0001520006-26-000002 | 10-K | XBRL Viewer

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Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Balance at beginning of period	$ 34,335	$ 35,336	$ 0
Additions for tax positions of current period	3,111	2,745	35,336
Adjustment for tax positions of prior periods	352
Adjustment for tax positions of prior periods		(3,746)	0
Balance at end of period	37,798	34,335	35,336
Unrecognized Tax Benefits, U.S. Federal	33,700	30,200	30,700
TEXAS
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Balance at beginning of period	4,100	4,600
Balance at end of period	$ 4,100	$ 4,100	$ 4,600

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements include the accounts of Matador and its wholly-owned and majority-owned subsidiaries. These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Accordingly, the Company consolidates certain subsidiaries and joint ventures that are less-than-wholly-owned and are not involved in oil and natural gas exploration, including San Mateo, and the net income and equity attributable to the non-controlling interest in these subsidiaries have been reported separately as required by Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The Company proportionately consolidates certain joint ventures that are less-than-wholly-owned and are involved in oil and natural gas exploration. All intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications

Certain reclassifications to captions within the consolidated balance sheets, statements of income and statements of changes in shareholders’ equity have been made to the prior years’ financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations, cash flows or retained earnings.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s consolidated financial statements are based on a number of significant estimates, including oil and natural gas revenues, accrued assets and liabilities, stock-based compensation, valuation of derivative instruments, deferred tax assets and liabilities, purchase price allocations and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates in the purchase price allocations and of asset retirement obligations and certain tax accruals. The Company’s oil and natural gas reserves estimates, which are inherently imprecise and based upon many factors that are beyond the Company’s control, including oil and natural gas prices, are prepared by the Company’s engineering staff in accordance with guidelines established by the Securities and Exchange Commission (“SEC”) and then audited for their reasonableness and conformance with SEC guidelines by Netherland, Sewell & Associates, Inc., independent reservoir engineers. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates.

Restricted Cash

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

Accounts Receivable

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

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

Lease and Well Equipment Inventory

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

Property and Equipment

Oil and Natural Gas Properties

The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, all costs associated with the acquisition, exploration and development of oil and natural gas properties and reserves, including unproved and unevaluated property costs, are capitalized as incurred and accumulated in a single cost center representing the Company’s activities, which are undertaken exclusively in the United States. Such costs include lease acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, costs of drilling both productive and non-productive wells, capitalized interest on qualifying projects and general and administrative expenses directly related to acquisition, exploration and development activities, but do not include any costs related to production, selling or general corporate administrative activities. The Company capitalized $71.7 million, $66.6 million and $54.2 million of its general and administrative costs into oil and natural gas properties in 2025, 2024 and 2023, respectively. The Company capitalized $21.2 million, $17.5 million and $20.2 million of its interest expense into oil and natural gas properties for the years ended December 31, 2025, 2024 and 2023, respectively.

Capitalized costs of oil and natural gas properties are depleted using the unit-of-production method based upon production and estimates of proved reserves quantities. For the years ended December 31, 2025, 2024 and 2023, the Company recorded depletion expense of $1.13 billion, $925.6 million and $672.0 million, respectively. Unproved and unevaluated property costs are excluded from the depletable base used to determine depletion. Unproved and unevaluated properties are assessed for possible impairment on a periodic basis based upon changes in operating or economic conditions. This assessment includes consideration of the following factors, among others: the assignment of proved reserves, geological and geophysical evaluations, intent to drill, remaining lease term and drilling activity and results. Upon impairment, the costs of the unproved and unevaluated properties are immediately included in the depletable base. Exploratory dry holes are included in the depletable base immediately upon determination that the well is not productive.

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

Ceiling Test

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

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

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

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

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

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

The estimated present value of after-tax future net cash flows from proved oil and natural gas reserves is highly dependent upon the quantities of proved reserves, the estimation of which requires substantial judgment. The associated commodity prices and the applicable discount rate used in these estimates are in accordance with guidelines established by the SEC. Under these guidelines, oil and natural gas reserves are estimated using then-current operating and economic conditions, with no provision for price and cost changes in future periods except by contractual arrangements. Future net revenues are calculated using prices that represent the arithmetic averages of the first-day-of-the-month oil and natural gas prices for the previous 12-month period, and a 10% discount factor is used to determine the present value of future net revenues. For the period from January through December 2025, these average oil and natural gas prices were $61.82 per Bbl and $3.39 per MMBtu, respectively. For the period from January through December 2024, these average oil and natural gas prices were $71.96 per Bbl and $2.13 per MMBtu, respectively. For the period from January through December 2023, these average oil and natural gas prices were $74.70 per Bbl and $2.64 per MMBtu, respectively. In estimating the present value of after-tax future net cash flows from proved oil and natural gas reserves, the average oil prices were further adjusted by property for quality, transportation and marketing fees and regional price differentials, and the average natural gas prices were further adjusted by property for energy content, transportation and marketing fees and regional price differentials.

During the years ended December 31, 2025, 2024 and 2023, the Company’s full-cost ceiling exceeded the net capitalized costs less related deferred income taxes. As a result, the Company recorded no impairment to its net capitalized costs during the years ended December 31, 2025, 2024 and 2023. Changes in oil and natural gas production rates, oil and natural gas prices, reserves estimates, future development costs and other factors will determine the Company’s actual ceiling test computation and impairment analyses in future periods.

Midstream Properties and Other Property and Equipment

Midstream properties and other property and equipment are recorded at historical cost or acquisition date fair value and include midstream equipment and facilities, including the Company’s pipelines, processing facilities and produced water disposal systems, and corporate assets, including furniture, fixtures, equipment, land and leasehold improvements. Midstream equipment and facilities are depreciated over a 30-year useful life using the straight-line, mid-month convention method. Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Software, furniture, fixtures and other equipment are depreciated over their useful life (five to 30 years) using the straight-line method. The Company capitalized $3.5 million, $3.4 million and $2.9 million of general and administrative costs into midstream properties in 2025, 2024 and 2023, respectively. The Company capitalized $7.6 million, $12.2 million and $2.1 million of interest expense into midstream properties for the years ended December 31, 2025, 2024 and 2023, respectively. Maintenance and repair costs that do not extend the useful life of the property or equipment are expensed as incurred. See Note 3 for a detail of midstream properties and other property and equipment.

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

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

Asset Retirement Obligations

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

Derivative Financial Instruments

From time to time, the Company uses derivative financial instruments to mitigate its exposure to commodity price risk associated with oil, natural gas and NGL prices. The Company’s derivative financial instruments are recorded on the consolidated balance sheets as either an asset or a liability measured at fair value. The Company has elected not to apply hedge accounting for its existing derivative financial instruments, and as a result, the Company recognizes the change in derivative fair value between reporting periods currently in its consolidated statements of income. The fair value of the Company’s derivative financial instruments is determined using industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Realized gains and losses from the settlement of derivative financial instruments and unrealized gains and unrealized losses from valuation changes in the remaining unsettled derivative financial instruments are reported as a component of revenues in the consolidated statements of income. See Note 12 for additional information about the Company’s derivative instruments.

Revenues

The Company enters into contracts with customers to sell its oil and natural gas production. Revenue from these contracts is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under oil and natural gas marketing contracts is typically received from the purchaser one to two months after production.

The majority of the Company’s oil marketing contracts transfer physical custody and title at or near the wellhead or a central delivery point, which is generally when control of the oil has been transferred to the purchaser. The majority of the oil produced is sold under contracts using market-based pricing, which price is then adjusted for differentials based upon delivery location and oil quality. To the extent the differentials are incurred at or after the transfer of control of the oil, the differentials are included in oil revenues on the statements of income, as they represent part of the transaction price of the contract. If the differentials, or other related costs, are incurred prior to the transfer of control of the oil, those costs are included in transportation and processing expenses on the Company’s consolidated statements of income, as they represent payment for services performed outside of the contract with the customer.

The Company’s natural gas is sold at the lease location, at the inlet or outlet of a natural gas processing plant or at an interconnect near a marketing hub following transportation from a processing plant. The majority of the Company’s natural gas is sold under fee-based contracts. When the natural gas is sold at the lease, the purchaser gathers the natural gas via pipeline to natural gas processing plants where, if necessary, NGLs are extracted. The NGLs and remaining residue natural gas are then sold by the purchaser, or if the Company elects to take in-kind the natural gas or the NGLs, the Company sells the natural gas or the NGLs to a third party. Under the fee-based contracts, the Company receives NGL and residue natural gas value, less the fee component, or is invoiced the fee component. To the extent control of the natural gas transfers upstream of the gathering and processing activities, revenue is recognized as the net amount received from the purchaser. To the extent that control transfers downstream of those services, revenue is recognized on a gross basis, and the related costs are included in transportation and processing expenses on the Company’s consolidated statements of income.

The Company recognizes midstream services revenues at the time services have been rendered and the price is fixed and determinable. Third-party midstream services revenues are those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues related to the Company’s

working interest are eliminated in consolidation. Since the Company has a right to payment from its customers in amounts that correspond directly to the value that the customer receives from the performance completed on each contract, the Company applies the practical expedient in ASC Topic 606, Revenue from Contracts with Customers that allows recognition of revenue in the amount for which there is a right to invoice the customer without estimating a transaction price for each contract and allocating that transaction price to the performance obligations within each contract.

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

The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the years ended December 31, 2025, 2024 and 2023 (in thousands).


	Year Ended December 31,
	2025		2024		2023
Revenues from contracts with customers	$	3,656,514	$	3,478,958	$	2,817,621
Realized gain (loss) on derivatives	21,679		12,724		(9,575)
Unrealized gain (loss) on derivatives	18,084		13,299		(1,261)
Total revenues	$	3,696,277	$	3,504,981	$	2,806,785


	Year Ended December 31,
	2025		2024		2023
Oil revenues	$	2,840,167	$	2,772,360	$	2,144,894
Natural gas revenues	398,583		371,474		400,705
Third-party midstream services revenues	164,733		141,027		122,153
Sales of purchased natural gas	253,031		194,097		149,869
Total revenues from contracts with customers	$	3,656,514	$	3,478,958	$	2,817,621

The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient in accordance with ASC 606. The expedient, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Stock-Based Compensation

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

policy on capitalizing general and administrative expenses for employees involved in acquisition, exploration, development and midstream activities.

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

Income Taxes

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

The Company recognizes tax benefits from an uncertain tax position on the basis of a two-step process in which (i) the Company determines whether it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based upon the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.

When necessary, the Company would include interest assessed by taxing authorities in “Interest expense” and penalties related to income taxes in “Other expense” on its consolidated statements of income. The Company did not record any interest or penalties related to income taxes for the years ended December 31, 2025, 2024 and 2023.

Earnings Per Common Share

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

The following are reconciliations of the numerators and denominators used to compute the Company’s basic and diluted earnings per common share as reported for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share data).


	Year Ended December 31,
	2025		2024		2023

Net income attributable to Matador Resources Company shareholders — numerator	$	759,221	$	885,322	$	846,074

Weighted average common shares outstanding — denominator
Basic	124,556		123,568		119,139
Dilutive effect of options and restricted stock units	30		508		841
Diluted weighted average common shares outstanding	124,586		124,076		119,980
Earnings per common share attributable to Matador Resources Company shareholders
Basic	$	6.10	$	7.16	$	7.10
Diluted	$	6.09	$	7.14	$	7.05

Credit Risk

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

The Company uses derivative financial instruments to mitigate its exposure to oil, natural gas and NGL price volatility. These transactions expose the Company to potential credit risk from its counterparties. The Company manages counterparty credit risk through established internal derivatives policies that are reviewed on an ongoing basis. Additionally, the Company’s commodity derivative contracts at December 31, 2025 were all with lenders under the Company’s reserves-based revolving credit agreement (the “Credit Agreement”).

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

Recent Accounting Pronouncements

Income Taxes. In December 2023, the Financial Accounting Standards Board (“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, with retrospective application permitted. The Company retrospectively adopted this standard in the current period and the changes are reflected in Note 8 of the consolidated financial statements in this Annual Report. While the adoption of this ASU modified the Company’s disclosures, it did not have an impact on the Company’s consolidated balance sheets, consolidated statements of income or consolidated statements of cash flows.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure in the Company’s annual and interim consolidated financial statements of specified information about certain costs and expenses, including depreciation, depletion and amortization recognized as part of oil and gas producing activities and employee compensation. This ASU is effective for the Company to all annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. While the adoption of this ASU will modify the Company’s disclosures, it will not have an impact on the Company’s consolidated balance sheets, consolidated statements of income or consolidated statements of cash flows.

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The following table presents a summary of the Company’s property and equipment balances as of December 31, 2025 and 2024 (in thousands).


	December 31,
	2025		2024
Oil and natural gas properties
Evaluated (subject to depletion)	$	14,286,726	$	12,534,290
Unproved and unevaluated (not subject to depletion)	1,823,456		1,702,203
Total oil and natural gas properties	16,110,182		14,236,493
Accumulated depletion	(7,093,268)		(5,959,845)
Net oil and natural gas properties	9,016,914		8,276,648
Midstream properties
Midstream equipment and facilities	1,963,059		1,683,334
Accumulated depreciation	(264,938)		(211,048)
Net midstream properties	1,698,121		1,472,286
Other property and equipment
Furniture, fixtures and other equipment	22,810		20,007
Software	8,361		8,283
Leasehold improvements	22,028		19,242
Total other property and equipment	53,199		47,532
Accumulated depreciation	(36,936)		(32,370)
Net other property and equipment	16,263		15,162
Net property and equipment	$	10,731,298	$	9,764,096

The following table provides a breakdown of the Company’s unproved and unevaluated property costs not subject to depletion as of December 31, 2025 and the year in which these costs were incurred (in thousands).


Description	2025		2024		2023		2022		2021 and prior		Total
Costs incurred for
Property acquisition	$	255,126	$	585,463	$	321,062	$	95,880	$	420,481	$	1,678,012
Exploration wells	12,560		2,313		846		164		1,011		16,894
Development wells	125,988		1,604		738		156		64		128,550

Total	$	393,674	$	589,380	$	322,646	$	96,200	$	421,556	$	1,823,456

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

Property acquisition costs incurred that remain in unproved and unevaluated property at December 31, 2025 are related to the Company’s leasehold and mineral acquisitions in the Delaware Basin in Southeast New Mexico and West Texas. These costs are associated with acreage for which proved reserves have yet to be assigned. A significant portion of these costs are associated with properties that are held by production or have automatic lease renewal options. As the Company drills wells and assigns proved reserves to these properties or determines that certain portions of this acreage, if any, cannot be assigned proved reserves, portions of these costs are transferred to the depletable base.

Costs excluded from depletion also include those costs associated with exploration and development wells in progress or awaiting completion at year-end. These costs are transferred into the depletable base on an ongoing basis as these wells are completed and proved reserves are established or confirmed. These costs totaled $145.4 million at December 31, 2025, of which $16.9 million was associated with exploration wells and $128.6 million was associated with development wells. The

Company anticipates that most of the costs associated with these wells in progress at December 31, 2025 will be transferred to the depletable base during 2026. Unproved and unevaluated property costs for exploration and development wells incurred in years prior to 2025 are costs related to the advanced preparation for wells that the Company intends to drill in the future.

Debt - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Sep. 25, 2024	Apr. 02, 2024
Debt Instrument [Line Items]
Senior unsecured notes payable	$ 2,121,102	$ 2,114,908
Issuance costs and discounts, net	(28,898)	(35,092)
Long-term debt	3,402,102	3,325,408
Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Long-term debt, gross	398,000	595,500
San Mateo Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 883,000	$ 615,000
Unsecured Debt \| 2028 Notes
Debt Instrument [Line Items]
Stated interest rate	6.875%
Long-term debt	$ 500,000
Unsecured Debt \| 2032 Notes
Debt Instrument [Line Items]
Stated interest rate	6.50%			6.50%
Long-term debt	$ 900,000
Unsecured Debt \| 2033 Notes
Debt Instrument [Line Items]
Stated interest rate	6.25%		6.25%
Long-term debt	$ 750,000		$ 750,000

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Feb. 24, 2026	Jun. 30, 2025
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-35410
Entity Registrant Name	Matador Resources Company
Entity Incorporation, State or Country Code	TX
Entity Address, Address Line Two	Suite 1500
Entity Tax Identification Number	27-4662601
Entity Address, Address Line One	5400 LBJ Freeway,
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	371-5200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MTDR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5,506,467,014
Entity Common Stock, Shares Outstanding		124,249,941
Entity Central Index Key	0001520006
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Documents Incorporated by Reference	The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated by reference to the registrant’s definitive proxy statement relating to the 2026 Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Net income attributable to Matador Resources Company shareholders — numerator	$ 759,221	$ 885,322	$ 846,074
Weighted average common shares outstanding — denominator
Basic (in shares)	124,556	123,568	119,139
Dilutive effect of options and restricted stock units (in shares)	30	508	841
Diluted weighted average common shares outstanding (in shares)	124,586	124,076	119,980
Earnings per common share attributable to Matador Resources Company shareholders
Basic (usd per share)	$ 6.10	$ 7.16	$ 7.10
Diluted (usd per share)	$ 6.09	$ 7.14	$ 7.05

- Definition

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

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

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

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Debt - Debt Redemption (Details)	12 Months Ended
Debt - Debt Redemption (Details)	Dec. 31, 2025
Unsecured Debt \| 2032 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	106.50%
Unsecured Debt \| 2033 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	106.25%
Senior Notes \| 2028 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	103.438%
Senior Notes \| 2028 Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.719%
Senior Notes \| 2028 Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
Senior Notes \| 2032 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	103.25%
Senior Notes \| 2032 Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.625%
Senior Notes \| 2032 Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
Senior Notes \| 2033 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	103.125%
Senior Notes \| 2033 Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.563%
Senior Notes \| 2033 Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%

Income Taxes - Cash Paid for Income Taxes, Net of Refunds Received (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 43,000	$ 22,622	$ (8,864)
Total cash paid for income taxes, net of refunds received	50,500	30,004	4,597
New Mexico
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	7,500	7,200	13,284
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	$ 0	$ 182	$ 177

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) purchaser	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / bbl	Dec. 31, 2025 USD ($) $ / MMBTU	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) purchaser	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / bbl	Dec. 31, 2024 USD ($) $ / MMBTU	Dec. 31, 2023 USD ($)	Dec. 31, 2023 purchaser	Dec. 31, 2023	Dec. 31, 2023 $ / bbl	Dec. 31, 2023 $ / MMBTU
Property, Plant and Equipment [Line Items]
Billing date	30 days
Outstanding days of account receivable	60 days
Allowance for doubtful accounts	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Number of purchasers \| purchaser			3					3					3
Capitalized general and administrative costs		71,700,000					66,600,000					$ 54,200,000
Capitalized interest expense		21,200,000					17,500,000					20,200,000
Depletion		1,130,000,000					925,600,000					672,000,000.0
Previous period used for price calculation	12 months
Present value discounted percent of future net revenues of proved oil and natural gas reserves				10.00%
Average oil and natural gas prices					61.82	3.39				71.96	2.13				74.70	2.64
Stock-based compensation (non-cash) expense		18,327,000					14,982,000					13,661,000
Common stock and restricted stock unit expense		1,700,000					1,300,000					1,200,000
Minimum
Property, Plant and Equipment [Line Items]
Accounts receivable due period	30 days
Contract term after production	1 month
Maximum
Property, Plant and Equipment [Line Items]
Accounts receivable due period	60 days
Contract term after production	2 months
Plains Marketing, L.P. \| Customer Concentration Risk \| Sales Revenue, Goods, Net
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				49.00%					53.00%					42.00%
Plains Marketing, L.P. \| Customer Concentration Risk \| Accounts Receivable
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				32.00%
BP America Production Company \| Customer Concentration Risk \| Accounts Receivable
Property, Plant and Equipment [Line Items]
Concentration risk, percentage														38.00%
Exxon Mobil Corporate \| Customer Concentration Risk \| Sales Revenue, Goods, Net
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				13.00%					15.00%					24.00%
Exxon Mobil Corporate \| Customer Concentration Risk \| Accounts Receivable
Property, Plant and Equipment [Line Items]
Concentration risk, percentage									32.00%
Enterprise \| Customer Concentration Risk \| Sales Revenue, Goods, Net
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				10.00%					11.00%					10.00%
Three Significant Customers \| Customer Concentration Risk \| Sales Revenue, Goods, Net
Property, Plant and Equipment [Line Items]
Concentration risk, percentage				72.00%					79.00%					76.00%
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Capitalized general and administrative costs		3,500,000					3,400,000					2,900,000
Capitalized interest expense		$ 7,600,000					$ 12,200,000					$ 2,100,000
Useful life using the straight-line	30 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years	5 years	5 years	5 years	5 years	5 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	30 years	30 years	30 years	30 years	30 years	30 years

