Matador Resources (MTDR) 10-Q 3 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Matador Resources Co
Entity Central Index Key	0001520006
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		116,598,207

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash	$ 20,758	$ 64,545
Restricted cash	25,954	19,439
Accounts receivable
Oil and natural gas revenues	74,699	68,161
Joint interest billings	56,632	61,831
Other	19,344	16,159
Derivative instruments	4,795	49,929
Lease and well equipment inventory	18,779	17,564
Prepaid expenses and other assets	8,993	8,057
Total current assets	229,954	305,685
Oil and natural gas properties, full-cost method
Evaluated	3,943,423	3,780,236
Unproved and unevaluated	1,235,264	1,199,511
Midstream properties	457,456	428,025
Other property and equipment	24,848	22,041
Less accumulated depletion, depreciation and amortization	(2,383,815)	(2,306,949)
Net property and equipment	3,277,176	3,122,864
Other assets
Deferred income taxes	18,065	20,457
Other assets	58,103	6,512
Total other assets	76,168	26,969
Total assets	3,583,298	3,455,518
Current liabilities
Accounts payable	48,068	66,970
Accrued liabilities	173,113	170,855
Royalties payable	57,276	64,776
Amounts due to affiliates	4,413	13,052
Derivative instruments	161	0
Advances from joint interest owners	4,672	10,968
Amounts due to joint ventures	2,433	2,373
Other current liabilities	38,287	1,028
Total current liabilities	328,423	330,022
Long-term liabilities
Borrowings under Credit Agreement	140,000	40,000
Borrowings under San Mateo Credit Facility	220,000	220,000
Senior unsecured notes payable	1,038,229	1,037,837
Asset retirement obligations	30,290	29,736
Derivative instruments	507	83
Deferred income taxes	12,903	13,221
Other long-term liabilities	21,417	4,962
Total long-term liabilities	1,463,346	1,345,839
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 116,593,623 and 116,374,503 shares issued; and 116,388,175 and 116,353,590 shares outstanding, respectively	1,166	1,164
Additional paid-in capital	1,946,466	1,924,408
Accumulated deficit	(253,224)	(236,277)
Treasury stock, at cost, 205,448 and 20,913 shares, respectively	(3,585)	(415)
Total Matador Resources Company shareholders’ equity	1,690,823	1,688,880
Non-controlling interest in subsidiaries	100,706	90,777
Total shareholders’ equity	1,791,529	1,779,657
Total liabilities and shareholders’ equity	$ 3,583,298	$ 3,455,518

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - Unaudited - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	160,000,000	160,000,000
Common stock, shares issued	116,593,623	116,374,503
Common stock, shares outstanding	116,388,175	116,353,590
Treasury stock, shares	205,448	20,913

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Revenues	$ 216,338	$ 185,022
Realized gain (loss) on derivatives	3,270	(4,258)
Unrealized (loss) gain on derivatives	(45,719)	10,416
Total revenues	173,889	191,180
Expenses
Production taxes, transportation and processing	19,665	17,791
Lease operating	31,163	22,148
Plant and other midstream services operating	9,316	4,220
Purchased natural gas	10,634	0
Depletion, depreciation and amortization	76,866	55,369
Accretion of asset retirement obligations	414	364
General and administrative	18,290	17,926
Total expenses	166,348	117,818
Operating income	7,541	73,362
Other income (expense)
Interest expense	(17,929)	(8,491)
Other (expense) income	(110)	53
Total other expense	(18,039)	(8,438)
(Loss) income before income taxes	(10,498)	64,924
Income tax (benefit) provision
Deferred	(1,013)	0
Total income tax benefit	(1,013)
Net (loss) income	(9,485)	64,924
Net income attributable to non-controlling interest in subsidiaries	7,462	5,030
Net (loss) income attributable to Matador Resources Company shareholders	$ (16,947)	$ 59,894
(Loss) earnings per common share
Basic (in dollars per share)	$ (0.15)	$ 0.55
Diluted (in dollars per share)	$ (0.15)	$ 0.55
Weighted average common shares outstanding
Basic (shares)	115,315	108,913
Diluted (shares)	115,315	109,412
Oil and natural gas revenues
Revenues
Revenues	$ 193,269	$ 181,954
Third-party midstream services revenues
Revenues
Revenues	11,838	3,068
Sales of purchased natural gas
Revenues
Revenues	$ 11,231	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Shareholders' Equity - Unaudited - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated deficit	Treasury Stock	Total shareholders’ equity attributable to Matador Resources Company	Non-controlling interest in subsidiaries	San Mateo	San MateoAdditional paid-in capital	San MateoTotal shareholders’ equity attributable to Matador Resources Company	San Mateo II	San Mateo IIAdditional paid-in capital	San Mateo IITotal shareholders’ equity attributable to Matador Resources Company	San Mateo IINon-controlling interest in subsidiaries
Beginning Balance, shares at Dec. 31, 2017		108,514,000			3,000
Beginning balance at Dec. 31, 2017	$ 1,257,546	$ 1,085	$ 1,666,024	$ (510,484)	$ (69)	$ 1,156,556	$ 100,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		697,000
Issuance of common stock pursuant to employee stock compensation plan	0	$ 7	(7)			0
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		6,000
Issuance of common stock pursuant to directors’ and advisors’ compensation plan	0	$ 1	(1)			0
Stock-based compensation expense related to equity-based awards including amounts capitalized	5,390		5,390			5,390
Stock options exercised, net of options forfeited in net share settlements (in shares)		130,000
Stock options exercised, net of options forfeited in net share settlements	(1,917)	$ 1	(1,918)			(1,917)
Restricted stock forfeited (in shares)					82,000
Restricted stock forfeited	(2,377)				$ (2,377)	(2,377)
Contribution related to formation of property								$ 14,700	$ 14,700	$ 14,700
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	29,400		0			0	29,400
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(4,900)						(4,900)
Current period net (loss) income	64,924			59,894		59,894	5,030
Ending Balance, shares at Mar. 31, 2018		109,347,000			85,000
Ending balance at Mar. 31, 2018	$ 1,362,766	$ 1,094	1,684,188	(450,590)	$ (2,446)	1,232,246	130,520
Beginning Balance, shares at Dec. 31, 2018	116,353,590	116,375,000			21,000
Beginning balance at Dec. 31, 2018	$ 1,779,657	$ 1,164	1,924,408	(236,277)	$ (415)	1,688,880	90,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		6,000
Issuance of common stock pursuant to employee stock compensation plan	0	$ 0	0			0
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		3,000
Issuance of common stock pursuant to directors’ and advisors’ compensation plan	0	$ 0	0			0
Stock-based compensation expense related to equity-based awards including amounts capitalized	5,802		5,802			5,802
Stock options exercised, net of options forfeited in net share settlements (in shares)		210,000
Stock options exercised, net of options forfeited in net share settlements	3,111	$ 2	3,109			3,111
Restricted stock forfeited (in shares)					184,000
Restricted stock forfeited	(3,170)				$ (3,170)	(3,170)
Contribution related to formation of property								$ 11,613	$ 11,613	$ 11,613	$ 0	$ (506)	$ (506)	$ 506
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	12,331		2,040			2,040	10,291
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(8,330)						(8,330)
Current period net (loss) income	$ (9,485)			(16,947)		(16,947)	7,462
Ending Balance, shares at Mar. 31, 2019	116,388,175	116,594,000			205,000
Ending balance at Mar. 31, 2019	$ 1,791,529	$ 1,166	$ 1,946,466	$ (253,224)	$ (3,585)	$ 1,690,823	$ 100,706

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Shareholders' Equity - Unaudited (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Statement of Stockholders' Equity [Abstract]
Contribution related to formation of San Mateo, tax	$ 3.1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Cash Flows [Abstract]
Current period net (loss) income	$ (9,485)	$ 64,924
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Unrealized loss (gain) on derivatives	45,719	(10,416)
Depletion, depreciation and amortization	76,866	55,369
Accretion of asset retirement obligations	414	364
Stock-based compensation expense	4,587	4,179
Deferred income tax benefit	(1,013)	0
Amortization of debt issuance cost	643	365
Changes in operating assets and liabilities
Accounts receivable	(3,873)	3,268
Lease and well equipment inventory	(1,465)	(3,806)
Prepaid expenses	(936)	(674)
Other assets	9,809	(249)
Accounts payable, accrued liabilities and other current liabilities	(41,621)	15,184
Royalties payable	(7,500)	1,627
Advances from joint interest owners	(6,297)	6,063
Other long-term liabilities	(6,608)	(49)
Net cash provided by operating activities	59,240	136,149
Investing activities
Oil and natural gas properties capital expenditures	(182,288)	(183,422)
Midstream capital expenditures	33,340	36,806
Midstream capital expenditures	(807)	(526)
Proceeds from sale of assets	1,555	0
Net cash used in investing activities	(214,880)	(220,754)
Financing activities
Borrowings under Credit Agreement	100,000	0
Proceeds from stock options exercised	3,150	164
Contributions related to formation of San Mateo I	14,700	14,700
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	12,330	29,400
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(8,330)	(4,900)
Taxes paid related to net share settlement of stock-based compensation	(3,208)	(4,458)
Cash paid under financing lease obligations	(274)	0
Net cash provided by financing activities	118,368	34,906
Decrease in cash and restricted cash	(37,272)	(49,699)
Cash and restricted cash at beginning of period	83,984	102,482
Cash and restricted cash at end of period	$ 46,712	$ 52,783

