Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 $0.01 per share | |
Trading Symbol | MTDR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 116,781,983 | |
Entity Central Index Key | 0001520006 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 17,924 | $ 57,916 |
Restricted cash | 30,333 | 33,467 |
Accounts receivable | ||
Oil and natural gas revenues | 121,825 | 85,098 |
Joint interest billings | 43,331 | 34,823 |
Other | 11,658 | 17,212 |
Derivative instruments | 4,071 | 6,727 |
Lease and well equipment inventory | 11,045 | 10,584 |
Prepaid expenses and other current assets | 16,677 | 15,802 |
Total current assets | 256,864 | 261,629 |
Oil and natural gas properties, full-cost method | ||
Evaluated | 5,407,305 | 5,295,931 |
Unproved and unevaluated | 925,259 | 902,133 |
Midstream properties | 851,412 | 841,695 |
Other property and equipment | 29,802 | 29,561 |
Less accumulated depletion, depreciation and amortization | (3,776,414) | (3,701,551) |
Net property and equipment | 3,437,364 | 3,367,769 |
Other assets | ||
Derivative instruments | 422 | 2,570 |
Other long-term assets | 44,231 | 55,312 |
Total assets | 3,738,881 | 3,687,280 |
Current liabilities | ||
Accounts payable | 30,198 | 13,982 |
Accrued liabilities | 143,074 | 119,158 |
Royalties payable | 71,790 | 66,049 |
Amounts due to affiliates | 8,533 | 4,934 |
Derivative instruments | 83,805 | 45,186 |
Advances from joint interest owners | 7,000 | 4,191 |
Other current liabilities | 32,012 | 37,436 |
Total current liabilities | 376,412 | 290,936 |
Long-term liabilities | ||
Borrowings under Credit Agreement | 340,000 | 440,000 |
Borrowings under San Mateo Credit Facility | 334,000 | 334,000 |
Senior unsecured notes payable | 1,041,393 | 1,040,998 |
Asset retirement obligations | 38,720 | 37,919 |
Deferred income taxes | 2,499 | 0 |
Other long-term liabilities | 25,324 | 30,402 |
Total long-term liabilities | 1,781,936 | 1,883,319 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock - $0.01 par value, 160,000,000 shares authorized; 116,871,689 and 116,847,003 shares issued; and 116,779,751 and 116,844,768 shares outstanding, respectively | 1,169 | 1,169 |
Additional paid-in capital | 2,043,703 | 2,027,069 |
Accumulated deficit | (683,973) | (741,705) |
Treasury stock, at cost, 91,938 and 2,235 shares, respectively | (1,504) | (3) |
Total Matador Resources Company shareholders’ equity | 1,359,395 | 1,286,530 |
Non-controlling interest in subsidiaries | 221,138 | 226,495 |
Total shareholders’ equity | 1,580,533 | 1,513,025 |
Total liabilities and shareholders’ equity | $ 3,738,881 | $ 3,687,280 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - Unaudited - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 116,871,689 | 116,847,003 |
Common stock, shares outstanding (in shares) | 116,779,751 | 116,844,768 |
Treasury stock (in shares) | 91,938 | 2,235 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - Unaudited - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Revenues | $ 336,181 | $ 224,288 |
Realized (loss) gain on derivatives | (25,913) | 10,867 |
Unrealized (loss) gain on derivatives | (43,423) | 136,430 |
Total revenues | 266,845 | 371,585 |
Expenses | ||
Production taxes, transportation and processing | 34,174 | 21,716 |
Lease operating | 25,939 | 30,910 |
Purchased natural gas | 2,855 | 8,058 |
Depletion, depreciation and amortization | 74,863 | 90,707 |
Accretion of asset retirement obligations | 500 | 476 |
General and administrative | 22,188 | 16,222 |
Total expenses | 174,182 | 178,053 |
Operating income | 92,663 | 193,532 |
Other income (expense) | ||
Interest expense | (19,650) | (19,812) |
Other (expense) income | (675) | 1,320 |
Total other expense | (20,325) | (18,492) |
Income before income taxes | 72,338 | 175,040 |
Income tax provision (benefit) | ||
Deferred | 2,840 | 39,957 |
Income tax provision | 2,840 | 39,957 |
Net income | 69,498 | 135,083 |
Net income attributable to non-controlling interest in subsidiaries | (8,853) | (9,354) |
Net income attributable to Matador Resources Company shareholders | $ 60,645 | $ 125,729 |
Earnings per common share | ||
Basic (in dollars per share) | $ 0.52 | $ 1.08 |
Diluted (in dollars per share) | $ 0.51 | $ 1.08 |
Weighted average common shares outstanding | ||
Basic (shares) | 116,807 | 116,607 |
Diluted (shares) | 118,669 | 116,684 |
Oil and natural gas revenues | ||
Revenues | ||
Revenues | $ 316,233 | $ 197,914 |
Third-party midstream services revenues | ||
Revenues | ||
Revenues | 15,438 | 15,830 |
Expenses | ||
Plant and other midstream services operating | 13,663 | 9,964 |
Sales of purchased natural gas | ||
Revenues | ||
Revenues | $ 4,510 | $ 10,544 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Shareholders' Equity - Unaudited - USD ($) $ in Thousands | Total | Total shareholders’ equity attributable to Matador Resources Company | Common Stock | Additional paid-in capital | Accumulated deficit | Treasury Stock | Non-controlling interest in subsidiaries |
Beginning Balance, shares at Dec. 31, 2019 | 116,644,000 | 1,000 | |||||
Beginning balance at Dec. 31, 2019 | $ 1,969,452 | $ 1,833,654 | $ 1,166 | $ 1,981,014 | $ (148,500) | $ (26) | $ 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 | ||||||
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 | ||||||
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 | (24) | (24) | (24) | ||||
Liability-based stock option awards settled in equity (in shares) | 22,000 | ||||||
Liability-based stock option awards settled in equity | 298 | 298 | $ 1 | 297 | |||
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 | 1,991,349 | $ 1,167 | 2,014,246 | (22,771) | $ (1,293) | 163,031 |
Beginning Balance, shares at Dec. 31, 2020 | 116,844,768 | 116,847,000 | 2,000 | ||||
Beginning balance at Dec. 31, 2020 | $ 1,513,025 | 1,286,530 | $ 1,169 | 2,027,069 | (741,705) | $ (3) | 226,495 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared ($0.025 per share) | (2,913) | (2,913) | (2,913) | ||||
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 | ||||||
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares) | 9,000 | ||||||
Issuance of common stock pursuant to directors’ and advisors’ compensation plan | 0 | ||||||
Stock-based compensation expense related to equity-based awards including amounts capitalized | 1,477 | 1,477 | $ 1,477 | ||||
Stock options exercised, net of options forfeited in net share settlements (in shares) | 13,000 | ||||||
Stock options exercised, net of options forfeited in net share settlements | 0 | ||||||
Restricted stock forfeited (in shares) | (219,000) | (90,000) | |||||
Restricted stock forfeited | (1,720) | (1,720) | $ (1,501) | ||||
Contribution related to formation of property | 15,376 | 15,376 | $ 15,376 | ||||
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries | (14,210) | (14,210) | |||||
Current period net income | $ 69,498 | 60,645 | 60,645 | 8,853 | |||
Ending Balance, shares at Mar. 31, 2021 | 116,779,751 | 116,872,000 | 92,000 | ||||
Ending balance at Mar. 31, 2021 | $ 1,580,533 | $ 1,359,395 | $ 1,169 | $ 2,043,703 | $ (683,973) | $ (1,504) | $ 221,138 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Shareholders' Equity - Unaudited (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Contribution related to formation of San Mateo, tax | $ 3.1 |
