Matador Resources (MTDR) 10-Q25 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		124,772,721
Entity Central Index Key	0001520006
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 23,277	$ 52,662
Restricted cash	53,746	53,636
Accounts receivable
Oil and natural gas revenues	297,757	274,192
Joint interest billings	255,724	163,660
Other	52,656	35,102
Derivative instruments	25,697	2,112
Lease and well equipment inventory	34,119	41,808
Prepaid expenses and other current assets	104,210	92,700
Total current assets	847,186	715,872
Oil and natural gas properties, full-cost method
Evaluated	12,035,981	9,633,757
Unproved and unevaluated	1,757,034	1,193,257
Midstream properties	1,617,007	1,318,015
Other property and equipment	45,676	40,375
Less accumulated depletion, depreciation and amortization	(5,910,029)	(5,228,963)
Net property and equipment	9,545,669	6,956,441
Other assets
Equity method investment	115,000	0
Derivative instruments	2,336	558
Other long-term assets	113,100	54,125
Total other assets	230,436	54,683
Total assets	10,623,291	7,726,996
Current liabilities
Accounts payable	114,206	68,185
Accrued liabilities	474,238	365,848
Royalties payable	224,554	161,983
Amounts due to affiliates	28,321	28,688
Advances from joint interest owners	55,059	19,954
Other current liabilities	69,577	40,617
Total current liabilities	965,955	685,275
Long-term liabilities
Borrowings under Credit Agreement	955,000	500,000
Borrowings under San Mateo Credit Facility	526,000	522,000
Senior unsecured notes payable	2,115,229	1,184,627
Asset retirement obligations	119,392	87,485
Deferred income taxes	784,475	581,439
Other long-term liabilities	61,030	38,482
Total long-term liabilities	4,561,126	2,914,033
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 124,895,537 and 119,478,282 shares issued; and 124,813,565 and 119,458,674 shares outstanding, respectively	1,249	1,194
Additional paid-in capital	2,498,678	2,133,172
Retained earnings	2,373,732	1,776,541
Treasury stock, at cost, 81,972 and 19,608 shares, respectively	(3,029)	(45)
Total Matador Resources Company shareholders’ equity	4,870,630	3,910,862
Non-controlling interest in subsidiaries	225,580	216,826
Total shareholders’ equity	5,096,210	4,127,688
Total liabilities and shareholders’ equity	$ 10,623,291	$ 7,726,996

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED (Parenthetical) - $ / shares	Sep. 30, 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)	124,895,537	119,478,282
Common stock, shares outstanding (in shares)	124,813,565	119,458,674
Treasury stock (in shares)	81,972	19,608

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Revenues	$ 860,137	$ 771,787	$ 2,500,675	$ 1,985,351
Realized gain (loss) on derivatives	4,528	(6,975)	8,573	(6,454)
Unrealized gain (loss) on derivatives	35,118	7,482	25,364	(8,244)
Total revenues	899,783	772,294	2,534,612	1,970,653
Expenses
Production taxes, transportation and processing	72,737	71,697	219,702	189,174
Lease operating	86,808	66,395	242,133	171,845
Purchased natural gas	31,222	37,641	105,894	93,192
Depletion, depreciation and amortization	242,821	192,794	681,066	496,633
Accretion of asset retirement obligations	1,657	1,218	4,259	2,709
General and administrative	28,787	31,731	86,353	80,879
Total expenses	507,727	432,284	1,459,983	1,126,942
Operating income	392,056	340,010	1,074,629	843,711
Other income (expense)
Net loss on impairment	0	0	0	(202)
Interest expense	(36,169)	(35,408)	(111,717)	(85,813)
Other income (expense)	2,111	(11,614)	567	5,289
Total other expense	(34,058)	(47,022)	(111,150)	(80,726)
Income before income taxes	357,998	292,988	963,479	762,985
Income tax provision (benefit)
Current	(21,096)	8,958	26,280	8,958
Deferred	106,417	5,631	203,805	119,609
Total income tax provision	85,321	14,589	230,085	128,567
Net income	272,677	278,399	733,394	634,418
Net income attributable to non-controlling interest in subsidiaries	(24,386)	(14,660)	(62,605)	(42,883)
Net income attributable to Matador Resources Company shareholders	$ 248,291	$ 263,739	$ 670,789	$ 591,535
Earnings per common share
Basic (in dollars per share)	$ 1.99	$ 2.21	$ 5.45	$ 4.97
Basic (in shares)	124,814	119,147	123,107	119,121
Diluted (in shares)	124,983	120,081	123,358	120,045
Diluted (in dollars per share)	$ 1.99	$ 2.20	$ 5.44	$ 4.93
Weighted average common shares outstanding	$ 1.99	$ 2.21	$ 5.45	$ 4.97
Basic (in shares)	124,814	119,147	123,107	119,121
Diluted (in shares)	124,983	120,081	123,358	120,045
Oil and natural gas revenues
Revenues
Revenues	$ 770,155	$ 701,527	$ 2,249,974	$ 1,792,353
Third-party midstream services revenues
Revenues
Revenues	38,316	29,931	103,324	86,517
Expenses
Plant and other midstream services operating	43,695	30,808	120,576	92,510
Sales of purchased natural gas
Revenues
Revenues	$ 51,666	$ 40,329	$ 147,377	$ 106,481

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 (in shares)			15,000
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases	12	12		12
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, 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]
Current period net income	634,418
Balance at end of period (in shares) at Sep. 30, 2023			119,277,000
Balance at end of period at Sep. 30, 2023	3,875,298	3,662,724	$ 1,192	2,120,896	1,545,712	$ (5,076)	212,574
Treasury stock, end of period (in shares) at Sep. 30, 2023						132,000
Balance at beginning of period (in shares) at Mar. 31, 2023			119,232,000
Balance at beginning 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, beginning of period (in shares) at Mar. 31, 2023						26,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(17,917)	(17,917)			(17,917)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			27,000
Issuance of common stock pursuant to employee stock compensation plan	950	950		950
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)			11,000
Stock-based compensation expense related to equity-based awards including amounts capitalized	6,097	6,097		6,097
Stock options exercised, net of options forfeited in net share settlements (in shares)			2,000
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases	14	14		14
Restricted stock forfeited (in shares)						100,000
Restricted stock forfeited	(3,806)	(3,806)				$ (3,806)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	24,500						24,500
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(25,333)						(25,333)
Current period net income	177,095	164,666			164,666		12,429
Balance at end of period (in shares) at Jun. 30, 2023			119,272,000
Balance at end of period at Jun. 30, 2023	3,617,430	3,402,856	$ 1,192	2,106,987	1,299,753	$ (5,076)	214,574
Treasury stock, end of period (in shares) at Jun. 30, 2023						126,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(17,780)	(17,780)			(17,780)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			3,000
Issuance of common stock pursuant to employee stock compensation plan	43	43		43
Stock-based compensation expense related to equity-based awards including amounts capitalized	6,751	6,751		6,751
Stock options exercised, net of options forfeited in net share settlements (in shares)			2,000
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases	5	5		5
Restricted stock forfeited (in shares)						6,000
Contribution related to formation of San Mateo	7,110	7,110		7,110
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(16,660)						(16,660)
Current period net income	278,399	263,739			263,739		14,660
Balance at end of period (in shares) at Sep. 30, 2023			119,277,000
Balance at end of period at Sep. 30, 2023	$ 3,875,298	3,662,724	$ 1,192	2,120,896	1,545,712	$ (5,076)	212,574
Treasury stock, end of period (in shares) at Sep. 30, 2023						132,000
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			124,835,000
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						55,000
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]
Current period net income	$ 733,394
Balance at end of period (in shares) at Sep. 30, 2024	124,813,565		124,895,000			82,000
Balance at end of period at Sep. 30, 2024	$ 5,096,210	4,870,630	$ 1,249	2,498,678	2,373,732	$ (3,029)	225,580
Treasury stock, end of period (in shares) at Sep. 30, 2024	81,972
Balance at beginning of period (in shares) at Mar. 31, 2024			124,835,000
Balance at beginning 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, beginning of period (in shares) at Mar. 31, 2024						55,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(24,889)	(24,889)			(24,889)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			33,000
Issuance of common stock pursuant to employee stock compensation plan	1,028	1,028	$ 1	1,027
Cost to issue equity	(2,513)	(2,513)		(2,513)
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)			18,000
Stock-based compensation expense related to equity-based awards including amounts capitalized	4,967	4,967		4,967
Restricted stock forfeited (in shares)						19,000
Restricted stock forfeited	(899)	(899)				$ (899)
Contribution related to formation of San Mateo	6,913	6,913		6,913
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	11,760						11,760
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(24,451)						(24,451)
Current period net income	247,527	228,769			228,769		18,758
Balance at end of period (in shares) at Jun. 30, 2024			124,886,000
Balance at end of period at Jun. 30, 2024	4,855,605	4,631,626	$ 1,249	2,483,075	2,150,292	$ (2,990)	223,979
Treasury stock, end of period (in shares) at Jun. 30, 2024						74,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(24,851)	(24,851)			(24,851)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			9,000
Issuance of common stock pursuant to employee stock compensation plan	54	54		54
Stock-based compensation expense related to equity-based awards including amounts capitalized	5,871	5,871		5,871
Restricted stock forfeited (in shares)						8,000
Restricted stock forfeited	(39)	(39)				$ (39)
Contribution related to formation of San Mateo	9,678	9,678		9,678
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(22,785)						(22,785)
Current period net income	$ 272,677	248,291			248,291		24,386
Balance at end of period (in shares) at Sep. 30, 2024	124,813,565		124,895,000			82,000
Balance at end of period at Sep. 30, 2024	$ 5,096,210	$ 4,870,630	$ 1,249	$ 2,498,678	$ 2,373,732	$ (3,029)	$ 225,580
Treasury stock, end of period (in shares) at Sep. 30, 2024	81,972

