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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, 2022
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 25, 2022, there were 118,161,520 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, 2022
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,
2022
December 31,
2021
ASSETS
Current assets
Cash$400,484 $48,135 
Restricted cash41,236 38,785 
Accounts receivable
Oil and natural gas revenues268,869 164,242 
Joint interest billings120,786 48,366 
Other28,401 28,808 
Derivative instruments1,499 1,971 
Lease and well equipment inventory14,388 12,188 
Prepaid expenses and other current assets51,228 28,810 
Total current assets926,891 371,305 
Property and equipment, at cost
Oil and natural gas properties, full-cost method
Evaluated6,627,788 6,007,325 
Unproved and unevaluated1,000,720 964,714 
Midstream properties1,038,883 900,979 
Other property and equipment31,550 30,123 
Less accumulated depletion, depreciation and amortization(4,380,674)(4,046,456)
Net property and equipment4,318,267 3,856,685 
Other assets
Other long-term assets 59,992 34,163 
Total assets$5,305,150 $4,262,153 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$61,105 $26,256 
Accrued liabilities306,539 253,283 
Royalties payable134,373 94,359 
Amounts due to affiliates25,396 27,324 
Derivative instruments17,879 16,849 
Advances from joint interest owners26,993 18,074 
Income taxes payable3,439  
Other current liabilities49,465 28,692 
Total current liabilities625,189 464,837 
Long-term liabilities
Borrowings under Credit Agreement 100,000 
Borrowings under San Mateo Credit Facility440,000 385,000 
Senior unsecured notes payable752,850 1,042,580 
Asset retirement obligations51,707 41,689 
Deferred income taxes349,205 77,938 
Other long-term liabilities20,591 22,721 
Total long-term liabilities1,614,353 1,669,928 
Commitments and contingencies (Note 9)
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 118,248,112 and 117,861,923 shares issued; and 118,155,815 and 117,850,233 shares outstanding, respectively
1,183 1,179 
Additional paid-in capital2,094,611 2,077,592 
Retained earnings (accumulated deficit)765,602 (171,318)
Treasury stock, at cost, 92,297 and 11,945 shares, respectively
(2,585)(243)
Total Matador Resources Company shareholders’ equity2,858,811 1,907,210 
Non-controlling interest in subsidiaries206,797 220,178 
Total shareholders’ equity3,065,608 2,127,388 
Total liabilities and shareholders’ equity$5,305,150 $4,262,153 