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Matador Resources Company, a Texas corporation (“Matador” and, collectively with its subsidiaries, the “Company”), is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. The Company’s current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. Additionally, the Company conducts midstream operations, primarily through its midstream joint ventures, San Mateo Midstream, LLC (“San Mateo I”) and San Mateo Midstream II, LLC (“San Mateo II” and, together with San Mateo I, “San Mateo”), in support of the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and salt water gathering services and salt water disposal services to third parties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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, 2018 filed with the SEC on March 1, 2019 (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 (“ASC”), 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 accounts and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all normal, recurring adjustments that are necessary for a fair presentation of the Company’s interim unaudited condensed consolidated financial statements as of March 31, 2019 . Amounts as of December 31, 2018 are derived from the Company’s audited consolidated financial statements included in the Annual Report. Certain reclassifications have been made to the December 31, 2018 financial statement amounts in order to conform them to the March 31, 2019 presentations. 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 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. Change in Accounting Principles Leases. During the first quarter of 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and the amendments provided for in ASU 2018-11, Leases (Topic 842) , which require the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that the Company chose to apply. These practical expedients relate to (i) the identification and classification of leases that commenced before the effective date, (ii) the treatment of initial direct costs for leases that commenced before the effective date, (iii) the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset and (iv) the ability to initially apply the new lease standard at the adoption date. During the first quarter of 2019, the Company also adopted ASU 2018-01, Leases (Topic 842) , which is a land easement practical expedient, and, as a result, the Company began evaluating land easements that are entered into or modified after December 31, 2018. See Note 3 for additional disclosures related to leases. The adoption of ASC 842 resulted in the Company recording in the condensed consolidated balance sheet as of March 31, 2019 certain of the Company’s compressor leases, drilling rig leases and office leases, which were previously considered operating leases and not reported on the Company’s condensed consolidated balance sheets. As such, the Company recorded (i) long-term right of use assets of $62.3 million , which are included in “Other assets” and “Other property and equipment” and (ii) net right of use liabilities of $62.3 million , which are included in “Other current liabilities” and “Other long-term liabilities.” There was no cumulative-effect adjustment to the opening balance of accumulated deficit as a result of the adoption of this standard. Stock Compensation. During the first quarter of 2019, the Company also adopted ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which extends the scope of Topic 718 to include share-based payment transactions related to the acquisition of goods and services from nonemployees. Previously, the Company accounted for stock-based awards to special advisors and contractors under ASC 505-50 as liability instruments, and the fair value of the awards was recalculated each reporting period. Upon adoption, all such awards are now measured at fair value on the grant date and the resulting expense is recognized on a straight-line basis over the awards’ vesting periods. The transitional guidance requires entities to remeasure all unvested awards that are being accounted for under ASC 505-50 as liability instruments as of the beginning of the year in which this ASU is adopted. Adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements. Revenues The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the three months ended March 31, 2019 and 2018 (in thousands). Three Months Ended 2019 2018 Revenues from contracts with customers $ 216,338 $ 185,022 Realized gain (loss) on derivatives 3,270 (4,258 ) Unrealized (loss) gain on derivatives (45,719 ) 10,416 Total revenues $ 173,889 $ 191,180 Three Months Ended 2019 2018 Oil revenues $ 154,204 $ 148,159 Natural gas revenues 39,065 33,795 Third-party midstream services revenues 11,838 3,068 Sales of purchased natural gas 11,231 — Total revenues from contracts with customers $ 216,338 $ 185,022 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 the three months ended March 31, 2019 and 2018 , 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 $8.4 million and $7.3 million of its general and administrative costs and approximately $1.6 million and $1.9 million of its interest expense for the three months ended March 31, 2019 and 2018 , respectively. Earnings (Loss) Per Common Share The Company reports basic earnings attributable to Matador shareholders per common share, which excludes the effect of potentially dilutive securities, and diluted earnings attributable to Matador shareholders per common share, which includes the effect of all potentially dilutive securities unless their impact is anti-dilutive. The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2019 and 2018 (in thousands). Three Months Ended 2019 2018 Weighted average common shares outstanding Basic 115,315 108,913 Dilutive effect of options and restricted stock units — 499 Diluted weighted average common shares outstanding 115,315 109,412 A total of 2.8 million options to purchase shares of Matador’s common stock and 0.4 million restricted stock units were excluded from the diluted weighted average common shares outstanding for the three months ended March 31, 2019 because their effects were anti-dilutive. Additionally, 0.8 million restricted shares, which are participating securities, were excluded from the calculations above for the three months ended March 31, 2019 , as the security holders do not have the obligation to share in the losses of the Company.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	The Company determines if an arrangement is a lease at inception of the contract. If an arrangement is a lease, the present value of the related lease payments is recorded as a liability and an equal amount is capitalized as a right of use asset on the Company’s interim unaudited condensed consolidated balance sheet. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s estimated incremental borrowing rate, determined at the lease commencement date using the Company’s average secured borrowing rate, is used to calculate present value. The weighted average estimated incremental borrowing rate used for the three months ended March 31, 2019 was 3.68% . For these purposes, the lease term includes options to extend the lease when it is reasonably certain that the Company will exercise such option. Leases with terms of 12 months or less at inception are not recorded on the interim unaudited condensed consolidated balance sheet unless there is a significant cost to terminate the lease, including the cost of removal of the leased asset. As the Company is the responsible party under these arrangements, the Company records the resulting assets and liabilities on a gross basis in its interim unaudited condensed consolidated balance sheets. The following table presents supplemental interim unaudited condensed consolidated statement of operations information related to lease expenses, on a gross basis, for the three months ended March 31, 2019 (in thousands). Lease payments represent gross payments to vendors, which, for certain of our operating assets, are partially offset by amounts received from other working interest owners in our operated wells. Three Months Ended Operating leases Lease operating $ 2,242 Plant and other midstream services 31 General and administrative 809 Total operating leases (1) 3,082 Short-term leases Lease operating 2,209 Plant and other midstream services 1,620 General and administrative 12 Total short-term leases (2)(3) 3,841 Financing leases Depreciation of assets 209 Interest on lease liabilities 31 Total financing leases 240 Total lease expense $ 7,163 _____________________ (1) Does not include gross payments of $5.3 million related to drilling rig leases that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the interim unaudited condensed consolidated balance sheet at March 31, 2019 . (2) These costs are related to leases that are not recorded on the interim unaudited condensed consolidated balance sheet. (3) Does not include gross payments of $26.5 million related to drilling rig leases and other equipment rentals that were recorded in the interim unaudited condensed consolidated balance sheet at March 31, 2019 . The following table presents supplemental interim unaudited condensed consolidated balance sheet information related to leases as of March 31, 2019 (in thousands). March 31, 2019 Operating leases Other assets $ 51,744 Other current liabilities $ (36,899 ) Other long-term liabilities (20,012 ) Total operating lease liabilities $ (56,911 ) Financing leases Other property and equipment, at cost $ 3,505 Accumulated depreciation (634 ) Net property and equipment $ 2,871 Other current liabilities $ (1,384 ) Other long-term liabilities (1,405 ) Total financing lease liabilities $ (2,789 ) The following table presents supplemental interim unaudited condensed consolidated cash flow information related to lease payments for the three months ended March 31, 2019 (in thousands). Three Months Ended Cash paid related to lease liabilities Operating cash payments for operating leases $ 2,527 Investing cash payments for operating leases $ 5,300 Financing cash payments for financing leases $ 274 Right of use assets obtained in exchange for lease obligations entered into during the period Operating leases $ 1,332 Financing leases $ 84 The following table presents the maturities of lease liabilities at March 31, 2019 (in years). Three Months Ended Weighted-Average Remaining Lease Term Operating leases 2.9 Financing leases 2.5 The following table presents a schedule of future minimum lease payments required under all lease agreements as of March 31, 2019 and December 31, 2018, respectively (in thousands). March 31, 2019 Operating Leases Financing Leases 2019 $ 30,508 $ 943 2020 12,605 940 2021 3,705 548 2022 3,239 457 2023 3,234 — Thereafter 7,680 — Total lease payments 60,971 2,888 Less imputed interest (4,060 ) (99 ) Total lease obligations 56,911 2,789 Less current obligations (36,899 ) (1,384 ) Long-term lease obligations $ 20,012 $ 1,405 December 31, 2018 Operating Leases Financing Leases 2019 $ 39,457 $ 1,240 2020 12,009 913 2021 3,513 534 2022 3,209 455 2023 3,234 — Thereafter 7,680 — Total lease payments 69,102 3,142 Less imputed interest (4,300 ) (130 ) Total lease obligation 64,802 3,012 Less current obligations (39,457 ) (1,240 ) Long-term lease obligations $ 25,345 $ 1,772
Leases	The Company determines if an arrangement is a lease at inception of the contract. If an arrangement is a lease, the present value of the related lease payments is recorded as a liability and an equal amount is capitalized as a right of use asset on the Company’s interim unaudited condensed consolidated balance sheet. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s estimated incremental borrowing rate, determined at the lease commencement date using the Company’s average secured borrowing rate, is used to calculate present value. The weighted average estimated incremental borrowing rate used for the three months ended March 31, 2019 was 3.68% . For these purposes, the lease term includes options to extend the lease when it is reasonably certain that the Company will exercise such option. Leases with terms of 12 months or less at inception are not recorded on the interim unaudited condensed consolidated balance sheet unless there is a significant cost to terminate the lease, including the cost of removal of the leased asset. As the Company is the responsible party under these arrangements, the Company records the resulting assets and liabilities on a gross basis in its interim unaudited condensed consolidated balance sheets. The following table presents supplemental interim unaudited condensed consolidated statement of operations information related to lease expenses, on a gross basis, for the three months ended March 31, 2019 (in thousands). Lease payments represent gross payments to vendors, which, for certain of our operating assets, are partially offset by amounts received from other working interest owners in our operated wells. Three Months Ended Operating leases Lease operating $ 2,242 Plant and other midstream services 31 General and administrative 809 Total operating leases (1) 3,082 Short-term leases Lease operating 2,209 Plant and other midstream services 1,620 General and administrative 12 Total short-term leases (2)(3) 3,841 Financing leases Depreciation of assets 209 Interest on lease liabilities 31 Total financing leases 240 Total lease expense $ 7,163 _____________________ (1) Does not include gross payments of $5.3 million related to drilling rig leases that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the interim unaudited condensed consolidated balance sheet at March 31, 2019 . (2) These costs are related to leases that are not recorded on the interim unaudited condensed consolidated balance sheet. (3) Does not include gross payments of $26.5 million related to drilling rig leases and other equipment rentals that were recorded in the interim unaudited condensed consolidated balance sheet at March 31, 2019 . The following table presents supplemental interim unaudited condensed consolidated balance sheet information related to leases as of March 31, 2019 (in thousands). March 31, 2019 Operating leases Other assets $ 51,744 Other current liabilities $ (36,899 ) Other long-term liabilities (20,012 ) Total operating lease liabilities $ (56,911 ) Financing leases Other property and equipment, at cost $ 3,505 Accumulated depreciation (634 ) Net property and equipment $ 2,871 Other current liabilities $ (1,384 ) Other long-term liabilities (1,405 ) Total financing lease liabilities $ (2,789 ) The following table presents supplemental interim unaudited condensed consolidated cash flow information related to lease payments for the three months ended March 31, 2019 (in thousands). Three Months Ended Cash paid related to lease liabilities Operating cash payments for operating leases $ 2,527 Investing cash payments for operating leases $ 5,300 Financing cash payments for financing leases $ 274 Right of use assets obtained in exchange for lease obligations entered into during the period Operating leases $ 1,332 Financing leases $ 84 The following table presents the maturities of lease liabilities at March 31, 2019 (in years). Three Months Ended Weighted-Average Remaining Lease Term Operating leases 2.9 Financing leases 2.5 The following table presents a schedule of future minimum lease payments required under all lease agreements as of March 31, 2019 and December 31, 2018, respectively (in thousands). March 31, 2019 Operating Leases Financing Leases 2019 $ 30,508 $ 943 2020 12,605 940 2021 3,705 548 2022 3,239 457 2023 3,234 — Thereafter 7,680 — Total lease payments 60,971 2,888 Less imputed interest (4,060 ) (99 ) Total lease obligations 56,911 2,789 Less current obligations (36,899 ) (1,384 ) Long-term lease obligations $ 20,012 $ 1,405 December 31, 2018 Operating Leases Financing Leases 2019 $ 39,457 $ 1,240 2020 12,009 913 2021 3,513 534 2022 3,209 455 2023 3,234 — Thereafter 7,680 — Total lease payments 69,102 3,142 Less imputed interest (4,300 ) (130 ) Total lease obligation 64,802 3,012 Less current obligations (39,457 ) (1,240 ) Long-term lease obligations $ 25,345 $ 1,772

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2019 (in thousands). Beginning asset retirement obligations $ 31,086 Liabilities incurred during period 445 Accretion expense 414 Ending asset retirement obligations 31,945 Less: current asset retirement obligations (1) (1,655 ) Long-term asset retirement obligations $ 30,290 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2019 .

