Matador Resources (MTDR) 10-Q 28 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		118,161,520
Entity Central Index Key	0001520006
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash	$ 400,484	$ 48,135
Restricted cash	41,236	38,785
Accounts receivable
Oil and natural gas revenues	268,869	164,242
Joint interest billings	120,786	48,366
Other	28,401	28,808
Derivative instruments	1,499	1,971
Lease and well equipment inventory	14,388	12,188
Prepaid expenses and other current assets	51,228	28,810
Total current assets	926,891	371,305
Oil and natural gas properties, full-cost method
Evaluated	6,627,788	6,007,325
Unproved and unevaluated	1,000,720	964,714
Midstream properties	1,038,883	900,979
Other property and equipment	31,550	30,123
Less accumulated depletion, depreciation and amortization	(4,380,674)	(4,046,456)
Net property and equipment	4,318,267	3,856,685
Other assets
Other long-term assets	59,992	34,163
Total assets	5,305,150	4,262,153
Current liabilities
Accounts payable	61,105	26,256
Accrued liabilities	306,539	253,283
Royalties payable	134,373	94,359
Amounts due to affiliates	25,396	27,324
Derivative instruments	17,879	16,849
Advances from joint interest owners	26,993	18,074
Income taxes payable	3,439	0
Other current liabilities	49,465	28,692
Total current liabilities	625,189	464,837
Long-term liabilities
Borrowings under Credit Agreement	0	100,000
Borrowings under San Mateo Credit Facility	440,000	385,000
Senior unsecured notes payable	752,850	1,042,580
Asset retirement obligations	51,707	41,689
Deferred income taxes	349,205	77,938
Other long-term liabilities	20,591	22,721
Total long-term liabilities	1,614,353	1,669,928
Commitments and contingencies
Shareholders’ equity
Common stock - $0.01 par value, 160,000,000 shares authorized; 118,248,112 and 117,861,923 shares issued; and 118,155,815 and 117,850,233 shares outstanding, respectively	1,183	1,179
Additional paid-in capital	2,094,611	2,077,592
Retained earnings (accumulated deficit)	765,602	(171,318)
Treasury stock, at cost, 92,297 and 11,945 shares, respectively	(2,585)	(243)
Total Matador Resources Company shareholders’ equity	2,858,811	1,907,210
Non-controlling interest in subsidiaries	206,797	220,178
Total shareholders’ equity	3,065,608	2,127,388
Total liabilities and shareholders’ equity	$ 5,305,150	$ 4,262,153

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED (Parenthetical) - $ / shares	Sep. 30, 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)	118,248,112	117,861,923
Common stock, shares outstanding (in shares)	118,155,815	117,850,233
Treasury stock (in shares)	92,297	11,945

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Revenues	$ 854,094	$ 520,721	$ 2,491,917	$ 1,299,744
Realized loss on derivatives	(56,263)	(57,419)	(139,865)	(125,943)
Unrealized gain (loss) on derivatives	43,097	9,049	(1,502)	(77,178)
Total revenues	840,928	472,351	2,350,550	1,096,623
Expenses
Production taxes, transportation and processing	73,964	48,896	219,441	126,913
Lease operating	42,360	27,433	116,172	82,124
Purchased natural gas	69,442	34,581	142,903	47,064
Depletion, depreciation and amortization	118,870	89,061	334,747	255,368
Accretion of asset retirement obligations	679	518	1,739	1,529
General and administrative	27,549	24,633	81,713	71,218
Total expenses	357,654	242,165	962,980	628,668
Operating income	483,274	230,186	1,387,570	467,955
Other income (expense)
Net loss on asset sales and impairment	(1,113)	(251)	(1,311)	(251)
Interest expense	(15,996)	(17,989)	(50,740)	(55,579)
Other income (expense)	1,804	(585)	(2,682)	(1,246)
Total other expense	(15,305)	(18,825)	(54,733)	(57,076)
Income before income taxes	467,969	211,361	1,332,837	410,879
Income tax provision (benefit)
Current	270	0	51,940	0
Deferred	113,671	(6,701)	266,489	1,488
Total income tax provision (benefit)	113,941	(6,701)	318,429	1,488
Net income	354,028	218,062	1,014,408	409,391
Net income attributable to non-controlling interest in subsidiaries	(16,456)	(14,434)	(53,994)	(39,213)
Net income attributable to Matador Resources Company shareholders	$ 337,572	$ 203,628	$ 960,414	$ 370,178
Earnings per common share
Basic (in dollars per share)	$ 2.86	$ 1.74	$ 8.13	$ 3.17
Basic (in shares)	118,136	117,008	118,063	116,872
Diluted (in shares)	119,850	119,197	119,867	118,788
Diluted (in dollars per share)	$ 2.82	$ 1.71	$ 8.01	$ 3.12
Weighted average common shares outstanding	$ 2.86	$ 1.74	$ 8.13	$ 3.17
Oil and natural gas revenues
Revenues
Revenues	$ 751,444	$ 461,465	$ 2,270,728	$ 1,189,772
Third-party midstream services revenues
Revenues
Revenues	24,707	20,486	63,899	55,774
Expenses
Plant and other midstream services operating	24,790	17,043	66,265	44,452
Sales of purchased natural gas
Revenues
Revenues	$ 77,943	$ 38,770	$ 157,290	$ 54,198

