Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 24, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 $0.01 per share | |
Trading Symbol | MTDR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 119,134,916 | |
Entity Central Index Key | 0001520006 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 25,935 | $ 505,179 |
Restricted cash | 36,239 | 42,151 |
Accounts receivable | ||
Oil and natural gas revenues | 289,308 | 224,860 |
Joint interest billings | 188,261 | 180,947 |
Other | 49,345 | 48,011 |
Derivative instruments | 0 | 3,930 |
Lease and well equipment inventory | 35,468 | 15,184 |
Prepaid expenses and other current assets | 86,819 | 51,570 |
Total current assets | 711,375 | 1,071,832 |
Oil and natural gas properties, full-cost method | ||
Evaluated | 9,291,696 | 6,862,455 |
Unproved and unevaluated | 1,143,769 | 977,502 |
Midstream properties | 1,209,756 | 1,057,668 |
Other property and equipment | 39,626 | 32,847 |
Less accumulated depletion, depreciation and amortization | (5,008,909) | (4,512,275) |
Net property and equipment | 6,675,938 | 4,418,197 |
Other assets | ||
Other long-term assets | 51,850 | 64,476 |
Total assets | 7,439,163 | 5,554,505 |
Current liabilities | ||
Accounts payable | 81,439 | 58,848 |
Accrued liabilities | 367,200 | 261,310 |
Royalties payable | 150,365 | 117,698 |
Amounts due to affiliates | 28,850 | 32,803 |
Derivative instruments | 4,314 | 0 |
Advances from joint interest owners | 21,416 | 52,357 |
Other current liabilities | 68,743 | 52,857 |
Total current liabilities | 722,327 | 575,873 |
Long-term liabilities | ||
Borrowings under Credit Agreement | 530,000 | 0 |
Borrowings under San Mateo Credit Facility | 475,000 | 465,000 |
Senior unsecured notes payable | 1,183,673 | 695,245 |
Asset retirement obligations | 87,216 | 52,985 |
Deferred income taxes | 552,937 | 428,351 |
Other long-term liabilities | 12,712 | 19,960 |
Total long-term liabilities | 2,841,538 | 1,661,541 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock - $0.01 par value, 160,000,000 shares authorized; 119,277,669 and 118,953,381 shares issued; and 119,145,818 and 118,948,624 shares outstanding, respectively | 1,192 | 1,190 |
Additional paid-in capital | 2,120,896 | 2,101,999 |
Retained earnings | 1,545,712 | 1,007,642 |
Treasury stock, at cost, 131,851 and 4,757 shares, respectively | (5,076) | (34) |
Total Matador Resources Company shareholders’ equity | 3,662,724 | 3,110,797 |
Non-controlling interest in subsidiaries | 212,574 | 206,294 |
Total shareholders’ equity | 3,875,298 | 3,317,091 |
Total liabilities and shareholders’ equity | $ 7,439,163 | $ 5,554,505 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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) | 119,277,669 | 118,953,381 |
Common stock, shares outstanding (in shares) | 119,145,818 | 118,948,624 |
Treasury stock (in shares) | 131,851 | 4,757 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | ||||
Revenues | $ 771,787 | $ 854,094 | $ 1,985,351 | $ 2,491,917 |
Realized loss on derivatives | (6,975) | (56,263) | (6,454) | (139,865) |
Unrealized gain (loss) on derivatives | 7,482 | 43,097 | (8,244) | (1,502) |
Total revenues | 772,294 | 840,928 | 1,970,653 | 2,350,550 |
Expenses | ||||
Production taxes, transportation and processing | 71,697 | 73,964 | 189,174 | 219,441 |
Lease operating | 66,395 | 42,360 | 171,845 | 116,172 |
Purchased natural gas | 37,641 | 69,442 | 93,192 | 142,903 |
Depletion, depreciation and amortization | 192,794 | 118,870 | 496,633 | 334,747 |
Accretion of asset retirement obligations | 1,218 | 679 | 2,709 | 1,739 |
General and administrative | 31,731 | 27,549 | 80,879 | 81,713 |
Total expenses | 432,284 | 357,654 | 1,126,942 | 962,980 |
Operating income | 340,010 | 483,274 | 843,711 | 1,387,570 |
Other income (expense) | ||||
Net loss on impairment | 0 | (1,113) | (202) | (1,311) |
Interest expense | (35,408) | (15,996) | (85,813) | (50,740) |
Other (expense) income | (11,614) | 1,804 | 5,289 | (2,682) |
Total other expense | (47,022) | (15,305) | (80,726) | (54,733) |
Income before income taxes | 292,988 | 467,969 | 762,985 | 1,332,837 |
Income tax provision (benefit) | ||||
Current | 8,958 | 270 | 8,958 | 51,940 |
Deferred | 5,631 | 113,671 | 119,609 | 266,489 |
Total income tax provision | 14,589 | 113,941 | 128,567 | 318,429 |
Net income | 278,399 | 354,028 | 634,418 | 1,014,408 |
Net income attributable to non-controlling interest in subsidiaries | (14,660) | (16,456) | (42,883) | (53,994) |
Net income attributable to Matador Resources Company shareholders | $ 263,739 | $ 337,572 | $ 591,535 | $ 960,414 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 2.21 | $ 2.86 | $ 4.97 | $ 8.13 |
Basic (in shares) | 119,147 | 118,136 | 119,121 | 118,063 |
Diluted (in shares) | 120,081 | 119,850 | 120,045 | 119,867 |
Diluted (in dollars per share) | $ 2.20 | $ 2.82 | $ 4.93 | $ 8.01 |
Weighted average common shares outstanding | $ 2.21 | $ 2.86 | $ 4.97 | $ 8.13 |
Oil and natural gas revenues | ||||
Revenues | ||||
Revenues | $ 701,527 | $ 751,444 | $ 1,792,353 | $ 2,270,728 |
Third-party midstream services revenues | ||||
Revenues | ||||
Revenues | 29,931 | 24,707 | 86,517 | 63,899 |
Expenses | ||||
Plant and other midstream services operating | 30,808 | 24,790 | 92,510 | 66,265 |
Sales of purchased natural gas | ||||
Revenues | ||||
Revenues | $ 40,329 | $ 77,943 | $ 106,481 | $ 157,290 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS 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 | Treasury Stock | Non-controlling interest in subsidiaries |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 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, beginning of period (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) | (11,534) | $ 2 | (11,536) | |||
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, end of period (in shares) at Mar. 31, 2022 | 24,000 | ||||||
Balance at beginning of period (in shares) at Dec. 31, 2021 | 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, beginning of period (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 | 118,248,000 | ||||||
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 |
Treasury stock, end of period (in shares) at Sep. 30, 2022 | 92,000 | ||||||
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, beginning of period (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, end of period (in shares) at Jun. 30, 2022 | 71,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
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 | 118,248,000 | ||||||
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 |
Treasury stock, end of period (in shares) at Sep. 30, 2022 | 92,000 | ||||||
Balance at beginning of period (in shares) at Dec. 31, 2022 | 118,948,624 | 118,953,000 | |||||
Balance at beginning of period at Dec. 31, 2022 | $ 3,317,091 | 3,110,797 | $ 1,190 | 2,101,999 | 1,007,642 | $ (34) | 206,294 |
Treasury stock, beginning of period (in shares) at Dec. 31, 2022 | 4,757 | 5,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared | $ (17,768) | (17,768) | (17,768) | ||||
Issuance of common stock pursuant to employee stock compensation plan (in shares) | 264,000 | ||||||
Issuance of common stock pursuant to employee stock compensation plan | (17,590) | (17,590) | $ 2 | (17,592) | |||
Stock-based compensation expense related to equity-based awards including amounts capitalized | 3,894 | 3,894 | 3,894 | ||||
