Matador Resources (MTDR) 10-Q26 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35410
Entity Registrant Name	Matador Resources Company
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	27-4662601
Entity Address, Address Line One	5400 LBJ Freeway,
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	371-5200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MTDR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		124,780,249
Entity Central Index Key	0001520006
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash	$ 23,208	$ 52,662
Restricted cash	51,118	53,636
Accounts receivable
Oil and natural gas revenues	278,155	274,192
Joint interest billings	207,540	163,660
Other	42,778	35,102
Derivative instruments	3,027	2,112
Lease and well equipment inventory	39,927	41,808
Prepaid expenses and other current assets	108,382	92,700
Total current assets	754,135	715,872
Oil and natural gas properties, full-cost method
Evaluated	9,973,110	9,633,757
Unproved and unevaluated	1,407,512	1,193,257
Midstream properties	1,398,601	1,318,015
Other property and equipment	40,901	40,375
Less accumulated depletion, depreciation and amortization	(5,441,274)	(5,228,963)
Net property and equipment	7,378,850	6,956,441
Other assets
Derivative instruments	1,718	558
Other long-term assets	92,626	54,125
Total other assets	94,344	54,683
Total assets	8,227,329	7,726,996
Current liabilities
Accounts payable	121,823	68,185
Accrued liabilities	419,791	365,848
Royalties payable	178,506	161,983
Amounts due to affiliates	13,495	28,688
Advances from joint interest owners	37,725	19,954
Other current liabilities	80,001	40,617
Total current liabilities	851,341	685,275
Long-term liabilities
Borrowings under Credit Agreement	260,000	500,000
Borrowings under San Mateo Credit Facility	526,000	522,000
Senior unsecured notes payable	1,185,567	1,184,627
Asset retirement obligations	90,361	87,485
Deferred income taxes	625,682	581,439
Other long-term liabilities	52,216	38,482
Total long-term liabilities	2,739,826	2,914,033
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 124,835,154 and 119,478,282 shares issued; and 124,780,297 and 119,458,674 shares outstanding, respectively	1,248	1,194
Additional paid-in capital	2,472,681	2,133,172
Retained earnings	1,946,412	1,776,541
Treasury stock, at cost, 54,857 and 19,608 shares, respectively	(2,091)	(45)
Total Matador Resources Company shareholders’ equity	4,418,250	3,910,862
Non-controlling interest in subsidiaries	217,912	216,826
Total shareholders’ equity	4,636,162	4,127,688
Total liabilities and shareholders’ equity	$ 8,227,329	$ 7,726,996

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	124,835,154	119,478,282
Common stock, shares outstanding (in shares)	124,780,297	119,458,674
Treasury stock (in shares)	54,857	19,608

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Revenues	$ 785,343	$ 563,674
Realized gain on derivatives	275	3,669
Unrealized gain (loss) on derivatives	2,075	(7,067)
Total revenues	787,693	560,276
Expenses
Production taxes, transportation and processing	70,153	55,486
Lease operating	76,295	44,407
Purchased natural gas	39,432	28,448
Depletion, depreciation and amortization	212,311	126,325
Accretion of asset retirement obligations	1,273	699
General and administrative	29,653	22,433
Total expenses	468,740	308,843
Operating income	318,953	251,433
Other income (expense)
Interest expense	(39,562)	(16,176)
Other income	577	339
Total other expense	(38,985)	(15,837)
Income before income taxes	279,968	235,596
Income tax provision (benefit)
Current	17,272	4,929
Deferred	49,506	51,743
Total income tax provision	66,778	56,672
Net income	213,190	178,924
Net income attributable to non-controlling interest in subsidiaries	(19,461)	(15,794)
Net income attributable to Matador Resources Company shareholders	$ 193,729	$ 163,130
Earnings per common share
Basic (in dollars per share)	$ 1.62	$ 1.37
Basic (in shares)	119,721	119,034
Diluted (in shares)	120,253	119,702
Diluted (in dollars per share)	$ 1.61	$ 1.36
Weighted average common shares outstanding	$ 1.62	$ 1.37
Oil and natural gas revenues
Revenues
Revenues	$ 703,540	$ 502,909
Third-party midstream services revenues
Revenues
Revenues	32,357	26,511
Expenses
Plant and other midstream services operating	39,623	31,045
Sales of purchased natural gas
Revenues
Revenues	$ 49,446	$ 34,254

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED - USD ($) $ in Thousands	Total	Total shareholders’ equity attributable to Matador Resources Company	Common Stock	Additional paid-in capital	Retained earnings	Treasury Stock	Non-controlling interest in subsidiaries
Balance at beginning of period (in shares) at Dec. 31, 2022			118,953,000
Balance at beginning of period at Dec. 31, 2022	$ 3,317,091	$ 3,110,797	$ 1,190	$ 2,101,999	$ 1,007,642	$ (34)	$ 206,294
Treasury stock, beginning of period (in shares) at Dec. 31, 2022						5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(17,768)	(17,768)			(17,768)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			264,000
Issuance of common stock pursuant to employee stock compensation plan	(17,590)	(17,590)	$ 2	(17,592)
Stock-based compensation expense related to equity-based awards including amounts capitalized	3,894	3,894		3,894
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases	12	12		12
Stock options exercised, net of options forfeited in net share settlements (in shares)			15,000
Restricted stock forfeited (in shares)						21,000
Restricted stock forfeited	(1,236)	(1,236)				$ (1,236)
Contribution related to formation of San Mateo	11,613	11,613		11,613
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(19,110)						(19,110)
Current period net income	178,924	163,130			163,130		15,794
Balance at end of period (in shares) at Mar. 31, 2023			119,232,000
Balance at end of period at Mar. 31, 2023	$ 3,455,830	3,252,852	$ 1,192	2,099,926	1,153,004	$ (1,270)	202,978
Treasury stock, end of period (in shares) at Mar. 31, 2023						26,000
Balance at beginning of period (in shares) at Dec. 31, 2023	119,458,674		119,478,000
Balance at beginning of period at Dec. 31, 2023	$ 4,127,688	3,910,862	$ 1,194	2,133,172	1,776,541	$ (45)	216,826
Treasury stock, beginning of period (in shares) at Dec. 31, 2023	19,608					20,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (23,858)	(23,858)			(23,858)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			100,000
Issuance of common stock pursuant to employee stock compensation plan	(11,381)	(11,381)	$ 1	(11,382)
Issuance of common stock pursuant to public offering (in shares)			5,250,000
Issuance of common stock pursuant to public offering	344,663	344,663	$ 53	344,610
Cost to issue equity	(53)	(53)		(53)
Stock-based compensation expense related to equity-based awards including amounts capitalized	5,149	5,149		5,149
Stock options exercised, net of options forfeited in net share settlements (in shares)			7,000
Restricted stock forfeited (in shares)						35,000
Restricted stock forfeited	(2,046)	(2,046)				$ (2,046)
Contribution related to formation of San Mateo	1,185	1,185		1,185
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	7,350						7,350
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(25,725)						(25,725)
Current period net income	$ 213,190	193,729			193,729		19,461
Balance at end of period (in shares) at Mar. 31, 2024	124,780,297		124,835,000
Balance at end of period at Mar. 31, 2024	$ 4,636,162	$ 4,418,250	$ 1,248	$ 2,472,681	$ 1,946,412	$ (2,091)	$ 217,912
Treasury stock, end of period (in shares) at Mar. 31, 2024	54,857					55,000