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
DEBT	At March 31, 2019 , the Company had $1.05 billion of outstanding senior notes due 2026 (the “Notes”), $140.0 million in borrowings outstanding under its revolving credit facility (the “Credit Agreement”) and approximately $13.6 million in outstanding letters of credit issued pursuant to the Credit Agreement. At May 1, 2019 , the Company had $1.05 billion of outstanding Notes, $190.0 million in borrowings outstanding under the Credit Agreement and approximately $13.6 million in outstanding letters of credit issued pursuant to the Credit Agreement. At March 31 and May 1, 2019 , San Mateo I had $220.0 million in borrowings outstanding under its revolving credit facility (the “San Mateo Credit Facility”) and approximately $16.2 million in outstanding letters of credit issued pursuant to 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. In April 2019 , the lenders completed their review of the Company’s proved oil and natural gas reserves at December 31, 2018, and, as a result, the borrowing base was increased to $900.0 million . The Company elected to keep the borrowing commitment at $500.0 million , and the maximum facility amount remained $1.5 billion . This April 2019 redetermination constituted the regularly scheduled May 1 redetermination. Borrowings under the Credit Agreement are limited to the lowest of the borrowing base, the maximum facility amount and the elected commitment. The Credit Agreement matures on October 31, 2023. The Company believes that it was in compliance with the terms of the Credit Agreement at March 31, 2019 . San Mateo Midstream, LLC On December 19, 2018, San Mateo I entered into the $250.0 million San Mateo Credit Facility, which matures December 19, 2023. The San Mateo Credit Facility includes an accordion feature, which could expand lender commitments to up to $400.0 million . The San Mateo Credit Facility is non-recourse with respect to Matador and its wholly-owned subsidiaries, as well as San Mateo II, but is guaranteed by San Mateo I’s subsidiaries and secured by substantially all of San Mateo I’s assets, including real property. The Company believes that San Mateo I was in compliance with the terms of the San Mateo Credit Facility at March 31, 2019 . Senior Unsecured Notes In August and October 2018, the Company issued $750.0 million and $300.0 million , respectively, of Notes, which have a 5.875% coupon rate. The Notes will mature September 15, 2026, and interest is payable on the Notes semi-annually in arrears on each March 15 and September 15. The Notes are guaranteed on a senior unsecured basis by certain subsidiaries of the Company.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s total income tax benefit for the three months ended March 31, 2019 differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax loss due primarily to the impact of permanent differences between book and tax loss at March 31, 2019 . Due to a variety of factors, including the Company’s significant net income in 2017 and 2018, the Company’s federal valuation allowance and a portion of the Company’s state valuation allowance were reversed at December 31, 2018 as the deferred tax assets were determined to be more likely than not to be utilized. As a portion of the Company’s state net operating loss carryforwards are not expected to be utilized before expiration, a valuation allowance will continue to be recognized until the state deferred tax assets are more likely than not to be utilized. The Company’s deferred tax assets exceeded its deferred tax liabilities at March 31, 2018 due to the deferred tax assets generated by full-cost ceiling impairment charges in prior periods. The Company established a valuation allowance against most of the deferred tax assets beginning in the third quarter of 2015 and retained a full valuation allowance at March 31, 2018 due to uncertainties regarding the future realization of its deferred tax assets.

Equity

Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
EQUITY	019, the Company granted awards to certain of its employees of 428,006 service-based restricted stock units to be settled in cash, which are liability instruments, and 428,006 performance-based stock units, which are equity instruments. The performance-based stock units vest in an amount between zero and 200% based on the Company’s relative total shareholder return over the three -year period ending December 31, 2021, as compared to a designated peer group. The service-based restricted stock units vest ratably over three years, and the performance-based stock units vest after completion of the three -year performance period. The fair value of these awards was approximately $16.8 million on the grant date. In April 2019, the Company granted awards to certain of its employees of 259,038 service-based restricted stock units to be settled in cash, which are liability instruments, and 205,361 shares of service-based restricted stock, which are equity instruments. Both the liability instruments and the equity instruments vest ratably over three years. The fair value of these awards was approximately $9.2 million on the grant date. San Mateo II On February 25, 2019, the Company announced the formation of San Mateo II, a strategic joint venture with a subsidiary of Five Point Energy LLC (“Five Point”) designed to expand the Company’s midstream operations in the Delaware Basin, specifically in Eddy County, New Mexico. San Mateo II is owned 51 % by the Company and 49% by Five Point. In addition, Five Point has committed to pay $125 million of the first $150 million of capital expenditures incurred by San Mateo II to develop facilities in the Stebbins area and surrounding leaseholds (the “Greater Stebbins Area”) and the Stateline asset area. The Company also has the ability to earn up to $150 million in deferred performance incentives over the next five years related to the formation of San Mateo II , plus additional performance incentives for securing volumes from third-party customers. During the three months ended March 31, 2019 , the Company contributed $1.0 million of property and Five Point contributed $4.0 million of cash to San Mateo II. Performance Incentives In connection with the formation of San Mateo I in 2017, the Company has the ability to earn a total of $73.5 million in performance incentives to be paid by Five Point over a five -year period. The Company earned, and Five Point paid to the Company, $14.7 million in performance incentives during each of the three months ended March 31, 2019 and 2018, and the Company may earn up to an additional $44.1 million in performance incentives over the next three years. These performance incentives are recorded as an increase to additional paid-in capital when received. These performance incentives for the three months ended March 31, 2019 and 2018 are also denoted as “Contributions related to formation of San Mateo I” under “Financing activities” in the Company’s interim unaudited condensed consolidated statements of cash flows and changes in shareholders’ equity.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS At March 31, 2019 , the Company had various costless collar, three-way costless collar and swap contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and price floor and ceiling and fixed price for the swaps. Each contract is set to expire at varying times during 2019 and 2020. The following is a summary of the Company’s open costless collar contracts for oil and natural gas at March 31, 2019 . Commodity Calculation Period Notional Quantity (Bbl or MMBtu) Weighted Average Price Floor ($/Bbl or Weighted Average Price Ceiling ($/Bbl or Fair Value of Asset (Liability) (thousands) Oil 04/01/2019 - 12/31/2019 4,860,000 $ 51.16 $ 71.67 $ 1,446 Natural Gas 04/01/2019 - 12/31/2019 1,800,000 $ 2.50 $ 3.80 36 Total open costless collar contracts $ 1,482 The following is a summary of the Company’s open three-way costless collar contracts for oil and natural gas at March 31, 2019 . Open three-way costless collars consist of a long put (the floor), a short call (the ceiling) and a long call that limits losses on the upside. Commodity Calculation Period Notional Quantity (Bbl or MMBtu) Weighted Average Price Floor ($/Bbl or $/MMBtu) Weighted Average Price, Short Call ($/Bbl or $/MMBtu) Weighted Average Price, Long Call ($/Bbl or $/MMBtu) Fair Value of Asset (Liability) (thousands) Oil 04/01/2019 - 12/31/2019 990,000 $ 60.00 $ 75.00 $ 78.85 $ 3,298 Natural Gas 04/01/2019 - 12/31/2019 3,600,000 $ 2.50 $ 3.00 $ 3.24 (28 ) Total open three-way costless collar contracts $ 3,270 The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2019 . Commodity Calculation Period Notional Quantity (Bbl) Fixed Price ($/Bbl) Fair Value of Asset (Liability) (thousands) Oil Basis Swaps 01/01/2020 - 12/31/2020 1,200,000 $ (0.15 ) $ (625 ) Total open swap contracts $ (625 ) At March 31, 2019 , the Company had an aggregate asset value for open derivative financial instruments of $4.1 million . The Company’s derivative financial instruments are subject to master netting arrangements, and the Company’s counterparties allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets. The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed March 31, 2019 Current assets $ 9,368 $ (4,573 ) $ 4,795 Current liabilities (4,734 ) 4,573 (161 ) Long-term liabilities (507 ) — (507 ) Total $ 4,127 $ — $ 4,127 December 31, 2018 Current assets $ 53,136 $ (3,207 ) $ 49,929 Current liabilities (3,207 ) 3,207 — Long-term liabilities (83 ) — (83 ) Total $ 49,846 $ — $ 49,846 The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments. Three Months Ended Type of Instrument Location in Condensed Consolidated Statement of Operations 2019 2018 Derivative Instrument Oil Revenues: Realized gain (loss) on derivatives $ 3,366 $ (4,309 ) Natural Gas Revenues: Realized (loss) gain on derivatives (96 ) 51 Realized gain (loss) on derivatives 3,270 (4,258 ) Oil Revenues: Unrealized (loss) gain on derivatives (45,444 ) 11,127 Natural Gas Revenues: Unrealized loss on derivatives (275 ) (711 ) Unrealized (loss) gain on derivatives (45,719 ) 10,416 Total $ (42,449 ) $ 6,158

