Matador Resources (MTDR) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 28, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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		116,840,409
Entity Central Index Key	0001520006
Amendment Flag	false
Document Fiscal Year Focus	2020
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, 2020	Dec. 31, 2019
Current assets
Cash	$ 20,573	$ 40,024
Restricted cash	22,935	25,104
Accounts receivable
Oil and natural gas revenues	57,854	95,228
Joint interest billings	64,037	67,546
Other	21,623	26,639
Derivative instruments	13,304	0
Lease and well equipment inventory	11,940	10,744
Prepaid expenses and other current assets	15,017	13,207
Total current assets	227,283	278,492
Oil and natural gas properties, full-cost method
Evaluated	5,041,026	4,557,265
Unproved and unevaluated	983,391	1,126,992
Midstream properties	773,314	643,903
Other property and equipment	28,233	27,021
Less accumulated depletion, depreciation and amortization	(3,163,037)	(2,655,586)
Net property and equipment	3,662,927	3,699,595
Other assets
Derivative instruments	6,634	0
Deferred income taxes	35,694	0
Other long-term assets	68,595	91,589
Total assets	4,001,133	4,069,676
Current liabilities
Accounts payable	15,747	25,230
Accrued liabilities	189,115	200,695
Royalties payable	60,995	85,193
Amounts due to affiliates	862	19,606
Derivative instruments	14,073	1,897
Advances from joint interest owners	19,931	14,837
Amounts due to joint ventures	0	486
Other current liabilities	44,046	51,828
Total current liabilities	344,769	399,772
Long-term liabilities
Borrowings under Credit Agreement	385,000	255,000
Borrowings under San Mateo Credit Facility	320,000	288,000
Senior unsecured notes payable	1,040,207	1,039,416
Asset retirement obligations	37,997	35,592
Derivative instruments	5,984	1,984
Deferred income taxes	11,090	37,329
Other long-term liabilities	37,585	43,131
Total long-term liabilities	1,837,863	1,700,452
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 116,983,790 and 116,644,246 shares issued; and 116,843,587 and 116,642,899 shares outstanding, respectively	1,170	1,166
Additional paid-in capital	2,020,298	1,981,014
Accumulated deficit	(376,187)	(148,500)
Treasury stock, at cost, 140,203 and 1,347 shares, respectively	(1,449)	(26)
Total Matador Resources Company shareholders’ equity	1,643,832	1,833,654
Non-controlling interest in subsidiaries	174,669	135,798
Total shareholders’ equity	1,818,501	1,969,452
Total liabilities and shareholders’ equity	$ 4,001,133	$ 4,069,676

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - Unaudited - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	116,983,790	116,644,246
Common stock, shares outstanding (in shares)	116,843,587	116,642,899
Treasury stock (in shares)	140,203	1,347

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Revenues	$ 147,416	$ 234,382	$ 371,704	$ 450,720
Lease bonus - mineral acreage	4,062	0	4,062	0
Realized gain on derivatives	44,110	1,165	54,977	4,435
Unrealized (loss) gain on derivatives	(132,668)	6,157	3,762	(39,562)
Total revenues	62,920	241,704	434,505	415,593
Expenses
Production taxes, transportation and processing	18,797	21,542	40,513	41,207
Lease operating	26,162	26,351	57,072	57,514
Purchased natural gas	10,922	8,172	18,980	18,806
Depletion, depreciation and amortization	93,350	80,132	184,057	156,999
Accretion of asset retirement obligations	495	420	971	834
Full-cost ceiling impairment	324,001	0	324,001	0
General and administrative	14,723	19,876	30,945	38,166
Total expenses	498,230	164,915	676,283	331,264
Operating (loss) income	(435,310)	76,789	(241,778)	84,329
Net loss on asset sales and impairment	(2,632)	(368)	(2,632)	(368)
Other income (expense)
Interest expense	(18,297)	(18,068)	(38,109)	(35,997)
Other income (expense)	473	(423)	1,793	(532)
Total other expense	(20,456)	(18,859)	(38,948)	(36,897)
(Loss) income before income taxes	(455,766)	57,930	(280,726)	47,432
Income tax (benefit) provision
Deferred	(109,823)	12,858	(69,866)	11,845
Total income tax (benefit) provision	(109,823)	12,858	(69,866)	11,845
Net (loss) income	(345,943)	45,072	(210,860)	35,587
Net income attributable to non-controlling interest in subsidiaries	(7,473)	(8,320)	(16,827)	(15,782)
Net (loss) income attributable to Matador Resources Company shareholders	$ (353,416)	$ 36,752	$ (227,687)	$ 19,805
(Loss) earnings per common share
Basic (in dollars per share)	$ (3.04)	$ 0.32	$ (1.96)	$ 0.17
Diluted (in dollars per share)	$ (3.04)	$ 0.31	$ (1.96)	$ 0.17
Weighted average common shares outstanding
Basic (shares)	116,071	116,571	115,977	116,469
Diluted (shares)	116,071	116,903	115,977	116,839
Oil and natural gas revenues
Revenues
Revenues	$ 118,767	$ 211,060	$ 316,681	$ 404,329
Third-party midstream services revenues
Revenues
Revenues	14,668	14,359	30,498	26,197
Expenses
Plant and other midstream services operating	9,780	8,422	19,744	17,738
Sales of purchased natural gas
Revenues
Revenues	$ 13,981	$ 8,963	$ 24,525	$ 20,194

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 I	San Mateo IAdditional paid-in capital	San Mateo ITotal shareholders’ equity attributable to Matador Resources Company	San Mateo II	San Mateo IIAdditional paid-in capital	San Mateo IITotal shareholders’ equity attributable to Matador Resources Company	San Mateo IINon-controlling interest in subsidiaries
Beginning Balance, shares at Dec. 31, 2018		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, net of tax	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 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		116,375,000			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 income	35,587
Ending Balance, shares at Jun. 30, 2019		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, net of tax	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 income	45,072			36,752		36,752	8,320
Ending Balance, shares at Jun. 30, 2019		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 Dec. 31, 2019	116,642,899	116,644,000			1,000
Beginning balance at Dec. 31, 2019	$ 1,969,452	$ 1,166	1,981,014	(148,500)	$ (26)	1,833,654	135,798
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		3,000
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)		2,000
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	5,066		5,066			5,066
Stock options exercised, net of options forfeited in net share settlements (in shares)		0
Stock options exercised, net of options forfeited in net share settlements	(24)	$ 0	(24)			(24)
Liability-based stock option awards settled in equity (in shares)		22,000
Liability-based stock option awards settled in equity	298	$ 1	297			298
Restricted stock forfeited (in shares)					106,000
Restricted stock forfeited	(1,267)				$ (1,267)	(1,267)
Contribution related to formation of property								$ 11,613	$ 11,613	$ 11,613
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries, net of tax	45,674		16,280			16,280	29,394
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(11,515)						(11,515)
Current period net income	135,083			125,729		125,729	9,354
Ending Balance, shares at Mar. 31, 2020		116,671,000			107,000
Ending balance at Mar. 31, 2020	$ 2,154,380	$ 1,167	2,014,246	(22,771)	$ (1,293)	1,991,349	163,031
Beginning Balance, shares at Dec. 31, 2019	116,642,899	116,644,000			1,000
Beginning balance at Dec. 31, 2019	$ 1,969,452	$ 1,166	1,981,014	(148,500)	$ (26)	1,833,654	135,798
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Current period net income	$ (210,860)
Ending Balance, shares at Jun. 30, 2020	116,843,587	116,984,000			140,000
Ending balance at Jun. 30, 2020	$ 1,818,501	$ 1,170	2,020,298	(376,187)	$ (1,449)	1,643,832	174,669
Beginning Balance, shares at Mar. 31, 2020		116,671,000			107,000
Beginning balance at Mar. 31, 2020	2,154,380	$ 1,167	2,014,246	(22,771)	$ (1,293)	1,991,349	163,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)		230,000
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)		83,000
Issuance of common stock pursuant to directors’ and advisors’ compensation plan		$ 1	(1)
Stock-based compensation expense related to equity-based awards including amounts capitalized	4,103		4,103			4,103
Restricted stock forfeited (in shares)					33,000
Restricted stock forfeited	(156)				$ (156)	(156)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries, net of tax	16,652		1,952			1,952	14,700
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(10,535)						(10,535)
Current period net income	$ (345,943)			(353,416)		(353,416)	7,473
Ending Balance, shares at Jun. 30, 2020	116,843,587	116,984,000			140,000
Ending balance at Jun. 30, 2020	$ 1,818,501	$ 1,170	$ 2,020,298	$ (376,187)	$ (1,449)	$ 1,643,832	$ 174,669

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Shareholders' Equity - Unaudited (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Contribution related to formation of San Mateo, tax		$ 3.1	$ 3.1
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries, tax	$ 0.5	$ 4.3