CONDENSED CONSOLIDATED STATEM_3

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

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 213,190	$ 178,924
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized (gain) loss on derivatives	(2,075)	7,067
Depletion, depreciation and amortization	212,311	126,325
Accretion of asset retirement obligations	1,273	699
Stock-based compensation expense	2,838	2,290
Deferred income tax provision	49,506	51,743
Amortization of debt issuance cost and other debt-related costs	4,644	838
Other non-cash changes	(333)	0
Changes in operating assets and liabilities
Accounts receivable	(55,519)	40,906
Lease and well equipment inventory	(2,044)	(4,423)
Prepaid expenses and other current assets	(1,474)	(16,517)
Other long-term assets	254	35
Accounts payable, accrued liabilities and other current liabilities	(4,814)	(39,871)
Royalties payable	16,522	376
Advances from joint interest owners	17,771	(9,805)
Income taxes payable	16,025	723
Other long-term liabilities	487	190
Net cash provided by operating activities	468,562	339,500
Investing activities
Drilling, completion and equipping capital expenditures	(236,639)	(224,144)
Acquisition of oil and natural gas properties	(202,264)	(103,863)
Midstream capital expenditures	(105,086)	(14,141)
Expenditures for other property and equipment	(226)	(1,769)
Proceeds from sale of assets	900	451
Net cash used in investing activities	(543,315)	(343,466)
Financing activities
Repayments of borrowings under Credit Agreement	(930,000)	0
Borrowings under Credit Agreement	690,000	0
Repayments of borrowings under San Mateo Credit Facility	(65,000)	(55,000)
Borrowings under San Mateo Credit Facility	69,000	65,000
Cost to amend credit facilities	(11,292)	(8,645)
Proceeds from issuance of common stock	344,663	0
Cost to issue equity	(53)	0
Dividends paid	(23,858)	(17,768)
Contributions related to formation of San Mateo	1,500	14,700
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	7,350	0
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(25,725)	(19,110)
Taxes paid related to net share settlement of stock-based compensation	(13,515)	(18,909)
Other	(289)	(204)
Net cash provided by (used in) financing activities	42,781	(39,936)
Change in cash and restricted cash	(31,972)	(43,902)
Cash and restricted cash at beginning of period	106,298	547,330
Cash and restricted cash at end of period	$ 74,326	$ 503,428

NATURE OF OPERATIONS

NATURE OF OPERATIONS	3 Months Ended
NATURE OF OPERATIONS	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONSMatador Resources Company, a Texas corporation (“Matador” and, collectively with its subsidiaries, the “Company”), is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. The Company’s current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, the Company conducts midstream operations primarily through its midstream joint venture, San Mateo Midstream, LLC and its subsidiaries (“San Mateo”), and Pronto Midstream, LLC and its subsidiary (“Pronto”) in support of the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) but do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 27, 2024 (the “Annual Report”). The Company consolidates certain subsidiaries and joint ventures that are less-than-wholly-owned and are not involved in oil and natural gas exploration, including San Mateo, and the net income and equity attributable to the non-controlling interest in these subsidiaries have been reported separately as required by Accounting Standards Codification, Consolidation (Topic 810) . The Company proportionately consolidates certain joint ventures that are less-than-wholly-owned and are involved in oil and natural gas exploration. All intercompany balances and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all normal, recurring adjustments that are necessary for a fair presentation of the Company’s interim unaudited condensed consolidated financial statements as of March 31, 2024. Amounts as of December 31, 2023 are derived from the Company’s audited consolidated financial statements included in the Annual Report. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s interim unaudited condensed consolidated financial statements are based on a number of significant estimates, including oil and natural gas revenues, accrued assets and liabilities, stock-based compensation, valuation of derivative instruments, deferred tax assets and liabilities, purchase price allocations and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates. Revenues The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the three months ended March 31, 2024 and 2023 (in thousands). Three Months Ended 2024 2023 Revenues from contracts with customers $ 785,343 $ 563,674 Realized gain on derivatives 275 3,669 Unrealized gain (loss) on derivatives 2,075 (7,067) Total revenues $ 787,693 $ 560,276 Three Months Ended 2024 2023 Oil revenues $ 598,514 $ 401,777 Natural gas revenues 105,026 101,132 Third-party midstream services revenues 32,357 26,511 Sales of purchased natural gas 49,446 34,254 Total revenues from contracts with customers $ 785,343 $ 563,674 Property and Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For each of the three months ended March 31, 2024 and 2023, the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and, as a result, no impairment charge was necessary. The Company capitalized approximately $17.1 million and $12.6 million of its general and administrative costs for the three months ended March 31, 2024 and 2023, respectively. The Company capitalized approximately $5.9 million and $3.4 million of its interest expense for the three months ended March 31, 2024 and 2023, respectively. Earnings Per Common Share The Company reports basic earnings attributable to Matador shareholders per common share, which excludes the effect of potentially dilutive securities, and diluted earnings attributable to Matador shareholders per common share, which includes the effect of all potentially dilutive securities unless their impact is anti-dilutive. The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2024 and 2023 (in thousands). Three Months Ended 2024 2023 Weighted average common shares outstanding Basic 119,721 119,034 Dilutive effect of options and restricted stock units 532 668 Diluted weighted average common shares outstanding 120,253 119,702 Recent Accounting Pronouncements Segments . In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. This ASU is effective retrospectively for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its disclosures. Income Taxes . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this standard provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid. This ASU is effective for the Company prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its disclosures. Climate-Related Disclosures. On March 6, 2024, the SEC adopted a new set of rules that require a wide range of climate-related disclosures, including material climate-related risks, information on any climate-related targets or goals that are material to the registrant’s business, results of operations or financial condition, Scope 1 and Scope 2 greenhouse gas emissions on a phased-in basis by certain larger registrants when those emissions are material and the filing of an attestation report covering the same, and disclosure of the financial statement effects of severe weather events and other natural conditions including costs and losses. Compliance dates under the final rule are phased in by registrant category. Multiple lawsuits have been filed challenging the SEC’s new climate rules, which have been consolidated and will be heard in the U.S. Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC issued an order staying the final rules until judicial review is complete. The Company is currently evaluating the impact of the final rules on its disclosures.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
BUSINESS COMBINATIONS	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Q1 2024 Acquisition On February 15, 2024, a wholly-owned subsidiary of the Company acquired oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico (the “Q1 2024 Acquisition”). The Q1 2024 Acquisition had an effective date of October 1, 2023 and consideration for the acquisition consisted of an amount in cash equal to approximately $155.1 million (which amount was subject to certain customary post-closing adjustments). The Q1 2024 Acquisition was accounted for under the acquisition method of accounting as a business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations (“ASC Topic 805”). Under ASC Topic 805, the purchase price is allocated to the underlying tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values as of the acquisition date, with any excess purchase price allocated to goodwill. The preliminary allocation of the total purchase price for the Q1 2024 Acquisition is set forth below (in thousands). The Company anticipates that the allocation of the purchase price should be finalized during 2024 upon determination of the final purchase price adjustments. Consideration Allocation Cash consideration given $ 155,054 Allocation of purchase price Current assets $ 4,984 Oil and natural gas properties Evaluated 45,778 Unproved and unevaluated 105,446 Asset retirement obligations (1,154) Net assets acquired $ 155,054 The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair value of oil and gas properties and asset retirement obligations were measured using the discounted cash flow technique of valuation. Significant inputs to the valuation of oil and gas properties include estimates of: (i) future production volumes, (ii) future commodity prices and (iii) recent market comparable transactions for unproved acreage. These inputs require significant judgments and estimates and are the most sensitive and subject to change. The results of operations for the Q1 2024 Acquisition since the closing date have been included in the Company’s interim unaudited condensed consolidated financial statements for the three months ended March 31, 2024. The pro forma impact of this business combination to revenues and net income for 2024 would not be material to the Company’s 2024 revenues and net income as reported. Advance Acquisition On April 12, 2023, a wholly-owned subsidiary of the Company completed the acquisition of Advance Energy Partners Holdings, LLC (“Advance”) from affiliates of EnCap Investments L.P., including certain oil and natural gas producing properties, undeveloped acreage and midstream assets located primarily in Lea County, New Mexico and Ward County, Texas (the “Initial Advance Acquisition”). The Initial Advance Acquisition had an effective date of January 1, 2023 and an aggregate purchase price consisting of (i) an amount in cash equal to approximately $1.60 billion (which amount was subject to certain customary post-closing adjustments) (the “Cash Consideration”) and (ii) potential additional cash consideration of $7.5 million for each month of 2023 in which the average oil price (as defined in the securities purchase agreement) exceeded $85 per barrel (all such payments for the 12 months in 2023, the “Contingent Consideration”). The Cash Consideration was paid upon the closing of the Initial Advance Acquisition and was funded by a combination of cash on hand and borrowings under the Company’s reserves-based revolving credit facility (the “Credit Agreement”). In the fourth quarter of 2023, the Company paid Contingent Consideration of $15.0 million, as the average oil price for the months of September and October 2023 exceeded $85 per barrel. On December 1, 2023, the Company acquired additional interests from affiliates of EnCap Investments L.P., including overriding royalty interests and royalty interests in certain oil and natural gas properties located primarily in Lea County, New Mexico, most of which were included in the Initial Advance Acquisition (the “Advance Royalty Acquisition”). The Advance Royalty Acquisition had an effective date of October 1, 2023 and an aggregate purchase price of approximately $81.0 million (which amount is subject to certain customary post-closing adjustments), and was funded by cash on hand. The Initial Advance Acquisition and Advance Royalty Acquisition (collectively, the “Advance Acquisition”) were accounted for under the acquisition method of accounting as a business combination in accordance with ASC Topic 805. Under ASC Topic 805, the purchase price is allocated to the underlying tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values as of the respective acquisition dates, with any excess purchase price allocated to goodwill. The Advance Acquisition was treated as an asset acquisition for tax purposes, as the Company acquired 100% of the membership interests of Advance in the Initial Advance Acquisition and acquired additional overriding royalty interests and royalty interests in the Advance Royalty Acquisition. The final allocation of the total purchase price for the Advance Acquisition is set forth below (in thousands). Consideration Allocation Cash $ 1,676,132 Working capital adjustments (4,060) Fair value of Contingent Consideration at April 12, 2023 21,151 Total consideration given $ 1,693,223 Allocation of purchase price Current assets $ 79,287 Oil and natural gas properties Evaluated 1,418,668 Unproved and unevaluated 213,835 Midstream assets 63,644 Current liabilities (73,885) Asset retirement obligations (8,326) Net assets acquired $ 1,693,223