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases | 12 | 12 | 12 | ||||
Stock options exercised, net of options forfeited in net share settlements (in shares) | 15,000 | ||||||
Restricted stock forfeited (in shares) | 21,000 | ||||||
Restricted stock forfeited | (1,236) | (1,236) | $ (1,236) | ||||
Contribution related to formation of San Mateo | 11,613 | 11,613 | 11,613 | ||||
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries | (19,110) | (19,110) | |||||
Current period net income | 178,924 | 163,130 | 163,130 | 15,794 | |||
Balance at end of period (in shares) at Mar. 31, 2023 | 119,232,000 | ||||||
Balance at end of period at Mar. 31, 2023 | $ 3,455,830 | 3,252,852 | $ 1,192 | 2,099,926 | 1,153,004 | $ (1,270) | 202,978 |
Treasury stock, end of period (in shares) at Mar. 31, 2023 | 26,000 | ||||||
Balance at beginning of period (in shares) at Dec. 31, 2022 | 118,948,624 | 118,953,000 | |||||
Balance at beginning of period at Dec. 31, 2022 | $ 3,317,091 | 3,110,797 | $ 1,190 | 2,101,999 | 1,007,642 | $ (34) | 206,294 |
Treasury stock, beginning of period (in shares) at Dec. 31, 2022 | 4,757 | 5,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Current period net income | $ 634,418 | ||||||
Balance at end of period (in shares) at Sep. 30, 2023 | 119,145,818 | 119,277,000 | 132,000 | ||||
Balance at end of period at Sep. 30, 2023 | $ 3,875,298 | 3,662,724 | $ 1,192 | 2,120,896 | 1,545,712 | $ (5,076) | 212,574 |
Treasury stock, end of period (in shares) at Sep. 30, 2023 | 131,851 | ||||||
Balance at beginning of period (in shares) at Mar. 31, 2023 | 119,232,000 | ||||||
Balance at beginning of period at Mar. 31, 2023 | $ 3,455,830 | 3,252,852 | $ 1,192 | 2,099,926 | 1,153,004 | $ (1,270) | 202,978 |
Treasury stock, beginning of period (in shares) at Mar. 31, 2023 | 26,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared | (17,917) | (17,917) | (17,917) | ||||
Issuance of common stock pursuant to employee stock compensation plan (in shares) | 27,000 | ||||||
Issuance of common stock pursuant to employee stock compensation plan | 950 | 950 | 950 | ||||
Issuance of common stock pursuant to directors' and advisors' compensation plan (in shares) | 11,000 | ||||||
Stock-based compensation expense related to equity-based awards including amounts capitalized | 6,097 | 6,097 | 6,097 | ||||
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases | 14 | 14 | 14 | ||||
Stock options exercised, net of options forfeited in net share settlements (in shares) | 2,000 | ||||||
Restricted stock forfeited (in shares) | 100,000 | ||||||
Restricted stock forfeited | (3,806) | (3,806) | $ (3,806) | ||||
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries (see Note 7) | 24,500 | 24,500 | |||||
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries | (25,333) | (25,333) | |||||
Current period net income | 177,095 | 164,666 | 164,666 | 12,429 | |||
Balance at end of period (in shares) at Jun. 30, 2023 | 119,272,000 | ||||||
Balance at end of period at Jun. 30, 2023 | 3,617,430 | 3,402,856 | $ 1,192 | 2,106,987 | 1,299,753 | $ (5,076) | 214,574 |
Treasury stock, end of period (in shares) at Jun. 30, 2023 | 126,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared | (17,780) | (17,780) | (17,780) | ||||
Issuance of common stock pursuant to employee stock compensation plan (in shares) | 3,000 | ||||||
Issuance of common stock pursuant to employee stock compensation plan | 43 | 43 | 43 | ||||
Stock-based compensation expense related to equity-based awards including amounts capitalized | 6,751 | 6,751 | 6,751 | ||||
Stock options exercised, net of options forfeited in net share settlements, and employee stock purchases | 5 | 5 | 5 | ||||
Stock options exercised, net of options forfeited in net share settlements (in shares) | 2,000 | ||||||
Restricted stock forfeited (in shares) | 6,000 | ||||||
Contribution related to formation of San Mateo | 7,110 | 7,110 | 7,110 | ||||
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries | (16,660) | (16,660) | |||||
Current period net income | $ 278,399 | 263,739 | 263,739 | 14,660 | |||
Balance at end of period (in shares) at Sep. 30, 2023 | 119,145,818 | 119,277,000 | 132,000 | ||||
Balance at end of period at Sep. 30, 2023 | $ 3,875,298 | $ 3,662,724 | $ 1,192 | $ 2,120,896 | $ 1,545,712 | $ (5,076) | $ 212,574 |
Treasury stock, end of period (in shares) at Sep. 30, 2023 | 131,851 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared (in dollars per share) | $ 0.15 | $ 0.15 |
Contribution related to formation of San Mateo, net of tax | $ 1.9 | $ 3.1 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities | ||
Net income | $ 634,418 | $ 1,014,408 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Unrealized loss on derivatives | 8,244 | 1,502 |
Depletion, depreciation and amortization | 496,633 | 334,747 |
Accretion of asset retirement obligations | 2,709 | 1,739 |
Stock-based compensation expense | 10,777 | 10,887 |
Deferred income tax provision | 119,609 | 266,489 |
Amortization of debt issuance cost and other debt-related costs | 4,996 | (682) |
Other non-cash changes | 14 | 1,311 |
Changes in operating assets and liabilities | ||
Accounts receivable | 3,424 | (170,101) |
Lease and well equipment inventory | (10,223) | (1,732) |
Prepaid expenses and other current assets | (41,817) | (21,886) |
Other long-term assets | 1,269 | 257 |
Accounts payable, accrued liabilities and other current liabilities | 18,691 | 51,078 |
Royalties payable | 22,655 | 40,014 |
Advances from joint interest owners | (30,941) | 8,919 |
Income taxes payable | 8,873 | 3,439 |
Other long-term liabilities | 150 | (8,173) |
Net cash provided by operating activities | 1,249,481 | 1,532,216 |
Investing activities | ||
Drilling, completion and equipping capital expenditures | (855,468) | (545,453) |
Acquisition of oil and natural gas properties | (120,586) | (134,255) |
Midstream capital expenditures | (75,609) | (51,413) |
Expenditures for other property and equipment | (2,964) | (690) |
Proceeds from sale of assets | 730 | 46,507 |
Net cash used in investing activities | (2,662,324) | (761,120) |
Financing activities | ||
Purchase of senior unsecured notes | 0 | (283,960) |
Repayments of borrowings under Credit Agreement | (2,622,000) | (300,000) |
Borrowings under Credit Agreement | 3,152,000 | 200,000 |
Repayments of borrowings under San Mateo Credit Facility | (140,000) | (120,000) |
Borrowings under San Mateo Credit Facility | 150,000 | 175,000 |
Cost to amend credit facilities | (8,645) | (506) |
Proceeds from issuance of senior unsecured notes | 494,800 | 0 |
Cost to issue senior unsecured notes | (8,503) | 0 |
Dividends paid | (53,465) | (23,494) |
Contributions related to formation of San Mateo | 23,700 | 22,750 |
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries | 24,500 | 0 |
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries | (61,103) | (67,375) |
Taxes paid related to net share settlement of stock-based compensation | (22,833) | (18,264) |
Other | (764) | (447) |
Net cash provided by (used in) financing activities | 927,687 | (416,296) |
Change in cash and restricted cash | (485,156) | 354,800 |
Cash and restricted cash at beginning of period | 547,330 | 86,920 |
Cash and restricted cash at end of period | 62,174 | 441,720 |
Advance | ||