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Net (loss) income	$ (210,860)	$ 35,587
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Unrealized (gain) loss on derivatives	(3,762)	39,562
Depletion, depreciation and amortization	184,057	156,999
Accretion of asset retirement obligations	971	834
Full-cost ceiling impairment	324,001	0
Stock-based compensation expense	7,080	9,076
Deferred income tax (benefit) provision	(69,866)	11,845
Amortization of debt issuance cost	1,399	1,189
Net loss on asset sales and impairment	2,632	368
Changes in operating assets and liabilities
Accounts receivable	46,628	(378)
Lease and well equipment inventory	(868)	(3,456)
Prepaid expenses and other current assets	(1,610)	(4,834)
Other long-term assets	1,806	(415)
Accounts payable, accrued liabilities and other current liabilities	(52,351)	(48,746)
Royalties payable	(24,198)	1,353
Advances from joint interest owners	5,094	(6,243)
Other long-term liabilities	232	1,756
Net cash provided by operating activities	210,385	194,497
Investing activities
Oil and natural gas properties capital expenditures	(335,098)	(349,915)
Midstream capital expenditures	(123,338)	(64,106)
Expenditures for other property and equipment	(1,381)	(2,206)
Proceeds from sale of assets	1,056	21,533
Net cash used in investing activities	(458,761)	(394,694)
Financing activities
Borrowings under Credit Agreement	130,000	165,000
Borrowings under San Mateo Credit Facility	32,000	20,000
Cost to amend Credit Agreement	(660)	(415)
Proceeds from stock options exercised	45	3,298
Contributions related to formation of San Mateo I	14,700	14,700
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries	67,172	19,831
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(22,050)	(17,640)
Taxes paid related to net share settlement of stock-based compensation	(1,493)	(3,309)
Other	7,042	(490)
Net cash provided by financing activities	226,756	200,975
(Decrease) increase in cash and restricted cash	(21,620)	778
Cash and restricted cash at beginning of period	65,128	83,984
Cash and restricted cash at end of period	$ 43,508	$ 84,762

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONSMatador Resources Company, a Texas corporation (“Matador” and, collectively with its subsidiaries, the “Company”), is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. The Company’s current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, the Company conducts midstream operations, primarily through its midstream joint 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, 2020
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, 2019 filed with the SEC on March 2, 2020 (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, 2020. Amounts as of December 31, 2019 are derived from the Company’s audited consolidated financial statements included in the Annual Report. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s interim unaudited condensed consolidated financial statements are based on a number of significant estimates, including oil and natural gas revenues, accrued assets and liabilities, stock-based compensation, valuation of derivative instruments, deferred tax assets and liabilities and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates. Revenues The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the three and six months ended June 30, 2020 and 2019 (in thousands). Three Months Ended Six Months Ended 2020 2019 2020 2019 Revenues from contracts with customers $ 147,416 $ 234,382 $ 371,704 $ 450,720 Lease bonus - mineral acreage 4,062 — 4,062 — Realized gain on derivatives 44,110 1,165 54,977 4,435 Unrealized (loss) gain on derivatives (132,668) 6,157 3,762 (39,562) Total revenues $ 62,920 $ 241,704 $ 434,505 $ 415,593 Three Months Ended Six Months Ended 2020 2019 2020 2019 Oil revenues $ 94,174 $ 189,085 $ 263,759 $ 343,288 Natural gas revenues 24,593 21,975 52,922 61,041 Third-party midstream services revenues 14,668 14,359 30,498 26,197 Sales of purchased natural gas 13,981 8,963 24,525 20,194 Total revenues from contracts with customers $ 147,416 $ 234,382 $ 371,704 $ 450,720 Property and Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, all costs associated with the acquisition, exploration and development of oil and natural gas properties and reserves, including unproved and unevaluated property costs, are capitalized as incurred and accumulated into a single cost center representing the Company’s activities, which are undertaken exclusively in the United States. Such costs include lease acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, costs of drilling both productive and non-productive wells, capitalized interest on qualifying projects and certain general and administrative expenses directly related to acquisition, exploration and development activities, but do not include any costs related to production, selling or general corporate administrative activities. The Company capitalized approximately $8.1 million and $8.4 million of its general and administrative costs and approximately $1.8 million and $2.6 million of its interest expense for the three months ended June 30, 2020 and 2019, respectively. The Company capitalized approximately $16.3 million and $16.8 million of its general and administrative costs and approximately $3.2 million and $4.2 million of its interest expense for the six months ended June 30, 2020 and 2019, respectively. The net capitalized costs of oil and natural gas properties are limited to the lower of amortized costs less related deferred income taxes or the cost center “ceiling.” The cost center ceiling is defined as the sum of: (a) the present value, discounted at 10%, of future net revenues of proved oil and natural gas reserves, reduced by the estimated costs of developing these reserves, plus (b) unproved and unevaluated property costs not being amortized, plus (c) the lower of cost or estimated fair value of unproved and unevaluated properties included in the costs being amortized, if any, less (d) income tax effects related to the properties involved. Any excess of the Company’s net capitalized costs above the cost center ceiling as described above is charged to operations as a full-cost ceiling impairment. The need for a full-cost ceiling impairment is required to be assessed on a quarterly basis. The fair value of the Company’s derivative instruments is not included in the ceiling test computation as the Company does not designate these instruments as hedge instruments for accounting purposes. The estimated present value of after-tax future net cash flows from proved oil and natural gas reserves is highly dependent upon the quantities of proved reserves, the estimation of which requires substantial judgment. The Company’s oil and natural gas reserves estimates are prepared by the Company’s engineering staff in accordance with guidelines established by the SEC. Under these guidelines, oil and natural gas reserves are estimated using then-current operating and economic conditions, with no provision for price and cost escalations in future periods except by contractual agreements. Future net revenues are calculated using prices that represent the arithmetic averages of first-day-of-the-month oil and natural gas prices for the previous 12-month period, and the guidelines further dictate that a 10% discount factor be used to determine the present value of future revenues. For the period from July 2019 to June 2020, the average oil and natural gas prices were $43.60 per barrel and $2.07 per MMBtu, respectively. In estimating the present value of after-tax future net cash flows from proved oil and natural gas reserves, the average oil and natural gas prices were adjusted by property for quality, energy content, transportation and marketing fees and regional price differentials. Using average commodity prices, as adjusted, to determine the Company’s estimated proved oil and natural gas reserves at June 30, 2020, the Company’s net capitalized costs less related deferred income taxes exceeded the full-cost ceiling by $243.9 million. As a result, the Company recorded an impairment charge of $324.0 million to its net capitalized costs and a deferred income tax benefit of $80.1 million at June 30, 2020. These charges are reflected in the Company’s interim unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2020. For the three and six months ended June 30, 2019, the Company’s net capitalized costs less related deferred income taxes did not exceed the full-cost ceiling. As a result, the Company recorded no impairment to its net capitalized costs for the three and six months ended June 30, 2019. 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, 2020 and 2019 (in thousands). Three Months Ended Six Months Ended 2020 2019 2020 2019 Weighted average common shares outstanding Basic 116,071 116,571 115,977 116,469 Dilutive effect of options and restricted stock units — 332 — 370 Diluted weighted average common shares outstanding 116,071 116,903 115,977 116,839