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are classified and disclosed in one of the following categories. Level 1 Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets. Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that are valued with industry standard models that consider various inputs, including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace. Level 3 Unobservable inputs that are not corroborated by market data that reflect a company’s own market assumptions. Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables summarize the valuation of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in accordance with the classifications provided above as of March 31, 2019 and December 31, 2018 (in thousands). Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ 4,119 $ — $ 4,119 Natural gas derivatives — 8 — 8 Total $ — $ 4,127 $ — $ 4,127 Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ 49,562 $ — $ 49,562 Natural gas derivatives — 284 — 284 Total $ — $ 49,846 $ — $ 49,846 Additional disclosures related to derivative financial instruments are provided in Note 8. Other Fair Value Measurements At March 31, 2019 and December 31, 2018 , the carrying values reported on the interim unaudited condensed consolidated balance sheets for accounts receivable, prepaid expenses and other assets, accounts payable, accrued liabilities, royalties payable, amounts due to affiliates, advances from joint interest owners, amounts due to joint ventures and other current liabilities approximated their fair values due to their short-term maturities. At March 31, 2019 , the carrying value of borrowings under the Credit Agreement and the San Mateo Credit Facility approximated their fair value as both are subject to short-term floating interest rates that reflect market rates available to the Company at the time and are classified at Level 2 in the fair value hierarchy. At March 31, 2019 and December 31, 2018 , the fair value of the Notes was $1.05 billion and $0.97 billion , respectively, based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Processing, Transportation and Salt 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 from certain portions of its acreage for transportation, processing, fractionation, sales and, in the case of salt water, disposal. The Company paid approximately $5.0 million and $4.0 million for deliveries under these agreements during the three months ended March 31, 2019 and 2018, respectively. Certain of these agreements contain minimum volume commitments. If the Company does not meet the volume commitments under these agreements, it will be required to pay certain deficiency fees. If the Company ceased operations in the areas subject to these agreements at March 31, 2019, the total deficiencies required to be paid by the Company under these agreements would be approximately $152.6 million , in addition to the commitments described below. Future Commitments In late 2017, the Company entered into a fixed-fee natural gas liquids (“NGL”) transportation and fractionation agreement whereby the Company committed to deliver its NGL production at the tailgate of the Black River cryogenic natural gas processing plant in Eddy County, New Mexico (the “Black River Processing Plant”). The Company is committed to deliver a minimum amount of NGLs to the counterparty upon construction and completion of a pipeline expansion and a fractionation facility by the counterparty, which is currently expected to be completed in 2020. The Company has no rights to compel the counterparty to construct this pipeline extension or fractionation facility. If the counterparty does not construct the pipeline extension and fractionation facility, then the Company does not have any minimum volume commitments under the agreement. If the counterparty constructs the pipeline extension and fractionation facility on or prior to February 28, 2021, then the Company will have a commitment to deliver a minimum amount of NGLs for seven years following the completion of the pipeline extension and fractionation facility. If the Company does not meet its NGL volume commitment in any quarter during the seven -year commitment period, it will be required to pay a deficiency fee per gallon of NGL deficiency. Should the pipeline extension and fractionation facility be completed on or prior to February 28, 2021, the minimum contractual obligation during the seven -year period would be approximately $132.3 million . In April 2018, the Company also entered into a 16 -year, fixed-fee natural gas transportation agreement that begins on October 1, 2019, whereby the Company committed to deliver a portion of the residue gas production at the tailgate of the Black River Processing Plant to transport through the counterparty’s pipeline. The Company will owe the fees to transport the committed volume whether or not the committed volume is transported through the counterparty’s pipeline. The minimum contractual obligation at March 31, 2019 was approximately $56.8 million . In May 2018, the Company also entered into a 10 -year, fixed-fee natural gas sales agreement whereby the Company committed to deliver residue gas through the counterparty’s pipeline to the Texas Gulf Coast beginning on the in-service date of such pipeline, which is expected to be operational in late 2019. If the Company does not meet the volume commitment specified in the natural gas sales agreement, it may be required to pay a deficiency fee per MMBtu of natural gas deficiency. The minimum contractual obligation at March 31, 2019 was approximately $202.3 million . Delaware Basin — San Mateo In February 2017, the Company dedicated its current and future leasehold interests in the Rustler Breaks and Wolf asset areas pursuant to 15 -year, fixed-fee natural gas, oil and salt water gathering agreements and salt water disposal agreements with subsidiaries of San Mateo I. In addition, the Company dedicated its current and future leasehold interests in the Rustler Breaks asset area pursuant to a 15 -year, fixed-fee natural gas processing agreement (collectively with the gathering and salt water disposal agreements, the “Operational Agreements”). San Mateo I provides the Company with firm service under each of the Operational Agreements in exchange for certain minimum volume commitments. The minimum contractual obligation under the Operational Agreements at March 31, 2019 was approximately $205.8 million . In connection with the February 2019 formation of San Mateo II, the Company dedicated to San Mateo II acreage in the Greater Stebbins Area and the Stateline asset area pursuant to 15 -year, fixed-fee agreements for oil, natural gas and salt water gathering, natural gas processing and salt water disposal (collectively, the “San Mateo II Operational Agreements”). San Mateo II will provide the Company with firm service under each of the San Mateo II Operational Agreements in exchange for certain minimum volume commitments. The minimum contractual obligation under the San Mateo II Operational Agreements at inception was approximately $363.8 million and begins in 2020. Legal Proceedings The Company is a party to several legal proceedings encountered in the ordinary course of its business. While the ultimate outcome and impact on the Company cannot be predicted with certainty, in the opinion of management, it is remote that these legal proceedings will have a material adverse impact on the Company’s financial condition, results of operations or cash flows.

Supplemental Disclosures

Supplemental Disclosures	3 Months Ended
	Mar. 31, 2019
Supplemental Disclosures [Abstract]
SUPPLEMENTAL DISCLOSURES	Accrued Liabilities The following table summarizes the Company’s current accrued liabilities at March 31, 2019 and December 31, 2018 (in thousands). March 31, December 31, Accrued evaluated and unproved and unevaluated property costs $ 101,955 $ 86,318 Accrued midstream property costs 12,907 16,808 Accrued lease operating expenses 19,015 12,705 Accrued interest on debt 3,087 22,448 Accrued asset retirement obligations 1,655 1,350 Accrued partners’ share of joint interest charges 15,457 17,037 Other 19,037 14,189 Total accrued liabilities $ 173,113 $ 170,855 Supplemental Cash Flow Information The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2019 and 2018 (in thousands). Three Months Ended 2019 2018 Cash paid for interest expense, net of amounts capitalized $ 35,326 $ — Increase in asset retirement obligations related to mineral properties $ 445 $ 337 Increase in liabilities for oil and natural gas properties capital expenditures $ 16,184 $ 5,863 (Decrease) increase in liabilities for midstream properties capital expenditures $ (3,908 ) $ 8,090 Stock-based compensation expense (benefit) recognized as liability $ 605 $ (102 ) Transfer of inventory from (to) oil and natural gas properties $ 250 $ (176 ) Transfer of inventory to midstream properties $ — $ (820 ) The following table provides a reconciliation of cash and restricted cash recorded in the interim unaudited condensed consolidated balance sheets to cash and restricted cash as presented on the interim unaudited condensed consolidated statements of cash flows (in thousands). Three Months Ended 2019 2018 Cash $ 20,758 $ 27,030 Restricted cash 25,954 25,753 Total cash and restricted cash $ 46,712 $ 52,783

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
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 and East Texas. 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 salt water gathering services and salt water disposal services to third parties. Substantially all of the Company’s midstream operations in the Rustler Breaks and Wolf asset areas in the Delaware Basin are conducted through San Mateo. The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.” Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2019 Oil and natural gas revenues $ 191,663 $ 1,606 $ — $ — $ 193,269 Midstream services revenues — 30,254 — (18,416 ) 11,838 Sales of purchased natural gas — 11,231 — — 11,231 Realized gain on derivatives 3,270 — — — 3,270 Unrealized loss on derivatives (45,719 ) — — — (45,719 ) Expenses (1) 141,980 25,834 16,950 (18,416 ) 166,348 Operating income (loss) (2) $ 7,234 $ 17,257 $ (16,950 ) $ — $ 7,541 Total assets $ 3,043,375 $ 477,836 $ 62,087 $ — $ 3,583,298 Capital expenditures (3) $ 197,611 $ 29,432 $ 807 $ — $ 227,850 _____________________ (1) Includes depletion, depreciation and amortization expenses of $72.6 million and $3.7 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million . (2) Includes $7.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $23.1 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $13.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2018 Oil and natural gas revenues $ 180,260 $ 1,694 $ — $ — $ 181,954 Midstream services revenues — 15,812 — (12,744 ) 3,068 Realized loss on derivatives (4,258 ) — — — (4,258 ) Unrealized gain on derivatives 10,416 — — — 10,416 Expenses (1) 106,155 7,198 17,209 (12,744 ) 117,818 Operating income (loss) (2) $ 80,263 $ 10,308 $ (17,209 ) $ — $ 73,362 Total assets $ 1,902,151 $ 323,536 $ 50,018 $ — $ 2,275,705 Capital expenditures (3) $ 189,445 $ 45,717 $ 526 $ — $ 235,688 _____________________ (1) Includes depletion, depreciation and amortization expenses of $53.2 million and $1.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million . (2) Includes $5.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $22.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