Investing activities | ||
Acquisition | (1,608,427) | 0 |
Midstream | ||
Investing activities | ||
Acquisition | $ 0 | $ (75,816) |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 | |
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, 2022 filed with the SEC on March 1, 2023 (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, 2023. Amounts as of December 31, 2022 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, purchase price allocations 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, 2023 and 2022 (in thousands). Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues from contracts with customers $ 771,787 $ 854,094 $ 1,985,351 $ 2,491,917 Realized loss on derivatives (6,975) (56,263) (6,454) (139,865) Unrealized gain (loss) on derivatives 7,482 43,097 (8,244) (1,502) Total revenues $ 772,294 $ 840,928 $ 1,970,653 $ 2,350,550 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Oil revenues $ 588,370 $ 522,266 $ 1,500,511 $ 1,632,621 Natural gas revenues 113,157 229,178 291,842 638,107 Third-party midstream services revenues 29,931 24,707 86,517 63,899 Sales of purchased natural gas 40,329 77,943 106,481 157,290 Total revenues from contracts with customers $ 771,787 $ 854,094 $ 1,985,351 $ 2,491,917 Property and Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For each of the three and nine months ended September 30, 2023 and 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 $14.4 million and $11.4 million of its general and administrative costs for the three months ended September 30, 2023 and 2022, respectively, and $41.4 million and $35.0 million of its general and administrative costs for the nine months ended September 30, 2023 and 2022, respectively. The Company capitalized approximately $7.4 million and $3.0 million of its interest expense for the three months ended September 30, 2023 and 2022, respectively, and $16.1 million and $7.4 million of its interest expense for the nine months ended September 30, 2023 and 2022, 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, 2023 and 2022 (in thousands). Three Months Ended Nine Months Ended 2023 2022 2023 2022 Weighted average common shares outstanding Basic 119,147 118,136 119,121 118,063 Dilutive effect of options and restricted stock units 934 1,714 924 1,804 Diluted weighted average common shares outstanding 120,081 119,850 120,045 119,867 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS On April 12, 2023, a wholly-owned subsidiary of the Company completed the acquisition of Advance Energy Partners Holdings, LLC (“Advance”) from affiliates of EnCap Investments L.P., including certain oil and natural gas producing properties, undeveloped acreage and midstream assets located primarily in Lea County, New Mexico and Ward County, Texas (the “Advance Acquisition”). The Advance Acquisition had an effective date of January 1, 2023 and an aggregate purchase price consisting of (i) an amount in cash equal to approximately $1.60 billion (which amount is subject to certain customary post-closing adjustments) (the “Cash Consideration”) and (ii) potential additional cash consideration of $7.5 million for each month of 2023 in which the average oil price (as defined in the securities purchase agreement) exceeds $85 per barrel (all such payments for the 12 months in 2023, the “Contingent Consideration”). The Cash Consideration was paid upon the closing of the Advance Acquisition and was funded by a combination of cash on hand and borrowings under the Company’s reserves-based revolving credit facility (the “Credit Agreement”). In October 2023, the Company paid $7.5 million of the Contingent Consideration, as the average oil price for the month of September 2023 exceeded $85 per barrel. The Advance Acquisition was accounted for under the acquisition method of accounting as a business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations (“ASC Topic 805”). Under ASC Topic 805, the purchase price is allocated to the underlying tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values as of the respective acquisition date, with any excess purchase price allocated to goodwill. As the Company acquired 100% of the membership interests of Advance, the acquisition was treated as an asset acquisition for tax purposes. The Company recorded the 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) income” in its unaudited condensed consolidated statements of operations. The fair value of the Contingent Consideration was $21.2 million at April 12, 2023. The change in fair value of the Contingent Consideration included in “Other (expense) income” during the three and nine months ended September 30, 2023 was an expense of $15.7 million and income of $0.2 million, respectively. The Company made no cash payments related to the Contingent Consideration during the three and nine months ended September 30, 2023. The estimated fair value of the remaining payments of the Contingent Consideration for the fourth quarter was $13.5 million as of September 30, 2023. 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 9 for discussion of the fair value hierarchy). The preliminary allocation of the total purchase price for the Advance Acquisition is set forth below (in thousands). The Company anticipates that the allocation of the purchase price should be finalized during 2023 upon determination of the final purchase price adjustments. Consideration Allocation Cash $ 1,595,387 Working capital adjustments (4,846) Fair value of Contingent Consideration at April 12, 2023 21,151 Total consideration given $ 1,611,692 Allocation of purchase price Current assets $ 76,706 Oil and natural gas properties Evaluated 1,363,470 Unproved and unevaluated 189,087 Midstream assets 63,644 Current liabilities (72,889) Asset retirement obligations (8,326) Net assets acquired $ 1,611,692 The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair value of oil and gas properties and asset retirement obligations were measured using the discounted cash flow technique of valuation. Significant inputs to the valuation of oil and gas properties include estimates of: (i) reserves, (ii) future operating and development costs, (iii) future commodity prices, (iv) future plugging and abandonment costs, (v) estimated future cash flows, (vi) recent market comparable transactions for unproved acreage and (vii) a market-based weighted average cost of capital rate. These inputs require significant judgments and estimates and are the most sensitive and subject to change. The results of operations for the Advance Acquisition since the closing date have been included in the Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2023. The oil and natural gas production from Advance increased the Company’s revenues and net income for the period from April 12, 2023 through September 30, 2023 by $222.4 million and $120.3 million, respectively. Pro Forma Information The following unaudited pro forma financial information represents a summary of the condensed consolidated results of operations for the three and nine months ended September 30, 2023 and 2022, assuming the Advance Acquisition had been completed as of January 1, 2022. The pro forma financial information is provided for illustrative purposes only and does not purport to represent what the actual consolidated results of operations or the consolidated financial position of the Company would have