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries, tax | $ 4.3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 69,498 | $ 135,083 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Unrealized loss (gain) on derivatives | 43,423 | (136,430) |
Depletion, depreciation and amortization | 74,863 | 90,707 |
Accretion of asset retirement obligations | 500 | 476 |
Stock-based compensation expense | 855 | 3,794 |
Deferred income tax provision | 2,840 | 39,957 |
Amortization of debt issuance cost | 724 | 684 |
Changes in operating assets and liabilities | ||
Accounts receivable | (39,680) | 36,342 |
Lease and well equipment inventory | 112 | (1,296) |
Prepaid expenses and other current assets | (802) | 174 |
Other long-term assets | 19 | 1,749 |
Accounts payable, accrued liabilities and other current liabilities | 8,560 | (58,562) |
Royalties payable | 5,741 | 384 |
Advances from joint interest owners | 2,809 | (3,598) |
Other long-term liabilities | (67) | (92) |
Net cash provided by operating activities | 169,395 | 109,372 |
Investing activities | ||
Drilling, completion and equipping capital expenditures | (85,986) | (133,170) |
Acquisition of oil and natural gas properties | (6,676) | (40,824) |
Midstream capital expenditures | (16,380) | (73,439) |
Expenditures for other property and equipment | (133) | (787) |
Proceeds from sale of assets | 280 | 0 |
Net cash used in investing activities | (108,895) | (248,220) |
Financing activities | ||
Repayments of borrowings under Credit Agreement | (100,000) | 0 |
Proceeds from Lines of Credit | 0 | 60,000 |
Repayments of borrowings under San Mateo Credit Facility | (11,000) | 0 |
Borrowings under San Mateo Credit Facility | 11,000 | 19,500 |
Cost to amend credit facilities | 0 | (660) |
Dividends paid | (2,913) | 0 |
Contributions related to formation of San Mateo | 15,376 | 14,700 |
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries | 0 | 50,000 |
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries | (14,210) | (11,515) |
Taxes paid related to net share settlement of stock-based compensation | (1,721) | (1,336) |
Other | (158) | (174) |
Net cash (used in) provided by financing activities | (103,626) | 130,515 |
Decrease in cash and restricted cash | (43,126) | (8,333) |
Cash and restricted cash at beginning of period | 91,383 | 65,128 |
Cash and restricted cash at end of period | $ 48,257 | $ 56,795 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | Matador Resources Company, a Texas corporation (“Matador” and, collectively with its subsidiaries, the “Company”), is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. The Company’s current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, the Company conducts midstream operations, primarily through its midstream joint venture, San Mateo Midstream, LLC (collectively with its subsidiaries, “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 produced water gathering services and produced water disposal services to third parties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
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, 2020 filed with the SEC on February 26, 2021 (the “Annual Report”). The Company consolidates certain subsidiaries and joint ventures that are less than wholly-owned and are not involved in oil and natural gas exploration, including San Mateo, and the net income and equity attributable to the non-controlling interest in these subsidiaries have been reported separately as required by Accounting Standards Codification, Consolidation (Topic 810) . The Company proportionately consolidates certain joint ventures that are less than wholly-owned and are involved in oil and natural gas exploration. All intercompany accounts and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all normal, recurring adjustments that are necessary for a fair presentation of the Company’s interim unaudited condensed consolidated financial statements as of March 31, 2021. Amounts as of December 31, 2020 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 months ended March 31, 2021 and 2020 (in thousands). Three Months Ended 2021 2020 Revenues from contracts with customers $ 336,181 $ 224,288 Realized (loss) gain on derivatives (25,913) 10,867 Unrealized (loss) gain on derivatives (43,423) 136,430 Total revenues $ 266,845 $ 371,585 Three Months Ended 2021 2020 Oil revenues $ 213,279 $ 169,585 Natural gas revenues 102,954 28,329 Third-party midstream services revenues 15,438 15,830 Sales of purchased natural gas 4,510 10,544 Total revenues from contracts with customers $ 336,181 $ 224,288 Property and Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For each of the three months ended March 31, 2021 and 2020, the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and, as a result, no impairment charge was necessary. The Company capitalized approximately $9.5 million and $8.2 million of its general and administrative costs and approximately $0.6 million and $1.4 million of its interest expense for the three months ended March 31, 2021 and 2020, respectively. Earnings Per Common Share The Company reports basic earnings attributable to Matador shareholders per common share, which excludes the effect of potentially dilutive securities, and diluted earnings attributable to Matador shareholders per common share, which includes the effect of all potentially dilutive securities unless their impact is anti-dilutive. The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2021 and 2020 (in thousands). Three Months Ended 2021 2020 Weighted average common shares outstanding Basic 116,807 116,607 Dilutive effect of options and restricted stock units 1,862 77 Diluted weighted average common shares outstanding 118,669 116,684 A total of 1.5 million and 2.7 million options to purchase shares of Matador’s common stock were excluded from the diluted weighted average common shares outstanding for the three months ended March 31, 2021 and 2020, respectively, because their effects were anti-dilutive. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2021 (in thousands). Beginning asset retirement obligations $ 38,542 Liabilities incurred during period 166 Liabilities settled during period (79) Accretion expense 500 Ending asset retirement obligations 39,129 Less: current asset retirement obligations (1) (409) Long-term asset retirement obligations $ 38,720 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2021. