Matador Resources (MTDR) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 (in shares)		118,125,452
Entity Central Index Key	0001520006
Amendment Flag	false
Document Fiscal Year Focus	2022
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, 2022	Dec. 31, 2021
Current assets
Cash	$ 63,001	$ 48,135
Restricted cash	57,156	38,785
Accounts receivable
Oil and natural gas revenues	269,499	164,242
Joint interest billings	79,056	48,366
Other	19,089	28,808
Derivative instruments	190	1,971
Lease and well equipment inventory	12,456	12,188
Prepaid expenses and other current assets	35,816	28,810
Total current assets	536,263	371,305
Oil and natural gas properties, full-cost method
Evaluated	6,208,109	6,007,325
Unproved and unevaluated	979,391	964,714
Midstream properties	919,948	900,979
Other property and equipment	30,502	30,123
Less accumulated depletion, depreciation and amortization	(4,142,309)	(4,046,456)
Net property and equipment	3,995,641	3,856,685
Other assets
Other long-term assets	35,424	34,163
Total assets	4,567,328	4,262,153
Current liabilities
Accounts payable	33,973	26,256
Accrued liabilities	221,840	253,283
Royalties payable	102,669	94,359
Amounts due to affiliates	20,497	27,324
Derivative instruments	90,097	16,849
Advances from joint interest owners	16,743	18,074
Income taxes payable	15,409	0
Other current liabilities	36,706	28,692
Total current liabilities	537,934	464,837
Long-term liabilities
Borrowings under Credit Agreement	50,000	100,000
Borrowings under San Mateo Credit Facility	405,000	385,000
Senior unsecured notes payable	1,042,975	1,042,580
Asset retirement obligations	41,265	41,689
Deferred income taxes	135,835	77,938
Other long-term liabilities	16,855	22,721
Total long-term liabilities	1,691,930	1,669,928
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 118,090,652 and 117,861,923 shares issued; and 118,066,432 and 117,850,233 shares outstanding, respectively	1,181	1,179
Additional paid-in capital	2,087,788	2,077,592
Retained earnings (accumulated deficit)	29,940	(171,318)
Treasury stock, at cost, 24,220 and 11,945 shares, respectively	(309)	(243)
Total Matador Resources Company shareholders’ equity	2,118,600	1,907,210
Non-controlling interest in subsidiaries	218,864	220,178
Total shareholders’ equity	2,337,464	2,127,388
Total liabilities and shareholders’ equity	$ 4,567,328	$ 4,262,153

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	118,090,652	117,861,923
Common stock, shares outstanding (in shares)	118,066,432	117,850,233
Treasury stock (in shares)	24,220	11,945

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Revenues	$ 663,160	$ 336,181
Realized loss on derivatives	(22,439)	(25,913)
Unrealized loss on derivatives	(75,029)	(43,423)
Total revenues	565,692	266,845
Expenses
Production taxes, transportation and processing	59,819	34,174
Lease operating	33,955	25,939
Purchased natural gas	17,021	2,855
Depletion, depreciation and amortization	95,853	74,863
Accretion of asset retirement obligations	543	500
General and administrative	29,733	22,188
Total expenses	256,385	174,182
Operating income	309,307	92,663
Other income (expense)
Net loss on asset sales and impairment	(198)	0
Interest expense	(16,252)	(19,650)
Other expense	(144)	(675)
Total other expense	(16,594)	(20,325)
Income before income taxes	292,713	72,338
Income tax provision
Current	15,409	0
Deferred	53,119	2,840
Total income tax provision	68,528	2,840
Net income	224,185	69,498
Net income attributable to non-controlling interest in subsidiaries	(17,061)	(8,853)
Net income attributable to Matador Resources Company shareholders	$ 207,124	$ 60,645
Earnings per common share
Basic (in dollars per share)	$ 1.76	$ 0.52
Diluted (in dollars per share)	$ 1.73	$ 0.51
Weighted average common shares outstanding
Basic (in shares)	117,951	116,807
Diluted (in shares)	119,814	118,669
Oil and natural gas revenues
Revenues
Revenues	$ 626,515	$ 316,233
Third-party midstream services revenues
Revenues
Revenues	17,306	15,438
Expenses
Plant and other midstream services operating	19,461	13,663
Sales of purchased natural gas
Revenues
Revenues	$ 19,339	$ 4,510

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	Retained earnings (accumulated deficit)	Treasury Stock	Non-controlling interest in subsidiaries
Balance at beginning of period (in shares) at Dec. 31, 2020			116,847,000			2,000
Balance at beginning of period 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	(2,913)	(2,913)			(2,913)
Issuance of common stock pursuant to employee stock 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 San Mateo	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 (loss) income	69,498	60,645			60,645		8,853
Balance at end of period (in shares) at Mar. 31, 2021			116,872,000			92,000
Balance at end of period at Mar. 31, 2021	$ 1,580,533	1,359,395	$ 1,169	2,043,703	(683,973)	$ (1,504)	221,138
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.025
Balance at beginning of period (in shares) at Dec. 31, 2021	117,850,233		117,862,000			12,000
Balance at beginning of period at Dec. 31, 2021	$ 2,127,388	1,907,210	$ 1,179	2,077,592	(171,318)	$ (243)	220,178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(5,866)	(5,866)			(5,866)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			205,000
Issuance of common stock pursuant to employee stock compensation plan		(11,534)	$ 2	(11,536)
Issuance of common stock pursuant to employee stock compensation plan	(11,534)
Stock-based compensation expense related to equity-based awards including amounts capitalized	4,344	4,344		4,344
Stock options exercised, net of options forfeited in net share settlements	(585)	(585)		(585)
Stock options exercised, net of options forfeited in net share settlements (in shares)			24,000
Restricted stock forfeited (in shares)						(12,000)
Restricted stock forfeited	(66)	(66)				$ (66)
Contribution related to formation of San Mateo, net of tax	4,800
Contribution related to formation of San Mateo	17,973	17,973		17,973
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(18,375)						(18,375)
Current period net (loss) income	$ 224,185	207,124			207,124		17,061
Balance at end of period (in shares) at Mar. 31, 2022	118,066,432		118,091,000			24,000
Balance at end of period at Mar. 31, 2022	$ 2,337,464	$ 2,118,600	$ 1,181	$ 2,087,788	$ 29,940	$ (309)	$ 218,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.05