been had the Advance Acquisition occurred on the dates noted above, nor is it necessarily indicative of the future results of operations or consolidated financial position of the Company. Future results may vary significantly from the results reflected because of various factors. The information below reflects certain nonrecurring pro forma adjustments that were directly related to the business combination based on currently available information and certain estimates and assumptions that the Company believes provide a reasonable basis for presenting the significant effects of the Advance Acquisition, including (i) the increase in depletion reflecting the relative fair values and production volumes attributable to Advance’s properties and the revision to the depletion rate reflecting the reserve volumes acquired, (ii) adjustments to interest expense as a result of the incremental borrowings necessary to finance the Advance Acquisition and (iii) the estimated tax impacts of the pro-forma adjustments. The pro forma financial information does not reflect the benefits of projected synergies, potential cost savings or the costs that may be necessary to achieve such savings, opportunities to increase revenue generation or other factors that may result from the Advance Acquisition and, accordingly, does not attempt to predict or suggest future results. Management cannot identify the timing, nature and amount of such savings, costs or other factors, any of which could affect the future consolidated results of operations or consolidated financial position of the Company. Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands, except per share data) Total revenue $ 772,294 $ 1,060,732 $ 2,126,934 $ 2,931,739 Net income attributable to Matador Resources Company shareholders $ 263,739 $ 421,390 $ 620,420 $ 1,177,630 Earnings per share: Basic $ 2.21 $ 3.57 $ 5.21 $ 9.97 Diluted $ 2.20 $ 3.52 $ 5.17 $ 9.82 |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 (in thousands). Beginning asset retirement obligations $ 53,741 Liabilities incurred during period 5,466 Liabilities settled during period (1,161) Revisions in estimated cash flows 21,795 Acquisitions during period 8,326 Divestitures during period (872) Accretion expense 2,709 Ending asset retirement obligations 90,004 Less: current asset retirement obligations (1) (2,788) Long-term asset retirement obligations $ 87,216 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at September 30, 2023. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBTAt September 30, 2023, the Company had (i) $699.2 million of outstanding senior notes due 2026 (the “2026 Notes”), (ii) $500.0 million of outstanding senior notes due 2028 (the “2028 Notes”), (iii) $530.0 million in borrowings outstanding under the Credit Agreement and (iv) approximately $45.4 million in outstanding letters of credit issued pursuant to the Credit Agreement. Between September 30, 2023 and October 24, 2023, the Company repaid $30.0 million of borrowings under the Credit Agreement. At September 30, 2023, San Mateo had $475.0 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, 2023 and October 24, 2023, San Mateo repaid $23.0 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. On March 31, 2023, the lenders completed their review of the Company’s proved oil and natural gas reserves, and, as a result, the Company and its lenders entered into an amendment to the Fourth Amended and Restated Credit Agreement, which amended the Credit Agreement to, among other things: (i) reaffirm the borrowing base at $2.25 billion, (ii) increase the elected commitment from $775.0 million to $1.25 billion and (iii) maintain the maximum facility amount at $1.50 billion. This March 2023 reaffirmation of the borrowing base constituted the regularly scheduled May 1 redetermination. On October 19, 2023, the lenders completed their review of the Company’s proved oil and natural gas reserves, and, as a result, the Company and its lenders entered into an amendment to the Fourth Amended and Restated Credit Agreement, which amended the Credit Agreement to, among other things: (i) increase the borrowing base from $2.25 billion to $2.50 billion, (ii) increase the elected commitment from $1.25 billion to $1.325 billion and (iii) increase the maximum facility amount from $1.50 billion to $2.00 billion. This October 2023 redetermination constituted the regularly scheduled November 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, 2023. 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 9, 2026, and the lender commitments under that facility were $485.0 million at September 30, 2023. The San Mateo Credit Facility includes an accordion feature, which provides for potential increases in lender commitments of up to $735.0 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 for such period, 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, 2023. Senior Unsecured Notes At September 30, 2023, the Company had $699.2 million of outstanding 2026 Notes, which have a 5.875% coupon rate. The 2026 Notes mature September 15, 2026, and interest is payable on the 2026 Notes semi-annually in arrears on each March 15 and September 15. The 2026 Notes are jointly and severally guaranteed on a senior unsecured basis by certain subsidiaries of the Company (the “Guarantor Subsidiaries”). On April 11, 2023, the Company completed the sale of $500.0 million in aggregate principal amount of the 2028 Notes, which have a 6.875% coupon rate and mature April 15, 2028. Interest is payable on the 2028 Notes semi-annually in arrears on each April 15 and October 15, and the first interest payment date for the 2028 Notes was October 15, 2023. The 2028 Notes are jointly and severally guaranteed on a senior unsecured basis by the Guarantor Subsidiaries. At any time prior to April 15, 2025, the Company may redeem up to 35% in aggregate principal amount of 2028 Notes at a redemption price of 106.875% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, in an amount not greater than the net proceeds of certain equity offerings so long as the redemption occurs within 180 days of completing such equity offering and at least 65% of the aggregate principal amount of the 2028 Notes remains outstanding after such redemption. In addition, at any time prior to April 15, 2025, the Company may redeem all or part of the 2028 Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest. On or after April 15, 2025, the Company may redeem all or a part of the 2028 Notes at any time or from time to time at the following redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below: Year Redemption Price 2025 103.438% 2026 101.719% 2027 100.000% Debt Maturities The outstanding borrowings of $530.0 million at September 30, 2023 under the Credit Agreement mature on October 31, 2026. The outstanding borrowings of $475.0 million at September 30, 2023 under the San Mateo Credit Facility mature on December 9, 2026. The $699.2 million of outstanding 2026 Notes at September 30, 2023 mature on September 15, 2026. The $500.0 million of outstanding 2028 Notes at September 30, 2023 mature on April 15, 2028. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded a current income tax provision of $9.0 million for each of the three and nine months ended September 30, 2023 and a deferred income tax provision of $5.6 million and $119.6 million for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2022, 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. The Company’s effective income tax rates of 5% and 18% for the three and nine months ended September 30, 2023, respectively, differed from the U.S. federal statutory rate due primarily to recognizing research and experimental expenditure tax credits of $65.1 million in the third quarter of 2023, which were partially offset by permanent differences between book and taxable income and state taxes, primarily in New Mexico. 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 taxable income and state taxes, primarily in New Mexico. The Company recognizes tax benefits from an uncertain tax position on the basis of a two-step process in which (i) the Company determines whether it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based upon the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