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The following table summarizes the changes in the Company’s asset retirement obligations for the six months ended June 30, 2020 (in thousands). Beginning asset retirement obligations $ 36,211 Liabilities incurred during period 1,463 Liabilities settled during period (109) Accretion expense 971 Ending asset retirement obligations 38,536 Less: current asset retirement obligations (1) (539) Long-term asset retirement obligations $ 37,997 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at June 30, 2020.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT At June 30, 2020, the Company had $1.05 billion of outstanding senior notes due 2026 (the “Notes”), $385.0 million in borrowings outstanding under its reserves-based revolving credit facility (the “Credit Agreement”), approximately $45.1 million in outstanding letters of credit issued pursuant to the Credit Agreement and $7.5 million outstanding under an unsecured U.S. Small Business Administration (“SBA”) loan. At July 28, 2020, the Company had $1.05 billion of outstanding Notes, $404.0 million in borrowings outstanding under the Credit Agreement, approximately $45.1 million in outstanding letters of credit issued pursuant to the Credit Agreement and $7.5 million outstanding under an unsecured SBA loan. At June 30, 2020 and July 28, 2020, San Mateo I had $320.0 million in borrowings outstanding under its revolving credit facility (the “San Mateo Credit Facility”) and approximately $9.0 million in outstanding letters of credit issued pursuant to the San Mateo Credit Facility. 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 February 2020, the lenders completed their review of the Company’s proved oil and natural gas reserves at December 31, 2019, and, as a result, the borrowing base was affirmed at $900.0 million. The Company elected to increase the borrowing commitment from $500.0 million to $700.0 million, and the maximum facility amount remained $1.5 billion. This February 2020 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 (subject to compliance with the covenant noted below). The Credit Agreement matures October 31, 2023. The Credit Agreement requires the Company to maintain a debt to EBITDA ratio, which is defined as debt outstanding (net of up to $50.0 million of cash or cash equivalents), divided by a rolling four quarter EBITDA calculation, of 4.00 or less. The Company believes that it was in compliance with the terms of the Credit Agreement at June 30, 2020. San Mateo Midstream, LLC The San Mateo Credit Facility is non-recourse with respect to Matador and its wholly-owned subsidiaries, as well as San Mateo II and its subsidiaries, but is guaranteed by San Mateo I’s subsidiaries and secured by substantially all of San Mateo I’s assets, including real property. The San Mateo Credit Facility includes an accordion feature, which provides for potential increases to up to $400.0 million, and matures December 19, 2023. At June 30, 2020, the lender commitments under the San Mateo Credit Facility were $375.0 million (subject to San Mateo I’s compliance with the covenants noted below). The San Mateo Credit Facility requires San Mateo I to maintain a debt to EBITDA ratio, which is defined as total consolidated funded indebtedness outstanding (as defined in the San Mateo Credit Facility) divided by a rolling four quarter EBITDA calculation, of 5.00 or less, subject to certain exceptions. The San Mateo Credit Facility also requires San Mateo I to maintain an interest coverage ratio, which is defined as a rolling four quarter EBITDA calculation divided by San Mateo I’s consolidated interest expense, of 2.50 or more. The Company believes that San Mateo I was in compliance with the terms of the San Mateo Credit Facility at June 30, 2020. Senior Unsecured Notes At June 30, 2020, the Company had $1.05 billion of outstanding 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, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company’s effective tax rates for the three and six months ended June 30, 2020 were 24% and 23%, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2019 were 26% and 37%, respectively. The Company’s total income tax provision for the three and six months ended June 30, 2020 and 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, as well as state taxes, primarily in New Mexico.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
EQUITY	EQUITY Stock-based Compensation During the six months ended June 30, 2020, the Company granted awards to certain of its employees of 868,710 service-based restricted stock units to be settled in cash, which are liability instruments, and 641,210 performance-based stock units and 227,500 shares of restricted stock, which are equity instruments. The performance-based stock units vest in an amount between zero and 200% of the target units granted based on the Company’s relative total shareholder return over the three 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 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. As of June 30, 2020, the $150 million threshold for capital expenditures had been reached, and future capital expenditures are the responsibility of Matador and Five Point based on each company’s proportionate interest in San Mateo II. During the three months ended June 30, 2020, the Company contributed $15.4 million and Five Point contributed $17.2 million of cash, of which $2.5 million was paid to carry Matador’s proportionate interest in San Mateo II. During the six months ended June 30, 2020, the Company contributed $22.9 million and Five Point contributed $67.2 million of cash, of which $23.1 million was paid to carry Matador’s proportionate interest in San Mateo II. The portion of the amount contributed by Five Point to carry Matador’s proportionate interest was recorded in “Additional paid-in capital” in the Company’s interim unaudited condensed consolidated balance sheets for the three and six months ended June 30, 2020, net of the $0.5 million and $4.8 million, respectively, deferred tax impact to Matador related to this equity contribution. 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, respectively, in addition to the $1.0 million of property the Company contributed during the first quarter of 2019 related to the formation of San Mateo II. The Company also has the ability to earn up to $150.0 million in deferred performance incentives over the next several years , plus additional performance incentives for securing volumes from third-party customers. 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

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS At June 30, 2020, the Company had various 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 for the collars and fixed price for the swaps. At June 30, 2020, each contract was set to expire at varying times during 2020, 2021 and 2022. The Company had no open contracts associated with natural gas liquids (“NGL”) prices at June 30, 2020. The following is a summary of the Company’s open costless collar contracts for oil and natural gas at June 30, 2020. Commodity Calculation Period Notional Quantity (Bbl or MMBtu) Weighted Average Price Floor ($/Bbl or $/MMBtu) Weighted Average Price Ceiling ($/Bbl or $/MMBtu) Fair Value of Oil 07/01/2020 - 12/31/2020 1,758,000 $ 48.03 $ 66.05 $ 16,271 Oil 01/01/2021 - 12/31/2021 2,400,000 $ 35.00 $ 45.71 179 Natural Gas 11/01/2020 - 12/31/2020 5,200,000 $ 2.51 $ 3.82 1,354 Natural Gas 01/01/2021 - 03/31/2021 7,800,000 $ 2.51 $ 3.82 545 Total open costless collar contracts $ 18,349 The following is a summary of the Company’s open swap contracts for oil at June 30, 2020. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil 07/01/2020 - 12/31/2020 4,320,000 $ 35.00 $ (19,652) Oil 01/01/2021 - 12/31/2021 2,040,000 $ 35.26 (10,526) Total open swap contracts $ (30,178) The following is a summary of the Company’s open basis swap contracts for oil at June 30, 2020. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil Basis 07/01/2020 - 12/31/2020 4,896,000 $ 0.61 $ 2,318 Oil Basis 01/01/2021 - 12/31/2021 8,400,000 $ 0.87 5,414 Oil Basis 01/01/2022 - 12/31/2022 5,520,000 $ 0.95 3,978 Total open basis swap contracts $ 11,710 At June 30, 2020, the Company had an aggregate liability value for open derivative financial instruments of $0.1 million. The Company’s derivative financial instruments are subject to master netting arrangements, and the Company’s counterparties allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets. The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed June 30, 2020 Current assets $ 331,474 $ (318,170) $ 13,304 Other assets 298,934 (292,300) 6,634 Current liabilities (332,243) 318,170 (14,073) Long-term liabilities (298,284) 292,300 (5,984) Total $ (119) $ — $ (119) December 31, 2019 Current assets $ 442,291 $ (442,291) $ — Other assets 280,397 (280,397) — Current liabilities (444,188) 442,291 (1,897) Long-term liabilities (282,381) 280,397 (1,984) Total $ (3,881) $ — $ (3,881) 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 2020 2019 2020 2019 Derivative Instrument Oil Revenues: Realized gain on derivatives $ 44,110 $ 1,165 $ 54,977 $ 4,531 Natural Gas Revenues: Realized loss on derivatives — — — (96) Realized gain on derivatives 44,110 1,165 54,977 4,435 Oil Revenues: Unrealized (loss) gain on derivatives (134,567) 5,365 1,863 (40,078) Natural Gas Revenues: Unrealized gain on derivatives 1,899 792 1,899 516 Unrealized (loss) gain on derivatives (132,668) 6,157 3,762 (39,562) Total $ (88,558) $ 7,322 $ 58,739 $ (35,127)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are classified and disclosed in one of the following categories. Level 1 Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets. Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that are valued with industry standard models that consider various inputs, including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace. Level 3 Unobservable inputs that are not corroborated by market data that reflect a company’s own market assumptions. Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables summarize the valuation of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in accordance with the classifications provided above as of June 30, 2020 and December 31, 2019 (in thousands). Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (2,018) $ — $ (2,018) Natural gas derivatives — 1,899 — 1,899 Total $ — $ (119) $ — $ (119) Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (3,881) $ — $ (3,881) Total $ — $ (3,881) $ — $ (3,881) Additional disclosures related to derivative financial instruments are provided in Note 7. Other Fair Value Measurements At June 30, 2020 and December 31, 2019, the carrying values reported on the interim unaudited condensed consolidated balance sheets for accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, royalties payable, amounts due to affiliates, advances from joint interest owners, amounts due to joint ventures and other current liabilities approximated their fair values due to their short-term maturities. At June 30, 2020 and December 31, 2019, the carrying value of borrowings under the Credit Agreement and the San Mateo Credit Facility approximated their fair value as both are subject to short-term floating interest rates that reflect market rates available to the Company at the time and are classified at Level 2 in the fair value hierarchy.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 $11.4 million and $6.1 million for deliveries under these agreements during the three months ended June 30, 2020 and 2019, respectively, and $22.4 million and $12.9 million for deliveries under these agreements during the six months ended June 30, 2020 and 2019, 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, 2020, the total deficiencies required to be paid by the Company under these agreements would be approximately $387.9 million, in addition to the commitments described below. Future Commitments In late 2017, the Company entered into a fixed-fee 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 for seven years following the completion of the counterparty’s pipeline extension and fractionation facility, which was completed on July 1, 2020. If the Company does not meet its NGL volume commitment in any quarter during the seven seven In October 2019, the Company entered into a 15-year, fixed-fee natural gas transportation agreement 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 agreement begins when the counterparty’s pipeline is placed in service, which is anticipated to be in the second half of 2020. Should the pipeline be placed in service, the Company would owe the fees to transport the committed volume whether or not the committed volume is transported through the counterparty’s pipeline, and the minimum contractual obligation would be approximately $106.9 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 remaining minimum contractual obligation under the Operational Agreements at June 30, 2020 was approximately $150.7 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 remaining minimum contractual obligation under the San Mateo II Operational Agreements at June 30, 2020 was approximately $360.2 million. 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 $81.0 million. San Mateo II paid approximately $12.6 million and $33.7 million under this agreement during the three and six months ended June 30, 2020, respectively. As of June 30, 2020, the remaining obligations of San Mateo II under this agreement were $7.2 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, 2020
Supplemental Disclosures [Abstract]
SUPPLEMENTAL DISCLOSURES	SUPPLEMENTAL DISCLOSURES Accrued Liabilities The following table summarizes the Company’s current accrued liabilities at June 30, 2020 and December 31, 2019 (in thousands). June 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 77,015 $ 72,376 Accrued midstream properties costs 55,457 46,402 Accrued lease operating expenses 22,026 18,223 Accrued interest on debt 18,282 18,569 Accrued asset retirement obligations 539 619 Accrued partners’ share of joint interest charges 4,541 14,322 Accrued payable related to purchased natural gas 2,318 17,806 Other 8,937 12,378 Total accrued liabilities $ 189,115 $ 200,695 Supplemental Cash Flow Information The following table provides supplemental disclosures of cash flow information for the six months ended June 30, 2020 and 2019 (in thousands). Six Months Ended 2020 2019 Cash paid for interest expense, net of amounts capitalized $ 38,387 $ 37,632 Increase in asset retirement obligations related to mineral properties $ 1,393 $ 321 Increase in asset retirement obligations related to midstream properties $ 26 $ 283 Increase in liabilities for oil and natural gas properties capital expenditures $ 4,469 $ 13,536 Increase in liabilities for midstream properties capital expenditures $ 9,203 $ 5,854 Stock-based compensation expense recognized as liability $ 1,188 $ 1,010 Transfer of inventory (to) from oil and natural gas properties $ (335) $ 370 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 2020 2019 Cash $ 20,573 $ 59,950 Restricted cash 22,935 24,812 Total cash and restricted cash $ 43,508 $ 84,762