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
ASSET RETIREMENT OBLIGATIONS	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2024 (in thousands). Beginning asset retirement obligations $ 92,090 Liabilities incurred during period 2,326 Divestitures during period (326) Accretion expense 1,273 Ending asset retirement obligations 95,363 Less: current asset retirement obligations (1) (5,002) Long-term asset retirement obligations $ 90,361 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2024.

DEBT

DEBT	3 Months Ended
DEBT	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT At March 31, 2024, the Company had (i) $699.2 million of outstanding senior notes due 2026 (the “2026 Notes”), (ii) $500.0 million of outstanding senior notes due 2028 (the “2028 Notes”), (iii) $260.0 million in borrowings outstanding under the Credit Agreement and (iv) approximately $41.7 million in outstanding letters of credit issued pursuant to the Credit Agreement. Between March 31, 2024 and April 23, 2024, the Company (i) repurchased an aggregate principal amount of approximately $556.3 million of the 2026 Notes pursuant to the Company’s cash tender offer for the 2026 Notes announced on March 26, 2024 (the “2026 Notes Tender Offer”), (ii) exercised its optional right, under the indenture governing the 2026 Notes, to redeem the remaining aggregate principal amount of approximately $142.9 million of 2026 Notes outstanding on September 15, 2024 (the “2026 Notes Redemption”) and, in connection therewith, to satisfy and discharge the Company’s obligations under such indenture with respect to the 2026 Notes and (iii) repaid $235.0 million in borrowings outstanding under the Credit Agreement. See Note 13 for a further discussion of changes in the Company’s debt between March 31, 2024 and April 23, 2024. At March 31, 2024, San Mateo had $526.0 million in borrowings outstanding under its revolving credit facility (the “San Mateo Credit Facility”) and approximately $9.0 million in outstanding letters of credit issued pursuant to the San Mateo Credit Facility. Between March 31, 2024 and April 23, 2024, San Mateo repaid $31.0 million of borrowings under the San Mateo Credit Facility. Credit Agreements MRC Energy Company The borrowing base under the Credit Agreement is determined semi-annually as of May 1 and November 1 by the lenders based primarily on the estimated value of the Company’s proved oil and natural gas reserves at December 31 and June 30 of each year, respectively. The Company and the lenders may each request an unscheduled redetermination of the borrowing base once between scheduled redetermination dates. On March 22, 2024, the Company and its lenders entered into an amendment to the Fourth Amended and Restated Credit Agreement, which amended the Credit Agreement to, among other things: (i) reaffirm the borrowing base at $2.50 billion, (ii) increase the elected borrowing commitments from $1.325 billion to $1.50 billion, (iii) increase the maximum facility amount from $2.00 billion to $3.50 billion, (iv) extend the maturity date from October 31, 2026 to March 22, 2029, (v) appoint PNC Bank, National Association as administrative agent thereunder and (vi) add five new banks to the lending group. This March 2024 reaffirmation of the borrowing base constituted the regularly scheduled May 1 redetermination. The Credit Agreement requires the Company to maintain (i) a current ratio, which is defined as (x) total consolidated current assets plus the unused availability under the Credit Agreement divided by (y) total consolidated current liabilities less current maturities under the Credit Agreement, of not less than 1.0 to 1.0 at the end of each fiscal quarter and (ii) a debt to EBITDA ratio, which is defined as debt outstanding (net of cash or cash equivalents of up to the greater of (a) $150.0 million and (b) 10% of the elected commitment), divided by a rolling four quarter EBITDA calculation, of 3.5 to 1.0 or less. The Company believes that it was in compliance with the terms of the Credit Agreement at March 31, 2024. San Mateo Midstream, LLC The San Mateo Credit Facility is non-recourse with respect to Matador and its wholly-owned subsidiaries but is guaranteed by San Mateo’s subsidiaries and secured by substantially all of San Mateo’s assets, including real property. The outstanding borrowings under the San Mateo Credit Facility mature on December 9, 2026, and lender commitments under the facility were $535.0 million at March 31, 2024. The San Mateo Credit Facility includes an accordion feature, which provides for potential increases in lender commitments of up to $735.0 million. The San Mateo Credit Facility requires San Mateo to maintain a debt to EBITDA ratio, which is defined as total consolidated funded indebtedness outstanding (as defined in the San Mateo Credit Facility) divided by a rolling four quarter EBITDA calculation, of 5.0 or less, subject to certain exceptions. The San Mateo Credit Facility also requires San Mateo to maintain an interest coverage ratio, which is defined as a rolling four quarter EBITDA calculation divided by San Mateo’s consolidated interest expense for such period, of 2.5 or more. The San Mateo Credit Facility also restricts the ability of San Mateo to distribute cash to its members if San Mateo’s liquidity is less than 10% of the lender commitments under the San Mateo Credit Facility. The Company believes that San Mateo was in compliance with the terms of the San Mateo Credit Facility at March 31, 2024. Senior Unsecured Notes At March 31, 2024, the Company had $699.2 million of outstanding 2026 Notes, which had a 5.875% coupon rate. The 2026 Notes were jointly and severally guaranteed on a senior unsecured basis by certain subsidiaries of the Company (the “Guarantor Subsidiaries”). Neither San Mateo nor Pronto was a guarantor of the 2026 Notes. At March 31, 2024, the Company had $500.0 million of outstanding 2028 Notes, which have a 6.875% coupon rate. The 2028 Notes mature April 15, 2028, and interest is payable on the 2028 Notes semi-annually in arrears on each April 15 and October 15. The 2028 Notes are jointly and severally guaranteed on a senior unsecured basis by the Guarantor Subsidiaries. Neither San Mateo nor Pronto is a guarantor of the 2028 Notes. See Note 13 for a discussion of changes in the Company’s debt between March 31, 2024 and April 23, 2024. Debt Maturities

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded a current income tax provision of $17.3 million and a deferred income tax provision of $49.5 million for the three months ended March 31, 2024. For the three months ended March 31, 2023, the Company recorded a current income tax provision of $4.9 million and a deferred income tax provision of $51.7 million.

