Matador Resources (MTDR) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-35410
Entity Registrant Name	Matador Resources Company
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	27-4662601
Entity Address, Address Line One	5400 LBJ Freeway,
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	371-5200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MTDR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		116,646,526
Entity Central Index Key	0001520006
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash	$ 59,950	$ 64,545
Restricted cash	24,812	19,439
Accounts receivable
Oil and natural gas revenues	66,921	68,161
Joint interest billings	61,872	61,831
Other	18,386	16,159
Derivative instruments	8,271	49,929
Lease and well equipment inventory	20,281	17,564
Prepaid expenses and other assets	12,891	8,057
Total current assets	273,384	305,685
Oil and natural gas properties, full-cost method
Evaluated	4,094,417	3,780,236
Unproved and unevaluated	1,234,176	1,199,511
Midstream properties	492,420	428,025
Other property and equipment	25,170	22,041
Less accumulated depletion, depreciation and amortization	(2,462,840)	(2,306,949)
Net property and equipment	3,383,343	3,122,864
Other assets
Derivative instruments	2,202	0
Deferred income taxes	7,149	20,457
Other assets	85,373	6,512
Total other assets	94,724	26,969
Total assets	3,751,451	3,455,518
Current liabilities
Accounts payable	19,821	66,970
Accrued liabilities	191,608	170,855
Royalties payable	66,130	64,776
Amounts due to affiliates	10,200	13,052
Advances from joint interest owners	4,725	10,968
Amounts due to joint ventures	1,588	2,373
Other current liabilities	42,703	1,028
Total current liabilities	336,775	330,022
Long-term liabilities
Borrowings under Credit Agreement	205,000	40,000
Borrowings under San Mateo Credit Facility	240,000	220,000
Senior unsecured notes payable	1,038,625	1,037,837
Asset retirement obligations	30,686	29,736
Derivative instruments	189	83
Deferred income taxes	14,845	13,221
Other long-term liabilities	44,728	4,962
Total long-term liabilities	1,574,073	1,345,839
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 116,866,013 and 116,374,503 shares issued; and 116,647,704 and 116,353,590 shares outstanding, respectively	1,169	1,164
Additional paid-in capital	1,955,504	1,924,408
Accumulated deficit	(216,472)	(236,277)
Treasury stock, at cost, 218,309 and 20,913 shares, respectively	(3,724)	(415)
Total Matador Resources Company shareholders’ equity	1,736,477	1,688,880
Non-controlling interest in subsidiaries	104,126	90,777
Total shareholders’ equity	1,840,603	1,779,657
Total liabilities and shareholders’ equity	$ 3,751,451	$ 3,455,518

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - Unaudited - $ / shares	Jun. 30, 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	116,866,013	116,374,503
Common stock, shares outstanding	116,647,704	116,353,590
Treasury stock, shares	218,309	20,913

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Revenues	$ 234,382	$ 212,426	$ 450,720	$ 397,448
Realized gain (loss) on derivatives	1,165	(2,488)	4,435	(6,746)
Unrealized gain (loss) on derivatives	6,157	1,429	(39,562)	11,845
Total revenues	241,704	211,367	415,593	402,547
Expenses
Production taxes, transportation and processing	21,542	20,110	41,207	37,901
Lease operating	26,351	25,006	57,514	47,154
Purchased natural gas	8,172	0	18,806	0
Depletion, depreciation and amortization	80,132	66,838	156,999	122,207
Accretion of asset retirement obligations	420	375	834	739
General and administrative	19,876	19,369	38,166	37,295
Total expenses	164,915	137,374	331,264	255,192
Operating income	76,789	73,993	84,329	147,355
Other income (expense)
Inventory impairment	(368)	0	(368)	0
Interest expense	(18,068)	(8,004)	(35,997)	(16,495)
Other expense	(423)	(352)	(532)	(299)
Total other expense	(18,859)	(8,356)	(36,897)	(16,794)
Income before income taxes	57,930	65,637	47,432	130,561
Income tax provision
Deferred	12,858	0	11,845	0
Total income tax provision	12,858	0	11,845	0
Net income	45,072	65,637	35,587	130,561
Net income attributable to non-controlling interest in subsidiaries	8,320	5,831	15,782	10,861
Net income attributable to Matador Resources Company shareholders	$ 36,752	$ 59,806	$ 19,805	$ 119,700
Earnings per common share
Basic (in dollars per share)	$ 0.32	$ 0.53	$ 0.17	$ 1.08
Diluted (in dollars per share)	$ 0.31	$ 0.53	$ 0.17	$ 1.08
Weighted average common shares outstanding
Basic (shares)	116,571	112,706	116,469	110,809
Diluted (shares)	116,903	113,056	116,839	111,280
Oil and natural gas revenues
Revenues
Revenues	$ 211,060	$ 209,019	$ 404,329	$ 390,973
Third-party midstream services revenues
Revenues
Revenues	14,359	3,407	26,197	6,475
Expenses
Plant and other midstream services operating	8,422	5,676	17,738	9,896
Sales of purchased natural gas
Revenues
Revenues	$ 8,963	$ 0	$ 20,194	$ 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	Convertible Preferred Stock [Member]	Convertible Preferred Stock [Member]Additional paid-in capital	Convertible Preferred Stock [Member]Total shareholders’ equity attributable to Matador Resources Company
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)
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, 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]
Current period net (loss) income	130,561
Ending Balance, shares at Jun. 30, 2018		116,461,000			103,000
Ending balance at Jun. 30, 2018	1,679,748	$ 1,165	1,916,821	(390,784)	$ (2,670)	1,524,532	155,216
Beginning Balance, shares at Mar. 31, 2018		109,347,000			85,000
Beginning balance at Mar. 31, 2018	1,362,766	$ 1,094	1,684,188	(450,590)	$ (2,446)	1,232,246	130,520
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		20,000
Issuance of common stock pursuant to employee stock compensation plan	0	$ 0	0
Issuance of common stock (in shares)		7,000,000
Issuance of common stock		$ 70													$ 226,612	$ 226,542	$ 226,612
Cost to issue equity	(146)		(146)			(146)
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		70,000
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	5,937		5,937			5,937
Stock options exercised, net of options forfeited in net share settlements (in shares)		24,000
Stock options exercised, net of options forfeited in net share settlements	301	$ 1	300			301
Restricted stock forfeited (in shares)					18,000
Restricted stock forfeited	(224)				$ (224)	(224)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	24,500		0			0	24,500
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(5,635)						(5,635)
Current period net (loss) income	65,637			59,806		59,806	5,831
Ending Balance, shares at Jun. 30, 2018		116,461,000			103,000
Ending balance at Jun. 30, 2018	$ 1,679,748	$ 1,165	1,916,821	(390,784)	$ (2,670)	1,524,532	155,216
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
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		116,594,000			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
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]
Current period net (loss) income	$ 35,587
Ending Balance, shares at Jun. 30, 2019	116,647,704	116,866,000			218,000
Ending balance at Jun. 30, 2019	$ 1,840,603	$ 1,169	1,955,504	(216,472)	$ (3,724)	1,736,477	104,126
Beginning Balance, shares at Mar. 31, 2019		116,594,000			205,000
Beginning balance at Mar. 31, 2019	1,791,529	$ 1,166	1,946,466	(253,224)	$ (3,585)	1,690,823	100,706
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		220,000
Issuance of common stock pursuant to employee stock compensation plan	0	$ 2	(2)
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		42,000
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	5,762		5,762			5,762
Stock options exercised, net of options forfeited in net share settlements (in shares)		10,000
Stock options exercised, net of options forfeited in net share settlements	189	$ 0	189			189
Restricted stock forfeited (in shares)					13,000
Restricted stock forfeited	(139)				$ (139)	(139)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	7,500		3,090			3,090	4,410
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(9,310)						(9,310)
Current period net (loss) income	$ 45,072			36,752		36,752	8,320
Ending Balance, shares at Jun. 30, 2019	116,647,704	116,866,000			218,000
Ending balance at Jun. 30, 2019	$ 1,840,603	$ 1,169	$ 1,955,504	$ (216,472)	$ (3,724)	$ 1,736,477	$ 104,126