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 directors' and advisors' compensation plan (in shares)			9,000
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
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 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, 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]
Current period net income	409,391
Balance at end of period (in shares) at Sep. 30, 2021			117,249,000			146,000
Balance at end of period at Sep. 30, 2021	1,907,900	1,688,007	$ 1,172	2,069,484	(380,268)	$ (2,381)	219,893
Balance at beginning of period (in shares) at Mar. 31, 2021			116,872,000			92,000
Balance at beginning 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	(2,913)	(2,913)			(2,913)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			138,000
Issuance of common stock pursuant to employee stock compensation plan			$ (1)	1
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)			73,000
Issuance of common stock pursuant to directors’ and advisors’ compensation plan			$ 1	(1)
Stock-based compensation expense related to equity-based awards including amounts capitalized	2,289	2,289		$ 2,289
Stock options exercised, net of options forfeited in net share settlements (in shares)			40,000
Restricted stock forfeited (in shares)				425,000		38,000
Restricted stock forfeited	(1,164)	(1,164)				$ (739)
Contribution related to formation of San Mateo	16,250	16,250		$ 16,250
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(14,700)						(14,700)
Current period net income	121,831	105,905			105,905		15,926
Balance at end of period (in shares) at Jun. 30, 2021			117,123,000			130,000
Balance at end of period at Jun. 30, 2021	$ 1,702,126	1,479,762	$ 1,171	2,061,815	(580,981)	$ (2,243)	222,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.025
Dividends declared	$ (2,915)	(2,915)			(2,915)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			3,000
Stock-based compensation expense related to equity-based awards including amounts capitalized	3,856	3,856		3,856
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases	(212)	(212)	$ (1)	(211)
Stock options exercised, net of options forfeited in net share settlements (in shares)			123,000
Restricted stock forfeited (in shares)						16,000
Restricted stock forfeited	(1,276)	(1,276)		(1,138)		$ (138)
Contribution related to formation of San Mateo	4,740	4,740		4,740
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(16,905)						(16,905)
Current period net income	218,062	203,628			203,628		14,434
Balance at end of period (in shares) at Sep. 30, 2021			117,249,000			146,000
Balance at end of period at Sep. 30, 2021	$ 1,907,900	1,688,007	$ 1,172	2,069,484	(380,268)	$ (2,381)	219,893
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
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
Treasury stock (in shares) at Dec. 31, 2021						12,000
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, and employee stock purchases	(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	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 income	224,185	207,124			207,124		17,061
Balance at end of period (in shares) at Mar. 31, 2022			118,091,000
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
Treasury stock (in shares) at Mar. 31, 2022						24,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.05
Balance at beginning of period (in shares) at Dec. 31, 2021	117,850,233		117,862,000
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
Treasury stock (in shares) at Dec. 31, 2021						12,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Current period net income	$ 1,014,408
Balance at end of period (in shares) at Sep. 30, 2022	118,155,815		118,248,000			92,000
Balance at end of period at Sep. 30, 2022	$ 3,065,608	2,858,811	$ 1,183	2,094,611	765,602	$ (2,585)	206,797
Balance at beginning of period (in shares) at Mar. 31, 2022			118,091,000
Balance at beginning of period at Mar. 31, 2022	2,337,464	2,118,600	$ 1,181	2,087,788	29,940	$ (309)	218,864
Treasury stock (in shares) at Mar. 31, 2022						24,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(5,878)	(5,878)			(5,878)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			10,000
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares)			25,000
Stock-based compensation expense related to equity-based awards including amounts capitalized	5,383	5,383		5,383
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases	(2,606)	(2,606)	$ (1)	(2,607)
Stock options exercised, net of options forfeited in net share settlements (in shares)			75,000
Restricted stock forfeited (in shares)						47,000
Restricted stock forfeited	(2,047)	(2,047)				$ (2,047)
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(26,460)						(26,460)
Current period net income	436,195	415,718			415,718		20,477
Balance at end of period (in shares) at Jun. 30, 2022			118,201,000
Balance at end of period at Jun. 30, 2022	$ 2,742,051	2,529,170	$ 1,182	2,090,564	439,780	$ (2,356)	212,881
Treasury stock (in shares) at Jun. 30, 2022						71,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.05
Dividends declared	$ (11,750)	(11,750)			(11,750)
Issuance of common stock pursuant to employee stock compensation plan (in shares)			12,000
Stock-based compensation expense related to equity-based awards including amounts capitalized	5,222	5,222		5,222
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases	1,174	1,174	$ (1)	1,175
Stock options exercised, net of options forfeited in net share settlements (in shares)			35,000
Restricted stock forfeited (in shares)						21,000
Restricted stock forfeited	(229)	(229)				$ (229)
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(22,540)						(22,540)
Current period net income	$ 354,028	337,572			337,572		16,456
Balance at end of period (in shares) at Sep. 30, 2022	118,155,815		118,248,000			92,000
Balance at end of period at Sep. 30, 2022	$ 3,065,608	$ 2,858,811	$ 1,183	$ 2,094,611	$ 765,602	$ (2,585)	$ 206,797
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.10

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Sep. 30, 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	$ 4.8	$ 1.3

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 1,014,408	$ 409,391
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized loss on derivatives	1,502	77,178
Depletion, depreciation and amortization	334,747	255,368
Accretion of asset retirement obligations	1,739	1,529
Stock-based compensation expense	10,887	5,617
Deferred income tax provision	266,489	1,488
Amortization of debt issuance cost and other debt-related costs	(682)	2,443
Net loss on asset sales and impairment	1,311	251
Changes in operating assets and liabilities
Accounts receivable	(170,101)	(111,221)
Lease and well equipment inventory	(1,732)	(1,179)
Prepaid expenses and other current assets	(21,886)	(9,515)
Other long-term assets	257	637
Accounts payable, accrued liabilities and other current liabilities	51,078	60,619
Royalties payable	40,014	25,313
Advances from joint interest owners	8,919	1,149
Income taxes payable	3,439	0
Other long-term liabilities	(8,173)	(242)
Net cash provided by operating activities	1,532,216	718,826
Investing activities
Drilling, completion and equipping capital expenditures	(545,453)	(317,486)
Acquisition of oil and natural gas properties	(134,255)	(29,720)
Midstream capital expenditures	(51,413)	(40,222)
Acquisition of midstream assets	(75,816)	0
Expenditures for other property and equipment	(690)	(465)
Proceeds from sale of assets	46,507	4,215
Net cash used in investing activities	(761,120)	(383,678)
Financing activities
Purchase of senior unsecured notes	(283,960)	0
Repayments of borrowings under Credit Agreement	(300,000)	(390,000)
Borrowings under Credit Agreement	200,000	70,000
Repayments of borrowings under San Mateo Credit Facility	(120,000)	(64,000)
Borrowings under San Mateo Credit Facility	175,000	87,500
Payments of Debt Restructuring Costs	(506)	(878)
Proceeds from stock options exercised	0	213
Dividends paid	(23,494)	(8,741)
Contributions related to formation of San Mateo	22,750	37,626
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries	(67,375)	(45,815)
Taxes paid related to net share settlement of stock-based compensation	(18,264)	(4,161)
Other	(447)	(484)
Net cash used in financing activities	(416,296)	(318,740)
Increase in cash and restricted cash	354,800	16,408
Cash and restricted cash at beginning of period	86,920	91,383
Cash and restricted cash at end of period	$ 441,720	$ 107,791

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 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 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	9 Months Ended
	Sep. 30, 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 its midstream joint venture, San Mateo Midstream, LLC (collectively with its subsidiaries, “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 September 30, 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 and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended 2022 2021 2022 2021 Revenues from contracts with customers $ 854,094 $ 520,721 $ 2,491,917 $ 1,299,744 Realized loss on derivatives (56,263) (57,419) (139,865) (125,943) Unrealized gain (loss) on derivatives 43,097 9,049 (1,502) (77,178) Total revenues $ 840,928 $ 472,351 $ 2,350,550 $ 1,096,623 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Oil revenues $ 522,266 $ 325,560 $ 1,632,621 $ 853,953 Natural gas revenues 229,178 135,905 638,107 335,819 Third-party midstream services revenues 24,707 20,486 63,899 55,774 Sales of purchased natural gas 77,943 38,770 157,290 54,198 Total revenues from contracts with customers $ 854,094 $ 520,721 $ 2,491,917 $ 1,299,744 Property and Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For both the three and nine months ended September 30, 2022, 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 $11.4 million and $9.9 million of its general and administrative costs and approximately $3.0 million and $1.5 million of its interest expense for the three months ended September 30, 2022 and 2021, respectively. The Company capitalized approximately $35.0 million and $28.6 million of its general and administrative costs and approximately $7.4 million and $3.9 million of its interest expense for the nine months ended September 30, 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 and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended 2022 2021 2022 2021 Weighted average common shares outstanding Basic 118,136 117,008 118,063 116,872 Dilutive effect of options and restricted stock units 1,714 2,189 1,804 1,916 Diluted weighted average common shares outstanding 119,850 119,197 119,867 118,788