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.05	$ 0.025
Contribution related to formation of San Mateo, net of tax	$ 4,800
Issuance of common stock pursuant to directors’ and advisors’ compensation plan		$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 224,185	$ 69,498
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized loss on derivatives	75,029	43,423
Depletion, depreciation and amortization	95,853	74,863
Accretion of asset retirement obligations	543	500
Stock-based compensation expense	3,014	855
Deferred income tax provision	53,119	2,840
Amortization of debt issuance cost	943	724
Net loss on asset sales and impairment	198	0
Changes in operating assets and liabilities
Accounts receivable	(125,345)	(39,680)
Lease and well equipment inventory	(78)	112
Prepaid expenses and other current assets	(7,796)	(802)
Other long-term assets	97	19
Accounts payable, accrued liabilities and other current liabilities	(5,668)	8,560
Royalties payable	8,311	5,741
Advances from joint interest owners	(1,331)	2,809
Income taxes payable	15,409	0
Other long-term liabilities	(7,529)	(67)
Net cash provided by operating activities	328,954	169,395
Investing activities
Drilling, completion and equipping capital expenditures	(207,829)	(85,986)
Acquisition of oil and natural gas properties	(43,761)	(6,676)
Midstream capital expenditures	(11,992)	(16,380)
Expenditures for other property and equipment	(225)	(133)
Proceeds from sale of assets	11,911	280
Net cash used in investing activities	(251,896)	(108,895)
Financing activities
Repayments of borrowings under Credit Agreement	(210,000)	(100,000)
Borrowings under Credit Agreement	160,000	0
Repayments of borrowings under San Mateo Credit Facility	(30,000)	(11,000)
Borrowings under San Mateo Credit Facility	50,000	11,000
Dividends paid	(5,866)	(2,913)
Contributions related to formation of San Mateo	22,750	15,376
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(18,375)	(14,210)
Taxes paid related to net share settlement of stock-based compensation	(12,184)	(1,721)
Other	(146)	(158)
Net cash used in financing activities	(43,821)	(103,626)
Increase (decrease) in cash and restricted cash	33,237	(43,126)
Cash and restricted cash at beginning of period	86,920	91,383
Cash and restricted cash at end of period	$ 120,157	$ 48,257

NATURE OF OPERATIONS

NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2022
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 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, 2022
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, 2021 filed with the SEC on February 28, 2022 (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, 2022. Amounts as of December 31, 2021 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, 2022 and 2021 (in thousands). Three Months Ended 2022 2021 Revenues from contracts with customers $ 663,160 $ 336,181 Realized loss on derivatives (22,439) (25,913) Unrealized loss on derivatives (75,029) (43,423) Total revenues $ 565,692 $ 266,845 Three Months Ended 2022 2021 Oil revenues $ 460,122 $ 213,279 Natural gas revenues 166,393 102,954 Third-party midstream services revenues 17,306 15,438 Sales of purchased natural gas 19,339 4,510 Total revenues from contracts with customers $ 663,160 $ 336,181 Property and Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For both the three months ended March 31, 2022 and 2021, 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 $13.2 million and $9.5 million of its general and administrative costs and approximately $3.5 million and $0.6 million of its interest expense for the three months ended March 31, 2022 and 2021, 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, 2022 and 2021 (in thousands). Three Months Ended 2022 2021 Weighted average common shares outstanding Basic 117,951 116,807 Dilutive effect of options and restricted stock units 1,863 1,862 Diluted weighted average common shares outstanding 119,814 118,669