Stock-Based Compensation - Equity Based (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Jan. 06, 2026
Restricted Stock Service Based
Summary of non-vested stock options
Non-vested Shares, Beginning Balance (in shares)	701,000
Shares Granted (in shares)	380,000
Shares Vested (in shares)	(196,000)
Shares Forfeited (in shares)	(55,000)
Non-vested Shares, Ending Balance (in shares)	830,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average fair value, Beginning Balance (usd per share)	$ 51.26
Weighted average fair value, Granted (usd per share)	51.58
Weighted average fair value, Vested (usd per share)	51.30
Weighted average fair value, Forfeited (usd per share)	50.88
Weighted average fair value, Ending Balance (usd per share)	$ 51.42
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number	830,000
Restricted Stock Units Service Based
Summary of non-vested stock options
Non-vested Shares, Beginning Balance (in shares)	23,000
Shares Granted (in shares)	38,000
Shares Vested (in shares)	(24,000)
Shares Forfeited (in shares)	0
Non-vested Shares, Ending Balance (in shares)	37,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average fair value, Beginning Balance (usd per share)	$ 59.21
Weighted average fair value, Granted (usd per share)	49.42
Weighted average fair value, Vested (usd per share)	59.31
Weighted average fair value, Forfeited (usd per share)	0
Weighted average fair value, Ending Balance (usd per share)	$ 49.02
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number	37,000
Restricted Stock Units Performance Based
Summary of non-vested stock options
Non-vested Shares, Beginning Balance (in shares)	501,000
Shares Granted (in shares)	363,000
Shares Vested (in shares)	(179,000)
Shares Forfeited (in shares)	(55,000)
Non-vested Shares, Ending Balance (in shares)	630,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average fair value, Beginning Balance (usd per share)	$ 70.65
Weighted average fair value, Granted (usd per share)	62.41
Weighted average fair value, Vested (usd per share)	65.49
Weighted average fair value, Forfeited (usd per share)	66.32
Weighted average fair value, Ending Balance (usd per share)	$ 67.85
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number	630,000
Restricted Stock Units Performance Based \| 2019 Incentive Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Percentage of vested units earned for each vested award		58.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number		106,500
Restricted Stock Units Performance Based \| 2019 Incentive Plan \| Maximum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number		61,770

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

NOTE 5 — ASSET RETIREMENT OBLIGATIONS

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

The following table summarizes the changes in the Company’s asset retirement obligations for the years ended
December 31, 2025 and 2024 (in thousands).


	Year Ended December 31,
	2025		2024
Beginning asset retirement obligations	$	122,668	$	92,090
Liabilities incurred during period	10,190		7,538
Liabilities settled during period	(1,674)		(1,188)
Revisions in estimated cash flows	17,141		16,351
Acquisitions during the period	—		7,487
Divestitures during the period	(5,799)		(5,637)
Accretion expense	7,846		6,027
Ending asset retirement obligations	150,372		122,668
Less: current asset retirement obligations(1)	(6,309)		(8,431)
Long-term asset retirement obligations	$	144,063	$	114,237

__________________

(1)Included in “Accrued liabilities” in the Company’s consolidated balance sheets at December 31, 2025 and 2024.

Derivative Financial Instruments - Location and Aggregate Gain (Loss) of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain (loss) on derivatives	$ 21,679	$ 12,724	$ (9,575)
Unrealized gain (loss) on derivatives	18,084	13,299	(1,261)
Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain (loss) on derivatives	21,679	12,724	(9,575)
Unrealized gain (loss) on derivatives	18,084	13,299	(1,261)
Total	39,763	26,023	(10,836)
Oil \| Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Unrealized gain (loss) on derivatives	(2,958)	3,676	0
Natural Gas \| Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain (loss) on derivatives	21,679	12,724	(9,575)
Unrealized gain (loss) on derivatives	$ 21,042	$ 9,623	$ (1,261)

- 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

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 8 — INCOME TAXES

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted. The legislation, among other things, makes permanent, extends or modifies certain provisions under the 2017 Tax Cuts and Jobs Act, including (i) a permanent extension of 100% bonus depreciation for certain capital expenditures, (ii) an immediate deduction of domestic research or experimental expenditures, (iii) an acceleration of deductions for unamortized domestic research and development expenditures and (iv) an elimination of the deduction for depreciation, amortization and depletion from the definition of “adjusted taxable income” for the purpose of calculating limitations on interest expense deductions. Pursuant to ASC Topic 740, Income Taxes, the effects of changes in tax law are recognized in the period of enactment, and as a result, the Company recognized the impacts of this legislation in its consolidated financial statements for the year ended December 31, 2025. While the enactment of OBBBA resulted in a decrease in the current income tax provision and corresponding increase in the deferred income tax provision for the year ended December 31, 2025, the effective income tax rates and the total income tax provision were not materially impacted.

Deferred tax assets and liabilities are the result of temporary differences between the financial statement carrying values and the tax bases of assets and liabilities. The Company’s net deferred tax position as of December 31, 2025 and 2024 is as follows (in thousands).


	December 31,
	2025		2024













Deferred tax assets

Net operating loss carryforwards	$	118,860	$	14,338


Lease liabilities	24,021		31,843
Compensation	17,615		16,562
Research and experimental tax credits, net of reserve	8,376		1,117
Interest expense carryforward	—		15,891
Other	2,553		1,677
Total deferred tax assets	171,425		81,428
Valuation allowance on deferred tax assets	$	(8,985)	(11,957)
Total deferred tax assets, net of valuation allowance	162,440		69,471
Deferred tax liabilities
Property and equipment	(1,036,280)		(802,186)

Less than wholly-owned subsidiaries	(107,566)		(75,580)
Lease right of use assets	(24,021)		(31,843)

Unrealized gain on derivatives	(8,097)		(4,039)
Other	(2,407)		(3,489)
Total deferred tax liabilities	(1,178,371)		(917,137)
Net deferred tax liabilities	$	(1,015,931)	$	(847,666)

At December 31, 2025, the Company had a federal net operating loss (“NOL”) carryforward and research and experimental credit carryforward of $97.3 million and $10.4 million, respectively. The federal NOL carryforward is indefinite-lived, and the research and experimental credit carryforward expires in 2045. At December 31, 2025, the Company had state NOL carryforwards and research and experimental credit carryforwards of $21.5 million and $4.3 million, respectively. State NOL carryforwards were comprised of $11.1 million and $10.0 million related to Louisiana and New Mexico, respectively. The Louisiana NOL carryforwards are fully offset by a valuation allowance, and the New Mexico NOL carryforward expires in 2045. The state research and experimental credit carryforwards all relate to Texas and begin expiring in 2038.

The current income tax provision and the deferred income tax provision for the years ended December 31, 2025, 2024 and 2023 were comprised of the following (in thousands).


	Year Ended December 31,
	2025		2024		2023
Current income tax provision
Federal	$	6,192	$	21,296	$	1,554
State	896		5,763		12,368
Total current income tax provision	$	7,088	$	27,059	$	13,922
Deferred income tax provision (benefit)
Federal	$	187,881	$	221,356	$	145,711
State	(22,294)		43,949		26,393
Total deferred income tax provision	$	165,587	$	265,305	$	172,104
Total income tax provision (benefit)
Federal	$	194,073	242,652		147,265
State	(21,398)		49,712		38,761
Total income tax provision	$	172,675	$	292,364	$	186,026

Reconciliations of expected income tax expense and reported income tax expense on income before income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands).


	Year Ended December 31,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
US federal statutory income tax rate	$	217,558	21.00	%	$	265,379	21.00	%	$	230,241	21.00	%
Federal
Non-controlling interest in subsidiaries	(21,325)		(2.06)	%	(18,064)		(1.43)	%	(13,500)		(1.23)	%
Research and experimental tax credits	(11,545)		(1.11)	%	1,504		0.12	%	(102,330)		(9.33)	%
Other nontaxable and nondeductible items	5,922		0.57	%	(3,931)		(0.31)	%	3,558		0.32	%
State income tax (benefit) expense(1)	(21,398)		(2.06)	%	47,927		3.79	%	37,358		3.41	%
Change in reserve on uncertain tax positions	3,463		0.33	%	(451)		(0.04)	%	30,699		2.80	%
Total income tax provision	$	172,675	16.67	%	$	292,364	23.13	%	$	186,026	16.97	%

__________________

(1)For the years ended December 31, 2025, 2024 and 2023, the state income tax (benefit) expense was primarily related to the State of New Mexico.

The Company did not have any reconciling items related to changes in tax laws or rates enacted in the current period.

The Company files a United States federal income tax return and several state tax returns, a number of which remain open for examination. The earliest tax year open for examination for the federal, the State of New Mexico and the State of Louisiana tax returns is 2022. The earliest tax year open for examination for the State of Texas tax return is 2021.

As of December 31, 2025, 2024 and 2023, the Company had unrecognized tax benefits (“UTB”) of $37.8 million, $34.3 million and $35.3 million, respectively, as a result of research and experimental expenditures, which would reduce the Company’s effective tax rate in future periods if and when realized. As of December 31, 2025, 2024 and 2023, $31.5 million, $31.1 million and $27.0 million, respectively, of the Company’s UTBs were recorded as other long-term liabilities on the consolidated balance sheets.

Reconciliations of UTBs for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands).


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	34,335	$	35,336	$	—
Additions for tax positions of current period	3,111		2,745		35,336
Adjustment for tax positions of prior periods	352		(3,746)		—
Balance at end of period(1)	$	37,798	$	34,335	$	35,336

__________________

(1)At December 31, 2025, 2024 and 2023, the UTBs related to U.S. federal taxes were $33.7 million, $30.2 million and $30.7 million, respectively. At each of December 31, 2025 and 2024, the UTBs related to state of Texas taxes were $4.1 million. At December 31, 2023, the UTBs related to state of Texas taxes were $4.6 million.

The Company’s cash paid for income taxes, net of refunds received during the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands).


	Year Ended December 31,
	2025		2024		2023
Federal	$	43,000	$	22,622	$	(8,864)
State
New Mexico	7,500		7,200		13,284
Other	—		182		177
Total cash paid for income taxes, net of refunds received	$	50,500	$	30,004	$	4,597

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Reclassifications

Use of Estimates

Restricted Cash

Accounts Receivable

For the years ended December 31, 2025, 2024 and 2023, three significant purchasers accounted for 72%, 79% and 76%, respectively, of the Company’s total oil, natural gas and NGL revenues: Plains Marketing, L.P. (49%, 53% and 42%, respectively), Exxon Mobil Corporation (13%, 15% and 24%, respectively) and Enterprise Products Partners L.P. (10%, 11% and 10%, respectively). If any one of Matador’s major customers were to stop purchasing its production, the Company believes there are a number of other purchasers to whom the Company could sell Matador’s production. If multiple significant customers were to discontinue purchasing Matador’s production abruptly, the Company believes it would have the resources needed to access alternative customers or markets and avoid or materially mitigate associated sales disruptions. At December 31, 2025, 2024 and 2023, approximately 32%, 32% and 38%, respectively, of the Company’s accounts receivable, including joint interest billings, related to the top three purchasers.

Lease and Well Equipment Inventory

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

Oil and Natural Gas Properties

Ceiling Test

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

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

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

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

Midstream Properties and Other Property and Equipment

Asset Retirement Obligations

Derivative Financial Instruments

Revenues

The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the years ended December 31, 2025, 2024 and 2023 (in thousands).


	Year Ended December 31,
	2025		2024		2023
Revenues from contracts with customers	$	3,656,514	$	3,478,958	$	2,817,621
Realized gain (loss) on derivatives	21,679		12,724		(9,575)
Unrealized gain (loss) on derivatives	18,084		13,299		(1,261)
Total revenues	$	3,696,277	$	3,504,981	$	2,806,785


	Year Ended December 31,
	2025		2024		2023
Oil revenues	$	2,840,167	$	2,772,360	$	2,144,894
Natural gas revenues	398,583		371,474		400,705
Third-party midstream services revenues	164,733		141,027		122,153
Sales of purchased natural gas	253,031		194,097		149,869
Total revenues from contracts with customers	$	3,656,514	$	3,478,958	$	2,817,621

Stock-Based Compensation

policy on capitalizing general and administrative expenses for employees involved in acquisition, exploration, development and midstream activities.

The Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 include equity-based compensation (non-cash) expense of $18.3 million, $15.0 million and $13.7 million, respectively. This equity-based compensation expense includes common stock awards granted to employees and restricted stock units paid to independent members of the Board and advisors as compensation for their services to the Company totaling $1.7 million, $1.3 million and $1.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Income Taxes

Allocation of Purchase Price in Business Combinations

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

Earnings Per Common Share


	Year Ended December 31,
	2025		2024		2023

Net income attributable to Matador Resources Company shareholders — numerator	$	759,221	$	885,322	$	846,074

Weighted average common shares outstanding — denominator
Basic	124,556		123,568		119,139
Dilutive effect of options and restricted stock units	30		508		841
Diluted weighted average common shares outstanding	124,586		124,076		119,980
Earnings per common share attributable to Matador Resources Company shareholders
Basic	$	6.10	$	7.16	$	7.10
Diluted	$	6.09	$	7.14	$	7.05

Credit Risk

Recent Accounting Pronouncements

Supplemental Disclosures

12 Months Ended

Dec. 31, 2025

Supplemental Disclosures [Abstract]

SUPPLEMENTAL DISCLOSURES

NOTE 15 — SUPPLEMENTAL DISCLOSURES

Accounts Payable and Accrued Liabilities

The following table summarizes the Company’s current accounts payable and accrued liabilities at December 31, 2025 and 2024 (in thousands).


	December 31,
	2025		2024
Accounts payable	$	179,337	$	147,139
Accrued evaluated and unproved and unevaluated property costs	151,680		197,817
Accrued lease operating expenses	85,009		92,364
Accrued compensation and benefits	33,162		30,544
Accrued interest on debt	32,157		34,769
Accrued partners’ share of joint interest charges	24,427		41,614
Accrued payable related to purchased natural gas	10,530		9,063
Accrued midstream properties costs	7,648		31,595
Accrued asset retirement obligations	6,309		8,431



Other	10,361		25,831
Total accounts payable and accrued liabilities	$	540,620	$	619,167

Supplemental Cash Flow Information

The following table provides supplemental disclosures of cash flow information for the years ended December 31, 2025, 2024 and 2023 (in thousands).


	Year Ended December 31,
	2025		2024		2023

Cash paid for interest expense, net of amounts capitalized	$	196,368	$	160,273	$	111,742
Increase in asset retirement obligations related to mineral properties	$	18,310	$	23,773	$	33,209
Increase in asset retirement obligations related to midstream properties	$	1,548	$	777	$	1,197
(Decrease) increase in liabilities for drilling, completion and equipping capital expenditures	$	(37,127)	$	79,363	$	31,364
Increase in liabilities for acquisition of oil and natural gas properties	$	52	$	212	$	709
(Decrease) increase in liabilities for midstream capital expenditures	$	(23,850)	$	(23,789)	$	43,572



Stock-based compensation expense recognized as liability	$	11,451	$	13,565	$	11,380


Transfer of inventory (to) from oil and natural gas properties	$	(29,124)	$	(14,904)	$	933

SUPPLEMENTAL DISCLOSURES

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


	Year Ended December 31,
	2025		2024		2023
Cash	$	15,314	$	23,033	$	52,662
Restricted cash	64,163		71,709		53,636
Total cash and restricted cash	$	79,477	$	94,742	$	106,298

Business Combinations and Divestitures - Narrative (Details) $ in Thousands					3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 18, 2024 USD ($) compressor_station MMcf	Oct. 28, 2024 USD ($)	Sep. 25, 2024 USD ($)	Jun. 01, 2024 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / bbl	Dec. 31, 2025 USD ($) $ / MMBTU	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / bbl	Dec. 31, 2024 USD ($) $ / MMBTU	Dec. 31, 2023 USD ($)	Dec. 31, 2023 $ / bbl	Dec. 31, 2023 $ / MMBTU	Sep. 18, 2024 USD ($)
Business Combination [Line Items]
Long-term debt							$ 3,402,102	$ 3,402,102	$ 3,402,102	$ 3,325,408	$ 3,325,408	$ 3,325,408
Repayments of borrowings under Credit Agreement							2,367,500			3,969,500			$ 3,032,000
Oil and Gas, average sale price								61.82	3.39		71.96	2.13		74.70	2.64
Revenues							3,656,514			3,478,958			2,817,621
Net income attributable to Matador Resources Company shareholders							759,221			885,322			846,074
Proceeds from divestiture of businesses										12,400
Proceeds from Sale of Oil and Gas Property and Equipment					$ 22,200
San Mateo Midstream
Business Combination [Line Items]
Proceeds from joint venture							136,700			321,200			81,400
San Mateo Midstream \| Matador Resources Company
Business Combination [Line Items]
Proceeds from joint venture										219,800
San Mateo Midstream \| Five Point
Business Combination [Line Items]
Proceeds from joint venture										171,500
Piñon Midstream, LLC \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Combination [Line Items]
Proceeds from divestiture of businesses		$ 113,600				$ 3,300
2033 Notes \| Unsecured Debt
Business Combination [Line Items]
Long-term debt			$ 750,000				$ 750,000	$ 750,000	$ 750,000
Stated interest rate			6.25%				6.25%	6.25%	6.25%
Revolving Credit Facility \| Amendment To Credit Agreement
Business Combination [Line Items]
Repayments of borrowings under Credit Agreement			$ 250,000
Oil and natural gas revenues
Business Combination [Line Items]
Revenues							$ 3,238,750			3,143,834			2,545,599
Joint Venture
Business Combination [Line Items]
Consideration transferred	$ 171,500
Joint Venture \| Pronto
Business Combination [Line Items]
Cubic feet of natural gas (millions of cubic feet) \| MMcf	260
Number Of Compessor Stations \| compressor_station	6
Joint Venture \| Corporate Joint Venture
Business Combination [Line Items]
Deferred performance incentives	$ 75,000
Period (in years)	5 years
Joint Venture \| Corporate Joint Venture \| Five Point
Business Combination [Line Items]
Equity Method Investment, Payments On Deferred Performance Incentives							13,000			1,300
Joint Venture \| San Mateo \| Matador Resources Company
Business Combination [Line Items]
Ownership percentage, parent	51.00%
Joint Venture \| San Mateo \| Five Point Affiliate
Business Combination [Line Items]
Ownership percentage, noncontrolling owner	49.00%
Ameredev
Business Combination [Line Items]
Percentage acquired				100.00%
Cash consideration given				$ 1,831,214
Payments to acquire business, net							0			1,831,214			0
Ameredev \| Revolving Credit Facility \| Amendment To Credit Agreement
Business Combination [Line Items]
Increase in borrowing capacity																$ 250,000
Maximum borrowing commitment																1,500,000
Higher borrowing capacity							2,250,000	$ 2,250,000	$ 2,250,000							$ 2,250,000
Ameredev \| Piñon Midstream, LLC
Business Combination [Line Items]
Percentage acquired																19.00%
Advance
Business Combination [Line Items]
Payments to acquire business, net							$ 0			$ 0			$ 1,676,132

Supplemental Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Disclosures [Abstract]

Summary of current accrued liabilities

The following table summarizes the Company’s current accounts payable and accrued liabilities at December 31, 2025 and 2024 (in thousands).