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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Cash Flows [Abstract]
Current period net (loss) income	$ 35,587	$ 130,561
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized loss (gain) on derivatives	39,562	(11,845)
Depletion, depreciation and amortization	156,999	122,207
Accretion of asset retirement obligations	834	739
Stock-based compensation expense	9,076	8,945
Deferred income tax provision	11,845	0
Amortization of debt issuance cost	1,189	411
Inventory impairment	(368)	0
Changes in operating assets and liabilities
Accounts receivable	(378)	(9,321)
Lease and well equipment inventory	(3,456)	(8,611)
Prepaid expenses	(4,834)	(2,167)
Other assets	(415)	(149)
Accounts payable, accrued liabilities and other current liabilities	(48,746)	(883)
Royalties payable	1,353	8,393
Advances from joint interest owners	(6,243)	16,025
Other long-term liabilities	1,756	(97)
Net cash provided by operating activities	194,497	254,208
Investing activities
Oil and natural gas properties capital expenditures	(349,915)	(421,595)
Midstream capital expenditures	64,106	78,302
Midstream capital expenditures	(2,206)	(1,258)
Proceeds from sale of assets	21,533	7,593
Net cash used in investing activities	(394,694)	(493,562)
Financing activities
Repayments of borrowings	0	45,000
Borrowings under Credit Agreement	165,000	45,000
Borrowings under San Mateo Credit Facility	20,000	0
Cost to amend credit facilities	(415)	0
Proceeds from issuance of common stock	0	226,612
Cost to issue equity	0	73
Contributions related to formation of San Mateo I	14,700	14,700
Proceeds from stock options exercised	3,298	464
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	19,831	53,900
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(17,640)	(10,535)
Taxes paid related to net share settlement of stock-based compensation	(3,309)	(4,683)
Cash paid under financing lease obligations	(490)	0
Net cash provided by financing activities	200,975	280,385
Increase in cash and restricted cash	778	41,031
Cash and restricted cash at beginning of period	83,984	102,482
Cash and restricted cash at end of period	$ 84,762	$ 143,513

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 these ASUs resulted in the Company recording in the condensed consolidated balance sheet beginning January 1, 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, upon adoption, 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 these ASUs. 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 and six months ended June 30, 2019 and 2018 (in thousands). Three Months Ended Six Months Ended 2019 2018 2019 2018 Revenues from contracts with customers $ 234,382 $ 212,426 $ 450,720 $ 397,448 Realized gain (loss) on derivatives 1,165 (2,488 ) 4,435 (6,746 ) Unrealized gain (loss) on derivatives 6,157 1,429 (39,562 ) 11,845 Total revenues $ 241,704 $ 211,367 $ 415,593 $ 402,547 Three Months Ended Six Months Ended 2019 2018 2019 2018 Oil revenues $ 189,085 $ 166,271 $ 343,288 $ 314,430 Natural gas revenues 21,975 42,748 61,041 76,543 Third-party midstream services revenues 14,359 3,407 26,197 6,475 Sales of purchased natural gas 8,963 — 20,194 — Total revenues from contracts with customers $ 234,382 $ 212,426 $ 450,720 $ 397,448 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 both the three and six months ended June 30, 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 $6.8 million of its general and administrative costs and approximately $2.6 million and $2.6 million of its interest expense for the three months ended June 30, 2019 and 2018 , respectively. The Company capitalized approximately $16.8 million and $14.1 million of its general and administrative costs and approximately $4.2 million and $4.5 million of its interest expense for the six months ended June 30, 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 and six months ended June 30, 2019 and 2018 (in thousands). Three Months Ended Six Months Ended 2019 2018 2019 2018 Weighted average common shares outstanding Basic 116,571 112,706 116,469 110,809 Dilutive effect of options and restricted stock units 332 350 370 471 Diluted weighted average common shares outstanding 116,903 113,056 116,839 111,280 A total of 2.8 million options to purchase shares of Matador’s common stock were excluded from the diluted weighted average common shares outstanding for both the three and six months ended June 30, 2019 because their effects were anti-dilutive.

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, 2019 was 3.73% . 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 and six months ended June 30, 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 Six Months Ended Operating leases Lease operating $ 2,965 $ 5,207 Plant and other midstream services 30 61 General and administrative 665 1,474 Total operating leases (1) 3,660 6,742 Short-term leases Lease operating 3,392 5,601 Plant and other midstream services 1,131 2,751 General and administrative 5 17 Total short-term leases (2)(3) 4,528 8,369 Financing leases Depreciation of assets 231 440 Interest on lease liabilities 33 64 Total financing leases 264 504 Total lease expense $ 8,452 $ 15,615 _____________________ (1) Does not include gross payments related to drilling rig leases of $8.2 million and $13.5 million for the three and six months ended June 30, 2019 , respectively, that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the interim unaudited condensed consolidated balance sheet at June 30, 2019 . (2) These costs are related to leases that are not recorded as right of use assets or lease liabilities in the interim unaudited condensed consolidated balance sheet as they are short-term leases. (3) Does not include gross payments related to short-term drilling rig leases and other equipment rentals of $10.7 million and $37.2 million for the three and six months ended June 30, 2019 , respectively, that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the interim unaudited condensed consolidated balance sheet at June 30, 2019 . The following table presents supplemental interim unaudited condensed consolidated balance sheet information related to leases as of June 30, 2019 (in thousands). June 30, 2019 Operating leases Other assets $ 78,845 Other current liabilities $ (40,870 ) Other long-term liabilities (43,012 ) Total operating lease liabilities $ (83,882 ) Financing leases Other property and equipment, at cost $ 2,846 Accumulated depreciation (865 ) Net property and equipment $ 1,981 Other current liabilities $ (1,108 ) Other long-term liabilities (1,146 ) Total financing lease liabilities $ (2,254 ) The following table presents supplemental interim unaudited condensed consolidated cash flow information related to lease payments for the six months ended June 30, 2019 (in thousands). Six Months Ended Cash paid related to lease liabilities Operating cash payments for operating leases $ 6,790 Investing cash payments for operating leases $ 13,509 Financing cash payments for financing leases $ 490 Right of use assets obtained in exchange for lease obligations entered into during the period Operating leases $ 28,884 Financing leases $ 471 The following table presents the maturities of lease liabilities at June 30, 2019 (in years). Weighted-Average Remaining Lease Term June 30, 2019 Operating leases 3.0 Financing leases 2.6 The following table presents a schedule of future minimum lease payments required under all lease agreements as of June 30, 2019 and December 31, 2018 , respectively (in thousands). June 30, 2019 Operating Leases Financing Leases 2019 $ 22,075 $ 493 2020 32,051 747 2021 19,981 581 2022 3,989 504 2023 3,234 — Thereafter 7,679 — Total lease payments 89,009 2,325 Less imputed interest (5,127 ) (71 ) Total lease obligations 83,882 2,254 Less current obligations (40,870 ) (1,108 ) Long-term lease obligations $ 43,012 $ 1,146 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 obligations 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 June 30, 2019 was 3.73% . 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 and six months ended June 30, 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 Six Months Ended Operating leases Lease operating $ 2,965 $ 5,207 Plant and other midstream services 30 61 General and administrative 665 1,474 Total operating leases (1) 3,660 6,742 Short-term leases Lease operating 3,392 5,601 Plant and other midstream services 1,131 2,751 General and administrative 5 17 Total short-term leases (2)(3) 4,528 8,369 Financing leases Depreciation of assets 231 440 Interest on lease liabilities 33 64 Total financing leases 264 504 Total lease expense $ 8,452 $ 15,615 _____________________ (1) Does not include gross payments related to drilling rig leases of $8.2 million and $13.5 million for the three and six months ended June 30, 2019 , respectively, that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the interim unaudited condensed consolidated balance sheet at June 30, 2019 . (2) These costs are related to leases that are not recorded as right of use assets or lease liabilities in the interim unaudited condensed consolidated balance sheet as they are short-term leases. (3) Does not include gross payments related to short-term drilling rig leases and other equipment rentals of $10.7 million and $37.2 million for the three and six months ended June 30, 2019 , respectively, that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the interim unaudited condensed consolidated balance sheet at June 30, 2019 . The following table presents supplemental interim unaudited condensed consolidated balance sheet information related to leases as of June 30, 2019 (in thousands). June 30, 2019 Operating leases Other assets $ 78,845 Other current liabilities $ (40,870 ) Other long-term liabilities (43,012 ) Total operating lease liabilities $ (83,882 ) Financing leases Other property and equipment, at cost $ 2,846 Accumulated depreciation (865 ) Net property and equipment $ 1,981 Other current liabilities $ (1,108 ) Other long-term liabilities (1,146 ) Total financing lease liabilities $ (2,254 ) The following table presents supplemental interim unaudited condensed consolidated cash flow information related to lease payments for the six months ended June 30, 2019 (in thousands). Six Months Ended Cash paid related to lease liabilities Operating cash payments for operating leases $ 6,790 Investing cash payments for operating leases $ 13,509 Financing cash payments for financing leases $ 490 Right of use assets obtained in exchange for lease obligations entered into during the period Operating leases $ 28,884 Financing leases $ 471 The following table presents the maturities of lease liabilities at June 30, 2019 (in years). Weighted-Average Remaining Lease Term June 30, 2019 Operating leases 3.0 Financing leases 2.6 The following table presents a schedule of future minimum lease payments required under all lease agreements as of June 30, 2019 and December 31, 2018 , respectively (in thousands). June 30, 2019 Operating Leases Financing Leases 2019 $ 22,075 $ 493 2020 32,051 747 2021 19,981 581 2022 3,989 504 2023 3,234 — Thereafter 7,679 — Total lease payments 89,009 2,325 Less imputed interest (5,127 ) (71 ) Total lease obligations 83,882 2,254 Less current obligations (40,870 ) (1,108 ) Long-term lease obligations $ 43,012 $ 1,146 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 obligations 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	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	The following table summarizes the changes in the Company’s asset retirement obligations for the six months ended June 30, 2019 (in thousands). Beginning asset retirement obligations $ 31,086 Liabilities incurred during period 1,427 Liabilities settled during period (154 ) Divestitures during period (951 ) Accretion expense 834 Ending asset retirement obligations 32,242 Less: current asset retirement obligations (1) (1,556 ) Long-term asset retirement obligations $ 30,686 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at June 30, 2019 .