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | At March 31, 2021, the Company had (i) $1.05 billion of outstanding senior notes due 2026 (the “Notes”), (ii) $340.0 million in borrowings outstanding under its reserves-based revolving credit facility (the “Credit Agreement”), (iii) approximately $45.8 million in outstanding letters of credit issued pursuant to the Credit Agreement and (iv) $7.5 million outstanding under an unsecured U.S. Small Business Administration loan. At March 31, 2021, San Mateo had $334.0 million in borrowings outstanding under its revolving credit facility (the “San Mateo Credit Facility”) and approximately $9.0 million in outstanding letters of credit issued pursuant to the San Mateo Credit Facility. Between March 31, 2021 and April 28, 2021, San Mateo repaid $19.0 million of borrowings under the San Mateo Credit Facility. Credit Agreements MRC Energy Company The borrowing base under the Credit Agreement is determined semi-annually as of May 1 and November 1 by the lenders based primarily on the estimated value of the Company’s proved oil and natural gas reserves at December 31 and June 30 of each year, respectively. The Company and the lenders may each request an unscheduled redetermination of the borrowing base once between scheduled redetermination dates. In April 2021, the lenders completed their review of the Company’s proved oil and natural gas reserves, and, as a result, the borrowing base was reaffirmed at $900.0 million. The Company elected to keep the borrowing commitment at $700.0 million, the maximum facility amount remained $1.5 billion and no material changes were made to the terms of the Credit Agreement. This April 2021 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 March 31, 2021. San Mateo Midstream, LLC The San Mateo Credit Facility is non-recourse with respect to Matador and its wholly-owned subsidiaries but is guaranteed by San Mateo’s subsidiaries and secured by substantially all of San Mateo’s assets, including real property. The 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 March 31, 2021, the lender commitments under the San Mateo Credit Facility were $375.0 million (subject to San Mateo’s compliance with the covenants noted below). The San Mateo Credit Facility requires San Mateo to maintain a debt to EBITDA ratio, which is defined as total consolidated funded indebtedness outstanding (as defined in the San Mateo Credit Facility) divided by a rolling four quarter EBITDA calculation, of 5.00 or less, subject to certain exceptions. The San Mateo Credit Facility also requires San Mateo to maintain an interest coverage ratio, which is defined as a rolling four quarter EBITDA calculation divided by San Mateo’s consolidated interest expense, of 2.50 or more. The San Mateo Credit Facility also restricts the ability of San Mateo to distribute cash to its members if San Mateo’s liquidity is less than 10% of the lender commitments under the San Mateo Credit Facility. The Company believes that San Mateo was in compliance with the terms of the San Mateo Credit Facility at March 31, 2021. Senior Unsecured Notes At March 31, 2021, the Company had $1.05 billion of outstanding Notes, which have a 5.875% coupon rate. The Notes mature September 15, 2026, and interest is payable on the Notes semi-annually in arrears on each March 15 and September 15. The Notes are guaranteed on a senior unsecured basis by certain subsidiaries of the Company. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | The Company recorded an income tax provision of $2.8 million for the three months ended March 31, 2021, which resulted in an effective tax rate of 4%. The effective tax rate differed from amounts computed by applying the U.S. federal statutory rate to the pre-tax income due primarily to recording a net deferred tax liability for state taxes, primarily in New Mexico, and continuing to recognize a valuation allowance against our U.S. federal net deferred tax assets. As a result of the full-cost ceiling impairments recorded in 2020, the Company recognized a valuation allowance against its net deferred tax assets for the year ended December 31, 2020. The valuation allowance will continue to be recognized until the future deferred tax benefits are more likely than not to become utilized. The Company’s effective tax rate for the three months ended March 31, 2020 was 24%. The Company’s total income tax provision for the three months ended March 31, 2020 differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due to the impact of permanent differences between book and tax income, as well as state taxes, primarily in New Mexico. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
EQUITY | Common Stock Dividend During the three months ended March 31, 2021, the Company’s Board of Directors (the “Board”) adopted a dividend policy and declared the Company’s first quarterly cash dividend of $0.025 per share of common stock. The dividend, which totaled $2.9 million, was paid on March 31, 2021. In April 2021, the Board declared the Company’s second quarterly cash dividend of $0.025 per share of common stock payable on June 3, 2021 to shareholders of record as of May 13, 2021. San Mateo Distributions and Contributions During the three months ended March 31, 2021 and 2020, San Mateo distributed $14.8 million and $12.0 million, respectively, to the Company and $14.2 million and $11.5 million, respectively, to a subsidiary of Five Point Energy LLC, the Company’s joint venture partner (“Five Point”). During the three months ended March 31, 2020, the Company contributed $7.5 million and Five Point contributed $50.0 million of cash to San Mateo, of which $20.6 million was paid to carry Matador’s proportionate interest in San Mateo and was therefore recorded in “Additional paid-in capital” in the Company’s interim unaudited condensed consolidated balance sheet, net of the $4.3 million deferred tax impact to Matador related to this equity contribution. During the three months ended March 31, 2021, there were no contributions to San Mateo by either the Company or Five Point. Performance Incentives Five Point paid to the Company $15.4 million and $14.7 million in performance incentives during the three months ended March 31, 2021 and 2020, respectively. These performance incentives are recorded when received, net of the $3.1 million deferred tax impact to Matador during the three months ended March 31, 2020, in “Additional paid-in capital” in the Company’s interim unaudited condensed consolidated balance sheets. These performance incentives for the three months ended March 31, 2021 and 2020 are also denoted as “Contributions related to formation of San Mateo” under “Financing activities” in the Company’s interim unaudited condensed consolidated statements of cash flows and changes in shareholders’ equity. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | At March 31, 2021, the Company had various costless collar and swap contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and price floor and ceiling for the collars and fixed price for the swaps. At March 31, 2021, each contract was set to expire at varying times during 2021 and 2022. The Company had no open contracts associated with natural gas liquids (“NGL”) prices at March 31, 2021. The following is a summary of the Company’s open costless collar contracts for oil and natural gas at March 31, 2021. Commodity Calculation Period Notional Quantity (Bbl or MMBtu) Weighted Average Price Floor ($/Bbl or $/MMBtu) Weighted Average Price Ceiling ($/Bbl or $/MMBtu) Fair Value of Oil 04/01/2021 - 12/31/2021 7,110,000 $ 42.06 $ 55.15 (47,967) Natural Gas 04/01/2021 - 12/31/2021 32,000,000 $ 2.45 $ 3.65 1,399 Natural Gas 01/01/2022 - 03/31/2022 3,000,000 $ 2.60 $ 4.22 141 Total open costless collar contracts $ (46,427) The following is a summary of the Company’s open swap contracts for oil at March 31, 2021. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil 04/01/2021 - 12/31/2021 1,530,000 $ 35.26 (34,697) Total open swap contracts $ (34,697) The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2021. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil Basis 04/01/2021 - 12/31/2021 6,300,000 $ 0.87 1,249 Oil Basis 01/01/2022 - 12/31/2022 5,520,000 $ 0.95 563 Total open basis swap contracts $ 1,812 At March 31, 2021, the aggregate liability value for the Company’s open derivative financial instruments was $79.3 million. The Company’s derivative financial instruments are subject to master netting arrangements, and the Company’s counterparties allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets. The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed March 31, 2021 Current assets $ 377,949 $ (373,878) $ 4,071 Other assets 128,755 (128,333) 422 Current liabilities (457,683) 373,878 (83,805) Long-term liabilities (128,333) 128,333 — Total $ (79,312) $ — $ (79,312) December 31, 2020 Current assets $ 382,328 $ (375,601) $ 6,727 Other assets 150,194 (147,624) 2,570 Current liabilities (420,787) 375,601 (45,186) Long-term liabilities (147,624) 147,624 — Total $ (35,889) $ — $ (35,889) 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 Type of Instrument Location in Condensed Consolidated Statement of Operations 2021 2020 Derivative Instrument Oil Revenues: Realized (loss) gain on derivatives $ (26,075) $ 10,867 Natural Gas Revenues: Realized gain on derivatives 162 — Realized (loss) gain on derivatives (25,913) 10,867 Oil Revenues: Unrealized (loss) gain on derivatives (39,269) 136,430 Natural Gas Revenues: Unrealized loss on derivatives (4,154) — Unrealized (loss) gain on derivatives (43,423) 136,430 Total $ (69,336) $ 147,297 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are classified and disclosed in one of the following categories. Level 1 Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets. Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that are valued with industry standard models that consider various inputs, including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace. Level 3 Unobservable inputs that are not corroborated by market data that reflect a company’s own market assumptions. Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables summarize the valuation of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in accordance with the classifications provided above as of March 31, 2021 and December 31, 2020 (in thousands). Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (80,852) $ — $ (80,852) Natural gas derivatives — 1,540 — 1,540 Total $ — $ (79,312) $ — $ (79,312) Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (41,584) $ — $ (41,584) Natural gas derivatives — 5,695 — 5,695 Total $ — $ (35,889) $ — $ (35,889) Additional disclosures related to derivative financial instruments are provided in Note 7. Other Fair Value Measurements At March 31, 2021 and December 31, 2020, the carrying values reported on the interim unaudited condensed consolidated balance sheets for accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, royalties payable, amounts due to affiliates, advances from joint interest owners and other current liabilities approximated their fair values due to their short-term maturities. At March 31, 2021 and December 31, 2020, 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 | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Processing, Transportation and Produced Water Disposal Commitments Firm Commitments From time to time, the Company enters into agreements with third parties whereby the Company commits to deliver anticipated natural gas and oil production and produced water from certain portions of its acreage for transportation, gathering, processing, fractionation, sales and disposal. The Company paid approximately $12.6 million and $11.0 million for deliveries under these agreements during the three months ended March 31, 2021 and 2020, 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 March 31, 2021, the total deficiencies required to be paid by the Company under these agreements would be approximately $615.2 million. San Mateo Commitments The Company dedicated to San Mateo its current and certain future leasehold interests in the Rustler Breaks and Wolf asset areas and acreage in the southern portion of the Arrowhead asset area (the “Greater Stebbins Area”) and the Stateline asset area pursuant to 15-year, fixed-fee oil transportation, oil, natural gas and produced water gathering and produced water disposal agreements. In addition, the Company dedicated to San Mateo its current and certain future leasehold interests in the Rustler Breaks asset area and acreage in the Greater Stebbins Area and the Stateline asset area pursuant to 15-year, fixed-fee natural gas processing agreements (collectively with the transportation, gathering and produced water disposal agreements, the “Operational Agreements”). San Mateo provides the Company with firm service under each of the Operational Agreements in exchange for certain minimum volume commitments. The remaining minimum contractual obligation under the Operational Agreements at March 31, 2021 was approximately $470.1 million. Legal Proceedings The Company is a party to several legal proceedings encountered in the ordinary course of its business. While the ultimate outcome and impact on the Company cannot be predicted with certainty, in the opinion of management, it is remote that these legal proceedings will have a material adverse impact on the Company’s financial condition, results of operations or cash flows. |
Supplemental Disclosures
Supplemental Disclosures | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Disclosures [Abstract] | |
SUPPLEMENTAL DISCLOSURES | Accrued Liabilities The following table summarizes the Company’s current accrued liabilities at March 31, 2021 and December 31, 2020 (in thousands). March 31, December 31, Accrued evaluated and unproved and unevaluated property costs $ 87,125 $ 44,012 Accrued midstream properties costs 5,587 12,776 Accrued lease operating expenses 23,192 24,276 Accrued interest on debt 2,825 18,315 Accrued asset retirement obligations 409 623 Accrued partners’ share of joint interest charges 9,073 7,407 Accrued payable related to purchased natural gas 199 418 Other 14,664 11,331 Total accrued liabilities $ 143,074 $ 119,158 Supplemental Cash Flow Information The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2021 and 2020 (in thousands). Three Months Ended 2021 2020 Cash paid for interest expense, net of amounts capitalized $ 35,085 $ 35,461 Increase in asset retirement obligations related to mineral properties $ 105 $ 738 Increase in asset retirement obligations related to midstream properties $ — $ 213 Increase in liabilities for drilling, completion and equipping capital expenditures $ 40,067 $ 35,714 Increase (decrease) in liabilities for acquisition of oil and natural gas properties $ 2,031 $ (1,112) Decrease in liabilities for midstream properties capital expenditures $ (6,691) $ (5,579) Stock-based compensation expense (benefit) recognized as liability $ 7,249 $ (1,411) Transfer of inventory (to) from oil and natural gas properties $ (574) $ 401 The following table provides a reconciliation of cash and restricted cash recorded in the interim unaudited condensed consolidated balance sheets to cash and restricted cash as presented on the interim unaudited condensed consolidated statements of cash flows (in thousands). Three Months Ended 2021 2020 Cash $ 17,924 $ 27,063 Restricted cash 30,333 29,732 Total cash and restricted cash $ 48,257 $ 56,795 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | The Company operates in two business segments: (i) exploration and production and (ii) midstream. The exploration and production segment is engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States and is currently focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. The midstream segment conducts midstream operations in support of the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties. 