	December 31,
	2025		2024
Accounts payable	$	179,337	$	147,139
Accrued evaluated and unproved and unevaluated property costs	151,680		197,817
Accrued lease operating expenses	85,009		92,364
Accrued compensation and benefits	33,162		30,544
Accrued interest on debt	32,157		34,769
Accrued partners’ share of joint interest charges	24,427		41,614
Accrued payable related to purchased natural gas	10,530		9,063
Accrued midstream properties costs	7,648		31,595
Accrued asset retirement obligations	6,309		8,431



Other	10,361		25,831
Total accounts payable and accrued liabilities	$	540,620	$	619,167

Supplemental disclosures of cash flow information

The Company’s cash paid for income taxes, net of refunds received during the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands).


	Year Ended December 31,
	2025		2024		2023
Federal	$	43,000	$	22,622	$	(8,864)
State
New Mexico	7,500		7,200		13,284
Other	—		182		177
Total cash paid for income taxes, net of refunds received	$	50,500	$	30,004	$	4,597

The following table provides supplemental disclosures of cash flow information for the years ended December 31, 2025, 2024 and 2023 (in thousands).


	Year Ended December 31,
	2025		2024		2023

Cash paid for interest expense, net of amounts capitalized	$	196,368	$	160,273	$	111,742
Increase in asset retirement obligations related to mineral properties	$	18,310	$	23,773	$	33,209
Increase in asset retirement obligations related to midstream properties	$	1,548	$	777	$	1,197
(Decrease) increase in liabilities for drilling, completion and equipping capital expenditures	$	(37,127)	$	79,363	$	31,364
Increase in liabilities for acquisition of oil and natural gas properties	$	52	$	212	$	709
(Decrease) increase in liabilities for midstream capital expenditures	$	(23,850)	$	(23,789)	$	43,572



Stock-based compensation expense recognized as liability	$	11,451	$	13,565	$	11,380


Transfer of inventory (to) from oil and natural gas properties	$	(29,124)	$	(14,904)	$	933


	Year Ended December 31,
	2025		2024		2023
Cash	$	15,314	$	23,033	$	52,662
Restricted cash	64,163		71,709		53,636
Total cash and restricted cash	$	79,477	$	94,742	$	106,298

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
US federal statutory income tax rate	$ 217,558	$ 265,379	$ 230,241
Federal
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount	(21,325)	(18,064)	(13,500)
Research and experimental tax credits	(11,545)	1,504	(102,330)
Other nontaxable and nondeductible items	5,922	(3,931)	3,558
State income tax (benefit) expense(1)	(21,398)	47,927	37,358
Change in reserve on uncertain tax positions	3,463	(451)	30,699
Total income tax provision	$ 172,675	$ 292,364	$ 186,026
Percent
US federal statutory income tax rate	21.00%	21.00%	21.00%
Federal
Non-controlling interest in subsidiaries	(2.06%)	(1.43%)	(1.23%)
Research and experimental tax credits	(1.11%)	0.12%	(9.33%)
Other nontaxable and nondeductible items	0.57%	(0.31%)	0.32%
State income tax (benefit) expense(1)	(2.06%)	3.79%	3.41%
Change in reserve on uncertain tax positions	0.33%	(0.04%)	2.80%
Total income tax provision	16.67%	23.13%	16.97%

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Revenues	$ 3,656,514	$ 3,478,958	$ 2,817,621
Realized gain (loss) on derivatives	21,679	12,724	(9,575)
Unrealized gain (loss) on derivatives	18,084	13,299	(1,261)
Total revenues	3,696,277	3,504,981	2,806,785
Expenses
Transportation and processing	66,787	58,593	59,912
Lease operating	415,810	325,145	232,521
Midstream operating	208,142	167,400	124,021
Purchased natural gas	163,094	142,715	129,401
Depletion, depreciation and amortization	1,195,358	974,300	716,688
Taxes other than income	275,629	268,649	220,604
Accretion of asset retirement obligations	7,846	6,027	3,943
General and administrative	137,069	127,454	110,373
Total expenses	2,469,735	2,070,283	1,597,463
Operating income	1,226,542	1,434,698	1,209,322
Other income (expense)
Net loss on asset sales and impairment	(589)	0	(202)
Interest expense	(208,520)	(171,687)	(121,520)
Other income	16,011	696	8,785
Total other expense	(193,098)	(170,991)	(112,937)
Income before income taxes	1,033,444	1,263,707	1,096,385
Income tax provision (benefit)
Current	7,088	27,059	13,922
Deferred	165,587	265,305	172,104
Total income tax provision	172,675	292,364	186,026
Net income	860,769	971,343	910,359
Net income attributable to non-controlling interest in subsidiaries	(101,548)	(86,021)	(64,285)
Net income attributable to Matador Resources Company shareholders	$ 759,221	$ 885,322	$ 846,074
Earnings per common share attributable to Matador Resources Company shareholders
Basic (usd per share)	$ 6.10	$ 7.16	$ 7.10
Diluted (usd per share)	$ 6.09	$ 7.14	$ 7.05
Weighted average common shares outstanding
Basic (in shares)	124,556	123,568	119,139
Diluted (in shares)	124,586	124,076	119,980
Oil and natural gas revenues
Revenues
Revenues	$ 3,238,750	$ 3,143,834	$ 2,545,599
Third-party midstream services revenues
Revenues
Revenues	164,733	141,027	122,153
Sales of purchased natural gas
Revenues
Revenues	$ 253,031	$ 194,097	$ 149,869

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Schedule of changes in Company's asset retirement obligations

The following table summarizes the changes in the Company’s asset retirement obligations for the years ended
December 31, 2025 and 2024 (in thousands).


	Year Ended December 31,
	2025		2024
Beginning asset retirement obligations	$	122,668	$	92,090
Liabilities incurred during period	10,190		7,538
Liabilities settled during period	(1,674)		(1,188)
Revisions in estimated cash flows	17,141		16,351
Acquisitions during the period	—		7,487
Divestitures during the period	(5,799)		(5,637)
Accretion expense	7,846		6,027
Ending asset retirement obligations	150,372		122,668
Less: current asset retirement obligations(1)	(6,309)		(8,431)
Long-term asset retirement obligations	$	144,063	$	114,237

__________________

(1)Included in “Accrued liabilities” in the Company’s consolidated balance sheets at December 31, 2025 and 2024.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.”


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2025
Oil and natural gas revenues	$	3,227,055	$	11,695	$	—	$	—	$	3,238,750
Midstream services revenues	—		549,865		—		(385,132)		164,733
Sales of purchased natural gas	99,346		153,685		—		—		253,031

Realized gain on derivatives	21,679		—		—		—		21,679
Unrealized gain on derivatives	18,084		—		—		—		18,084
Operating expense(1)	588,285		208,142		—		(172,475)		623,952
Other expenses(2)	1,712,988		228,834		116,618		(212,657)		1,845,783
Operating income(3)	$	1,064,891	$	278,269	$	(116,618)	$	—	$	1,226,542






Total assets(4)	$	9,737,486	$	1,833,673	$	139,410	$	—	$	11,710,569
Capital expenditures(5)	$	1,864,889	$	286,294	$	4,246	$	—	$	2,155,429

_____________________

(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.

(2)Includes depletion, depreciation and amortization expenses of $1.14 billion and $57.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.6 million. Other expenses for each reportable segment also includes (i) transportation and processing, (ii) general and administrative expenses, (iii) accretion of asset retirement obligations, (iv) purchased natural gas and (v) taxes other than income.

(3)Includes $101.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(4)Excludes intercompany receivables and investments in subsidiaries.

(5)Includes $339.2 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $118.4 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
Year Ended December 31, 2024
Oil and natural gas revenues	$	3,129,598	$	14,236	$	—	$	—	3,143,834
Midstream services revenues	—		453,464		—		(312,437)		141,027
Sales of purchased natural gas	22,186		171,911		—		—		194,097

Realized gain on derivatives	12,724		—		—		—		12,724
Unrealized gain on derivatives	13,299		—		—		—		13,299
Operating expense(1)	488,507		167,400		—		(163,362)		492,545
Other expenses(2)	1,386,821		226,218		113,774		(149,075)		1,577,738
Operating income(3)	$	1,302,479	$	245,993	$	(113,774)	$	—	$	1,434,698






Total assets(4)	$	9,117,095	$	1,613,936	$	119,078	$	—	$	10,850,109
Capital expenditures(5)	$	3,396,543	$	504,315	$	5,691	$	—	$	3,906,549

_____________________

(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.

(2)Includes depletion, depreciation and amortization expenses of $929.0 million and $43.9 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.4 million. Other expenses for each reportable segment also includes (i) transportation and processing, (ii) general and administrative expenses, (iii) accretion of asset retirement obligations, (iv) purchased natural gas and (v) taxes other than income.

(3)Includes $86.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(4)Excludes intercompany receivables and investments in subsidiaries.

(5)Includes $2.08 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $236.2 million in midstream acquisition expenditures and $29.5 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.


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

Realized loss on derivatives	(9,575)		—		—		—		(9,575)
Unrealized loss on derivatives	(1,261)		—		—		—		(1,261)
Operating expense(1)	347,655		124,021		—		(115,134)		356,542
Other expenses(2)	1,070,302		180,903		99,362		(109,646)		1,240,921
Operating income(3)	$	1,133,541	$	175,143	$	(99,362)	$	—	$	1,209,322






Total assets(4)	$	6,385,762	$	1,257,988	$	83,246	$	—	$	7,726,996
Capital expenditures(5)	$	2,970,230	$	254,393	$	3,636	$	—	$	3,228,259

_____________________

(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.

(2)Includes depletion, depreciation and amortization expenses of $675.0 million and $40.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.3 million. Other expenses for each reportable segment also includes (i) transportation and processing, (ii) general and administrative expenses, (iii) accretion of asset retirement obligations (iv) purchased natural gas and (v) taxes other than income.

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

(4)Excludes intercompany receivables and investments in subsidiaries.

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

Supplemental Disclosures - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Summary of current accrued liabilities
Other	$ 10,361	$ 25,831
Total accounts payable and accrued liabilities	540,620	619,167
Nonrelated Party
Summary of current accrued liabilities
Accounts Payable, Current	179,337	147,139
Related Party
Summary of current accrued liabilities
Accounts Payable, Current	33,162	30,544
Accrued evaluated and unproved and unevaluated property costs
Summary of current accrued liabilities
Accrued liabilities	151,680	197,817
Accrued midstream properties costs
Summary of current accrued liabilities
Accrued liabilities	7,648	31,595
Accrued lease operating expenses
Summary of current accrued liabilities
Accrued liabilities	85,009	92,364
Accrued interest on debt
Summary of current accrued liabilities
Accrued liabilities	32,157	34,769
Accrued asset retirement obligations
Summary of current accrued liabilities
Accrued liabilities	6,309	8,431
Accrued partners’ share of joint interest charges
Summary of current accrued liabilities
Accrued liabilities	24,427	41,614
Accrued payable related to purchased natural gas
Summary of current accrued liabilities
Accrued liabilities	$ 10,530	$ 9,063

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Operating leases	$ 40,596	$ 33,051
Short-term leases	77,232	57,934
Financing leases
Depreciation of assets	1,765	2,296
Interest on lease liabilities	866	607
Total financing leases	2,631	2,903
Total lease expense	120,459	93,888
Lease operating
Lessee, Lease, Description [Line Items]
Operating leases	35,407	30,141
Short-term leases	68,277	46,770
Plant and other midstream services
Lessee, Lease, Description [Line Items]
Short-term leases	8,933	11,110
General and administrative
Lessee, Lease, Description [Line Items]
Operating leases	5,189	2,910
Short-term leases	22	54
Drilling Rig Leases
Financing leases
Gross payments	84,700	87,800
Drilling Rig Leases And Other Equipment Rentals
Financing leases
Gross payments	$ 265,900	$ 231,800

Derivative Financial Instruments - Gross Asset and Liability Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	$ (23,398)	$ (3,931)
Gross amounts netted in the consolidated balance sheets	23,398	3,931
Net amounts presented in the consolidated balance sheets	0	0
Total	34,052	15,968
Gross amounts netted in the consolidated balance sheets	0	0
Derivative Asset (Liability), Net	$ 34,052	$ 15,968
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current	Assets, Current
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Current assets
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized assets	$ 57,450	$ 19,899
Gross amounts netted in the consolidated balance sheets	(23,398)	(3,931)
Derivative asset	$ 34,052	$ 15,968

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends (in usd per share)	$ 0.375	$ 0.3125	$ 0.3125	$ 0.3125	$ 1.3125	$ 0.85	$ 0.65
Contribution related to formation of San Mateo, tax					$ 2.7	$ 5.0	$ 8.0

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations	$ 122,668	$ 92,090
Liabilities incurred during period	10,190	7,538
Liabilities settled during period	(1,674)	(1,188)
Revisions in estimated cash flows	17,141	16,351
Acquisitions during the period	0	7,487
Divestitures during the period	(5,799)	(5,637)
Accretion expense	7,846	6,027
Ending asset retirement obligations	150,372	122,668
Less: current asset retirement obligations	(6,309)	(8,431)
Long-term asset retirement obligations	$ 144,063	$ 114,237

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	NOTE 10 — EMPLOYEE BENEFIT PLANS 401(k) Plan All full-time Company employees are eligible to join the Company’s defined contribution retirement plan the first day of the calendar month immediately following their date of employment. Each employee may contribute up to the maximum allowable under the Internal Revenue Code. Each year, the Company makes a contribution to the plan that equals 3% of the employee’s annual compensation, up to the maximum allowable under the Internal Revenue Code, referred to as the Employer’s Safe Harbor Non-Elective Contribution, which totaled $2.9 million, $2.6 million and $2.2 million in 2025, 2024 and 2023, respectively. In addition, each year, the Company may make a discretionary matching contribution, as well as additional contributions. The Company’s discretionary matching contributions totaled $3.7 million, $3.3 million and $2.8 million in 2025, 2024 and 2023, respectively. The Company made no additional contributions in any reporting period presented.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	124,409,739	125,101,268
Common stock, shares outstanding (in shares)	124,262,322	125,048,396
Treasury stock (in shares)	147,417	52,872

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of net deferred tax position

The Company’s net deferred tax position as of December 31, 2025 and 2024 is as follows (in thousands).


	December 31,
	2025		2024













Deferred tax assets

Net operating loss carryforwards	$	118,860	$	14,338


Lease liabilities	24,021		31,843
Compensation	17,615		16,562
Research and experimental tax credits, net of reserve	8,376		1,117
Interest expense carryforward	—		15,891
Other	2,553		1,677
Total deferred tax assets	171,425		81,428
Valuation allowance on deferred tax assets	$	(8,985)	(11,957)
Total deferred tax assets, net of valuation allowance	162,440		69,471
Deferred tax liabilities
Property and equipment	(1,036,280)		(802,186)

Less than wholly-owned subsidiaries	(107,566)		(75,580)
Lease right of use assets	(24,021)		(31,843)

Unrealized gain on derivatives	(8,097)		(4,039)
Other	(2,407)		(3,489)
Total deferred tax liabilities	(1,178,371)		(917,137)
Net deferred tax liabilities	$	(1,015,931)	$	(847,666)

Current and deferred income tax provision

The current income tax provision and the deferred income tax provision for the years ended December 31, 2025, 2024 and 2023 were comprised of the following (in thousands).


	Year Ended December 31,
	2025		2024		2023
Current income tax provision
Federal	$	6,192	$	21,296	$	1,554
State	896		5,763		12,368
Total current income tax provision	$	7,088	$	27,059	$	13,922
Deferred income tax provision (benefit)
Federal	$	187,881	$	221,356	$	145,711
State	(22,294)		43,949		26,393
Total deferred income tax provision	$	165,587	$	265,305	$	172,104
Total income tax provision (benefit)
Federal	$	194,073	242,652		147,265
State	(21,398)		49,712		38,761
Total income tax provision	$	172,675	$	292,364	$	186,026

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

Reconciliations of expected income tax expense and reported income tax expense on income before income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands).


	Year Ended December 31,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
US federal statutory income tax rate	$	217,558	21.00	%	$	265,379	21.00	%	$	230,241	21.00	%
Federal
Non-controlling interest in subsidiaries	(21,325)		(2.06)	%	(18,064)		(1.43)	%	(13,500)		(1.23)	%
Research and experimental tax credits	(11,545)		(1.11)	%	1,504		0.12	%	(102,330)		(9.33)	%
Other nontaxable and nondeductible items	5,922		0.57	%	(3,931)		(0.31)	%	3,558		0.32	%
State income tax (benefit) expense(1)	(21,398)		(2.06)	%	47,927		3.79	%	37,358		3.41	%
Change in reserve on uncertain tax positions	3,463		0.33	%	(451)		(0.04)	%	30,699		2.80	%
Total income tax provision	$	172,675	16.67	%	$	292,364	23.13	%	$	186,026	16.97	%

__________________

(1)For the years ended December 31, 2025, 2024 and 2023, the state income tax (benefit) expense was primarily related to the State of New Mexico.

Reconciliation of Unrecognized Tax Benefits

Reconciliations of UTBs for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands).


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	34,335	$	35,336	$	—
Additions for tax positions of current period	3,111		2,745		35,336
Adjustment for tax positions of prior periods	352		(3,746)		—
Balance at end of period(1)	$	37,798	$	34,335	$	35,336

__________________

Cash Paid for Income Taxes, Net of Refunds Received

The Company’s cash paid for income taxes, net of refunds received during the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands).


	Year Ended December 31,
	2025		2024		2023
Federal	$	43,000	$	22,622	$	(8,864)
State
New Mexico	7,500		7,200		13,284
Other	—		182		177
Total cash paid for income taxes, net of refunds received	$	50,500	$	30,004	$	4,597

The following table provides supplemental disclosures of cash flow information for the years ended December 31, 2025, 2024 and 2023 (in thousands).


	Year Ended December 31,
	2025		2024		2023

Cash paid for interest expense, net of amounts capitalized	$	196,368	$	160,273	$	111,742
Increase in asset retirement obligations related to mineral properties	$	18,310	$	23,773	$	33,209
Increase in asset retirement obligations related to midstream properties	$	1,548	$	777	$	1,197
(Decrease) increase in liabilities for drilling, completion and equipping capital expenditures	$	(37,127)	$	79,363	$	31,364
Increase in liabilities for acquisition of oil and natural gas properties	$	52	$	212	$	709
(Decrease) increase in liabilities for midstream capital expenditures	$	(23,850)	$	(23,789)	$	43,572



Stock-based compensation expense recognized as liability	$	11,451	$	13,565	$	11,380


Transfer of inventory (to) from oil and natural gas properties	$	(29,124)	$	(14,904)	$	933


	Year Ended December 31,
	2025		2024		2023
Cash	$	15,314	$	23,033	$	52,662
Restricted cash	64,163		71,709		53,636
Total cash and restricted cash	$	79,477	$	94,742	$	106,298

Business Combinations and Divestitures

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS AND DIVESTITURES

NOTE 6 — BUSINESS COMBINATIONS AND DIVESTITURES

Business Combinations

San Mateo Joint Venture

On December 18, 2024, the Company completed a transaction with Five Point Infrastructure, LLC and its affiliates (previously, Five Point Energy LLC) (“Five Point”) in which the Company contributed Pronto Midstream, LLC and its subsidiary (“Pronto”), a wholly-owned subsidiary of the Company, to San Mateo, and Five Point made a cash contribution to San Mateo of $171.5 million (the “Pronto Transaction”). In connection with the Pronto Transaction, the Company received a special distribution from San Mateo of approximately $219.8 million. In addition, the Company has the potential to earn up to $75.0 million in incentive payments from Five Point over a five-year period, of which $13.0 million and $1.3 million was paid by Five Point during the years ended December 31, 2025 and 2024, respectively. San Mateo continues to be owned 51% by the Company and 49% by Five Point, with Five Point’s interest in San Mateo being accounted for as a non-controlling interest.