Subsidiary Guarantors

Subsidiary Guarantors	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
SUBSIDIARY GUARANTORS	The Notes are jointly and severally guaranteed by certain subsidiaries of Matador (the “Guarantor Subsidiaries”) on a full and unconditional basis (except for customary release provisions). At March 31, 2019 , the Guarantor Subsidiaries were 100% owned by Matador. Matador is a parent holding company and has no independent assets or operations, and there are no significant restrictions on the ability of Matador to obtain funds from the Guarantor Subsidiaries by dividend or loan. San Mateo and its subsidiaries (the “Non-Guarantor Subsidiaries”) are not guarantors of the Notes. The following presents condensed consolidating financial information of Matador (as issuer of the Notes), the Non-Guarantor Subsidiaries, the Guarantor Subsidiaries and all entities on a consolidated basis (in thousands). Elimination entries are necessary to combine the entities. This financial information is presented in accordance with the requirements of Rule 3-10 of Regulation S-X. The following financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities. Condensed Consolidating Balance Sheet Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated ASSETS Intercompany receivable $ 1,570,507 $ 14,257 $ — $ (1,584,764 ) $ — Current assets 3,787 46,389 179,778 — 229,954 Net property and equipment — 402,870 2,874,306 — 3,277,176 Investment in subsidiaries 1,146,156 — 105,680 (1,251,836 ) — Long-term assets 21,505 1,428 62,569 (9,334 ) 76,168 Total assets $ 2,741,955 $ 464,944 $ 3,222,333 $ (2,845,934 ) $ 3,583,298 LIABILITIES AND EQUITY Intercompany payable $ — $ — $ 1,584,764 $ (1,584,764 ) $ — Current liabilities — 28,512 300,684 (773 ) 328,423 Senior unsecured notes payable 1,038,229 — — — 1,038,229 Other long-term liabilities 12,903 230,046 190,729 (8,561 ) 425,117 Total equity attributable to Matador Resources Company 1,690,823 105,680 1,146,156 (1,251,836 ) 1,690,823 Non-controlling interest in subsidiaries — 100,706 — — 100,706 Total liabilities and equity $ 2,741,955 $ 464,944 $ 3,222,333 $ (2,845,934 ) $ 3,583,298 Condensed Consolidating Balance Sheet Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated ASSETS Intercompany receivable $ 1,244,405 $ 29,816 $ — $ (1,274,221 ) $ — Current assets 4,109 34,027 267,549 — 305,685 Net property and equipment — 379,052 2,743,812 — 3,122,864 Investment in subsidiaries 1,490,401 — 95,346 (1,585,747 ) — Long-term assets 23,897 1,479 11,095 (9,502 ) 26,969 Total assets $ 2,762,812 $ 444,374 $ 3,117,802 $ (2,869,470 ) $ 3,455,518 LIABILITIES AND EQUITY Intercompany payable $ — $ — $ 1,274,221 $ (1,274,221 ) $ — Current liabilities 22,874 27,988 279,884 (724 ) 330,022 Senior unsecured notes payable 1,037,837 — — — 1,037,837 Other long-term liabilities 13,221 230,263 73,296 (8,778 ) 308,002 Total equity attributable to Matador Resources Company 1,688,880 95,346 1,490,401 (1,585,747 ) 1,688,880 Non-controlling interest in subsidiaries — 90,777 — — 90,777 Total liabilities and equity $ 2,762,812 $ 444,374 $ 3,117,802 $ (2,869,470 ) $ 3,455,518 Condensed Consolidating Statement of Operations Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Total revenues $ — $ 42,876 $ 149,248 $ (18,235 ) $ 173,889 Total expenses 1,035 25,505 158,043 (18,235 ) 166,348 Operating (loss) income (1,035 ) 17,371 (8,795 ) — 7,541 Interest expense (15,787 ) (2,142 ) — — (17,929 ) Other expense — — (110 ) — (110 ) (Loss) earnings in subsidiaries (1,138 ) — 7,767 (6,629 ) — (Loss) income before income taxes (17,960 ) 15,229 (1,138 ) (6,629 ) (10,498 ) Total income tax benefit (1,013 ) — — — (1,013 ) Net income attributable to non-controlling interest in subsidiaries — (7,462 ) — — (7,462 ) Net (loss) income attributable to Matador Resources Company shareholders $ (16,947 ) $ 7,767 $ (1,138 ) $ (6,629 ) $ (16,947 ) Condensed Consolidating Statement of Operations Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Total revenues $ — $ 17,194 $ 186,480 $ (12,494 ) $ 191,180 Total expenses 1,234 6,928 122,150 (12,494 ) 117,818 Operating (loss) income (1,234 ) 10,266 64,330 — 73,362 Interest expense (8,491 ) — — — (8,491 ) Other income 6 — 47 — 53 Earnings in subsidiaries 69,613 — 5,236 (74,849 ) — Income before income taxes 59,894 10,266 69,613 (74,849 ) 64,924 Net income attributable to non-controlling interest in subsidiaries — (5,030 ) — — (5,030 ) Net income attributable to Matador Resources Company shareholders $ 59,894 $ 5,236 $ 69,613 $ (74,849 ) $ 59,894 Condensed Consolidating Statement of Cash Flows Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Net cash (used in) provided by operating activities $ (109 ) $ 32,616 $ 26,733 $ — $ 59,240 Net cash used in investing activities — (29,988 ) (184,892 ) — (214,880 ) Net cash provided by financing activities — 3,968 114,400 — 118,368 (Decrease) increase in cash and restricted cash (109 ) 6,596 (43,759 ) — (37,272 ) Cash and restricted cash at beginning of period 456 18,840 64,688 — 83,984 Cash and restricted cash at end of period $ 347 $ 25,436 $ 20,929 $ — $ 46,712 Condensed Consolidating Statement of Cash Flows Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Net cash (used in) provided by operating activities $ (144 ) $ 10,385 $ 125,908 $ — $ 136,149 Net cash used in investing activities — (36,831 ) (204,323 ) 20,400 (220,754 ) Net cash provided by financing activities — 44,900 10,406 (20,400 ) 34,906 (Decrease) increase in cash and restricted cash (144 ) 18,454 (68,009 ) — (49,699 ) Cash and restricted cash at beginning of period 286 5,663 96,533 — 102,482 Cash and restricted cash at end of period $ 142 $ 24,117 $ 28,524 $ — $ 52,783

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2018 filed with the SEC on March 1, 2019 (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 (“ASC”), 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 accounts and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all normal, recurring adjustments that are necessary for a fair presentation of the Company’s interim unaudited condensed consolidated financial statements as of March 31, 2019 . Amounts as of December 31, 2018 are derived from the Company’s audited consolidated financial statements included in the Annual Report. Certain reclassifications have been made to the December 31, 2018 financial statement amounts in order to conform them to the March 31, 2019 presentations. 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 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.
Change in Accounting Principles and Recent Accounting Pronouncements	Change in Accounting Principles Leases. During the first quarter of 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and the amendments provided for in ASU 2018-11, Leases (Topic 842) , which require the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that the Company chose to apply. These practical expedients relate to (i) the identification and classification of leases that commenced before the effective date, (ii) the treatment of initial direct costs for leases that commenced before the effective date, (iii) the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset and (iv) the ability to initially apply the new lease standard at the adoption date. During the first quarter of 2019, the Company also adopted ASU 2018-01, Leases (Topic 842) , which is a land easement practical expedient, and, as a result, the Company began evaluating land easements that are entered into or modified after December 31, 2018. See Note 3 for additional disclosures related to leases. The adoption of ASC 842 resulted in the Company recording in the condensed consolidated balance sheet as of March 31, 2019 certain of the Company’s compressor leases, drilling rig leases and office leases, which were previously considered operating leases and not reported on the Company’s condensed consolidated balance sheets. As such, the Company recorded (i) long-term right of use assets of $62.3 million , which are included in “Other assets” and “Other property and equipment” and (ii) net right of use liabilities of $62.3 million , which are included in “Other current liabilities” and “Other long-term liabilities.” There was no cumulative-effect adjustment to the opening balance of accumulated deficit as a result of the adoption of this standard. Stock Compensation. During the first quarter of 2019, the Company also adopted ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which extends the scope of Topic 718 to include share-based payment transactions related to the acquisition of goods and services from nonemployees. Previously, the Company accounted for stock-based awards to special advisors and contractors under ASC 505-50 as liability instruments, and the fair value of the awards was recalculated each reporting period. Upon adoption, all such awards are now measured at fair value on the grant date and the resulting expense is recognized on a straight-line basis over the awards’ vesting periods. The transitional guidance requires entities to remeasure all unvested awards that are being accounted for under ASC 505-50 as liability instruments as of the beginning of the year in which this ASU is adopted. Adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements. Revenues The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the three months ended March 31, 2019 and 2018 (in thousands).
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 the three months ended March 31, 2019 and 2018 , 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 (Loss) Per Common Share	Earnings (Loss) 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Disaggregation of revenue	The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the three months ended March 31, 2019 and 2018 (in thousands). Three Months Ended 2019 2018 Revenues from contracts with customers $ 216,338 $ 185,022 Realized gain (loss) on derivatives 3,270 (4,258 ) Unrealized (loss) gain on derivatives (45,719 ) 10,416 Total revenues $ 173,889 $ 191,180 Three Months Ended 2019 2018 Oil revenues $ 154,204 $ 148,159 Natural gas revenues 39,065 33,795 Third-party midstream services revenues 11,838 3,068 Sales of purchased natural gas 11,231 — Total revenues from contracts with customers $ 216,338 $ 185,022
Reconciliations of basic and diluted distributed and undistributed earnings (loss) per common share	The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2019 and 2018 (in thousands). Three Months Ended 2019 2018 Weighted average common shares outstanding Basic 115,315 108,913 Dilutive effect of options and restricted stock units — 499 Diluted weighted average common shares outstanding 115,315 109,412

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease, Cost	The following table presents supplemental interim unaudited condensed consolidated cash flow information related to lease payments for the three months ended March 31, 2019 (in thousands). Three Months Ended Cash paid related to lease liabilities Operating cash payments for operating leases $ 2,527 Investing cash payments for operating leases $ 5,300 Financing cash payments for financing leases $ 274 Right of use assets obtained in exchange for lease obligations entered into during the period Operating leases $ 1,332 Financing leases $ 84 The following table presents supplemental interim unaudited condensed consolidated statement of operations information related to lease expenses, on a gross basis, for the three months ended March 31, 2019 (in thousands). Lease payments represent gross payments to vendors, which, for certain of our operating assets, are partially offset by amounts received from other working interest owners in our operated wells. Three Months Ended Operating leases Lease operating $ 2,242 Plant and other midstream services 31 General and administrative 809 Total operating leases (1) 3,082 Short-term leases Lease operating 2,209 Plant and other midstream services 1,620 General and administrative 12 Total short-term leases (2)(3) 3,841 Financing leases Depreciation of assets 209 Interest on lease liabilities 31 Total financing leases 240 Total lease expense $ 7,163 _____________________ (1) Does not include gross payments of $5.3 million related to drilling rig leases that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the interim unaudited condensed consolidated balance sheet at March 31, 2019 . (2) These costs are related to leases that are not recorded on the interim unaudited condensed consolidated balance sheet. (3) Does not include gross payments of $26.5 million related to drilling rig leases and other equipment rentals that were recorded in the interim unaudited condensed consolidated balance sheet at March 31, 2019 .
Assets And Liabilities, Lessee	The following table presents supplemental interim unaudited condensed consolidated balance sheet information related to leases as of March 31, 2019 (in thousands). March 31, 2019 Operating leases Other assets $ 51,744 Other current liabilities $ (36,899 ) Other long-term liabilities (20,012 ) Total operating lease liabilities $ (56,911 ) Financing leases Other property and equipment, at cost $ 3,505 Accumulated depreciation (634 ) Net property and equipment $ 2,871 Other current liabilities $ (1,384 ) Other long-term liabilities (1,405 ) Total financing lease liabilities $ (2,789 )
Lessee, Lease Terms	The following table presents the maturities of lease liabilities at March 31, 2019 (in years). Three Months Ended Weighted-Average Remaining Lease Term Operating leases 2.9 Financing leases 2.5
Finance Lease, Liability, Maturity	The following table presents a schedule of future minimum lease payments required under all lease agreements as of March 31, 2019 and December 31, 2018, respectively (in thousands). March 31, 2019 Operating Leases Financing Leases 2019 $ 30,508 $ 943 2020 12,605 940 2021 3,705 548 2022 3,239 457 2023 3,234 — Thereafter 7,680 — Total lease payments 60,971 2,888 Less imputed interest (4,060 ) (99 ) Total lease obligations 56,911 2,789 Less current obligations (36,899 ) (1,384 ) Long-term lease obligations $ 20,012 $ 1,405
Lessee, Operating Lease, Liability, Maturity	The following table presents a schedule of future minimum lease payments required under all lease agreements as of March 31, 2019 and December 31, 2018, respectively (in thousands). March 31, 2019 Operating Leases Financing Leases 2019 $ 30,508 $ 943 2020 12,605 940 2021 3,705 548 2022 3,239 457 2023 3,234 — Thereafter 7,680 — Total lease payments 60,971 2,888 Less imputed interest (4,060 ) (99 ) Total lease obligations 56,911 2,789 Less current obligations (36,899 ) (1,384 ) Long-term lease obligations $ 20,012 $ 1,405
Schedule of Future Minimum Rental Payments for Operating Leases	December 31, 2018 Operating Leases Financing Leases 2019 $ 39,457 $ 1,240 2020 12,009 913 2021 3,513 534 2022 3,209 455 2023 3,234 — Thereafter 7,680 — Total lease payments 69,102 3,142 Less imputed interest (4,300 ) (130 ) Total lease obligation 64,802 3,012 Less current obligations (39,457 ) (1,240 ) Long-term lease obligations $ 25,345 $ 1,772
Schedule of Future Minimum Lease Payments for Capital Leases	December 31, 2018 Operating Leases Financing Leases 2019 $ 39,457 $ 1,240 2020 12,009 913 2021 3,513 534 2022 3,209 455 2023 3,234 — Thereafter 7,680 — Total lease payments 69,102 3,142 Less imputed interest (4,300 ) (130 ) Total lease obligation 64,802 3,012 Less current obligations (39,457 ) (1,240 ) Long-term lease obligations $ 25,345 $ 1,772

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Schedule of changes in Company's asset retirement obligations	The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2019 (in thousands). Beginning asset retirement obligations $ 31,086 Liabilities incurred during period 445 Accretion expense 414 Ending asset retirement obligations 31,945 Less: current asset retirement obligations (1) (1,655 ) Long-term asset retirement obligations $ 30,290 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2019 .