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2022 (in thousands). Beginning asset retirement obligations $ 41,959 Liabilities incurred during period 3,164 Liabilities settled during period (1,198) Revisions in estimated cash flows 10,794 Divestitures during period (4,304) Accretion expense 1,739 Ending asset retirement obligations 52,154 Less: current asset retirement obligations (1) (447) Long-term asset retirement obligations $ 51,707 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at September 30, 2022.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT At September 30, 2022, the Company had (i) $757.4 million of outstanding senior notes due 2026 (the “Notes”), (ii) no borrowings outstanding under its reserves-based revolving credit facility (the “Credit Agreement”) and (iii) approximately $45.6 million in outstanding letters of credit issued pursuant to 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. During the three and nine months ended September 30, 2022, the Company repurchased $148.6 million and $292.6 million of its Notes for $144.9 million and $287.4 million, respectively. Between September 30, 2022 and October 25, 2022, the Company repurchased an additional $7.4 million of its Notes for $7.2 million. At September 30, 2022, San Mateo had $440.0 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 September 30, 2022 and October 25, 2022, San Mateo repaid $20.0 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 $2.00 billion, the borrowing commitment was increased to $775.0 million and the maximum facility amount remained $1.50 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 covenants 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 September 30, 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 September 30, 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 September 30, 2022. Senior Unsecured Notes

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded a current income tax provision of $0.3 million and $51.9 million, respectively, and a deferred income tax provision of $113.7 million and $266.5 million, respectively, for the three and nine months ended September 30, 2022. The Company’s effective income tax rate of 25% for both the three and nine months ended September 30, 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 a deferred income tax benefit of $6.7 million and a deferred income tax provision of $1.5 million for the three and nine months ended September 30, 2021, respectively. 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. The Company’s income tax position for the three and nine months ended September 30, 2021 differed from amounts computed by applying the U.S. federal statutory rate to the pre-tax income due primarily to the impact of reversing the Company’s federal valuation allowance as of September 30, 2021, as well as permanent differences between book and tax income and state taxes, primarily in New Mexico.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
EQUITY	EQUITY Stock-based Compensation During the nine months ended September 30, 2022, the Company granted awards to certain of its employees of 226,238 service-based restricted stock units to be settled in cash, which are liability instruments, 230,251 performance-based stock units and 226,656 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 $35.2 million on the grant date. In April 2022, the Company’s Board of Directors (the “Board”) adopted, subject to shareholder approval, the first amendment to the 2019 Long-Term Incentive Plan, authorizing an additional 3.7 million shares of common stock for issuance to employees, directors, contractors or advisors of the Company. In June 2022, the Company’s shareholders approved such amendment. Employee Stock Purchase Plan In April 2022, the Board adopted, subject to shareholder approval, an Employee Stock Purchase Plan (the “ESPP”). The purpose of the ESPP is to encourage and enable the Company’s eligible employees to acquire an interest in the Company through the ownership of common stock. In June 2022, the Company’s shareholders approved the ESPP. A maximum of 4.0 million shares of common stock may be purchased under the ESPP. Common Stock Dividend The Board declared a quarterly cash dividend of $0.05 per share of common stock in both the first and second quarters of 2022. The dividend, which totaled $5.9 million in each quarter, was paid on March 14, 2022 and June 3, 2022. In June 2022, the Board amended the Company’s dividend policy to increase the quarterly dividend to $0.10 per share of common stock. In the third quarter of 2022, the Board declared a quarterly cash dividend of $0.10 per share of common stock, which totaled $11.8 million and was paid on September 1, 2022. In October 2022, the Board declared a quarterly cash dividend of $0.10 per share of common stock payable on December 1, 2022 to shareholders of record as of November 10, 2022. San Mateo Distributions and Contributions During the three months ended September 30, 2022 and 2021, San Mateo distributed $23.5 million and $17.6 million, respectively, to the Company and $22.5 million and $16.9 million, respectively, to a subsidiary of Five Point Energy LLC (“Five Point”), the Company’s joint venture partner in San Mateo. During the nine months ended September 30, 2022 and 2021, San Mateo distributed $70.1 million and $47.7 million, respectively, to the Company and $67.4 million and $45.8 million, respectively, to Five Point. During the three and nine months ended September 30, 2022 and 2021, there were no contributions to San Mateo by either the Company or Five Point. Performance Incentives No performance incentives were paid by Five Point to the Company during the three months ended September 30, 2022. Five Point paid to the Company $6.0 million in performance incentives during the three months ended September 30, 2021. Five Point paid to the Company $22.8 million and $37.6 million in performance incentives during the nine months ended September 30, 2022 and 2021, respectively. These performance incentives are recorded when received, net of the $4.8 million and $1.3 million deferred tax impact to Matador for the nine months ended September 30, 2022 and 2021, respectively, in “Additional paid-in capital” in the Company’s interim unaudited condensed consolidated balance sheets. These performance incentives for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS At September 30, 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 September 30, 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 September 30, 2022. The following is a summary of the Company’s open costless collar contracts for oil and natural gas at September 30, 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 10/01/2022 - 12/31/2022 2,700,000 $ 65.22 $ 110.49 $ (2,947) Natural Gas 10/01/2022 - 12/31/2022 13,200,000 $ 3.68 $ 7.61 (13,610) Natural Gas 01/01/2023 - 03/31/2023 2,400,000 $ 6.00 $ 14.00 1,349 Total open costless collar contracts $ (15,208) The following is a summary of the Company’s open basis swap contracts for oil at September 30, 2022. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil Basis 10/01/2022 - 12/31/2022 1,380,000 $ 0.95 $ (1,172) Total open basis swap contracts $ (1,172) At September 30, 2022, the net liability value for the Company’s open derivative financial instruments was $16.4 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 September 30, 2022 and December 31, 2021 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed September 30, 2022 Current assets $ 49,571 $ (48,072) $ 1,499 Current liabilities (65,951) 48,072 (17,879) Total $ (16,380) $ — $ (16,380) 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 Nine Months Ended Type of Instrument Location in Condensed Consolidated 2022 2021 2022 2021 Derivative Instrument Oil Revenues: Realized loss on derivatives $ (14,779) $ (52,774) $ (67,182) $ (121,460) Natural Gas Revenues: Realized loss on derivatives (41,484) (4,645) (72,683) (4,483) Realized loss on derivatives (56,263) (57,419) (139,865) (125,943) Oil Revenues: Unrealized (loss) gain on derivatives (1,873) 38,961 (36,236) (35,471) Natural Gas Revenues: Unrealized gain (loss) on derivatives 44,970 (29,912) 34,734 (41,707) Unrealized gain (loss) on derivatives 43,097 9,049 (1,502) (77,178) Total $ (13,166) $ (48,370) $ (141,367) $ (203,121)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 (in thousands). Fair Value Measurements at September 30, 2022 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (4,119) $ — $ (4,119) Natural gas derivatives — (12,261) — (12,261) Contingent consideration related to business combination — — (7,888) (7,888) Total $ — $ (16,380) $ (7,888) $ (24,268) 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 September 30, 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 September 30, 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 September 30, 2022 and December 31, 2021, the fair value of the Notes was $731.4 million 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	9 Months Ended
	Sep. 30, 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 $13.0 million and $13.4 million for deliveries under these agreements during the three months ended September 30, 2022 and 2021, respectively, and $36.8 million and $41.1 million for deliveries under these agreements during the nine months ended September 30, 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 September 30, 2022, the total deficiencies required to be paid by the Company under these agreements would be approximately $557.8 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 September 30, 2022 was approximately $301.7 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	9 Months Ended
	Sep. 30, 2022
Disclosure Text Block Supplement [Abstract]
SUPPLEMENTAL DISCLOSURES	SUPPLEMENTAL DISCLOSURES Accrued Liabilities The following table summarizes the Company’s current accrued liabilities at September 30, 2022 and December 31, 2021 (in thousands). September 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 151,413 $ 128,598 Accrued midstream properties costs 21,115 7,799 Accrued lease operating expenses 46,896 32,182 Accrued interest on debt 1,991 18,232 Accrued asset retirement obligations 447 270 Accrued partners’ share of joint interest charges 37,836 17,460 Accrued payable related to purchased natural gas 21,176 11,284 Other 25,665 37,458 Total accrued liabilities $ 306,539 $ 253,283 Supplemental Cash Flow Information The following table provides supplemental disclosures of cash flow information for the nine months ended September 30, 2022 and 2021 (in thousands). Nine Months Ended 2022 2021 Cash paid for income taxes $ 48,500 $ — Cash paid for interest expense, net of amounts capitalized $ 66,922 $ 51,468 Increase in asset retirement obligations related to mineral properties $ 8,279 $ 157 Increase in asset retirement obligations related to midstream properties $ 177 $ 104 Increase in liabilities for drilling, completion and equipping capital expenditures $ 25,715 $ 29,256 (Decrease) increase in liabilities for acquisition of oil and natural gas properties $ (2,897) $ 3,299 Increase in liabilities for midstream properties capital expenditures $ 13,214 $ 5,874 Stock-based compensation expense recognized as a liability $ 22,962 $ 20,535 Transfer of inventory from (to) oil and natural gas properties $ 467 $ (625) 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). Nine Months Ended 2022 2021 Cash $ 400,484 $ 73,128 Restricted cash 41,236 34,663 Total cash and restricted cash $ 441,720 $ 107,791