EQUITY

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2024
Equity [Abstract]
EQUITY	EQUITY Equity Offering On March 28, 2024, the Company completed an underwritten public offering of 5,250,000 shares of its common stock. After deducting underwriting discounts and offering expenses, the Company received net proceeds of approximately $344.2 million. The net proceeds from this offering were used for general corporate purposes, including the funding of acquisitions and the repayment of borrowings outstanding under the Credit Agreement. Stock-based Compensation During the three months ended March 31, 2024, the Company granted awards to certain of its employees of 135,000 service-based restricted stock units to be settled in cash, which are liability instruments, and 170,000 performance-based stock units and 99,600 service-based shares of restricted stock, which are equity instruments. The performance-based stock units vest in an amount between zero and 200% of the target units granted based on the Company’s relative total shareholder return over the three-year period ending December 31, 2026, as compared to a designated peer group. The service-based restricted stock and restricted stock units vest over a three-year period. The fair value of these awards was approximately $22.8 million on the grant date. Common Stock Dividend Matador’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.20 per share of common stock in February 2024. The dividend, which totaled $23.9 million, was paid on March 13, 2024 to shareholders of record as of February 23, 2024. On April 17, 2024, the Board declared a quarterly cash dividend of $0.20 per share of common stock payable on June 7, 2024 to shareholders of record as of May 17, 2024. San Mateo Distributions and Contributions During the three months ended March 31, 2024, San Mateo distributed $26.8 million to the Company and $25.7 million to a subsidiary of Five Point Energy LLC (“Five Point”), the Company’s joint venture partner in San Mateo. During the three months ended March 31, 2023, San Mateo distributed $19.9 million to the Company and $19.1 million to Five Point. During the three months ended March 31, 2024, the Company contributed $7.7 million and Five Point contributed $7.4 million of cash to San Mateo. During the three months ended March 31, 2023, there were no contributions to San Mateo by either the Company or Five Point. Performance Incentives Five Point paid the Company $1.5 million and $14.7 million of performance incentives during the three months ended March 31, 2024 and 2023, respectively. These performance incentives are recorded when received, net of the $0.3 million and $3.1 million deferred tax impact to Matador for the three months ended March 31, 2024 and 2023, respectively, in “Additional paid-in capital” in the Company’s interim unaudited condensed consolidated balance sheets. These performance incentives for the three months ended March 31, 2024 and 2023 are also denoted as “Contributions related to formation of San Mateo” under “Financing activities” in the Company’s interim unaudited condensed consolidated statements of cash flows and changes in shareholders’ equity.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS At March 31, 2024, the Company had natural gas basis differential swap contracts open and in place to mitigate its exposure to natural gas price volatility, with a specific term (calculation period), notional quantity (volume hedged) and fixed price. The Company had no open contracts associated with oil or natural gas liquids prices at March 31, 2024. The following is a summary of the Company’s open basis differential swap contracts at March 31, 2024. Commodity Calculation Period Notional Quantity (MMBtu) Fixed Price Fair Value of Natural Gas Basis Differential 4/01/2024 - 12/31/2025 19,200,000 $ (0.59) $ 4,745 Total open basis differential swap contracts $ 4,745 The Company’s derivative financial instruments are subject to master netting arrangements, and the Company’s counterparties allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets. The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed March 31, 2024 Current assets $ 3,739 $ (712) $ 3,027 Other assets $ 1,798 (80) 1,718 Total $ 5,537 $ (792) $ 4,745 December 31, 2023 Current assets $ 2,573 $ (461) $ 2,112 Other assets 1,743 (1,185) 558 Total $ 4,316 $ (1,646) $ 2,670 The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of income for the periods presented (in thousands). Three Months Ended Type of Instrument Location in Condensed Consolidated 2024 2023 Derivative Instrument Natural Gas Revenues: Realized gain on derivatives $ 275 $ 3,669 Realized gain on derivatives $ 275 $ 3,669 Natural Gas Revenues: Unrealized gain (loss) on derivatives 2,075 (7,067) Unrealized gain (loss) on derivatives 2,075 (7,067) Total $ 2,350 $ (3,398)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	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 March 31, 2024 and December 31, 2023 (in thousands). Fair Value Measurements at March 31, 2024 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Natural gas basis differential swaps $ — $ 4,745 $ — $ 4,745 Total $ — $ 4,745 $ — $ 4,745 Fair Value Measurements at December 31, 2023 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Natural gas basis differential swaps $ — $ 2,670 $ — $ 2,670 Total $ — $ 2,670 $ — $ 2,670 Additional disclosures related to derivative financial instruments are provided in Note 8. Other Fair Value Measurements At March 31, 2024 and December 31, 2023, the carrying values reported on the interim unaudited condensed consolidated balance sheets for accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, royalties payable, amounts due to affiliates, advances from joint interest owners and other current liabilities approximated their fair values due to their short-term maturities. At March 31, 2024 and December 31, 2023, the carrying value of borrowings under the Credit Agreement and the San Mateo Credit Facility approximated their fair value as both are subject to short-term floating interest rates that reflect market rates available to the Company at the time and are classified at Level 2 in the fair value hierarchy. At March 31, 2024 and December 31, 2023, the fair value of the 2026 Notes was $699.5 million and $694.1 million, respectively, based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy. At March 31, 2024, and December 31, 2023, the fair value of the 2028 Notes was $511.3 million and $510.9 million, respectively, based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including assets and liabilities acquired in a business combination, lease and well equipment inventory when the market value is determined to be lower than the cost of the inventory and other property and equipment that are reduced to fair value when they are impaired or held for sale. See Note 3 for discussion of the fair value measurement of assets acquired and liabilities assumed as part of the Q1 2024 Acquisition and the Advance Acquisition.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Processing, Transportation and Produced Water Disposal Commitments Firm Commitments From time to time, the Company enters into agreements with third parties whereby the Company commits to deliver anticipated natural gas and oil production and produced water from certain portions of its acreage for transportation, gathering, processing, fractionation, sales and disposal. The Company paid approximately $15.3 million and $10.7 million for deliveries under these agreements during the three months ended March 31, 2024 and 2023, respectively. Certain of these agreements contain minimum volume commitments. If the Company does not meet the minimum volume commitments under these agreements, it will be required to pay certain deficiency fees. If the Company ceased operations in the areas subject to these agreements at March 31, 2024, the total deficiencies required to be paid by the Company under these agreements would be approximately $537.0 million. San Mateo Commitments The Company dedicated to San Mateo its current and certain future leasehold interests in the Rustler Breaks asset area and the Wolf portion of the West Texas asset area and acreage in the southern portion of the Arrowhead asset area (the “Greater Stebbins Area”) and the Stateline asset area pursuant to 15-year, fixed-fee oil transportation, oil, natural gas and produced water gathering and produced water disposal agreements. In addition, the Company dedicated to San Mateo its current and certain future leasehold interests in the Rustler Breaks asset area and acreage in the Greater Stebbins Area and Stateline asset area pursuant to 15-year, fixed-fee natural gas processing agreements (collectively with the transportation, gathering and produced water disposal agreements, the “Operational Agreements”). San Mateo provides the Company with firm service under each of the Operational Agreements in exchange for certain minimum volume commitments. The remaining minimum contractual obligation under the Operational Agreements at March 31, 2024 was approximately $191.3 million. Legal Proceedings The Company is a party to several legal proceedings encountered in the ordinary course of its business. While the ultimate outcome and impact on the Company cannot be predicted with certainty, in the opinion of management, it is remote that these legal proceedings will have a material adverse impact on the Company’s financial condition, results of operations or cash flows.