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED (Parenthetical) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.15	$ 0.15	$ 0.15
Contribution related to formation of San Mateo, net of tax	$ 2.6	$ 1.8	$ 0.3	$ 1.9		$ 3.1	$ 4.7	$ 5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 733,394	$ 634,418
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized (gain) loss on derivatives	(25,364)	8,244
Depletion, depreciation and amortization	681,066	496,633
Accretion of asset retirement obligations	4,259	2,709
Stock-based compensation expense	10,091	10,777
Deferred income tax provision	203,805	119,609
Amortization of debt issuance cost and other debt-related costs	12,286	4,996
Other non-cash changes	(1,027)	14
Changes in operating assets and liabilities
Accounts receivable	(75,904)	3,424
Lease and well equipment inventory	(8,587)	(10,223)
Prepaid expenses and other current assets	(78)	(41,817)
Other long-term assets	3,075	1,269
Accounts payable, accrued liabilities and other current liabilities	45,932	18,691
Royalties payable	52,882	22,655
Advances from joint interest owners	35,105	(30,941)
Income taxes payable	(1,948)	8,873
Other long-term liabilities	2,939	150
Net cash provided by operating activities	1,671,926	1,249,481
Investing activities
Drilling, completion and equipping capital expenditures	(905,431)	(855,468)
Acquisition of oil and natural gas properties	(321,827)	(120,586)
Midstream capital expenditures	(219,189)	(75,609)
Expenditures for other property and equipment	(3,957)	(2,964)
Proceeds from sale of assets	900	730
Net cash used in investing activities	(3,280,718)	(2,662,324)
Financing activities
Repayments of borrowings under Credit Agreement	(3,080,000)	(2,622,000)
Borrowings under Credit Agreement	3,535,000	3,152,000
Repayments of borrowings under San Mateo Credit Facility	(193,000)	(140,000)
Borrowings under San Mateo Credit Facility	197,000	150,000
Cost to amend credit facilities	(25,936)	(8,645)
Proceeds from issuance of senior unsecured notes	1,650,000	494,800
Cost to issue senior unsecured notes	(26,073)	(8,503)
Purchase of senior unsecured notes	(699,191)	0
Proceeds from issuance of common stock	344,663	0
Cost to issue equity	(2,566)	0
Dividends paid	(73,598)	(53,465)
Contributions related to formation of San Mateo	22,500	23,700
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	19,110	24,500
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(72,961)	(61,103)
Taxes paid related to net share settlement of stock-based compensation	(14,519)	(22,833)
Other	(912)	(764)
Net cash provided by financing activities	1,579,517	927,687
Change in cash and restricted cash	(29,275)	(485,156)
Cash and restricted cash at beginning of period	106,298	547,330
Cash and restricted cash at end of period	77,023	62,174
Advance
Investing activities
Acquisition	0	(1,608,427)
Ameredev
Investing activities
Acquisition	$ (1,831,214)	$ 0

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
NATURE OF OPERATIONS	Sep. 30, 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	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 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 September 30, 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 and nine months ended September 30, 2024 and 2023 (in thousands). Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenues from contracts with customers $ 860,137 $ 771,787 $ 2,500,675 $ 1,985,351 Realized gain (loss) on derivatives 4,528 (6,975) 8,573 (6,454) Unrealized gain (loss) on derivatives 35,118 7,482 25,364 (8,244) Total revenues $ 899,783 $ 772,294 $ 2,534,612 $ 1,970,653 Three Months Ended Nine Months Ended 2024 2023 2024 2023 Oil revenues $ 698,391 $ 588,370 $ 2,002,454 $ 1,500,511 Natural gas revenues 71,764 113,157 247,520 291,842 Third-party midstream services revenues 38,316 29,931 103,324 86,517 Sales of purchased natural gas 51,666 40,329 147,377 106,481 Total revenues from contracts with customers $ 860,137 $ 771,787 $ 2,500,675 $ 1,985,351 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 and nine months ended September 30, 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 $15.0 million and $14.4 million of its general and administrative costs for the three months ended September 30, 2024 and 2023, respectively, and $47.2 million and $41.4 million of its general and administrative costs for the nine months ended September 30, 2024 and 2023, respectively. The Company capitalized approximately $8.2 million and $7.4 million of its interest expense for the three months ended September 30, 2024 and 2023, respectively, and $23.4 million and $16.1 million of its interest expense for the nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023 (in thousands). Three Months Ended Nine Months Ended 2024 2023 2024 2023 Weighted average common shares outstanding Basic 124,814 119,147 123,107 119,121 Dilutive effect of options and restricted stock units 169 934 251 924 Diluted weighted average common shares outstanding 124,983 120,081 123,358 120,045 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	9 Months Ended
BUSINESS COMBINATIONS	Sep. 30, 2024
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Ameredev Acquisition On September 18, 2024, a wholly-owned subsidiary of the Company completed the acquisition (the “Ameredev Acquisition”) of Ameredev Stateline II, LLC (“Ameredev”) from affiliates of EnCap Investments L.P., including (i) certain oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico and Loving and Winkler Counties, Texas, and (ii) an approximate 19% stake (the “Piñon Investment”) in the parent company of Piñon Midstream, LLC (“Piñon”), which has midstream assets in southern Lea County, New Mexico. The Ameredev Acquisition had an effective date of June 1, 2024 and an aggregate as-adjusted closing purchase price of approximately $1.831 billion in cash, which amount is subject to customary post-closing adjustments, of which approximately $95.3 million was deposited in escrow in connection with the execution of the Securities Purchase Agreement, dated as of June 12, 2024. The purchase price for the Ameredev Acquisition was funded by a combination of cash on hand and borrowings under the Company’s existing secured revolving credit facility (the “Credit Agreement”), which was amended on September 18, 2024 to, among other things: (i) provide for a term loan of $250.0 million, the full amount of which was borrowed to fund the Ameredev Acquisition, and (ii) increase the elected borrowing commitments under the revolving credit facility from $1.50 billion to $2.25 billion. On September 25, 2024, the Company completed the sale of $750.0 million in aggregate principal amount of the Company’s 6.25% senior unsecured notes due 2033 (the “2033 Notes”) and used the net proceeds to partially repay borrowings outstanding under the Credit Agreement, including all of the $250.0 million in outstanding borrowings under the term loan. The Ameredev Acquisition was accounted for under the acquisition method of accounting as a business combination in accordance with 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 respective acquisition date, with any excess purchase price allocated to goodwill. As the Company acquired 100% of the membership interests of Ameredev, the acquisition was treated as an asset acquisition for tax purposes. The Company concluded that the Piñon Investment is an equity method investment. The preliminary allocation of the total purchase price for the Ameredev Acquisition is set forth below (in thousands). As of the date of this filing, the valuation of assets acquired and liabilities assumed remains ongoing and adjustments may be made. The Company expects to complete the final purchase price allocation during the 12-month period subsequent to the Ameredev Acquisition closing date. Consideration Allocation Cash consideration given $ 1,831,214 Allocation of purchase price Current assets $ 57,279 Oil and natural gas properties Evaluated 1,258,433 Unproved and unevaluated 369,258 Midstream assets 125,860 Equity method investment 115,000 Current liabilities (88,283) Asset retirement obligations (6,333) Net assets acquired $ 1,831,214 The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair value of evaluated oil and 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 Ameredev Acquisition since the closing date have been included in the Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2024. The oil and natural gas production from Ameredev increased the Company’s revenues and net income for the period from September 18, 2024 through September 30, 2024 by $16.5 million and $5.5 million, respectively. Pro Forma Information The following unaudited pro forma financial information represents a summary of the condensed consolidated results of operations for the three and nine months ended September 30, 2024 and 2023, assuming the Ameredev Acquisition had been completed as of January 1, 2023. The pro forma financial information is provided for illustrative purposes only and does not purport to represent what the actual consolidated results of operations or the consolidated financial position of the Company would have been had the Ameredev Acquisition occurred on the dates noted above, nor is it necessarily indicative of the future results of operations or consolidated financial position of the Company. Future results may vary significantly from the results reflected because of various factors. The information below reflects certain nonrecurring pro forma adjustments that were directly related to the business combination based on currently available information and certain estimates and assumptions that the Company believes provide a reasonable basis for presenting the significant effects of the Ameredev Acquisition, including (i) the increase in depletion reflecting the relative fair values and production volumes attributable to Ameredev’s properties and the revision to the depletion rate reflecting the reserve volumes acquired, (ii) adjustments to interest expense as a result of the incremental borrowings necessary to finance the Ameredev Acquisition and (iii) the estimated tax impacts of the pro-forma adjustments. The pro forma financial information does not reflect the benefits of projected synergies, potential cost savings or the costs that may be necessary to achieve such savings, opportunities to increase revenue generation or other factors that may result from the Ameredev Acquisition and, accordingly, does not attempt to predict or suggest future results. Management cannot identify the timing, nature and amount of such savings, costs or other factors, any of which could affect the future consolidated results of operations or consolidated financial position of the Company. Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands, except per share data) Total revenue $ 997,535 $ 941,900 $ 2,808,101 $ 2,448,270 Net income attributable to Matador Resources Company shareholders $ 241,882 $ 268,370 $ 655,453 $ 606,432 Earnings per share: Basic $ 1.94 $ 2.25 $ 5.32 $ 5.09 Diluted $ 1.94 $ 2.23 $ 5.31 $ 5.05 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, at September 30, 2024, 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 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 $ 3,358 Oil and natural gas properties Evaluated 45,778 Unproved and unevaluated 107,072 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 evaluated 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 and nine months ended September 30, 2024. The pro forma impact of this business combination to revenues and net income for 2024 and 2023 would not be material to the Company’s 2024 or 2023 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 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 was 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	9 Months Ended
ASSET RETIREMENT OBLIGATIONS	Sep. 30, 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 nine months ended September 30, 2024 (in thousands). Beginning asset retirement obligations $ 92,090 Liabilities incurred during period 5,511 Liabilities settled during period (725) Revisions in estimated cash flows 16,351 Acquisitions during period 7,487 Divestitures during period (334) Accretion expense 4,259 Ending asset retirement obligations 124,639 Less: current asset retirement obligations (1) (5,247) Long-term asset retirement obligations $ 119,392 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at September 30, 2024.