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	At June 30, 2019 and July 31, 2019, the Company had $1.05 billion of outstanding senior notes due 2026 (the “Notes”), $205.0 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 June 30, 2019 and July 31, 2019 , San Mateo I had $240.0 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 June 30, 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 increase the 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. On June 12, 2019, pursuant to the accordion feature, the lender commitments under the San Mateo Credit Facility were increased to $325.0 million . The Company believes that San Mateo I was in compliance with the terms of the San Mateo Credit Facility at June 30, 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	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate for the three and six months ended June 30, 2019 was 26% and 37% , respectively. The Company’s total income tax provision for the three and six months ended June 30, 2019 differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due primarily to the impact of permanent differences between book and tax income at June 30, 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 June 30, 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 June 30, 2018

Equity

Equity	6 Months Ended
	Jun. 30, 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% of the target units granted 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 are eligible to 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 in the southern portion of the Arrowhead asset area (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 first quarter of 2019, the Company contributed $1.0 million of property to San Mateo II. During the three and six months ended June 30, 2019 , the Company contributed $1.5 million and $1.5 million of cash and Five Point contributed $7.5 million and $11.5 million of cash to San Mateo II, respectively. 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 six months ended June 30, 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS At June 30, 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 June 30, 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 07/01/2019 - 12/31/2019 3,900,000 $ 50.26 $ 70.94 $ 3,354 Oil 01/01/2020 - 12/31/2020 2,640,000 $ 48.50 $ 69.50 4,555 Natural Gas 07/01/2019 - 12/31/2019 1,200,000 $ 2.50 $ 3.80 272 Total open costless collar contracts $ 8,181 The following is a summary of the Company’s open three-way costless collar contracts for oil and natural gas at June 30, 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 07/01/2019 - 12/31/2019 660,000 $ 60.00 $ 75.00 $ 78.85 $ 2,829 Natural Gas 07/01/2019 - 12/31/2019 2,400,000 $ 2.50 $ 3.00 $ 3.24 528 Total open three-way costless collar contracts $ 3,357 The following is a summary of the Company’s open basis swap contracts for oil at June 30, 2019 . Commodity Calculation Period Notional Quantity (Bbl) Fixed Price ($/Bbl) Fair Value of Asset (Liability) (thousands) Oil Basis Swaps 08/1/2019 - 12/31/2019 1,377,000 $ 0.33 $ (39 ) Oil Basis Swaps 01/01/2020 - 12/31/2020 4,494,000 $ 0.42 (1,215 ) Total open swap contracts $ (1,254 ) At June 30, 2019 , the Company had an aggregate asset value for open derivative financial instruments of $10.3 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 June 30, 2019 and December 31, 2018 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed June 30, 2019 Current assets $ 12,671 $ (4,400 ) $ 8,271 Other assets 4,710 (2,508 ) 2,202 Current liabilities (4,400 ) 4,400 — Long-term liabilities (2,697 ) 2,508 (189 ) Total $ 10,284 $ — $ 10,284 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 gain (loss) 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 Six Months Ended Type of Instrument Location in Condensed Consolidated Statement of Operations 2019 2018 2019 2018 Derivative Instrument Oil Revenues: Realized gain (loss) on derivatives $ 1,165 $ (2,488 ) $ 4,531 $ (6,797 ) Natural Gas Revenues: Realized (loss) gain on derivatives — — (96 ) 51 Realized gain (loss) on derivatives 1,165 (2,488 ) 4,435 (6,746 ) Oil Revenues: Unrealized gain (loss) on derivatives 5,365 1,829 (40,078 ) 12,956 Natural Gas Revenues: Unrealized gain (loss) on derivatives 792 (400 ) 516 (1,111 ) Unrealized gain (loss) on derivatives 6,157 1,429 (39,562 ) 11,845 Total $ 7,322 $ (1,059 ) $ (35,127 ) $ 5,099

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 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 $ — $ 9,484 $ — $ 9,484 Natural gas derivatives — 800 — 800 Total $ — $ 10,284 $ — $ 10,284 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 June 30, 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 June 30, 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 June 30, 2019 and December 31, 2018 , the fair value of the Notes was $1.07 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	6 Months Ended
	Jun. 30, 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 and salt water from certain portions of its acreage for gathering, transportation, processing, fractionation, sales and, in the case of salt water, disposal. The Company paid approximately $6.1 million and $5.1 million for deliveries under these agreements during the three months ended June 30, 2019 and 2018, respectively, and $12.9 million and $9.1 million for deliveries under these agreements during the six months ended June 30, 2019 and 2018, respectively. Certain of these agreements contain minimum volume commitments. If the Company does not meet the minimum volume commitments under these agreements, it will be required to pay certain deficiency fees. If the Company ceased operations in the areas subject to these agreements at June 30, 2019 , the total deficiencies required to be paid by the Company under these agreements would be approximately $163.4 million , in addition to the commitments described below. Future Commitments In late 2017, the Company entered into a fixed-fee natural gas liquids (“NGL”) sales 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”) to a certain counterparty. The Company is committed to deliver a minimum amount of NGLs to the counterparty upon construction and completion of a pipeline extension 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 June 30, 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 the fourth quarter of 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 June 30, 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 June 30, 2019 was approximately $183.8 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. In June 2019, a subsidiary of San Mateo II entered into an agreement with third parties for the engineering, procurement, construction and installation of an expansion of the Black River Processing Plant, including required compression. The expansion is expected to be placed in service in 2020. San Mateo II’s total commitments under this agreement are $80.1 million . San Mateo II paid approximately $8.3 million under this agreement during the three months ended June 30, 2019 . As of June 30, 2019 , the remaining obligations under this agreement were $71.8 million , which are expected to be paid within the next 12 months. 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	6 Months Ended
	Jun. 30, 2019
Supplemental Disclosures [Abstract]
SUPPLEMENTAL DISCLOSURES	Accrued Liabilities The following table summarizes the Company’s current accrued liabilities at June 30, 2019 and December 31, 2018 (in thousands). June 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 100,014 $ 86,318 Accrued midstream property costs 21,840 16,808 Accrued lease operating expenses 20,812 12,705 Accrued interest on debt 18,599 22,448 Accrued asset retirement obligations 1,556 1,350 Accrued partners’ share of joint interest charges 17,165 17,037 Other 11,622 14,189 Total accrued liabilities $ 191,608 $ 170,855 Supplemental Cash Flow Information The following table provides supplemental disclosures of cash flow information for the six months ended June 30, 2019 and 2018 (in thousands). Six Months Ended 2019 2018 Cash paid for interest expense, net of amounts capitalized $ 37,632 $ 14,286 Increase in asset retirement obligations related to mineral properties $ 321 $ 834 Increase in asset retirement obligations related to midstream properties $ 283 $ 296 Increase (decrease) in liabilities for oil and natural gas properties capital expenditures $ 13,536 $ (26,389 ) Increase (decrease) in liabilities for midstream properties capital expenditures $ 5,854 $ (2,371 ) Decrease in liabilities for accrued cost to issue equity $ — $ 73 Transfer of inventory from oil and natural gas properties $ 370 $ 343 Transfer of inventory to midstream properties $ — $ (2,390 ) 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). Six Months Ended 2019 2018 Cash $ 59,950 $ 122,450 Restricted cash 24,812 21,063 Total cash and restricted cash $ 84,762 $ 143,513