EQUITY | EQUITY Stock-based Compensation During the nine months ended September 30, 2023, the Company granted awards to certain of its employees of 228,550 service-based restricted stock units to be settled in cash, which are liability instruments, and 143,500 performance-based stock units and 272,010 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, 2025, 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 $38.9 million on the grant date. Common Stock Dividend The Board of Directors (the “Board”) declared a quarterly cash dividend of $0.15 per share of common stock in each of the first, second and third quarters of 2023. The first quarter dividend, which totaled $17.8 million, was paid on March 9, 2023 to shareholders of record as of February 27, 2023. The second quarter dividend, which totaled $17.9 million, was paid on June 1, 2023 to shareholders of record as of May 11, 2023. The third quarter dividend, which totaled $17.8 million, was paid on September 1, 2023 to shareholders of record as of August 11, 2023. On October 19, 2023, the Board amended the Company’s dividend policy to increase the quarterly dividend to $0.20 per share of common stock for future dividend payments and also declared a quarterly cash dividend of $0.20 per share of common stock payable on December 1, 2023 to shareholders of record as of November 10, 2023. San Mateo Distributions and Contributions During the three months ended September 30, 2023 and 2022, San Mateo distributed $17.3 million and $23.5 million, respectively, to the Company and $16.7 million and $22.5 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, 2023 and 2022, San Mateo distributed $63.6 million and $70.1 million, respectively, to the Company and $61.1 million and $67.4 million, respectively, to Five Point. During the nine months ended September 30, 2023, the Company contributed $25.5 million and Five Point contributed $24.5 million of cash to San Mateo. During the three months ended September 30, 2023 and the three and nine months ended September 30, 2022, there were no contributions to San Mateo by either the Company or Five Point. Performance Incentives Five Point paid to the Company $9.0 million of performance incentives during the three months ended September 30, 2023. 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 $23.7 million and $22.8 million of performance incentives during the nine months ended September 30, 2023 and 2022, respectively. These performance incentives are recorded when received, net of the $1.9 million deferred tax impact to Matador for the three months ended September 30, 2023 and net of the $5.0 million and $4.8 million deferred tax impact to Matador for the nine months ended September 30, 2023 and 2022, 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, 2023 and 2022 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, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTSAt September 30, 2023, the Company had one natural gas basis differential swap contract open and in place to mitigate its exposure to natural gas price volatility, with a specific term (calculation period), notional quantity (volume hedged) and fixed price. At September 30, 2023, the contract was set to expire during the fourth quarter of 2023. The Company had no open contracts associated with oil or natural gas liquids prices at September 30, 2023. The following is a summary of the Company’s open basis differential swap contract at September 30, 2023. Commodity Calculation Period Notional Quantity (MMBtu) Fixed Price Fair Value of Natural Gas Basis Differential 10/01/2023 - 12/31/2023 4,600,000 $ (1.85) $ (4,314) Total open basis differential swap contracts $ (4,314) 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, 2023 and December 31, 2022 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed September 30, 2023 Current liabilities $ (4,314) $ — $ (4,314) Total $ (4,314) $ — $ (4,314) December 31, 2022 Current assets $ 3,930 $ — $ 3,930 Total $ 3,930 $ — $ 3,930 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 2023 2022 2023 2022 Derivative Instrument Oil Revenues: Realized loss on derivatives $ — $ (14,779) $ — $ (67,182) Natural Gas Revenues: Realized loss on derivatives (6,975) (41,484) (6,454) (72,683) Realized loss on derivatives (6,975) (56,263) (6,454) (139,865) Oil Revenues: Unrealized loss on derivatives — (1,873) — (36,236) Natural Gas Revenues: Unrealized gain (loss) on derivatives 7,482 44,970 (8,244) 34,734 Unrealized gain (loss) on derivatives 7,482 43,097 (8,244) (1,502) Total $ 507 $ (13,166) $ (14,698) $ (141,367) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and December 31, 2022 (in thousands). Fair Value Measurements at September 30, 2023 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Natural gas basis differential swaps $ — $ (4,314) $ — $ (4,314) Contingent consideration related to business combination — — (20,963) (20,963) Total $ — $ (4,314) $ (20,963) $ (25,277) Fair Value Measurements at December 31, 2022 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Natural gas derivatives $ — $ 3,930 $ — $ 3,930 Total $ — $ 3,930 $ — $ 3,930 Additional disclosures related to derivative financial instruments are provided in Note 8. Other Fair Value Measurements At September 30, 2023 and December 31, 2022, the carrying values reported on the interim unaudited condensed consolidated balance sheets for accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, royalties payable, amounts due to affiliates, advances from joint interest owners and other current liabilities approximated their fair values due to their short-term maturities. At September 30, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, the fair value of the 2026 Notes was $675.8 million and $675.7 million, respectively, based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy. At September 30, 2023, the fair value of the 2028 Notes was $491.5 million based on quoted market prices, which represent Level 1 inputs in the fair value hierarchy. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including assets and liabilities acquired in a business combination, lease and well equipment inventory when the market value is determined to be lower than the cost of the inventory and other property and equipment that are reduced to fair value when they are impaired or held for sale. See Note 3 for discussion of the fair value measurement of assets acquired and liabilities assumed as part of the Advance Acquisition. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