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Open Option Contracts Written [Line Items]
Summary of gross asset balances of derivative instruments	The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed March 31, 2019 Current assets $ 9,368 $ (4,573 ) $ 4,795 Current liabilities (4,734 ) 4,573 (161 ) Long-term liabilities (507 ) — (507 ) Total $ 4,127 $ — $ 4,127 December 31, 2018 Current assets $ 53,136 $ (3,207 ) $ 49,929 Current liabilities (3,207 ) 3,207 — Long-term liabilities (83 ) — (83 ) Total $ 49,846 $ — $ 49,846
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 fair value of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments. Three Months Ended Type of Instrument Location in Condensed Consolidated Statement of Operations 2019 2018 Derivative Instrument Oil Revenues: Realized gain (loss) on derivatives $ 3,366 $ (4,309 ) Natural Gas Revenues: Realized (loss) gain on derivatives (96 ) 51 Realized gain (loss) on derivatives 3,270 (4,258 ) Oil Revenues: Unrealized (loss) gain on derivatives (45,444 ) 11,127 Natural Gas Revenues: Unrealized loss on derivatives (275 ) (711 ) Unrealized (loss) gain on derivatives (45,719 ) 10,416 Total $ (42,449 ) $ 6,158
Open costless collar contracts
Open Option Contracts Written [Line Items]
Summary of contracts for oil and natural gas	The following is a summary of the Company’s open costless collar contracts for oil and natural gas at March 31, 2019 . Commodity Calculation Period Notional Quantity (Bbl or MMBtu) Weighted Average Price Floor ($/Bbl or Weighted Average Price Ceiling ($/Bbl or Fair Value of Asset (Liability) (thousands) Oil 04/01/2019 - 12/31/2019 4,860,000 $ 51.16 $ 71.67 $ 1,446 Natural Gas 04/01/2019 - 12/31/2019 1,800,000 $ 2.50 $ 3.80 36 Total open costless collar contracts $ 1,482 The following is a summary of the Company’s open three-way costless collar contracts for oil and natural gas at March 31, 2019 . Open three-way costless collars consist of a long put (the floor), a short call (the ceiling) and a long call that limits losses on the upside. Commodity Calculation Period Notional Quantity (Bbl or MMBtu) Weighted Average Price Floor ($/Bbl or $/MMBtu) Weighted Average Price, Short Call ($/Bbl or $/MMBtu) Weighted Average Price, Long Call ($/Bbl or $/MMBtu) Fair Value of Asset (Liability) (thousands) Oil 04/01/2019 - 12/31/2019 990,000 $ 60.00 $ 75.00 $ 78.85 $ 3,298 Natural Gas 04/01/2019 - 12/31/2019 3,600,000 $ 2.50 $ 3.00 $ 3.24 (28 ) Total open three-way costless collar contracts $ 3,270 The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2019 . Commodity Calculation Period Notional Quantity (Bbl) Fixed Price ($/Bbl) Fair Value of Asset (Liability) (thousands) Oil Basis Swaps 01/01/2020 - 12/31/2020 1,200,000 $ (0.15 ) $ (625 ) Total open swap contracts $ (625 ) At March 31, 2019 , the Company had an aggregate asset value for open derivative financial instruments of $4.1 million . 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Summary of the valuation of the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis	Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ 4,119 $ — $ 4,119 Natural gas derivatives — 8 — 8 Total $ — $ 4,127 $ — $ 4,127 Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ 49,562 $ — $ 49,562 Natural gas derivatives — 284 — 284 Total $ — $ 49,846 $ — $ 49,846

Supplemental Disclosures (Table

Supplemental Disclosures (Tables)	3 Months Ended
	Mar. 31, 2019
Supplemental Disclosures [Abstract]
Summary of current accrued liabilities	The following table summarizes the Company’s current accrued liabilities at March 31, 2019 and December 31, 2018 (in thousands). March 31, December 31, Accrued evaluated and unproved and unevaluated property costs $ 101,955 $ 86,318 Accrued midstream property costs 12,907 16,808 Accrued lease operating expenses 19,015 12,705 Accrued interest on debt 3,087 22,448 Accrued asset retirement obligations 1,655 1,350 Accrued partners’ share of joint interest charges 15,457 17,037 Other 19,037 14,189 Total accrued liabilities $ 173,113 $ 170,855
Supplemental disclosures of cash flow information	The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2019 and 2018 (in thousands). Three Months Ended 2019 2018 Cash paid for interest expense, net of amounts capitalized $ 35,326 $ — Increase in asset retirement obligations related to mineral properties $ 445 $ 337 Increase in liabilities for oil and natural gas properties capital expenditures $ 16,184 $ 5,863 (Decrease) increase in liabilities for midstream properties capital expenditures $ (3,908 ) $ 8,090 Stock-based compensation expense (benefit) recognized as liability $ 605 $ (102 ) Transfer of inventory from (to) oil and natural gas properties $ 250 $ (176 ) Transfer of inventory to midstream properties $ — $ (820 ) The following table provides a reconciliation of cash and restricted cash recorded in the interim unaudited condensed consolidated balance sheets to cash and restricted cash as presented on the interim unaudited condensed consolidated statements of cash flows (in thousands). Three Months Ended 2019 2018 Cash $ 20,758 $ 27,030 Restricted cash 25,954 25,753 Total cash and restricted cash $ 46,712 $ 52,783

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Selected financial information for segments	The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.” Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2019 Oil and natural gas revenues $ 191,663 $ 1,606 $ — $ — $ 193,269 Midstream services revenues — 30,254 — (18,416 ) 11,838 Sales of purchased natural gas — 11,231 — — 11,231 Realized gain on derivatives 3,270 — — — 3,270 Unrealized loss on derivatives (45,719 ) — — — (45,719 ) Expenses (1) 141,980 25,834 16,950 (18,416 ) 166,348 Operating income (loss) (2) $ 7,234 $ 17,257 $ (16,950 ) $ — $ 7,541 Total assets $ 3,043,375 $ 477,836 $ 62,087 $ — $ 3,583,298 Capital expenditures (3) $ 197,611 $ 29,432 $ 807 $ — $ 227,850 _____________________ (1) Includes depletion, depreciation and amortization expenses of $72.6 million and $3.7 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million . (2) Includes $7.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $23.1 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $13.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2018 Oil and natural gas revenues $ 180,260 $ 1,694 $ — $ — $ 181,954 Midstream services revenues — 15,812 — (12,744 ) 3,068 Realized loss on derivatives (4,258 ) — — — (4,258 ) Unrealized gain on derivatives 10,416 — — — 10,416 Expenses (1) 106,155 7,198 17,209 (12,744 ) 117,818 Operating income (loss) (2) $ 80,263 $ 10,308 $ (17,209 ) $ — $ 73,362 Total assets $ 1,902,151 $ 323,536 $ 50,018 $ — $ 2,275,705 Capital expenditures (3) $ 189,445 $ 45,717 $ 526 $ — $ 235,688 _____________________ (1) Includes depletion, depreciation and amortization expenses of $53.2 million and $1.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million . (2) Includes $5.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $22.4 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 Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 216,338	$ 185,022
Realized gain (loss) on derivatives	3,270	(4,258)
Unrealized (loss) gain on derivatives	(45,719)	10,416
Total revenue	173,889	191,180
Oil revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	154,204	148,159
Natural gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	39,065	33,795
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,838	3,068
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,231	0
Total revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 216,338	$ 185,022

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets	$ 51,744
Operating lease liability	$ 56,911
Discount rate, present value of future revenue	10.00%
Impairment charges		$ 0
Capitalized general and administrative costs	$ 8,400	7,300
Interest costs capitalized	$ 1,600	$ 1,900
Employee Stock Option
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Antidilutive securities (in shares)	2,773,848
Restricted Stock Units (RSUs)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Antidilutive securities (in shares)	352,716
Restricted Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Antidilutive securities (in shares)	751,243
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets	$ 62,300
Operating lease liability	$ 62,300

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Weighted average common shares outstanding for basic earnings (loss) per share	115,315	108,913
Dilutive effect of options and restricted stock units	0	499
Diluted weighted average common shares outstanding	115,315	109,412

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
Incremental borrowing rate	3.68%
Other assets	$ 51,744
Total lease obligations	$ 56,911

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating leases	$ 3,082
Short-term leases	3,841
Financing leases
Depreciation of assets	209
Interest on lease liabilities	31
Total financing leases	240
Total lease expense	7,163
Lease operating
Lessee, Lease, Description [Line Items]
Operating leases	2,242
Short-term leases	2,209
Plant and other midstream services
Lessee, Lease, Description [Line Items]
Operating leases	31
Short-term leases	1,620
General and administrative
Lessee, Lease, Description [Line Items]
Operating leases	809
Short-term leases	12
Drilling Rig Leases
Financing leases
Gross payments	5,300
Drilling Rig Leases And Other Equipment Rentals
Financing leases
Gross payments	$ 26,500

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating leases
Other assets	$ 51,744
Other current liabilities	(36,899)
Other long-term liabilities	(20,012)
Total operating lease liabilities	(56,911)
Financing leases
Other property and equipment, at cost	3,505
Accumulated depreciation	(634)
Net property and equipment	2,871
Other current liabilities	(1,384)
Other long-term liabilities	(1,405)
Total financing lease liabilities	$ (2,789)

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash paid related to lease liabilities
Operating cash payments for operating leases	$ 2,527
Investing cash payments for operating leases	5,300
Financing cash payments for financing leases	274	$ 0
Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	1,332
Financing leases	$ 84

Leases - Lease Terms (Details)

Leases - Lease Terms (Details)	Mar. 31, 2019
Weighted-Average Remaining Lease Term
Operating leases	2 years 11 months 10 days
Financing leases	2 years 6 months

Leases - Lease Payment Maturity

Leases - Lease Payment Maturity Schedule (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Leases
2019	$ 30,508
2020	12,605
2021	3,705
2022	3,239
2023	3,234
Thereafter	7,680
Total lease payments	60,971
Less imputed interest	(4,060)
Total lease obligations	56,911
Less current obligations	(36,899)
Long-term lease obligations	20,012
Financing Leases
2019	943
2020	940
2021	548
2022	457
2023	0
Thereafter	0
Total lease payments	2,888
Less imputed interest	(99)
Total lease obligations	2,789
Less current obligations	(1,384)
Long-term lease obligations	$ 1,405

Leases - Disclosure Under Topic

Leases - Disclosure Under Topic 840 (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leases
2019	$ 39,457
2020	12,009
2021	3,513
2022	3,209
2023	3,234
Thereafter	7,680
Total lease payments	69,102
Less imputed interest	(4,300)
Total lease obligation	64,802
Less current obligations	(39,457)
Long-term lease obligations	25,345
Financing Leases
2019	1,240
2020	913
2021	534
2022	455
2023	0
Thereafter	0
Total lease payments	3,142
Less imputed interest	(130)
Total lease obligation	3,012
Less current obligations	(1,240)
Long-term lease obligations	$ 1,772

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations		$ 31,086
Liabilities incurred during period		445
Accretion expense		414	$ 364
Ending asset retirement obligations		31,945
Less: current asset retirement obligations	[1]	(1,655)
Long-term asset retirement obligations		$ 30,290		$ 29,736
[1]	Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2019.