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, 2019 Oil and natural gas revenues $ 209,563 $ 1,497 $ — $ — $ 211,060 Midstream services revenues — 32,166 — (17,807 ) 14,359 Sales of purchased natural gas — 8,963 — — 8,963 Realized gain on derivatives 1,165 — — — 1,165 Unrealized loss on derivatives 6,157 — — — 6,157 Expenses (1) 141,514 23,425 17,783 (17,807 ) 164,915 Operating income (loss) (2) $ 75,371 $ 19,201 $ (17,783 ) $ — $ 76,789 Total assets $ 3,155,577 $ 508,074 $ 87,800 $ — $ 3,751,451 Capital expenditures (3) $ 166,532 $ 41,707 $ 1,400 $ — $ 209,639 _____________________ (1) Includes depletion, depreciation and amortization expenses of $75.7 million and $3.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million . (2) Includes $8.3 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $8.2 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $24.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended June 30, 2018 Oil and natural gas revenues $ 207,229 $ 1,790 $ — $ — $ 209,019 Midstream services revenues — 19,896 — (16,489 ) 3,407 Realized loss on derivatives (2,488 ) — — — (2,488 ) Unrealized gain on derivatives 1,429 — — — 1,429 Expenses (1) 126,025 9,363 18,475 (16,489 ) 137,374 Operating income (loss) (2) $ 80,145 $ 12,323 $ (18,475 ) $ — $ 73,993 Total assets $ 2,058,447 $ 354,068 $ 143,332 $ — $ 2,555,847 Capital expenditures (3) $ 199,345 $ 32,900 $ 732 $ — $ 232,977 _____________________ (1) Includes depletion, depreciation and amortization expenses of $64.5 million and $2.3 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $25,000 . (2) Includes $5.8 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $16.1 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Six Months Ended June 30, 2019 Oil and natural gas revenues $ 401,226 $ 3,103 $ — $ — $ 404,329 Midstream services revenues — 62,420 — (36,223 ) 26,197 Sales of purchased natural gas — 20,194 — — 20,194 Realized gain on derivatives 4,435 — — — 4,435 Unrealized loss on derivatives (39,562 ) — — — (39,562 ) Expenses (1) 283,493 49,260 34,734 (36,223 ) 331,264 Operating income (loss) (2) $ 82,606 $ 36,457 $ (34,734 ) $ — $ 84,329 Total assets $ 3,155,577 $ 508,074 $ 87,800 $ — $ 3,751,451 Capital expenditures (3) $ 364,143 $ 71,139 $ 2,206 $ — $ 437,488 _____________________ (1) Includes depletion, depreciation and amortization expenses of $148.3 million and $7.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.2 million . (2) Includes $15.8 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $31.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $37.9 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Six Months Ended June 30, 2018 Oil and natural gas revenues $ 387,489 $ 3,484 $ — $ — $ 390,973 Midstream services revenues — 35,708 — (29,233 ) 6,475 Realized loss on derivatives (6,746 ) — — — (6,746 ) Unrealized gain on derivatives 11,845 — — — 11,845 Expenses (1) 232,180 16,561 35,684 (29,233 ) 255,192 Operating income (loss) (2) $ 160,408 $ 22,631 $ (35,684 ) $ — $ 147,355 Total assets $ 2,058,447 $ 354,068 $ 143,332 $ — $ 2,555,847 Capital expenditures (3) $ 388,790 $ 78,617 $ 1,258 $ — $ 468,665 _____________________ (1) Includes depletion, depreciation and amortization expenses of $117.8 million and $3.9 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million . (2) Includes $10.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $38.5 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

Subsidiary Guarantors

Subsidiary Guarantors	6 Months Ended
	Jun. 30, 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 June 30, 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 tables present 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 $ 1,582,828 $ 12,535 $ — $ (1,595,363 ) $ — Current assets 3,967 44,100 225,317 — 273,384 Net property and equipment — 438,681 2,944,662 — 3,383,343 Investment in subsidiaries 1,211,056 — 109,227 (1,320,283 ) — Long-term assets 10,589 1,700 92,004 (9,569 ) 94,724 Total assets $ 2,808,440 $ 497,016 $ 3,371,210 $ (2,925,215 ) $ 3,751,451 LIABILITIES AND EQUITY Intercompany payable $ — $ — $ 1,595,363 $ (1,595,363 ) $ — Current liabilities 18,493 33,080 286,004 (802 ) 336,775 Senior unsecured notes payable 1,038,625 — — — 1,038,625 Other long-term liabilities 14,845 250,583 278,787 (8,767 ) 535,448 Total equity attributable to Matador Resources Company 1,736,477 109,227 1,211,056 (1,320,283 ) 1,736,477 Non-controlling interest in subsidiaries — 104,126 — — 104,126 Total liabilities and equity $ 2,808,440 $ 497,016 $ 3,371,210 $ (2,925,215 ) $ 3,751,451 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 $ — $ 41,720 $ 216,885 $ (16,901 ) $ 241,704 Total expenses 901 22,564 158,351 (16,901 ) 164,915 Operating (loss) income (901 ) 19,156 58,534 — 76,789 Inventory impairment — — (368 ) — (368 ) Interest expense (15,888 ) (2,180 ) — — (18,068 ) Other income (expense) — 3 (426 ) — (423 ) Earnings in subsidiaries 66,399 — 8,659 (75,058 ) — Income before income taxes 49,610 16,979 66,399 (75,058 ) 57,930 Total income tax provision 12,858 — — — 12,858 Net income attributable to non-controlling interest in subsidiaries — (8,320 ) — — (8,320 ) Net income attributable to Matador Resources Company shareholders $ 36,752 $ 8,659 $ 66,399 $ (75,058 ) $ 36,752 Condensed Consolidating Statement of Operations Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Total revenues $ — $ 21,356 $ 206,219 $ (16,208 ) $ 211,367 Total expenses 1,178 9,466 142,938 (16,208 ) 137,374 Operating (loss) income (1,178 ) 11,890 63,281 — 73,993 Interest expense (8,004 ) — — — (8,004 ) Other income (expense) — 11 (363 ) — (352 ) Earnings in subsidiaries 68,988 — 6,070 (75,058 ) — Income before income taxes 59,806 11,901 68,988 (75,058 ) 65,637 Net income attributable to non-controlling interest in subsidiaries — (5,831 ) — — (5,831 ) Net income attributable to Matador Resources Company shareholders $ 59,806 $ 6,070 $ 68,988 $ (75,058 ) $ 59,806 Condensed Consolidating Statement of Operations Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Total revenues $ — $ 84,596 $ 366,133 $ (35,136 ) $ 415,593 Total expenses 1,936 48,069 316,395 (35,136 ) 331,264 Operating (loss) income (1,936 ) 36,527 49,738 — 84,329 Inventory impairment — — (368 ) — (368 ) Interest expense (31,675 ) (4,322 ) — — (35,997 ) Other income (expense) — 3 (535 ) — (532 ) Earnings in subsidiaries 65,261 — 16,426 (81,687 ) — Income before income taxes 31,650 32,208 65,261 (81,687 ) 47,432 Total income tax provision 11,845 — — — 11,845 Net income attributable to non-controlling interest in subsidiaries — (15,782 ) — — (15,782 ) Net income attributable to Matador Resources Company shareholders $ 19,805 $ 16,426 $ 65,261 $ (81,687 ) $ 19,805 Condensed Consolidating Statement of Operations Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Total revenues $ — $ 38,550 $ 392,699 $ (28,702 ) $ 402,547 Total expenses 2,412 16,394 265,088 (28,702 ) 255,192 Operating (loss) income (2,412 ) 22,156 127,611 — 147,355 Interest expense (16,495 ) — — — (16,495 ) Other income (expense) 6 11 (316 ) — (299 ) Earnings in subsidiaries 138,601 — 11,306 (149,907 ) — Income before income taxes 119,700 22,167 138,601 (149,907 ) 130,561 Net income attributable to non-controlling interest in subsidiaries — (10,861 ) — — (10,861 ) Net income attributable to Matador Resources Company shareholders $ 119,700 $ 11,306 $ 138,601 $ (149,907 ) $ 119,700 Condensed Consolidating Statement of Cash Flows Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Net cash (used in) provided by operating activities $ (109 ) $ 51,266 $ 143,340 $ — $ 194,497 Net cash used in investing activities — (59,309 ) (327,195 ) (8,190 ) (394,694 ) Net cash provided by financing activities — 13,584 179,201 8,190 200,975 (Decrease) increase in cash and restricted cash (109 ) 5,541 (4,654 ) — 778 Cash and restricted cash at beginning of period 456 18,841 64,687 — 83,984 Cash and restricted cash at end of period $ 347 $ 24,382 $ 60,033 $ — $ 84,762 Condensed Consolidating Statement of Cash Flows Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Net cash (used in) provided by operating activities $ (224,441 ) $ 10,225 $ 468,424 $ — $ 254,208 Net cash used in investing activities — (79,119 ) (454,478 ) 40,035 (493,562 ) Net cash provided by financing activities 226,539 83,400 10,481 (40,035 ) 280,385 Increase in cash and restricted cash 2,098 14,506 24,427 — 41,031 Cash and restricted cash at beginning of period 286 5,663 96,533 — 102,482 Cash and restricted cash at end of period $ 2,384 $ 20,169 $ 120,960 $ — $ 143,513

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 these ASUs resulted in the Company recording in the condensed consolidated balance sheet beginning January 1, 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, upon adoption, 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 these ASUs. 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 and six months ended June 30, 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 both the three and six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 (in thousands). Three Months Ended Six Months Ended 2019 2018 2019 2018 Revenues from contracts with customers $ 234,382 $ 212,426 $ 450,720 $ 397,448 Realized gain (loss) on derivatives 1,165 (2,488 ) 4,435 (6,746 ) Unrealized gain (loss) on derivatives 6,157 1,429 (39,562 ) 11,845 Total revenues $ 241,704 $ 211,367 $ 415,593 $ 402,547 Three Months Ended Six Months Ended 2019 2018 2019 2018 Oil revenues $ 189,085 $ 166,271 $ 343,288 $ 314,430 Natural gas revenues 21,975 42,748 61,041 76,543 Third-party midstream services revenues 14,359 3,407 26,197 6,475 Sales of purchased natural gas 8,963 — 20,194 — Total revenues from contracts with customers $ 234,382 $ 212,426 $ 450,720 $ 397,448
Reconciliations of basic and diluted distributed and undistributed earnings (loss) per common share	The following table sets forth the computation of diluted weighted average common shares outstanding for the three and six months ended June 30, 2019 and 2018 (in thousands). Three Months Ended Six Months Ended 2019 2018 2019 2018 Weighted average common shares outstanding Basic 116,571 112,706 116,469 110,809 Dilutive effect of options and restricted stock units 332 350 370 471 Diluted weighted average common shares outstanding 116,903 113,056 116,839 111,280