SUPPLEMENTAL DISCLOSURES

SUPPLEMENTAL DISCLOSURES	3 Months Ended
SUPPLEMENTAL DISCLOSURES	Mar. 31, 2024
Disclosure Text Block Supplement [Abstract]
SUPPLEMENTAL DISCLOSURES	Accrued Liabilities The following table summarizes the Company’s current accrued liabilities at March 31, 2024 and December 31, 2023 (in thousands). March 31, December 31, Accrued evaluated and unproved and unevaluated property costs $ 219,651 $ 144,443 Accrued midstream properties costs 36,898 55,195 Accrued lease operating expenses 69,034 62,005 Accrued interest on debt 20,092 22,857 Accrued asset retirement obligations 5,002 4,605 Accrued partners’ share of joint interest charges 37,404 42,101 Accrued payable related to purchased natural gas 8,273 10,400 Other 23,437 24,242 Total accrued liabilities $ 419,791 $ 365,848 Supplemental Cash Flow Information The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2024 and 2023 (in thousands). Three Months Ended 2024 2023 Cash paid for interest expense, net of amounts capitalized $ 42,697 $ 26,228 Increase in asset retirement obligations related to mineral properties $ 1,846 $ 159 Increase in asset retirement obligations related to midstream properties $ 154 $ 352 Increase in liabilities for drilling, completion and equipping capital expenditures $ 115,386 $ 69,593 Increase (decrease) in liabilities for acquisition of oil and natural gas properties $ 200 $ (121) Decrease in liabilities for midstream properties capital expenditures $ (18,311) $ (1,099) Stock-based compensation expense recognized as a liability $ 5,539 $ 1,026 Transfer of inventory (to) from oil and natural gas properties $ (3,149) $ 433 The following table provides a reconciliation of cash and restricted cash recorded in the interim unaudited condensed consolidated balance sheets to cash and restricted cash as presented on the interim unaudited condensed consolidated statements of cash flows (in thousands). Three Months Ended 2024 2023 Cash $ 23,208 $ 448,723 Restricted cash 51,118 54,705 Total cash and restricted cash $ 74,326 $ 503,428

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
SEGMENT INFORMATION	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company operates in two business segments: (i) exploration and production and (ii) midstream. The exploration and production segment is engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States and is currently focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. The midstream segment conducts midstream operations in support of the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties. The majority of the Company’s midstream operations in the Rustler Breaks, West Texas and Stateline asset areas and the Greater Stebbins Area in the Delaware Basin are conducted through San Mateo. In addition, at March 31, 2024, the Company operated a cryogenic gas processing plant, compressor stations and natural gas gathering pipelines in Lea and Eddy Counties, New Mexico through Pronto, which is a wholly-owned subsidiary of the Company. At March 31, 2024, neither San Mateo nor Pronto was a guarantor of the 2026 Notes or the 2028 Notes. The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.” Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2024 Oil and natural gas revenues $ 701,425 $ 2,694 $ — $ (579) $ 703,540 Midstream services revenues — 99,846 — (67,489) 32,357 Sales of purchased natural gas 5,078 44,368 — — 49,446 Realized gain on derivatives 275 — — — 275 Unrealized gain on derivatives 2,075 — — — 2,075 Expenses (1) 416,498 94,138 26,172 (68,068) 468,740 Operating income (2) $ 292,355 $ 52,770 $ (26,172) $ — $ 318,953 Total assets $ 6,836,353 $ 1,333,992 $ 56,984 $ — $ 8,227,329 Capital expenditures (3) $ 551,920 $ 86,412 $ 226 $ — $ 638,558 _____________________ (1) Includes depletion, depreciation and amortization expenses of $201.2 million and $10.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million. (2) Includes $19.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $201.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $7.1 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2023 Oil and natural gas revenues $ 501,348 $ 1,561 $ — $ — $ 502,909 Midstream services revenues — 75,251 — (48,740) 26,511 Sales of purchased natural gas 5,830 28,424 — — 34,254 Realized gain on derivatives 3,669 — — — 3,669 Unrealized loss on derivatives (7,067) — — — (7,067) Expenses (1) 267,580 69,849 20,154 (48,740) 308,843 Operating income (2) $ 236,200 $ 35,387 $ (20,154) $ — $ 251,433 Total assets $ 4,266,414 $ 1,039,845 $ 475,846 $ — $ 5,782,105 Capital expenditures (3) $ 318,505 $ 13,280 $ 1,769 $ — $ 333,554 _____________________ (1) Includes depletion, depreciation and amortization expenses of $116.6 million and $9.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million. (2) Includes $15.8 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS 2026 Notes Tender Offer and Redemption On April 2 and April 4, 2024, the Company completed the repurchase of an aggregate principal amount of approximately $556.3 million of the 2026 Notes outstanding as part of the 2026 Notes Tender Offer announced on March 26, 2024. On April 2, 2024, the Company exercised its optional right, under the indenture governing the 2026 Notes, to redeem the remaining aggregate principal amount of approximately $142.9 million of 2026 Notes outstanding on September 15, 2024 as part of the 2026 Notes Redemption and, in connection therewith, to satisfy and discharge the Company’s obligations under such indenture with respect to the 2026 Notes. In connection with the 2026 Notes Tender Offer and 2026 Notes Redemption, the Company incurred a loss of approximately $3.0 million. 2032 Senior Notes On April 2, 2024, the Company completed the sale of $900.0 million in aggregate principal amount of the Company’s 6.50% senior notes due 2032 (the “2032 Notes”). The 2032 Notes mature on April 15, 2032. Interest on the 2032 Notes is payable in arrears on each April 15 and October 15 and the first interest payment date for the 2032 Notes will be October 15, 2024. The 2032 Notes are guaranteed on a senior unsecured basis by the Guarantor Subsidiaries. Neither San Mateo nor Pronto is a guarantor of the 2032 Notes. The Company received net proceeds from the issuance and sale of the 2032 Notes (the “2032 Notes Offering”) of approximately $885.0 million after deducting the initial purchasers’ discounts and estimated offering expenses. The net proceeds from the 2032 Notes Offering were used to fund the 2026 Notes Tender Offer and 2026 Notes Redemption and for general corporate purposes, including the funding of acquisitions and the repayment of borrowings outstanding under the Credit Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to Matador Resources Company shareholders	$ 193,729	$ 163,130

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates	Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) but do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 27, 2024 (the “Annual Report”). The Company consolidates certain subsidiaries and joint ventures that are less-than-wholly-owned and are not involved in oil and natural gas exploration, including San Mateo, and the net income and equity attributable to the non-controlling interest in these subsidiaries have been reported separately as required by Accounting Standards Codification, Consolidation (Topic 810) . The Company proportionately consolidates certain joint ventures that are less-than-wholly-owned and are involved in oil and natural gas exploration. All intercompany balances and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all normal, recurring adjustments that are necessary for a fair presentation of the Company’s interim unaudited condensed consolidated financial statements as of March 31, 2024. Amounts as of December 31, 2023 are derived from the Company’s audited consolidated financial statements included in the Annual Report. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s interim unaudited condensed consolidated financial statements are based on a number of significant estimates, including oil and natural gas revenues, accrued assets and liabilities, stock-based compensation, valuation of derivative instruments, deferred tax assets and liabilities, purchase price allocations and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates.
Property and Equipment	Property and Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For each of the three months ended March 31, 2024 and 2023, the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and, as a result, no impairment charge was necessary.
Earnings Per Common Share	Earnings Per Common Share The Company reports basic earnings attributable to Matador shareholders per common share, which excludes the effect of potentially dilutive securities, and diluted earnings attributable to Matador shareholders per common share, which includes the effect of all potentially dilutive securities unless their impact is anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Segments . In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. This ASU is effective retrospectively for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its disclosures. Income Taxes . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this standard provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid. This ASU is effective for the Company prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its disclosures. Climate-Related Disclosures. On March 6, 2024, the SEC adopted a new set of rules that require a wide range of climate-related disclosures, including material climate-related risks, information on any climate-related targets or goals that are material to the registrant’s business, results of operations or financial condition, Scope 1 and Scope 2 greenhouse gas emissions on a phased-in basis by certain larger registrants when those emissions are material and the filing of an attestation report covering the same, and disclosure of the financial statement effects of severe weather events and other natural conditions including costs and losses. Compliance dates under the final rule are phased in by registrant category. Multiple lawsuits have been filed challenging the SEC’s new climate rules, which have been consolidated and will be heard in the U.S. Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC issued an order staying the final rules until judicial review is complete. The Company is currently evaluating the impact of the final rules on its disclosures.
Fair Value Measurements	The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are classified and disclosed in one of the following categories. Level 1 Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets. Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that are valued with industry standard models that consider various inputs, including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace. Level 3 Unobservable inputs that are not corroborated by market data that reflect a company’s own market assumptions. Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 (in thousands). Three Months Ended 2024 2023 Revenues from contracts with customers $ 785,343 $ 563,674 Realized gain on derivatives 275 3,669 Unrealized gain (loss) on derivatives 2,075 (7,067) Total revenues $ 787,693 $ 560,276 Three Months Ended 2024 2023 Oil revenues $ 598,514 $ 401,777 Natural gas revenues 105,026 101,132 Third-party midstream services revenues 32,357 26,511 Sales of purchased natural gas 49,446 34,254 Total revenues from contracts with customers $ 785,343 $ 563,674
Reconciliations of basic and diluted distributed and undistributed earnings (loss) per common share	The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2024 and 2023 (in thousands). Three Months Ended 2024 2023 Weighted average common shares outstanding Basic 119,721 119,034 Dilutive effect of options and restricted stock units 532 668 Diluted weighted average common shares outstanding 120,253 119,702