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 (in thousands). Beginning asset retirement obligations $ 41,959 Liabilities incurred during period 817 Liabilities settled during period (323) Divestitures during period (1,449) Accretion expense 543 Ending asset retirement obligations 41,547 Less: current asset retirement obligations (1) (282) Long-term asset retirement obligations $ 41,265 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2022.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT At March 31, 2022, the Company had (i) $1.05 billion of outstanding senior notes due 2026 (the “Notes”), (ii) $50.0 million in borrowings outstanding under its reserves-based revolving credit facility (the “Credit Agreement”) and (iii) approximately $45.8 million in outstanding letters of credit issued pursuant to the Credit Agreement. Between March 31, 2022 and April 26, 2022, the Company repaid the remaining $50.0 million of borrowings under the Credit Agreement. During the first quarter of 2022, the $7.5 million unsecured U.S. Small Business Administration loan was forgiven under the terms of the loan agreement and recorded as a gain on the extinguishment of debt within “Other expense” on the unaudited condensed consolidated statement of operations. At March 31, 2022, San Mateo had $405.0 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, 2022 and April 26, 2022, San Mateo repaid $30.0 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 2022, the lenders completed their review of the Company’s proved oil and natural gas reserves, and, as a result, the borrowing base was increased to $2.0 billion, the borrowing commitment was increased to $775.0 million and the maximum facility amount remained $1.5 billion. In addition, the terms of the Credit Agreement were amended to increase the sublimit for issuances of letters of credit under the Credit Agreement from $50 million to $100 million and replace the London Interbank Offered Rate (“LIBOR”) interest rate benchmark with an Adjusted Term SOFR (as defined in the Credit Agreement) interest rate benchmark. After giving effect to the amendment to the Credit Agreement, the applicable interest rate margin for borrowings under the Credit Agreement ranges from 1.75% to 2.75% per annum for borrowings bearing interest with reference to the Adjusted Term SOFR and from 0.75% to 1.75% per annum for borrowings bearing interest with reference to the Alternate Base Rate (as defined in the Credit Agreement), in each case depending on the level of borrowings under the Credit Agreement. In addition, the Adjusted Term SOFR includes a credit spread adjustment of 0.10% per annum for all interest periods. This April 2022 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, 2026. The Credit Agreement requires the Company to maintain (i) a current ratio, which is defined as (x) total consolidated current assets plus the unused availability under the Credit Agreement divided by (y) total consolidated current liabilities less current maturities under the Credit Agreement, of not less than 1.0 to 1.0 at the end of each fiscal quarter and (ii) a debt to EBITDA ratio, which is defined as debt outstanding (net of up to $75.0 million of cash or cash equivalents), divided by a rolling four quarter EBITDA calculation, of 3.5 to 1.0 or less. The Company believes that it was in compliance with the terms of the Credit Agreement at March 31, 2022. 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 matures December 19, 2023 and lender commitments under the revolving credit facility were $450.0 million at March 31, 2022 (subject to San Mateo’s compliance with the covenants noted below). The San Mateo Credit Facility includes an accordion feature, which provides for potential increases in lender commitments to up to $700.0 million. 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 5.0 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 2.5 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, 2022. Senior Unsecured Notes At March 31, 2022, 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, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company recorded a current income tax provision of $15.4 million and a deferred income tax provision of $53.1 million for the three months ended March 31, 2022. The Company’s effective income tax rate of 25% for the three months ended March 31, 2022 differed from the U.S. federal statutory rate due primarily to permanent differences between book and tax income and state taxes, primarily in New Mexico.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. Due to a variety of factors, including the Company’s significant net income during 2021, the Company’s federal valuation allowance was reversed as of September 30, 2021 as the deferred tax assets were determined to be more likely than not to be utilized.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
EQUITY	EQUITY Stock-based Compensation During the three months ended March 31, 2022, the Company granted awards to certain of its employees of 222,938 service-based restricted stock units to be settled in cash, which are liability instruments, and 230,251 performance-based stock units and 205,156 service-based 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-year period ending December 31, 2024, as compared to a designated peer group. The service-based restricted stock and restricted stock units vest over a three-year period. The fair value of these awards was approximately $31.4 million on the grant date. Common Stock Dividend During the three months ended March 31, 2022, the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.05 per share of common stock. The dividend, which totaled $5.9 million, was paid on March 14, 2022. In April 2022, the Board declared a quarterly cash dividend of $0.05 per share of common stock payable on June 3, 2022 to shareholders of record as of May 18, 2022. San Mateo Distributions and Contributions During the three months ended March 31, 2022 and 2021, San Mateo distributed $19.1 million and $14.8 million, respectively, to the Company and $18.4 million and $14.2 million, respectively, to a subsidiary of Five Point Energy LLC (“Five Point”), the Company’s joint venture partner in San Mateo. During the three months ended March 31, 2022 and 2021, there were no contributions to San Mateo by either the Company or Five Point. Performance Incentives Five Point paid to the Company $22.8 million and $15.4 million in performance incentives during the three months ended March 31, 2022 and 2021, respectively. These performance incentives are recorded when received, net of the $4.8 million deferred tax impact to Matador for the three months ended March 31, 2022, 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, 2022 and 2021 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, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS At March 31, 2022, 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, 2022, each contract was set to expire at varying times during 2022. The Company had no open contracts associated with natural gas liquids (“NGL”) prices at March 31, 2022. The following is a summary of the Company’s open costless collar contracts for oil and natural gas at March 31, 2022. 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 04/01/2022 - 12/31/2022 8,100,000 $ 65.22 $ 110.49 $ (59,752) Natural Gas 04/01/2022 - 12/31/2022 42,000,000 $ 3.13 $ 5.73 (30,181) Total open costless collar contracts $ (89,933) The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2022. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil Basis 04/01/2022 - 12/31/2022 4,140,000 $ 0.95 $ 26 Total open basis swap contracts $ 26 At March 31, 2022, the aggregate liability value for the Company’s open derivative financial instruments was $89.9 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, 2022 and December 31, 2021 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed March 31, 2022 Current assets $ 245,400 $ (245,210) $ 190 Current liabilities (335,307) 245,210 (90,097) Total $ (89,907) $ — $ (89,907) December 31, 2021 Current assets $ 215,145 $ (213,174) $ 1,971 Current liabilities (230,023) 213,174 (16,849) Total $ (14,878) $ — $ (14,878) 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). Three Months Ended Type of Instrument Location in Condensed Consolidated 2022 2021 Derivative Instrument Oil Revenues: Realized loss on derivatives $ (18,166) $ (26,075) Natural Gas Revenues: Realized (loss) gain on derivatives (4,273) 162 Realized loss on derivatives (22,439) (25,913) Oil Revenues: Unrealized loss on derivatives (44,999) (39,269) Natural Gas Revenues: Unrealized loss on derivatives (30,030) (4,154) Unrealized loss on derivatives (75,029) (43,423) Total $ (97,468) $ (69,336)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (in thousands). Fair Value Measurements at March 31, 2022 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (59,726) $ — $ (59,726) Natural gas derivatives — (30,181) — (30,181) Contingent consideration related to business combination — — (16,029) (16,029) Total $ — $ (89,907) $ (16,029) $ (105,936) Fair Value Measurements at December 31, 2021 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (14,727) $ — $ (14,727) Natural gas derivatives — (151) — (151) Contingent consideration related to business combination — — (8,203) (8,203) Total $ — $ (14,878) $ (8,203) $ (23,081) Additional disclosures related to derivative financial instruments are provided in Note 7. Other Fair Value Measurements At March 31, 2022 and December 31, 2021, 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, income taxes payable and other current liabilities approximated their fair values due to their short-term maturities. At March 31, 2022 and December 31, 2021, the carrying value of borrowings under the Credit Agreement and the San Mateo Credit Facility approximated their fair value as both are subject to short-term floating interest rates that reflect market rates available to the Company at the time and are classified at Level 2 in the fair value hierarchy. At March 31, 2022 and December 31, 2021, the fair value of the Notes was $1.07 billion and $1.08 billion, respectively, based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 $11.0 million and $12.6 million for deliveries under these agreements during the three months ended March 31, 2022 and 2021, 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, 2022, the total deficiencies required to be paid by the Company under these agreements would be approximately $552.1 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 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, 2022 was approximately $351.7 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, 2022
Disclosure Text Block Supplement [Abstract]
SUPPLEMENTAL DISCLOSURES	SUPPLEMENTAL DISCLOSURES Accrued Liabilities The following table summarizes the Company’s current accrued liabilities at March 31, 2022 and December 31, 2021 (in thousands). March 31, December 31, Accrued evaluated and unproved and unevaluated property costs $ 114,931 $ 128,598 Accrued midstream properties costs 14,897 7,799 Accrued lease operating expenses 34,681 32,182 Accrued interest on debt 2,764 18,232 Accrued asset retirement obligations 282 270 Accrued partners’ share of joint interest charges 28,810 17,460 Accrued payable related to purchased natural gas 6,473 11,284 Other 19,002 37,458 Total accrued liabilities $ 221,840 $ 253,283 Supplemental Cash Flow Information The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2022 and 2021 (in thousands). Three Months Ended 2022 2021 Cash paid for interest expense, net of amounts capitalized $ 31,650 $ 35,085 (Decrease) increase in asset retirement obligations related to mineral properties $ (955) $ 105 (Decrease) increase in liabilities for drilling, completion and equipping capital expenditures $ (10,969) $ 40,067 (Decrease) increase in liabilities for acquisition of oil and natural gas properties $ (2,689) $ 2,031 Increase (decrease) in liabilities for midstream properties capital expenditures $ 7,098 $ (6,691) Stock-based compensation expense recognized as a liability $ 13,612 $ 7,249 Transfer of inventory to oil and natural gas properties $ (190) $ (574) 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 2022 2021 Cash $ 63,001 $ 17,924 Restricted cash 57,156 30,333 Total cash and restricted cash $ 120,157 $ 48,257