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Lease, Cost	The following table presents supplemental interim unaudited condensed consolidated cash flow information related to lease payments for the six months ended June 30, 2019 (in thousands). Six Months Ended Cash paid related to lease liabilities Operating cash payments for operating leases $ 6,790 Investing cash payments for operating leases $ 13,509 Financing cash payments for financing leases $ 490 Right of use assets obtained in exchange for lease obligations entered into during the period Operating leases $ 28,884 Financing leases $ 471 The following table presents supplemental interim unaudited condensed consolidated statement of operations information related to lease expenses, on a gross basis, for the three and six months ended June 30, 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 Six Months Ended Operating leases Lease operating $ 2,965 $ 5,207 Plant and other midstream services 30 61 General and administrative 665 1,474 Total operating leases (1) 3,660 6,742 Short-term leases Lease operating 3,392 5,601 Plant and other midstream services 1,131 2,751 General and administrative 5 17 Total short-term leases (2)(3) 4,528 8,369 Financing leases Depreciation of assets 231 440 Interest on lease liabilities 33 64 Total financing leases 264 504 Total lease expense $ 8,452 $ 15,615 _____________________ (1) Does not include gross payments related to drilling rig leases of $8.2 million and $13.5 million for the three and six months ended June 30, 2019 , respectively, that were capitalized and recorded in “Oil and natural gas properties, full-cost method” in the interim unaudited condensed consolidated balance sheet at June 30, 2019 . (2) These costs are related to leases that are not recorded as right of use assets or lease liabilities in the interim unaudited condensed consolidated balance sheet as they are short-term leases. (3) Does not include gross payments related to short-term drilling rig leases and other equipment rentals of $10.7 million and $37.2 million for the three and six months ended June 30, 2019
Assets And Liabilities, Lessee	The following table presents supplemental interim unaudited condensed consolidated balance sheet information related to leases as of June 30, 2019 (in thousands). June 30, 2019 Operating leases Other assets $ 78,845 Other current liabilities $ (40,870 ) Other long-term liabilities (43,012 ) Total operating lease liabilities $ (83,882 ) Financing leases Other property and equipment, at cost $ 2,846 Accumulated depreciation (865 ) Net property and equipment $ 1,981 Other current liabilities $ (1,108 ) Other long-term liabilities (1,146 ) Total financing lease liabilities $ (2,254 )
Lessee, Lease Terms	The following table presents the maturities of lease liabilities at June 30, 2019 (in years). Weighted-Average Remaining Lease Term June 30, 2019 Operating leases 3.0 Financing leases 2.6
Finance Lease, Liability, Maturity	The following table presents a schedule of future minimum lease payments required under all lease agreements as of June 30, 2019 and December 31, 2018 , respectively (in thousands). June 30, 2019 Operating Leases Financing Leases 2019 $ 22,075 $ 493 2020 32,051 747 2021 19,981 581 2022 3,989 504 2023 3,234 — Thereafter 7,679 — Total lease payments 89,009 2,325 Less imputed interest (5,127 ) (71 ) Total lease obligations 83,882 2,254 Less current obligations (40,870 ) (1,108 ) Long-term lease obligations $ 43,012 $ 1,146
Lessee, Operating Lease, Liability, Maturity	The following table presents a schedule of future minimum lease payments required under all lease agreements as of June 30, 2019 and December 31, 2018 , respectively (in thousands). June 30, 2019 Operating Leases Financing Leases 2019 $ 22,075 $ 493 2020 32,051 747 2021 19,981 581 2022 3,989 504 2023 3,234 — Thereafter 7,679 — Total lease payments 89,009 2,325 Less imputed interest (5,127 ) (71 ) Total lease obligations 83,882 2,254 Less current obligations (40,870 ) (1,108 ) Long-term lease obligations $ 43,012 $ 1,146
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 obligations 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 obligations 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)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2019 (in thousands). Beginning asset retirement obligations $ 31,086 Liabilities incurred during period 1,427 Liabilities settled during period (154 ) Divestitures during period (951 ) Accretion expense 834 Ending asset retirement obligations 32,242 Less: current asset retirement obligations (1) (1,556 ) Long-term asset retirement obligations $ 30,686 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at June 30, 2019 .

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed June 30, 2019 Current assets $ 12,671 $ (4,400 ) $ 8,271 Other assets 4,710 (2,508 ) 2,202 Current liabilities (4,400 ) 4,400 — Long-term liabilities (2,697 ) 2,508 (189 ) Total $ 10,284 $ — $ 10,284 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 gain (loss) 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 Six Months Ended Type of Instrument Location in Condensed Consolidated Statement of Operations 2019 2018 2019 2018 Derivative Instrument Oil Revenues: Realized gain (loss) on derivatives $ 1,165 $ (2,488 ) $ 4,531 $ (6,797 ) Natural Gas Revenues: Realized (loss) gain on derivatives — — (96 ) 51 Realized gain (loss) on derivatives 1,165 (2,488 ) 4,435 (6,746 ) Oil Revenues: Unrealized gain (loss) on derivatives 5,365 1,829 (40,078 ) 12,956 Natural Gas Revenues: Unrealized gain (loss) on derivatives 792 (400 ) 516 (1,111 ) Unrealized gain (loss) on derivatives 6,157 1,429 (39,562 ) 11,845 Total $ 7,322 $ (1,059 ) $ (35,127 ) $ 5,099
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 June 30, 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 07/01/2019 - 12/31/2019 3,900,000 $ 50.26 $ 70.94 $ 3,354 Oil 01/01/2020 - 12/31/2020 2,640,000 $ 48.50 $ 69.50 4,555 Natural Gas 07/01/2019 - 12/31/2019 1,200,000 $ 2.50 $ 3.80 272 Total open costless collar contracts $ 8,181 The following is a summary of the Company’s open three-way costless collar contracts for oil and natural gas at June 30, 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 07/01/2019 - 12/31/2019 660,000 $ 60.00 $ 75.00 $ 78.85 $ 2,829 Natural Gas 07/01/2019 - 12/31/2019 2,400,000 $ 2.50 $ 3.00 $ 3.24 528 Total open three-way costless collar contracts $ 3,357 The following is a summary of the Company’s open basis swap contracts for oil at June 30, 2019 . Commodity Calculation Period Notional Quantity (Bbl) Fixed Price ($/Bbl) Fair Value of Asset (Liability) (thousands) Oil Basis Swaps 08/1/2019 - 12/31/2019 1,377,000 $ 0.33 $ (39 ) Oil Basis Swaps 01/01/2020 - 12/31/2020 4,494,000 $ 0.42 (1,215 ) Total open swap contracts $ (1,254 ) At June 30, 2019 , the Company had an aggregate asset value for open derivative financial instruments of $10.3 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)	6 Months Ended
	Jun. 30, 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 $ — $ 9,484 $ — $ 9,484 Natural gas derivatives — 800 — 800 Total $ — $ 10,284 $ — $ 10,284 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)	6 Months Ended
	Jun. 30, 2019
Supplemental Disclosures [Abstract]
Summary of current accrued liabilities	The following table summarizes the Company’s current accrued liabilities at June 30, 2019 and December 31, 2018 (in thousands). June 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 100,014 $ 86,318 Accrued midstream property costs 21,840 16,808 Accrued lease operating expenses 20,812 12,705 Accrued interest on debt 18,599 22,448 Accrued asset retirement obligations 1,556 1,350 Accrued partners’ share of joint interest charges 17,165 17,037 Other 11,622 14,189 Total accrued liabilities $ 191,608 $ 170,855
Supplemental disclosures of cash flow information	The following table provides supplemental disclosures of cash flow information for the six months ended June 30, 2019 and 2018 (in thousands). Six Months Ended 2019 2018 Cash paid for interest expense, net of amounts capitalized $ 37,632 $ 14,286 Increase in asset retirement obligations related to mineral properties $ 321 $ 834 Increase in asset retirement obligations related to midstream properties $ 283 $ 296 Increase (decrease) in liabilities for oil and natural gas properties capital expenditures $ 13,536 $ (26,389 ) Increase (decrease) in liabilities for midstream properties capital expenditures $ 5,854 $ (2,371 ) Decrease in liabilities for accrued cost to issue equity $ — $ 73 Transfer of inventory from oil and natural gas properties $ 370 $ 343 Transfer of inventory to midstream properties $ — $ (2,390 ) 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). Six Months Ended 2019 2018 Cash $ 59,950 $ 122,450 Restricted cash 24,812 21,063 Total cash and restricted cash $ 84,762 $ 143,513