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	3 Months Ended
BUSINESS COMBINATIONS (Tables)	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Preliminary Allocation of Acquisition	The preliminary allocation of the total purchase price for the Q1 2024 Acquisition is set forth below (in thousands). The Company anticipates that the allocation of the purchase price should be finalized during 2024 upon determination of the final purchase price adjustments. Consideration Allocation Cash consideration given $ 155,054 Allocation of purchase price Current assets $ 4,984 Oil and natural gas properties Evaluated 45,778 Unproved and unevaluated 105,446 Asset retirement obligations (1,154) Net assets acquired $ 155,054 The final allocation of the total purchase price for the Advance Acquisition is set forth below (in thousands). Consideration Allocation Cash $ 1,676,132 Working capital adjustments (4,060) Fair value of Contingent Consideration at April 12, 2023 21,151 Total consideration given $ 1,693,223 Allocation of purchase price Current assets $ 79,287 Oil and natural gas properties Evaluated 1,418,668 Unproved and unevaluated 213,835 Midstream assets 63,644 Current liabilities (73,885) Asset retirement obligations (8,326) Net assets acquired $ 1,693,223

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
ASSET RETIREMENT OBLIGATIONS (Tables)	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of changes in Company's asset retirement obligations	The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2024 (in thousands). Beginning asset retirement obligations $ 92,090 Liabilities incurred during period 2,326 Divestitures during period (326) Accretion expense 1,273 Ending asset retirement obligations 95,363 Less: current asset retirement obligations (1) (5,002) Long-term asset retirement obligations $ 90,361 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2024.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Mar. 31, 2024
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 basis differential swap contracts at March 31, 2024. Commodity Calculation Period Notional Quantity (MMBtu) Fixed Price Fair Value of Natural Gas Basis Differential 4/01/2024 - 12/31/2025 19,200,000 $ (0.59) $ 4,745 Total open basis differential swap contracts $ 4,745
Summary of gross asset balances of derivative instruments	The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed March 31, 2024 Current assets $ 3,739 $ (712) $ 3,027 Other assets $ 1,798 (80) 1,718 Total $ 5,537 $ (792) $ 4,745 December 31, 2023 Current assets $ 2,573 $ (461) $ 2,112 Other assets 1,743 (1,185) 558 Total $ 4,316 $ (1,646) $ 2,670
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations	The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of income for the periods presented (in thousands). Three Months Ended Type of Instrument Location in Condensed Consolidated 2024 2023 Derivative Instrument Natural Gas Revenues: Realized gain on derivatives $ 275 $ 3,669 Realized gain on derivatives $ 275 $ 3,669 Natural Gas Revenues: Unrealized gain (loss) on derivatives 2,075 (7,067) Unrealized gain (loss) on derivatives 2,075 (7,067) Total $ 2,350 $ (3,398)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of the valuation of the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis	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 March 31, 2024 and December 31, 2023 (in thousands). Fair Value Measurements at March 31, 2024 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Natural gas basis differential swaps $ — $ 4,745 $ — $ 4,745 Total $ — $ 4,745 $ — $ 4,745 Fair Value Measurements at December 31, 2023 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Natural gas basis differential swaps $ — $ 2,670 $ — $ 2,670 Total $ — $ 2,670 $ — $ 2,670

SUPPLEMENTAL DISCLOSURES (Table

SUPPLEMENTAL DISCLOSURES (Tables)	3 Months Ended
SUPPLEMENTAL DISCLOSURES (Tables)	Mar. 31, 2024
Disclosure Text Block Supplement [Abstract]
Summary of current accrued liabilities	The following table summarizes the Company’s current accrued liabilities at March 31, 2024 and December 31, 2023 (in thousands). March 31, December 31, Accrued evaluated and unproved and unevaluated property costs $ 219,651 $ 144,443 Accrued midstream properties costs 36,898 55,195 Accrued lease operating expenses 69,034 62,005 Accrued interest on debt 20,092 22,857 Accrued asset retirement obligations 5,002 4,605 Accrued partners’ share of joint interest charges 37,404 42,101 Accrued payable related to purchased natural gas 8,273 10,400 Other 23,437 24,242 Total accrued liabilities $ 419,791 $ 365,848
Supplemental disclosures of cash flow information	The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2024 and 2023 (in thousands). Three Months Ended 2024 2023 Cash paid for interest expense, net of amounts capitalized $ 42,697 $ 26,228 Increase in asset retirement obligations related to mineral properties $ 1,846 $ 159 Increase in asset retirement obligations related to midstream properties $ 154 $ 352 Increase in liabilities for drilling, completion and equipping capital expenditures $ 115,386 $ 69,593 Increase (decrease) in liabilities for acquisition of oil and natural gas properties $ 200 $ (121) Decrease in liabilities for midstream properties capital expenditures $ (18,311) $ (1,099) Stock-based compensation expense recognized as a liability $ 5,539 $ 1,026 Transfer of inventory (to) from oil and natural gas properties $ (3,149) $ 433 The following table provides a reconciliation of cash and restricted cash recorded in the interim unaudited condensed consolidated balance sheets to cash and restricted cash as presented on the interim unaudited condensed consolidated statements of cash flows (in thousands). Three Months Ended 2024 2023 Cash $ 23,208 $ 448,723 Restricted cash 51,118 54,705 Total cash and restricted cash $ 74,326 $ 503,428

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
SEGMENT INFORMATION (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Selected financial information for segments	The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.” Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2024 Oil and natural gas revenues $ 701,425 $ 2,694 $ — $ (579) $ 703,540 Midstream services revenues — 99,846 — (67,489) 32,357 Sales of purchased natural gas 5,078 44,368 — — 49,446 Realized gain on derivatives 275 — — — 275 Unrealized gain on derivatives 2,075 — — — 2,075 Expenses (1) 416,498 94,138 26,172 (68,068) 468,740 Operating income (2) $ 292,355 $ 52,770 $ (26,172) $ — $ 318,953 Total assets $ 6,836,353 $ 1,333,992 $ 56,984 $ — $ 8,227,329 Capital expenditures (3) $ 551,920 $ 86,412 $ 226 $ — $ 638,558 _____________________ (1) Includes depletion, depreciation and amortization expenses of $201.2 million and $10.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million. (2) Includes $19.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $201.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $7.1 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2023 Oil and natural gas revenues $ 501,348 $ 1,561 $ — $ — $ 502,909 Midstream services revenues — 75,251 — (48,740) 26,511 Sales of purchased natural gas 5,830 28,424 — — 34,254 Realized gain on derivatives 3,669 — — — 3,669 Unrealized loss on derivatives (7,067) — — — (7,067) Expenses (1) 267,580 69,849 20,154 (48,740) 308,843 Operating income (2) $ 236,200 $ 35,387 $ (20,154) $ — $ 251,433 Total assets $ 4,266,414 $ 1,039,845 $ 475,846 $ — $ 5,782,105 Capital expenditures (3) $ 318,505 $ 13,280 $ 1,769 $ — $ 333,554 _____________________ (1) Includes depletion, depreciation and amortization expenses of $116.6 million and $9.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million. (2) Includes $15.8 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 785,343	$ 563,674
Realized gain on derivatives	275	3,669
Unrealized gain (loss) on derivatives	2,075	(7,067)
Total revenues	787,693	560,276
Oil revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	598,514	401,777
Natural gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	105,026	101,132
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	32,357	26,511
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 49,446	$ 34,254

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Discount rate, present value of future revenue	10%
Full-cost ceiling impairment	$ 0	$ 0
Deferred income tax benefit	(49,506)	(51,743)
Capitalized general and administrative costs	17,100	12,600
Interest costs capitalized	$ 5,900	$ 3,400