Subsequent to the Pronto Transaction, San Mateo owns and operates the expanded Marlan Processing Plant, which has a designed inlet capacity of 260 MMcf of natural gas per day, and operates Pronto’s six compressor stations and approximately 150 miles of natural gas gathering pipelines in Lea and Eddy Counties, New Mexico.

In connection with the Pronto Transaction, the Company dedicated to San Mateo its current and certain future leasehold interests in the Ranger and Antelope Ridge asset areas pursuant to 15-year, fixed fee natural gas gathering, compression, treating and processing agreements whereby San Mateo will gather, compress, treat and process natural gas produced from the Company’s operated wells in northern Lea County, New Mexico. In addition, San Mateo entered into certain agreements with Northwind Midstream Partners LLC (“Northwind”), previously an affiliate of Five Point, whereby Northwind will treat certain sour gas gathered and delivered by San Mateo in northern Lea County, New Mexico. Under these agreements, Northwind will redeliver the treated sweet gas from San Mateo and other third-party customers to San Mateo for processing.

Ameredev Acquisition

On September 18, 2024, a wholly-owned subsidiary of the Company completed the acquisition (the “Ameredev Acquisition”) of Ameredev Stateline II, LLC (“Ameredev”) from affiliates of EnCap Investments L.P., including (i) certain oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico and Loving and Winkler Counties, Texas, and (ii) an approximate 19% stake (the “Piñon Investment”) in the parent company of Piñon Midstream, LLC (“Piñon”). The Ameredev Acquisition had an effective date of June 1, 2024 and an aggregate as-adjusted closing purchase price of approximately $1.83 billion in cash. The purchase price for the Ameredev Acquisition was funded by a combination of cash on hand and borrowings under the Company’s Credit Agreement, which was amended on September 18, 2024 to, among other things: (i) provide for a term loan of $250.0 million, the full amount of which was borrowed to fund the Ameredev Acquisition, and (ii) increase the elected borrowing commitments under the revolving credit facility from $1.50 billion to $2.25 billion. On September 25, 2024, the Company completed the sale of $750.0 million in aggregate principal amount of the Company’s 6.25% senior unsecured notes due 2033 (the “2033 Notes”) and used the net proceeds to partially repay borrowings outstanding under the Credit Agreement, including all of the $250.0 million in outstanding borrowings under the term loan.

The Ameredev Acquisition was accounted for under the acquisition method of accounting as a business combination in accordance with ASC Topic 805, Business Combinations. 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 date, with any excess purchase price allocated to goodwill. As the Company acquired 100% of the membership interests of Ameredev, the acquisition was treated as an asset acquisition for tax purposes. The Company concluded that the Piñon Investment was an equity method investment.

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


Consideration	Allocation
Cash consideration given	$	1,831,214


Allocation of purchase price
Current assets	$	51,499
Oil and natural gas properties
Evaluated	1,316,532
Unproved and unevaluated	316,586
Midstream assets	117,762
Equity method investment	115,819
Current liabilities	(80,651)
Asset retirement obligations	(6,333)
Net assets acquired	$	1,831,214

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 evaluated oil and natural gas properties and asset retirement obligations were measured using the discounted cash flow technique of valuation.

Significant inputs to the valuation of oil and natural 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.

Divestitures

During the first quarter of 2025, the Company sold its remaining South Texas assets in the Eagle Ford shale for $22.2 million. During 2024, the Company converted approximately $12.4 million of non-core assets to cash. These properties were primarily located in South Texas and Northwest Louisiana.

On October 28, 2024, Piñon was acquired by an affiliate of Enterprise Products Partners L.P. The Company received $113.6 million from the sale of Piñon during the fourth quarter of 2024 and used these proceeds to reduce borrowings under the Credit Agreement. The Company received an additional $3.3 million from the sale of Piñon in the first half of 2025.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 9 — STOCK-BASED COMPENSATION

In 2019, the Board adopted and shareholders approved the 2019 Incentive Plan. In 2022, the Board adopted and shareholders approved the first amendment to the 2019 Incentive Plan authorizing an additional 3,725,000 shares of common stock for issuance to employees, directors, contractors or advisors of the Company. As of December 31, 2025, the 2019 Incentive Plan provided for a maximum of 2,902,512 shares of common stock in the aggregate that may be issued pursuant to grants of options, restricted stock, stock appreciation rights, restricted stock units or other performance award grants. The persons eligible to receive awards under the 2019 Incentive Plan include employees, directors, contractors or advisors of the Company. The primary purpose of the 2019 Incentive Plan is to attract and retain key employees, directors, contractors or advisors of the Company.

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

During the years ended December 31, 2025, 2024 and 2023, the Company granted both equity-based and liability-based awards under the 2019 Incentive Plan. The fair value of equity-based awards is fixed at the grant date, while the fair value of liability-based awards is remeasured at each reporting period.

Employee Stock Purchase Plan (“ESPP”)

In 2022, the Board adopted and shareholders approved an ESPP, which authorizes a maximum of 4.0 million shares of common stock to be purchased. The purpose of the ESPP is to encourage and enable the Company’s eligible employees to acquire an interest in the Company through the ownership of common stock. At December 31, 2025, the Company had 3,833,110 remaining shares available for issuance under the ESPP.

Restricted Stock, Restricted Stock Units and Common Stock

The Company has granted stock, restricted stock and restricted stock unit awards to employees, consultants, outside directors and advisors of the Company under the 2019 Incentive Plan. The stock and restricted stock are issued upon grant, with the restrictions, if any, being removed upon vesting. The equity-based restricted stock units are issued upon vesting, unless the recipient makes an election to defer issuance for a set term after vesting. Liability-based restricted stock units are settled in cash upon vesting. Restricted stock and restricted stock units granted in 2025, 2024 and 2023 were service-based awards, which will settle in cash or equity, and vest over a one-year to three-year period. Performance-based restricted stock units granted in 2025 and 2024 vest in an amount between zero and 200% of the target units granted based on the Company’s relative total shareholder return over the three-year periods ending December 31, 2027 and 2026, respectively, as compared to a designated peer group, and will be settled in equity.

Equity-Based

A summary of the non-vested equity-based restricted stock and restricted stock units as of December 31, 2025 is presented below (in thousands, except fair value).


	Restricted Stock			Restricted Stock Units

	Service Based				Service Based			Performance Based
Non-vested restricted stock and restricted stock units	Shares	Weighted average fair value			Shares	Weighted average fair value		Shares	Weighted average fair value
Non-vested at December 31, 2024	701	$	51.26		23	$	59.21	501	$	70.65
Granted	380	$	51.58		38	$	49.42	363	$	62.41
Vested(1)	(196)	$	51.30		(24)	$	59.31	(179)	$	65.49
Forfeited	(55)	$	50.88		—	$	—	(55)	$	66.32
Non-vested at December 31, 2025	830	$	51.42		37	$	49.02	630	$	67.85

__________________

(1)On January 6, 2026 upon certification by the Board, 106,500 of the performance-based awards that were granted in 2023 vested. The vested units earned 58% for each vested award representing 61,770 aggregate shares of common stock, which were issued on January 6, 2026.

Liability-Based

A summary of the non-vested liability-based restricted stock units as of December 31, 2025 is presented below (in thousands).



Non-vested restricted stock units																														Shares
Non-vested at December 31, 2024																														494
Granted																														474
Vested																														(221)
Forfeited																														(32)
Non-vested at December 31, 2025																														715

During the years ended December 31, 2025, 2024 and 2023, the Company settled 220,669, 222,948 and 378,852 liability-based awards, respectively, for $11.2 million, $13.4 million and $20.5 million in cash, respectively.

At December 31, 2025, the aggregate intrinsic value for the restricted stock and restricted stock units outstanding was $94.7 million, of which $30.6 million is expected to be settled in cash as calculated based on the maximum number of shares of

restricted stock units vesting, based on the closing price of Matador’s common stock on the appropriate date under the 2019 Incentive Plan.

At December 31, 2025, the total remaining unrecognized compensation expense related to unvested restricted stock and restricted stock units was approximately $67.5 million, of which $21.1 million is expected to be settled in cash. In accordance with the 2019 Incentive Plan, cash settlements are valued on the closing price of Matador’s common stock on the trading day prior to vesting. The weighted average remaining requisite service period (vesting period) of all non-vested restricted stock and restricted stock units was 1.8 years.

The fair value of restricted stock and restricted stock units vested during 2025, 2024 and 2023 was $41.0 million, $29.4 million and $64.8 million, respectively.

Summary

During the years ended December 31, 2025, 2024 and 2023, the total expense attributable to restricted stock and restricted stock units was $39.8 million, $37.3 million and $33.0 million, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company capitalized $13.3 million, $11.8 million and $7.4 million, respectively, related to stock-based compensation and expensed the remaining $26.5 million, $25.5 million and $25.6 million, respectively.

The total tax benefit recognized for all stock-based compensation was $8.5 million, $8.0 million and $7.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of the Company's property and equipment

The following table presents a summary of the Company’s property and equipment balances as of December 31, 2025 and 2024 (in thousands).


	December 31,
	2025		2024
Oil and natural gas properties
Evaluated (subject to depletion)	$	14,286,726	$	12,534,290
Unproved and unevaluated (not subject to depletion)	1,823,456		1,702,203
Total oil and natural gas properties	16,110,182		14,236,493
Accumulated depletion	(7,093,268)		(5,959,845)
Net oil and natural gas properties	9,016,914		8,276,648
Midstream properties
Midstream equipment and facilities	1,963,059		1,683,334
Accumulated depreciation	(264,938)		(211,048)
Net midstream properties	1,698,121		1,472,286
Other property and equipment
Furniture, fixtures and other equipment	22,810		20,007
Software	8,361		8,283
Leasehold improvements	22,028		19,242
Total other property and equipment	53,199		47,532
Accumulated depreciation	(36,936)		(32,370)
Net other property and equipment	16,263		15,162
Net property and equipment	$	10,731,298	$	9,764,096

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


Description	2025		2024		2023		2022		2021 and prior		Total
Costs incurred for
Property acquisition	$	255,126	$	585,463	$	321,062	$	95,880	$	420,481	$	1,678,012
Exploration wells	12,560		2,313		846		164		1,011		16,894
Development wells	125,988		1,604		738		156		64		128,550

Total	$	393,674	$	589,380	$	322,646	$	96,200	$	421,556	$	1,823,456

Supplemental Disclosures - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Disclosures [Abstract]
Cash	$ 15,314	$ 23,033	$ 52,662
Restricted cash	64,163	71,709	53,636
Total cash and restricted cash	$ 79,477	$ 94,742	$ 106,298	$ 547,330

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Leases - Lease Payment Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2021	$ 65,091
2022	25,690
2024	7,618
2025	5,076
Thereafter	56,618
Total lease payments	173,476
Less imputed interest	(29,195)
Lease liability	144,281	$ 130,422
Less current obligations	(65,091)	(57,924)
Long-term lease obligations	79,190	72,498
Financing Leases
2021	1,113
2022	808
2023	384
2024	0
2025	0
Thereafter	0
Total lease payments	2,305
Less imputed interest	(17)
Total lease obligations	2,288	2,333
Less current obligations	(1,113)	(1,312)
Long-term lease obligations	1,175	$ 1,021
2022	$ 13,383

Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Increase in revenue	$ 3,656,514	$ 3,478,958	$ 2,817,621
Realized gain on derivatives	21,679	12,724	(9,575)
Unrealized gain on derivatives	18,084	13,299	(1,261)
Total revenues	3,696,277	3,504,981	2,806,785
Oil
Disaggregation of Revenue [Line Items]
Increase in revenue	2,840,167	2,772,360	2,144,894
Natural gas revenues
Disaggregation of Revenue [Line Items]
Increase in revenue	398,583	371,474	400,705
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Increase in revenue	164,733	141,027	122,153
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Increase in revenue	$ 253,031	$ 194,097	$ 149,869

- 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.

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+ References + Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of contracts for oil and natural gas

The following is a summary of the Company’s open costless collar contracts at December 31, 2025.


Commodity	Calculation Period	Notional Quantity (Bbl or MMBtu)	Weighted Average Price Floor ($/Bbl or $/MMBtu)		Weighted Average Price Ceiling ($/Bbl or $/MMBtu)		Fair Value of Asset (Liability) (thousands)
Oil	01/01/2026 - 12/31/2026	6,752,500	$	50.00	$	65.00	$	717
Natural Gas	01/01/2026 - 12/31/2026	54,750,000	$	3.50	$	6.70	17,396
Total open costless collar contracts							$	18,113

The following is a summary of the Company’s open basis differential swap contracts at December 31, 2025.


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

Commodity	Calculation Period

Natural Gas Basis Differential	01/01/2026 - 12/31/2026	54,750,000	$	(2.52)	$	15,939

Total open basis differential swap contracts					$	15,939

Summary of offsetting assets

The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2025 and December 31, 2024 (in thousands).


Derivative Instruments	Gross amounts recognized		Gross amounts netted in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets
December 31, 2025
Current assets	$	57,450	$	(23,398)	$	34,052

Current liabilities	(23,398)		23,398		—

Total	$	34,052	$	—	$	34,052
December 31, 2024
Current assets	$	19,899	$	(3,931)	$	15,968

Current liabilities	(3,931)		3,931		—

Total	$	15,968	$	—	$	15,968

Summary of offsetting liabilities


Derivative Instruments	Gross amounts recognized		Gross amounts netted in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets
December 31, 2025
Current assets	$	57,450	$	(23,398)	$	34,052

Current liabilities	(23,398)		23,398		—

Total	$	34,052	$	—	$	34,052
December 31, 2024
Current assets	$	19,899	$	(3,931)	$	15,968

Current liabilities	(3,931)		3,931		—

Total	$	15,968	$	—	$	15,968

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

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


		Year Ended December 31,
Type of Instrument	Location in Statements of Income	2025		2024		2023
Derivative Instrument

Natural Gas	Revenues: Realized gain (loss) on derivatives	$	21,679	$	12,724	$	(9,575)

Realized gain (loss) on derivatives		21,679		12,724		(9,575)
Oil	Revenues: Unrealized (loss) gain on derivatives	(2,958)		3,676		—
Natural Gas	Revenues: Unrealized gain (loss) on derivatives	21,042		9,623		(1,261)

Unrealized gain (loss) on derivatives		18,084		13,299		(1,261)
Total		$	39,763	$	26,023	$	(10,836)

Leases - Lease Terms (Details)	Dec. 31, 2025
Weighted-Average Remaining Lease Term
Operating leases	7 years 3 months 18 days
Financing leases	1 year 10 months 24 days

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment Reporting (Details) $ in Thousands	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| segment	2
Revenues	$ 3,656,514	$ 3,478,958	$ 2,817,621
Realized gain on derivatives	21,679	12,724	(9,575)
Unrealized gain on derivatives	18,084	13,299	(1,261)
Operating expense	623,952	492,545	356,542
Other expenses	1,845,783	1,577,738	1,240,921
Operating income	1,226,542	1,434,698	1,209,322
Assets	11,710,569	10,850,109	7,726,996
Capital expenditures	2,155,429	3,906,549	3,228,259
Depletion, depreciation and amortization	1,195,358	974,300	716,688
Midstream capital expenditures	297,746	283,881	165,719
Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Realized gain on derivatives	21,679	12,724	(9,575)
Unrealized gain on derivatives	18,084	13,299	(1,261)
Operating expense	588,285	488,507	347,655
Other expenses	1,712,988	1,386,821	1,070,302
Operating income	1,064,891	1,302,479	1,133,541
Assets	9,737,486	9,117,095	6,385,762
Capital expenditures	1,864,889	3,396,543	2,970,230
Depletion, depreciation and amortization	1,140,000	929,000	675,000
Payments to acquire productive assets		2,080,000	1,810,000
Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0	0
Unrealized gain on derivatives	0	0	0
Operating expense	208,142	167,400	124,021
Other expenses	228,834	226,218	180,903
Operating income	278,269	245,993	175,143
Assets	1,833,673	1,613,936	1,257,988
Capital expenditures	286,294	504,315	254,393
Depletion, depreciation and amortization	57,400	43,900	40,400
Income (loss) attributable to noncontrolling interest	101,500	86,000	64,300
Land and seismic acquisition expenditures	339,200
Midstream capital expenditures		236,200	63,600
Payments to acquire productive assets	118,400	29,500	42,200
Corporate
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0	0
Unrealized gain on derivatives	0	0	0
Operating expense	0	0	0
Other expenses	116,618	113,774	99,362
Operating income	(116,618)	(113,774)	(99,362)
Assets	139,410	119,078	83,246
Capital expenditures	4,246	5,691	3,636
Depletion, depreciation and amortization	1,600	1,400	1,300
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0	0
Unrealized gain on derivatives	0	0	0
Operating expense	(172,475)	(163,362)	(115,134)
Other expenses	(212,657)	(149,075)	(109,646)
Operating income	0	0	0
Assets	0	0	0
Capital expenditures	0	0	0
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	3,238,750	3,143,834	2,545,599
Oil and natural gas revenues \| Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Revenues	3,227,055	3,129,598	2,538,813
Oil and natural gas revenues \| Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Revenues	11,695	14,236	6,786
Oil and natural gas revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0
Oil and natural gas revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0
Third-party midstream services revenues
Segment Reporting Information [Line Items]
Revenues	164,733	141,027	122,153
Third-party midstream services revenues \| Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Revenues	0	0	0
Third-party midstream services revenues \| Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Revenues	549,865	453,464	346,933
Third-party midstream services revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0
Third-party midstream services revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(385,132)	(312,437)	(224,780)
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	253,031	194,097	149,869
Sales of purchased natural gas \| Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Revenues	99,346	22,186	23,521
Sales of purchased natural gas \| Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Revenues	153,685	171,911	126,348
Sales of purchased natural gas \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0
Sales of purchased natural gas \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0	$ 0

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating leases
Right-of-use asset	$ 138,655	$ 127,445
Other current liabilities	$ (65,091)	$ (57,924)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Other long-term liabilities	$ (79,190)	$ (72,498)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ (144,281)	$ (130,422)
Financing leases
Other property and equipment, at cost	14,204	12,783
Accumulated depreciation	$ (11,297)	$ (9,532)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Net property and equipment	$ 2,907	$ 3,251
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Other current liabilities	$ (1,113)	$ (1,312)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Other long-term liabilities	$ (1,175)	$ (1,021)
Total financing lease liabilities	$ (2,288)	$ (2,333)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent

Supplemental Disclosures - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental disclosures of cash flow information
Total cash paid for income taxes, net of refunds received	$ 50,500	$ 30,004	$ 4,597
Cash paid for interest expense, net of amounts capitalized	196,368	160,273	111,742
Increase in asset retirement obligations related to mineral properties	18,310	23,773	33,209
Increase in asset retirement obligations related to midstream properties	1,548	777	1,197
(Decrease) increase in liabilities for drilling, completion and equipping capital expenditures	(37,127)	79,363	31,364
Increase in liabilities for acquisition of oil and natural gas properties	52	212	709
(Decrease) increase in liabilities for midstream capital expenditures	(23,850)	(23,789)	43,572
Stock-based compensation expense recognized as liability	11,451	13,565	11,380
Transfer of inventory (to) from oil and natural gas properties	$ (29,124)	$ (14,904)	$ 933

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the years ended December 31, 2025, 2024 and 2023 (in thousands).