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,
 2022202120222021
Revenues
Oil and natural gas revenues$751,444 $461,465 $2,270,728 $1,189,772 
Third-party midstream services revenues24,707 20,486 63,899 55,774 
Sales of purchased natural gas77,943 38,770 157,290 54,198 
Realized loss on derivatives(56,263)(57,419)(139,865)(125,943)
Unrealized gain (loss) on derivatives43,097 9,049 (1,502)(77,178)
Total revenues840,928 472,351 2,350,550 1,096,623 
Expenses
Production taxes, transportation and processing73,964 48,896 219,441 126,913 
Lease operating42,360 27,433 116,172 82,124 
Plant and other midstream services operating24,790 17,043 66,265 44,452 
Purchased natural gas69,442 34,581 142,903 47,064 
Depletion, depreciation and amortization118,870 89,061 334,747 255,368 
Accretion of asset retirement obligations679 518 1,739 1,529 
General and administrative27,549 24,633 81,713 71,218 
Total expenses357,654 242,165 962,980 628,668 
Operating income483,274 230,186 1,387,570 467,955 
Other income (expense)
Net loss on asset sales and impairment(1,113)(251)(1,311)(251)
Interest expense(15,996)(17,989)(50,740)(55,579)
Other income (expense)1,804 (585)(2,682)(1,246)
Total other expense(15,305)(18,825)(54,733)(57,076)
Income before income taxes467,969 211,361 1,332,837 410,879 
Income tax provision (benefit)
Current270  51,940  
Deferred113,671 (6,701)266,489 1,488 
Total income tax provision (benefit)113,941 (6,701)318,429 1,488 
Net income354,028 218,062 1,014,408 409,391 
Net income attributable to non-controlling interest in subsidiaries(16,456)(14,434)(53,994)(39,213)
Net income attributable to Matador Resources Company shareholders$337,572 $203,628 $960,414 $370,178 
Earnings per common share
Basic$2.86 $1.74 $8.13 $3.17 
Diluted$2.82 $1.71 $8.01 $3.12 
Weighted average common shares outstanding
Basic118,136 117,008 118,063 116,872 
Diluted119,850 119,197 119,867 118,788 
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, 2022
Total shareholders’ equity attributable to Matador Resources Company
Non-controlling interest in subsidiariesTotal shareholders’ equity
 Common StockAdditional
paid-in capital
Retained earnings (accumulated deficit)Treasury Stock
 SharesAmountSharesAmount
Balance at January 1, 2022117,862 $1,179 $2,077,592 $(171,318)12 $(243)$1,907,210 $220,178 $2,127,388 
Dividends declared ($0.05 per share)
— — — (5,866)— — (5,866)— (5,866)
Issuance of common stock pursuant to employee stock compensation plan205 2 (11,536)— — — (11,534)— (11,534)
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 4,344 — — — 4,344 — 4,344 
Stock options exercised, net of options forfeited in net share settlements24 — (585)— — — (585)— (585)
Restricted stock forfeited— — — — 12 (66)(66)— (66)
Contribution related to formation of San Mateo, net of tax of $4.8 million (see Note 6)
— — 17,973 — — — 17,973 — 17,973 
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (18,375)(18,375)
Current period net income— — — 207,124 — — 207,124 17,061 224,185 
Balance at March 31, 2022118,091 $1,181 $2,087,788 $29,940 24 $(309)$2,118,600 $218,864 $2,337,464 
Dividends declared ($0.05 per share)
— — — (5,878)— — (5,878)— (5,878)
Issuance of common stock pursuant to employee stock compensation plan10 — — — — — — — — 
Issuance of common stock pursuant to directors’ and advisors’
compensation plan
25 — — — — — — — — 
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 5,383 — — — 5,383 — 5,383 
Stock options exercised, net of options forfeited in net share settlements75 1 (2,607)— — — (2,606)— (2,606)
Restricted stock forfeited— — — — 47 (2,047)(2,047)— (2,047)
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (26,460)(26,460)
Current period net income— — — 415,718 — — 415,718 20,477 436,195 
Balance at June 30, 2022118,201 $1,182 $2,090,564 $439,780 71 $(2,356)$2,529,170 $212,881 $2,742,051 






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, 2022
Total shareholders’ equity attributable to Matador Resources Company
Non-controlling interest in subsidiariesTotal shareholders’ equity
Common StockAdditional
paid-in capital
Retained earnings (accumulated deficit)Treasury Stock
SharesAmountSharesAmount
Balance at July 1, 2022118,201 $1,182 $2,090,564 $439,780 71 $(2,356)$2,529,170 $212,881 $2,742,051 
Dividends declared ($0.10 per share)
— — — (11,750)— — (11,750)— (11,750)
Issuance of common stock pursuant to employee stock compensation plan12 — — — — — — — — 
Stock-based compensation expense related to equity-based awards including amounts capitalized— — 5,222 — — — 5,222 — 5,222 
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases35 1 (1,175)— — — (1,174)— (1,174)
Restricted stock forfeited— — — — 21 (229)(229)— (229)
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries— — — — — — — (22,540)(22,540)
Current period net income— — — 337,572 — — 337,572 16,456 354,028 
Balance at September 30, 2022118,248 $1,183 $2,094,611 $765,602 92 $(2,585)$2,858,811 $206,797 $3,065,608 

















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, 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 plan73 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.
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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, 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 July 1, 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.
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Table of Contents
Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(In thousands)
 Nine Months Ended
September 30,
 20222021
Operating activities
Net income$1,014,408 $409,391 
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized loss on derivatives1,502 77,178 
Depletion, depreciation and amortization334,747 255,368 
Accretion of asset retirement obligations1,739 1,529 
Stock-based compensation expense