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company operates in two business segments: (i) exploration and production and (ii) midstream. The exploration and production segment is engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States and is currently focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. The midstream segment conducts midstream operations in support of the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and salt water gathering services and salt water disposal services to third parties. Substantially all of the Company’s midstream operations in the Rustler Breaks, Wolf and Stateline asset areas and the Greater Stebbins Area 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, 2020 Oil and natural gas revenues $ 118,258 $ 509 $ — $ — $ 118,767 Midstream services revenues — 36,234 — (21,566) 14,668 Sales of purchased natural gas 8,327 5,654 — — 13,981 Lease bonus - mineral acreage 4,062 — — — 4,062 Realized gain on derivatives 44,110 — — — 44,110 Unrealized loss on derivatives (132,668) — — — (132,668) Expenses (1) 483,812 23,575 12,409 (21,566) 498,230 Operating (loss) income (2) $ (441,723) $ 18,822 $ (12,409) $ — $ (435,310) Total assets $ 3,159,528 $ 765,034 $ 76,571 $ — $ 4,001,133 Capital expenditures (3) $ 130,709 $ 64,656 $ 594 $ — $ 195,959 _____________________ (1) Includes depletion, depreciation and amortization expenses of $87.8 million and $5.0 million for the exploration and production and midstream segments, respectively. Includes full-cost ceiling impairment of $324.0 million for the exploration and production segment. Also includes corporate depletion, depreciation and amortization expenses of $0.7 million. (2) Includes $7.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $9.6 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $31.9 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended 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 gain 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 Six Months Ended June 30, 2020 Oil and natural gas revenues $ 315,053 $ 1,628 $ — $ — $ 316,681 Midstream services revenues — 73,983 — (43,485) 30,498 Sales of purchased natural gas 11,922 12,603 — — 24,525 Lease bonus - mineral acreage 4,062 — — — 4,062 Realized gain on derivatives 54,977 — — — 54,977 Unrealized gain on derivatives 3,762 — — — 3,762 Expenses (1) 645,137 47,905 26,726 (43,485) 676,283 Operating income (loss) (2) $ (255,361) $ 40,309 $ (26,726) $ — $ (241,778) Total assets $ 3,159,528 $ 765,034 $ 76,571 $ — $ 4,001,133 Capital expenditures (3) $ 340,444 $ 132,729 $ 1,381 $ — $ 474,554 _____________________ (1) Includes depletion, depreciation and amortization expenses of $172.9 million and $9.8 million for the exploration and production and midstream segments, respectively. Includes full-cost ceiling impairment of $324.0 million for the exploration and production segment. Also includes corporate depletion, depreciation and amortization expenses of $1.4 million. (2) Includes $16.8 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $49.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $79.4 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.

Subsidiary Guarantors

Subsidiary Guarantors	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
SUBSIDIARY GUARANTORS	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, 2020, 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 $ 1,600,300 $ 15,508 $ — $ (1,615,808) $ — Current assets 6,917 34,186 186,180 — 227,283 Net property and equipment — 707,472 2,955,455 — 3,662,927 Investment in subsidiaries 1,070,647 — 185,216 (1,255,863) — Long-term assets 35,694 2,626 83,628 (11,025) 110,923 Total assets $ 2,713,558 $ 759,792 $ 3,410,479 $ (2,882,696) $ 4,001,133 LIABILITIES AND EQUITY Intercompany payable $ — $ — $ 1,615,808 $ (1,615,808) $ — Current liabilities 18,429 66,591 260,682 (933) 344,769 Senior unsecured notes payable 1,040,207 — — — 1,040,207 Other long-term liabilities 11,090 333,316 463,342 (10,092) 797,656 Total equity attributable to Matador Resources Company 1,643,832 185,216 1,070,647 (1,255,863) 1,643,832 Non-controlling interest in subsidiaries — 174,669 — — 174,669 Total liabilities and equity $ 2,713,558 $ 759,792 $ 3,410,479 $ (2,882,696) $ 4,001,133 Condensed Consolidating Balance Sheet Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated ASSETS Intercompany receivable $ 1,578,133 $ 29,217 $ — $ (1,607,350) $ — Current assets 29 37,933 240,530 — 278,492 Net property and equipment — 583,899 3,115,696 — 3,699,595 Investment in subsidiaries 1,332,237 — 144,697 (1,476,934) — Long-term assets — 3,072 99,049 (10,532) 91,589 Total assets $ 2,910,399 $ 654,121 $ 3,599,972 $ (3,094,816) $ 4,069,676 LIABILITIES AND EQUITY Intercompany payable $ — $ — $ 1,607,350 $ (1,607,350) $ — Current liabilities — 73,086 327,595 (909) 399,772 Senior unsecured notes payable 1,039,416 — — — 1,039,416 Other long-term liabilities 37,329 300,540 332,790 (9,623) 661,036 Total equity attributable to Matador Resources Company 1,833,654 144,697 1,332,237 (1,476,934) 1,833,654 Non-controlling interest in subsidiaries — 135,798 — — 135,798 Total liabilities and equity $ 2,910,399 $ 654,121 $ 3,599,972 $ (3,094,816) $ 4,069,676 Condensed Consolidating Statement of Operations Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Total revenues $ — $ 41,544 $ 42,089 $ (20,713) $ 62,920 Total expenses 1,224 23,190 494,529 (20,713) 498,230 Operating (loss) income (1,224) 18,354 (452,440) — (435,310) Net loss on asset sales and impairment — (1,261) (1,371) — (2,632) Interest expense (16,443) (1,854) — — (18,297) Other income — 13 460 — 473 (Loss) earnings in subsidiaries (445,572) — 7,779 437,793 — (Loss) income before income taxes (463,239) 15,252 (445,572) 437,793 (455,766) Total income tax benefit (109,823) — — — (109,823) Net income attributable to non-controlling interest in subsidiaries — (7,473) — — (7,473) Net (loss) income attributable to Matador Resources Company shareholders $ (353,416) $ 7,779 $ (445,572) $ 437,793 $ (353,416) 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 Net loss on asset sales and 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 $ — $ 86,863 $ 389,776 $ (42,134) $ 434,505 Total expenses 2,145 46,984 669,288 (42,134) 676,283 Operating (loss) income (2,145) 39,879 (279,512) — (241,778) Net loss on asset sales and impairment — (1,261) (1,371) — (2,632) Interest expense (33,818) (4,291) — — (38,109) Other income — 13 1,780 — 1,793 (Loss) earnings in subsidiaries (261,590) — 17,513 244,077 — (Loss) income before income taxes (297,553) 34,340 (261,590) 244,077 (280,726) Total income tax benefit (69,866) — — — (69,866) Net income attributable to non-controlling interest in subsidiaries — (16,827) — — (16,827) Net (loss) income attributable to Matador Resources Company shareholders $ (227,687) $ 17,513 $ (261,590) $ 244,077 $ (227,687) 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 Net loss on asset sales and 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 Cash Flows Matador Non-Guarantor Subsidiaries Guarantor Subsidiaries Eliminating Entries Consolidated Net cash provided by operating activities $ 3 $ 45,408 $ 164,974 $ — $ 210,385 Net cash used in investing activities — (124,180) (334,509) (72) (458,761) Net cash provided by financing activities — 77,050 149,634 72 226,756 Increase (decrease) in cash and restricted cash 3 (1,722) (19,901) — (21,620) Cash and restricted cash at beginning of period 29 24,656 40,443 — 65,128 Cash and restricted cash at end of period $ 32 $ 22,934 $ 20,542 $ — $ 43,508 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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, 2019 filed with the SEC on March 2, 2020 (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, 2020. Amounts as of December 31, 2019 are derived from the Company’s audited consolidated financial statements included in the Annual Report. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s interim unaudited condensed consolidated financial statements are based on a number of significant estimates, including oil and natural gas revenues, accrued assets and liabilities, stock-based compensation, valuation of derivative instruments, deferred tax assets and liabilities and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates.
Property and Equipment	Property and EquipmentThe Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, all costs associated with the acquisition, exploration and development of oil and natural gas properties and reserves, including unproved and unevaluated property costs, are capitalized as incurred and accumulated into a single cost center representing the Company’s activities, which are undertaken exclusively in the United States. Such costs include lease acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, costs of drilling both productive and non-productive wells, capitalized interest on qualifying projects and certain general and administrative expenses directly related to acquisition, exploration and development activities, but do not include any costs related to production, selling or general corporate administrative activities.
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, 2020
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, 2020 and 2019 (in thousands). Three Months Ended Six Months Ended 2020 2019 2020 2019 Revenues from contracts with customers $ 147,416 $ 234,382 $ 371,704 $ 450,720 Lease bonus - mineral acreage 4,062 — 4,062 — Realized gain on derivatives 44,110 1,165 54,977 4,435 Unrealized (loss) gain on derivatives (132,668) 6,157 3,762 (39,562) Total revenues $ 62,920 $ 241,704 $ 434,505 $ 415,593 Three Months Ended Six Months Ended 2020 2019 2020 2019 Oil revenues $ 94,174 $ 189,085 $ 263,759 $ 343,288 Natural gas revenues 24,593 21,975 52,922 61,041 Third-party midstream services revenues 14,668 14,359 30,498 26,197 Sales of purchased natural gas 13,981 8,963 24,525 20,194 Total revenues from contracts with customers $ 147,416 $ 234,382 $ 371,704 $ 450,720
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, 2020 and 2019 (in thousands). Three Months Ended Six Months Ended 2020 2019 2020 2019 Weighted average common shares outstanding Basic 116,071 116,571 115,977 116,469 Dilutive effect of options and restricted stock units — 332 — 370 Diluted weighted average common shares outstanding 116,071 116,903 115,977 116,839