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 $16.0 million and $13.0 million for deliveries under these agreements during the three months ended September 30, 2023 and 2022, respectively, and $38.1 million and $36.8 million for deliveries under these agreements during the nine months ended September 30, 2023 and 2022, 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, 2023, the total deficiencies required to be paid by the Company under these agreements would be approximately $566.5 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, 2023 was approximately $230.8 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, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
SUPPLEMENTAL DISCLOSURES | SUPPLEMENTAL DISCLOSURES Accrued Liabilities The following table summarizes the Company’s current accrued liabilities at September 30, 2023 and December 31, 2022 (in thousands). September 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 176,455 $ 112,766 Accrued midstream properties costs 23,179 11,623 Accrued lease operating expenses 67,832 46,975 Accrued interest on debt 21,725 10,461 Accrued asset retirement obligations 2,788 756 Accrued partners’ share of joint interest charges 48,167 42,199 Accrued payable related to purchased natural gas 9,666 11,158 Other 17,388 25,372 Total accrued liabilities $ 367,200 $ 261,310 Supplemental Cash Flow Information The following table provides supplemental disclosures of cash flow information for the nine months ended September 30, 2023 and 2022 (in thousands). Nine Months Ended 2023 2022 Cash paid for income taxes $ 1,677 $ 48,500 Cash paid for interest expense, net of amounts capitalized $ 77,396 $ 66,922 Increase in asset retirement obligations related to mineral properties $ 32,448 $ 8,279 Increase in asset retirement obligations related to midstream properties $ 1,106 $ 177 Increase in liabilities for drilling, completion and equipping capital expenditures $ 63,299 $ 25,715 Increase (decrease) in liabilities for acquisition of oil and natural gas properties $ 360 $ (2,897) Increase in liabilities for midstream properties capital expenditures $ 11,556 $ 13,214 Stock-based compensation expense recognized as a liability $ 8,557 $ 22,962 Transfer of inventory from oil and natural gas properties $ 550 $ 467 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 2023 2022 Cash $ 25,935 $ 400,484 Restricted cash 36,239 41,236 Total cash and restricted cash $ 62,174 $ 441,720 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
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 are conducted through San Mateo. In addition, at September 30, 2023, the Company operated a cryogenic gas processing plant, compressor stations and a natural gas gathering pipeline system in Lea and Eddy Counties, New Mexico through Pronto Midstream, LLC (“Pronto”), which is a wholly-owned subsidiary of the Company. Neither San Mateo nor Pronto is a guarantor of the 2026 Notes or the 2028 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, 2023 Oil and natural gas revenues $ 700,227 $ 1,300 $ — $ — $ 701,527 Midstream services revenues — 89,300 — (59,369) 29,931 Sales of purchased natural gas 5,719 34,610 — — 40,329 Realized loss on derivatives (6,975) — — — (6,975) Unrealized gain on derivatives 7,482 — — — 7,482 Expenses (1) 383,259 79,353 29,041 (59,369) 432,284 Operating income (2) $ 323,194 $ 45,857 $ (29,041) $ — $ 340,010 Total assets $ 6,246,067 $ 1,131,399 $ 61,697 $ — $ 7,439,163 Capital expenditures (3) $ 249,293 $ 55,922 $ 486 $ — $ 305,701 _____________________ (1) Includes depletion, depreciation and amortization expenses of $182.2 million and $10.3 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million. (2) Includes $14.7 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $53.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $14.1 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate 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 Nine Months Ended September 30, 2023 Oil and natural gas revenues $ 1,788,307 $ 4,046 $ — $ — $ 1,792,353 Midstream services revenues — 243,764 — (157,247) 86,517 Sales of purchased natural gas 17,094 89,387 — — 106,481 Realized loss on derivatives (6,454) — — — (6,454) Unrealized loss on derivatives (8,244) — — — (8,244) Expenses (1) 992,351 219,324 72,514 (157,247) 1,126,942 Operating income (2) $ 798,352 $ 117,873 $ (72,514) $ — $ 843,711 Total assets $ 6,246,067 $ 1,131,399 $ 61,697 $ — $ 7,439,163 Capital expenditures (3) $ 2,465,477 $ 151,331 $ 2,964 $ — $ 2,619,772 _____________________ (1) Includes depletion, depreciation and amortization expenses of $466.2 million and $29.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.0 million. (2) Includes $42.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $1.67 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million attributable to midstream acquisition expenditures and $25.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate 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 $30.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income attributable to Matador Resources Company shareholders | $ 263,739 | $ 337,572 | $ 591,535 | $ 960,414 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022 filed with the SEC on March 1, 2023 (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, 2023. Amounts as of December 31, 2022 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, purchase price allocations and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates. |
Property and Equipment | Property and Equipment The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method, the Company is required to perform a ceiling test each quarter that determines a limit, or ceiling, on the capitalized costs of oil and natural gas properties based primarily on the after-tax estimated future net cash flows from oil and natural gas properties using a 10% discount rate and the arithmetic average of first-day-of-the-month oil and natural gas prices for the prior 12-month period. For each of the three and nine months ended September 30, 2023 and 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. 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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 (in thousands). Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues from contracts with customers $ 771,787 $ 854,094 $ 1,985,351 $ 2,491,917 Realized loss on derivatives (6,975) (56,263) (6,454) (139,865) Unrealized gain (loss) on derivatives 7,482 43,097 (8,244) (1,502) Total revenues $ 772,294 $ 840,928 $ 1,970,653 $ 2,350,550 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Oil revenues $ 588,370 $ 522,266 $ 1,500,511 $ 1,632,621 Natural gas revenues 113,157 229,178 291,842 638,107 Third-party midstream services revenues 29,931 24,707 86,517 63,899 Sales of purchased natural gas 40,329 77,943 106,481 157,290 Total revenues from contracts with customers $ 771,787 $ 854,094 $ 1,985,351 $ 2,491,917 |