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, which comprise most of the Company’s midstream operations, are conducted through San Mateo. San Mateo and its subsidiaries are not guarantors of the Notes. The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.” Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2021 Oil and natural gas revenues $ 314,646 $ 1,587 $ — $ — $ 316,233 Midstream services revenues — 43,909 — (28,471) 15,438 Sales of purchased natural gas 2,462 2,048 — — 4,510 Realized loss on derivatives (25,913) — — — (25,913) Unrealized loss on derivatives (43,423) — — — (43,423) Expenses (1) 156,444 26,247 19,962 (28,471) 174,182 Operating income (loss) (2) $ 91,328 $ 21,297 $ (19,962) $ — $ 92,663 Total assets $ 2,881,242 $ 831,239 $ 26,400 $ — $ 3,738,881 Capital expenditures (3) $ 134,865 $ 9,773 $ 133 $ — $ 144,771 _____________________ (1) Includes depletion, depreciation and amortization expenses of $66.4 million and $7.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.7 million. (2) Includes $8.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $8.7 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $4.4 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 Three Months Ended March 31, 2020 Oil and natural gas revenues $ 196,795 $ 1,119 $ — $ — $ 197,914 Midstream services revenues — 37,749 — (21,919) 15,830 Sales of purchased natural gas 3,595 6,949 — — 10,544 Realized gain on derivatives 10,867 — — — 10,867 Unrealized gain on derivatives 136,430 — — — 136,430 Expenses (1) 161,325 24,330 14,317 (21,919) 178,053 Operating income (loss) (2) $ 186,362 $ 21,487 $ (14,317) $ — $ 193,532 Total assets $ 3,571,257 $ 715,413 $ 47,001 $ — $ 4,333,671 Capital expenditures (3) $ 209,735 $ 68,073 $ 787 $ — $ 278,595 _____________________ (1) Includes depletion, depreciation and amortization expenses of $85.2 million and $4.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.7 million. (2) Includes $9.4 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 filed with the SEC on February 26, 2021 (the “Annual Report”). The Company consolidates certain subsidiaries and joint ventures that are less than wholly-owned and are not involved in oil and natural gas exploration, including San Mateo, and the net income and equity attributable to the non-controlling interest in these subsidiaries have been reported separately as required by Accounting Standards Codification, Consolidation (Topic 810) . The Company proportionately consolidates certain joint ventures that are less than wholly-owned and are involved in oil and natural gas exploration. All intercompany accounts and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all normal, recurring adjustments that are necessary for a fair presentation of the Company’s interim unaudited condensed consolidated financial statements as of March 31, 2021. Amounts as of December 31, 2020 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 Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For each of the three months ended March 31, 2021 and 2020, the cost center ceiling was higher than the capitalized costs of oil and natural gas properties, and, as a result, no impairment charge was necessary. |
Earnings (Loss) Per Common Share | Earnings Per Common Share The Company reports basic earnings attributable to Matador shareholders per common share, which excludes the effect of potentially dilutive securities, and diluted earnings attributable to Matador shareholders per common share, which includes the effect of all potentially dilutive securities unless their impact is anti-dilutive. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Disaggregation of revenue | The following table summarizes the Company’s total revenues and revenues from contracts with customers on a disaggregated basis for the three months ended March 31, 2021 and 2020 (in thousands). Three Months Ended 2021 2020 Revenues from contracts with customers $ 336,181 $ 224,288 Realized (loss) gain on derivatives (25,913) 10,867 Unrealized (loss) gain on derivatives (43,423) 136,430 Total revenues $ 266,845 $ 371,585 Three Months Ended 2021 2020 Oil revenues $ 213,279 $ 169,585 Natural gas revenues 102,954 28,329 Third-party midstream services revenues 15,438 15,830 Sales of purchased natural gas 4,510 10,544 Total revenues from contracts with customers $ 336,181 $ 224,288 |
Reconciliations of basic and diluted distributed and undistributed earnings (loss) per common share | The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2021 and 2020 (in thousands). Three Months Ended 2021 2020 Weighted average common shares outstanding Basic 116,807 116,607 Dilutive effect of options and restricted stock units 1,862 77 Diluted weighted average common shares outstanding 118,669 116,684 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of changes in Company's asset retirement obligations | The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2021 (in thousands). Beginning asset retirement obligations $ 38,542 Liabilities incurred during period 166 Liabilities settled during period (79) Accretion expense 500 Ending asset retirement obligations 39,129 Less: current asset retirement obligations (1) (409) Long-term asset retirement obligations $ 38,720 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2021. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021. 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 04/01/2021 - 12/31/2021 7,110,000 $ 42.06 $ 55.15 (47,967) Natural Gas 04/01/2021 - 12/31/2021 32,000,000 $ 2.45 $ 3.65 1,399 Natural Gas 01/01/2022 - 03/31/2022 3,000,000 $ 2.60 $ 4.22 141 Total open costless collar contracts $ (46,427) The following is a summary of the Company’s open swap contracts for oil at March 31, 2021. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil 04/01/2021 - 12/31/2021 1,530,000 $ 35.26 (34,697) Total open swap contracts $ (34,697) The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2021. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil Basis 04/01/2021 - 12/31/2021 6,300,000 $ 0.87 1,249 Oil Basis 01/01/2022 - 12/31/2022 5,520,000 $ 0.95 563 Total open basis swap contracts $ 1,812 |
Summary of gross asset balances of derivative instruments | The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed March 31, 2021 Current assets $ 377,949 $ (373,878) $ 4,071 Other assets 128,755 (128,333) 422 Current liabilities (457,683) 373,878 (83,805) Long-term liabilities (128,333) 128,333 — Total $ (79,312) $ — $ (79,312) December 31, 2020 Current assets $ 382,328 $ (375,601) $ 6,727 Other assets 150,194 (147,624) 2,570 Current liabilities (420,787) 375,601 (45,186) Long-term liabilities (147,624) 147,624 — Total $ (35,889) $ — $ (35,889) |