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 (in thousands). Beginning asset retirement obligations $ 36,211 Liabilities incurred during period 1,463 Liabilities settled during period (109) Accretion expense 971 Ending asset retirement obligations 38,536 Less: current asset retirement obligations (1) (539) Long-term asset retirement obligations $ 37,997 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at June 30, 2020.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of contracts for oil and natural gas	The following is a summary of the Company’s open costless collar contracts for oil and natural gas at June 30, 2020. Commodity Calculation Period Notional Quantity (Bbl or MMBtu) Weighted Average Price Floor ($/Bbl or $/MMBtu) Weighted Average Price Ceiling ($/Bbl or $/MMBtu) Fair Value of Oil 07/01/2020 - 12/31/2020 1,758,000 $ 48.03 $ 66.05 $ 16,271 Oil 01/01/2021 - 12/31/2021 2,400,000 $ 35.00 $ 45.71 179 Natural Gas 11/01/2020 - 12/31/2020 5,200,000 $ 2.51 $ 3.82 1,354 Natural Gas 01/01/2021 - 03/31/2021 7,800,000 $ 2.51 $ 3.82 545 Total open costless collar contracts $ 18,349 The following is a summary of the Company’s open swap contracts for oil at June 30, 2020. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil 07/01/2020 - 12/31/2020 4,320,000 $ 35.00 $ (19,652) Oil 01/01/2021 - 12/31/2021 2,040,000 $ 35.26 (10,526) Total open swap contracts $ (30,178) The following is a summary of the Company’s open basis swap contracts for oil at June 30, 2020. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil Basis 07/01/2020 - 12/31/2020 4,896,000 $ 0.61 $ 2,318 Oil Basis 01/01/2021 - 12/31/2021 8,400,000 $ 0.87 5,414 Oil Basis 01/01/2022 - 12/31/2022 5,520,000 $ 0.95 3,978 Total open basis swap contracts $ 11,710
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, 2020 and December 31, 2019 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed June 30, 2020 Current assets $ 331,474 $ (318,170) $ 13,304 Other assets 298,934 (292,300) 6,634 Current liabilities (332,243) 318,170 (14,073) Long-term liabilities (298,284) 292,300 (5,984) Total $ (119) $ — $ (119) December 31, 2019 Current assets $ 442,291 $ (442,291) $ — Other assets 280,397 (280,397) — Current liabilities (444,188) 442,291 (1,897) Long-term liabilities (282,381) 280,397 (1,984) Total $ (3,881) $ — $ (3,881)
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 2020 2019 2020 2019 Derivative Instrument Oil Revenues: Realized gain on derivatives $ 44,110 $ 1,165 $ 54,977 $ 4,531 Natural Gas Revenues: Realized loss on derivatives — — — (96) Realized gain on derivatives 44,110 1,165 54,977 4,435 Oil Revenues: Unrealized (loss) gain on derivatives (134,567) 5,365 1,863 (40,078) Natural Gas Revenues: Unrealized gain on derivatives 1,899 792 1,899 516 Unrealized (loss) gain on derivatives (132,668) 6,157 3,762 (39,562) Total $ (88,558) $ 7,322 $ 58,739 $ (35,127)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
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 $ — $ (2,018) $ — $ (2,018) Natural gas derivatives — 1,899 — 1,899 Total $ — $ (119) $ — $ (119) Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (3,881) $ — $ (3,881) Total $ — $ (3,881) $ — $ (3,881)

Supplemental Disclosures (Table

Supplemental Disclosures (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Disclosures [Abstract]
Summary of current accrued liabilities	The following table summarizes the Company’s current accrued liabilities at June 30, 2020 and December 31, 2019 (in thousands). June 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 77,015 $ 72,376 Accrued midstream properties costs 55,457 46,402 Accrued lease operating expenses 22,026 18,223 Accrued interest on debt 18,282 18,569 Accrued asset retirement obligations 539 619 Accrued partners’ share of joint interest charges 4,541 14,322 Accrued payable related to purchased natural gas 2,318 17,806 Other 8,937 12,378 Total accrued liabilities $ 189,115 $ 200,695
Supplemental disclosures of cash flow information	The following table provides supplemental disclosures of cash flow information for the six months ended June 30, 2020 and 2019 (in thousands). Six Months Ended 2020 2019 Cash paid for interest expense, net of amounts capitalized $ 38,387 $ 37,632 Increase in asset retirement obligations related to mineral properties $ 1,393 $ 321 Increase in asset retirement obligations related to midstream properties $ 26 $ 283 Increase in liabilities for oil and natural gas properties capital expenditures $ 4,469 $ 13,536 Increase in liabilities for midstream properties capital expenditures $ 9,203 $ 5,854 Stock-based compensation expense recognized as liability $ 1,188 $ 1,010 Transfer of inventory (to) from oil and natural gas properties $ (335) $ 370 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 2020 2019 Cash $ 20,573 $ 59,950 Restricted cash 22,935 24,812 Total cash and restricted cash $ 43,508 $ 84,762

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 Oil and natural gas revenues $ 118,258 $ 509 $ — $ — $ 118,767 Midstream services revenues — 36,234 — (21,566) 14,668 Sales of purchased natural gas 8,327 5,654 — — 13,981 Lease bonus - mineral acreage 4,062 — — — 4,062 Realized gain on derivatives 44,110 — — — 44,110 Unrealized loss on derivatives (132,668) — — — (132,668) Expenses (1) 483,812 23,575 12,409 (21,566) 498,230 Operating (loss) income (2) $ (441,723) $ 18,822 $ (12,409) $ — $ (435,310) Total assets $ 3,159,528 $ 765,034 $ 76,571 $ — $ 4,001,133 Capital expenditures (3) $ 130,709 $ 64,656 $ 594 $ — $ 195,959 _____________________ (1) Includes depletion, depreciation and amortization expenses of $87.8 million and $5.0 million for the exploration and production and midstream segments, respectively. Includes full-cost ceiling impairment of $324.0 million for the exploration and production segment. Also includes corporate depletion, depreciation and amortization expenses of $0.7 million. (2) Includes $7.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $9.6 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $31.9 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended 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 gain 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 Six Months Ended June 30, 2020 Oil and natural gas revenues $ 315,053 $ 1,628 $ — $ — $ 316,681 Midstream services revenues — 73,983 — (43,485) 30,498 Sales of purchased natural gas 11,922 12,603 — — 24,525 Lease bonus - mineral acreage 4,062 — — — 4,062 Realized gain on derivatives 54,977 — — — 54,977 Unrealized gain on derivatives 3,762 — — — 3,762 Expenses (1) 645,137 47,905 26,726 (43,485) 676,283 Operating income (loss) (2) $ (255,361) $ 40,309 $ (26,726) $ — $ (241,778) Total assets $ 3,159,528 $ 765,034 $ 76,571 $ — $ 4,001,133 Capital expenditures (3) $ 340,444 $ 132,729 $ 1,381 $ — $ 474,554 _____________________ (1) Includes depletion, depreciation and amortization expenses of $172.9 million and $9.8 million for the exploration and production and midstream segments, respectively. Includes full-cost ceiling impairment of $324.0 million for the exploration and production segment. Also includes corporate depletion, depreciation and amortization expenses of $1.4 million. (2) Includes $16.8 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $49.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $79.4 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.