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT At September 30, 2024, the Company had (i) $500.0 million of outstanding senior notes due 2028 (the “2028 Notes”), (ii) $900.0 million of outstanding senior notes due 2032 (the “2032 Notes”), (iii) $750.0 million of outstanding 2033 Notes, (iv) $955.0 million in borrowings outstanding under the Credit Agreement and (v) approximately $52.9 million in outstanding letters of credit issued pursuant to the Credit Agreement. Between September 30, 2024 and October 22, 2024, the Company repaid $65.0 million of borrowings under the Credit Agreement. At September 30, 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 September 30, 2024 and October 22, 2024, San Mateo repaid $32.0 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, On September 18, 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) provide for a term loan of $250.0 million, the full amount of which was borrowed to fund the Ameredev Acquisition, and (ii) increase the elected borrowing commitments under the revolving credit facility from $1.50 billion to $2.25 billion. On September 25, 2024, the Company completed the sale of $750.0 million in aggregate principal amount of the 2033 Notes and used the net proceeds to partially repay borrowings outstanding under the Credit Agreement, including all of the $250.0 million in outstanding borrowings under the term loan. The 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 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 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 September 30, 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 September 30, 2024. Senior Unsecured Notes 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 $699.2 million of outstanding senior notes due 2026 (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”). 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 (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 included in interest expense for the nine months ended September 30, 2024. 2028 Senior Notes At September 30, 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 certain subsidiaries of the Company (the “Guarantor Subsidiaries”). Neither San Mateo nor Pronto is a guarantor of the 2028 Notes. 2032 Senior Notes On April 2, 2024, the Company completed the sale of $900.0 million in aggregate principal amount of the 2032 Notes, which have a 6.50% coupon rate and mature on April 15, 2032. Interest on the 2032 Notes is payable in arrears on each April 15 and October 15. The first interest payment date for the 2032 Notes was 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. At any time prior to April 15, 2027, the Company may redeem up to 40% in aggregate principal amount of 2032 Notes at a redemption price of 106.500% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, in an amount not greater than the net proceeds of certain equity offerings, so long as the redemption occurs within 180 days of completing such equity offering and at least 60% of the aggregate principal amount of the 2032 Notes remains outstanding after such redemption. In addition, at any time prior to April 15, 2027, the Company may redeem all or part of the 2032 Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest, if any, to the applicable redemption date. On or after April 15, 2027, the Company may redeem all or a part of the 2032 Notes at any time or from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning April 15 of the years indicated below: Year Redemption Price 2027 103.250% 2028 101.625% 2029 and thereafter 100.000% 2033 Senior Notes On September 25, 2024, the Company completed the sale of $750.0 million in aggregate principal amount of the 2033 Notes, which have a 6.25% coupon rate and mature on April 15, 2033. Interest on the 2033 Notes is payable in arrears on each April 15 and October 15. The first interest payment date for the 2033 Notes will be April 15, 2025. The 2033 Notes are guaranteed on a senior unsecured basis by the Guarantor Subsidiaries. Neither San Mateo nor Pronto is a guarantor of the 2033 Notes. At any time prior to April 15, 2028, the Company may redeem up to 40% in aggregate principal amount of 2033 Notes at a redemption price of 106.250% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, in an amount not greater than the net proceeds of certain equity offerings, so long as the redemption occurs within 180 days of completing such equity offering and at least 60% of the aggregate principal amount of the 2033 Notes remains outstanding after such redemption. In addition, at any time prior to April 15, 2028, the Company may redeem all or part of the 2033 Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest, if any, to the applicable redemption date. On or after April 15, 2028, the Company may redeem all or a part of the 2033 Notes at any time or from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning April 15 of the years indicated below: Year Redemption Price 2028 103.125% 2029 101.563% 2030 and thereafter 100.000% Debt Maturities The outstanding borrowings of $526.0 million at September 30, 2024 under the San Mateo Credit Facility mature on December 9, 2026. The outstanding borrowings of $955.0 million at September 30, 2024 under the Credit Agreement mature on March 22, 2029. The $500.0 million of outstanding 2028 Notes at September 30, 2024 mature on April 15, 2028. The $900.0 million of outstanding 2032 Notes at September 30, 2024 mature on April 15, 2032. The $750.0 million of outstanding 2033 Notes at September 30, 2024 mature on April 15, 2033.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded a current income tax benefit of $21.1 million and a current income tax provision of $26.3 million for the three and nine months ended September 30, 2024, respectively, and a deferred income tax provision of $106.4 million and $203.8 million for the three and nine months ended September 30, 2024, respectively. The Company recorded a current income tax provision of $9.0 million for each of the three and nine months ended September 30, 2023 and a deferred income tax provision of $5.6 million and $119.6 million for the three and nine months ended September 30, 2023, respectively. The Company’s effective income tax rate of 26% for both the three and nine months ended September 30, 2024 differed from the U.S. federal statutory rate due primarily to permanent differences between book and taxable income and state taxes, primarily in New Mexico. The Company’s effective income tax rates of 5% and 18% for the three and nine months ended September 30, 2023, respectively, differed from the U.S. federal statutory rate due primarily to recognizing research and experimental expenditure tax credits of $65.1 million in the third quarter of 2023, which were partially offset by permanent differences between book and taxable income and state taxes, primarily in New Mexico.