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 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. The majority 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. In addition, on June 30, 2022, an indirect wholly-owned subsidiary of the Company acquired a cryogenic gas processing plant, three compressor stations and approximately 45 miles of natural gas gathering pipelines in Lea and Eddy Counties, New Mexico as part of the acquisition (the “Pronto Acquisition”) of a wholly-owned subsidiary of Summit Midstream Partners, LP that was subsequently renamed Pronto Midstream, LLC (“Pronto”). Neither San Mateo nor Pronto is a guarantor 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 September 30, 2022 Oil and natural gas revenues $ 746,874 $ 4,570 $ — $ — $ 751,444 Midstream services revenues — 75,844 — (51,137) 24,707 Sales of purchased natural gas 51,563 26,380 — — 77,943 Realized loss on derivatives (56,263) — — — (56,263) Unrealized gain on derivatives 43,097 — — — 43,097 Expenses (1) 318,746 66,270 23,775 (51,137) 357,654 Operating income (2) $ 466,525 $ 40,524 $ (23,775) $ — $ 483,274 Total assets $ 3,900,138 $ 997,839 $ 407,173 $ — $ 5,305,150 Capital expenditures (3) $ 302,499 $ 27,851 $ 407 $ — $ 330,757 _____________________ (1) Includes depletion, depreciation and amortization expenses of $109.1 million and $9.2 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million. (2) Includes $16.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $60.7 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $13.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended September 30, 2021 Oil and natural gas revenues $ 460,306 $ 1,159 $ — $ — $ 461,465 Midstream services revenues — 61,215 — (40,729) 20,486 Sales of purchased natural gas 25,961 12,809 — — 38,770 Realized loss on derivatives (57,419) — — — (57,419) Unrealized gain on derivatives 9,049 — — — 9,049 Expenses (1) 220,535 40,784 21,575 (40,729) 242,165 Operating income (2) $ 217,362 $ 34,399 $ (21,575) $ — $ 230,186 Total assets $ 3,025,668 $ 864,020 $ 95,805 $ — $ 3,985,493 Capital expenditures (3) $ 138,374 $ 28,948 $ 220 $ — $ 167,542 _____________________ (1) Includes depletion, depreciation and amortization expenses of $80.6 million and $7.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million. (2) Includes $14.4 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $17.2 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $14.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Nine Months Ended September 30, 2022 Oil and natural gas revenues $ 2,261,395 $ 9,333 $ — $ — $ 2,270,728 Midstream services revenues — 218,279 — (154,380) 63,899 Sales of purchased natural gas 103,217 54,073 — — 157,290 Realized loss on derivatives (139,865) — — — (139,865) Unrealized loss on derivatives (1,502) — — — (1,502) Expenses (1) 888,796 157,767 70,797 (154,380) 962,980 Operating income (2) $ 1,334,449 $ 123,918 $ (70,797) $ — $ 1,387,570 Total assets $ 3,900,138 $ 997,839 $ 407,173 $ — $ 5,305,150 Capital expenditures (3) $ 714,987 $ 138,975 $ 690 $ — $ 854,652 _____________________ (1) Includes depletion, depreciation and amortization expenses of $307.5 million and $25.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.8 million. (2) Includes $54.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $131.4 million attributable to land and seismic acquisition expenditures related to the exploration and production segment, $75.0 million in midstream acquisition expenditures and $30.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Nine Months Ended September 30, 2021 Oil and natural gas revenues $ 1,186,086 $ 3,686 $ — $ — $ 1,189,772 Midstream services revenues — 164,815 — (109,041) 55,774 Sales of purchased natural gas 32,543 21,655 — — 54,198 Realized loss on derivatives (125,943) — — — (125,943) Unrealized loss on derivatives (77,178) — — — (77,178) Expenses (1) 576,106 97,305 64,298 (109,041) 628,668 Operating income (2) $ 439,402 $ 92,851 $ (64,298) $ — $ 467,955 Total assets $ 3,025,668 $ 864,020 $ 95,805 $ — $ 3,985,493 Capital expenditures (3) $ 381,167 $ 46,584 $ 465 $ — $ 428,216 _____________________ (1) Includes depletion, depreciation and amortization expenses of $230.0 million and $23.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $2.0 million. (2) Includes $39.2 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $32.8 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $22.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	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 change in the fair value of the contingent consideration included in “Other expense” during the three and nine months ended September 30, 2022 was income of $0.4 million and an expense of $9.7 million, respectively. During the three and nine months ended September 30, 2022, the Company paid $5.0 million and $10.0 million in cash, respectively, related to this contingent consideration. The estimated fair value of the remaining payments was $7.9 million as of September 30, 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 allocation of the consideration given related to this business combination was as follows (in thousands), which the Company considers to be final as of September 30, 2022. Consideration given Allocation Cash $ 161,680 Working capital adjustments (4,444) Fair value of contingent consideration at December 14, 2021 6,718 Total consideration given $ 163,954 Allocation of purchase price Oil and natural gas properties Evaluated $ 139,312 Unproved and unevaluated 32,260 Accrued liabilities (360) Advances from joint interest owners (6,865) Asset retirement obligations (393) Net assets acquired $ 163,954 On June 30, 2022, the Company acquired a cryogenic gas processing plant, three compressor stations and approximately 45 miles of natural gas gathering pipelines in Lea and Eddy Counties, New Mexico as part of the Pronto Acquisition. This acquisition was also accounted for as a business combination in accordance with ASC Topic 805. In addition, the Company assumed certain takeaway capacity on a Federal Energy Regulatory Commission regulated natural gas pipeline. As consideration for the business combination, the Company paid approximately $77.8 million in cash, subject to certain customary post-closing purchase price adjustments. The pro forma impact of this business combination to revenues and net income for 2022 would not be material to the Company’s 2022 revenues and net income as reported. At September 30, 2022, the preliminary allocation of the consideration given related to this business combination was as set forth in the following table (in thousands). The Company anticipates that the allocation of the consideration given should be finalized during 2022 upon determination of the final customary post-closing purchase price adjustments. Consideration given Allocation Total cash consideration given $ 77,828 Allocation of purchase price Cash acquired $ 2,012 Property, plant & equipment 74,695 Accounts receivable 5,633 Other assets 296 Accrued liabilities (4,808) Net assets acquired $ 77,828