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2022
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 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, 2022 Oil and natural gas revenues $ 624,793 $ 1,722 $ — $ — $ 626,515 Midstream services revenues — 67,391 — (50,085) 17,306 Sales of purchased natural gas 7,122 12,217 — — 19,339 Realized loss on derivatives (22,439) — — — (22,439) Unrealized loss on derivatives (75,029) — — — (75,029) Expenses (1) 237,457 42,771 26,242 (50,085) 256,385 Operating income (2) $ 296,990 $ 38,559 $ (26,242) $ — $ 309,307 Total assets $ 3,596,773 $ 894,560 $ 75,995 $ — $ 4,567,328 Capital expenditures (3) $ 239,848 $ 19,081 $ 225 $ — $ 259,154 _____________________ (1) Includes depletion, depreciation and amortization expenses of $87.3 million and $8.0 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million. (2) Includes $17.1 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $41.1 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $9.3 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, 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 (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.

BUSINESS COMBINATION

BUSINESS COMBINATION	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Delaware Basin Leasehold and Mineral Acres Acquisitions	On December 14, 2021, the Company completed an acquisition of assets from a private operator. This acquisition was accounted for as a business combination in accordance with ASC Topic 805, which requires the assets acquired and liabilities assumed to be recorded at fair value as of the respective acquisition date. The Company obtained certain oil and natural gas producing properties and undeveloped acreage located in Lea and Eddy Counties, New Mexico, strategically located primarily within the Company’s existing acreage in its Ranger and Arrowhead asset areas. As consideration for the business combination, the Company paid approximately $161.7 million in cash, subject to certain customary post-closing working capital adjustments, including adjusting for production, revenues, operating expenses and capital expenditures from August 1, 2021 to closing. In addition, the Company will increase the purchase price by $5.0 million for each quarter during 2022 in which the average oil price, as defined in the purchase and sale agreement, is greater than $75.00 per barrel. The Company recorded this contingent consideration at fair value on the date of the business combination and will record the change in the fair value in future periods as “Other expense” in its unaudited condensed consolidated statements of operations. The fair value of the contingent consideration increased $7.8 million between December 31, 2021 and March 31, 2022 to an estimated fair value of $16.0 million as of March 31, 2022. The Company used the Monte Carlo simulation method to measure the fair value of the contingent consideration, which has unobservable inputs and is thus classified at Level 3 in the fair value hierarchy (see Note 8 for discussion of the fair value hierarchy). The preliminary allocation of the consideration given related to this business combination was as follows (in thousands). The Company anticipates that the allocation of the consideration given should be finalized during 2022 upon determination of the final customary purchase price adjustments. Consideration given Allocation Cash $161,680 Working capital adjustments (4,959) Fair value of contingent consideration at December 14, 2021 6,718 Total consideration given $163,439 Allocation of purchase price Oil and natural gas properties Evaluated $139,312 Unproved and unevaluated 31,745 Accrued liabilities (360) Advances from joint interest owners (6,865) Asset retirement obligations (393) Net assets acquired $163,439