EQUITY

EQUITY	9 Months Ended
EQUITY	Sep. 30, 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 $342.1 million. The net proceeds from this offering were used for general corporate purposes, including the funding of acquisitions and the repayment of borrowings outstanding under the Credit Agreement. Stock-based Compensation During the nine months ended September 30, 2024, the Company granted awards to certain of its employees of 140,200 service-based restricted stock units to be settled in cash, which are liability instruments, and 176,000 performance-based stock units and 119,950 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 $26.4 million on their respective grant dates. Common Stock Dividend Matador’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.20 per share of common stock in each of the first, second and third quarters of 2024. The first quarter dividend, which totaled $23.9 million, was paid on March 13, 2024 to shareholders of record as of February 23, 2024. The second quarter dividend, which totaled $24.9 million, was paid on June 7, 2024 to shareholders of record as of May 17, 2024. The third quarter dividend, which totaled $24.9 million, was paid on September 5, 2024 to shareholders of record as of August 15, 2024. On October 16, 2024, the Board amended the Company’s dividend policy to increase the quarterly dividend to $0.25 per share of common stock for future dividend payments and also declared a quarterly cash dividend of $0.25 per share of common stock payable on December 6, 2024 to shareholders of record as of November 15, 2024. San Mateo Distributions and Contributions During the three months ended September 30, 2024 and 2023, San Mateo distributed $23.7 million and $17.3 million, respectively, to the Company and $22.8 million and $16.7 million, respectively, to a subsidiary of Five Point Energy LLC (“Five Point”), the Company’s joint venture partner in San Mateo. During the nine months ended September 30, 2024 and 2023, San Mateo distributed $75.9 million and $63.6 million, respectively, to the Company and $73.0 million and $61.1 million, respectively, to a subsidiary of Five Point. During the nine months ended September 30, 2024 and 2023, the Company contributed $19.9 million and $25.5 million, respectively, and Five Point contributed $19.1 million and $24.5 million, respectively, of cash to San Mateo. During the three months ended September 30, 2024 and 2023, there were no contributions to San Mateo by either the Company or Five Point. Performance Incentives Five Point paid the Company $12.3 million and $9.0 million of performance incentives during the three months ended September 30, 2024 and 2023, respectively. Five Point paid the Company $22.5 million and $23.7 million of performance incentives during the nine months ended September 30, 2024 and 2023, respectively. These performance incentives are recorded when received, net of the $2.6 million and $1.9 million deferred tax impact to the Company for the three months ended September 30, 2024 and 2023, respectively, and the $4.7 million and $5.0 million deferred tax impact to the Company for the nine months ended September 30, 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 and nine months ended September 30, 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	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS At September 30, 2024, the Company had various costless collar contracts open and in place to mitigate its exposure to oil price volatility, each with an established price floor and ceiling. At September 30, 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 natural gas liquids prices at September 30, 2024. The following is a summary of the Company’s open costless collar contracts at September 30, 2024. Commodity Calculation Period Notional Quantity Weighted Average Price Floor Weighted Average Price Ceiling Fair Value of Oil Costless Collar 10/01/2024 - 6/30/2025 12,285,000 $ 60.00 $ 86.26 $ 20,898 Total open costless collar contracts $ 20,898 The following is a summary of the Company’s open basis differential swap contracts at September 30, 2024. Commodity Calculation Period Notional Quantity (MMBtu) Fixed Price Fair Value of Natural Gas Basis Differential 10/01/2024 - 12/31/2025 13,710,000 $ (0.59) $ 7,135 Total open basis differential swap contracts $ 7,135 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 September 30, 2024 and December 31, 2023 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed September 30, 2024 Current assets $ 55,076 $ (29,379) $ 25,697 Other assets 8,190 (5,854) 2,336 Current liabilities (29,379) 29,379 — Long-term liabilities (5,854) 5,854 — Total $ 28,033 $ — $ 28,033 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 Nine Months Ended Type of Instrument Location in Condensed Consolidated 2024 2023 2024 2023 Derivative Instrument Natural Gas Revenues: Realized gain (loss) on derivatives $ 4,528 $ (6,975) $ 8,573 $ (6,454) Realized gain (loss) on derivatives $ 4,528 $ (6,975) $ 8,573 $ (6,454) Oil Revenues: Unrealized gain on derivatives $ 35,602 $ — $ 20,898 $ — Natural Gas Revenues: Unrealized (loss) gain on derivatives (484) 7,482 4,466 (8,244) Unrealized gain (loss) on derivatives $ 35,118 $ 7,482 $ 25,364 $ (8,244) Total $ 39,646 $ 507 $ 33,937 $ (14,698)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 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 September 30, 2024 and December 31, 2023 (in thousands). Fair Value Measurements at September 30, 2024 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil costless collars $ — $ 20,898 $ — $ 20,898 Natural gas basis differential swaps — 7,135 — 7,135 Total $ — $ 28,033 $ — $ 28,033 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 September 30, 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 September 30, 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 September 30, 2024 and December 31, 2023, the fair value of the 2028 Notes was $508.8 million and $510.9 million, respectively, based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy. At September 30, 2024, the fair value of the 2032 Notes was $900.0 million based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy. At September 30, 2024, the fair value of the 2033 Notes was $736.9 million 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 Ameredev Acquisition, the Q1 2024 Acquisition and the Advance Acquisition.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 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 $18.6 million and $16.0 million for deliveries under these agreements during the three months ended September 30, 2024 and 2023, respectively, and $50.2 million and $38.1 million for deliveries under these agreements during the nine months ended September 30, 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 September 30, 2024, the total deficiencies required to be paid by the Company under these agreements would be approximately $617.5 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 September 30, 2024 was approximately $131.7 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	9 Months Ended
SUPPLEMENTAL DISCLOSURES	Sep. 30, 2024
Disclosure Text Block Supplement [Abstract]
SUPPLEMENTAL DISCLOSURES	SUPPLEMENTAL DISCLOSURES Accrued Liabilities The following table summarizes the Company’s current accrued liabilities at September 30, 2024 and December 31, 2023 (in thousands). September 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 191,173 $ 144,443 Accrued midstream properties costs 21,422 55,195 Accrued lease operating expenses 86,564 62,005 Accrued interest on debt 50,585 22,857 Accrued asset retirement obligations 5,247 4,605 Accrued partners’ share of joint interest charges 52,296 42,101 Accrued payable related to purchased natural gas 10,263 10,400 Other 56,688 24,242 Total accrued liabilities $ 474,238 $ 365,848 Supplemental Cash Flow Information The following table provides supplemental disclosures of cash flow information for the nine months ended September 30, 2024 and 2023 (in thousands). Nine Months Ended 2024 2023 Cash paid for income taxes $ 34,283 $ 1,677 Cash paid for interest expense, net of amounts capitalized $ 84,406 $ 77,396 Increase in asset retirement obligations related to mineral properties $ 27,799 $ 32,448 Increase in asset retirement obligations related to midstream properties $ 492 $ 1,106 Increase in liabilities for drilling, completion and equipping capital expenditures $ 65,925 $ 63,299 Increase in liabilities for acquisition of oil and natural gas properties $ 1,066 $ 360 (Decrease) increase in liabilities for midstream properties capital expenditures $ (33,773) $ 11,556 Stock-based compensation expense recognized as a liability $ 8,004 $ 8,557 Transfer of inventory (to) from oil and natural gas properties $ (13,377) $ 550 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). Nine Months Ended 2024 2023 Cash $ 23,277 $ 25,935 Restricted cash 53,746 36,239 Total cash and restricted cash $ 77,023 $ 62,174

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
SEGMENT INFORMATION	Sep. 30, 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 September 30, 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. During the third quarter of 2024, the Company also acquired the Piñon Investment as part of the Ameredev Acquisition. 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 September 30, 2024 Oil and natural gas revenues $ 765,181 $ 4,974 $ — $ — $ 770,155 Midstream services revenues — 120,056 — (81,740) 38,316 Sales of purchased natural gas 7,079 44,587 — — 51,666 Realized gain on derivatives 4,528 — — — 4,528 Unrealized gain on derivatives 35,118 — — — 35,118 Expenses (1) 465,797 98,260 25,410 (81,740) 507,727 Operating income (2) $ 346,109 $ 71,357 $ (25,410) $ — $ 392,056 Total assets $ 8,899,141 $ 1,653,821 $ 70,329 $ — $ 10,623,291 Capital expenditures (3) $ 1,915,453 $ 295,650 $ 3,186 $ — $ 2,214,289 _____________________ (1) Includes depletion, depreciation and amortization expenses of $231.6 million and $10.9 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.4 million. (2) Includes $24.4 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $1.59 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $240.9 million attributable to midstream acquisition expenditures and $5.9 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 September 30, 2023 Oil and natural gas revenues $ 700,227 $ 1,300 $ — $ — $ 701,527 Midstream services revenues — 89,300 — (59,369) 29,931 Sales of purchased natural gas 5,719 34,610 — — 40,329 Realized loss on derivatives (6,975) — — — (6,975) Unrealized gain on derivatives 7,482 — — — 7,482 Expenses (1) 383,259 79,353 29,041 (59,369) 432,284 Operating income (2) $ 323,194 $ 45,857 $ (29,041) $ — $ 340,010 Total assets $ 6,246,067 $ 1,131,399 $ 61,697 $ — $ 7,439,163 Capital expenditures (3) $ 249,293 $ 55,922 $ 486 $ — $ 305,701 _____________________ (1) Includes depletion, depreciation and amortization expenses of $182.2 million and $10.3 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million. (2) Includes $14.7 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $53.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $14.1 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 Nine Months Ended September 30, 2024 Oil and natural gas revenues $ 2,238,873 $ 11,679 $ — $ (578) $ 2,249,974 Midstream services revenues — 324,248 — (220,924) 103,324 Sales of purchased natural gas 17,278 130,099 — — 147,377 Realized gain on derivatives 8,573 — — — 8,573 Unrealized gain on derivatives 25,364 — — — 25,364 Expenses (1) 1,319,255 286,016 76,214 (221,502) 1,459,983 Operating income (2) $ 970,833 $ 180,010 $ (76,214) $ — $ 1,074,629 Total assets $ 8,899,141 $ 1,653,821 $ 70,329 $ — $ 10,623,291 Capital expenditures (3) $ 2,939,236 $ 433,587 $ 3,957 $ — $ 3,376,780 _____________________ (1) Includes depletion, depreciation and amortization expenses of $647.5 million and $32.7 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.0 million. (2) Includes $62.6 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $1.94 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $240.9 million attributable to midstream acquisition expenditures and $19.2 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 Nine Months Ended September 30, 2023 Oil and natural gas revenues $ 1,788,307 $ 4,046 $ — $ — $ 1,792,353 Midstream services revenues — 243,764 — (157,247) 86,517 Sales of purchased natural gas 17,094 89,387 — — 106,481 Realized loss on derivatives (6,454) — — — (6,454) Unrealized loss on derivatives (8,244) — — — (8,244) Expenses (1) 992,351 219,324 72,514 (157,247) 1,126,942 Operating income (2) $ 798,352 $ 117,873 $ (72,514) $ — $ 843,711 Total assets $ 6,246,067 $ 1,131,399 $ 61,697 $ — $ 7,439,163 Capital expenditures (3) $ 2,465,477 $ 151,331 $ 2,964 $ — $ 2,619,772 _____________________ (1) Includes depletion, depreciation and amortization expenses of $466.2 million and $29.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.0 million. (2) Includes $42.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $1.67 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million attributable to midstream acquisition expenditures and $25.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Matador Resources Company shareholders	$ 248,291	$ 263,739	$ 670,789	$ 591,535