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 147,416	$ 234,382	$ 371,704	$ 450,720
Lease bonus - mineral acreage	4,062	0	4,062	0
Realized gain on derivatives	44,110	1,165	54,977	4,435
Unrealized (loss) gain on derivatives	(132,668)	6,157	3,762	(39,562)
Total revenue	62,920	241,704	434,505	415,593
Oil revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	94,174	189,085	263,759	343,288
Natural gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	24,593	21,975	52,922	61,041
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,668	14,359	30,498	26,197
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13,981	8,963	24,525	20,194
Total revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 147,416	$ 234,382	$ 371,704	$ 450,720

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual) shares in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020$ / bbl	Jun. 30, 2020$ / MMBTU
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized general and administrative costs	$ 8,100,000	$ 8,400,000	$ 16,300,000	$ 16,800,000
Interest costs capitalized	1,800,000	2,600,000	$ 3,200,000	4,200,000
Discount rate, present value of future revenue			10.00%
Average oil and gas prices					43.60	2.07
Full-cost ceiling impairment		0	$ 243,900,000	0
Full-cost ceiling impairment	$ 324,001,000	$ 0	324,001,000	$ 0
Deferred income tax benefit related to impairment charge			$ 80,100,000
Options
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Antidilutive securities (in shares) | shares	2.5	2.8	2.6	2.8
Restricted Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Antidilutive securities (in shares) | shares	0.5		0.6

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Weighted average common shares outstanding for basic earnings (loss) per share	116,071	116,571	115,977	116,469
Dilutive effect of options and restricted stock units	0	332	0	370
Diluted weighted average common shares outstanding	116,071	116,903	115,977	116,839

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations				$ 36,211
Liabilities incurred during period				1,463
Liabilities settled during period				(109)
Accretion expense		$ 495	$ 420	971	$ 834
Ending asset retirement obligations		38,536		38,536
Less: current asset retirement obligations	[1]	(539)		(539)
Long-term asset retirement obligations		$ 37,997		$ 37,997		$ 35,592
[1]	Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at June 30, 2020.

Debt (Details)

Debt (Details) - USD ($)	Jul. 28, 2020	Jun. 30, 2020	Dec. 31, 2019
Revolving Credit Agreement [Line Items]
Line of credit facility		$ 385,000,000	$ 255,000,000
Unsecured SBA loan		1,040,207,000	1,039,416,000
Borrowings under San Mateo Credit Facility		320,000,000	$ 288,000,000
Unsecured Debt | Senior Notes Due 2026
Revolving Credit Agreement [Line Items]
Long-term debt outstanding		1,050,000,000
Unsecured Debt | SBA Loan, CARES Act
Revolving Credit Agreement [Line Items]
Long-term debt outstanding		7,500,000
Letter of Credit
Revolving Credit Agreement [Line Items]
Outstanding letters of credit		45,100,000
Line of Credit | San Mateo Credit Facility
Revolving Credit Agreement [Line Items]
Outstanding letters of credit		9,000,000
Borrowings under San Mateo Credit Facility		$ 320,000,000
Subsequent Event
Revolving Credit Agreement [Line Items]
Line of credit facility	$ 404,000,000
Subsequent Event | Unsecured Debt | Senior Notes Due 2026
Revolving Credit Agreement [Line Items]
Long-term debt outstanding	1,050,000,000
Subsequent Event | Unsecured Debt | SBA Loan, CARES Act
Revolving Credit Agreement [Line Items]
Unsecured SBA loan	7,500,000
Subsequent Event | Letter of Credit
Revolving Credit Agreement [Line Items]
Outstanding letters of credit	45,100,000
Subsequent Event | Line of Credit | San Mateo Credit Facility
Revolving Credit Agreement [Line Items]
Outstanding letters of credit	9,000,000
Borrowings under San Mateo Credit Facility	$ 320,000,000

Debt Credit Agreement (Details)

Debt Credit Agreement (Details)	1 Months Ended	6 Months Ended
	Feb. 29, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 19, 2018USD ($)
Debt Instrument [Line Items]
Maximum borrowing commitment	$ 700,000,000
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
Cash and cash equivalent limit	$ 50,000,000
EBITDA ratio	4
Line of Credit | San Mateo Credit Facility
Debt Instrument [Line Items]
Maximum borrowing commitment		$ 375,000,000
EBITDA ratio		5
Consolidated interest expense minimum		2.50
Line of credit, accordian feature			$ 400,000,000

Debt Senior Unsecured Notes (De

Debt Senior Unsecured Notes (Details) - Senior Notes $ in Millions	Jun. 30, 2020USD ($)
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt outstanding	$ 1,050
2026 Notes Offering
Debt Instrument [Line Items]
Interest rate	5.875%

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	24.00%	26.00%	23.00%	37.00%

Equity (Details)

Equity (Details) - USD ($) $ in Thousands, $ / shares in Millions	Feb. 25, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage		100.00%			100.00%
Additional paid-in capital		$ 2,020,298			$ 2,020,298				$ 1,981,014
Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)					868,710
Vesting period of shares					3 years
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)					641,210
Vesting period of shares					3 years
Service-based Restricted Stock Units And Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value					$ 7.7
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)					227,500
Corporate Joint Venture | San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred performance incentives					$ 29,400			$ 73,500
Deferred performance incentives term					2 years			5 years
Equity contribution, tax impact					$ 3,100
Performance incentives earned					14,700	$ 14,700	$ 14,700
Corporate Joint Venture | San Mateo II
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Due to related party	$ 125,000
Capital expenditures incurred	150,000				150,000
Deferred performance incentives	$ 150,000
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		17,200	$ 7,500		67,200	11,500
Equity contribution, tax impact		500			4,800
San Mateo II | Five Point | Corporate Joint Venture | Additional paid-in capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions to related party		2,500			23,100
San Mateo II | Matador Resources Company | Corporate Joint Venture
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions to related party		$ 15,400	$ 1,500		$ 22,900	$ 1,500
Minimum | Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage					0.00%
Maximum | Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage					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				$ 1,000

Derivative Financial Instrume_3

Derivative Financial Instruments (Details)	Jun. 30, 2020USD ($)bbl$ / bbl
Open costless collar contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ 18,349,000
Open Swap Contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	(30,178,000)
Open Basis Swap Contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ 11,710,000
Derivative Contract, Calculation Period One | Open costless collar contracts | Oil
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	1,758,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	48.03
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	66.05
Fair Value of Asset (Liability) | $	$ 16,271,000
Derivative Contract, Calculation Period One | Open Swap Contracts | Oil
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	4,320,000
Fair Value of Asset (Liability) | $	$ (19,652,000)
Derivative, Swap Type, Average Fixed Price	35
Derivative Contract, Calculation Period One | Open Basis Swap Contracts | Oil Basis
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	4,896,000
Fair Value of Asset (Liability) | $	$ 2,318,000
Derivative, Swap Type, Average Fixed Price	0.61
Derivative Contract, Calculation Period Two | Open costless collar contracts | Natural Gas
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	5,200,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	2.51
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	3.82
Fair Value of Asset (Liability) | $	$ 1,354,000
Derivative Contract, Calculation Period Three | Open costless collar contracts | Natural Gas
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	7,800,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	2.51
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	3.82
Fair Value of Asset (Liability) | $	$ 545,000
Derivative Contract, Calculation Period Four | Open costless collar contracts | Oil
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	2,400,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	35
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	45.71
Fair Value of Asset (Liability) | $	$ 179,000
Derivative Contract, Calculation Period Four | Open Swap Contracts | Oil
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	2,040,000
Fair Value of Asset (Liability) | $	$ (10,526,000)
Derivative, Swap Type, Average Fixed Price	35.26
Derivative Contract, Calculation Period Four | Open Basis Swap Contracts | Oil Basis
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	8,400,000
Fair Value of Asset (Liability) | $	$ 5,414,000
Derivative, Swap Type, Average Fixed Price	0.87
Derivative Contract, Calculation Period Five | Open Basis Swap Contracts | Oil Basis
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	5,520,000
Fair Value of Asset (Liability) | $	$ 3,978,000
Derivative, Swap Type, Average Fixed Price	0.95

Derivative Financial Instrume_4

Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative liability	$ 119	$ 3,881