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021 filed with the SEC on February 28, 2022 (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, 2022. Amounts as of December 31, 2021 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 both the three months ended March 31, 2022 and 2021, 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 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.
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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021 (in thousands). Three Months Ended 2022 2021 Revenues from contracts with customers $ 663,160 $ 336,181 Realized loss on derivatives (22,439) (25,913) Unrealized loss on derivatives (75,029) (43,423) Total revenues $ 565,692 $ 266,845 Three Months Ended 2022 2021 Oil revenues $ 460,122 $ 213,279 Natural gas revenues 166,393 102,954 Third-party midstream services revenues 17,306 15,438 Sales of purchased natural gas 19,339 4,510 Total revenues from contracts with customers $ 663,160 $ 336,181
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, 2022 and 2021 (in thousands). Three Months Ended 2022 2021 Weighted average common shares outstanding Basic 117,951 116,807 Dilutive effect of options and restricted stock units 1,863 1,862 Diluted weighted average common shares outstanding 119,814 118,669

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 (in thousands). Beginning asset retirement obligations $ 41,959 Liabilities incurred during period 817 Liabilities settled during period (323) Divestitures during period (1,449) Accretion expense 543 Ending asset retirement obligations 41,547 Less: current asset retirement obligations (1) (282) Long-term asset retirement obligations $ 41,265 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2022.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022. 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 04/01/2022 - 12/31/2022 8,100,000 $ 65.22 $ 110.49 $ (59,752) Natural Gas 04/01/2022 - 12/31/2022 42,000,000 $ 3.13 $ 5.73 (30,181) Total open costless collar contracts $ (89,933) The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2022. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil Basis 04/01/2022 - 12/31/2022 4,140,000 $ 0.95 $ 26 Total open basis swap contracts $ 26
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, 2022 and December 31, 2021 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed March 31, 2022 Current assets $ 245,400 $ (245,210) $ 190 Current liabilities (335,307) 245,210 (90,097) Total $ (89,907) $ — $ (89,907) December 31, 2021 Current assets $ 215,145 $ (213,174) $ 1,971 Current liabilities (230,023) 213,174 (16,849) Total $ (14,878) $ — $ (14,878)
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). Three Months Ended Type of Instrument Location in Condensed Consolidated 2022 2021 Derivative Instrument Oil Revenues: Realized loss on derivatives $ (18,166) $ (26,075) Natural Gas Revenues: Realized (loss) gain on derivatives (4,273) 162 Realized loss on derivatives (22,439) (25,913) Oil Revenues: Unrealized loss on derivatives (44,999) (39,269) Natural Gas Revenues: Unrealized loss on derivatives (30,030) (4,154) Unrealized loss on derivatives (75,029) (43,423) Total $ (97,468) $ (69,336)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
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	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, 2022 and December 31, 2021 (in thousands). Fair Value Measurements at March 31, 2022 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (59,726) $ — $ (59,726) Natural gas derivatives — (30,181) — (30,181) Contingent consideration related to business combination — — (16,029) (16,029) Total $ — $ (89,907) $ (16,029) $ (105,936) Fair Value Measurements at December 31, 2021 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (14,727) $ — $ (14,727) Natural gas derivatives — (151) — (151) Contingent consideration related to business combination — — (8,203) (8,203) Total $ — $ (14,878) $ (8,203) $ (23,081)

SUPPLEMENTAL DISCLOSURES (Table

SUPPLEMENTAL DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Text Block Supplement [Abstract]
Summary of current accrued liabilities	The following table summarizes the Company’s current accrued liabilities at March 31, 2022 and December 31, 2021 (in thousands). March 31, December 31, Accrued evaluated and unproved and unevaluated property costs $ 114,931 $ 128,598 Accrued midstream properties costs 14,897 7,799 Accrued lease operating expenses 34,681 32,182 Accrued interest on debt 2,764 18,232 Accrued asset retirement obligations 282 270 Accrued partners’ share of joint interest charges 28,810 17,460 Accrued payable related to purchased natural gas 6,473 11,284 Other 19,002 37,458 Total accrued liabilities $ 221,840 $ 253,283
Supplemental disclosures of cash flow information	The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2022 and 2021 (in thousands). Three Months Ended 2022 2021 Cash paid for interest expense, net of amounts capitalized $ 31,650 $ 35,085 (Decrease) increase in asset retirement obligations related to mineral properties $ (955) $ 105 (Decrease) increase in liabilities for drilling, completion and equipping capital expenditures $ (10,969) $ 40,067 (Decrease) increase in liabilities for acquisition of oil and natural gas properties $ (2,689) $ 2,031 Increase (decrease) in liabilities for midstream properties capital expenditures $ 7,098 $ (6,691) Stock-based compensation expense recognized as a liability $ 13,612 $ 7,249 Transfer of inventory to oil and natural gas properties $ (190) $ (574) 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 2022 2021 Cash $ 63,001 $ 17,924 Restricted cash 57,156 30,333 Total cash and restricted cash $ 120,157 $ 48,257

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 Oil and natural gas revenues $ 624,793 $ 1,722 $ — $ — $ 626,515 Midstream services revenues — 67,391 — (50,085) 17,306 Sales of purchased natural gas 7,122 12,217 — — 19,339 Realized loss on derivatives (22,439) — — — (22,439) Unrealized loss on derivatives (75,029) — — — (75,029) Expenses (1) 237,457 42,771 26,242 (50,085) 256,385 Operating income (2) $ 296,990 $ 38,559 $ (26,242) $ — $ 309,307 Total assets $ 3,596,773 $ 894,560 $ 75,995 $ — $ 4,567,328 Capital expenditures (3) $ 239,848 $ 19,081 $ 225 $ — $ 259,154 _____________________ (1) Includes depletion, depreciation and amortization expenses of $87.3 million and $8.0 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million. (2) Includes $17.1 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $41.1 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $9.3 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, 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 (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.