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, 2023 and 2022 (in thousands). Three Months Ended Nine Months Ended 2023 2022 2023 2022 Weighted average common shares outstanding Basic 119,147 118,136 119,121 118,063 Dilutive effect of options and restricted stock units 934 1,714 924 1,804 Diluted weighted average common shares outstanding 120,081 119,850 120,045 119,867 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Preliminary Allocation of Acquisition | The preliminary allocation of the total purchase price for the Advance Acquisition is set forth below (in thousands). The Company anticipates that the allocation of the purchase price should be finalized during 2023 upon determination of the final purchase price adjustments. Consideration Allocation Cash $ 1,595,387 Working capital adjustments (4,846) Fair value of Contingent Consideration at April 12, 2023 21,151 Total consideration given $ 1,611,692 Allocation of purchase price Current assets $ 76,706 Oil and natural gas properties Evaluated 1,363,470 Unproved and unevaluated 189,087 Midstream assets 63,644 Current liabilities (72,889) Asset retirement obligations (8,326) Net assets acquired $ 1,611,692 |
Pro Forma Information | The information below reflects certain nonrecurring pro forma adjustments that were directly related to the business combination based on currently available information and certain estimates and assumptions that the Company believes provide a reasonable basis for presenting the significant effects of the Advance Acquisition, including (i) the increase in depletion reflecting the relative fair values and production volumes attributable to Advance’s properties and the revision to the depletion rate reflecting the reserve volumes acquired, (ii) adjustments to interest expense as a result of the incremental borrowings necessary to finance the Advance Acquisition and (iii) the estimated tax impacts of the pro-forma adjustments. The pro forma financial information does not reflect the benefits of projected synergies, potential cost savings or the costs that may be necessary to achieve such savings, opportunities to increase revenue generation or other factors that may result from the Advance Acquisition and, accordingly, does not attempt to predict or suggest future results. Management cannot identify the timing, nature and amount of such savings, costs or other factors, any of which could affect the future consolidated results of operations or consolidated financial position of the Company. Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands, except per share data) Total revenue $ 772,294 $ 1,060,732 $ 2,126,934 $ 2,931,739 Net income attributable to Matador Resources Company shareholders $ 263,739 $ 421,390 $ 620,420 $ 1,177,630 Earnings per share: Basic $ 2.21 $ 3.57 $ 5.21 $ 9.97 Diluted $ 2.20 $ 3.52 $ 5.17 $ 9.82 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 (in thousands). Beginning asset retirement obligations $ 53,741 Liabilities incurred during period 5,466 Liabilities settled during period (1,161) Revisions in estimated cash flows 21,795 Acquisitions during period 8,326 Divestitures during period (872) Accretion expense 2,709 Ending asset retirement obligations 90,004 Less: current asset retirement obligations (1) (2,788) Long-term asset retirement obligations $ 87,216 _______________ (1) Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at September 30, 2023. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Redemption Price | On or after April 15, 2025, the Company may redeem all or a part of the 2028 Notes at any time or from time to time at the following redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below: Year Redemption Price 2025 103.438% 2026 101.719% 2027 100.000% |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 basis differential swap contract at September 30, 2023. Commodity Calculation Period Notional Quantity (MMBtu) Fixed Price Fair Value of Natural Gas Basis Differential 10/01/2023 - 12/31/2023 4,600,000 $ (1.85) $ (4,314) Total open basis differential swap contracts $ (4,314) |
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, 2023 and December 31, 2022 (in thousands). Derivative Instruments Gross Gross amounts Net amounts presented in the condensed September 30, 2023 Current liabilities $ (4,314) $ — $ (4,314) Total $ (4,314) $ — $ (4,314) December 31, 2022 Current assets $ 3,930 $ — $ 3,930 Total $ 3,930 $ — $ 3,930 |
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 2023 2022 2023 2022 Derivative Instrument Oil Revenues: Realized loss on derivatives $ — $ (14,779) $ — $ (67,182) Natural Gas Revenues: Realized loss on derivatives (6,975) (41,484) (6,454) (72,683) Realized loss on derivatives (6,975) (56,263) (6,454) (139,865) Oil Revenues: Unrealized loss on derivatives — (1,873) — (36,236) Natural Gas Revenues: Unrealized gain (loss) on derivatives 7,482 44,970 (8,244) 34,734 Unrealized gain (loss) on derivatives 7,482 43,097 (8,244) (1,502) Total $ 507 $ (13,166) $ (14,698) $ (141,367) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and December 31, 2022 (in thousands). Fair Value Measurements at September 30, 2023 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Natural gas basis differential swaps $ — $ (4,314) $ — $ (4,314) Contingent consideration related to business combination — — (20,963) (20,963) Total $ — $ (4,314) $ (20,963) $ (25,277) Fair Value Measurements at December 31, 2022 using Description Level 1 Level 2 Level 3 Total Assets (Liabilities) Natural gas derivatives $ — $ 3,930 $ — $ 3,930 Total $ — $ 3,930 $ — $ 3,930 |
SUPPLEMENTAL DISCLOSURES (Table
SUPPLEMENTAL DISCLOSURES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Summary of current accrued liabilities | The following table summarizes the Company’s current accrued liabilities at September 30, 2023 and December 31, 2022 (in thousands). September 30, December 31, Accrued evaluated and unproved and unevaluated property costs $ 176,455 $ 112,766 Accrued midstream properties costs 23,179 11,623 Accrued lease operating expenses 67,832 46,975 Accrued interest on debt 21,725 10,461 Accrued asset retirement obligations 2,788 756 Accrued partners’ share of joint interest charges 48,167 42,199 Accrued payable related to purchased natural gas 9,666 11,158 Other 17,388 25,372 Total accrued liabilities $ 367,200 $ 261,310 |
Supplemental disclosures of cash flow information | The following table provides supplemental disclosures of cash flow information for the nine months ended September 30, 2023 and 2022 (in thousands). Nine Months Ended 2023 2022 Cash paid for income taxes $ 1,677 $ 48,500 Cash paid for interest expense, net of amounts capitalized $ 77,396 $ 66,922 Increase in asset retirement obligations related to mineral properties $ 32,448 $ 8,279 Increase in asset retirement obligations related to midstream properties $ 1,106 $ 177 Increase in liabilities for drilling, completion and equipping capital expenditures $ 63,299 $ 25,715 Increase (decrease) in liabilities for acquisition of oil and natural gas properties $ 360 $ (2,897) Increase in liabilities for midstream properties capital expenditures $ 11,556 $ 13,214 Stock-based compensation expense recognized as a liability $ 8,557 $ 22,962 Transfer of inventory from oil and natural gas properties $ 550 $ 467 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 2023 2022 Cash $ 25,935 $ 400,484 Restricted cash 36,239 41,236 Total cash and restricted cash $ 62,174 $ 441,720 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 Oil and natural gas revenues $ 700,227 $ 1,300 $ — $ — $ 701,527 Midstream services revenues — 89,300 — (59,369) 29,931 Sales of purchased natural gas 5,719 34,610 — — 40,329 Realized loss