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 Oil and natural gas revenues $ 209,563 $ 1,497 $ — $ — $ 211,060 Midstream services revenues — 32,166 — (17,807 ) 14,359 Sales of purchased natural gas — 8,963 — — 8,963 Realized gain on derivatives 1,165 — — — 1,165 Unrealized loss on derivatives 6,157 — — — 6,157 Expenses (1) 141,514 23,425 17,783 (17,807 ) 164,915 Operating income (loss) (2) $ 75,371 $ 19,201 $ (17,783 ) $ — $ 76,789 Total assets $ 3,155,577 $ 508,074 $ 87,800 $ — $ 3,751,451 Capital expenditures (3) $ 166,532 $ 41,707 $ 1,400 $ — $ 209,639 _____________________ (1) Includes depletion, depreciation and amortization expenses of $75.7 million and $3.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million . (2) Includes $8.3 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $8.2 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $24.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended June 30, 2018 Oil and natural gas revenues $ 207,229 $ 1,790 $ — $ — $ 209,019 Midstream services revenues — 19,896 — (16,489 ) 3,407 Realized loss on derivatives (2,488 ) — — — (2,488 ) Unrealized gain on derivatives 1,429 — — — 1,429 Expenses (1) 126,025 9,363 18,475 (16,489 ) 137,374 Operating income (loss) (2) $ 80,145 $ 12,323 $ (18,475 ) $ — $ 73,993 Total assets $ 2,058,447 $ 354,068 $ 143,332 $ — $ 2,555,847 Capital expenditures (3) $ 199,345 $ 32,900 $ 732 $ — $ 232,977 _____________________ (1) Includes depletion, depreciation and amortization expenses of $64.5 million and $2.3 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $25,000 . (2) Includes $5.8 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $16.1 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 234,382	$ 212,426	$ 450,720	$ 397,448
Realized gain (loss) on derivatives	1,165	(2,488)	4,435	(6,746)
Unrealized gain (loss) on derivatives	6,157	1,429	(39,562)	11,845
Total revenue	241,704	211,367	415,593	402,547
Oil revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	189,085	166,271	343,288	314,430
Natural gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	21,975	42,748	61,041	76,543
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,359	3,407	26,197	6,475
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8,963	0	20,194	0
Total revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 234,382	$ 212,426	$ 450,720	$ 397,448

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets	$ 78,845		$ 78,845
Operating lease liability	83,882		$ 83,882
Discount rate, present value of future revenue			10.00%
Impairment charges		$ 0
Capitalized general and administrative costs	8,400	6,800	$ 16,800	$ 14,100
Interest costs capitalized	$ 2,600	$ 2,600	$ 4,200	$ 4,500
Restricted Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Antidilutive securities (in shares)	2.8		2.8
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets	$ 62,300		$ 62,300
Operating lease liability	$ 62,300		$ 62,300

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accounting Policies [Abstract]
Weighted average common shares outstanding for basic earnings (loss) per share	116,571	112,706	116,469	110,809
Dilutive effect of options and restricted stock units	332	350	370	471
Diluted weighted average common shares outstanding	116,903	113,056	116,839	111,280

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Incremental borrowing rate	3.73%
Other assets	$ 78,845
Total lease obligations	$ 83,882

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Operating leases	$ 3,660	$ 6,742
Short-term leases	4,528	8,369
Financing leases
Depreciation of assets	231	440
Interest on lease liabilities	33	64
Total financing leases	264	504
Total lease expense	8,452	15,615
Lease operating
Lessee, Lease, Description [Line Items]
Operating leases	2,965	5,207
Short-term leases	3,392	5,601
Plant and other midstream services
Lessee, Lease, Description [Line Items]
Operating leases	30	61
Short-term leases	1,131	2,751
General and administrative
Lessee, Lease, Description [Line Items]
Operating leases	665	1,474
Short-term leases	5	17
Drilling Rig Leases
Financing leases
Gross payments	8,200	13,500
Drilling Rig Leases And Other Equipment Rentals
Financing leases
Gross payments	$ 10,700	$ 37,200

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating leases
Other assets	$ 78,845
Other current liabilities	(40,870)
Other long-term liabilities	(43,012)
Total operating lease liabilities	(83,882)
Financing leases
Other property and equipment, at cost	2,846
Accumulated depreciation	(865)
Net property and equipment	1,981
Other current liabilities	(1,108)
Other long-term liabilities	(1,146)
Total financing lease liabilities	$ (2,254)

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash paid related to lease liabilities
Operating cash payments for operating leases	$ 6,790
Investing cash payments for operating leases	13,509
Financing cash payments for financing leases	490	$ 0
Right of use assets obtained in exchange for lease obligations entered into during the period
Operating leases	28,884
Financing leases	$ 471

Leases - Lease Terms (Details)

Leases - Lease Terms (Details)	Jun. 30, 2019
Weighted-Average Remaining Lease Term
Operating leases	3 years
Financing leases	2 years 7 months 6 days

Leases - Lease Payment Maturity

Leases - Lease Payment Maturity Schedule (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating Leases
2019	$ 22,075
2020	32,051
2021	19,981
2022	3,989
2023	3,234
Thereafter	7,679
Total lease payments	89,009
Less imputed interest	(5,127)
Total lease obligations	83,882
Less current obligations	(40,870)
Long-term lease obligations	43,012
Financing Leases
2019	493
2020	747
2021	581
2022	504
2023	0
Thereafter	0
Total lease payments	2,325
Less imputed interest	(71)
Total lease obligations	2,254
Less current obligations	(1,108)
Long-term lease obligations	$ 1,146

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 obligations	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 obligations	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		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations				$ 31,086
Liabilities incurred during period				1,427
Liabilities settled during period				(154)
Divestitures during period				(951)
Accretion expense		$ 420	$ 375	834	$ 739
Ending asset retirement obligations		32,242		32,242
Less: current asset retirement obligations	[1]	(1,556)		(1,556)
Long-term asset retirement obligations		$ 30,686		$ 30,686		$ 29,736
[1]	Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at June 30, 2019 .

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Revolving Credit Agreement [Line Items]
Line of credit facility		$ 205,000	$ 40,000
Borrowings under San Mateo Credit Facility		240,000	$ 220,000
Senior Notes | Senior Notes Due 2026
Revolving Credit Agreement [Line Items]
Long-term debt outstanding		1,050,000
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
Borrowings under San Mateo Credit Facility		$ 240,000
Subsequent Event
Revolving Credit Agreement [Line Items]
Line of credit facility	$ 205,000
Subsequent Event | Senior Notes | Senior Notes Due 2026
Revolving Credit Agreement [Line Items]
Long-term debt outstanding	1,050,000
Subsequent Event | Letter of Credit
Revolving Credit Agreement [Line Items]
Outstanding letters of credit	13,600
Subsequent Event | Line of Credit | San Mateo Credit Facility
Revolving Credit Agreement [Line Items]
Outstanding letters of credit	16,200
Borrowings under San Mateo Credit Facility	$ 240,000

Debt Credit Agreement (Details)

Debt Credit Agreement (Details) - USD ($)	Jun. 30, 2019	Apr. 30, 2019	Dec. 19, 2018
Revolving Credit Facility | Third Amended Credit Agreement
Debt Instrument [Line Items]
Increase in borrowing base		$ 900,000,000
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	$ 325,000,000		$ 250,000,000
Line of credit, accordian feature			$ 400,000,000

Debt Senior Unsecured Notes (De

Debt Senior Unsecured Notes (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Oct. 04, 2018	Aug. 21, 2018
Debt Instrument [Line Items]
Debt issued	$ 1,038,625,000	$ 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

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	26.00%	37.00%

Equity (Details)

Equity (Details) - USD ($) $ in Millions	Feb. 25, 2019	Feb. 15, 2017	Apr. 30, 2019	Feb. 28, 2019	Feb. 26, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 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			$ 9.2					$ 16.8
Ownership percentage						100.00%		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 To Be Settled In Cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			259,038
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		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						$ 7.5		$ 11.5
San Mateo II | Matador Resources Company | Corporate Joint Venture
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions to related party						$ 1.5		$ 1.5
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%
Property Contribution | 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

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	Jun. 30, 2019USD ($)bblMMBTU$ / bbl$ / MMBTU	Dec. 31, 2018USD ($)
Derivative [Line Items]
Derivative Asset (Liability), Net | $	$ 10,284	$ 49,846
Open costless collar contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	8,181
Open Swap Collar Contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ (1,254)
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	3,900,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	50.26
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	70.94
Fair Value of Asset (Liability) | $	$ 3,354
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	1,200,000
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) | $	$ 272
Derivative Contract, Calculation Period One | Open Three-way Costless Collar Contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ 3,357
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	660,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	60
Fair Value of Asset (Liability) | $	$ 2,829
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	2,400,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	2.50
Fair Value of Asset (Liability) | $	$ 528
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	1,377,000
Derivative, Swap Type, Average Fixed Price	0.33
Fair Value of Asset (Liability) | $	$ (39)
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 $/MMBtu)	3.24
Derivative Contract, Calculation Period Two | Open costless collar contracts | Oil - WTI
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	2,640,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	48.50
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	69.50
Fair Value of Asset (Liability) | $	$ 4,555
Derivative Contract, Calculation Period Two | Open Swap Collar Contracts | Oil Basis Swaps
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	4,494,000
Derivative, Swap Type, Average Fixed Price	0.42
Fair Value of Asset (Liability) | $	$ (1,215)