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary allocation of the consideration given related to this business combination was as follows (in thousands). The Company anticipates that the allocation of the consideration given should be finalized during 2022 upon determination of the final customary purchase price adjustments. Consideration given Allocation Cash $161,680 Working capital adjustments (4,959) Fair value of contingent consideration at December 14, 2021 6,718 Total consideration given $163,439 Allocation of purchase price Oil and natural gas properties Evaluated $139,312 Unproved and unevaluated 31,745 Accrued liabilities (360) Advances from joint interest owners (6,865) Asset retirement obligations (393) Net assets acquired $163,439

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 663,160	$ 336,181
Realized loss on derivatives	(22,439)	(25,913)
Unrealized loss on derivatives	(75,029)	(43,423)
Total revenues	565,692	266,845
Oil revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	460,122	213,279
Natural gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	166,393	102,954
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	17,306	15,438
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 19,339	$ 4,510

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Discount rate, present value of future revenue	10.00%
Full-cost ceiling impairment	$ 0
Deferred income tax benefit	(53,119)	$ (2,840)
Capitalized general and administrative costs	13,200	9,500
Interest costs capitalized	$ 3,500	$ 600
Options
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Antidilutive securities (in shares)		1,500,000

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliations of Basic and Diluted Distributed and Undistributed Earnings (Loss) Per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted average common shares outstanding
Basic (in shares)	117,951	116,807
Dilutive effect of options and restricted stock units (in shares)	1,863	1,862
Diluted weighted average common shares outstanding (in shares)	119,814	118,669

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations		$ 41,959
Liabilities incurred during period		817
Liabilities settled during period		(323)
Divestitures during period		(1,449)
Accretion expense		543	$ 500
Ending asset retirement obligations		41,547
Less: current asset retirement obligations	[1]	(282)
Long-term asset retirement obligations		$ 41,265		$ 41,689
[1]	Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at March 31, 2022.

DEBT - Borrowings (Details)

DEBT - Borrowings (Details) - USD ($) $ in Thousands	Apr. 26, 2022	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Line of credit facility		$ 50,000	$ 100,000
Borrowings under San Mateo Credit Facility		405,000	$ 385,000
Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility		50,000
Unsecured Debt | Senior Notes Due 2026
Line of Credit Facility [Line Items]
Long-term debt outstanding		1,050,000
Unsecured Debt | SBA Loan, CARES Act
Line of Credit Facility [Line Items]
Long-term debt outstanding		7,500
Letter of Credit | Credit Agreement
Line of Credit Facility [Line Items]
Outstanding letters of credit		45,800
Letter of Credit | Credit Agreement | Subsequent Event
Line of Credit Facility [Line Items]
Repayments of debt	$ 50,000
Line of Credit | San Mateo Credit Facility
Line of Credit Facility [Line Items]
Borrowings under San Mateo Credit Facility		405,000
Outstanding letters of credit		$ 9,000
Line of Credit | San Mateo Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Repayments of debt	$ 30,000

DEBT - Credit Agreements (Detai

DEBT - Credit Agreements (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2022USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Third Amended Credit Agreement | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Secured overnight financing rate, spread on variable rate	0.10%
Third Amended Credit Agreement | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Third Amended Credit Agreement | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Third Amended Credit Agreement | Subsequent Event | Base Rate | Minimum
Debt Instrument [Line Items]
Additional interest rate	1.75%
Third Amended Credit Agreement | Subsequent Event | Base Rate | Maximum
Debt Instrument [Line Items]
Additional interest rate	2.75%
Revolving Credit Facility | Third Amended Credit Agreement
Debt Instrument [Line Items]
Cash and cash equivalent limit		$ 75,000,000
EBITDA ratio		3.5
Revolving Credit Facility | Third Amended Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Maximum borrowing commitment			$ 50,000,000
Revolving Credit Facility | Third Amended Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Increase in borrowing base	$ 2,000,000,000
Maximum borrowing commitment	775,000,000
Maximum facility amount	1,500,000,000
Revolving Credit Facility | Third Amended Credit Agreement | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Maximum borrowing commitment	$ 100,000,000
Line of Credit | San Mateo Credit Facility
Debt Instrument [Line Items]
Maximum borrowing commitment		$ 450,000,000
EBITDA ratio		5
Line of credit, accordian feature (up to)		$ 700,000,000
Consolidated interest expense, minimum		2.5
Liquidity restriction on cash distribution, percentage of lender commitments, less than		10.00%

DEBT - Senior Unsecured Notes (

DEBT - Senior Unsecured Notes (Details) - Senior Notes $ in Millions	Mar. 31, 2022USD ($)
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, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Current	$ 15,409	$ 0
Deferred	$ 53,119	$ 2,840
Effective tax rate	25.00%	4.00%

EQUITY (Details)