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 Type of Instrument Location in Condensed Consolidated Statement of Operations 2021 2020 Derivative Instrument Oil Revenues: Realized (loss) gain on derivatives $ (26,075) $ 10,867 Natural Gas Revenues: Realized gain on derivatives 162 — Realized (loss) gain on derivatives (25,913) 10,867 Oil Revenues: Unrealized (loss) gain on derivatives (39,269) 136,430 Natural Gas Revenues: Unrealized loss on derivatives (4,154) — Unrealized (loss) gain on derivatives (43,423) 136,430 Total $ (69,336) $ 147,297 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 $ — $ (80,852) $ — $ (80,852) Natural gas derivatives — 1,540 — 1,540 Total $ — $ (79,312) $ — $ (79,312) Fair Value Measurements at Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (41,584) $ — $ (41,584) Natural gas derivatives — 5,695 — 5,695 Total $ — $ (35,889) $ — $ (35,889) |
Supplemental Disclosures (Table
Supplemental Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Disclosures [Abstract] | |
Summary of current accrued liabilities | The following table summarizes the Company’s current accrued liabilities at March 31, 2021 and December 31, 2020 (in thousands). March 31, December 31, Accrued evaluated and unproved and unevaluated property costs $ 87,125 $ 44,012 Accrued midstream properties costs 5,587 12,776 Accrued lease operating expenses 23,192 24,276 Accrued interest on debt 2,825 18,315 Accrued asset retirement obligations 409 623 Accrued partners’ share of joint interest charges 9,073 7,407 Accrued payable related to purchased natural gas 199 418 Other 14,664 11,331 Total accrued liabilities $ 143,074 $ 119,158 |
Supplemental disclosures of cash flow information | The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2021 and 2020 (in thousands). Three Months Ended 2021 2020 Cash paid for interest expense, net of amounts capitalized $ 35,085 $ 35,461 Increase in asset retirement obligations related to mineral properties $ 105 $ 738 Increase in asset retirement obligations related to midstream properties $ — $ 213 Increase in liabilities for drilling, completion and equipping capital expenditures $ 40,067 $ 35,714 Increase (decrease) in liabilities for acquisition of oil and natural gas properties $ 2,031 $ (1,112) Decrease in liabilities for midstream properties capital expenditures $ (6,691) $ (5,579) Stock-based compensation expense (benefit) recognized as liability $ 7,249 $ (1,411) Transfer of inventory (to) from oil and natural gas properties $ (574) $ 401 The following table provides a reconciliation of cash and restricted cash recorded in the interim unaudited condensed consolidated balance sheets to cash and restricted cash as presented on the interim unaudited condensed consolidated statements of cash flows (in thousands). Three Months Ended 2021 2020 Cash $ 17,924 $ 27,063 Restricted cash 30,333 29,732 Total cash and restricted cash $ 48,257 $ 56,795 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Selected financial information for segments | The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.” Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended March 31, 2021 Oil and natural gas revenues $ 314,646 $ 1,587 $ — $ — $ 316,233 Midstream services revenues — 43,909 — (28,471) 15,438 Sales of purchased natural gas 2,462 2,048 — — 4,510 Realized loss on derivatives (25,913) — — — (25,913) Unrealized loss on derivatives (43,423) — — — (43,423) Expenses (1) 156,444 26,247 19,962 (28,471) 174,182 Operating income (loss) (2) $ 91,328 $ 21,297 $ (19,962) $ — $ 92,663 Total assets $ 2,881,242 $ 831,239 $ 26,400 $ — $ 3,738,881 Capital expenditures (3) $ 134,865 $ 9,773 $ 133 $ — $ 144,771 _____________________ (1) Includes depletion, depreciation and amortization expenses of $66.4 million and $7.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.7 million. (2) Includes $8.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $8.7 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $4.4 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 Three Months Ended March 31, 2020 Oil and natural gas revenues $ 196,795 $ 1,119 $ — $ — $ 197,914 Midstream services revenues — 37,749 — (21,919) 15,830 Sales of purchased natural gas 3,595 6,949 — — 10,544 Realized gain on derivatives 10,867 — — — 10,867 Unrealized gain on derivatives 136,430 — — — 136,430 Expenses (1) 161,325 24,330 14,317 (21,919) 178,053 Operating income (loss) (2) $ 186,362 $ 21,487 $ (14,317) $ — $ 193,532 Total assets $ 3,571,257 $ 715,413 $ 47,001 $ — $ 4,333,671 Capital expenditures (3) $ 209,735 $ 68,073 $ 787 $ — $ 278,595 _____________________ (1) Includes depletion, depreciation and amortization expenses of $85.2 million and $4.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.7 million. (2) Includes $9.4 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | $ 336,181 | $ 224,288 |
Realized (loss) gain on derivatives | (25,913) | 10,867 |
Unrealized (loss) gain on derivatives | (43,423) | 136,430 |
Total revenue | 266,845 | 371,585 |
Oil revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 213,279 | 169,585 |
Natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 102,954 | 28,329 |
Third-party midstream services revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 15,438 | 15,830 |
Sales of purchased natural gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 4,510 | 10,544 |
Total revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | $ 336,181 | $ 224,288 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Discount rate, present value of future revenue | 10.00% | |
Capitalized general and administrative costs | $ 9.5 | $ 8.2 |
Interest costs capitalized | $ 0.6 | $ 1.4 |
Options | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Antidilutive securities (in shares) | 1.5 | 2.7 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Weighted average common shares outstanding for basic earnings (loss) per share | 116,807 | 116,607 |
Dilutive effect of options and restricted stock units | 1,862 | 77 |
Diluted weighted average common shares outstanding | 118,669 | 116,684 |
Options | ||
Disaggregation of Revenue [Line Items] | ||
Antidilutive securities (in shares) | 1,500 | 2,700 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Changes in the Company's asset retirement obligations | ||||
Beginning asset retirement obligations | $ 38,542 | |||
Liabilities incurred during period | 166 | |||
Liabilities settled during period | (79) | |||
Accretion expense | 500 | $ 476 | ||
Ending asset retirement obligations | 39,129 | |||
Less: current asset retirement obligations | [1] | (409) | ||
Long-term asset retirement obligations | $ 38,720 | $ 37,919 | ||
[1] | Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2021. |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Apr. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Oct. 27, 2020 | |
Revolving Credit Agreement [Line Items] | |||||
Line of credit facility | $ 340,000 | $ 440,000 | |||
Borrowings under San Mateo Credit Facility | 334,000 | $ 334,000 | |||
Repayments of borrowings | 11,000 | $ 0 | |||
Unsecured Debt | Senior Notes Due 2026 | |||||
Revolving Credit Agreement [Line Items] | |||||
Long-term debt outstanding | 1,050,000 | ||||
Unsecured Debt | SBA Loan, CARES Act | |||||
Revolving Credit Agreement [Line Items] | |||||
Long-term debt outstanding | 7,500 | ||||
Letter of Credit | |||||
Revolving Credit Agreement [Line Items] | |||||
Outstanding letters of credit | 45,800 | ||||
Line of Credit | San Mateo Credit Facility | |||||
Revolving Credit Agreement [Line Items] | |||||
Outstanding letters of credit | 9,000 | $ 9,000 | |||
Borrowings under San Mateo Credit Facility | $ 334,000 | ||||