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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 its midstream joint venture, San Mateo Midstream, LLC (collectively with its subsidiaries, “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 September 30, 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 and nine months ended September 30, 2022, 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended 2022 2021 2022 2021 Revenues from contracts with customers $ 854,094 $ 520,721 $ 2,491,917 $ 1,299,744 Realized loss on derivatives (56,263) (57,419) (139,865) (125,943) Unrealized gain (loss) on derivatives 43,097 9,049 (1,502) (77,178) Total revenues $ 840,928 $ 472,351 $ 2,350,550 $ 1,096,623 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Oil revenues $ 522,266 $ 325,560 $ 1,632,621 $ 853,953 Natural gas revenues 229,178 135,905 638,107 335,819 Third-party midstream services revenues 24,707 20,486 63,899 55,774 Sales of purchased natural gas 77,943 38,770 157,290 54,198 Total revenues from contracts with customers $ 854,094 $ 520,721 $ 2,491,917 $ 1,299,744
Reconciliations of basic and diluted distributed and undistributed earnings (loss) per common share	The following table sets forth the computation of diluted weighted average common shares outstanding for the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended 2022 2021 2022 2021 Weighted average common shares outstanding Basic 118,136 117,008 118,063 116,872 Dilutive effect of options and restricted stock units 1,714 2,189 1,804 1,916 Diluted weighted average common shares outstanding 119,850 119,197 119,867 118,788

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2022 (in thousands). Beginning asset retirement obligations $ 41,959 Liabilities incurred during period 3,164 Liabilities settled during period (1,198) Revisions in estimated cash flows 10,794 Divestitures during period (4,304) Accretion expense 1,739 Ending asset retirement obligations 52,154 Less: current asset retirement obligations (1) (447) Long-term asset retirement obligations $ 51,707 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at September 30, 2022.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 10/01/2022 - 12/31/2022 2,700,000 $ 65.22 $ 110.49 $ (2,947) Natural Gas 10/01/2022 - 12/31/2022 13,200,000 $ 3.68 $ 7.61 (13,610) Natural Gas 01/01/2023 - 03/31/2023 2,400,000 $ 6.00 $ 14.00 1,349 Total open costless collar contracts $ (15,208) The following is a summary of the Company’s open basis swap contracts for oil at September 30, 2022. Commodity Calculation Period Notional Quantity (Bbl) Fixed Price Fair Value of Oil Basis 10/01/2022 - 12/31/2022 1,380,000 $ 0.95 $ (1,172) Total open basis swap contracts $ (1,172)
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 September 30, 2022 and December 31, 2021 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed September 30, 2022 Current assets $ 49,571 $ (48,072) $ 1,499 Current liabilities (65,951) 48,072 (17,879) Total $ (16,380) $ — $ (16,380) 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 Nine Months Ended Type of Instrument Location in Condensed Consolidated 2022 2021 2022 2021 Derivative Instrument Oil Revenues: Realized loss on derivatives $ (14,779) $ (52,774) $ (67,182) $ (121,460) Natural Gas Revenues: Realized loss on derivatives (41,484) (4,645) (72,683) (4,483) Realized loss on derivatives (56,263) (57,419) (139,865) (125,943) Oil Revenues: Unrealized (loss) gain on derivatives (1,873) 38,961 (36,236) (35,471) Natural Gas Revenues: Unrealized gain (loss) on derivatives 44,970 (29,912) 34,734 (41,707) Unrealized gain (loss) on derivatives 43,097 9,049 (1,502) (77,178) Total $ (13,166) $ (48,370) $ (141,367) $ (203,121)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 (in thousands). Fair Value Measurements at September 30, 2022 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Oil derivatives and basis swaps $ — $ (4,119) $ — $ (4,119) Natural gas derivatives — (12,261) — (12,261) Contingent consideration related to business combination — — (7,888) (7,888) Total $ — $ (16,380) $ (7,888) $ (24,268) 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)	9 Months Ended
	Sep. 30, 2022
Disclosure Text Block Supplement [Abstract]
Summary of current accrued liabilities	The following table summarizes the Company’s current accrued liabilities at September 30, 2022 and December 31, 2021 (in thousands). September 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 151,413 $ 128,598 Accrued midstream properties costs 21,115 7,799 Accrued lease operating expenses 46,896 32,182 Accrued interest on debt 1,991 18,232 Accrued asset retirement obligations 447 270 Accrued partners’ share of joint interest charges 37,836 17,460 Accrued payable related to purchased natural gas 21,176 11,284 Other 25,665 37,458 Total accrued liabilities $ 306,539 $ 253,283
Supplemental disclosures of cash flow information	The following table provides supplemental disclosures of cash flow information for the nine months ended September 30, 2022 and 2021 (in thousands). Nine Months Ended 2022 2021 Cash paid for income taxes $ 48,500 $ — Cash paid for interest expense, net of amounts capitalized $ 66,922 $ 51,468 Increase in asset retirement obligations related to mineral properties $ 8,279 $ 157 Increase in asset retirement obligations related to midstream properties $ 177 $ 104 Increase in liabilities for drilling, completion and equipping capital expenditures $ 25,715 $ 29,256 (Decrease) increase in liabilities for acquisition of oil and natural gas properties $ (2,897) $ 3,299 Increase in liabilities for midstream properties capital expenditures $ 13,214 $ 5,874 Stock-based compensation expense recognized as a liability $ 22,962 $ 20,535 Transfer of inventory from (to) oil and natural gas properties $ 467 $ (625) 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). Nine Months Ended 2022 2021 Cash $ 400,484 $ 73,128 Restricted cash 41,236 34,663 Total cash and restricted cash $ 441,720 $ 107,791

