012020-09-300001520006us-gaap:OperatingSegmentsMembermtdr:ExplorationandProductionSegmentMember2020-01-012020-09-300001520006mtdr:MidstreamSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001520006us-gaap:CorporateNonSegmentMember2020-01-012020-09-300001520006us-gaap:IntersegmentEliminationMember2020-01-012020-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________________________ 
FORM 10-Q
 _________________________________________________________  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number 001-35410
 _________________________________________________________  
Matador Resources Company
(Exact name of registrant as specified in its charter)
  _________________________________________________________ 
Texas27-4662601
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5400 LBJ Freeway, Suite 1500
Dallas, Texas
75240
(Address of principal executive offices)(Zip Code)
(972) 371-5200
(Registrant’s telephone number, including area code)
 _________________________________________________________  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareMTDRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No
As of October 26, 2021, there were 117,335,598 shares of the registrant’s common stock, par value $0.01 per share, outstanding.


Table of Contents
MATADOR RESOURCES COMPANY
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS
 Page


Table of Contents
Part I — FINANCIAL INFORMATION
Item 1. Financial Statements — Unaudited
Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(In thousands, except par value and share data)
September 30,
2021
December 31,
2020
ASSETS
Current assets
Cash$73,128 $57,916 
Restricted cash34,663 33,467 
Accounts receivable
Oil and natural gas revenues175,265 85,098 
Joint interest billings41,184 34,823 
Other31,905 17,212 
Derivative instruments3,157 6,727 
Lease and well equipment inventory12,137 10,584 
Prepaid expenses and other current assets25,189 15,802 
Total current assets396,628 261,629 
Property and equipment, at cost
Oil and natural gas properties, full-cost method
Evaluated5,656,031 5,295,931 
Unproved and unevaluated918,885 902,133 
Midstream properties887,982 841,695 
Other property and equipment30,202 29,561 
Less accumulated depletion, depreciation and amortization(3,956,919)(3,701,551)
Net property and equipment3,536,181 3,367,769 
Other assets
Derivative instruments859 2,570 
Deferred income taxes13,878 342 
Other long-term assets 37,947 54,970 
Total assets$3,985,493 $3,687,280 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$33,402 $13,982 
Accrued liabilities175,634 119,158 
Royalties payable91,362 66,049 
Amounts due to affiliates27,415 4,934 
Derivative instruments114,153 45,186 
Advances from joint interest owners5,340 4,191 
Other current liabilities25,446 37,436 
Total current liabilities472,752 290,936 
Long-term liabilities
Borrowings under Credit Agreement120,000 440,000 
Borrowings under San Mateo Credit Facility357,500 334,000 
Senior unsecured notes payable1,042,184 1,040,998 
Asset retirement obligations40,101 37,919 
Derivative instruments2,930  
Deferred income taxes16,285  
Other long-term liabilities25,841 30,402 
Total long-term liabilities1,604,841 1,883,319 
Commitments and contingencies (Note 9)
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 117,249,410 and 116,847,003 shares issued; and 117,103,248 and 116,844,768 shares outstanding, respectively
1,172 1,169 
Additional paid-in capital2,069,484 2,027,069 
Accumulated deficit(380,268)(741,705)
Treasury stock, at cost, 146,162 and 2,235 shares, respectively
(2,381)(3)
Total Matador Resources Company shareholders’ equity1,688,007 1,286,530 
Non-controlling interest in subsidiaries219,893 226,495 
Total shareholders’ equity1,907,900 1,513,025 
Total liabilities and shareholders’ equity$3,985,493 $3,687,280 