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliations of Basic and Diluted Distributed and Undistributed Earnings (Loss) Per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted average common shares outstanding
Basic (in shares)	119,721	119,034
Dilutive effect of options and restricted stock units (in shares)	532	668
Diluted weighted average common shares outstanding (in shares)	120,253	119,702

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) $ in Thousands				2 Months Ended	3 Months Ended
BUSINESS COMBINATIONS - Narrative (Details) $ in Thousands	Feb. 15, 2024 USD ($)	Oct. 01, 2023 USD ($)	Apr. 12, 2023 USD ($) $ / bbl	Oct. 31, 2023 $ / bbl	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Revenues from contracts with customers					$ 785,343		$ 563,674
Net income attributable to Matador Resources Company shareholders					193,729		163,130
Oil and natural gas revenues
Business Acquisition [Line Items]
Revenues from contracts with customers					$ 703,540		$ 502,909
Oil And Natural Gas Producing Properties And Undeveloped Acreage In Lea County, New Mexico
Business Acquisition [Line Items]
Aggregate purchase price	$ 155,054
Advance
Business Acquisition [Line Items]
Acquisition			$ 1,600,000
Cash			$ 7,500
Average oil and gas prices (USD per barrel) \| $ / bbl			85	85
Payments made for contingent consideration						$ 15,000
Advance ORRI Acquisition
Business Acquisition [Line Items]
Acquisition		$ 81,000
Initial Advance Acquisition And Advance ORRI Acquisition (Advance Acquisition)
Business Acquisition [Line Items]
Aggregate purchase price			$ 1,676,132
Percentage acquired		100%
Fair value of contingent consideration			$ 21,151

BUSINESS COMBINATIONS - Prelimi

BUSINESS COMBINATIONS - Preliminary Allocation of Acquisition (Details) - USD ($) $ in Thousands	Feb. 15, 2024	Apr. 12, 2023
Oil And Natural Gas Producing Properties And Undeveloped Acreage In Lea County, New Mexico
Business Acquisition [Line Items]
Cash	$ 155,054
Current assets	4,984
Evaluated	45,778
Unproved and unevaluated	105,446
Asset retirement obligations	(1,154)
Net assets acquired	$ 155,054
Initial Advance Acquisition And Advance ORRI Acquisition (Advance Acquisition)
Business Acquisition [Line Items]
Cash		$ 1,676,132
Working capital adjustments		(4,060)
Fair value of Contingent Consideration at April 12, 2023		21,151
Total consideration given		1,693,223
Current assets		79,287
Evaluated		1,418,668
Unproved and unevaluated		213,835
Midstream assets		63,644
Current liabilities		(73,885)
Asset retirement obligations		(8,326)
Net assets acquired		$ 1,693,223

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations	$ 92,090
Liabilities incurred during period	2,326
Divestitures during period	(326)
Accretion expense	1,273	$ 699
Ending asset retirement obligations	95,363
Less: current asset retirement obligations	(5,002)
Long-term asset retirement obligations	$ 90,361		$ 87,485

DEBT - Borrowings (Details)

DEBT - Borrowings (Details) - USD ($) $ in Thousands			1 Months Ended
DEBT - Borrowings (Details) - USD ($) $ in Thousands	Apr. 04, 2024	Apr. 02, 2024	Apr. 23, 2024	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Line of credit facility				$ 260,000	$ 500,000
Borrowings under San Mateo Credit Facility				526,000	$ 522,000
Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility				260,000
Credit Agreement \| Subsequent Event
Line of Credit Facility [Line Items]
Long-term debt outstanding			$ 25,000
Repayments of borrowings			235,000
Unsecured Debt \| Senior Notes Due 2026
Line of Credit Facility [Line Items]
Long-term debt outstanding				699,200
Unsecured Debt \| 2026 Notes Tender Offer \| Subsequent Event
Line of Credit Facility [Line Items]
Repayments of borrowings	$ 556,300		556,300
Unsecured Debt \| 2026 Notes Redemption \| Subsequent Event
Line of Credit Facility [Line Items]
Repayments of borrowings		$ 142,900	142,900
Unsecured Debt \| Senior Notes Due 2028
Line of Credit Facility [Line Items]
Long-term debt outstanding				500,000
Unsecured Debt \| Senior Notes Due 2028 \| Subsequent Event
Line of Credit Facility [Line Items]
Long-term debt outstanding			500,000
Letter of Credit \| Credit Agreement
Line of Credit Facility [Line Items]
Outstanding letters of credit				41,700
Line of Credit \| San Mateo Credit Facility
Line of Credit Facility [Line Items]
Outstanding letters of credit				9,000
Borrowings under San Mateo Credit Facility				$ 526,000
Line of Credit \| San Mateo Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Repayments of debt			$ 31,000

DEBT - Credit Agreements (Detai

DEBT - Credit Agreements (Details) $ in Millions		3 Months Ended
DEBT - Credit Agreements (Details) $ in Millions	Mar. 22, 2024 USD ($)	Mar. 31, 2024 USD ($)
Revolving Credit Facility \| Fourth Amended Credit Agreement
Debt Instrument [Line Items]
Increase in borrowing base	$ 2,500
Maximum borrowing commitment	1,325
Accordion feature, Higher borrowing commitment	1,500
Higher maximum facility amount	2,000
Maximum facility amount	$ 3,500
Line of credit facility covenant terms, current ratio	1
Cash and cash equivalent limit	$ 150
EBITDA ratio	3.5
Line of Credit \| San Mateo Credit Facility
Debt Instrument [Line Items]
Maximum borrowing commitment		$ 535
EBITDA ratio		5
Line of credit, accordian feature (up to)		$ 735
Consolidated interest expense, minimum		2.5
Liquidity restriction on cash distribution, percentage of lender commitments, less than		10%

DEBT - Senior Unsecured Notes (

DEBT - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unsecured SBA loan	$ 1,185,567	$ 1,184,627
Senior Notes \| Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt outstanding	$ 699,200
Interest rate	5.875%
Senior Notes \| Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt outstanding	$ 500,000
Interest rate	6.875%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Current income tax provision (benefit)	$ 17,272	$ 4,929
Deferred	$ 49,506	$ 51,743
Effective tax rate	26%	26%

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Apr. 17, 2024	Mar. 28, 2024	Mar. 13, 2024	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock pursuant to public offering (in shares)		5,250,000
Net proceeds from issuance of common stock		$ 344,200
Dividends declared (in dollars per share)				$ 0.20	$ 0.20	$ 0.15
Cash dividend			$ 23,900		$ 23,858	$ 17,768
Distributions					$ 25,725	19,110
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 0.20
Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)					135,000
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)					170,000
Vesting period					3 years
Performance-Based Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage					0%
Performance-Based Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage					200%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)					99,600
Service-based Restricted Stock Units And Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Fair value of awards					$ 22,800
San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance incentives earned					1,500	14,700
Equity contribution, tax impact						3,100
Matador Resources Company \| San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions					26,800	19,900
Five Point \| San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions					25,700	19,100
San Mateo \| Matador Resources Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions					7,700	0
San Mateo \| Five Point
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions					$ 7,400	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Contracts for Oil and Natural Gas (Details) $ in Thousands	Mar. 31, 2024 USD ($) bbl $ / bbl
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability)	$ 4,745
Derivative Liability, Type [Extensible Enumeration]	Open Basis Swap Contracts [Member]
Derivative Contract, Calculation Period Three \| Oil Basis
Summary of contracts for oil and natural gas
Notional Quantity (MMBtu) \| bbl	19,200,000
Fixed Price ($/MMBtu) \| $ / bbl	(0.59)
Fair Value of Asset (Liability)	$ 4,745

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Gross Asset Balances of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative Asset, Current	Derivative Asset, Current
Total	$ 5,537	$ 4,316
Total, Gross amounts netted in the condensed consolidated balance sheets	(792)	(1,646)
Total, Net amounts presented in the condensed consolidated balance sheets	4,745	2,670
Current assets
Derivative [Line Items]
Gross amounts recognized	3,739	2,573
Gross amounts netted in the condensed consolidated balance sheets	(712)	(461)
Net amounts presented in the condensed consolidated balance sheets	3,027	2,112
Other assets
Derivative [Line Items]
Gross amounts recognized	1,798	1,743
Gross amounts netted in the condensed consolidated balance sheets	(80)	(1,185)
Net amounts presented in the condensed consolidated balance sheets	$ 1,718	$ 558