EQUITY (Details) $ / shares in Units, $ in Thousands	Dec. 14, 2021$ / bbl	Apr. 30, 2022$ / shares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share) | $ / shares			$ 0.05	$ 0.025
Cash dividend			$ 5,866	$ 2,913
Distributions			$ 18,375	14,210
Minimum | Properties in Lea and Eddy, NM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average oil and gas prices | $ / bbl	75
Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares) | shares			222,938
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares) | shares			230,251
Vesting period			3 years
Performance-Based Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage			0.00%
Performance-Based Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage			200.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares) | shares			205,156
Service-based Restricted Stock Units And Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards			$ 31,400
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share) | $ / shares		$ 0.05
San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance incentives earned			22,800	15,400
Equity contribution, tax impact			4,800
Matador Resources Company | San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions			19,100	14,800
Five Point | San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions			$ 18,400	$ 14,200

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Contracts for Oil and Natural Gas (Details) $ in Thousands	Mar. 31, 2022USD ($)bbl$ / bbl
Open costless collar contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ (89,933)
Open Basis Swap Contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ 26
Derivative Contract, Calculation Period One | Open costless collar contracts | Oil
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	8,100,000
Weighted Average Price Floor ($/Bbl or $/MMBtu) | $ / bbl	65.22
Weighted Average Price Ceiling ($/Bbl or $/MMBtu) | $ / bbl	110.49
Fair Value of Asset (Liability) | $	$ (59,752)
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	42,000,000
Weighted Average Price Floor ($/Bbl or $/MMBtu) | $ / bbl	3.13
Weighted Average Price Ceiling ($/Bbl or $/MMBtu) | $ / bbl	5.73
Fair Value of Asset (Liability) | $	$ (30,181)
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	4,140,000
Fair Value of Asset (Liability) | $	$ 26
Fixed Price ($/Bbl) | $ / bbl	0.95

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative liability	$ 89,907	$ 14,878

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Gross Asset Balances of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liability Balances of Derivative Instruments
Total	$ (89,907)	$ (14,878)
Total, Gross amounts netted in the condensed consolidated balance sheets	0	0
Total, Net amounts presented in the condensed consolidated balance sheets	(89,907)	(14,878)
Current assets
Asset Balances of Derivative Insruments
Gross amounts recognized	245,400	215,145
Gross amounts netted in the condensed consolidated balance sheets	(245,210)	(213,174)
Net amounts presented in the condensed consolidated balance sheets	190	1,971
Current liabilities
Liability Balances of Derivative Instruments
Gross amounts recognized	(335,307)	(230,023)
Gross amounts netted in the condensed consolidated balance sheets	245,210	213,174
Net amounts presented in the condensed consolidated balance sheets	$ (90,097)	$ (16,849)

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Location and Aggregate Fair Value of All Derivative Financial Instruments Recorded in the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instrument
Realized loss on derivatives	$ (22,439)	$ (25,913)
Unrealized loss on derivatives	(75,029)	(43,423)
Total	(97,468)	(69,336)
Revenues
Derivative Instrument
Realized loss on derivatives	(22,439)	(25,913)
Unrealized loss on derivatives	(75,029)	(43,423)
Oil | Revenues
Derivative Instrument
Realized loss on derivatives	(18,166)	(26,075)
Unrealized loss on derivatives	(44,999)	(39,269)
Natural Gas | Revenues
Derivative Instrument
Realized loss on derivatives	(4,273)	162
Unrealized loss on derivatives	$ (30,030)	$ (4,154)

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of the Valuation of the Company's Financial Assets and Liabilities that were Accounted for at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets (Liabilities)
Total	$ (89,907)	$ (14,878)
Fair value on a recurring basis
Assets (Liabilities)
Contingent consideration related to business combination	(16,029)	(8,203)
Total	(105,936)	(23,081)
Fair value on a recurring basis | Oil derivatives and basis swaps
Assets (Liabilities)
Derivative liability	(59,726)	(14,727)
Fair value on a recurring basis | Natural gas derivatives
Assets (Liabilities)
Derivative liability	(30,181)	(151)
Fair value on a recurring basis | Level 1
Assets (Liabilities)
Contingent consideration related to business combination	0	0
Total	0	0
Fair value on a recurring basis | Level 1 | Oil derivatives and basis swaps
Assets (Liabilities)
Derivative liability	0	0
Fair value on a recurring basis | Level 1 | Natural gas derivatives
Assets (Liabilities)
Derivative liability	0	0
Fair value on a recurring basis | Level 2
Assets (Liabilities)
Contingent consideration related to business combination	0	0
Total	(89,907)	(14,878)
Fair value on a recurring basis | Level 2 | Oil derivatives and basis swaps
Assets (Liabilities)
Derivative liability	(59,726)	(14,727)
Fair value on a recurring basis | Level 2 | Natural gas derivatives
Assets (Liabilities)
Derivative liability	(30,181)	(151)
Fair value on a recurring basis | Level 3
Assets (Liabilities)
Contingent consideration related to business combination	(16,029)	(8,203)
Total	(16,029)	(8,203)
Fair value on a recurring basis | Level 3 | Oil derivatives and basis swaps
Assets (Liabilities)
Derivative liability	0	0
Fair value on a recurring basis | Level 3 | Natural gas derivatives
Assets (Liabilities)
Derivative liability	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Senior Notes Due 2023 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 1,070	$ 1,080

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Feb. 17, 2017	Mar. 31, 2022	Mar. 31, 2021
Delivery Of Natural Gas And Oil Production To Third Parties
Long-term Purchase Commitment [Line Items]
Payment for volume requirement agreement		$ 11	$ 12.6
Volume requirement commitment		552.1
Rustler Breaks and Wolf Asset Area | Corporate Joint Venture | San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Term of contractual obligation	15 years
Rustler Breaks Asset Area | Corporate Joint Venture | San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Term of contractual obligation	15 years
Operational Agreements | San Mateo Midstream
Long-term Purchase Commitment [Line Items]
Contractual obligation		$ 351.7