	Year Ended December 31,
	2025		2024		2023
Revenues from contracts with customers	$	3,656,514	$	3,478,958	$	2,817,621
Realized gain (loss) on derivatives	21,679		12,724		(9,575)
Unrealized gain (loss) on derivatives	18,084		13,299		(1,261)
Total revenues	$	3,696,277	$	3,504,981	$	2,806,785


	Year Ended December 31,
	2025		2024		2023
Oil revenues	$	2,840,167	$	2,772,360	$	2,144,894
Natural gas revenues	398,583		371,474		400,705
Third-party midstream services revenues	164,733		141,027		122,153
Sales of purchased natural gas	253,031		194,097		149,869
Total revenues from contracts with customers	$	3,656,514	$	3,478,958	$	2,817,621

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


	Year Ended December 31,
	2025		2024		2023

Net income attributable to Matador Resources Company shareholders — numerator	$	759,221	$	885,322	$	846,074

Weighted average common shares outstanding — denominator
Basic	124,556		123,568		119,139
Dilutive effect of options and restricted stock units	30		508		841
Diluted weighted average common shares outstanding	124,586		124,076		119,980
Earnings per common share attributable to Matador Resources Company shareholders
Basic	$	6.10	$	7.16	$	7.10
Diluted	$	6.09	$	7.14	$	7.05

Income Taxes - Current and Deferred Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income tax provision
Federal	$ 6,192	$ 21,296	$ 1,554
State	896	5,763	12,368
Total current income tax provision	7,088	27,059	13,922
Deferred income tax provision (benefit)
Federal	187,881	221,356	145,711
State	(22,294)	43,949	26,393
Total deferred income tax provision	165,587	265,305	172,104
Total income tax provision (benefit)
Federal	194,073	242,652	147,265
State	(21,398)	49,712	38,761
Total income tax provision	$ 172,675	$ 292,364	$ 186,026

Business Combinations and Divestitures (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Preliminary Allocation of Acquisition

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


Consideration	Allocation
Cash consideration given	$	1,831,214


Allocation of purchase price
Current assets	$	51,499
Oil and natural gas properties
Evaluated	1,316,532
Unproved and unevaluated	316,586
Midstream assets	117,762
Equity method investment	115,819
Current liabilities	(80,651)
Asset retirement obligations	(6,333)
Net assets acquired	$	1,831,214

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The Company recognizes the importance of developing, implementing and maintaining cybersecurity measures to better safeguard our information systems and protect the confidentiality, integrity and availability of our data. Managing Material Risks and Integrated Overall Risk Management The Company has integrated cybersecurity into our broader risk management framework. Our risk management team works closely with our IT department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. The Company requires the Board and employees to complete cybersecurity training related to the physical security of assets, data privacy and other information security policies and procedures. Engage Third Parties on Risk Management Recognizing the complexity and evolving nature of cybersecurity threats, the Company engages with a range of external experts, including cybersecurity consultants in evaluating and testing our risk management systems. Our collaboration with these third parties includes regular audits, threat assessments, penetration tests and consultation on security enhancements. Oversee Third-Party Risk Because we are aware of the risks associated with third-party vendors, service providers and business partners, we have implemented processes to oversee and manage these risks. We conduct initial risk assessments of third-party providers before engagement. These assessments include due diligence reviews of third parties that have access to our networks, confidential information and information systems in order to assess the risks from cybersecurity threats. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties. Risks from Cybersecurity Threats As of February 24, 2026, we were not aware of any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial standing. However, there can be no assurance that our cybersecurity processes will prevent or mitigate cybersecurity incidents or threats and that our efforts will always be successful. For further discussion regarding our cybersecurity risks, see “Risk Factors—General Risk Factors—A cyber incident could occur and result in information theft, data corruption, operational disruption or financial loss.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company has integrated cybersecurity into our broader risk management framework. Our risk management team works closely with our IT department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. The Company requires the Board and employees to complete cybersecurity training related to the physical security of assets, data privacy and other information security policies and procedures.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board has oversight of cybersecurity risks and, specifically, the Audit Committee of the Board is charged with the oversight of the Company’s guidelines and policies to govern the process by which risk assessment and risk management are undertaken by management, including with respect to cybersecurity risks. Our Board is composed of members with diverse expertise, including risk management, technology and finance, which experience provides them with the skills needed to oversee cybersecurity risks effectively.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board has oversight of cybersecurity risks and, specifically, the Audit Committee of the Board is charged with the oversight of the Company’s guidelines and policies to govern the process by which risk assessment and risk management are undertaken by management, including with respect to cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Reporting to the Board The Senior Vice President of Information Technology regularly informs the Chief Executive Officer and Chief Legal Officer of all aspects related to cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. Furthermore, significant cybersecurity matters and strategic risk management decisions are escalated to the Board, ensuring the Board has comprehensive oversight and can provide guidance on critical cybersecurity issues. Monitor Cybersecurity Incidents The Senior Vice President of Information Technology monitors the latest developments in cybersecurity, including potential threats and innovative risk management techniques. The Senior Vice President of Information Technology implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the Senior Vice President of Information Technology is equipped with an incident response plan. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents.
Cybersecurity Risk Role of Management [Text Block]	The Company’s IT Committee, which includes senior executives and other members of management, meets regularly to monitor and discuss cybersecurity issues. The Senior Vice President of Information Technology, the Executive Vice President and Chief Financial Officer (“CFO”) and the Co-President, Chief Legal Officer and Head of M&A (“CLO”) play a pivotal role in informing the Board on cybersecurity risks. They provide comprehensive briefings to the Board on a regular basis, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including: •current cybersecurity landscape and emerging threats; •status of ongoing cybersecurity initiatives and strategies; •incident reports and learnings from any cybersecurity events; and •compliance with regulatory requirements and industry standards. In addition to our scheduled meetings, the Board, Senior Vice President of Information Technology, CFO and CLO maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on significant developments in the cybersecurity domain, ensuring the Board’s oversight is proactive and responsive. The Board actively participates in strategic decisions related to cybersecurity, offering guidance and approval for major initiatives. This involvement ensures that cybersecurity considerations are integrated into the broader strategic objectives of the Company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the Senior Vice President of Information Technology. With over 35 years of experience in the information technology field, he brings a wealth of expertise to his role. His in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our Senior Vice President of Information Technology tests our compliance with standards, remediates known risks and leads our employee training program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the Senior Vice President of Information Technology. With over 35 years of experience in the information technology field, he brings a wealth of expertise to his role. His in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our Senior Vice President of Information Technology tests our compliance with standards, remediates known risks and leads our employee training program.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Senior Vice President of Information Technology regularly informs the Chief Executive Officer and Chief Legal Officer of all aspects related to cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. Furthermore, significant cybersecurity matters and strategic risk management decisions are escalated to the Board, ensuring the Board has comprehensive oversight and can provide guidance on critical cybersecurity issues.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14 — COMMITMENTS AND CONTINGENCIES Processing, Transportation and Produced Water Disposal Commitments Firm Commitments From time to time, the Company enters into agreements with third parties whereby the Company commits to deliver anticipated natural gas and oil production and produced water from certain portions of its acreage for gathering, transportation, processing, fractionation, sales and disposal. The Company paid approximately $85.8 million and $68.3 million for deliveries under these agreements during the years ended December 31, 2025 and 2024, respectively. Certain of these agreements contain minimum volume commitments, including agreements with Northwind that were entered into in connection with the Pronto Transaction in 2024 (see Note 6 for additional details), as well as contracts related to firm transportation on Energy Transfer’s Hugh Brinson Pipeline. If the Company does not meet the minimum volume commitments under these agreements, it will be required to pay deficiency fees. If the Company ceased operations in the areas subject to these agreements at December 31, 2025, the total deficiencies required to be paid by the Company under these agreements would be approximately $2.32 billion. 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 its 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. In connection with the Pronto Transaction, the Company also dedicated to San Mateo certain of its current and future leasehold interests in the Ranger and Antelope Ridge asset areas pursuant to 15-year, fixed-fee natural gas gathering, compression, treating and processing agreements (collectively with the transportation, gathering, produced water disposal and natural gas processing 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. See Note 6 for additional details. The remaining minimum contractual obligation under the Operational Agreements at December 31, 2025 was approximately $743.9 million. Other Commitments The Company does not own or operate its own drilling rigs, but instead enters into contracts with third parties for such drilling rigs. These contracts establish daily rates for the drilling rigs and the term of the Company’s commitment for the drilling services to be provided. The Company would incur a termination obligation if the Company elected to terminate a contract and if the drilling contractor were unable to secure replacement work for the contracted drilling rigs at the same daily rates being charged to the Company prior to the end of their respective contract terms. The Company’s undiscounted minimum outstanding aggregate termination obligations under its drilling rig contracts were approximately $22.6 million at December 31, 2025. At December 31, 2025, the Company had outstanding commitments to participate in the drilling and completion of various non-operated wells. If all of these wells are drilled and completed as proposed, the Company’s undiscounted minimum outstanding aggregate commitments for its participation in these non-operated wells were approximately $79.0 million at December 31, 2025. The Company expects these costs to be incurred within the next year. Legal Proceedings The Company is a party to several legal proceedings encountered in the ordinary course of its business. While the ultimate outcome and impact to the Company cannot be predicted with certainty, in the opinion of management, it is remote that these legal proceedings will have a material adverse impact on the Company’s financial condition, results of operations or cash flows.

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

NOTE 16 — SEGMENT INFORMATION

The Company has two reportable 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 has operations in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. The midstream segment conducts midstream operations in support of, and provides flow assurance for, 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 Delaware Basin are conducted through San Mateo.

The Company’s chief operating decision maker (“CODM”) is the Chairman and Chief Executive Officer. The CODM uses operating income to assess income generated from each segment to allocate resources by either reinvesting profits as midstream or drilling and completion capital expenditures, or for determining the appropriate amounts for acquisition spend, the repayment of debt, the payment of dividends and repurchases of common stock.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2025
Oil and natural gas revenues	$	3,227,055	$	11,695	$	—	$	—	$	3,238,750
Midstream services revenues	—		549,865		—		(385,132)		164,733
Sales of purchased natural gas	99,346		153,685		—		—		253,031

Realized gain on derivatives	21,679		—		—		—		21,679
Unrealized gain on derivatives	18,084		—		—		—		18,084
Operating expense(1)	588,285		208,142		—		(172,475)		623,952
Other expenses(2)	1,712,988		228,834		116,618		(212,657)		1,845,783
Operating income(3)	$	1,064,891	$	278,269	$	(116,618)	$	—	$	1,226,542






Total assets(4)	$	9,737,486	$	1,833,673	$	139,410	$	—	$	11,710,569
Capital expenditures(5)	$	1,864,889	$	286,294	$	4,246	$	—	$	2,155,429

_____________________

(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.

(3)Includes $101.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(4)Excludes intercompany receivables and investments in subsidiaries.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2024
Oil and natural gas revenues	$	3,129,598	$	14,236	$	—	$	—	3,143,834
Midstream services revenues	—		453,464		—		(312,437)		141,027
Sales of purchased natural gas	22,186		171,911		—		—		194,097

Realized gain on derivatives	12,724		—		—		—		12,724
Unrealized gain on derivatives	13,299		—		—		—		13,299
Operating expense(1)	488,507		167,400		—		(163,362)		492,545
Other expenses(2)	1,386,821		226,218		113,774		(149,075)		1,577,738
Operating income(3)	$	1,302,479	$	245,993	$	(113,774)	$	—	$	1,434,698






Total assets(4)	$	9,117,095	$	1,613,936	$	119,078	$	—	$	10,850,109
Capital expenditures(5)	$	3,396,543	$	504,315	$	5,691	$	—	$	3,906,549

_____________________

(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.

(3)Includes $86.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(4)Excludes intercompany receivables and investments in subsidiaries.


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

Realized loss on derivatives	(9,575)		—		—		—		(9,575)
Unrealized loss on derivatives	(1,261)		—		—		—		(1,261)
Operating expense(1)	347,655		124,021		—		(115,134)		356,542
Other expenses(2)	1,070,302		180,903		99,362		(109,646)		1,240,921
Operating income(3)	$	1,133,541	$	175,143	$	(99,362)	$	—	$	1,209,322






Total assets(4)	$	6,385,762	$	1,257,988	$	83,246	$	—	$	7,726,996
Capital expenditures(5)	$	2,970,230	$	254,393	$	3,636	$	—	$	3,228,259

_____________________

(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.

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

(4)Excludes intercompany receivables and investments in subsidiaries.

- 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
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+ Details

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Parent	Common Stock	Additional paid-in capital	Retained earnings	Treasury Stock	Non-controlling interest in subsidiaries
Common stock, beginning balance (in shares) at Dec. 31, 2022			118,953,000
Treasury stock, beginning balance (in shares) at Dec. 31, 2022						5,000
Beginning Balance at Dec. 31, 2022	$ 3,317,091	$ 3,110,797	$ 1,190	$ 2,101,999	$ 1,007,642	$ (34)	$ 206,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(77,175)	(77,175)			(77,175)
Issuance of common stock pursuant to incentive and purchase plans, net of shares withheld for taxes (in shares)			656,000			146,000
Issuance of stock pursuant to incentive and purchase plans, net of shares withheld for taxes	(20,592)	(20,592)	$ 6	(15,511)		$ (5,087)
Stock-based compensation expense related to equity-based awards including amounts capitalized	21,580	21,580		21,580
Contributions related to formation of San Mateo I (see Note 6)	30,178	30,178		30,178
Contributions from noncontrolling interest	24,500						24,500
Distributions to non-controlling interest owners of less-than wholly-owned subsidiaries	(78,253)						(78,253)
Cancellation of treasury stock (in shares)			(131,000)			(131,000)
Cancellation of treasury stock			$ (2)	(5,074)		$ 5,076
Net (loss) income	910,359	846,074			846,074		64,285
Common stock, ending balance (in shares) at Dec. 31, 2023			119,478,000
Treasury stock, ending balance (in shares) at Dec. 31, 2023						20,000
Ending Balance at Dec. 31, 2023	4,127,688	3,910,862	$ 1,194	2,133,172	1,776,541	$ (45)	216,826
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(104,876)	(104,876)			(104,876)
Issuance of common stock pursuant to incentive and purchase plans, net of shares withheld for taxes (in shares)			455,000			115,000
Issuance of stock pursuant to incentive and purchase plans, net of shares withheld for taxes	(14,520)	(14,520)	$ 4	(9,205)		$ (5,319)
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	(2,566)	(2,566)		(2,566)
Stock-based compensation expense related to equity-based awards including amounts capitalized	23,749	23,749		23,749
Contribution of Pronto to San Mateo (See Note 11)	171,500	27,713		27,713			143,787
Contributions related to formation of San Mateo I (see Note 6)	18,802	18,802		18,802
Contributions from noncontrolling interest	19,110						19,110
Distributions to non-controlling interest owners of less-than wholly-owned subsidiaries	(97,461)						(97,461)
Cancellation of treasury stock (in shares)			(82,000)			(82,000)
Cancellation of treasury stock				(3,028)		$ 3,028
Net (loss) income	$ 971,343	885,322			885,322		86,021
Common stock, ending balance (in shares) at Dec. 31, 2024	125,101,268		125,101,000
Treasury stock, ending balance (in shares) at Dec. 31, 2024	52,872					53,000
Ending Balance at Dec. 31, 2024	$ 5,457,432	5,089,149	$ 1,251	2,533,247	2,556,987	$ (2,336)	368,283
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(163,096)	(163,096)			(163,096)
Issuance of common stock pursuant to incentive and purchase plans, net of shares withheld for taxes (in shares)			693,000			127,000
Issuance of stock pursuant to incentive and purchase plans, net of shares withheld for taxes	(9,327)	(9,327)	$ 7	(5,364)		$ (3,970)
Stock-based compensation expense related to equity-based awards including amounts capitalized	28,332	28,332		28,332
Contributions related to formation of San Mateo I (see Note 6)	10,270	10,270		10,270
Distributions to non-controlling interest owners of less-than wholly-owned subsidiaries	$ (131,320)						(131,320)
Cancellation of treasury stock (in shares)			(1,384,000)			(1,384,000)
Cancellation of treasury stock			$ (14)	(57,367)		$ 57,381
Repurchases of common stock (in shares)	1,351,328					1,351,000
Repurchases of common stock	$ (56,408)	(56,408)				$ (56,408)
Net (loss) income	$ 860,769	759,221			759,221		101,548
Common stock, ending balance (in shares) at Dec. 31, 2025	124,409,739		124,410,000
Treasury stock, ending balance (in shares) at Dec. 31, 2025	147,417					147,000
Ending Balance at Dec. 31, 2025	$ 5,996,652	$ 5,658,141	$ 1,244	$ 2,509,118	$ 3,153,112	$ (5,333)	$ 338,511

Stock Based Compensation - Liability-Based (Details) - Restricted Stock Liability Based - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested Shares, Beginning Balance (in shares)	494,000
Shares Granted (in shares)	474,000
Shares Vested (in shares)	(220,669)	(222,948)	(378,852)
Shares Forfeited (in shares)	(32,000)
Non-vested Shares, Ending Balance (in shares)	715,000	494,000

- Definition

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

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash	$ 15,314	$ 23,033
Restricted cash	64,163	71,709
Accounts receivable
Oil and natural gas revenues	286,158	331,590
Joint interest billings	140,043	260,555
Other	103,628	62,584
Derivative instruments	34,052	15,968
Lease and well equipment inventory	43,842	38,469
Prepaid expenses and other current assets	129,368	123,437
Total current assets	816,568	927,345
Property and equipment, at cost
Less accumulated depletion, depreciation and amortization	(7,395,142)	(6,203,263)
Net property and equipment	10,731,298	9,764,096
Other assets
Other long-term assets	162,703	158,668
Total assets	11,710,569	10,850,109
Current liabilities
Accounts payable and accrued liabilities	540,620	619,167
Royalties payable	351,062	227,865
Advances from joint interest owners	64,169	83,338
Other current liabilities	75,658	64,987
Total current liabilities	1,031,509	995,357
Long-term liabilities
Borrowings under Credit Agreement	398,000	595,500
Borrowings under San Mateo Credit Facility	883,000	615,000
Senior unsecured notes payable	2,121,102	2,114,908
Asset retirement obligations	144,063	114,237
Deferred income taxes	1,015,931	847,666
Other long-term liabilities	120,312	110,009
Total long-term liabilities	4,682,408	4,397,320
Commitments and contingencies (Note 14)
Shareholders' equity
Common stock — $0.01 par value, 160,000,000 shares authorized; 124,409,739 and 125,101,268 shares issued; and 124,262,322 and 125,048,396 shares outstanding, respectively	1,244	1,251
Additional paid-in capital	2,509,118	2,533,247
Retained earnings	3,153,112	2,556,987
Treasury stock, at cost, 147,417 and 52,872 shares, respectively	(5,333)	(2,336)
Total shareholders' equity	5,658,141	5,089,149
Non-controlling interest in subsidiaries	338,511	368,283
Total shareholders’ equity	5,996,652	5,457,432
Total liabilities and shareholders’ equity	11,710,569	10,850,109
Evaluated
Property and equipment, at cost
Gross property and equipment	14,286,726	12,534,290
Unproved and unevaluated
Property and equipment, at cost
Gross property and equipment	1,823,456	1,702,203
Midstream properties
Property and equipment, at cost
Gross property and equipment	1,963,059	1,683,334
Less accumulated depletion, depreciation and amortization	(264,938)	(211,048)
Net property and equipment	1,698,121	1,472,286
Other property and equipment
Property and equipment, at cost
Gross property and equipment	53,199	47,532
Less accumulated depletion, depreciation and amortization	(36,936)	(32,370)
Net property and equipment	$ 16,263	$ 15,162