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 Oil and natural gas revenues $ 746,874 $ 4,570 $ — $ — $ 751,444 Midstream services revenues — 75,844 — (51,137) 24,707 Sales of purchased natural gas 51,563 26,380 — — 77,943 Realized loss on derivatives (56,263) — — — (56,263) Unrealized gain on derivatives 43,097 — — — 43,097 Expenses (1) 318,746 66,270 23,775 (51,137) 357,654 Operating income (2) $ 466,525 $ 40,524 $ (23,775) $ — $ 483,274 Total assets $ 3,900,138 $ 997,839 $ 407,173 $ — $ 5,305,150 Capital expenditures (3) $ 302,499 $ 27,851 $ 407 $ — $ 330,757 _____________________ (1) Includes depletion, depreciation and amortization expenses of $109.1 million and $9.2 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million. (2) Includes $16.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $60.7 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $13.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Three Months Ended September 30, 2021 Oil and natural gas revenues $ 460,306 $ 1,159 $ — $ — $ 461,465 Midstream services revenues — 61,215 — (40,729) 20,486 Sales of purchased natural gas 25,961 12,809 — — 38,770 Realized loss on derivatives (57,419) — — — (57,419) Unrealized gain on derivatives 9,049 — — — 9,049 Expenses (1) 220,535 40,784 21,575 (40,729) 242,165 Operating income (2) $ 217,362 $ 34,399 $ (21,575) $ — $ 230,186 Total assets $ 3,025,668 $ 864,020 $ 95,805 $ — $ 3,985,493 Capital expenditures (3) $ 138,374 $ 28,948 $ 220 $ — $ 167,542 _____________________ (1) Includes depletion, depreciation and amortization expenses of $80.6 million and $7.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million. (2) Includes $14.4 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $17.2 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $14.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Nine Months Ended September 30, 2022 Oil and natural gas revenues $ 2,261,395 $ 9,333 $ — $ — $ 2,270,728 Midstream services revenues — 218,279 — (154,380) 63,899 Sales of purchased natural gas 103,217 54,073 — — 157,290 Realized loss on derivatives (139,865) — — — (139,865) Unrealized loss on derivatives (1,502) — — — (1,502) Expenses (1) 888,796 157,767 70,797 (154,380) 962,980 Operating income (2) $ 1,334,449 $ 123,918 $ (70,797) $ — $ 1,387,570 Total assets $ 3,900,138 $ 997,839 $ 407,173 $ — $ 5,305,150 Capital expenditures (3) $ 714,987 $ 138,975 $ 690 $ — $ 854,652 _____________________ (1) Includes depletion, depreciation and amortization expenses of $307.5 million and $25.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.8 million. (2) Includes $54.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $131.4 million attributable to land and seismic acquisition expenditures related to the exploration and production segment, $75.0 million in midstream acquisition expenditures and $30.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate Nine Months Ended September 30, 2021 Oil and natural gas revenues $ 1,186,086 $ 3,686 $ — $ — $ 1,189,772 Midstream services revenues — 164,815 — (109,041) 55,774 Sales of purchased natural gas 32,543 21,655 — — 54,198 Realized loss on derivatives (125,943) — — — (125,943) Unrealized loss on derivatives (77,178) — — — (77,178) Expenses (1) 576,106 97,305 64,298 (109,041) 628,668 Operating income (2) $ 439,402 $ 92,851 $ (64,298) $ — $ 467,955 Total assets $ 3,025,668 $ 864,020 $ 95,805 $ — $ 3,985,493 Capital expenditures (3) $ 381,167 $ 46,584 $ 465 $ — $ 428,216 _____________________ (1) Includes depletion, depreciation and amortization expenses of $230.0 million and $23.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $2.0 million. (2) Includes $39.2 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $32.8 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $22.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of the consideration given related to this business combination was as follows (in thousands), which the Company considers to be final as of September 30, 2022. Consideration given Allocation Cash $ 161,680 Working capital adjustments (4,444) Fair value of contingent consideration at December 14, 2021 6,718 Total consideration given $ 163,954 Allocation of purchase price Oil and natural gas properties Evaluated $ 139,312 Unproved and unevaluated 32,260 Accrued liabilities (360) Advances from joint interest owners (6,865) Asset retirement obligations (393) Net assets acquired $ 163,954 At September 30, 2022, the preliminary allocation of the consideration given related to this business combination was as set forth in the following table (in thousands). The Company anticipates that the allocation of the consideration given should be finalized during 2022 upon determination of the final customary post-closing purchase price adjustments. Consideration given Allocation Total cash consideration given $ 77,828 Allocation of purchase price Cash acquired $ 2,012 Property, plant & equipment 74,695 Accounts receivable 5,633 Other assets 296 Accrued liabilities (4,808) Net assets acquired $ 77,828

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 854,094	$ 520,721	$ 2,491,917	$ 1,299,744
Realized loss on derivatives	(56,263)	(57,419)	(139,865)	(125,943)
Unrealized gain (loss) on derivatives	43,097	9,049	(1,502)	(77,178)
Total revenues	840,928	472,351	2,350,550	1,096,623
Oil revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	522,266	325,560	1,632,621	853,953
Natural gas revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	229,178	135,905	638,107	335,819
Third-party midstream services revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	24,707	20,486	63,899	55,774
Sales of purchased natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 77,943	$ 38,770	$ 157,290	$ 54,198

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Discount rate, present value of future revenue			10%
Full-cost ceiling impairment	$ 0		$ 0
Deferred income tax benefit	(113,671)	$ 6,701	(266,489)	$ (1,488)
Capitalized general and administrative costs	11,400	9,900	35,000	28,600
Interest costs capitalized	$ 3,000	$ 1,500	$ 7,400	$ 3,900
Options
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Antidilutive securities (in shares)				1.3

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Weighted average common shares outstanding
Basic (in shares)	118,136	117,008	118,063	116,872
Dilutive effect of options and restricted stock units (in shares)	1,714	2,189	1,804	1,916
Diluted weighted average common shares outstanding (in shares)	119,850	119,197	119,867	118,788

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Changes in the Company's asset retirement obligations
Beginning asset retirement obligations				$ 41,959
Liabilities incurred during period				3,164
Liabilities settled during period				(1,198)
Revisions in estimated cash flows				10,794
Divestitures during period				(4,304)
Accretion expense		$ 679	$ 518	1,739	$ 1,529
Ending asset retirement obligations		52,154		52,154
Less: current asset retirement obligations	[1]	(447)		(447)
Long-term asset retirement obligations		$ 51,707		$ 51,707		$ 41,689
[1]Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at September 30, 2022.

DEBT - Borrowings (Details)

DEBT - Borrowings (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 25, 2022	Sep. 30, 2022	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Line of credit facility		$ 0	$ 0		$ 100,000
Borrowings under San Mateo Credit Facility		440,000	440,000		$ 385,000
Senior Notes Due 2026 | Subsequent Event
Line of Credit Facility [Line Items]
Par value repurchased notes	$ 7,400
Repurchase amount	7,200
Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility		0	0
Unsecured Debt | Senior Notes Due 2026
Line of Credit Facility [Line Items]
Long-term debt outstanding		757,400	757,400
Repurchased par value		148,600	292,600
Repurchased fair value		144,900	287,400
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		45,600	45,600
Line of Credit | San Mateo Credit Facility
Line of Credit Facility [Line Items]
Outstanding letters of credit		9,000	9,000
Borrowings under San Mateo Credit Facility		$ 440,000	440,000
Repayments of debt			$ 20,000
Line of Credit | San Mateo Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Repayments of debt	$ 20,000