Derivative Financial Instrume_4

Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative liability	$ (10,284)	$ (49,846)

Derivative Financial Instrume_5

Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Summary of gross liability balances of derivative instruments
Total	$ 10,284	$ 49,846
Gross amounts netted in the condensed consolidated balance sheets	0	0
Net amounts presented in the condensed consolidated balance sheets	10,284	49,846
Current assets
Derivative [Line Items]
Gross amounts of recognized assets	12,671	53,136
Gross amounts netted in the condensed consolidated balance sheets	(4,400)	(3,207)
Oil, natural gas and natural gas liquids (NGL) derivatives	8,271	49,929
Other assets
Derivative [Line Items]
Gross amounts of recognized assets	4,710
Gross amounts netted in the condensed consolidated balance sheets	(2,508)
Oil, natural gas and natural gas liquids (NGL) derivatives	2,202
Current liabilities
Summary of gross liability balances of derivative instruments
Gross amounts of recognized liabilities	(4,400)	(3,207)
Gross amounts netted in the condensed consolidated balance sheet	4,400	3,207
Oil, natural gas and natural gas liquids (NGL) derivatives	0	0
Other liabilities
Summary of gross liability balances of derivative instruments
Gross amounts of recognized liabilities	(2,697)	(83)
Gross amounts netted in the condensed consolidated balance sheet	2,508	0
Oil, natural gas and natural gas liquids (NGL) derivatives	$ (189)	$ (83)

Derivative Financial Instrume_6

Derivative Financial Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 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	$ 1,165	$ (2,488)	$ 4,435	$ (6,746)
Unrealized gain (loss) on derivatives	6,157	1,429	(39,562)	11,845
Total	7,322	(1,059)	(35,127)	5,099
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	1,165	(2,488)	4,435	(6,746)
Unrealized gain (loss) on derivatives	6,157	1,429	(39,562)	11,845
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	1,165	(2,488)	4,531	(6,797)
Unrealized gain (loss) on derivatives	5,365	1,829	(40,078)	12,956
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	0	0	(96)	51
Unrealized gain (loss) on derivatives	$ 792	$ (400)	$ 516	$ (1,111)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets (Liabilities)
Total	$ 10,284	$ 49,846
Fair value on a recurring basis
Assets (Liabilities)
Derivative Asset	800	284
Derivative Liability	9,484	49,562
Total	10,284	49,846
Fair value on a recurring basis | Level 1
Assets (Liabilities)
Derivative Asset	0	0
Derivative Liability	0	0
Total	0	0
Fair value on a recurring basis | Level 2
Assets (Liabilities)
Derivative Asset	800	284
Derivative Liability	9,484	49,562
Total	10,284	49,846
Fair value on a recurring basis | Level 3
Assets (Liabilities)
Derivative Asset	0	0
Derivative Liability	0	0
Total	$ 0	$ 0

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Senior Notes Due 2023 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 1,070	$ 970

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Feb. 25, 2019	Feb. 17, 2017	May 31, 2018	Apr. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Delivery Of Natural Gas And Oil Production To Third Parties
Long-term Purchase Commitment [Line Items]
Volume requirement commitment					$ 163.4		$ 163.4
Payment for volume requirement agreement					6.1	$ 5.1	12.9	$ 9.1
Corporate Joint Venture | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Contractual obligation					183.8		$ 183.8
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		$ 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		56.8
2019 10-Year Fixed Fee Natural Gas Transportation Agreement | Eddy County
Commitments and Contingencies (Textual) [Abstract]
Agreement term			10 years
Contractual obligation					202.3		202.3
Operational Agreements | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Contractual obligation	$ 363.8
Engineering, Procurement, Construction And Installation Of Processing Plant | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Contractual obligation					80.1		80.1
Payments made under agreement					8.3
Remaining obligation					$ 71.8		$ 71.8

Supplemental Disclosures (Detai

Supplemental Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Supplemental Disclosures [Line Items]
Total accrued liabilities	$ 191,608	$ 170,855
Accrued evaluated and unproved and unevaluated property costs
Supplemental Disclosures [Line Items]
Total accrued liabilities	100,014	86,318
Accrued midstream property costs
Supplemental Disclosures [Line Items]
Total accrued liabilities	21,840	16,808
Accrued lease operating expenses
Supplemental Disclosures [Line Items]
Total accrued liabilities	20,812	12,705
Accrued interest on debt
Supplemental Disclosures [Line Items]
Total accrued liabilities	18,599	22,448
Accrued asset retirement obligations
Supplemental Disclosures [Line Items]
Total accrued liabilities	1,556	1,350
Accrued partners’ share of joint interest charges
Supplemental Disclosures [Line Items]
Total accrued liabilities	17,165	17,037
Other
Supplemental Disclosures [Line Items]
Total accrued liabilities	$ 11,622	$ 14,189

Supplemental Disclosures (Det_2

Supplemental Disclosures (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Cash paid for interest expense, net of amounts capitalized	$ 37,632	$ 14,286
Increase (decrease) in liabilities for oil and natural gas properties capital expenditures	13,536	(26,389)
Increase (decrease) in liabilities for midstream properties capital expenditures	5,854	(2,371)
Transfer of inventory from oil and natural gas properties	370	343
Transfer of inventory to midstream properties	0	(2,390)
Increase (Decrease) in Liabilities for Accrued Cost to Issue Equity	0	73
Mineral Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase (decrease) in asset retirement obligations	321	834
Midstream Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase (decrease) in asset retirement obligations	$ 283	$ 296

Supplemental Disclosures Supple

Supplemental Disclosures Supplemental Disclosures - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash	$ 59,950	$ 64,545	$ 122,450
Restricted cash	24,812	19,439	21,063
Total cash and restricted cash	$ 84,762	$ 83,984	$ 143,513	$ 102,482

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Revenues	$ 234,382	$ 212,426	$ 450,720	$ 397,448
Number of segments | segment			2
Realized gain (loss) on derivatives	1,165	(2,488)	$ 4,435	(6,746)
Unrealized gain (loss) on derivatives	6,157	1,429	(39,562)	11,845
Expenses	164,915	137,374	331,264	255,192
Operating (loss) income	76,789	73,993	84,329	147,355
Total assets	3,751,451	2,555,847	3,751,451	2,555,847	$ 3,455,518
Capital expenditures	209,639	232,977	437,488	468,665
Depletion, depreciation and amortization	80,132	66,838	156,999	122,207
Corporate
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	0	0	0	0
Unrealized gain (loss) on derivatives	0	0	0	0
Expenses	17,783	18,475	34,734	35,684
Operating (loss) income	(17,783)	(18,475)	(34,734)	(35,684)
Total assets	87,800	143,332	87,800	143,332
Capital expenditures	1,400	732	2,206	1,258
Depletion, depreciation and amortization	600	25,000	1,200	600
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	0	0	0	0
Unrealized gain (loss) on derivatives	0	0	0	0
Expenses	(17,807)	(16,489)	(36,223)	(29,233)
Operating (loss) income	0	0	0	0
Total assets	0	0	0	0
Capital expenditures	0	0	0	0
Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	1,165	(2,488)	4,435	(6,746)
Unrealized gain (loss) on derivatives	6,157	1,429	(39,562)	11,845
Expenses	141,514	126,025	283,493	232,180
Operating (loss) income	75,371	80,145	82,606	160,408
Total assets	3,155,577	2,058,447	3,155,577	2,058,447
Capital expenditures	166,532	199,345	364,143	388,790
Depletion, depreciation and amortization	75,700	64,500	148,300	117,800
Midstream | Operating Segments
Segment Reporting Information [Line Items]
Realized gain (loss) on derivatives	0	0	0	0
Unrealized gain (loss) on derivatives	0	0	0	0
Expenses	23,425	9,363	49,260	16,561
Operating (loss) income	19,201	12,323	36,457	22,631
Total assets	508,074	354,068	508,074	354,068
Capital expenditures	41,707	32,900	71,139	78,617
Depletion, depreciation and amortization	3,800	2,300	7,500	3,900
Net income attributable to non-controlling interest in subsidiaries		(5,800)
Capital expenditures attributable to non-controlling interest	24,200	16,100	37,900
Capital expenditures attributable to land and seismic acquisition expenditures	8,200		31,300	38,500
Operating Income (Loss) | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interest in subsidiaries	(8,300)		(15,800)	(10,900)
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	211,060	209,019	404,329	390,973
Oil and natural gas revenues | Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Oil and natural gas revenues | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Oil and natural gas revenues | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	209,563	207,229	401,226	387,489
Oil and natural gas revenues | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,497	1,790	3,103	3,484
Third-party midstream services revenues
Segment Reporting Information [Line Items]
Revenues	14,359	3,407	26,197	6,475
Third-party midstream services revenues | Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Third-party midstream services revenues | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(17,807)	(16,489)	(36,223)	(29,233)
Third-party midstream services revenues | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Third-party midstream services revenues | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	32,166	19,896	62,420	35,708
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	8,963	$ 0	20,194	$ 0
Sales of purchased natural gas | Corporate
Segment Reporting Information [Line Items]
Revenues	0		0
Sales of purchased natural gas | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0		0
Sales of purchased natural gas | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0		0
Sales of purchased natural gas | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 8,963		$ 20,194