The accompanying notes are an integral part of these financial statements.
3

Table of Contents

Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
(In thousands, except per share data)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Revenues
Oil and natural gas revenues$461,465 $189,104 $1,189,772 $505,785 
Third-party midstream services revenues20,486 19,363 55,774 49,861 
Sales of purchased natural gas38,770 13,358 54,198 37,883 
Lease bonus - mineral acreage   4,062 
Realized (loss) gain on derivatives(57,419)(5,406)(125,943)49,571 
Unrealized gain (loss) on derivatives9,049 (13,033)(77,178)(9,271)
Total revenues472,351 203,386 1,096,623 637,891 
Expenses
Production taxes, transportation and processing48,896 25,840 126,913 66,353 
Lease operating27,433 23,392 82,124 80,464 
Plant and other midstream services operating17,043 9,385 44,452 29,129 
Purchased natural gas34,581 11,144 47,064 30,124 
Depletion, depreciation and amortization89,061 88,025 255,368 272,082 
Accretion of asset retirement obligations518 478 1,529 1,449 
Full-cost ceiling impairment  251,163  575,164 
General and administrative24,633 15,100 71,218 46,045 
Total expenses242,165 424,527 628,668 1,100,810 
Operating income (loss)230,186 (221,141)467,955 (462,919)
Other income (expense)
Net loss on asset sales and impairment(251) (251)(2,632)
Interest expense(17,989)(18,231)(55,579)(56,340)
Other (expense) income(585)(238)(1,246)1,555 
Total other expense(18,825)(18,469)(57,076)(57,417)
Income (loss) before income taxes211,361 (239,610)410,879 (520,336)
Income tax provision (benefit)
Deferred(6,701)26,497 1,488 (43,369)
Income tax (benefit) provision(6,701)26,497 1,488 (43,369)
Net income (loss)218,062 (266,107)409,391 (476,967)
Net income attributable to non-controlling interest in subsidiaries(14,434)(9,957)(39,213)(26,784)
Net income (loss) attributable to Matador Resources Company shareholders$203,628 $(276,064)$370,178 $(503,751)
Earnings (loss) per common share
Basic$1.74 $(2.38)$3.17 $(4.34)
Diluted$1.71 $(2.38)$3.12 $(4.34)
Weighted average common shares outstanding
Basic117,008 116,155 116,872 116,036 
Diluted119,197 116,155 118,788 116,036 
The accompanying notes are an integral part of these financial statements.
4

Table of Contents
Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(In thousands)
For the Three and Nine Months Ended September 30, 2021
Total shareholders’ equity attributable to Matador Resources Company
Non-controlling interest in subsidiariesTotal shareholders’ equity
 Common StockAdditional
paid-in capital
Accumulated deficitTreasury Stock
 SharesAmountSharesAmount
Balance at January 1, 2021116,847 $1,169 $2,027,069 $(741,705)2 $(3)$1,286,530 $226,495 $1,513,025 
Dividends declared ($0.025 per share)
— — — (2,913)— — (2,913)— (2,913)
Issuance of common stock pursuant to employee stock compensation plan3 — — — — — — —  
Issuance of common stock pursuant to directors’ and advisors’
compensation plan
9 — — — — — — —  
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 1,477 — — — 1,477 — 1,477 
Stock options exercised, net of options forfeited in net share settlements13 — — — — — — —  
Restricted stock forfeited— — (219)— 90 (1,501)(1,720)— (1,720)
Contribution related to formation of San Mateo (see Note 6)— — 15,376 — — — 15,376 — 15,376 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (14,210)(14,210)
Current period net income— — — 60,645 — — 60,645 8,853 69,498 
Balance at March 31, 2021116,872 1,169 2,043,703 (683,973)92 (1,504)1,359,395 221,138 1,580,533 
Dividends declared ($0.025 per share)
— — — (2,913)— — (2,913)— (2,913)
Issuance of common stock pursuant to employee stock compensation plan138 1 (1)— — — — —  
Issuance of common stock pursuant to directors’ and advisors’
compensation plan
73 1 (1)— — — — —  
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 2,289 — — — 2,289 — 2,289 
Stock options exercised, net of options forfeited in net share settlements40 — — — — — — —  
Restricted stock forfeited— — (425)— 38 (739)(1,164)— (1,164)
Contribution related to formation of San Mateo (see Note 6)— — 16,250 — — — 16,250 — 16,250 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (14,700)(14,700)
Current period net income— — — 105,905 — — 105,905 15,926 121,831 
Balance at June 30, 2021117,123 $1,171 $2,061,815 $(580,981)130 $(2,243)$1,479,762 $222,364 $1,702,126 