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	May 01, 2019	Mar. 31, 2019	Dec. 31, 2018
Revolving Credit Agreement [Line Items]
Line of credit facility		$ 140,000	$ 40,000
Senior Notes | Senior Notes Due 2026
Revolving Credit Agreement [Line Items]
Long-term debt outstanding		1,050,000
Revolving Credit Facility | Third Amended Credit Agreement
Revolving Credit Agreement [Line Items]
Line of credit facility		140,000
Letter of Credit
Revolving Credit Agreement [Line Items]
Outstanding letters of credit		13,600
Line of Credit | San Mateo Credit Facility
Revolving Credit Agreement [Line Items]
Outstanding letters of credit		16,200
Long-term line of credit		$ 220,000
Subsequent Event | Senior Notes | Senior Notes Due 2026
Revolving Credit Agreement [Line Items]
Long-term debt outstanding	$ 1,050,000
Subsequent Event | Revolving Credit Facility | Third Amended Credit Agreement
Revolving Credit Agreement [Line Items]
Line of credit facility	190,000
Subsequent Event | Letter of Credit
Revolving Credit Agreement [Line Items]
Outstanding letters of credit	$ 13,600

Debt Credit Agreement (Details)

Debt Credit Agreement (Details) - USD ($)	Apr. 30, 2019	Mar. 31, 2019	Dec. 19, 2018
Revolving Credit Facility | Third Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing commitment		$ 500,000,000
Maximum facility amount		$ 1,500,000,000
Line of Credit | San Mateo Credit Facility
Debt Instrument [Line Items]
Maximum borrowing commitment			$ 250,000,000
Line of credit, accordian feature			$ 400,000,000
Subsequent Event | Revolving Credit Facility | Third Amended Credit Agreement
Debt Instrument [Line Items]
Increase in borrowing base	$ 900,000,000

Debt Senior Unsecured Notes (De

Debt Senior Unsecured Notes (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018	Oct. 04, 2018	Aug. 21, 2018
Debt Instrument [Line Items]
Debt issued	$ 1,038,229,000	$ 1,037,837,000
Senior Notes | 2026 Notes Offering
Debt Instrument [Line Items]
Debt issued				$ 750,000,000
Interest rate				5.875%
Senior Notes | Additional 2026 Notes
Debt Instrument [Line Items]
Debt issued			$ 300,000,000

Equity (Details)

Equity (Details) - USD ($) $ in Millions	Feb. 25, 2019	Feb. 15, 2017	Apr. 30, 2019	Feb. 28, 2019	Feb. 26, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)		428,006
Fair value						$ 16.8
Ownership percentage						100.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)		428,006
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of shares					3 years
Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of shares					3 years
Corporate Joint Venture | San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred performance incentives						$ 44.1		$ 73.5
Deferred performance incentives term						3 years		5 years
Performance incentives earned						$ 14.7	$ 14.7
Corporate Joint Venture | San Mateo II
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Due to related party	$ 125
Capital expenditures incurred	150
Deferred performance incentives	$ 150
Deferred performance incentives term						5 years
Five Point | San Mateo II | Corporate Joint Venture
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage	49.00%
Matador Resources Company | San Mateo II | Corporate Joint Venture
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage	51.00%
San Mateo II | Five Point | Corporate Joint Venture
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions to related party						$ 4
San Mateo II | Matador Resources Company | Corporate Joint Venture
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions to related party						$ 1
Minimum | Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				0.00%
Maximum | Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				200.00%
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value			$ 9.2
Subsequent Event | Service-Based Restricted Stock Units To Be Settled In Cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			259,038
Subsequent Event | Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)			205,361
Vesting period of shares			3 years

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	Mar. 31, 2019USD ($)MMBTUbbl$ / MMBTU$ / bbl
Open costless collar contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ 1,482
Open Swap Collar Contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ (625)
Derivative Contract, Calculation Period One | Open costless collar contracts | Oil - WTI
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	4,860,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	51.16
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	71.67
Fair Value of Asset (Liability) | $	$ 1,446
Derivative Contract, Calculation Period One | Open costless collar contracts | Natural Gas
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | MMBTU	1,800,000
Weighted Average Price Floor ($/Bbl or $/MMBtu) | $ / MMBTU	2.50
Weighted Average Price Ceiling ($/Bbl or $/MMBtu) | $ / MMBTU	3.80
Fair Value of Asset (Liability) | $	$ 36
Derivative Contract, Calculation Period One | Open Three-way Costless Collar Contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ 3,270
Derivative Contract, Calculation Period One | Open Three-way Costless Collar Contracts | Oil - WTI
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	990,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	60
Fair Value of Asset (Liability) | $	$ 3,298
Derivative Contract, Calculation Period One | Open Three-way Costless Collar Contracts | Natural Gas
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	3,600,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	2.50
Fair Value of Asset (Liability) | $	$ (28)
Derivative Contract, Calculation Period One | Open Swap Collar Contracts | Oil Basis Swaps
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	1,200,000
Derivative, Swap Type, Average Fixed Price	(0.15)
Fair Value of Asset (Liability) | $	$ (625)
Derivative Contract, Calculation Period One | Short Call | Open Three-way Costless Collar Contracts | Oil - WTI
Summary of contracts for oil and natural gas
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	75
Derivative Contract, Calculation Period One | Short Call | Open Three-way Costless Collar Contracts | Natural Gas
Summary of contracts for oil and natural gas
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	3
Derivative Contract, Calculation Period One | Long Call | Open Three-way Costless Collar Contracts | Oil - WTI
Summary of contracts for oil and natural gas
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	78.85
Derivative Contract, Calculation Period One | Long Call | Open Three-way Costless Collar Contracts | Natural Gas
Summary of contracts for oil and natural gas
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	3.24

Derivative Financial Instrume_4

Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative liability	$ (4,127)	$ (49,846)

Derivative Financial Instrume_5

Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Summary of gross liability balances of derivative instruments
Total	$ 4,127	$ 49,846
Gross amounts netted in the condensed consolidated balance sheets	0	0
Net amounts presented in the condensed consolidated balance sheets	4,127	49,846
Current assets
Derivative [Line Items]
Gross amounts of recognized assets	9,368	53,136
Gross amounts netted in the condensed consolidated balance sheets	(4,573)	(3,207)
Oil, natural gas and natural gas liquids (NGL) derivatives	4,795	49,929
Current liabilities
Summary of gross liability balances of derivative instruments
Gross amounts of recognized liabilities	(4,734)	(3,207)
Gross amounts netted in the condensed consolidated balance sheet	4,573	3,207
Oil, natural gas and natural gas liquids (NGL) derivatives	(161)	0
Other liabilities
Summary of gross liability balances of derivative instruments
Gross amounts of recognized liabilities	(507)	(83)
Gross amounts netted in the condensed consolidated balance sheet	0	0
Oil, natural gas and natural gas liquids (NGL) derivatives	$ (507)	$ (83)

Derivative Financial Instrume_6

Derivative Financial Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain (loss) on derivatives	$ 3,270	$ (4,258)
Unrealized (loss) gain on derivatives	(45,719)	10,416
Total	(42,449)	6,158
Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain (loss) on derivatives	3,270	(4,258)
Unrealized (loss) gain on derivatives	(45,719)	10,416
Oil | Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain (loss) on derivatives	3,366	(4,309)
Unrealized (loss) gain on derivatives	(45,444)	11,127
Natural Gas | Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain (loss) on derivatives	(96)	51
Unrealized (loss) gain on derivatives	$ (275)	$ (711)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets (Liabilities)
Total	$ 4,127	$ 49,846
Fair value on a recurring basis
Assets (Liabilities)
Derivative Asset	8	284
Derivative Liability	4,119	49,562
Total	4,127	49,846
Fair value on a recurring basis | Level 1
Assets (Liabilities)
Derivative Asset	0	0
Derivative Liability	0	0
Fair value on a recurring basis | Level 2
Assets (Liabilities)
Derivative Asset	8	284
Derivative Liability	4,119	49,562
Total	4,127	49,846
Fair value on a recurring basis | Level 3
Assets (Liabilities)
Derivative Asset	0	0
Derivative Liability	$ 0	$ 0

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Senior Notes Due 2023 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 1,050	$ 968.9

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Feb. 25, 2019	Feb. 17, 2017	May 31, 2018	Apr. 30, 2018	Mar. 31, 2019	Mar. 31, 2018
Delivery Of Natural Gas And Oil Production To Third Parties [Member]
Long-term Purchase Commitment [Line Items]
Volume requirement commitment					$ 152.6
Payment for volume requirement agreement					5	$ 4
Corporate Joint Venture | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Contractual obligation					$ 205.8
Related Part Transaction, Contract Agreement Term	15 years
Rustler Breaks and Wolf Asset Area | Corporate Joint Venture | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Term of contractual obligation		15 years
Rustler Breaks Asset Area | Corporate Joint Venture | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Term of contractual obligation		15 years
Natural Gas Transportation and Fractionation Agreement | Eddy County
Commitments and Contingencies (Textual) [Abstract]
Agreement term					7 years
Contractual obligation					$ 132.3
16-Year Fixed Fee Natural Gas Transportation Agreement | Eddy County
Commitments and Contingencies (Textual) [Abstract]
Agreement term				16 years
Contractual obligation					56.8
10-Year Fixed Fee Natural Gas Transportation Agreement | Eddy County
Commitments and Contingencies (Textual) [Abstract]
Agreement term			10 years
Contractual obligation					$ 202.3
Operational Agreements | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Contractual obligation	$ 363.8