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 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 September 30, 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 and nine months ended September 30, 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)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 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 and nine months ended September 30, 2024 and 2023 (in thousands). Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenues from contracts with customers $ 860,137 $ 771,787 $ 2,500,675 $ 1,985,351 Realized gain (loss) on derivatives 4,528 (6,975) 8,573 (6,454) Unrealized gain (loss) on derivatives 35,118 7,482 25,364 (8,244) Total revenues $ 899,783 $ 772,294 $ 2,534,612 $ 1,970,653 Three Months Ended Nine Months Ended 2024 2023 2024 2023 Oil revenues $ 698,391 $ 588,370 $ 2,002,454 $ 1,500,511 Natural gas revenues 71,764 113,157 247,520 291,842 Third-party midstream services revenues 38,316 29,931 103,324 86,517 Sales of purchased natural gas 51,666 40,329 147,377 106,481 Total revenues from contracts with customers $ 860,137 $ 771,787 $ 2,500,675 $ 1,985,351
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 and nine months ended September 30, 2024 and 2023 (in thousands). Three Months Ended Nine Months Ended 2024 2023 2024 2023 Weighted average common shares outstanding Basic 124,814 119,147 123,107 119,121 Dilutive effect of options and restricted stock units 169 934 251 924 Diluted weighted average common shares outstanding 124,983 120,081 123,358 120,045

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
BUSINESS COMBINATIONS (Tables)	Sep. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Preliminary Allocation of Acquisition	The preliminary allocation of the total purchase price for the Ameredev Acquisition is set forth below (in thousands). As of the date of this filing, the valuation of assets acquired and liabilities assumed remains ongoing and adjustments may be made. The Company expects to complete the final purchase price allocation during the 12-month period subsequent to the Ameredev Acquisition closing date. Consideration Allocation Cash consideration given $ 1,831,214 Allocation of purchase price Current assets $ 57,279 Oil and natural gas properties Evaluated 1,258,433 Unproved and unevaluated 369,258 Midstream assets 125,860 Equity method investment 115,000 Current liabilities (88,283) Asset retirement obligations (6,333) Net assets acquired $ 1,831,214 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 $ 3,358 Oil and natural gas properties Evaluated 45,778 Unproved and unevaluated 107,072 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
Pro Forma Information	The information below reflects certain nonrecurring pro forma adjustments that were directly related to the business combination based on currently available information and certain estimates and assumptions that the Company believes provide a reasonable basis for presenting the significant effects of the Ameredev Acquisition, including (i) the increase in depletion reflecting the relative fair values and production volumes attributable to Ameredev’s properties and the revision to the depletion rate reflecting the reserve volumes acquired, (ii) adjustments to interest expense as a result of the incremental borrowings necessary to finance the Ameredev Acquisition and (iii) the estimated tax impacts of the pro-forma adjustments. The pro forma financial information does not reflect the benefits of projected synergies, potential cost savings or the costs that may be necessary to achieve such savings, opportunities to increase revenue generation or other factors that may result from the Ameredev Acquisition and, accordingly, does not attempt to predict or suggest future results. Management cannot identify the timing, nature and amount of such savings, costs or other factors, any of which could affect the future consolidated results of operations or consolidated financial position of the Company. Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands, except per share data) Total revenue $ 997,535 $ 941,900 $ 2,808,101 $ 2,448,270 Net income attributable to Matador Resources Company shareholders $ 241,882 $ 268,370 $ 655,453 $ 606,432 Earnings per share: Basic $ 1.94 $ 2.25 $ 5.32 $ 5.09 Diluted $ 1.94 $ 2.23 $ 5.31 $ 5.05

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
ASSET RETIREMENT OBLIGATIONS (Tables)	Sep. 30, 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 nine months ended September 30, 2024 (in thousands). Beginning asset retirement obligations $ 92,090 Liabilities incurred during period 5,511 Liabilities settled during period (725) Revisions in estimated cash flows 16,351 Acquisitions during period 7,487 Divestitures during period (334) Accretion expense 4,259 Ending asset retirement obligations 124,639 Less: current asset retirement obligations (1) (5,247) Long-term asset retirement obligations $ 119,392 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at September 30, 2024.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Redemption Price	On or after April 15, 2027, the Company may redeem all or a part of the 2032 Notes at any time or from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning April 15 of the years indicated below: Year Redemption Price 2027 103.250% 2028 101.625% 2029 and thereafter 100.000% On or after April 15, 2028, the Company may redeem all or a part of the 2033 Notes at any time or from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning April 15 of the years indicated below: Year Redemption Price 2028 103.125% 2029 101.563% 2030 and thereafter 100.000%

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of contracts	The following is a summary of the Company’s open costless collar contracts at September 30, 2024. Commodity Calculation Period Notional Quantity Weighted Average Price Floor Weighted Average Price Ceiling Fair Value of Oil Costless Collar 10/01/2024 - 6/30/2025 12,285,000 $ 60.00 $ 86.26 $ 20,898 Total open costless collar contracts $ 20,898 The following is a summary of the Company’s open basis differential swap contracts at September 30, 2024. Commodity Calculation Period Notional Quantity (MMBtu) Fixed Price Fair Value of Natural Gas Basis Differential 10/01/2024 - 12/31/2025 13,710,000 $ (0.59) $ 7,135 Total open basis differential swap contracts $ 7,135
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 September 30, 2024 and December 31, 2023 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed September 30, 2024 Current assets $ 55,076 $ (29,379) $ 25,697 Other assets 8,190 (5,854) 2,336 Current liabilities (29,379) 29,379 — Long-term liabilities (5,854) 5,854 — Total $ 28,033 $ — $ 28,033 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 Nine Months Ended Type of Instrument Location in Condensed Consolidated 2024 2023 2024 2023 Derivative Instrument Natural Gas Revenues: Realized gain (loss) on derivatives $ 4,528 $ (6,975) $ 8,573 $ (6,454) Realized gain (loss) on derivatives $ 4,528 $ (6,975) $ 8,573 $ (6,454) Oil Revenues: Unrealized gain on derivatives $ 35,602 $ — $ 20,898 $ — Natural Gas Revenues: Unrealized (loss) gain on derivatives (484) 7,482 4,466 (8,244) Unrealized gain (loss) on derivatives $ 35,118 $ 7,482 $ 25,364 $ (8,244) Total $ 39,646 $ 507 $ 33,937 $ (14,698)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 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 September 30, 2024 and December 31, 2023 (in thousands). Fair Value Measurements at September 30, 2024 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil costless collars $ — $ 20,898 $ — $ 20,898 Natural gas basis differential swaps — 7,135 — 7,135 Total $ — $ 28,033 $ — $ 28,033 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)	9 Months Ended
SUPPLEMENTAL DISCLOSURES (Tables)	Sep. 30, 2024
Disclosure Text Block Supplement [Abstract]
Summary of current accrued liabilities	The following table summarizes the Company’s current accrued liabilities at September 30, 2024 and December 31, 2023 (in thousands). September 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 191,173 $ 144,443 Accrued midstream properties costs 21,422 55,195 Accrued lease operating expenses 86,564 62,005 Accrued interest on debt 50,585 22,857 Accrued asset retirement obligations 5,247 4,605 Accrued partners’ share of joint interest charges 52,296 42,101 Accrued payable related to purchased natural gas 10,263 10,400 Other 56,688 24,242 Total accrued liabilities $ 474,238 $ 365,848
Supplemental disclosures of cash flow information	The following table provides supplemental disclosures of cash flow information for the nine months ended September 30, 2024 and 2023 (in thousands). Nine Months Ended 2024 2023 Cash paid for income taxes $ 34,283 $ 1,677 Cash paid for interest expense, net of amounts capitalized $ 84,406 $ 77,396 Increase in asset retirement obligations related to mineral properties $ 27,799 $ 32,448 Increase in asset retirement obligations related to midstream properties $ 492 $ 1,106 Increase in liabilities for drilling, completion and equipping capital expenditures $ 65,925 $ 63,299 Increase in liabilities for acquisition of oil and natural gas properties $ 1,066 $ 360 (Decrease) increase in liabilities for midstream properties capital expenditures $ (33,773) $ 11,556 Stock-based compensation expense recognized as a liability $ 8,004 $ 8,557 Transfer of inventory (to) from oil and natural gas properties $ (13,377) $ 550 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). Nine Months Ended 2024 2023 Cash $ 23,277 $ 25,935 Restricted cash 53,746 36,239 Total cash and restricted cash $ 77,023 $ 62,174