Derivative Financial Instrume_5

Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Summary of gross liability balances of derivative instruments
Total	$ (119)	$ (3,881)
Gross amounts netted in the condensed consolidated balance sheets	0	0
Net amounts presented in the condensed consolidated balance sheets	(119)	(3,881)
Current assets
Derivative [Line Items]
Gross amounts of recognized assets	331,474	442,291
Gross amounts netted in the condensed consolidated balance sheets	(318,170)	(442,291)
Oil, natural gas and natural gas liquids (NGL) derivatives	13,304	0
Other assets
Derivative [Line Items]
Gross amounts of recognized assets	298,934	280,397
Gross amounts netted in the condensed consolidated balance sheets	(292,300)	(280,397)
Oil, natural gas and natural gas liquids (NGL) derivatives	6,634	0
Current liabilities
Summary of gross liability balances of derivative instruments
Gross amounts of recognized liabilities	(332,243)	(444,188)
Gross amounts netted in the condensed consolidated balance sheet	318,170	442,291
Oil, natural gas and natural gas liquids (NGL) derivatives	(14,073)	(1,897)
Other liabilities
Summary of gross liability balances of derivative instruments
Gross amounts of recognized liabilities	(298,284)	(282,381)
Gross amounts netted in the condensed consolidated balance sheet	292,300	280,397
Oil, natural gas and natural gas liquids (NGL) derivatives	$ (5,984)	$ (1,984)

Derivative Financial Instrume_6

Derivative Financial Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain on derivatives	$ 44,110	$ 1,165	$ 54,977	$ 4,435
Unrealized (loss) gain on derivatives	(132,668)	6,157	3,762	(39,562)
Total	(88,558)	7,322	58,739	(35,127)
Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain on derivatives	44,110	1,165	54,977	4,435
Unrealized (loss) gain on derivatives	(132,668)	6,157	3,762	(39,562)
Oil | Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain on derivatives	44,110	1,165	54,977	4,531
Unrealized (loss) gain on derivatives	(134,567)	5,365	1,863	(40,078)
Natural Gas | Revenues
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
Realized gain on derivatives	0	0	0	(96)
Unrealized (loss) gain on derivatives	$ 1,899	$ 792	$ 1,899	$ 516

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets (Liabilities)
Total	$ (119)	$ (3,881)
Fair value on a recurring basis
Assets (Liabilities)
Derivative Liability	(2,018)	(3,881)
Derivative Asset	1,899
Total	(119)	(3,881)
Fair value on a recurring basis | Level 1
Assets (Liabilities)
Derivative Liability	0	0
Derivative Asset	0
Total	0	0
Fair value on a recurring basis | Level 2
Assets (Liabilities)
Derivative Liability	(2,018)	(3,881)
Derivative Asset	1,899
Total	(119)	(3,881)
Fair value on a recurring basis | Level 3
Assets (Liabilities)
Derivative Liability	0	0
Derivative Asset	0
Total	$ 0	$ 0

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Senior Notes Due 2023 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 781.6	$ 1,060

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Feb. 25, 2019	Feb. 17, 2017	Oct. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Delivery Of Natural Gas And Oil Production To Third Parties
Long-term Purchase Commitment [Line Items]
Volume requirement commitment				$ 387.9		$ 387.9
Payment for volume requirement agreement				11.4	$ 6.1	22.4	$ 12.9
Corporate Joint Venture | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Contractual obligation				150.7		$ 150.7
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				130.6		$ 130.6
2019 15-Year Fixed Fee Natural Gas Transportation Agreement | Eddy County
Commitments and Contingencies (Textual) [Abstract]
Agreement term			15 years
Contractual obligation			$ 106.9
Operational Agreements | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Contractual obligation				360.2		360.2
Engineering, Procurement, Construction And Installation Of Processing Plant | San Mateo Midstream
Commitments and Contingencies (Textual) [Abstract]
Contractual obligation				81		81
Payments made under agreement				12.6		33.7
Remaining obligation				$ 7.2		$ 7.2

Supplemental Disclosures (Detai

Supplemental Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Supplemental Disclosures [Line Items]
Total accrued liabilities	$ 189,115	$ 200,695
Accrued evaluated and unproved and unevaluated property costs
Supplemental Disclosures [Line Items]
Total accrued liabilities	77,015	72,376
Accrued midstream properties costs
Supplemental Disclosures [Line Items]
Total accrued liabilities	55,457	46,402
Accrued lease operating expenses
Supplemental Disclosures [Line Items]
Total accrued liabilities	22,026	18,223
Accrued interest on debt
Supplemental Disclosures [Line Items]
Total accrued liabilities	18,282	18,569
Accrued asset retirement obligations
Supplemental Disclosures [Line Items]
Total accrued liabilities	539	619
Accrued partners’ share of joint interest charges
Supplemental Disclosures [Line Items]
Total accrued liabilities	4,541	14,322
Accrued payable related to purchased natural gas
Supplemental Disclosures [Line Items]
Total accrued liabilities	2,318	17,806
Other
Supplemental Disclosures [Line Items]
Total accrued liabilities	$ 8,937	$ 12,378

Supplemental Disclosures (Det_2

Supplemental Disclosures (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Condensed Cash Flow Statements, Captions [Line Items]
Cash paid for interest expense, net of amounts capitalized	$ 38,387	$ 37,632
Increase in liabilities for oil and natural gas properties capital expenditures	4,469	13,536
Increase in liabilities for midstream properties capital expenditures	9,203	5,854
Stock-based compensation expense recognized as liability	1,188	1,010
Transfer of inventory (to) from oil and natural gas properties	(335)	370
Mineral Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase (decrease) in asset retirement obligations	1,393	321
Midstream Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase (decrease) in asset retirement obligations	$ 26	$ 283

Supplemental Disclosures Supple

Supplemental Disclosures Supplemental Disclosures - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash	$ 20,573	$ 40,024	$ 59,950
Restricted cash	22,935	25,104	24,812
Total cash and restricted cash	$ 43,508	$ 65,128	$ 84,762	$ 83,984

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Revenues	$ 147,416	$ 234,382	$ 371,704	$ 450,720
Number of segments | segment			2
Realized gain on derivatives	44,110	1,165	$ 54,977	4,435
Unrealized (loss) gain on derivatives	(132,668)	6,157	3,762	(39,562)
Expenses	498,230	164,915	676,283	331,264
Operating (loss) income	(435,310)	76,789	(241,778)	84,329
Total assets	4,001,133	3,751,451	4,001,133	3,751,451	$ 4,069,676
Capital expenditures	195,959	209,639	474,554	437,488
Depletion, depreciation and amortization	93,350	80,132	184,057	156,999
Full-cost ceiling impairment	324,001	0	324,001	0
Lease bonus - mineral acreage	4,062	0	4,062	0
Corporate
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0	0	0
Unrealized (loss) gain on derivatives	0	0	0	0
Expenses	12,409	17,783	26,726	34,734
Operating (loss) income	(12,409)	(17,783)	(26,726)	(34,734)
Total assets	76,571	87,800	76,571	87,800
Capital expenditures	594	1,400	1,381	2,206
Depletion, depreciation and amortization	700	600	1,400	1,200
Lease bonus - mineral acreage	0		0
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0	0	0
Unrealized (loss) gain on derivatives	0	0	0	0
Expenses	(21,566)	(17,807)	(43,485)	(36,223)
Operating (loss) income	0	0	0	0
Total assets	0	0	0	0
Capital expenditures	0	0	0	0
Lease bonus - mineral acreage	0		0
Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Realized gain on derivatives	44,110	1,165	54,977	4,435
Unrealized (loss) gain on derivatives	(132,668)	6,157	3,762	(39,562)
Expenses	483,812	141,514	645,137	283,493
Operating (loss) income	(441,723)	75,371	(255,361)	82,606
Total assets	3,159,528	3,155,577	3,159,528	3,155,577
Capital expenditures	130,709	166,532	340,444	364,143
Depletion, depreciation and amortization	87,800	75,700	172,900	148,300
Capital expenditures attributable to land and seismic acquisition expenditures	9,600	8,200	49,300	31,300
Full-cost ceiling impairment			324,000
Lease bonus - mineral acreage	4,062		4,062
Midstream | Operating Segments
Segment Reporting Information [Line Items]
Realized gain on derivatives	0	0	0	0
Unrealized (loss) gain on derivatives	0	0	0	0
Expenses	23,575	23,425	47,905	49,260
Operating (loss) income	18,822	19,201	40,309	36,457
Total assets	765,034	508,074	765,034	508,074
Capital expenditures	64,656	41,707	132,729	71,139
Depletion, depreciation and amortization	5,000	3,800	9,800	7,500
Net income attributable to non-controlling interest in subsidiaries		(8,300)	(16,800)	(15,800)
Capital expenditures attributable to non-controlling interest	31,900	24,200	79,400	37,900
Lease bonus - mineral acreage	0		0
Operating Income (Loss) | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interest in subsidiaries	(7,500)
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	118,767	211,060	316,681	404,329
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	118,258	209,563	315,053	401,226
Oil and natural gas revenues | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	509	1,497	1,628	3,103
Third-party midstream services revenues
Segment Reporting Information [Line Items]
Revenues	14,668	14,359	30,498	26,197
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	(21,566)	(17,807)	(43,485)	(36,223)
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	36,234	32,166	73,983	62,420
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	13,981	8,963	24,525	20,194
Sales of purchased natural gas | Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Sales of purchased natural gas | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Sales of purchased natural gas | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,327	0	11,922	0
Sales of purchased natural gas | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 5,654	$ 8,963	$ 12,603	$ 20,194