Supplemental Disclosures (Detai

Supplemental Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Supplemental Disclosures [Line Items]
Total accrued liabilities	$ 173,113	$ 170,855
Accrued evaluated and unproved and unevaluated property costs
Supplemental Disclosures [Line Items]
Total accrued liabilities	101,955	86,318
Accrued midstream property costs
Supplemental Disclosures [Line Items]
Total accrued liabilities	12,907	16,808
Accrued lease operating expenses
Supplemental Disclosures [Line Items]
Total accrued liabilities	19,015	12,705
Accrued interest on debt
Supplemental Disclosures [Line Items]
Total accrued liabilities	3,087	22,448
Accrued asset retirement obligations
Supplemental Disclosures [Line Items]
Total accrued liabilities	1,655	1,350
Accrued partners’ share of joint interest charges
Supplemental Disclosures [Line Items]
Total accrued liabilities	15,457	17,037
Other
Supplemental Disclosures [Line Items]
Total accrued liabilities	$ 19,037	$ 14,189

Supplemental Disclosures (Det_2

Supplemental Disclosures (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Cash paid for interest expense, net of amounts capitalized	$ 35,326	$ 0
Increase in liabilities for oil and natural gas properties capital expenditures	16,184	5,863
(Decrease) increase in liabilities for midstream properties capital expenditures	(3,908)	8,090
Stock-based compensation expense (benefit) recognized as liability	605	(102)
Transfer of inventory from (to) oil and natural gas properties	250	(176)
Transfer of inventory to midstream properties	0	(820)
Mineral Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase (decrease) in asset retirement obligations	$ 445	$ 337

Supplemental Disclosures Supple

Supplemental Disclosures Supplemental Disclosures - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash	$ 20,758	$ 64,545	$ 27,030
Restricted cash	25,954	19,439	25,753
Total cash and restricted cash	$ 46,712	$ 83,984	$ 52,783	$ 102,482

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Revenues	$ 216,338	$ 185,022
Number of segments | segment	2
Realized gain (loss) on derivatives	$ 3,270	(4,258)
Unrealized (loss) gain on derivatives	(45,719)	10,416
Expenses	166,348	117,818
Operating (loss) income	7,541	73,362
Total assets	3,583,298	2,275,705	$ 3,455,518
Capital expenditures	227,850	235,688
Depletion, depreciation and amortization	76,866	55,369
Impairment charges		0
Other (expense) income	(110)	53
Income before income taxes	(9,485)	64,924
Corporate
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives		0
Unrealized (loss) gain on derivatives		0
Expenses	16,950	17,209
Operating (loss) income	(16,950)	(17,209)
Total assets	62,087	50,018
Capital expenditures	807	526
Depletion, depreciation and amortization	600	600
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives		0
Unrealized (loss) gain on derivatives		0
Expenses	(18,416)	(12,744)
Total assets	0	0
Capital expenditures	0	0
Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	3,270	(4,258)
Unrealized (loss) gain on derivatives	(45,719)	10,416
Expenses	141,980	106,155
Operating (loss) income	7,234	80,263
Total assets	3,043,375	1,902,151
Capital expenditures	197,611	189,445
Depletion, depreciation and amortization	72,600	53,200
Midstream | Operating Segments
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives		0
Unrealized (loss) gain on derivatives		0
Expenses	25,834	7,198
Operating (loss) income	17,257	10,308
Total assets	477,836	323,536
Capital expenditures	29,432	45,717
Depletion, depreciation and amortization	3,700	1,500
Net income attributable to non-controlling interest in subsidiaries		(5,000)
Capital expenditures attributable to non-controlling interest	13,700	22,400
Capital expenditures attributable to land and seismic acquisition expenditures	23,100
Operating Income (Loss) | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interest in subsidiaries	(7,500)
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	193,269	181,954
Oil and natural gas revenues | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	191,663	180,260
Oil and natural gas revenues | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,606	1,694
Third-party midstream services revenues
Segment Reporting Information [Line Items]
Revenues	11,838	3,068
Third-party midstream services revenues | Corporate
Segment Reporting Information [Line Items]
Revenues	0	0
Third-party midstream services revenues | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(18,416)	(12,744)
Third-party midstream services revenues | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0
Third-party midstream services revenues | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	30,254	15,812
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	11,231	$ 0
Sales of purchased natural gas | Corporate
Segment Reporting Information [Line Items]
Revenues	0
Sales of purchased natural gas | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0
Sales of purchased natural gas | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0
Sales of purchased natural gas | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 11,231

Subsidiary Guarantors Consolida

Subsidiary Guarantors Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]
Equity Method Investment, Ownership Percentage	100.00%
Intercompany receivable	$ 0	$ 0
Current assets	229,954	305,685
Net property and equipment	3,277,176	3,122,864
Investment in subsidiaries	0	0
Long-term assets	76,168	26,969
Total assets	3,583,298	3,455,518	$ 2,275,705
Intercompany payable	0	0
Current liabilities	328,423	330,022
Senior unsecured notes payable	1,038,229	1,037,837
Other long-term liabilities	425,117	308,002
Total equity attributable to Matador Resources Company	1,690,823	1,688,880
Non-controlling interest in subsidiaries	100,706	90,777
Total liabilities and equity	3,583,298	3,455,518
Eliminating Entries
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	(1,584,764)	(1,274,221)
Current assets	0	0
Net property and equipment	0	0
Investment in subsidiaries	(1,251,836)	(1,585,747)
Long-term assets	(9,334)	(9,502)
Total assets	(2,845,934)	(2,869,470)
Intercompany payable	(1,584,764)	(1,274,221)
Current liabilities	(773)	(724)
Senior unsecured notes payable	0	0
Other long-term liabilities	(8,561)	(8,778)
Total equity attributable to Matador Resources Company	(1,251,836)	(1,585,747)
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	(2,845,934)	(2,869,470)
Matador | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	1,570,507	1,244,405
Current assets	3,787	4,109
Net property and equipment	0	0
Investment in subsidiaries	1,146,156	1,490,401
Long-term assets	21,505	23,897
Total assets	2,741,955	2,762,812
Intercompany payable	0	0
Current liabilities	0	22,874
Senior unsecured notes payable	1,038,229	1,037,837
Other long-term liabilities	12,903	13,221
Total equity attributable to Matador Resources Company	1,690,823	1,688,880
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	2,741,955	2,762,812
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	14,257	29,816
Current assets	46,389	34,027
Net property and equipment	402,870	379,052
Investment in subsidiaries	0	0
Long-term assets	1,428	1,479
Total assets	464,944	444,374
Intercompany payable	0	0
Current liabilities	28,512	27,988
Senior unsecured notes payable	0	0
Other long-term liabilities	230,046	230,263
Total equity attributable to Matador Resources Company	105,680	95,346
Non-controlling interest in subsidiaries	100,706	90,777
Total liabilities and equity	464,944	444,374
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	0	0
Current assets	179,778	267,549
Net property and equipment	2,874,306	2,743,812
Investment in subsidiaries	105,680	95,346
Long-term assets	62,569	11,095
Total assets	3,222,333	3,117,802
Intercompany payable	1,584,764	1,274,221
Current liabilities	300,684	279,884
Senior unsecured notes payable	0	0
Other long-term liabilities	190,729	73,296
Total equity attributable to Matador Resources Company	1,146,156	1,490,401
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	$ 3,222,333	$ 3,117,802

Subsidiary Guarantors Consoli_2

Subsidiary Guarantors Consolidated Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Income Statements, Captions [Line Items]
Total revenues	$ 173,889	$ 191,180
Total expenses	166,348	117,818
Operating (loss) income	7,541	73,362
Interest expense	(17,929)	(8,491)
Other (expense) income	(110)	53
Earnings in subsidiaries	0	0
(Loss) income before income taxes	(10,498)	64,924
Total income tax benefit	(1,013)
Net income attributable to non-controlling interest in subsidiaries	(7,462)	(5,030)
Net (loss) income attributable to Matador Resources Company shareholders	(16,947)	59,894
Eliminating Entries
Condensed Income Statements, Captions [Line Items]
Total revenues	(18,235)	(12,494)
Total expenses	(18,235)	(12,494)
Operating (loss) income	0	0
Interest expense	0	0
Earnings in subsidiaries	(6,629)	(74,849)
(Loss) income before income taxes	(6,629)	(74,849)
Total income tax benefit	0
Net income attributable to non-controlling interest in subsidiaries	0	0
Net (loss) income attributable to Matador Resources Company shareholders	(6,629)	(74,849)
Matador | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	0
Total expenses	1,035	1,234
Operating (loss) income	(1,035)	(1,234)
Interest expense	(15,787)	(8,491)
Other (expense) income		6
Earnings in subsidiaries	(1,138)	69,613
(Loss) income before income taxes	(17,960)	59,894
Total income tax benefit	(1,013)
Net income attributable to non-controlling interest in subsidiaries	0	0
Net (loss) income attributable to Matador Resources Company shareholders	(16,947)	59,894
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	42,876	17,194
Total expenses	25,505	6,928
Operating (loss) income	17,371	10,266
Interest expense	(2,142)
Other (expense) income	0	0
Earnings in subsidiaries	0	0
(Loss) income before income taxes	15,229	10,266
Total income tax benefit	0
Net income attributable to non-controlling interest in subsidiaries	(7,462)	(5,030)
Net (loss) income attributable to Matador Resources Company shareholders	7,767	5,236
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	149,248	186,480
Total expenses	158,043	122,150
Operating (loss) income	(8,795)	64,330
Interest expense		0
Other (expense) income	(110)	47
Earnings in subsidiaries	7,767	5,236
(Loss) income before income taxes	(1,138)	69,613
Total income tax benefit	0
Net income attributable to non-controlling interest in subsidiaries	0	0
Net (loss) income attributable to Matador Resources Company shareholders	$ (1,138)	$ 69,613

Subsidiary Guarantors Consoli_3

Subsidiary Guarantors Consolidated Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 59,240	$ 136,149
Net cash used in investing activities	(214,880)	(220,754)
Net cash provided by financing activities	118,368	34,906
Decrease in cash and restricted cash	(37,272)	(49,699)
Cash and restricted cash at beginning of period	83,984	102,482
Cash and restricted cash at end of period	46,712	52,783
Eliminating Entries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	0	0
Net cash used in investing activities	0	20,400
Net cash provided by financing activities	0	(20,400)
Decrease in cash and restricted cash	0	0
Cash and restricted cash at beginning of period	0	0
Cash and restricted cash at end of period	0	0
Matador | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(109)	(144)
Net cash used in investing activities	0	0
Net cash provided by financing activities	0	0
Decrease in cash and restricted cash	(109)	(144)
Cash and restricted cash at beginning of period	456	286
Cash and restricted cash at end of period	347	142
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	32,616	10,385
Net cash used in investing activities	(29,988)	(36,831)
Net cash provided by financing activities	3,968	44,900
Decrease in cash and restricted cash	6,596	18,454
Cash and restricted cash at beginning of period	18,840	5,663
Cash and restricted cash at end of period	25,436	24,117
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	26,733	125,908
Net cash used in investing activities	(184,892)	(204,323)
Net cash provided by financing activities	114,400	10,406
Decrease in cash and restricted cash	(43,759)	(68,009)
Cash and restricted cash at beginning of period	64,688	96,533
Cash and restricted cash at end of period	$ 20,929	$ 28,524