Equity	12 Months Ended
Equity	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
EQUITY	NOTE 11 — 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. Common Stock Dividend The Board declared a quarterly cash dividend of $0.3125 per share of common stock in each of the first, second and third quarters of 2025. The first quarter dividend, which totaled $39.2 million, was paid on March 14, 2025 to shareholders of record as of February 28, 2025. The second quarter dividend, which totaled $39.0 million, was paid on June 6, 2025 to shareholders of record as of May 9, 2025. The third quarter dividend, which totaled $38.7 million, was paid on September 5, 2025 to shareholders of record as of August 15, 2025. On October 15, 2025, the Board amended the Company’s dividend policy to increase the quarterly dividend to $0.375 per share of common stock for future dividend payments and also declared a quarterly cash dividend of $0.375 per share of common stock. The fourth quarter dividend, which totaled $46.2 million, was paid on December 5, 2025 to shareholders of record as of November 10, 2025. The Board declared a quarterly cash dividend of $0.20 per share of common stock in each of the first, second and third quarters of 2024 and the Board declared a quarterly cash dividend of $0.25 per share of common stock in the fourth quarter of 2024. Total cash dividends declared and paid totaled $163.1 million and $104.9 million, respectively, during the years ended December 31, 2025 and 2024. Share Repurchase Program On April 16, 2025, the Board approved a share repurchase program (the “Share Repurchase Program”) authorizing the repurchase of up to $400.0 million of common stock. These repurchases may be conducted through a variety of methods, including open market purchases, 10b5-1 trading plans, privately negotiated transactions or other means. During the year ended December 31, 2025, the Company repurchased 1,351,328 shares of common stock under the Share Repurchase Program at a weighted average price of $41.31 per common share for a total cost of $55.8 million. Treasury Stock On October 15, 2025, October 17, 2024 and October 19, 2023, the Board canceled all of the shares of treasury stock outstanding as of September 30, 2025, 2024 and 2023, respectively. These shares were restored to the status of authorized but unissued shares of common stock of the Company. The shares of treasury stock outstanding at December 31, 2025, 2024 and 2023 represent shares traded by employees to cover taxes on vested restricted stock awards and forfeitures of unvested restricted stock awards. Preferred Stock The Company’s Amended and Restated Certificate of Formation authorizes 2,000,000 shares of preferred stock. Before any such shares are issued, the Board shall fix and determine the designations, preferences, limitations and relative rights, including voting rights of the shares of each such series. There are no shares of preferred stock outstanding. San Mateo Distributions and Contributions During the years ended December 31, 2025, 2024 and 2023, San Mateo distributed $136.7 million, $321.2 million and $81.4 million, respectively, to the Company and $131.3 million, $97.5 million and $78.3 million, respectively, to Five Point, the Company’s joint venture partner in San Mateo. During the year ended December 31, 2025, neither the Company nor Five Point contributed cash to San Mateo. During the years ended December 31, 2024 and 2023, the Company contributed $19.9 million and $25.5 million, respectively, and Five Point contributed $190.6 million and $24.5 million, respectively, of cash to San Mateo. San Mateo’s 2024 distributions to the Company included a special distribution of approximately $219.8 million, of which $171.5 million represented a special contribution by Five Point recorded within the Company’s statement of changes in shareholders’ equity in connection with the Pronto Transaction. San Mateo’s remaining special distribution to the Company of $48.3 million represented a reimbursement of certain capital expenditures for the expansion of the Marlan Processing Plant that were previously funded by Matador. See Note 6 for additional details. Performance Incentives As part of the joint venture with Five Point, the Company has the potential to earn performance incentives. During the years ended December 31, 2025, 2024 and 2023, Five Point paid the Company $13.0 million, $23.8 million and $38.2 million, respectively, in performance incentives, which were recorded when received in “Additional paid-in-capital” in the Company’s consolidated balance sheets, net of $2.7 million, $5.0 million and $8.0 million of deferred tax impacts, for the years ended December 31, 2025, 2024 and 2023, respectively. Through April 1, 2029, the Company has the potential to earn an additional $60.7 million of performance incentives.

- Definition

The entire disclosure for equity.

+ References

+ Details

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

NOTE 7 — DEBT

The components of debt, including the effects of issuance costs and discounts, net as of December 31, 2025 and 2024, are set forth below (in thousands).


	December 31,
	2025		2024
Revolving credit agreements:
Credit Agreement due 2029	$	398,000	$	595,500
San Mateo Credit Facility due 2029	883,000		615,000
Senior unsecured notes:
6.875% senior notes due 2028 (the “2028 Notes”)	500,000		500,000
6.500% senior notes due 2032 (the “2032 Notes”)	900,000		900,000
6.250% senior notes due 2033 (the “2033 Notes”)	750,000		750,000
Issuance costs and discounts, net	(28,898)		(35,092)
Total senior unsecured notes payable	2,121,102		2,114,908
Total long-term debt	$	3,402,102	$	3,325,408

Credit Agreements

MRC Energy Company

On November 18, 2021, the Company entered into its Fourth Amended and Restated Credit Agreement with the lenders party thereto. MRC Energy Company (“MRC”), a subsidiary of Matador that directly or indirectly holds the Company’s ownership interests in its other operating subsidiaries, is the borrower under the Credit Agreement. Borrowings are secured by mortgages on at least 85% of MRC’s and the Restricted Subsidiaries’ (as defined in the Credit Agreement) proved oil and natural gas properties and by the equity interests of certain of MRC’s wholly-owned subsidiaries, which are also guarantors. San Mateo is not a guarantor of the Credit Agreement. In addition, all obligations under the Credit Agreement are guaranteed by Matador, the parent corporation. Various commodity hedging agreements with certain of the lenders under the Credit Agreement (or affiliates thereof) are also secured by the collateral of and guaranteed by certain eligible subsidiaries of MRC. The outstanding borrowings under the Credit Agreement mature on March 22, 2029 or, if earlier, the date that is up to 180 days prior to the earliest stated redemption date of any senior notes of the Company if unused availability under the revolving credit facility on such date is less than 20% of the aggregate revolving commitments, on a pro forma basis after giving effect to the repayment of such senior notes.

The borrowing base under the Credit Agreement is determined semi-annually as of May 1 and November 1 by the lenders based primarily on the estimated value of the Company’s proved oil and natural gas reserves at December 31 and June 30 of each year, respectively. The Company and the lenders may each request an unscheduled redetermination of the borrowing base once between scheduled redetermination dates.

In May and December 2025, the borrowing base of the Credit Agreement was reaffirmed at $3.25 billion, and the Company kept the elected borrowing commitments at $2.25 billion. The May and December 2025 reaffirmations of the borrowing base constituted the regularly scheduled May 1 and November 1 redeterminations, respectively.

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

Total deferred loan costs were $21.5 million at December 31, 2025, and these costs are being amortized over the term of the Credit Agreement. At December 31, 2025, the Company had $398.0 million in borrowings outstanding under the Credit Agreement and approximately $53.8 million in outstanding letters of credit issued pursuant to the Credit Agreement. The Company’s effective interest rate under the Credit Agreement was 5.63% at December 31, 2025.

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

A commitment fee of 0.375% to 0.50%, depending on the level of borrowings under the Credit Agreement, is also paid quarterly in arrears. The Company includes this commitment fee, any amortization of deferred financing costs (including origination, borrowing base increase and amendment fees) and annual agency fees, if any, as interest expense and in its interest rate calculations and related disclosures. The Credit Agreement requires the Company to maintain (i) a current ratio, which is defined as (x) total consolidated current assets plus the unused availability under the Credit Agreement divided by (y) total consolidated current liabilities less current maturities of debt, of not less than 1.0 at the end of each fiscal quarter and (ii) a debt to EBITDA ratio, which is defined as debt outstanding (net of up to the greater of $150 million or 10% of the elected borrowing commitments of unrestricted cash and cash equivalents) divided by a rolling four quarter EBITDA calculation, of 3.50 or less at the end of each fiscal quarter.

Subject to certain exceptions, the Credit Agreement contains various covenants that limit MRC’s and its Restricted Subsidiaries’ (as defined in the Credit Agreement) ability to take certain actions, including the following:

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

•enter into commodity hedging agreements or interest rate agreements;

•declare or pay dividends, distributions or redemptions;

•merge or consolidate;

•make any loans or investments;

•engage in transactions with affiliates;

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

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

If an event of default exists under the Credit Agreement, the lenders will be able to terminate their commitments, accelerate the maturity of the borrowings and exercise other rights and remedies. Events of default include the following:

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

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

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

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

The Company was in compliance with the terms of the Credit Agreement at December 31, 2025.

San Mateo Midstream, LLC

On December 19, 2018, San Mateo entered into a secured revolving credit facility (the “San Mateo Credit Facility”) with the lenders party thereto. In June 2025, San Mateo and certain of its lenders modified the San Mateo Credit Facility to (i) increase the lender commitments from $800.0 million to $850.0 million and (ii) add one new bank to San Mateo’s lending group. In December 2025, San Mateo and certain of its lenders amended the San Mateo Credit Facility to (i) increase the lender commitments from $850.0 million to $1.10 billion, (ii) reduce the borrowing rate and (iii) add one new bank to San Mateo’s lending group. The San Mateo Credit Facility includes an accordion feature, which provides for potential increases in lender commitments of up to $1.35 billion. The San Mateo Credit Facility is non-recourse with respect to Matador and its other subsidiaries but is guaranteed by San Mateo’s subsidiaries and secured by substantially all of San Mateo’s assets, including real property.

Total deferred loan costs were $9.3 million at December 31, 2025, and these costs are being amortized over the term of the San Mateo Credit Facility. San Mateo’s effective interest rate under the San Mateo Credit Facility was 5.72% at December 31, 2025. At December 31, 2025, San Mateo had $883.0 million in borrowings outstanding under the San Mateo Credit Facility and $15.4 million in outstanding letters of credit issued pursuant to the San Mateo Credit Facility. The outstanding borrowings under the San Mateo Credit Facility mature on November 26, 2029.

Borrowings under the San Mateo Credit Facility may be in the form of a base rate loan or a SOFR loan. If San Mateo borrows funds as a base rate loan, such borrowings will bear interest at a rate equal to the greatest of (i) the prime rate for such day, (ii) the Federal Funds Effective Rate (as defined in the San Mateo Credit Facility) on such day, plus 0.50%, and (iii) the Term SOFR (as defined in the San Mateo Credit Facility) for a one month tenor plus 1.0%, plus, in each case, an amount ranging from 1.00% to 2.00% depending on San Mateo’s Consolidated Total Leverage Ratio (as defined in the San Mateo Credit Facility). If San Mateo borrows funds as a SOFR loan, such borrowings will bear interest at a rate equal to (x) Term SOFR for the chosen interest period plus (y) an amount ranging from 2.00% to 3.00% depending on San Mateo’s Consolidated Total Leverage Ratio. The applicable margin for base rate loans and SOFR loans under the San Mateo Credit Facility will be decreased by 0.25% in the event of a Notes Offering (as defined in the San Mateo Credit Facility) or a Qualified IPO (as defined in the San Mateo Credit Facility). If San Mateo has outstanding borrowings under the San Mateo Credit Facility and interest rates increase, so will San Mateo’s interest costs, which may have a material adverse effect on San Mateo’s results of operations and financial condition.

A commitment fee of 0.30% to 0.50%, depending on San Mateo’s Consolidated Total Leverage Ratio, is also paid quarterly in arrears. The Company includes this commitment fee, any amortization of deferred financing costs (including origination and amendment fees) and annual agency fees, if any, as interest expense and in its interest rate calculations and related disclosures. The San Mateo Credit Facility requires San Mateo to maintain a debt to EBITDA ratio, which is defined as total consolidated funded indebtedness outstanding (as defined in the San Mateo Credit Facility) divided by a rolling four quarter EBITDA calculation, of 5.00 or less, subject to certain exceptions. The San Mateo Credit Facility also requires San Mateo to maintain an interest coverage ratio, which is defined as a rolling four quarter EBITDA calculation divided by San Mateo’s consolidated interest expense for such period, of 2.50 or more. The San Mateo Credit Facility also restricts the ability of San Mateo to distribute cash to its members if San Mateo’s debt to EBITDA ratio is greater than 4.50 or San Mateo’s liquidity is less than 10% of the lender commitments under the San Mateo Credit Facility.

Subject to certain exceptions, the San Mateo Credit Facility contains various covenants that limit San Mateo’s and its restricted subsidiaries’ ability to take certain actions, including the following:

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

•enter into hedging agreements;

•declare or pay dividends, distributions or redemptions;

•merge or consolidate;

•make any loans or investments;

•engage in transactions with affiliates;

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

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

If an event of default exists under the San Mateo Credit Facility, the lenders will be able to terminate their commitments, accelerate the maturity of the borrowings and exercise other rights and remedies. Events of default include the following:

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

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

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

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

San Mateo was in compliance with the terms of the San Mateo Credit Facility at December 31, 2025.

Senior Unsecured Notes

2028 Notes

At December 31, 2025, the Company had $500.0 million in outstanding 2028 Notes, which have a 6.875% coupon rate and mature on April 15, 2028. Interest on the 2028 Notes is payable 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 certain subsidiaries of the Company (the “Guarantors”). San Mateo is not a Restricted Subsidiary (as defined in the indenture governing the 2028 Notes (the “2028 Notes Indenture”)) or Guarantor of the 2028 Notes.

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


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

Subject to certain exceptions, the 2028 Notes Indenture contains various covenants that limit the Company’s and its Restricted Subsidiaries’ ability to take certain actions, including the following:

•incur additional indebtedness;

•sell assets;

•pay dividends or make certain investments;

•create liens that secure indebtedness;

•enter into transactions with affiliates; and

•merge or consolidate with another company.

In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to Matador, any Restricted Subsidiary (as defined in the 2028 Notes Indenture) that is a Significant Subsidiary (as defined in the 2028 Notes Indenture) or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding 2028 Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the then outstanding 2028 Notes may declare all the 2028 Notes to be due and payable immediately. Events of default include the following:

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

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

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

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

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

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

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

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

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

2032 Notes

At December 31, 2025, the Company had $900.0 million in outstanding 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. The 2032 Notes are jointly and severally guaranteed on a senior unsecured basis by the Guarantors. San Mateo is not a Restricted Subsidiary (as defined in the indenture governing the 2032 Notes (the “2032 Notes Indenture”)) or 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 on April 15 of the years indicated below:


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

Subject to certain exceptions, the 2032 Notes Indenture contains various covenants that limit the Company’s and its Restricted Subsidiaries’ ability to take certain actions, including the following:

•incur additional indebtedness;

•sell assets;

•pay dividends or make certain investments;

•create liens that secure indebtedness;

•enter into transactions with affiliates; and

•merge or consolidate with another company.

In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to Matador, any Restricted Subsidiary (as defined in the 2032 Notes Indenture) that is a Significant Subsidiary (as defined in the 2032 Notes Indenture) or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding 2032 Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the then outstanding 2032 Notes may declare all the 2032 Notes to be due and payable immediately. Events of default include the following:

•default for 30 days in the payment when due of interest on the 2032 Notes;

•default in the payment when due of the principal of, or premium, if any, on the 2032 Notes;

•failure by the Company to comply with its obligations to offer to purchase or purchase 2032 Notes pursuant to the change of control or asset sale covenants of the 2032 Notes Indenture or to comply with the covenant relating to mergers;

•failure by the Company for 180 days after notice to comply with its reporting obligations under the 2032 Notes Indenture;

•failure by the Company for 60 days after notice to comply with any of the other agreements in the 2032 Notes Indenture;

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

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

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

2033 Notes

At December 31, 2025, the Company had $750.0 million in outstanding 2033 Notes, which have a 6.25% coupon rate and mature on April 15, 2033. Interest on the 2033 Notes is payable in arrears on each April 15 and October 15. The 2033 Notes are jointly and severally guaranteed on a senior unsecured basis by the Guarantors. San Mateo is not a Restricted Subsidiary (as defined in the indenture governing the 2033 Notes (the “2033 Notes Indenture”)) or Guarantor of the 2033 Notes.

At any time prior to April 15, 2028, the Company may redeem up to 40% in aggregate principal amount of 2033 Notes at a redemption price of 106.250% 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 2033 Notes remains outstanding after such redemption. In addition, at any time prior to April 15, 2028, the Company may redeem all or part of the 2033 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, 2028, the Company may redeem all or a part of the 2033 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 on April 15 of the years indicated below:


Year						Redemption Price
2028						103.125%
2029						101.563%
2030 and thereafter						100.000%

Subject to certain exceptions, the 2033 Notes Indenture contains various covenants that limit the Company’s and its Restricted Subsidiaries’ ability to take certain actions, including the following:

•incur additional indebtedness;

•sell assets;

•pay dividends or make certain investments;

•create liens that secure indebtedness;

•enter into transactions with affiliates; and

•merge or consolidate with another company.