DEBT - Credit Agreements (Detai

DEBT - Credit Agreements (Details)	1 Months Ended	9 Months Ended
	Apr. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Third Amended Credit Agreement | 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 | 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 | 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 | Base Rate | Minimum
Debt Instrument [Line Items]
Additional interest rate	1.75%
Third Amended Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Additional interest rate	2.75%
Revolving Credit Facility | Third Amended Credit Agreement
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
Line of credit facility covenant terms, current ratio		1
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	$ 100,000,000		$ 50,000,000
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%

DEBT - Senior Unsecured Notes (

DEBT - Senior Unsecured Notes (Details) - Senior Notes $ in Millions	Sep. 30, 2022 USD ($)
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt outstanding	$ 757.4
2026 Notes Offering
Debt Instrument [Line Items]
Interest rate	5.875%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Current	$ 270	$ 0	$ 51,940	$ 0
Deferred	$ 113,671	$ (6,701)	$ 266,489	$ 1,488
Effective tax rate	25%

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended						9 Months Ended
	Jul. 25, 2022	Jun. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 0.10	$ 0.10		$ 0.10	$ 0.05	$ 0.05	$ 0.025	$ 0.025	$ 0.025
Cash dividend				$ 11,750	$ 5,878	$ 5,866	$ 2,915	$ 2,913	$ 2,913
Distributions				22,540	$ 26,460	$ 18,375	16,905	$ 14,700	$ 14,210
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)			$ 0.10
Service-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)										226,238
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)										230,251
Vesting period										3 years
Number of additional shares authorized (in shares)					3,700,000
Performance-Based Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage										0%
Performance-Based Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting amount, percentage										200%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)										226,656
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										$ 35,200
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares for the plan (in shares)					4,000,000
San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance incentives earned				0			6,000			22,800	$ 37,600
Equity contribution, tax impact										4,800	1,300
Matador Resources Company | San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions				23,500			17,600			$ 70,100	47,700
Matador Resources Company | Five Point
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions											67,400
Five Point | San Mateo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions				$ 22,500			$ 16,900				$ 45,800

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Contracts for Oil and Natural Gas (Details) $ in Thousands	Sep. 30, 2022 USD ($) bbl $ / bbl
Open costless collar contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ (15,208)
Open Basis Swap Contracts
Summary of contracts for oil and natural gas
Fair Value of Asset (Liability) | $	$ (1,172)
Derivative Contract, Calculation Period One | Open costless collar contracts | Oil
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	2,700,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	65.22
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	110.49
Fair Value of Asset (Liability) | $	$ (2,947)
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	13,200,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	3.68
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	7.61
Fair Value of Asset (Liability) | $	$ (13,610)
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	1,380,000
Fair Value of Asset (Liability) | $	$ (1,172)
Fixed Price ($/Bbl)	0.95
Derivative Contract, Calculation Period Three | Open costless collar contracts | Oil
Summary of contracts for oil and natural gas
Notional Quantity (Bbl or MMBtu) | bbl	2,400,000
Weighted Average Price Floor ($/Bbl or $/MMBtu)	6
Weighted Average Price Ceiling ($/Bbl or $/MMBtu)	14
Fair Value of Asset (Liability) | $	$ 1,349

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative liability	$ 16,380	$ 14,878

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Gross Asset Balances of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Asset Balances of Derivative Insruments
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative Asset, Current	Derivative Asset, Current
Gross amounts recognized	$ 49,571	$ 215,145
Gross amounts netted in the condensed consolidated balance sheets	(48,072)	(213,174)
Net amounts presented in the condensed consolidated balance sheets	$ 1,499	$ 1,971
Liability Balances of Derivative Instruments
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Gross amounts recognized	$ (65,951)	$ (230,023)
Gross amounts netted in the condensed consolidated balance sheets	48,072	213,174
Net amounts presented in the condensed consolidated balance sheets	(17,879)	(16,849)
Total	(16,380)	(14,878)
Total, Gross amounts netted in the condensed consolidated balance sheets	0	0
Total, Net amounts presented in the condensed consolidated balance sheets	$ (16,380)	$ (14,878)

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instrument
Realized loss on derivatives	$ (56,263)	$ (57,419)	$ (139,865)	$ (125,943)
Unrealized gain (loss) on derivatives	43,097	9,049	(1,502)	(77,178)
Total	(13,166)	(48,370)	(141,367)	(203,121)
Revenues
Derivative Instrument
Realized loss on derivatives	(56,263)	(57,419)	(139,865)	(125,943)
Unrealized gain (loss) on derivatives	43,097	9,049	(1,502)	(77,178)
Oil | Revenues
Derivative Instrument
Realized loss on derivatives	(14,779)	(52,774)	(67,182)	(121,460)
Unrealized gain (loss) on derivatives	(1,873)	38,961	(36,236)	(35,471)
Natural Gas | Revenues
Derivative Instrument
Realized loss on derivatives	(41,484)	(4,645)	(72,683)	(4,483)
Unrealized gain (loss) on derivatives	$ 44,970	$ (29,912)	$ 34,734	$ (41,707)

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	Sep. 30, 2022	Dec. 31, 2021
Assets (Liabilities)
Derivative liability	$ (17,879)	$ (16,849)
Total	(16,380)	(14,878)
Fair value on a recurring basis
Assets (Liabilities)
Contingent consideration related to business combination	(7,888)	(8,203)
Total	(24,268)	(23,081)
Fair value on a recurring basis | Oil derivatives and basis swaps
Assets (Liabilities)
Derivative liability	(4,119)	(14,727)
Fair value on a recurring basis | Natural gas derivatives
Assets (Liabilities)
Derivative liability	(12,261)	(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	(16,380)	(14,878)
Fair value on a recurring basis | Level 2 | Oil derivatives and basis swaps
Assets (Liabilities)
Derivative liability	(4,119)	(14,727)
Fair value on a recurring basis | Level 2 | Natural gas derivatives
Assets (Liabilities)
Derivative liability	(12,261)	(151)
Fair value on a recurring basis | Level 3
Assets (Liabilities)
Contingent consideration related to business combination	(7,888)	(8,203)
Total	(7,888)	(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	Sep. 30, 2022	Dec. 31, 2021
Senior Notes Due 2023 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 731.4	$ 1,080

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Feb. 17, 2017	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Delivery Of Natural Gas And Oil Production To Third Parties
Long-term Purchase Commitment [Line Items]
Payment for volume requirement agreement		$ 13	$ 13.4	$ 36.8	$ 41.1
Volume requirement commitment		557.8		557.8
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		$ 301.7		$ 301.7

SUPPLEMENTAL DISCLOSURES - Summ

SUPPLEMENTAL DISCLOSURES - Summary of Current Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 306,539	$ 253,283
Accrued evaluated and unproved and unevaluated property costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	151,413	128,598
Accrued midstream properties costs
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	21,115	7,799
Accrued lease operating expenses
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	46,896	32,182
Accrued interest on debt
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	1,991	18,232
Accrued asset retirement obligations
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	447	270
Accrued partners’ share of joint interest charges
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	37,836	17,460
Accrued payable related to purchased natural gas
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	21,176	11,284
Other
Condensed Balance Sheet Statements, Captions [Line Items]
Total accrued liabilities	$ 25,665	$ 37,458