Subsidiary Guarantors Consolida

Subsidiary Guarantors Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Ownership percentage	100.00%
Intercompany receivable	$ 0	$ 0
Current assets	227,283	278,492
Net property and equipment	3,662,927	3,699,595
Investment in subsidiaries	0	0
Long-term assets	110,923	91,589
Total assets	4,001,133	4,069,676	$ 3,751,451
Intercompany payable	0	0
Current liabilities	344,769	399,772
Senior unsecured notes payable	1,040,207	1,039,416
Other long-term liabilities	797,656	661,036
Total equity attributable to Matador Resources Company	1,643,832	1,833,654
Non-controlling interest in subsidiaries	174,669	135,798
Total liabilities and equity	4,001,133	4,069,676
Eliminating Entries
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	(1,615,808)	(1,607,350)
Current assets	0	0
Net property and equipment	0	0
Investment in subsidiaries	(1,255,863)	(1,476,934)
Long-term assets	(11,025)	(10,532)
Total assets	(2,882,696)	(3,094,816)
Intercompany payable	(1,615,808)	(1,607,350)
Current liabilities	(933)	(909)
Senior unsecured notes payable	0	0
Other long-term liabilities	(10,092)	(9,623)
Total equity attributable to Matador Resources Company	(1,255,863)	(1,476,934)
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	(2,882,696)	(3,094,816)
Matador | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	1,600,300	1,578,133
Current assets	6,917	29
Net property and equipment	0	0
Investment in subsidiaries	1,070,647	1,332,237
Long-term assets	35,694	0
Total assets	2,713,558	2,910,399
Intercompany payable	0	0
Current liabilities	18,429	0
Senior unsecured notes payable	1,040,207	1,039,416
Other long-term liabilities	11,090	37,329
Total equity attributable to Matador Resources Company	1,643,832	1,833,654
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	2,713,558	2,910,399
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	15,508	29,217
Current assets	34,186	37,933
Net property and equipment	707,472	583,899
Investment in subsidiaries	0	0
Long-term assets	2,626	3,072
Total assets	759,792	654,121
Intercompany payable	0	0
Current liabilities	66,591	73,086
Senior unsecured notes payable	0	0
Other long-term liabilities	333,316	300,540
Total equity attributable to Matador Resources Company	185,216	144,697
Non-controlling interest in subsidiaries	174,669	135,798
Total liabilities and equity	759,792	654,121
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Intercompany receivable	0	0
Current assets	186,180	240,530
Net property and equipment	2,955,455	3,115,696
Investment in subsidiaries	185,216	144,697
Long-term assets	83,628	99,049
Total assets	3,410,479	3,599,972
Intercompany payable	1,615,808	1,607,350
Current liabilities	260,682	327,595
Senior unsecured notes payable	0	0
Other long-term liabilities	463,342	332,790
Total equity attributable to Matador Resources Company	1,070,647	1,332,237
Non-controlling interest in subsidiaries	0	0
Total liabilities and equity	$ 3,410,479	$ 3,599,972

Subsidiary Guarantors Consoli_2

Subsidiary Guarantors Consolidated Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Income Statements, Captions [Line Items]
Total revenues	$ 62,920	$ 241,704	$ 434,505	$ 415,593
Total expenses	498,230	164,915	676,283	331,264
Operating (loss) income	(435,310)	76,789	(241,778)	84,329
Net loss on asset sales and impairment	(2,632)	(368)	(2,632)	(368)
Interest expense	(18,297)	(18,068)	(38,109)	(35,997)
Other (expense) income	473	(423)	1,793	(532)
Earnings in subsidiaries	0	0	0	0
(Loss) income before income taxes	(455,766)	57,930	(280,726)	47,432
Total income tax (benefit) provision	(109,823)	12,858	(69,866)	11,845
Net income attributable to non-controlling interest in subsidiaries	(7,473)	(8,320)	(16,827)	(15,782)
Net (loss) income attributable to Matador Resources Company shareholders	(353,416)	36,752	(227,687)	19,805
Eliminating Entries
Condensed Income Statements, Captions [Line Items]
Total revenues	(20,713)	(16,901)	(42,134)	(35,136)
Total expenses	(20,713)	(16,901)	(42,134)	(35,136)
Operating (loss) income	0	0	0	0
Net loss on asset sales and impairment	0	0	0	0
Interest expense	0	0	0	0
Other (expense) income	0	0	0	0
Earnings in subsidiaries	437,793	(75,058)	244,077	(81,687)
(Loss) income before income taxes	437,793	(75,058)	244,077	(81,687)
Total income tax (benefit) provision	0	0	0	0
Net income attributable to non-controlling interest in subsidiaries	0	0	0	0
Net (loss) income attributable to Matador Resources Company shareholders	437,793	(75,058)	244,077	(81,687)
Matador | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	0	0	0	0
Total expenses	1,224	901	2,145	1,936
Operating (loss) income	(1,224)	(901)	(2,145)	(1,936)
Net loss on asset sales and impairment	0	0	0	0
Interest expense	(16,443)	(15,888)	(33,818)	(31,675)
Other (expense) income	0	0	0	0
Earnings in subsidiaries	(445,572)	66,399	(261,590)	65,261
(Loss) income before income taxes	(463,239)	49,610	(297,553)	31,650
Total income tax (benefit) provision	(109,823)	12,858	(69,866)	11,845
Net income attributable to non-controlling interest in subsidiaries	0	0	0	0
Net (loss) income attributable to Matador Resources Company shareholders	(353,416)	36,752	(227,687)	19,805
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	41,544	41,720	86,863	84,596
Total expenses	23,190	22,564	46,984	48,069
Operating (loss) income	18,354	19,156	39,879	36,527
Net loss on asset sales and impairment	(1,261)	0	(1,261)	0
Interest expense	(1,854)	(2,180)	(4,291)	(4,322)
Other (expense) income	13	3	13	3
Earnings in subsidiaries	0	0	0	0
(Loss) income before income taxes	15,252	16,979	34,340	32,208
Total income tax (benefit) provision	0	0	0	0
Net income attributable to non-controlling interest in subsidiaries	(7,473)	(8,320)	(16,827)	(15,782)
Net (loss) income attributable to Matador Resources Company shareholders	7,779	8,659	17,513	16,426
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Total revenues	42,089	216,885	389,776	366,133
Total expenses	494,529	158,351	669,288	316,395
Operating (loss) income	(452,440)	58,534	(279,512)	49,738
Net loss on asset sales and impairment	(1,371)	(368)	(1,371)	(368)
Interest expense	0	0	0	0
Other (expense) income	460	(426)	1,780	(535)
Earnings in subsidiaries	7,779	8,659	17,513	16,426
(Loss) income before income taxes	(445,572)	66,399	(261,590)	65,261
Total income tax (benefit) provision	0	0	0	0
Net income attributable to non-controlling interest in subsidiaries	0	0	0	0
Net (loss) income attributable to Matador Resources Company shareholders	$ (445,572)	$ 66,399	$ (261,590)	$ 65,261

Subsidiary Guarantors Consoli_3

Subsidiary Guarantors Consolidated Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 210,385	$ 194,497
Net cash used in investing activities	(458,761)	(394,694)
Net cash provided by financing activities	226,756	200,975
(Decrease) increase in cash and restricted cash	(21,620)	778
Cash and restricted cash at beginning of period	65,128	83,984
Cash and restricted cash at end of period	43,508	84,762
Eliminating Entries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	0	0
Net cash used in investing activities	(72)	(8,190)
Net cash provided by financing activities	72	8,190
(Decrease) 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 provided by operating activities	3	(109)
Net cash used in investing activities	0	0
Net cash provided by financing activities	0	0
(Decrease) increase in cash and restricted cash	3	(109)
Cash and restricted cash at beginning of period	29	456
Cash and restricted cash at end of period	32	347
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	45,408	51,266
Net cash used in investing activities	(124,180)	(59,309)
Net cash provided by financing activities	77,050	13,584
(Decrease) increase in cash and restricted cash	(1,722)	5,541
Cash and restricted cash at beginning of period	24,656	18,841
Cash and restricted cash at end of period	22,934	24,382
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	164,974	143,340
Net cash used in investing activities	(334,509)	(327,195)
Net cash provided by financing activities	149,634	179,201
(Decrease) increase in cash and restricted cash	(19,901)	(4,654)
Cash and restricted cash at beginning of period	40,443	64,687
Cash and restricted cash at end of period	$ 20,542	$ 60,033