In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to Matador, any Restricted Subsidiary (as defined in the 2033 Notes Indenture) that is a Significant Subsidiary (as defined in the 2033 Notes Indenture) or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding 2033 Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the then outstanding 2033 Notes may declare all the 2033 Notes to be due and payable immediately. Events of default include the following:

•default for 30 days in the payment when due of interest on the 2033 Notes;

•default in the payment when due of the principal of, or premium, if any, on the 2033 Notes;

•failure by the Company to comply with its obligations to offer to purchase or purchase 2033 Notes pursuant to the change of control or asset sale covenants of the 2033 Notes Indenture or to comply with the covenant relating to mergers;

•failure by the Company for 180 days after notice to comply with its reporting obligations under the 2033 Notes Indenture;

•failure by the Company for 60 days after notice to comply with any of the other agreements in the 2033 Notes Indenture;

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

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

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

- 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 815
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Dallas, TX
Auditor Firm ID	185

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended								12 Months Ended
	Dec. 18, 2024	Mar. 28, 2024	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 01, 2029	Apr. 16, 2025
Class of Stock [Line Items]
Shares issued (in shares)		5,250,000
Consideration received on sale of stock		$ 342,100
Common stock, dividends (in usd per share)			$ 0.375	$ 0.3125	$ 0.3125	$ 0.3125					$ 1.3125	$ 0.85	$ 0.65
Dividends paid											$ 163,096	$ 104,876	$ 77,175
Preferred shares authorized (in shares)			2,000,000								2,000,000
Distributions to noncontrolling interest											$ 131,320	97,461	78,253
Contribution related to formation of San Mateo, tax											2,700	5,000	8,000
Contributions from noncontrolling interest												19,110	24,500
Dividends, common stock, cash			$ 46,200	$ 38,700	$ 39,000	$ 39,200					$ 163,096	104,876	77,175
Share Repurchase Program, Authorized, Amount															$ 400,000
Repurchases of common stock (in shares)											1,351,328
Shares Acquired, Weighted Average Cost Per Share											$ 41.31
Treasury Stock, Value, Acquired, Cost Method											$ 55,800
O 2024 Q1 Dividends
Class of Stock [Line Items]
Common stock, dividends (in usd per share)										$ 0.20
O 2024 Q2 Dividends
Class of Stock [Line Items]
Common stock, dividends (in usd per share)									$ 0.20
O 2024 Q3 Dividends
Class of Stock [Line Items]
Common stock, dividends (in usd per share)								$ 0.20
O 2024 Q4 Dividends
Class of Stock [Line Items]
Common stock, dividends (in usd per share)							$ 0.25
San Mateo
Class of Stock [Line Items]
Remaining special distribution							$ 48,300					48,300
Five Point
Class of Stock [Line Items]
Performance incentives earned											13,000	23,800	38,200
Five Point \| Forecast
Class of Stock [Line Items]
Equity Method Investment, Deferred Performance Incentives, Potential Amount To Be Earned														$ 60,700
Five Point \| San Mateo
Class of Stock [Line Items]
Contributions from noncontrolling interest												190,600	24,500
Matador Resources Company \| San Mateo
Class of Stock [Line Items]
Contributions from noncontrolling interest												19,900	25,500
Corporate Joint Venture \| Joint Venture
Class of Stock [Line Items]
Deferred performance incentives	$ 75,000
San Mateo Midstream
Class of Stock [Line Items]
Proceeds from joint venture											$ 136,700	321,200	$ 81,400
San Mateo Midstream \| Five Point
Class of Stock [Line Items]
Proceeds from joint venture												171,500
San Mateo Midstream \| Matador Resources Company
Class of Stock [Line Items]
Proceeds from joint venture												$ 219,800

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid related to lease liabilities
Operating cash payments for operating leases	$ 36,725	$ 37,155
Investing cash payments for operating leases	84,663	87,776
Financing cash payments for financing leases	1,466	1,257
Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	139,400	207,279
Financing leases	$ 1,421	$ 1,467

Business Combinations and Divestitures - Preliminary Allocation of Acquisition (Details) - Ameredev $ in Thousands	Jun. 01, 2024 USD ($)
Business Combination [Line Items]
Cash consideration given	$ 1,831,214
Current assets	51,499
Evaluated	1,316,532
Unproved and unevaluated	316,586
Midstream assets	117,762
Equity method investment	115,819
Current liabilities	(80,651)
Asset retirement obligations	(6,333)
Net assets acquired	$ 1,831,214

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Delivery Of Natural Gas And Oil Production To Third Parties
Long-term Purchase Commitment [Line Items]
Payment for other commitment	$ 85.8	$ 68.3
Firm commitments, deficiency amount	2,320.0
Drilling Rig Commitments
Long-term Purchase Commitment [Line Items]
Maximum termination outstanding obligations of contracts	22.6
Minimum outstanding commitments	79.0
San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Contractual obligation	$ 743.9
2019 15-Year Fixed Fee Natural Gas Transportation Agreement \| San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Supply agreement, term	15 years

Property and Equipment - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Property, Plant and Equipment [Line Items]
Anticipated amount for wells	$ 145,400
Projects Inception to Date
Property, Plant and Equipment [Line Items]
Exploration costs	16,894
Development wells	$ 128,550

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

NOTE 4 — LEASES

The Company determines if an arrangement is a lease at inception of the contract. If an arrangement is a lease, the present value of the related lease payments is recorded as a liability, and an equal amount is capitalized on the Company’s consolidated balance sheets. The Company elected to include payments for non-lease components associated with certain leases when determining the present value of the lease payments. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s estimated incremental borrowing rate, determined at the lease commencement date using the Company’s average secured borrowing rate, is used to calculate present value. The weighted average estimated incremental borrowing rates used for the year ended December 31, 2025 were 5.40% and 6.15% for operating leases and finance leases, respectively. For these purposes, the lease term includes options to extend the lease when it is reasonably certain that the Company will exercise such option. Leases with terms of 12 months or less at inception are not recorded on the consolidated balance sheets unless there is a significant cost to terminate the lease, including the cost of removal of the leased asset. As the Company is the responsible party under these arrangements, the Company records the resulting assets and liabilities on a gross basis in its consolidated balance sheets.

The following table presents supplemental consolidated statements of income information related to lease expenses, on a gross basis, for the years ended December 31, 2025 and 2024, respectively (in thousands). Lease payments represent gross payments to vendors, which, for certain of the Company’s operating assets, are partially offset by amounts received from other working interest owners in the Company’s operated wells.


	Year Ended December 31,
	2025		2024
Operating leases
Lease operating	$	35,407	$	30,141

General and administrative	5,189		2,910
Total operating leases(1)	40,596		33,051
Short-term leases
Lease operating	68,277		46,770
Midstream operating	8,933		11,110
General and administrative	22		54
Total short-term leases(2)(3)	77,232		57,934
Finance leases
Depreciation of assets	1,765		2,296
Interest on lease liabilities	866		607
Total finance leases	2,631		2,903
Total lease expense	$	120,459	$	93,888

_____________________

(1) Does not include gross payments related to drilling rig leases of $84.7 million and $87.8 million for the years ended December 31, 2025 and 2024, respectively, that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the consolidated balance sheets at December 31, 2025 and 2024, respectively.

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

(3) Does not include gross payments related to short-term drilling rig leases and other equipment rentals of $265.9 million and $231.8 million for the years ended December 31, 2025 and 2024, respectively, that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the consolidated balance sheets at December 31, 2025 and 2024, respectively.

The following table presents supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024, respectively (in thousands).


	December 31,
	2025		2024
Operating leases
Other long-term assets	$	138,655	$	127,445
Other current liabilities	$	(65,091)	$	(57,924)
Other long-term liabilities	(79,190)		(72,498)
Total operating lease liabilities	$	(144,281)	$	(130,422)

Finance leases
Other property and equipment, at cost	$	14,204	$	12,783
Accumulated depreciation	(11,297)		(9,532)
Net property and equipment	$	2,907	$	3,251
Other current liabilities	$	(1,113)	$	(1,312)
Other long-term liabilities	(1,175)		(1,021)
Total finance lease liabilities	$	(2,288)	$	(2,333)

The following table presents supplemental consolidated cash flow information related to lease payments for the years ended December 31, 2025 and 2024, respectively (in thousands).


	Year Ended December 31,
	2025		2024
Cash paid related to lease liabilities
Operating cash payments for operating leases	$	36,725	$	37,155
Investing cash payments for operating leases	$	84,663	$	87,776
Financing cash payments for finance leases	$	1,466	$	1,257

Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	$	139,400	$	207,279
Finance leases	$	1,421	$	1,467

The following table presents the maturities of lease liabilities at December 31, 2025 (in years).


Weighted-Average Remaining Lease Term						December 31, 2025
Operating leases						7.3
Finance leases						1.9

The following table presents a schedule of future minimum lease payments required under all lease agreements as of December 31, 2025 (in thousands).


	December 31, 2025
	Operating Leases		Finance Leases


2026	$	65,091	$	1,113
2027	25,690		808
2028	13,383		384
2029	7,618		—
2030	5,076		—
Thereafter	56,618		—
Total lease payments	173,476		2,305
Less imputed interest	(29,195)		(17)
Total lease obligations	144,281		2,288
Less current obligations	(65,091)		(1,113)
Long-term lease obligations	$	79,190	$	1,175

Leases

NOTE 4 — LEASES


	Year Ended December 31,
	2025		2024
Operating leases
Lease operating	$	35,407	$	30,141

General and administrative	5,189		2,910
Total operating leases(1)	40,596		33,051
Short-term leases
Lease operating	68,277		46,770
Midstream operating	8,933		11,110
General and administrative	22		54
Total short-term leases(2)(3)	77,232		57,934
Finance leases
Depreciation of assets	1,765		2,296
Interest on lease liabilities	866		607
Total finance leases	2,631		2,903
Total lease expense	$	120,459	$	93,888

_____________________

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

The following table presents supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024, respectively (in thousands).


	December 31,
	2025		2024
Operating leases
Other long-term assets	$	138,655	$	127,445
Other current liabilities	$	(65,091)	$	(57,924)
Other long-term liabilities	(79,190)		(72,498)
Total operating lease liabilities	$	(144,281)	$	(130,422)

Finance leases
Other property and equipment, at cost	$	14,204	$	12,783
Accumulated depreciation	(11,297)		(9,532)
Net property and equipment	$	2,907	$	3,251
Other current liabilities	$	(1,113)	$	(1,312)
Other long-term liabilities	(1,175)		(1,021)
Total finance lease liabilities	$	(2,288)	$	(2,333)

The following table presents supplemental consolidated cash flow information related to lease payments for the years ended December 31, 2025 and 2024, respectively (in thousands).


	Year Ended December 31,
	2025		2024
Cash paid related to lease liabilities
Operating cash payments for operating leases	$	36,725	$	37,155
Investing cash payments for operating leases	$	84,663	$	87,776
Financing cash payments for finance leases	$	1,466	$	1,257

Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	$	139,400	$	207,279
Finance leases	$	1,421	$	1,467

The following table presents the maturities of lease liabilities at December 31, 2025 (in years).


Weighted-Average Remaining Lease Term						December 31, 2025
Operating leases						7.3
Finance leases						1.9

The following table presents a schedule of future minimum lease payments required under all lease agreements as of December 31, 2025 (in thousands).


	December 31, 2025
	Operating Leases		Finance Leases


2026	$	65,091	$	1,113
2027	25,690		808
2028	13,383		384
2029	7,618		—
2030	5,076		—
Thereafter	56,618		—
Total lease payments	173,476		2,305
Less imputed interest	(29,195)		(17)
Total lease obligations	144,281		2,288
Less current obligations	(65,091)		(1,113)
Long-term lease obligations	$	79,190	$	1,175

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1 — NATURE OF OPERATIONS Matador Resources Company, a Texas corporation (“Matador” and, collectively with its subsidiaries, the “Company”), is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. The Company’s current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also has operations in 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”) in support of, and to provide flow assurance for, the Company’s exploration, development and production operations, and San Mateo provides natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties.

Fair Value Measurements - Fair Value and Carrying Value of Outstanding Notes (Details) - Level 1 - Unsecured Debt - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
2028 Notes
Debt Instrument [Line Items]
Fair Value	$ 511,585	$ 505,380
2028 Notes \| Carrying Value
Debt Instrument [Line Items]
Fair Value	500,000	500,000
2032 Notes
Debt Instrument [Line Items]
Fair Value	914,265	890,667
2032 Notes \| Carrying Value
Debt Instrument [Line Items]
Fair Value	900,000	900,000
2033 Notes
Debt Instrument [Line Items]
Fair Value	751,920	730,568
2033 Notes \| Carrying Value
Debt Instrument [Line Items]
Fair Value	$ 750,000	$ 750,000

- Definition

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

+ References

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-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1F
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 13 — FAIR VALUE MEASUREMENTS

The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are classified and disclosed in one of the following categories.

Level 1 Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets.

Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that are valued with industry standard models that consider various inputs, including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace.

Level 3 Unobservable inputs that are not corroborated by market data that reflect a company’s own market assumptions.

Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The following tables summarize the valuation of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in accordance with the classifications provided above as of December 31, 2025 and 2024 (in thousands).


	Fair Value Measurements at December 31, 2025 using
Description
	Level 1		Level 2		Level 3		Total
Assets (Liabilities)
Oil costless collars	$	—	$	717	$	—	$	717
Natural gas costless collars	—		17,396		—		17,396
Natural gas basis differential swaps	—		15,939		—		15,939

Total	$	—	$	34,052	$	—	$	34,052


	Fair Value Measurements at December 31, 2024 using
Description
	Level 1		Level 2		Level 3		Total
Assets (Liabilities)
Oil costless collars	$	—	$	3,676	$	—	$	3,676
Natural gas basis differential swaps	—		12,292		—		12,292

Total	$	—	$	15,968	$	—	$	15,968

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

Other Fair Value Measurements

At December 31, 2025 and 2024, the carrying values reported on the consolidated balance sheets for accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, royalties payable, amounts due to affiliates, advances from joint interest owners and other current liabilities approximated their fair values due to their short-term maturities.

At December 31, 2025 and 2024, 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.

The following table summarizes the carrying value and fair value of outstanding senior unsecured notes at December 31, 2025 and 2024 (in thousands).


		December 31, 2025				December 31, 2024
	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Notes	Level 1	$	500,000	$	511,585	$	500,000	$	505,380
2032 Notes	Level 1	$	900,000	$	914,265	$	900,000	$	890,667
2033 Notes	Level 1	$	750,000	$	751,920	$	750,000	$	730,568

Certain assets and liabilities are measured at fair value on a nonrecurring basis, including assets and liabilities acquired in a business combination, lease and well equipment inventory when the market value is determined to be lower than the cost of the inventory and other property and equipment that are reduced to fair value when they are impaired or held for sale. The Company recorded no material impairments to its lease and well equipment inventory or other property and equipment in 2025 and 2024.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Summary of the Company's property and equipment
Accumulated depreciation	$ (7,395,142)	$ (6,203,263)
Net property and equipment	10,731,298	9,764,096
Oil and natural gas properties
Summary of the Company's property and equipment
Gross property and equipment	16,110,182	14,236,493
Accumulated depreciation	(7,093,268)	(5,959,845)
Net property and equipment	9,016,914	8,276,648
Evaluated (subject to depletion)
Summary of the Company's property and equipment
Gross property and equipment	14,286,726	12,534,290
Unproved and unevaluated (not subject to depletion)
Summary of the Company's property and equipment
Gross property and equipment	1,823,456	1,702,203
Midstream properties
Summary of the Company's property and equipment
Gross property and equipment	1,963,059	1,683,334
Accumulated depreciation	(264,938)	(211,048)
Net property and equipment	1,698,121	1,472,286
Furniture, fixtures and other equipment
Summary of the Company's property and equipment
Gross property and equipment	22,810	20,007
Software
Summary of the Company's property and equipment
Gross property and equipment	8,361	8,283
Leasehold improvements
Summary of the Company's property and equipment
Gross property and equipment	22,028	19,242
Other property and equipment
Summary of the Company's property and equipment
Gross property and equipment	53,199	47,532
Accumulated depreciation	(36,936)	(32,370)
Net property and equipment	$ 16,263	$ 15,162

Leases - Narrative (Details)	Dec. 31, 2025
Leases [Abstract]
Incremental borrowing rate, operating leases	5.40%
Incremental borrowing rate, finance leases	6.15%

Derivative Financial Instruments - Open Basis Differential Swap Contracts (Details) $ in Thousands	Dec. 31, 2025 USD ($) bbl MMBTU $ / bbl $ / MMBTU	Dec. 31, 2024 USD ($)
Derivative [Line Items]
Fair Value of Asset (Liability)	$ 34,052	$ 15,968
Oil Costless Collar
Derivative [Line Items]
Notional Quantity (MMBtu) \| bbl	6,752,500
Fair Value of Asset (Liability)	$ 18,113
Oil Costless Collar \| Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel) \| $ / bbl	50.00
Oil Costless Collar \| Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel) \| $ / bbl	65.00
Oil
Derivative [Line Items]
Fair Value of Asset (Liability)	$ 717
Natural Gas
Derivative [Line Items]
Notional Quantity (MMBtu) \| bbl	54,750,000
Fair Value of Asset (Liability)	$ 17,396
Natural Gas \| Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel) \| $ / bbl	3.50
Natural Gas \| Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel) \| $ / bbl	6.70
Oil Basis Swap
Derivative [Line Items]
Notional Quantity (MMBtu) \| MMBTU	54,750,000
Fixed price (usd per Bbl) \| $ / MMBTU	(2.52)
Fair Value of Asset (Liability)	$ 15,939
Derivative Liability, Type [Extensible Enumeration]	Oil Basis Swap

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income	$ 860,769	$ 971,343	$ 910,359
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized (gain) loss on derivatives	(18,084)	(13,299)	1,261
Depletion, depreciation and amortization	1,195,358	974,300	716,688
Accretion of asset retirement obligations	7,846	6,027	3,943
Stock-based compensation expense	18,327	14,982	13,661
Deferred income tax provision	165,587	265,305	172,104
Amortization of debt issuance cost and other debt related costs	14,764	16,533	7,047
Other non-cash changes	4,259	(1,386)	(7,262)
Changes in operating assets and liabilities
Accounts receivable	114,285	(138,137)	48,136
Lease and well equipment inventory	(35,313)	(10,934)	(3,034)
Other assets	(10)	4,052	646
Accounts payable, accrued liabilities and other current liabilities	(8,930)	33,748	2,810
Royalties payable	123,196	56,193	34,273
Advances from joint interest owners	(19,170)	63,384	(32,402)
Other long-term liabilities	2,131	4,774	(402)
Net cash provided by operating activities	2,425,015	2,246,885	1,867,828
Investing activities
Drilling, completion and equipping capital expenditures	(1,542,253)	(1,222,831)	(1,192,800)
Acquisition of oil and natural gas properties	(339,126)	(454,443)	(187,655)
Midstream capital expenditures	(297,746)	(283,881)	(165,719)
Expenditures for other property and equipment	(4,246)	(5,691)	(3,636)
Proceeds from sale of assets and other	22,426	12,370	14,750
Proceeds from sale of equity method investment	3,263	113,576	0
Net cash used in investing activities	(2,157,682)	(3,672,114)	(3,211,192)
Financing activities
Repayments of borrowings under Credit Agreement	(2,367,500)	(3,969,500)	(3,032,000)
Borrowings under Credit Agreement	2,170,000	4,065,000	3,532,000
Repayments of borrowings under San Mateo Credit Facility	(345,000)	(733,000)	(171,000)
Borrowings under San Mateo Credit Facility	613,000	826,000	228,000
Cost to enter into or amend credit facilities	(2,406)	(33,436)	(9,296)
Proceeds from issuance of senior unsecured notes	0	1,650,000	494,800
Proceeds from issuance of common stock	0	344,663	0
Issuance costs of senior unsecured notes	0	(28,157)	(8,503)
Purchase of senior unsecured notes	0	(699,191)	0
Dividends paid	(163,096)	(104,876)	(77,175)
Repurchases of common stock	(55,849)	0	0
Contribution related to Pronto Transaction	0	171,500	0
Contributions related to formation of San Mateo	13,000	23,800	38,200
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	0	19,110	24,500
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(131,320)	(97,461)	(78,253)
Taxes paid related to net share settlement of stock-based compensation	(11,960)	(16,956)	(22,910)
Other	(1,467)	(3,823)	(16,031)
Net cash (used in) provided by financing activities	(282,598)	1,413,673	902,332
Decrease in cash and restricted cash	(15,265)	(11,556)	(441,032)
Cash and restricted cash at beginning of period	94,742	106,298	547,330
Cash and restricted cash at end of period	79,477	94,742	106,298
Advance
Investing activities
Payments to Acquire Businesses, Net of Cash Acquired	0	0	(1,676,132)
Ameredev
Investing activities
Payments to Acquire Businesses, Net of Cash Acquired	$ 0	$ (1,831,214)	$ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease, Cost


	Year Ended December 31,
	2025		2024
Operating leases
Lease operating	$	35,407	$	30,141

General and administrative	5,189		2,910
Total operating leases(1)	40,596		33,051
Short-term leases
Lease operating	68,277		46,770
Midstream operating	8,933		11,110
General and administrative	22		54
Total short-term leases(2)(3)	77,232		57,934
Finance leases
Depreciation of assets	1,765		2,296
Interest on lease liabilities	866		607
Total finance leases	2,631		2,903
Total lease expense	$	120,459	$	93,888

_____________________

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

The following table presents supplemental consolidated cash flow information related to lease payments for the years ended December 31, 2025 and 2024, respectively (in thousands).


	Year Ended December 31,
	2025		2024
Cash paid related to lease liabilities
Operating cash payments for operating leases	$	36,725	$	37,155
Investing cash payments for operating leases	$	84,663	$	87,776
Financing cash payments for finance leases	$	1,466	$	1,257

Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	$	139,400	$	207,279
Finance leases	$	1,421	$	1,467

Assets And Liabilities, Lessee

The following table presents supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024, respectively (in thousands).