SUPPLEMENTAL DISCLOSURES - Supp

SUPPLEMENTAL DISCLOSURES - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Condensed Cash Flow Statements, Captions [Line Items]
Cash paid for interest expense, net of amounts capitalized	$ 66,922	$ 51,468
Increase in liabilities for drilling, completion and equipping capital expenditures	25,715	29,256
(Decrease) increase in liabilities for acquisition of oil and natural gas properties	(2,897)	3,299
Increase in liabilities for midstream properties capital expenditures	13,214	5,874
Stock-based compensation expense recognized as a liability	22,962	20,535
Transfer of inventory from (to) oil and natural gas properties	467	(625)
Income Taxes Paid	48,500	0
Mineral Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase in asset retirement obligations	8,279	157
Midstream Properties
Condensed Cash Flow Statements, Captions [Line Items]
Increase in asset retirement obligations	$ 177	$ 104

SUPPLEMENTAL DISCLOSURES - Rest

SUPPLEMENTAL DISCLOSURES - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Disclosure Text Block Supplement [Abstract]
Cash	$ 400,484	$ 48,135	$ 73,128
Restricted cash	41,236	38,785	34,663
Total cash and restricted cash	$ 441,720	$ 86,920	$ 107,791	$ 91,383

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 mi compressorStation segment
Segment Reporting Information [Line Items]
Number of segments | segment	2
Summit Midstream
Segment Reporting Information [Line Items]
Compressor stations | compressorStation	3
Oil and gas pipeline | mi	45

SEGMENT INFORMATION - Selected

SEGMENT INFORMATION - Selected Financial Information for Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 854,094	$ 520,721	$ 2,491,917	$ 1,299,744
Realized loss on derivatives	(56,263)	(57,419)	(139,865)	(125,943)
Unrealized gain (loss) on derivatives	43,097	9,049	(1,502)	(77,178)
Expenses	357,654	242,165	962,980	628,668
Operating (loss) income	483,274	230,186	1,387,570	467,955
Total assets	5,305,150	3,985,493	5,305,150	3,985,493	$ 4,262,153
Capital expenditures	330,757	167,542	854,652	428,216
Depletion, depreciation and amortization	118,870	89,061	334,747	255,368
Midstream capital expenditures			51,413	40,222
Corporate
Segment Reporting Information [Line Items]
Realized loss on derivatives	0	0	0	0
Unrealized gain (loss) on derivatives	0	0	0	0
Expenses	23,775	21,575	70,797	64,298
Operating (loss) income	(23,775)	(21,575)	(70,797)	(64,298)
Total assets	407,173	95,805	407,173	95,805
Capital expenditures	407	220	690	465
Depletion, depreciation and amortization	600	600	1,800	2,000
Consolidations and Eliminations
Segment Reporting Information [Line Items]
Realized loss on derivatives	0	0	0	0
Unrealized gain (loss) on derivatives	0	0	0	0
Expenses	(51,137)	(40,729)	(154,380)	(109,041)
Operating (loss) income	0	0	0	0
Total assets	0	0	0	0
Capital expenditures	0	0	0	0
Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Realized loss on derivatives	(56,263)	(57,419)	(139,865)	(125,943)
Unrealized gain (loss) on derivatives	43,097	9,049	(1,502)	(77,178)
Expenses	318,746	220,535	888,796	576,106
Operating (loss) income	466,525	217,362	1,334,449	439,402
Total assets	3,900,138	3,025,668	3,900,138	3,025,668
Capital expenditures	302,499	138,374	714,987	381,167
Depletion, depreciation and amortization	109,100	80,600	307,500	230,000
Capital expenditures attributable to land and seismic acquisition expenditures	60,700	17,200	131,400	32,800
Midstream | Operating Segments
Segment Reporting Information [Line Items]
Realized loss on derivatives	0	0	0	0
Unrealized gain (loss) on derivatives	0	0	0	0
Expenses	66,270	40,784	157,767	97,305
Operating (loss) income	40,524	34,399	123,918	92,851
Total assets	997,839	864,020	997,839	864,020
Capital expenditures	27,851	28,948	138,975	46,584
Depletion, depreciation and amortization	9,200	7,800	25,500	23,400
Net income attributable to non-controlling interest in subsidiaries		(14,400)
Midstream capital expenditures			75,000
Capital expenditures attributable to non-controlling interest	13,200	14,200	30,700	22,400
Operating Income (Loss) | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interest in subsidiaries	(16,500)		(54,000)	(39,200)
Oil and natural gas revenues
Segment Reporting Information [Line Items]
Revenues	751,444	461,465	2,270,728	1,189,772
Oil and natural gas revenues | Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Oil and natural gas revenues | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Oil and natural gas revenues | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	746,874	460,306	2,261,395	1,186,086
Oil and natural gas revenues | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,570	1,159	9,333	3,686
Midstream services revenues
Segment Reporting Information [Line Items]
Revenues	24,707	20,486	63,899	55,774
Midstream services revenues | Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Midstream services revenues | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	(51,137)	(40,729)	(154,380)	(109,041)
Midstream services revenues | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Midstream services revenues | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	75,844	61,215	218,279	164,815
Sales of purchased natural gas
Segment Reporting Information [Line Items]
Revenues	77,943	38,770	157,290	54,198
Sales of purchased natural gas | Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Sales of purchased natural gas | Consolidations and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Sales of purchased natural gas | Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	51,563	25,961	103,217	32,543
Sales of purchased natural gas | Midstream | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 26,380	$ 12,809	$ 54,073	$ 21,655

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) $ in Thousands			3 Months Ended	9 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 14, 2021 USD ($) $ / bbl	Sep. 30, 2022 USD ($) mi compressorStation	Sep. 30, 2022 USD ($) mi compressorStation
Properties in Lea and Eddy, NM
Asset Acquisition [Line Items]
Cash		$ 161,680
Purchase price increase (decrease) due to average oil price		5,000	$ 5,000	$ 10,000
Contingent consideration increase (decrease)			400	(9,700)
Contingent consideration related to business combination			$ 7,900	$ 7,900
Total consideration given		$ 163,954
Properties in Lea and Eddy, NM | Minimum
Asset Acquisition [Line Items]
Average oil and gas prices | $ / bbl		75
Summit Midstream
Asset Acquisition [Line Items]
Compressor stations | compressorStation			3	3
Oil and gas pipeline | mi			45	45
Total consideration given	$ 77,828

BUSINESS COMBINATIONS - Allocat

BUSINESS COMBINATIONS - Allocation Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 14, 2021	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Evaluated			$ 6,627,788	$ 6,007,325
Unproved and unevaluated			1,000,720	964,714
Advances from joint interest owners			$ (26,993)	$ (18,074)
Properties in Lea and Eddy, NM
Business Acquisition [Line Items]
Cash		$ 161,680
Working capital adjustments	$ (4,444)
Fair value of contingent consideration at December 14, 2021		6,718
Total consideration given		163,954
Evaluated		139,312
Unproved and unevaluated		32,260
Accrued liabilities		(360)
Advances from joint interest owners		(6,865)
Asset retirement obligations		(393)
Net assets acquired		$ 163,954

BUSINESS COMBINATIONS - Midstre

BUSINESS COMBINATIONS - Midstream Assets Allocation (Details) - Summit Midstream - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Total consideration given	$ 77,828
Cash acquired		$ 2,012
Property, plant & equipment		74,695
Accounts receivable		5,633
Other assets		296
Accrued liabilities		(4,808)
Net assets acquired		$ 77,828