Subsequent Event | Line of Credit | San Mateo Credit Facility | |||||
Revolving Credit Agreement [Line Items] | |||||
Repayments of borrowings | $ 19,000 |
Debt Credit Agreement (Details)
Debt Credit Agreement (Details) | 3 Months Ended | |
Mar. 31, 2021USD ($) | Apr. 30, 2021USD ($) | |
Revolving Credit Facility | Third Amended Credit Agreement | ||
Debt Instrument [Line Items] | ||
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 | |
Line of credit, accordian feature | $ 400,000,000 | |
EBITDA ratio | 5 | |
Consolidated interest expense minimum | 2.50 | |
Liquidity restriction on cash distribution, percentage of lender commitments, less than | 10.00% | |
Subsequent Event | Revolving Credit Facility | Third Amended Credit Agreement | ||
Debt Instrument [Line Items] | ||
Increase in borrowing base | $ 900,000,000 | |
Maximum borrowing commitment | 700,000,000 | |
Maximum facility amount | $ 1,500,000,000 |
Debt Senior Unsecured Notes (De
Debt Senior Unsecured Notes (Details) - Senior Notes $ in Millions | Mar. 31, 2021USD ($) |
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) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 2,840 | $ 39,957 |
Effective tax rate | 4.00% | 24.00% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Quarterly cash dividend declared (in dollars per share) | $ 0.025 | |||
Cash dividend | $ 2,913 | |||
Distributions | 14,210 | $ 11,515 | ||
Additional paid-in capital | 2,043,703 | $ 2,027,069 | ||
Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Quarterly cash dividend declared (in dollars per share) | $ 0.025 | |||
San Mateo | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity contribution, tax impact | 3,100 | |||
Performance incentives earned | 15,400 | 14,700 | ||
Matador Resources Company | San Mateo | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Distributions | 14,800 | 12,000 | ||
Five Point | San Mateo | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Distributions | $ 14,200 | 11,500 | ||
San Mateo II | Matador Resources Company | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contributions to related party | 7,500 | |||
San Mateo II | Five Point | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contributions to related party | 50,000 | |||
Additional paid-in capital | 20,600 | |||
Equity contribution, tax impact | $ 4,300 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) | Mar. 31, 2021USD ($)bbl$ / bbl |
Open costless collar contracts | |
Summary of contracts for oil and natural gas | |
Fair Value of Asset (Liability) | $ | $ (46,427,000) |
Open Swap Contracts | |
Summary of contracts for oil and natural gas | |
Fair Value of Asset (Liability) | $ | (34,697,000) |
Open Basis Swap Contracts | |
Summary of contracts for oil and natural gas | |
Fair Value of Asset (Liability) | $ | $ 1,812,000 |
Derivative Contract, Calculation Period One | Open costless collar contracts | Oil | |
Summary of contracts for oil and natural gas | |
Notional Quantity (Bbl or MMBtu) | bbl | 7,110,000 |
Weighted Average Price Floor ($/Bbl or $/MMBtu) | $ / bbl | 42.06 |
Weighted Average Price Ceiling ($/Bbl or $/MMBtu) | $ / bbl | 55.15 |
Fair Value of Asset (Liability) | $ | $ (47,967,000) |
Derivative Contract, Calculation Period One | Open costless collar contracts | Natural Gas | |
Summary of contracts for oil and natural gas | |
Notional Quantity (Bbl or MMBtu) | bbl | 32,000,000 |
Weighted Average Price Floor ($/Bbl or $/MMBtu) | $ / bbl | 2.45 |
Weighted Average Price Ceiling ($/Bbl or $/MMBtu) | $ / bbl | 3.65 |
Fair Value of Asset (Liability) | $ | $ 1,399,000 |
Derivative Contract, Calculation Period One | Open Swap Contracts | Oil | |
Summary of contracts for oil and natural gas | |
Notional Quantity (Bbl or MMBtu) | bbl | 1,530,000 |
Fair Value of Asset (Liability) | $ | $ (34,697,000) |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 35.26 |
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 | 6,300,000 |
Fair Value of Asset (Liability) | $ | $ 1,249,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 0.87 |
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 | 3,000,000 |
Weighted Average Price Floor ($/Bbl or $/MMBtu) | $ / bbl | 2.60 |
Weighted Average Price Ceiling ($/Bbl or $/MMBtu) | $ / bbl | 4.22 |
Fair Value of Asset (Liability) | $ | $ 141,000 |
Derivative Contract, Calculation Period Three | 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) | $ | $ 563,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 0.95 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative liability | $ 79,312 | $ 35,889 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Summary of gross liability balances of derivative instruments | ||
Total | $ (79,312) | $ (35,889) |
Gross amounts netted in the condensed consolidated balance sheets | 0 | 0 |
Net amounts presented in the condensed consolidated balance sheets | (79,312) | (35,889) |
Current assets | ||
Derivative [Line Items] | ||
Gross amounts of recognized assets | 377,949 | 382,328 |
Gross amounts netted in the condensed consolidated balance sheets | (373,878) | (375,601) |
Oil, natural gas and natural gas liquids (NGL) derivatives | 4,071 | 6,727 |
Other assets | ||
Derivative [Line Items] | ||
Gross amounts of recognized assets | 128,755 | 150,194 |
Gross amounts netted in the condensed consolidated balance sheets | (128,333) | (147,624) |
Oil, natural gas and natural gas liquids (NGL) derivatives | 422 | 2,570 |
Current liabilities | ||
Summary of gross liability balances of derivative instruments | ||
Gross amounts of recognized liabilities | (457,683) | (420,787) |
Gross amounts netted in the condensed consolidated balance sheet | 373,878 | 375,601 |
Oil, natural gas and natural gas liquids (NGL) derivatives | (83,805) | (45,186) |
Other liabilities | ||
Summary of gross liability balances of derivative instruments | ||
Gross amounts of recognized liabilities | (128,333) | (147,624) |
Gross amounts netted in the condensed consolidated balance sheet | 128,333 | 147,624 |
Oil, natural gas and natural gas liquids (NGL) derivatives | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ||
Realized (loss) gain on derivatives | $ (25,913) | $ 10,867 |
Unrealized (loss) gain on derivatives | (43,423) | 136,430 |
Total | (69,336) | 147,297 |
Revenues | ||
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ||
Realized (loss) gain on derivatives | (25,913) | 10,867 |
Unrealized (loss) gain on derivatives | (43,423) | 136,430 |
Oil | Revenues | ||
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ||
Realized (loss) gain on derivatives | (26,075) | 10,867 |
Unrealized (loss) gain on derivatives | (39,269) | 136,430 |
Natural Gas | Revenues | ||
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ||
Realized (loss) gain on derivatives | 162 | 0 |
Unrealized (loss) gain on derivatives | $ (4,154) | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets (Liabilities) | ||
Total | $ (79,312) | $ (35,889) |
Fair value on a recurring basis | ||
Assets (Liabilities) | ||
Derivative Liability | (80,852) | (41,584) |
Derivative Asset | 1,540 | 5,695 |
Total | (79,312) | (35,889) |
Fair value on a recurring basis | Level 1 | ||
Assets (Liabilities) | ||
Derivative Liability | 0 | 0 |
Derivative Asset | 0 | 0 |
Total | 0 | 0 |
Fair value on a recurring basis | Level 2 | ||
Assets (Liabilities) | ||
