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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, 2020
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 27, 2020, there were 116,836,763 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, 2020
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,
2020
December 31,
2019
ASSETS
Current assets
Cash$41,813 $40,024 
Restricted cash26,090 25,104 
Accounts receivable
Oil and natural gas revenues67,609 95,228 
Joint interest billings52,314 67,546 
Other18,156 26,639 
Derivative instruments5,609  
Lease and well equipment inventory11,813 10,744 
Prepaid expenses and other current assets13,820 13,207 
Total current assets237,224 278,492 
Property and equipment, at cost
Oil and natural gas properties, full-cost method
Evaluated5,217,471 4,557,265 
Unproved and unevaluated910,156 1,126,992 
Midstream properties828,034 643,903 
Other property and equipment29,071 27,021 
Less accumulated depletion, depreciation and amortization(3,502,223)(2,655,586)
Net property and equipment3,482,509 3,699,595 
Other assets
Derivative instruments3,630  
Deferred income taxes804  
Other long-term assets 62,063 91,589 
Total assets$3,786,230 $4,069,676 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$18,662 $25,230 
Accrued liabilities132,853 200,695 
Royalties payable68,323 85,193 
Amounts due to affiliates1,971 19,606 
Derivative instruments17,128 1,897 
Advances from joint interest owners7,713 14,837 
Amounts due to joint ventures 486 
Other current liabilities39,709 51,828 
Total current liabilities286,359 399,772 
Long-term liabilities
Borrowings under Credit Agreement475,000 255,000 
Borrowings under San Mateo Credit Facility326,400 288,000 
Senior unsecured notes payable1,040,602 1,039,416 
Asset retirement obligations37,222 35,592 
Derivative instruments5,263 1,984 
Deferred income taxes2,698 37,329 
Other long-term liabilities35,057 43,131 
Total long-term liabilities1,922,242 1,700,452 
Commitments and contingencies (Note 9)
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 116,984,290 and 116,644,246 shares issued; and 116,836,003 and 116,642,899 shares outstanding, respectively
1,170 1,166 
Additional paid-in capital2,024,526 1,981,014 
Accumulated deficit(652,251)(148,500)
Treasury stock, at cost, 148,287 and 1,347 shares, respectively
(1,512)(26)
Total Matador Resources Company shareholders’ equity1,371,933 1,833,654 
Non-controlling interest in subsidiaries205,696 135,798 
Total shareholders’ equity1,577,629 1,969,452 
Total liabilities and shareholders’ equity$3,786,230 $4,069,676 
The accompanying notes are an integral part of these financial statements.
4