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
SEGMENT INFORMATION (Tables)	Sep. 30, 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 September 30, 2024 Oil and natural gas revenues $ 765,181 $ 4,974 $ — $ — $ 770,155 Midstream services revenues — 120,056 — (81,740) 38,316 Sales of purchased natural gas 7,079 44,587 — — 51,666 Realized gain on derivatives 4,528 — — — 4,528 Unrealized gain on derivatives 35,118 — — — 35,118 Expenses (1) 465,797 98,260 25,410 (81,740) 507,727 Operating income (2) $ 346,109 $ 71,357 $ (25,410) $ — $ 392,056 Total assets $ 8,899,141 $ 1,653,821 $ 70,329 $ — $ 10,623,291 Capital expenditures (3) $ 1,915,453 $ 295,650 $ 3,186 $ — $ 2,214,289 _____________________ (1) Includes depletion, depreciation and amortization expenses of $231.6 million and $10.9 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.4 million. (2) Includes $24.4 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $1.59 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $240.9 million attributable to midstream acquisition expenditures and $5.9 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 September 30, 2023 Oil and natural gas revenues $ 700,227 $ 1,300 $ — $ — $ 701,527 Midstream services revenues — 89,300 — (59,369) 29,931 Sales of purchased natural gas 5,719 34,610 — — 40,329 Realized loss on derivatives (6,975) — — — (6,975) Unrealized gain on derivatives 7,482 — — — 7,482 Expenses (1) 383,259 79,353 29,041 (59,369) 432,284 Operating income (2) $ 323,194 $ 45,857 $ (29,041) $ — $ 340,010 Total assets $ 6,246,067 $ 1,131,399 $ 61,697 $ — $ 7,439,163 Capital expenditures (3) $ 249,293 $ 55,922 $ 486 $ — $ 305,701 _____________________ (1) Includes depletion, depreciation and amortization expenses of $182.2 million and $10.3 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million. (2) Includes $14.7 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $53.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $14.1 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 Nine Months Ended September 30, 2024 Oil and natural gas revenues $ 2,238,873 $ 11,679 $ — $ (578) $ 2,249,974 Midstream services revenues — 324,248 — (220,924) 103,324 Sales of purchased natural gas 17,278 130,099 — — 147,377 Realized gain on derivatives 8,573 — — — 8,573 Unrealized gain on derivatives 25,364 — — — 25,364 Expenses (1) 1,319,255 286,016 76,214 (221,502) 1,459,983 Operating income (2) $ 970,833 $ 180,010 $ (76,214) $ — $ 1,074,629 Total assets $ 8,899,141 $ 1,653,821 $ 70,329 $ — $ 10,623,291 Capital expenditures (3) $ 2,939,236 $ 433,587 $ 3,957 $ — $ 3,376,780 _____________________ (1) Includes depletion, depreciation and amortization expenses of $647.5 million and $32.7 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.0 million. (2) Includes $62.6 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $1.94 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $240.9 million attributable to midstream acquisition expenditures and $19.2 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 Nine Months Ended September 30, 2023 Oil and natural gas revenues $ 1,788,307 $ 4,046 $ — $ — $ 1,792,353 Midstream services revenues — 243,764 — (157,247) 86,517 Sales of purchased natural gas 17,094 89,387 — — 106,481 Realized loss on derivatives (6,454) — — — (6,454) Unrealized loss on derivatives (8,244) — — — (8,244) Expenses (1) 992,351 219,324 72,514 (157,247) 1,126,942 Operating income (2) $ 798,352 $ 117,873 $ (72,514) $ — $ 843,711 Total assets $ 6,246,067 $ 1,131,399 $ 61,697 $ — $ 7,439,163 Capital expenditures (3) $ 2,465,477 $ 151,331 $ 2,964 $ — $ 2,619,772 _____________________ (1) Includes depletion, depreciation and amortization expenses of $466.2 million and $29.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.0 million. (2) Includes $42.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $1.67 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million attributable to midstream acquisition expenditures and $25.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 860,137	$ 771,787	$ 2,500,675	$ 1,985,351
Realized gain (loss) on derivatives	4,528	(6,975)	8,573	(6,454)
Unrealized gain (loss) on derivatives	35,118	7,482	25,364	(8,244)
Total revenues	899,783	772,294	2,534,612	1,970,653
Oil revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	698,391	588,370	2,002,454	1,500,511
Natural gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	71,764	113,157	247,520	291,842
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	38,316	29,931	103,324	86,517
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 51,666	$ 40,329	$ 147,377	$ 106,481

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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	$ 0	$ 0
Deferred income tax benefit	(106,417)	(5,631)	(203,805)	(119,609)
Capitalized general and administrative costs	15,000	14,400	47,200	41,400
Interest costs capitalized	$ 8,200	$ 7,400	$ 23,400	$ 16,100

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted average common shares outstanding
Basic (in shares)	124,814	119,147	123,107	119,121
Dilutive effect of options and restricted stock units (in shares)	169	934	251	924
Diluted weighted average common shares outstanding (in shares)	124,983	120,081	123,358	120,045

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) $ in Thousands

2 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2024 USD ($)

Sep. 25, 2024 USD ($)

Jun. 01, 2024 USD ($)

Feb. 15, 2024 USD ($)

Oct. 01, 2023 USD ($)

Apr. 12, 2023 USD ($) $ / bbl

Oct. 31, 2023 $ / bbl

Sep. 30, 2024 USD ($)

Dec. 31, 2023 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 18, 2024 USD ($)

Jun. 12, 2024 USD ($)

Business Acquisition [Line Items]

Repayments of borrowings under Credit Agreement

$ 3,080,000

$ 2,622,000

Revenues from contracts with customers

$ 860,137

$ 771,787

2,500,675

1,985,351

Net income attributable to Matador Resources Company shareholders

248,291

263,739

670,789

591,535

Senior Notes Due 2033 | Unsecured Debt

Business Acquisition [Line Items]

Long-term debt outstanding

$ 750,000

750,000

Interest rate

6.25%

Revolving Credit Facility | Amendment To Credit Agreement

Business Acquisition [Line Items]

Repayments of borrowings under Credit Agreement

$ 250,000

Oil and natural gas revenues

Business Acquisition [Line Items]

Revenues from contracts with customers

$ 770,155

$ 701,527

2,249,974

1,792,353

Ameredev

Business Acquisition [Line Items]

Percentage acquired

100%

Aggregate purchase price

$ 1,831,214

Escrow deposit

$ 95,300

Acquisition

1,831,214

Ameredev | Revolving Credit Facility | Amendment To Credit Agreement

Business Acquisition [Line Items]

Increase in borrowing base

$ 250,000

Maximum borrowing commitment

1,500,000

Accordion feature, Higher borrowing commitment

$ 2,250,000

Ameredev | Piñon Midstream, LLC

Business Acquisition [Line Items]

Percentage acquired

19%

Ameredev | Oil and natural gas revenues

Business Acquisition [Line Items]

Revenues from contracts with customers

16,500

Net income attributable to Matador Resources Company shareholders

$ 5,500

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

$ 0

$ 1,608,427

Cash

$ 7,500

Average oil and gas prices (USD per barrel) | $ / bbl

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]