Derivative Liability | (80,852) | (41,584) |
Derivative Asset | 1,540 | 5,695 |
Total | (79,312) | (35,889) |
Fair value on a recurring basis | Level 3 | ||
Assets (Liabilities) | ||
Derivative Liability | 0 | 0 |
Derivative Asset | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Senior Notes Due 2023 | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of notes | $ 1,020 | $ 1,030 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Feb. 17, 2017 | Mar. 31, 2021 | Mar. 31, 2020 |
Delivery Of Natural Gas And Oil Production To Third Parties | |||
Long-term Purchase Commitment [Line Items] | |||
Payment for volume requirement agreement | $ 12.6 | $ 11 | |
Volume requirement commitment | 615.2 | ||
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 | ||
Operational Agreements | San Mateo Midstream | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Contractual obligation | $ 470.1 |
Supplemental Disclosures (Detai
Supplemental Disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Supplemental Disclosures [Line Items] | ||
Total accrued liabilities | $ 143,074 | $ 119,158 |
Accrued evaluated and unproved and unevaluated property costs | ||
Supplemental Disclosures [Line Items] | ||
Total accrued liabilities | 87,125 | 44,012 |
Accrued midstream properties costs | ||
Supplemental Disclosures [Line Items] | ||
Total accrued liabilities | 5,587 | 12,776 |
Accrued lease operating expenses | ||
Supplemental Disclosures [Line Items] | ||
Total accrued liabilities | 23,192 | 24,276 |
Accrued interest on debt | ||
Supplemental Disclosures [Line Items] | ||
Total accrued liabilities | 2,825 | 18,315 |
Accrued asset retirement obligations | ||
Supplemental Disclosures [Line Items] | ||
Total accrued liabilities | 409 | 623 |
Accrued partners’ share of joint interest charges | ||
Supplemental Disclosures [Line Items] | ||
Total accrued liabilities | 9,073 | 7,407 |
Accrued payable related to purchased natural gas | ||
Supplemental Disclosures [Line Items] | ||
Total accrued liabilities | 199 | 418 |
Other | ||
Supplemental Disclosures [Line Items] | ||
Total accrued liabilities | $ 14,664 | $ 11,331 |
Supplemental Disclosures (Det_2
Supplemental Disclosures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash paid for interest expense, net of amounts capitalized | $ 35,085 | $ 35,461 |
Increase in liabilities for drilling, completion and equipping capital expenditures | 40,067 | 35,714 |
Decrease in liabilities for midstream properties capital expenditures | (6,691) | (5,579) |
Stock-based compensation expense (benefit) recognized as liability | 7,249 | (1,411) |
Transfer of inventory (to) from oil and natural gas properties | (574) | 401 |
Increase (Decrease) In Liabilities For Acquisition Of Oil And Natural Gas Properties | 2,031 | (1,112) |
Mineral Properties | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Increase (decrease) in asset retirement obligations | 105 | 738 |
Midstream Properties | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Increase (decrease) in asset retirement obligations | $ 0 | $ 213 |
Supplemental Disclosures Supple
Supplemental Disclosures Supplemental Disclosures - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash | $ 17,924 | $ 57,916 | $ 27,063 | |
Restricted cash | 30,333 | 33,467 | 29,732 | |
Total cash and restricted cash | $ 48,257 | $ 91,383 | $ 56,795 | $ 65,128 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 336,181 | $ 224,288 | |
Number of segments | segment | 2 | ||
Realized (loss) gain on derivatives | $ (25,913) | 10,867 | |
Unrealized (loss) gain on derivatives | (43,423) | 136,430 | |
Expenses | 174,182 | 178,053 | |
Operating (loss) income | 92,663 | 193,532 | |
Total assets | 3,738,881 | 4,333,671 | $ 3,687,280 |
Capital expenditures | 144,771 | 278,595 | |
Depletion, depreciation and amortization | 74,863 | 90,707 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Realized (loss) gain on derivatives | 0 | 0 | |
Unrealized (loss) gain on derivatives | 0 | 0 | |
Expenses | 19,962 | 14,317 | |
Operating (loss) income | (19,962) | (14,317) | |
Total assets | 26,400 | 47,001 | |
Capital expenditures | 133 | 787 | |
Depletion, depreciation and amortization | 700 | 700 | |
Consolidations and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Realized (loss) gain on derivatives | 0 | 0 | |
Unrealized (loss) gain on derivatives | 0 | 0 | |
Expenses | (28,471) | (21,919) | |
Operating (loss) income | 0 | 0 | |
Total assets | 0 | 0 | |
Capital expenditures | 0 | 0 | |
Exploration and Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Realized (loss) gain on derivatives | (25,913) | 10,867 | |
Unrealized (loss) gain on derivatives | (43,423) | 136,430 | |
Expenses | 156,444 | 161,325 | |
Operating (loss) income | 91,328 | 186,362 | |
Total assets | 2,881,242 | 3,571,257 | |
Capital expenditures | 134,865 | 209,735 | |
Depletion, depreciation and amortization | 66,400 | 85,200 | |
Capital expenditures attributable to land and seismic acquisition expenditures | 8,700 | 39,700 | |
Midstream | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Realized (loss) gain on derivatives | 0 | 0 | |
Unrealized (loss) gain on derivatives | 0 | 0 | |
Expenses | 26,247 | 24,330 | |
Operating (loss) income | 21,297 | 21,487 | |
Total assets | 831,239 | 715,413 | |
Capital expenditures | 9,773 | 68,073 | |
Depletion, depreciation and amortization | 7,800 | 4,800 | |
Net income attributable to non-controlling interest in subsidiaries | (9,400) | ||
Capital expenditures attributable to non-controlling interest | 4,400 | 47,600 | |
Operating Income (Loss) | Midstream | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net income attributable to non-controlling interest in subsidiaries | (8,900) | ||
Oil and natural gas revenues | |||
Segment Reporting Information [Line Items] | |||
Revenues | 316,233 | 197,914 | |
Oil and natural gas revenues | Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Oil and natural gas revenues | Consolidations and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Oil and natural gas revenues | Exploration and Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 314,646 | 196,795 | |
Oil and natural gas revenues | Midstream | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,587 | 1,119 | |
Third-party midstream services revenues | |||
Segment Reporting Information [Line Items] | |||
Revenues | 15,438 | 15,830 | |
Third-party midstream services revenues | Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Third-party midstream services revenues | Consolidations and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (28,471) | (21,919) | |
Third-party midstream services revenues | Exploration and Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Third-party midstream services revenues | Midstream | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 43,909 | 37,749 | |
Sales of purchased natural gas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,510 | 10,544 | |
Sales of purchased natural gas | Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Sales of purchased natural gas | Consolidations and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Sales of purchased natural gas | Exploration and Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,462 | 3,595 | |
Sales of purchased natural gas | Midstream | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,048 | $ 6,949 |