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,
 2020201920202019
Revenues
Oil and natural gas revenues$189,104 $229,377 $505,785 $633,706 
Third-party midstream services revenues19,363 15,257 49,861 41,454 
Sales of purchased natural gas13,358 19,864 37,883 40,058 
Lease bonus - mineral acreage 1,711 4,062 1,711 
Realized (loss) gain on derivatives(5,406)3,346 49,571 7,781 
Unrealized (loss) gain on derivatives(13,033)9,847 (9,271)(29,715)
Total revenues203,386 279,402 637,891 694,995 
Expenses
Production taxes, transportation and processing25,840 24,762 66,353 65,969 
Lease operating23,392 29,714 80,464 87,228 
Plant and other midstream services operating9,385 8,817 29,129 26,555 
Purchased natural gas11,144 16,608 30,124 35,414 
Depletion, depreciation and amortization88,025 92,498 272,082 249,497 
Accretion of asset retirement obligations478 520 1,449 1,354 
Full-cost ceiling impairment 251,163  575,164  
General and administrative15,100 20,381 46,045 58,547 
Total expenses424,527 193,300 1,100,810 524,564 
Operating (loss) income(221,141)86,102 (462,919)170,431 
Other income (expense)
Net loss on asset sales and impairment (439)(2,632)(807)
Interest expense(18,231)(18,175)(56,340)(54,172)
Other (expense) income(238)(245)1,555 (777)
Total other expense(18,469)(18,859)(57,417)(55,756)
(Loss) income before income taxes(239,610)67,243 (520,336)114,675 
Income tax provision (benefit)
Deferred26,497 13,490 (43,369)25,335 
Income tax provision (benefit)26,497 13,490 (43,369)25,335 
Net (loss) income(266,107)53,753 (476,967)89,340 
Net income attributable to non-controlling interest in subsidiaries(9,957)(9,800)(26,784)(25,582)
Net (loss) income attributable to Matador Resources Company shareholders$(276,064)$43,953 $(503,751)$63,758 
(Loss) earnings per common share
Basic$(2.38)$0.38 $(4.34)$0.55 
Diluted$(2.38)$0.38 $(4.34)$0.54 
Weighted average common shares outstanding
Basic116,155 116,643 116,036 116,541 
Diluted116,155 116,976 116,036 116,994 
The accompanying notes are an integral part of these financial statements.
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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 plan2 — — — — — — —  
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 I, 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.
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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.
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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, 2019
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, 2019116,375 $1,164 $1,924,408 $(236,277)21 $(415)$1,688,880 $90,777 $1,779,657 
Issuance of common stock pursuant to employee stock compensation plan6 — — — — — — —  
Issuance of common stock pursuant to directors’ and advisors’ compensation plan3 — — — — — — —  
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 5,802 — — — 5,802 — 5,802 
Stock options exercised, net of options forfeited in net share settlements210 2 3,109 — — — 3,111 — 3,111 
Restricted stock forfeited— — — — 184 (3,170)(3,170)— (3,170)
Contribution related to formation of San Mateo I, net of tax of $3.1 million (see Note 6)
— — 11,613 — — — 11,613 — 11,613 
Contribution of property related to formation of San Mateo II (see Note 6)— — (506)— — — (506)506  
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries— — 2,040 — — — 2,040 10,291 12,331 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (8,330)(8,330)
Current period net (loss) income— — — (16,947)— — (16,947)7,462 (9,485)
Balance at March 31, 2019116,594 1,166 1,946,466 (253,224)205 (3,585)1,690,823 100,706 1,791,529 
Issuance of common stock pursuant to employee stock compensation plan220 2 (2)— — — — —  
Issuance of common stock pursuant to directors’ and advisors’ compensation plan42 1 (1)— — — — —  
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 5,762 — — — 5,762 — 5,762 
Stock options exercised, net of options forfeited in net share settlements10  189 — — — 189 — 189 
Restricted stock forfeited— — — — 13 (139)(139)— (139)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries— — 3,090 — — — 3,090 4,410 7,500 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries
— — — — — — — (9,310)(9,310)
Current period net income— — — 36,752 — — 36,752 8,320 45,072 
Balance at June 30, 2019116,866 $1,169 $1,955,504 $(216,472)218 $(3,724)$1,736,477 $104,126 $1,840,603 


The accompanying notes are an integral part of these financial statements.
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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, 2019

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, 2019116,866 $1,169 $1,955,504 $(216,472)218 $(3,724)$1,736,477 $104,126 $1,840,603 
Issuance of common stock pursuant to employee stock compensation plan12 — — — — — — —  
Issuance of common stock pursuant to directors’ and advisors’ compensation plan2 — — — — — — —  
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 5,963 — — — 5,963 — 5,963 
Restricted stock forfeited— — — — 24 (356)(356)— (356)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries— — 9,270 — — — 9,270 13,230 22,500 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (10,045)(10,045)
Current period net income— — — 43,953 — — 43,953 9,800 53,753 
Balance at September 30, 2019116,880 $1,169 $1,970,737 $(172,519)242 $(4,080)$1,795,307 $117,111 $1,912,418 
The accompanying notes are an integral part of these financial statements.
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Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(In thousands)
 Nine Months Ended
September 30,
 20202019
Operating activities
Net (loss) income$(476,967)$89,340 
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Unrealized loss on derivatives9,271 29,715