$MTDR

Matador Resources Co

CIK:0001520006|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 1,173,423	$ 925,678	$ 2,115,027	$ 1,931,851
Realized (loss) gain on derivatives	(72,488)	6,947	(86,981)	9,661
Unrealized gain (loss) on derivatives	85,457	(37,313)	(170,017)	(32,242)
Total revenues	1,186,392	895,312	1,858,029	1,909,270
Expenses
Transportation and processing	18,934	16,451	33,776	36,512
Lease operating	106,948	105,230	214,474	209,641
Purchased natural gas	(38,912)	35,944	3,423	90,077
Depletion, depreciation and amortization	315,144	302,602	607,848	584,493
Taxes other than income	102,794	68,010	173,685	145,059
Accretion of asset retirement obligations	2,352	1,767	4,620	3,494
General and administrative	41,274	32,187	80,297	65,919
Total expenses	609,070	606,648	1,233,886	1,231,455
Operating income	577,322	288,664	624,143	677,815
Other income (expense)
Interest expense	(60,819)	(53,345)	(112,344)	(102,834)
Loss on debt extinguishment	0	0	(15,587)	0
Loss on asset sales	0	0	(578)	0
Other income	3,986	3,502	8,353	9,008
Total other expense	(56,833)	(49,843)	(120,156)	(93,826)
Income before income taxes	520,489	238,821	503,987	583,989
Income tax provision (benefit)
Current	226	23,089	226	46,070
Deferred	106,611	33,373	105,927	93,313
Total income tax provision	106,837	56,462	106,153	139,383
Net income	413,652	182,359	397,834	444,606
Net income attributable to non-controlling interest in subsidiaries	(23,000)	(32,134)	(43,054)	(54,296)
Net income attributable to Matador Resources Company shareholders	$ 390,652	$ 150,225	$ 354,780	$ 390,310
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 3.15	$ 1.21	$ 2.86	$ 3.13
Diluted (in dollars per share)	$ 3.15	$ 1.21	$ 2.86	$ 3.12
Weighted average common shares outstanding
Basic (in shares)	124,156	124,418	124,205	124,804
Diluted (in shares)	124,156	124,456	124,205	124,977
Oil and natural gas revenues
Revenues
Revenues	$ 1,087,584	$ 815,774	$ 1,906,315	$ 1,725,692
Third-party midstream services revenues
Revenues
Revenues	44,593	42,007	86,684	75,506
Expenses
Midstream operating	60,536	44,457	115,763	96,260
Sales of purchased natural gas
Revenues
Revenues	$ 41,246	$ 67,897	$ 122,028	$ 130,653

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 397,834	$ 444,606
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized loss on derivatives	170,017	32,242
Depletion, depreciation and amortization	607,848	584,493
Accretion of asset retirement obligations	4,620	3,494
Stock-based compensation expense	10,617	8,460
Loss on debt extinguishment	15,587	0
Deferred income tax provision	105,927	93,313
Amortization of debt issuance costs and other debt-related costs	7,068	7,336
Other non-cash changes	7,301	1,117
Changes in operating assets and liabilities
Accounts receivable, prepaid expenses and other current assets	(148,629)	(5,198)
Lease and well equipment inventory	(5,120)	(21,955)
Other long-term assets	1,738	(1,029)
Accounts payable, accrued liabilities and other current liabilities	174,265	6,281
Royalties payable	48,650	49,694
Advances from joint interest owners	14,111	26,112
Other long-term liabilities	(4,160)	(60)
Net cash provided by operating activities	1,407,674	1,228,906
Investing activities
Drilling, completion and equipping capital expenditures	(745,343)	(745,476)
Acquisition of oil and natural gas properties	(1,228,834)	(125,118)
Midstream capital expenditures	(38,697)	(159,844)
Acquisition of midstream assets	(6,200)	0
Expenditures for other property and equipment	(2,088)	(1,756)
Proceeds from sale of assets	858	22,257
Proceeds from sale of equity method investment	0	3,263
Net cash used in investing activities	(2,057,908)	(1,006,674)
Financing activities
Repayments of borrowings under Credit Agreement	(1,613,000)	(1,235,500)
Borrowings under Credit Agreement	2,154,000	1,030,000
Repayments of borrowings under San Mateo Credit Facility	(181,000)	(165,000)
Borrowings under San Mateo Credit Facility	209,000	328,000
Cost to amend credit facilities	(2,192)	(463)
Proceeds from issuance of senior unsecured notes	750,000	0
Cost to issue senior unsecured notes	(12,909)	0
Purchase of senior unsecured notes	(509,670)	0
Proceeds from sale-leaseback financing obligation	24,000	0
Payments on sale-leaseback financing obligation	(331)	0
Repurchases of common stock	(12,106)	(44,249)
Dividends paid	(93,258)	(78,150)
Contributions related to formation of San Mateo	15,100	9,200
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(59,290)	(62,230)
Taxes paid related to net share settlement of stock-based compensation	(6,005)	(11,081)
Other	(667)	(715)
Net cash provided by (used in) financing activities	661,672	(230,188)
Change in cash and restricted cash	11,438	(7,956)
Cash and restricted cash at beginning of period	79,477	94,742
Cash and restricted cash at end of period	90,915	86,786
Cardinal
Investing activities
Acquisition of Cardinal	$ (37,604)	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 26,318	$ 15,314
Restricted cash	64,597	64,163
Accounts receivable
Oil and natural gas revenues	408,304	286,158
Joint interest billings	185,314	140,043
Other	77,526	103,628
Derivative instruments	13,597	34,052
Lease and well equipment inventory	50,177	43,842
Prepaid expenses and other current assets	181,276	129,368
Total current assets	1,007,109	816,568
Oil and natural gas properties, full-cost method
Evaluated	15,487,735	14,286,726
Unproved and unevaluated	2,703,231	1,823,456
Midstream properties	2,018,246	1,963,059
Other property and equipment	57,058	53,199
Less accumulated depletion, depreciation and amortization	(8,002,990)	(7,395,142)
Net property and equipment	12,263,280	10,731,298
Other assets
Other long-term assets	224,177	162,703
Total assets	13,494,566	11,710,569
Current liabilities
Accounts payable and accrued liabilities	836,776	540,620
Royalties payable	399,711	351,062
Derivative instruments	141,092	0
Advances from joint interest owners	78,280	64,169
Other current liabilities	93,254	75,658
Total current liabilities	1,549,113	1,031,509
Long-term liabilities
Borrowings under Credit Agreement	939,000	398,000
Borrowings under San Mateo Credit Facility	911,000	883,000
Senior unsecured notes payable	2,366,410	2,121,102
Asset retirement obligations	155,191	144,063
Derivative instruments	8,470	0
Deferred income taxes	1,124,901	1,015,931
Other long-term liabilities	189,583	120,312
Total long-term liabilities	5,694,555	4,682,408
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 124,511,431 and 124,409,739 shares issued; and 123,998,298 and 124,262,322 shares outstanding, respectively	1,245	1,244
Additional paid-in capital	2,537,746	2,509,118
Retained earnings	3,414,634	3,153,112
Treasury stock, at cost, 513,133 and 147,417 shares, respectively	(25,002)	(5,333)
Total Matador Resources Company shareholders’ equity	5,928,623	5,658,141
Non-controlling interest in subsidiaries	322,275	338,511
Total shareholders’ equity	6,250,898	5,996,652
Total liabilities and shareholders’ equity	$ 13,494,566	$ 11,710,569