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Location and Aggregate Fair Value of All Derivative Financial Instruments Recorded in the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instrument
Realized gain on derivatives	$ 275	$ 3,669
Unrealized gain (loss) on derivatives	2,075	(7,067)
Total	2,350	(3,398)
Revenues
Derivative Instrument
Realized gain on derivatives	275	3,669
Unrealized gain (loss) on derivatives	2,075	(7,067)
Natural Gas \| Revenues
Derivative Instrument
Realized gain on derivatives	275	3,669
Unrealized gain (loss) on derivatives	$ 2,075	$ (7,067)

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of the Valuation of the Company's Financial Assets and Liabilities that were Accounted for at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets (Liabilities)
Total	$ 5,537	$ 4,316
Fair value on a recurring basis
Assets (Liabilities)
Total	4,745	2,670
Fair value on a recurring basis \| Natural gas basis differential swaps
Assets (Liabilities)
Derivative liability	4,745	2,670
Fair value on a recurring basis \| Level 1
Assets (Liabilities)
Total	0	0
Fair value on a recurring basis \| Level 1 \| Natural gas basis differential swaps
Assets (Liabilities)
Derivative liability	0	0
Fair value on a recurring basis \| Level 2
Assets (Liabilities)
Total	4,745	2,670
Fair value on a recurring basis \| Level 2 \| Natural gas basis differential swaps
Assets (Liabilities)
Derivative liability	4,745	2,670
Fair value on a recurring basis \| Level 3
Assets (Liabilities)
Total	0	0
Fair value on a recurring basis \| Level 3 \| Natural gas basis differential swaps
Assets (Liabilities)
Derivative liability	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - Senior Notes - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Senior Notes Due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 699.5	$ 694.1
Senior Notes Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 511.3	$ 510.9

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Delivery Of Natural Gas And Oil Production To Third Parties
Long-term Purchase Commitment [Line Items]
Payment for volume requirement agreement	$ 15.3	$ 10.7
Volume requirement commitment	$ 537
Rustler Breaks and Wolf Asset Area \| Corporate Joint Venture \| San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Term of contractual obligation	15 years
Rustler Breaks Asset Area \| Corporate Joint Venture \| San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Term of contractual obligation	15 years
Operational Agreements \| San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Contractual obligation	$ 191.3

SUPPLEMENTAL DISCLOSURES - Summ

SUPPLEMENTAL DISCLOSURES - Summary of Current Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 419,791	$ 365,848
Accrued evaluated and unproved and unevaluated property costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	219,651	144,443
Accrued midstream properties costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	36,898	55,195
Accrued lease operating expenses
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	69,034	62,005
Accrued interest on debt
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	20,092	22,857
Accrued asset retirement obligations
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	5,002	4,605
Accrued partners’ share of joint interest charges
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	37,404	42,101
Accrued payable related to purchased natural gas
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	8,273	10,400
Other
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 23,437	$ 24,242

SUPPLEMENTAL DISCLOSURES - Supp

SUPPLEMENTAL DISCLOSURES - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Cash Flow Statements, Captions [Line Items]
Cash paid for interest expense, net of amounts capitalized	$ 42,697	$ 26,228
Increase in liabilities for drilling, completion and equipping capital expenditures	115,386	69,593
Increase (decrease) in liabilities for acquisition of oil and natural gas properties	200	(121)
Decrease in liabilities for midstream properties capital expenditures	(18,311)	(1,099)
Stock-based compensation expense recognized as a liability	5,539	1,026
Transfer of inventory (to) from oil and natural gas properties	(3,149)	433
Mineral Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase in asset retirement obligations	1,846	159
Midstream Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase in asset retirement obligations	$ 154	$ 352

SUPPLEMENTAL DISCLOSURES - Rest

SUPPLEMENTAL DISCLOSURES - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Disclosure Text Block Supplement [Abstract]
Cash	$ 23,208	$ 52,662	$ 448,723
Restricted cash	51,118	53,636	54,705
Total cash and restricted cash	$ 74,326	$ 106,298	$ 503,428	$ 547,330

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of segments	2

SEGMENT INFORMATION - Selected

SEGMENT INFORMATION - Selected Financial Information for Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 785,343	$ 563,674
Realized gain on derivatives	275	3,669
Unrealized gain (loss) on derivatives	2,075	(7,067)
Expenses	468,740	308,843
Operating (loss) income	318,953	251,433
Total assets	8,227,329	5,782,105	$ 7,726,996
Capital expenditures	638,558	333,554
Depletion, depreciation and amortization	212,311	126,325
Midstream capital expenditures	105,086	14,141
Corporate
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0
Unrealized gain (loss) on derivatives	0	0
Expenses	26,172	20,154
Operating (loss) income	(26,172)	(20,154)
Total assets	56,984	475,846
Capital expenditures	226	1,769
Depletion, depreciation and amortization	300	300
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0
Unrealized gain (loss) on derivatives	0	0
Expenses	(68,068)	(48,740)
Operating (loss) income	0	0
Total assets	0	0
Capital expenditures	0	0
Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Realized gain on derivatives	275	3,669
Unrealized gain (loss) on derivatives	2,075	(7,067)
Expenses	416,498	267,580
Operating (loss) income	292,355	236,200
Total assets	6,836,353	4,266,414
Capital expenditures	551,920	318,505
Depletion, depreciation and amortization	201,200	116,600
Capital expenditures attributable to land and seismic acquisition expenditures	201,300	23,700
Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0
Unrealized gain (loss) on derivatives	0	0
Expenses	94,138	69,849
Operating (loss) income	52,770	35,387
Total assets	1,333,992	1,039,845
Capital expenditures	86,412	13,280
Depletion, depreciation and amortization	10,800	9,400
Net income attributable to non-controlling interest in subsidiaries		(15,800)
Capital expenditures attributable to non-controlling interest	7,100	4,600
Operating Income (Loss) \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interest in subsidiaries	(19,500)
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	703,540	502,909
Oil and natural gas revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0
Oil and natural gas revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(579)	0
Oil and natural gas revenues \| Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	701,425	501,348
Oil and natural gas revenues \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,694	1,561
Midstream services revenues
Segment Reporting Information [Line Items]
Revenues	32,357	26,511
Midstream services revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0
Midstream services revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(67,489)	(48,740)
Midstream services revenues \| Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0
Midstream services revenues \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	99,846	75,251
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	49,446	34,254
Sales of purchased natural gas \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0
Sales of purchased natural gas \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0
Sales of purchased natural gas \| Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	5,078	5,830
Sales of purchased natural gas \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 44,368	$ 28,424

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands			1 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Apr. 04, 2024	Apr. 02, 2024	Apr. 23, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Face amount				$ 1,185,567	$ 1,184,627
2026 Notes Tender Offer And 2026 Notes Redemption \| Unsecured Debt \| Subsequent Event
Subsequent Event [Line Items]
Loss incurred	$ 3,000
2026 Notes Tender Offer \| Unsecured Debt \| Subsequent Event
Subsequent Event [Line Items]
Repayments of borrowings	$ 556,300		$ 556,300
2026 Notes Redemption \| Unsecured Debt \| Subsequent Event
Subsequent Event [Line Items]
Repayments of borrowings		$ 142,900	142,900
Senior Notes Due 2032 \| Unsecured Debt \| Subsequent Event
Subsequent Event [Line Items]
Face amount		$ 900,000
Interest rate		6.50%
Proceeds from issuance of sale		$ 885,000
Long-term debt outstanding			900,000
Credit Agreement \| Subsequent Event
Subsequent Event [Line Items]
Repayments of borrowings			235,000
Long-term debt outstanding			25,000
Senior Notes Due 2028 \| Unsecured Debt
Subsequent Event [Line Items]
Interest rate				6.875%
Long-term debt outstanding				$ 500,000
Senior Notes Due 2028 \| Unsecured Debt \| Subsequent Event
Subsequent Event [Line Items]
Long-term debt outstanding			500,000
Fourth Amended Credit Agreement \| Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Long-term debt outstanding			$ 52,600