Percentage acquired

100%

Aggregate purchase price

$ 1,676,132

Fair value of contingent consideration

$ 21,151

BUSINESS COMBINATIONS - Prelimi

BUSINESS COMBINATIONS - Preliminary Allocation of Acquisition (Details) - USD ($) $ in Thousands	Jun. 01, 2024	Feb. 15, 2024	Apr. 12, 2023
Ameredev
Business Acquisition [Line Items]
Cash	$ 1,831,214
Current assets	57,279
Evaluated	1,258,433
Unproved and unevaluated	369,258
Midstream assets	125,860
Equity method investment	115,000
Current liabilities	(88,283)
Asset retirement obligations	(6,333)
Net assets acquired	$ 1,831,214
Oil And Natural Gas Producing Properties And Undeveloped Acreage In Lea County, New Mexico
Business Acquisition [Line Items]
Cash		$ 155,054
Current assets		3,358
Evaluated		45,778
Unproved and unevaluated		107,072
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

BUSINESS COMBINATIONS - Pro For

BUSINESS COMBINATIONS - Pro Forma Information (Details) - Ameredev - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Total revenue	$ 997,535	$ 941,900	$ 2,808,101	$ 2,448,270
Net income attributable to Matador Resources Company shareholders	$ 241,882	$ 268,370	$ 655,453	$ 606,432
Earnings per share:
Basic (in dollars per share)	$ 1.94	$ 2.25	$ 5.32	$ 5.09
Diluted (in dollars per share)	$ 1.94	$ 2.23	$ 5.31	$ 5.05

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations			$ 92,090
Liabilities incurred during period			5,511
Liabilities settled during period			(725)
Revisions in estimated cash flows			16,351
Acquisitions during period			7,487
Divestitures during period			(334)
Accretion expense	$ 1,657	$ 1,218	4,259	$ 2,709
Ending asset retirement obligations	124,639		124,639
Less: current asset retirement obligations	(5,247)		(5,247)
Long-term asset retirement obligations	$ 119,392		$ 119,392		$ 87,485

DEBT - Borrowings (Details)

DEBT - Borrowings (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
DEBT - Borrowings (Details) - USD ($) $ in Thousands	Oct. 22, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 25, 2024	Apr. 04, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Line of credit facility		$ 955,000				$ 500,000
Repayments of borrowings under Credit Agreement		3,080,000	$ 2,622,000
Repayments of borrowings under San Mateo Credit Facility		193,000	$ 140,000
Borrowings under San Mateo Credit Facility		526,000				$ 522,000
Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility		955,000
Credit Agreement \| Subsequent Event
Line of Credit Facility [Line Items]
Repayments of borrowings under Credit Agreement	$ 65,000
Unsecured Debt \| Senior Notes Due 2028
Line of Credit Facility [Line Items]
Long-term debt outstanding		500,000
Unsecured Debt \| Senior Notes Due 2032
Line of Credit Facility [Line Items]
Long-term debt outstanding		900,000
Unsecured Debt \| Senior Notes Due 2033
Line of Credit Facility [Line Items]
Long-term debt outstanding		750,000		$ 750,000
Unsecured Debt \| Senior Notes Due 2026
Line of Credit Facility [Line Items]
Long-term debt outstanding					$ 699,200
Letter of Credit \| Credit Agreement
Line of Credit Facility [Line Items]
Outstanding letters of credit		52,900
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 borrowings under San Mateo Credit Facility	$ 32,000

DEBT - Credit Agreements (Detai

DEBT - Credit Agreements (Details) $ in Thousands			9 Months Ended
DEBT - Credit Agreements (Details) $ in Thousands	Sep. 25, 2024 USD ($)	Sep. 18, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 22, 2024 USD ($)
Debt Instrument [Line Items]
Repayments of borrowings under Credit Agreement			$ 3,080,000	$ 2,622,000
Senior Notes Due 2033 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt outstanding	$ 750,000		750,000
Revolving Credit Facility \| Fourth Amended Credit Agreement
Debt Instrument [Line Items]
Increase in borrowing base					$ 2,500,000
Maximum borrowing commitment					1,325,000
Accordion feature, Higher borrowing commitment					1,500,000
Higher maximum facility amount					2,000,000
Maximum facility amount					$ 3,500,000
Revolving Credit Facility \| Amendment To Credit Agreement
Debt Instrument [Line Items]
Line of credit facility covenant terms, current ratio		1
Cash and cash equivalent limit		$ 150,000
Elected commitment percentage		10%
EBITDA ratio		3.5
Repayments of borrowings under Credit Agreement	$ 250,000
Revolving Credit Facility \| Amendment To Credit Agreement \| Ameredev
Debt Instrument [Line Items]
Increase in borrowing base		$ 250,000
Maximum borrowing commitment		1,500,000
Accordion feature, Higher borrowing commitment		$ 2,250,000
Line of Credit \| San Mateo Credit Facility
Debt Instrument [Line Items]
Maximum borrowing commitment			$ 535,000
EBITDA ratio			5
Line of credit, accordian feature (up to)			$ 735,000
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) - Senior Notes - USD ($) $ in Millions			3 Months Ended	9 Months Ended
	Sep. 25, 2024	Apr. 02, 2024	Sep. 30, 2024	Sep. 30, 2024	Apr. 04, 2024
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt outstanding					$ 699.2
2026 Notes Tender Offer And 2026 Notes Redemption
Debt Instrument [Line Items]
Loss incurred			$ 3	$ 3
2026 Notes Tender Offer
Debt Instrument [Line Items]
Repurchase amount					$ 556.3
2026 Notes Redemption
Debt Instrument [Line Items]
Repurchase amount		$ 142.9
Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt outstanding			$ 500	$ 500
Interest rate			6.875%	6.875%
Senior Notes Due 2032
Debt Instrument [Line Items]
Long-term debt outstanding			$ 900	$ 900
Interest rate		6.50%
Senior Notes Due 2032 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Percentage of principal amount redeemed		40%
Redemption price		106.50%
Redemption period for completing equity offering (in days)		180 days
Percentage of aggregate principal amount remains outstanding		60%
Senior Notes Due 2032 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Percentage of principal amount redeemed		100%
Senior Notes Due 2033
Debt Instrument [Line Items]
Long-term debt outstanding	$ 750		$ 750	$ 750
Interest rate	6.25%
Senior Notes Due 2033 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Percentage of principal amount redeemed	40%
Redemption price	106.25%
Redemption period for completing equity offering (in days)	180 days
Percentage of aggregate principal amount remains outstanding	60%
Senior Notes Due 2033 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Percentage of principal amount redeemed	100%

DEBT - Redemption Price (Detail

DEBT - Redemption Price (Details) - Senior Notes	9 Months Ended
DEBT - Redemption Price (Details) - Senior Notes	Sep. 30, 2024
Senior Notes Due 2032 \| Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Redemption price	103.25%
Senior Notes Due 2032 \| Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Redemption price	101.625%
Senior Notes Due 2032 \| Debt Instrument, Redemption, Period Three
Debt Instrument, Redemption [Line Items]
Redemption price	100%
Senior Notes Due 2033 \| Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Redemption price	103.125%
Senior Notes Due 2033 \| Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Redemption price	101.563%
Senior Notes Due 2033 \| Debt Instrument, Redemption, Period Three
Debt Instrument, Redemption [Line Items]
Redemption price	100%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Current income tax provision (benefit)	$ (21,096)	$ 8,958	$ 26,280	$ 8,958
Deferred	$ 106,417	$ 5,631	$ 203,805	$ 119,609
Effective tax rate	26%	5%	26%	18%
Research and experimental expenditure tax credits		$ 65,100

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended
	Oct. 16, 2024	Mar. 28, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 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		$ 342,100
Dividends declared (in dollars per share)			$ 0.20	$ 0.20	$ 0.20	$ 0.15	$ 0.15	$ 0.15
Cash dividend			$ 24,851	$ 24,889	$ 23,858	$ 17,780	$ 17,917	$ 17,768
Distributions			22,785	24,451	25,725	16,660	25,333	19,110
Contributions				11,760			$ 24,500
Contribution related to formation of San Mateo, net of tax			2,600	$ 1,800	$ 300	1,900		$ 3,100	$ 4,700	$ 5,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 0.25
Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)									140,200
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)									176,000
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)									119,950
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									$ 26,400
Matador Resources Company \| San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions			23,700			17,300			75,900	63,600
Five Point
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance incentives earned			12,300			9,000			22,500	23,700
Five Point \| San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions			22,800			16,700			73,000	61,100
San Mateo \| Matador Resources Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions			0			0			19,900	25,500
San Mateo \| Five Point
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions			$ 0			$ 0			$ 19,100	$ 24,500

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Contracts (Details) $ in Thousands	Sep. 30, 2024 USD ($) MMBTU bbl $ / bbl $ / MMBTU
Summary of contracts for oil and natural gas
Derivative Liability, Type [Extensible Enumeration]	Open Basis Swap Contracts [Member]
Oil Costless Collar
Summary of contracts for oil and natural gas
Notional Quantity \| bbl	12,285,000
Fair Value of Asset (Liability) \| $	$ 20,898
Oil Costless Collar \| Minimum
Summary of contracts for oil and natural gas
Weighted Average Price \| $ / bbl	60
Oil Costless Collar \| Maximum
Summary of contracts for oil and natural gas
Weighted Average Price \| $ / bbl	86.26
Oil Basis
Summary of contracts for oil and natural gas
Notional Quantity \| MMBTU	13,710,000
Fixed Price ($/MMBtu) \| $ / MMBTU	(0.59)
Fair Value of Asset (Liability) \| $	$ 7,135