Subsidiary Guarantors Consolida

Subsidiary Guarantors Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Condensed Balance Sheet Statements, Captions [Line Items]
Equity Method Investment, Ownership Percentage	100.00%
Intercompany receivable	$ 0	$ 0
Current assets	273,384	305,685
Net property and equipment	3,383,343	3,122,864
Investment in subsidiaries	0	0
Long-term assets	94,724	26,969
Total assets	3,751,451	3,455,518	$ 2,555,847
Intercompany payable	0	0
Current liabilities	336,775	330,022
Senior unsecured notes payable	1,038,625	1,037,837
Other long-term liabilities	535,448	308,002
Total equity attributable to Matador Resources Company	1,736,477	1,688,880
Non-controlling interest in subsidiaries	104,126	90,777
Total liabilities and equity	3,751,451	3,455,518
Eliminating Entries
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	(1,595,363)	(1,274,221)
Current assets	0	0
Net property and equipment	0	0
Investment in subsidiaries	(1,320,283)	(1,585,747)
Long-term assets	(9,569)	(9,502)
Total assets	(2,925,215)	(2,869,470)
Intercompany payable	(1,595,363)	(1,274,221)
Current liabilities	(802)	(724)
Senior unsecured notes payable	0	0
Other long-term liabilities	(8,767)	(8,778)
Total equity attributable to Matador Resources Company	(1,320,283)	(1,585,747)
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	(2,925,215)	(2,869,470)
Matador | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	1,582,828	1,244,405
Current assets	3,967	4,109
Net property and equipment	0	0
Investment in subsidiaries	1,211,056	1,490,401
Long-term assets	10,589	23,897
Total assets	2,808,440	2,762,812
Intercompany payable	0	0
Current liabilities	18,493	22,874
Senior unsecured notes payable	1,038,625	1,037,837
Other long-term liabilities	14,845	13,221
Total equity attributable to Matador Resources Company	1,736,477	1,688,880
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	2,808,440	2,762,812
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	12,535	29,816
Current assets	44,100	34,027
Net property and equipment	438,681	379,052
Investment in subsidiaries	0	0
Long-term assets	1,700	1,479
Total assets	497,016	444,374
Intercompany payable	0	0
Current liabilities	33,080	27,988
Senior unsecured notes payable	0	0
Other long-term liabilities	250,583	230,263
Total equity attributable to Matador Resources Company	109,227	95,346
Non-controlling interest in subsidiaries	104,126	90,777
Total liabilities and equity	497,016	444,374
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	0	0
Current assets	225,317	267,549
Net property and equipment	2,944,662	2,743,812
Investment in subsidiaries	109,227	95,346
Long-term assets	92,004	11,095
Total assets	3,371,210	3,117,802
Intercompany payable	1,595,363	1,274,221
Current liabilities	286,004	279,884
Senior unsecured notes payable	0	0
Other long-term liabilities	278,787	73,296
Total equity attributable to Matador Resources Company	1,211,056	1,490,401
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	$ 3,371,210	$ 3,117,802

Subsidiary Guarantors Consoli_2

Subsidiary Guarantors Consolidated Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Income Statements, Captions [Line Items]
Total revenues	$ 241,704	$ 211,367	$ 415,593	$ 402,547
Total expenses	164,915	137,374	331,264	255,192
Operating (loss) income	76,789	73,993	84,329	147,355
Interest expense	(18,068)	(8,004)	(35,997)	(16,495)
Other (expense) income	(423)	(352)		(299)
Earnings in subsidiaries	0	0	0	0
Income before income taxes	57,930	65,637	47,432	130,561
Total income tax provision	12,858	0	11,845	0
Net income attributable to non-controlling interest in subsidiaries	(8,320)	(5,831)	(15,782)	(10,861)
Net income attributable to Matador Resources Company shareholders	36,752	59,806	19,805	119,700
Inventory impairment	(368)	0	(368)	0
Gain (Loss) On Extinguishment Of Debt, Premium On Debt Redemption			(532)
Eliminating Entries
Condensed Income Statements, Captions [Line Items]
Total revenues	(16,901)	(16,208)	(35,136)	(28,702)
Total expenses	(16,901)	(16,208)	(35,136)	(28,702)
Operating (loss) income	0	0	0	0
Interest expense	0	0	0	0
Other (expense) income	0	0		0
Earnings in subsidiaries	(75,058)	(75,058)	(81,687)	(149,907)
Income before income taxes	(75,058)	(75,058)	(81,687)	(149,907)
Total income tax provision	0		0
Net income attributable to non-controlling interest in subsidiaries	0	0	0	0
Net income attributable to Matador Resources Company shareholders	(75,058)	(75,058)	(81,687)	(149,907)
Inventory impairment	0		0
Gain (Loss) On Extinguishment Of Debt, Premium On Debt Redemption			0
Matador | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	0	0	0	0
Total expenses	901	1,178	1,936	2,412
Operating (loss) income	(901)	(1,178)	(1,936)	(2,412)
Interest expense	(15,888)	(8,004)	(31,675)	(16,495)
Other (expense) income	0	0		6
Earnings in subsidiaries	66,399	68,988	65,261	138,601
Income before income taxes	49,610	59,806	31,650	119,700
Total income tax provision	12,858		11,845
Net income attributable to non-controlling interest in subsidiaries	0	0	0	0
Net income attributable to Matador Resources Company shareholders	36,752	59,806	19,805	119,700
Inventory impairment	0		0
Gain (Loss) On Extinguishment Of Debt, Premium On Debt Redemption			0
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	41,720	21,356	84,596	38,550
Total expenses	22,564	9,466	48,069	16,394
Operating (loss) income	19,156	11,890	36,527	22,156
Interest expense	(2,180)	0	(4,322)	0
Other (expense) income	3	11		11
Earnings in subsidiaries	0	0	0	0
Income before income taxes	16,979	11,901	32,208	22,167
Total income tax provision	0		0
Net income attributable to non-controlling interest in subsidiaries	(8,320)	(5,831)	(15,782)	(10,861)
Net income attributable to Matador Resources Company shareholders	8,659	6,070	16,426	11,306
Inventory impairment	0		0
Gain (Loss) On Extinguishment Of Debt, Premium On Debt Redemption			3
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	216,885	206,219	366,133	392,699
Total expenses	158,351	142,938	316,395	265,088
Operating (loss) income	58,534	63,281	49,738	127,611
Interest expense	0	0	0	0
Other (expense) income	(426)	(363)		(316)
Earnings in subsidiaries	8,659	6,070	16,426	11,306
Income before income taxes	66,399	68,988	65,261	138,601
Total income tax provision	0		0
Net income attributable to non-controlling interest in subsidiaries	0	0	0	0
Net income attributable to Matador Resources Company shareholders	66,399	$ 68,988	65,261	$ 138,601
Inventory impairment	$ (368)		(368)
Gain (Loss) On Extinguishment Of Debt, Premium On Debt Redemption			$ (535)

Subsidiary Guarantors Consoli_3

Subsidiary Guarantors Consolidated Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 194,497	$ 254,208
Net cash used in investing activities	(394,694)	(493,562)
Net cash provided by financing activities	200,975	280,385
Increase in cash and restricted cash	778	41,031
Cash and restricted cash at beginning of period	83,984	102,482
Cash and restricted cash at end of period	84,762	143,513
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	(8,190)	40,035
Net cash provided by financing activities	8,190	(40,035)
Increase 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)	(224,441)
Net cash used in investing activities	0	0
Net cash provided by financing activities	0	226,539
Increase in cash and restricted cash	(109)	2,098
Cash and restricted cash at beginning of period	456	286
Cash and restricted cash at end of period	347	2,384
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	51,266	10,225
Net cash used in investing activities	(59,309)	(79,119)
Net cash provided by financing activities	13,584	83,400
Increase in cash and restricted cash	5,541	14,506
Cash and restricted cash at beginning of period	18,841	5,663
Cash and restricted cash at end of period	24,382	20,169
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	143,340	468,424
Net cash used in investing activities	(327,195)	(454,478)
Net cash provided by financing activities	179,201	10,481
Increase in cash and restricted cash	(4,654)	24,427
Cash and restricted cash at beginning of period	64,687	96,533
Cash and restricted cash at end of period	$ 60,033	$ 120,960