	December 31,
	2025		2024
Operating leases
Other long-term assets	$	138,655	$	127,445
Other current liabilities	$	(65,091)	$	(57,924)
Other long-term liabilities	(79,190)		(72,498)
Total operating lease liabilities	$	(144,281)	$	(130,422)

Finance leases
Other property and equipment, at cost	$	14,204	$	12,783
Accumulated depreciation	(11,297)		(9,532)
Net property and equipment	$	2,907	$	3,251
Other current liabilities	$	(1,113)	$	(1,312)
Other long-term liabilities	(1,175)		(1,021)
Total finance lease liabilities	$	(2,288)	$	(2,333)

Lessee, Lease Terms

The following table presents the maturities of lease liabilities at December 31, 2025 (in years).


Weighted-Average Remaining Lease Term						December 31, 2025
Operating leases						7.3
Finance leases						1.9

Finance Lease, Liability, Maturity

The following table presents a schedule of future minimum lease payments required under all lease agreements as of December 31, 2025 (in thousands).


	December 31, 2025
	Operating Leases		Finance Leases


2026	$	65,091	$	1,113
2027	25,690		808
2028	13,383		384
2029	7,618		—
2030	5,076		—
Thereafter	56,618		—
Total lease payments	173,476		2,305
Less imputed interest	(29,195)		(17)
Total lease obligations	144,281		2,288
Less current obligations	(65,091)		(1,113)
Long-term lease obligations	$	79,190	$	1,175

Lessee, Operating Lease, Liability, Maturity

The following table presents a schedule of future minimum lease payments required under all lease agreements as of December 31, 2025 (in thousands).


	December 31, 2025
	Operating Leases		Finance Leases


2026	$	65,091	$	1,113
2027	25,690		808
2028	13,383		384
2029	7,618		—
2030	5,076		—
Thereafter	56,618		—
Total lease payments	173,476		2,305
Less imputed interest	(29,195)		(17)
Total lease obligations	144,281		2,288
Less current obligations	(65,091)		(1,113)
Long-term lease obligations	$	79,190	$	1,175

Income Taxes (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Unrecognized tax benefits	$ 37,798	$ 34,335	$ 35,336	$ 0
Federal Loss Carryforward
Income Tax Examination [Line Items]
Operating Loss Carryforwards	97,300
Federal Research And Experimental Credit Carryforward
Income Tax Examination [Line Items]
Operating Loss Carryforwards	10,400
State Loss Carryforward
Income Tax Examination [Line Items]
Operating Loss Carryforwards	21,500
State Loss Carryforward \| LOUISIANA
Income Tax Examination [Line Items]
Operating Loss Carryforwards	11,100
State Loss Carryforward \| New Mexico
Income Tax Examination [Line Items]
Operating Loss Carryforwards	10,000
State Research And Experimental Credit Carryforward
Income Tax Examination [Line Items]
Operating Loss Carryforwards	4,300
Long-term liabilities
Income Tax Examination [Line Items]
Unrecognized tax benefits	$ 31,500	$ 31,100	$ 27,000

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 25, 2024	Apr. 02, 2024
Debt Instrument [Line Items]
Long-term debt	$ 3,402,102	$ 3,325,408
Borrowings under Credit Agreement	398,000	$ 595,500
Unsecured Debt \| 2028 Notes
Debt Instrument [Line Items]
Long-term debt	$ 500,000
Stated interest rate	6.875%
Unsecured Debt \| 2028 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of principle	25.00%
Default period	30 days
Period after notice to comply	180 days
Period after notice to comply with other agreements	60 days
Maximum aggregate payment defaults and accelerations	$ 100,000
Maximum outstanding judgments	$ 100,000
Maximum outstanding judgements, payment period	60 days
Unsecured Debt \| 2032 Notes
Debt Instrument [Line Items]
Long-term debt	$ 900,000
Stated interest rate	6.50%			6.50%
Unsecured Debt \| 2032 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of principle	25.00%
Default period	30 days
Period after notice to comply	180 days
Period after notice to comply with other agreements	60 days
Maximum aggregate payment defaults and accelerations	$ 100,000
Maximum outstanding judgments	$ 100,000
Maximum outstanding judgements, payment period	60 days
Percentage of principal amount redeemed	40.00%
Debt instrument, redemption price, percentage	106.50%
Debt instrument, redemption, threshold	180 days
Debt instrument, redemption price, percentage of principal amount remaining outstanding	60.00%
Unsecured Debt \| 2032 Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Percentage of principal amount redeemed	100.00%
Unsecured Debt \| 2033 Notes
Debt Instrument [Line Items]
Long-term debt	$ 750,000		$ 750,000
Stated interest rate	6.25%		6.25%
Unsecured Debt \| 2033 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of principle	25.00%
Default period	30 days
Period after notice to comply	180 days
Maximum aggregate payment defaults and accelerations	$ 100,000
Maximum outstanding judgments	$ 100,000
Maximum outstanding judgements, payment period	60 days
Percentage of principal amount redeemed	40.00%
Debt instrument, redemption price, percentage	106.25%
Debt instrument, redemption, threshold	180 days
Debt instrument, redemption price, percentage of principal amount remaining outstanding	60.00%
Unsecured Debt \| 2033 Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Percentage of principal amount redeemed	100.00%

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

NOTE 12 — DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, the Company uses derivative financial instruments to mitigate its exposure to commodity price risk associated with oil, natural gas and NGL prices. The Company records derivative financial instruments on its consolidated balance sheets as either assets or liabilities measured at fair value. The Company has elected not to apply hedge accounting for its existing derivative financial instruments. As a result, the Company recognizes the change in derivative fair value between reporting periods currently in its consolidated statements of income as an unrealized gain or loss. The fair value of the Company’s derivative financial instruments is determined using industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. The Company has evaluated and considered the credit standings of its counterparties in determining the fair value of its derivative financial instruments.

At December 31, 2025, 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 December 31, 2025, 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 NGL prices at December 31, 2025.

The following is a summary of the Company’s open costless collar contracts at December 31, 2025.


Commodity	Calculation Period	Notional Quantity (Bbl or MMBtu)	Weighted Average Price Floor ($/Bbl or $/MMBtu)		Weighted Average Price Ceiling ($/Bbl or $/MMBtu)		Fair Value of Asset (Liability) (thousands)
Oil	01/01/2026 - 12/31/2026	6,752,500	$	50.00	$	65.00	$	717
Natural Gas	01/01/2026 - 12/31/2026	54,750,000	$	3.50	$	6.70	17,396
Total open costless collar contracts							$	18,113

The following is a summary of the Company’s open basis differential swap contracts at December 31, 2025.


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

Commodity	Calculation Period

Natural Gas Basis Differential	01/01/2026 - 12/31/2026	54,750,000	$	(2.52)	$	15,939

Total open basis differential swap contracts					$	15,939

The Company’s derivative financial instruments are subject to master netting arrangements, and the Company’s counterparties allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its consolidated balance sheets.


Derivative Instruments	Gross amounts recognized		Gross amounts netted in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets
December 31, 2025
Current assets	$	57,450	$	(23,398)	$	34,052

Current liabilities	(23,398)		23,398		—

Total	$	34,052	$	—	$	34,052
December 31, 2024
Current assets	$	19,899	$	(3,931)	$	15,968

Current liabilities	(3,931)		3,931		—

Total	$	15,968	$	—	$	15,968


		Year Ended December 31,
Type of Instrument	Location in Statements of Income	2025		2024		2023
Derivative Instrument

Natural Gas	Revenues: Realized gain (loss) on derivatives	$	21,679	$	12,724	$	(9,575)

Realized gain (loss) on derivatives		21,679		12,724		(9,575)
Oil	Revenues: Unrealized (loss) gain on derivatives	(2,958)		3,676		—
Natural Gas	Revenues: Unrealized gain (loss) on derivatives	21,042		9,623		(1,261)

Unrealized gain (loss) on derivatives		18,084		13,299		(1,261)
Total		$	39,763	$	26,023	$	(10,836)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Debt - Credit Agreements (Details) - USD ($) $ in Thousands			12 Months Ended
Debt - Credit Agreements (Details) - USD ($) $ in Thousands	Sep. 25, 2024	Nov. 18, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025	May 31, 2025	Sep. 18, 2024
Debt Instrument [Line Items]
Long-term debt			$ 3,402,102	$ 3,325,408
Repayments of borrowings under Credit Agreement			$ 2,367,500	3,969,500	$ 3,032,000
Repay deficit in agreement, period			6 months
Deferred loan costs			$ 21,500
Borrowings under credit agreement			398,000	595,500
Secured debt, percentage of mortgages used as security		85.00%
Borrowings under San Mateo Credit Facility			883,000	$ 615,000
Third Amended Credit Agreement
Debt Instrument [Line Items]
EBITDA ratio, debt outstanding, cash and cash equivalents limit			$ 150,000
Debt to EBITDA ratio covenant			3.50
Third Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.375%
Third Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.50%
San Mateo Credit Facility
Debt Instrument [Line Items]
Effective interest rate			5.72%
Eurodollar \| Third Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Additional interest rate			1.75%
Eurodollar \| Third Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Additional interest rate			2.75%
Base Rate Loan \| Third Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Additional interest rate			1.75%
Unsecured Debt \| 2028 Notes
Debt Instrument [Line Items]
Long-term debt			$ 500,000
Unsecured Debt \| 2033 Notes
Debt Instrument [Line Items]
Long-term debt	$ 750,000		$ 750,000
Revolving Credit Facility \| Amendment To Credit Agreement
Debt Instrument [Line Items]
Repayments of borrowings under Credit Agreement	$ 250,000
Covenant terms minimum current ratio			1.0
Elected commitment, percentage			10.00%
Revolving Credit Facility \| Amendment To Credit Agreement \| Ameredev
Debt Instrument [Line Items]
Increase in borrowing capacity								$ 250,000
Higher borrowing capacity			$ 2,250,000					2,250,000
Senior secured revolving credit maximum facility								$ 1,500,000
Line Of Credit Facility, Reaffirmed Value			3,250,000
Line of Credit \| Fourth Amended Credit Agreement
Debt Instrument [Line Items]
Maturity date if earlier prior to the earliest stated redemption date (in days)		180 days
Unused capacity percentage		20.00%
Line of Credit \| San Mateo Credit Facility
Debt Instrument [Line Items]
Long-term line of credit			883,000
Outstanding letters of credit			15,400
Deferred loan costs			9,300
Senior secured revolving credit maximum facility			1,100,000			$ 850,000	$ 800,000
Line Of Credit Facility, Accordion Feature, Increase Limit			$ 1,350,000
Debt Instrument, Incease (Decrease) To Basis Spread On Variable Rate			0.25%
Line of Credit \| San Mateo Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.30%
Line of Credit \| San Mateo Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.50%
Letter of Credit \| Credit Agreement
Debt Instrument [Line Items]
Outstanding letters of credit			$ 53,800
Additional interest rate			5.63%
Base Rate Loan \| Minimum
Debt Instrument [Line Items]
Additional interest rate			0.75%
Federal Funds Effective Rate \| Line of Credit \| San Mateo Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Adjusted LIBO Rate \| Line of Credit \| San Mateo Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Adjusted LIBO Rate \| Line of Credit \| San Mateo Credit Facility \| Minimum
Debt Instrument [Line Items]
Additional interest rate			1.00%
Adjusted LIBO Rate \| Line of Credit \| San Mateo Credit Facility \| Maximum
Debt Instrument [Line Items]
Additional interest rate			2.00%
Statutory Reserve Rate \| Line of Credit \| San Mateo Credit Facility \| Minimum
Debt Instrument [Line Items]
Additional interest rate			2.00%
Statutory Reserve Rate \| Line of Credit \| San Mateo Credit Facility \| Maximum
Debt Instrument [Line Items]
Additional interest rate			3.00%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Third Amended Credit Agreement \| Interest Period One
Debt Instrument [Line Items]
Debt instrument, interest period			1 month
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Third Amended Credit Agreement \| Interest Period Two
Debt Instrument [Line Items]
Debt instrument, interest period			3 months
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Third Amended Credit Agreement \| Interest Period Three
Debt Instrument [Line Items]
Debt instrument, interest period			6 months
The Bank Of Nova Scotia \| San Mateo Credit Facility
Debt Instrument [Line Items]
Elected commitment, percentage			10.00%
Debt to EBITDA ratio covenant			5.00
Interest coverage ratio, minimum			2.50
Interest coverage ratio, maximum			4.50

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of the valuation of the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis


	Fair Value Measurements at December 31, 2025 using
Description
	Level 1		Level 2		Level 3		Total
Assets (Liabilities)
Oil costless collars	$	—	$	717	$	—	$	717
Natural gas costless collars	—		17,396		—		17,396
Natural gas basis differential swaps	—		15,939		—		15,939

Total	$	—	$	34,052	$	—	$	34,052


	Fair Value Measurements at December 31, 2024 using
Description
	Level 1		Level 2		Level 3		Total
Assets (Liabilities)
Oil costless collars	$	—	$	3,676	$	—	$	3,676
Natural gas basis differential swaps	—		12,292		—		12,292

Total	$	—	$	15,968	$	—	$	15,968

Carrying Value and Fair Value of Outstanding Notes

The following table summarizes the carrying value and fair value of outstanding senior unsecured notes at December 31, 2025 and 2024 (in thousands).


		December 31, 2025				December 31, 2024
	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Notes	Level 1	$	500,000	$	511,585	$	500,000	$	505,380
2032 Notes	Level 1	$	900,000	$	914,265	$	900,000	$	890,667
2033 Notes	Level 1	$	750,000	$	751,920	$	750,000	$	730,568

Income Taxes - Deferred Tax Position (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Net operating loss carryforwards	$ 118,860	$ 14,338
Compensation	17,615	16,562
Research and experimental tax credits, net of reserve	8,376	1,117
Lease liabilities	24,021	31,843
Interest expense carryforward	0	15,891
Other	2,553	1,677
Total deferred tax assets	171,425	81,428
Valuation allowance on deferred tax assets	(8,985)	(11,957)
Total deferred tax assets, net of valuation allowance	162,440	69,471
Deferred tax liabilities
Property and equipment	(1,036,280)	(802,186)
Less than wholly-owned subsidiaries	(107,566)	(75,580)
Lease right of use assets	(24,021)	(31,843)
Unrealized gain on derivatives	(8,097)	(4,039)
Other	(2,407)	(3,489)
Total deferred tax liabilities	(1,178,371)	(917,137)
Net deferred tax liabilities	$ (1,015,931)	$ (847,666)

Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash used to settle liability-based awards	$ 11,200	$ 13,400	$ 20,500
Stock-based compensation expense	18,327	14,982	13,661
Aggregate intrinsic value for the restricted stock and restricted stock units outstanding	94,700
Aggregate intrinsic value expected to be settled in cash	30,600
Tax benefits recognized for stock based compensation	8,500	8,000	7,000
Capitalized stock-based compensation	13,300	11,800	7,400
Expensed stock-based compensation	$ 26,500	25,500	25,600
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining requisite service period of unvested stock awards	1 year 9 months 18 days
Unrecognized compensation expense related to unvested restricted stock and restricted stock units	$ 67,500
Unrecognized compensation expense related to unvested restricted stock expected to be settled in cash	21,100
Fair value of restricted stock and restricted stock units vested	41,000	29,400	64,800
Restricted stock or unit expenses	$ 39,800	$ 37,300	$ 33,000
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of shares	3 years
Performance-Based Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%
Performance-Based Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200.00%
Restricted Stock Service Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)	380,000
Restricted stock vested (in shares)	196,000
Restricted Stock Service Based \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of shares	1 year
Restricted Stock Service Based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of shares	3 years
Restricted Stock Liability Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)	474,000
Restricted stock vested (in shares)	220,669	222,948	378,852
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares (in shares)		4,000,000.0
Remaining number of shares available (in shares)	3,833,110
2019 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized (in shares)	3,725,000
2019 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares of common stock provided (in shares)	2,902,512

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

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

A summary of the non-vested equity-based restricted stock and restricted stock units as of December 31, 2025 is presented below (in thousands, except fair value).


	Restricted Stock			Restricted Stock Units

	Service Based				Service Based			Performance Based
Non-vested restricted stock and restricted stock units	Shares	Weighted average fair value			Shares	Weighted average fair value		Shares	Weighted average fair value
Non-vested at December 31, 2024	701	$	51.26		23	$	59.21	501	$	70.65
Granted	380	$	51.58		38	$	49.42	363	$	62.41
Vested(1)	(196)	$	51.30		(24)	$	59.31	(179)	$	65.49
Forfeited	(55)	$	50.88		—	$	—	(55)	$	66.32
Non-vested at December 31, 2025	830	$	51.42		37	$	49.02	630	$	67.85

__________________

A summary of the non-vested liability-based restricted stock units as of December 31, 2025 is presented below (in thousands).



Non-vested restricted stock units																														Shares
Non-vested at December 31, 2024																														494
Granted																														474
Vested																														(221)
Forfeited																														(32)
Non-vested at December 31, 2025																														715

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Benefit Plan (Textual) [Abstract]
Employees annual compensation	3.00%
Safe Harbor match	$ 2,900,000	$ 2,600,000	$ 2,200,000
Discretionary matching contributions	3,700,000	3,300,000	2,800,000
No additional discretionary contributions	$ 0	$ 0	$ 0

Fair Value Measurements - Valuation of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets (Liabilities)
Assets (Liabilities)	$ 34,052	$ 15,968
Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	717	3,676
Natural gas costless collars
Assets (Liabilities)
Assets (Liabilities)	17,396
Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	15,939	12,292
Level 1
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 1 \| Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 1 \| Natural gas 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)	34,052	15,968
Level 2 \| Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	717	3,676
Level 2 \| Natural gas costless collars
Assets (Liabilities)
Assets (Liabilities)	17,396
Level 2 \| Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	15,939	12,292
Level 3
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 3 \| Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 3 \| Natural gas costless collars
Assets (Liabilities)
Assets (Liabilities)	0
Level 3 \| Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	$ 0	$ 0

Leases - Maturities of Office Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2021	$ 65,091
2022	25,690
2022	13,383
2024	7,618
2025	5,076
Thereafter	56,618
Total lease payments	$ 173,476

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt Instrument Redemption

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


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


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


Year						Redemption Price
2028						103.125%
2029						101.563%
2030 and thereafter						100.000%

Components of Debt

The components of debt, including the effects of issuance costs and discounts, net as of December 31, 2025 and 2024, are set forth below (in thousands).


	December 31,
	2025		2024
Revolving credit agreements:
Credit Agreement due 2029	$	398,000	$	595,500
San Mateo Credit Facility due 2029	883,000		615,000
Senior unsecured notes:
6.875% senior notes due 2028 (the “2028 Notes”)	500,000		500,000
6.500% senior notes due 2032 (the “2032 Notes”)	900,000		900,000
6.250% senior notes due 2033 (the “2033 Notes”)	750,000		750,000
Issuance costs and discounts, net	(28,898)		(35,092)
Total senior unsecured notes payable	2,121,102		2,114,908
Total long-term debt	$	3,402,102	$	3,325,408

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Property and Equipment - Breakdown of Unproved and Unevaluated Property Costs Not Subject to Amortization (Details) $ in Thousands	Dec. 31, 2025 USD ($)
2025
Costs incurred for
Property acquisition	$ 255,126
Exploration wells	12,560
Development wells	125,988
Total unproved and unevaluated	393,674
2024
Costs incurred for
Property acquisition	585,463
Exploration wells	2,313
Development wells	1,604
Total unproved and unevaluated	589,380
2023
Costs incurred for
Property acquisition	321,062
Exploration wells	846
Development wells	738
Total unproved and unevaluated	322,646
2022
Costs incurred for
Property acquisition	95,880
Exploration wells	164
Development wells	156
Total unproved and unevaluated	96,200
2017 and prior
Costs incurred for
Property acquisition	420,481
Exploration wells	1,011
Development wells	64
Total unproved and unevaluated	421,556
Total
Costs incurred for
Property acquisition	1,678,012
Exploration wells	16,894
Development wells	128,550
Total unproved and unevaluated	$ 1,823,456