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Gross Asset Balances of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative Asset, Current	Derivative Asset, Current
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Total	$ 28,033	$ 4,316
Total, Gross amounts netted in the condensed consolidated balance sheets	0	(1,646)
Total, Net amounts presented in the condensed consolidated balance sheets	28,033	2,670
Current assets
Derivative [Line Items]
Gross amounts recognized	55,076	2,573
Gross amounts netted in the condensed consolidated balance sheets	(29,379)	(461)
Net amounts presented in the condensed consolidated balance sheets	25,697	2,112
Other assets
Derivative [Line Items]
Gross amounts recognized	8,190	1,743
Gross amounts netted in the condensed consolidated balance sheets	(5,854)	(1,185)
Net amounts presented in the condensed consolidated balance sheets	2,336	$ 558
Current liabilities
Derivative [Line Items]
Gross amounts recognized	(29,379)
Gross amounts netted in the condensed consolidated balance sheets	29,379
Net amounts presented in the condensed consolidated balance sheets	0
Long-term liabilities
Derivative [Line Items]
Gross amounts recognized	(5,854)
Gross amounts netted in the condensed consolidated balance sheets	5,854
Net amounts presented in the condensed consolidated balance sheets	$ 0

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instrument
Realized gain (loss) on derivatives	$ 4,528	$ (6,975)	$ 8,573	$ (6,454)
Unrealized gain (loss) on derivatives	35,118	7,482	25,364	(8,244)
Total	39,646	507	33,937	(14,698)
Revenues
Derivative Instrument
Realized gain (loss) on derivatives	4,528	(6,975)	8,573	(6,454)
Unrealized gain (loss) on derivatives	35,118	7,482	25,364	(8,244)
Natural Gas \| Revenues
Derivative Instrument
Realized gain (loss) on derivatives	4,528	(6,975)	8,573	(6,454)
Unrealized gain (loss) on derivatives	(484)	7,482	4,466	(8,244)
Oil \| Revenues
Derivative Instrument
Unrealized gain (loss) on derivatives	$ 35,602	$ 0	$ 20,898	$ 0

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) - Fair value on a recurring basis - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets (Liabilities)
Assets (Liabilities)	$ 28,033	$ 2,670
Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	20,898
Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	7,135	2,670
Level 1
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 1 \| Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	0
Level 1 \| Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 2
Assets (Liabilities)
Assets (Liabilities)	28,033	2,670
Level 2 \| Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	20,898
Level 2 \| Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	7,135	2,670
Level 3
Assets (Liabilities)
Assets (Liabilities)	0	0
Level 3 \| Oil costless collars
Assets (Liabilities)
Assets (Liabilities)	0
Level 3 \| Natural gas basis differential swaps
Assets (Liabilities)
Assets (Liabilities)	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - Senior Notes - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Senior Notes Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 508.8	$ 510.9
Senior Notes Due 2032
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	900
Senior Notes Due 2033
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 736.9

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Delivery Of Natural Gas And Oil Production To Third Parties
Long-term Purchase Commitment [Line Items]
Payment for volume requirement agreement	$ 18.6	$ 16	$ 50.2	$ 38.1
Volume requirement commitment	617.5		$ 617.5
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	$ 131.7		$ 131.7

SUPPLEMENTAL DISCLOSURES - Summ

SUPPLEMENTAL DISCLOSURES - Summary of Current Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 474,238	$ 365,848
Accrued evaluated and unproved and unevaluated property costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	191,173	144,443
Accrued midstream properties costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	21,422	55,195
Accrued lease operating expenses
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	86,564	62,005
Accrued interest on debt
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	50,585	22,857
Accrued asset retirement obligations
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	5,247	4,605
Accrued partners’ share of joint interest charges
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	52,296	42,101
Accrued payable related to purchased natural gas
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	10,263	10,400
Other
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 56,688	$ 24,242

SUPPLEMENTAL DISCLOSURES - Supp

SUPPLEMENTAL DISCLOSURES - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Condensed Cash Flow Statements, Captions [Line Items]
Cash paid for income taxes	$ 34,283	$ 1,677
Cash paid for interest expense, net of amounts capitalized	84,406	77,396
Increase in liabilities for drilling, completion and equipping capital expenditures	65,925	63,299
Increase in liabilities for acquisition of oil and natural gas properties	1,066	360
(Decrease) increase in liabilities for midstream properties capital expenditures	(33,773)	11,556
Stock-based compensation expense recognized as a liability	8,004	8,557
Transfer of inventory (to) from oil and natural gas properties	(13,377)	550
Mineral Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase in asset retirement obligations	27,799	32,448
Midstream Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase in asset retirement obligations	$ 492	$ 1,106

SUPPLEMENTAL DISCLOSURES - Rest

SUPPLEMENTAL DISCLOSURES - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Disclosure Text Block Supplement [Abstract]
Cash	$ 23,277	$ 52,662	$ 25,935
Restricted cash	53,746	53,636	36,239
Total cash and restricted cash	$ 77,023	$ 106,298	$ 62,174	$ 547,330

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 860,137	$ 771,787	$ 2,500,675	$ 1,985,351
Realized gain (loss) on derivatives	4,528	(6,975)	8,573	(6,454)
Unrealized gain (loss) on derivatives	35,118	7,482	25,364	(8,244)
Expenses	507,727	432,284	1,459,983	1,126,942
Operating (loss) income	392,056	340,010	1,074,629	843,711
Total assets	10,623,291	7,439,163	10,623,291	7,439,163	$ 7,726,996
Capital expenditures	2,214,289	305,701	3,376,780	2,619,772
Depletion, depreciation and amortization	242,821	192,794	681,066	496,633
Midstream capital expenditures			219,189	75,609
Corporate
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	0	0	0	0
Unrealized gain (loss) on derivatives	0	0	0	0
Expenses	25,410	29,041	76,214	72,514
Operating (loss) income	(25,410)	(29,041)	(76,214)	(72,514)
Total assets	70,329	61,697	70,329	61,697
Capital expenditures	3,186	486	3,957	2,964
Depletion, depreciation and amortization	400	300	1,000	1,000
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	0	0	0	0
Unrealized gain (loss) on derivatives	0	0	0	0
Expenses	(81,740)	(59,369)	(221,502)	(157,247)
Operating (loss) income	0	0	0	0
Total assets	0	0	0	0
Capital expenditures	0	0	0	0
Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	4,528	(6,975)	8,573	(6,454)
Unrealized gain (loss) on derivatives	35,118	7,482	25,364	(8,244)
Expenses	465,797	383,259	1,319,255	992,351
Operating (loss) income	346,109	323,194	970,833	798,352
Total assets	8,899,141	6,246,067	8,899,141	6,246,067
Capital expenditures	1,915,453	249,293	2,939,236	2,465,477
Depletion, depreciation and amortization	231,600	182,200	647,500	466,200
Capital expenditures attributable to land and seismic acquisition expenditures	1,590,000	53,300	1,940,000	1,670,000
Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	0	0	0	0
Unrealized gain (loss) on derivatives	0	0	0	0
Expenses	98,260	79,353	286,016	219,324
Operating (loss) income	71,357	45,857	180,010	117,873
Total assets	1,653,821	1,131,399	1,653,821	1,131,399
Capital expenditures	295,650	55,922	433,587	151,331
Depletion, depreciation and amortization	10,900	10,300	32,700	29,500
Net income attributable to non-controlling interest in subsidiaries		(14,700)	(62,600)	(42,900)
Capital expenditures attributable to land and seismic acquisition expenditures				63,600
Midstream capital expenditures	240,900		240,900
Capital expenditures attributable to non-controlling interest	5,900	14,100	19,200	25,400
Operating Income (Loss) \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interest in subsidiaries	(24,400)
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	770,155	701,527	2,249,974	1,792,353
Oil and natural gas revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Oil and natural gas revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	(578)	0
Oil and natural gas revenues \| Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	765,181	700,227	2,238,873	1,788,307
Oil and natural gas revenues \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,974	1,300	11,679	4,046
Midstream services revenues
Segment Reporting Information [Line Items]
Revenues	38,316	29,931	103,324	86,517
Midstream services revenues \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Midstream services revenues \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(81,740)	(59,369)	(220,924)	(157,247)
Midstream services revenues \| Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Midstream services revenues \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	120,056	89,300	324,248	243,764
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	51,666	40,329	147,377	106,481
Sales of purchased natural gas \| Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Sales of purchased natural gas \| Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Sales of purchased natural gas \| Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	7,079	5,719	17,278	17,094
Sales of purchased natural gas \| Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 44,587	$ 34,610	$ 130,099	$ 89,387