The accompanying notes are an integral part of these financial statements.
5

Table of Contents
Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(In thousands)
For the Three and Nine Months Ended September 30, 2021
Total shareholders’ equity attributable to Matador Resources Company
Non-controlling interest in subsidiariesTotal shareholders’ equity
 Common StockAdditional
paid-in capital
Accumulated deficitTreasury Stock
 SharesAmountSharesAmount
Balance at June 30, 2021117,123 $1,171 $2,061,815 $(580,981)130 $(2,243)$1,479,762 $222,364 $1,702,126 
Dividends declared ($0.025 per share)
— — — (2,915)— — (2,915)— (2,915)
Issuance of common stock pursuant to employee stock compensation plan3 — — — — — — — — 
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 3,856 — — — 3,856 — 3,856 
Stock options exercised, net of options forfeited in net share settlements123 1 211 — — — 212 — 212 
Restricted stock forfeited— — (1,138)— 16 (138)(1,276)— (1,276)
Contribution related to formation of San Mateo, net of tax of $1.3 million (see Note 6)
— — 4,740 — — — 4,740 — 4,740 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (16,905)(16,905)
Current period net income— — — 203,628 — — 203,628 14,434 218,062 
Balance at September 30, 2021117,249 $1,172 $2,069,484 $(380,268)146 $(2,381)$1,688,007 $219,893 $1,907,900 



The accompanying notes are an integral part of these financial statements.
6

Table of Contents
Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(In thousands)
For the Three and Nine Months Ended September 30, 2020
Total shareholders’ equity attributable to Matador Resources Company
Non-controlling interest in subsidiariesTotal shareholders’ equity
 Common StockAdditional
paid-in capital
Accumulated deficitTreasury Stock
 SharesAmountSharesAmount
Balance at January 1, 2020116,644 $1,166 $1,981,014 $(148,500)1 $(26)$1,833,654 $135,798 $1,969,452 
Issuance of common stock pursuant to employee stock compensation plan3 — — — — — — —  
Issuance of common stock pursuant to directors’ and advisors’
compensation plan
2 — — — — — — —  
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 5,066 — — — 5,066 — 5,066 
Stock options exercised, net of options forfeited in net share settlements— — (24)— — — (24)— (24)
Liability-based stock option awards settled in equity22 1 297 — — — 298 — 298 
Restricted stock forfeited— — — — 106 (1,267)(1,267)— (1,267)
Contribution related to formation of San Mateo, net of tax of $3.1 million (see Note 6)
— — 11,613 — — — 11,613 — 11,613 
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries, net of tax of $4.3 million (see Note 6)
— — 16,280 — — — 16,280 29,394 45,674 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (11,515)(11,515)
Current period net income— — — 125,729 — — 125,729 9,354 135,083 
Balance at March 31, 2020116,671 1,167 2,014,246 (22,771)107 (1,293)1,991,349 163,031 2,154,380 
Issuance of common stock pursuant to employee stock compensation plan230 2 (2)— — — — —  
Issuance of common stock pursuant to directors’ and advisors’ compensation plan83 1 (1)— — — — —  
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 4,103 — — — 4,103 — 4,103 
Restricted stock forfeited— — — — 33 (156)(156)— (156)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries, net of tax of $0.5 million (see Note 6)
— — 1,952 — — — 1,952 14,700 16,652 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (10,535)(10,535)
Current period net (loss) income— — — (353,416)— — (353,416)7,473 (345,943)
Balance at June 30, 2020116,984 $1,170 $2,020,298 $(376,187)140 $(1,449)$1,643,832 $174,669 $1,818,501 



The accompanying notes are an integral part of these financial statements.
7

Table of Contents
Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(In thousands)
For the Three and Nine Months Ended September 30, 2020

Total shareholders’ equity attributable to Matador Resources Company
Non-controlling interest in subsidiariesTotal shareholders’ equity
Common StockAdditional
paid-in capital
Accumulated deficitTreasury Stock
SharesAmountSharesAmount
Balance at June 30, 2020116,984 $1,170 $2,020,298 $(376,187)140 $(1,449)$1,643,832 $174,669 $1,818,501 
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 4,228 — — — 4,228 — 4,228 
Restricted stock forfeited— — — — 8 (63)(63)— (63)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — 31,850 31,850 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (10,780)(10,780)
Current period net (loss) income— — — (276,064)— — (276,064)9,957 (266,107)
Balance at September 30, 2020116,984 $1,170 $2,024,526 $(652,251)148 $(1,512)$1,371,933 $205,696 $1,577,629 
The accompanying notes are an integral part of these financial statements.
8

Table of Contents
Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(In thousands)