SUPPLEMENTAL DISCLOSURES - Summ

SUPPLEMENTAL DISCLOSURES - Summary of Current Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 221,840	$ 253,283
Accrued evaluated and unproved and unevaluated property costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	114,931	128,598
Accrued midstream properties costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	14,897	7,799
Accrued lease operating expenses
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	34,681	32,182
Accrued interest on debt
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	2,764	18,232
Accrued asset retirement obligations
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	282	270
Accrued partners’ share of joint interest charges
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	28,810	17,460
Accrued payable related to purchased natural gas
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	6,473	11,284
Other
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 19,002	$ 37,458

SUPPLEMENTAL DISCLOSURES - Supp

SUPPLEMENTAL DISCLOSURES - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Cash Flow Statements, Captions [Line Items]
Cash paid for interest expense, net of amounts capitalized	$ 31,650	$ 35,085
(Decrease) increase in liabilities for drilling, completion and equipping capital expenditures	(10,969)	40,067
(Decrease) increase in liabilities for acquisition of oil and natural gas properties	(2,689)	2,031
Increase (decrease) in liabilities for midstream properties capital expenditures	7,098	(6,691)
Stock-based compensation expense recognized as a liability	13,612	7,249
Transfer of inventory to oil and natural gas properties	(190)	(574)
Mineral Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase in asset retirement obligations	$ (955)	$ 105

SUPPLEMENTAL DISCLOSURES - Rest

SUPPLEMENTAL DISCLOSURES - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Disclosure Text Block Supplement [Abstract]
Cash	$ 63,001	$ 48,135	$ 17,924
Restricted cash	57,156	38,785	30,333
Total cash and restricted cash	$ 120,157	$ 86,920	$ 48,257	$ 91,383

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of segments	2

SEGMENT INFORMATION - Selected

SEGMENT INFORMATION - Selected Financial Information for Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 663,160	$ 336,181
Realized loss on derivatives	(22,439)	(25,913)
Unrealized loss on derivatives	(75,029)	(43,423)
Expenses	256,385	174,182
Operating (loss) income	309,307	92,663
Total assets	4,567,328	3,738,881	$ 4,262,153
Capital expenditures	259,154	144,771
Depletion, depreciation and amortization	95,853	74,863
Corporate
Segment Reporting Information [Line Items]
Realized loss on derivatives	0	0
Unrealized loss on derivatives	0	0
Expenses	26,242	19,962
Operating (loss) income	(26,242)	(19,962)
Total assets	75,995	26,400
Capital expenditures	225	133
Depletion, depreciation and amortization	600	700
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized loss on derivatives	0	0
Unrealized loss on derivatives	0	0
Expenses	(50,085)	(28,471)
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 on derivatives	(22,439)	(25,913)
Unrealized loss on derivatives	(75,029)	(43,423)
Expenses	237,457	156,444
Operating (loss) income	296,990	91,328
Total assets	3,596,773	2,881,242
Capital expenditures	239,848	134,865
Depletion, depreciation and amortization	87,300	66,400
Capital expenditures attributable to land and seismic acquisition expenditures	41,100	8,700
Midstream | Operating Segments
Segment Reporting Information [Line Items]
Realized loss on derivatives	0	0
Unrealized loss on derivatives	0	0
Expenses	42,771	26,247
Operating (loss) income	38,559	21,297
Total assets	894,560	831,239
Capital expenditures	19,081	9,773
Depletion, depreciation and amortization	8,000	7,800
Net income attributable to non-controlling interest in subsidiaries		(8,900)
Capital expenditures attributable to non-controlling interest	9,300	4,400
Operating Income (Loss) | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interest in subsidiaries	(17,100)
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	626,515	316,233
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	624,793	314,646
Oil and natural gas revenues | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,722	1,587
Midstream services revenues
Segment Reporting Information [Line Items]
Revenues	17,306	15,438
Midstream services revenues | Corporate
Segment Reporting Information [Line Items]
Revenues	0	0
Midstream services revenues | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(50,085)	(28,471)
Midstream services revenues | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0
Midstream services revenues | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	67,391	43,909
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	19,339	4,510
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	7,122	2,462
Sales of purchased natural gas | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 12,217	$ 2,048

BUSINESS COMBINATION (Details)

BUSINESS COMBINATION (Details) - Properties in Lea and Eddy, NM $ in Thousands	Dec. 14, 2021USD ($)$ / bbl	Mar. 31, 2022USD ($)
Asset Acquisition [Line Items]
Cash	$ 161,680
Working capital adjustments	(4,959)
Purchase price increase (decrease) due to average oil price	$ 5,000
Contingent consideration increase (decrease)		$ 7,800
Contingent consideration related to business combination		$ 16,000
Minimum
Asset Acquisition [Line Items]
Average oil and gas prices | $ / bbl	75

BUSINESS COMBINATION - Allocati

BUSINESS COMBINATION - Allocation Schedule (Details) - USD ($) $ in Thousands	Dec. 14, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Evaluated		$ 6,208,109	$ 6,007,325
Unproved and unevaluated		979,391	964,714
Advances from joint interest owners		$ (16,743)	$ (18,074)
Properties in Lea and Eddy, NM
Business Acquisition [Line Items]
Cash	$ 161,680
Working capital adjustments	(4,959)
Fair value of contingent consideration at December 14, 2021	6,718
Total consideration given	163,439
Evaluated	139,312
Unproved and unevaluated	31,745
Accrued liabilities	(360)
Advances from joint interest owners	(6,865)
Asset retirement obligations	(393)
Net assets acquired	$ 163,439