on derivatives (6,975) — — — (6,975) Unrealized gain on derivatives 7,482 — — — 7,482 Expenses (1) 383,259 79,353 29,041 (59,369) 432,284 Operating income (2) $ 323,194 $ 45,857 $ (29,041) $ — $ 340,010 Total assets $ 6,246,067 $ 1,131,399 $ 61,697 $ — $ 7,439,163 Capital expenditures (3) $ 249,293 $ 55,922 $ 486 $ — $ 305,701 _____________________ (1) Includes depletion, depreciation and amortization expenses of $182.2 million and $10.3 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.3 million. (2) Includes $14.7 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $53.3 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $14.1 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate 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 Nine Months Ended September 30, 2023 Oil and natural gas revenues $ 1,788,307 $ 4,046 $ — $ — $ 1,792,353 Midstream services revenues — 243,764 — (157,247) 86,517 Sales of purchased natural gas 17,094 89,387 — — 106,481 Realized loss on derivatives (6,454) — — — (6,454) Unrealized loss on derivatives (8,244) — — — (8,244) Expenses (1) 992,351 219,324 72,514 (157,247) 1,126,942 Operating income (2) $ 798,352 $ 117,873 $ (72,514) $ — $ 843,711 Total assets $ 6,246,067 $ 1,131,399 $ 61,697 $ — $ 7,439,163 Capital expenditures (3) $ 2,465,477 $ 151,331 $ 2,964 $ — $ 2,619,772 _____________________ (1) Includes depletion, depreciation and amortization expenses of $466.2 million and $29.5 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.0 million. (2) Includes $42.9 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment. (3) Includes $1.67 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million attributable to midstream acquisition expenditures and $25.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. Exploration and Production Consolidations and Eliminations Consolidated Company Midstream Corporate 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 $30.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 771,787 | $ 854,094 | $ 1,985,351 | $ 2,491,917 |
Realized loss on derivatives | (6,975) | (56,263) | (6,454) | (139,865) |
Unrealized gain (loss) on derivatives | 7,482 | 43,097 | (8,244) | (1,502) |
Total revenues | 772,294 | 840,928 | 1,970,653 | 2,350,550 |
Oil revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 588,370 | 522,266 | 1,500,511 | 1,632,621 |
Natural gas revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 113,157 | 229,178 | 291,842 | 638,107 |
Third-party midstream services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 29,931 | 24,707 | 86,517 | 63,899 |
Sales of purchased natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 40,329 | $ 77,943 | $ 106,481 | $ 157,290 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Discount rate, present value of future revenue | 10% | |||
Full-cost ceiling impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Deferred income tax benefit | (5,631) | (113,671) | (119,609) | (266,489) |
Capitalized general and administrative costs | 14,400 | 11,400 | 41,400 | 35,000 |
Interest costs capitalized | $ 7,400 | $ 3,000 | $ 16,100 | $ 7,400 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted average common shares outstanding | ||||
Basic (in shares) | 119,147 | 118,136 | 119,121 | 118,063 |
Dilutive effect of options and restricted stock units (in shares) | 934 | 1,714 | 924 | 1,804 |
Diluted weighted average common shares outstanding (in shares) | 120,081 | 119,850 | 120,045 | 119,867 |
BUSINESS COMBINATIONS - Narrati
BUSINESS COMBINATIONS - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Apr. 12, 2023 USD ($) $ / bbl | Oct. 31, 2023 USD ($) | Sep. 30, 2023 $ / bbl | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Revenues from contracts with customers | $ 771,787 | $ 854,094 | $ 1,985,351 | $ 2,491,917 | ||||
Net income attributable to Matador Resources Company shareholders | 263,739 | 337,572 | 591,535 | 960,414 | ||||
Oil and natural gas revenues | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenues from contracts with customers | 701,527 | $ 751,444 | 1,792,353 | 2,270,728 | ||||
Advance | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition | $ 1,600,000 | 1,608,427 | $ 0 | |||||
Cash | $ 7,500 | |||||||
Average oil and gas prices (USD per barrel) | $ / bbl | 85 | 85 | ||||||
Percentage acquired | 100% | |||||||
Fair value of contingent consideration | $ 21,151 | |||||||
Change in fair value of the contingent consideration, expense (income) | 15,700 | (200) | ||||||
Payments made for contingent consideration | $ 0 | 0 | ||||||
Estimated fair value of the remaining payments | $ 13,500 | |||||||
Advance | Subsequent Event | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments made for contingent consideration | $ 7,500 | |||||||
Advance | Oil and natural gas revenues | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenues from contracts with customers | $ 222,400 | |||||||
Net income attributable to Matador Resources Company shareholders | $ 120,300 |
BUSINESS COMBINATIONS - Prelimi
BUSINESS COMBINATIONS - Preliminary Allocation of Acquisition (Details) - Advance $ in Thousands | Apr. 12, 2023 USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 1,595,387 |
Working capital adjustments | (4,846) |
Fair value of Contingent Consideration at April 12, 2023 | 21,151 |
Total consideration given | 1,611,692 |
Current assets | 76,706 |
Evaluated | 1,363,470 |
Unproved and unevaluated | 189,087 |
Midstream assets | 63,644 |
Current liabilities | (72,889) |
Asset retirement obligations | (8,326) |
Net assets acquired | $ 1,611,692 |
BUSINESS COMBINATIONS - Pro For
BUSINESS COMBINATIONS - Pro Forma Information (Details) - Advance - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Total revenue | $ 772,294 | $ 1,060,732 | $ 2,126,934 | $ 2,931,739 |
Net income attributable to Matador Resources Company shareholders | $ 263,739 | $ 421,390 | $ 620,420 | $ 1,177,630 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 2.21 | $ 3.57 | $ 5.21 | $ 9.97 |
Diluted (in dollars per share) | $ 2.20 | $ 3.52 | $ 5.17 | $ 9.82 |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Changes in the Company's asset retirement obligations | ||||||
Beginning asset retirement obligations | $ 53,741 | |||||
Liabilities incurred during period | 5,466 | |||||
Liabilities settled during period | (1,161) | |||||
Revisions in estimated cash flows | 21,795 | |||||
Acquisitions during period | 8,326 | |||||
Divestitures during period | (872) | |||||
Accretion expense | $ 1,218 | $ 679 | 2,709 | $ 1,739 | ||
Ending asset retirement obligations | 90,004 | 90,004 | ||||
Less: current asset retirement obligations | [1] | (2,788) | (2,788) | |||
Long-term asset retirement obligations | $ 87,216 | $ 87,216 | $ 52,985 | |||
[1]Included in accrued liabilities in the Company’s interim unaudited condensed consolidated balance sheet at September 30, 2023. |
DEBT - Borrowings (Details)
DEBT - Borrowings (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Oct. 24, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||
Line of credit facility | $ 530,000 | $ 0 | |
Borrowings under San Mateo Credit Facility | 475,000 | $ 465,000 | |
Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | 530,000 | ||
Credit Agreement | Subsequent Event | |||
Line of Credit Facility [Line Items] | |||
Proceeds under Credit Agreement | $ 30,000 | ||
Unsecured Debt | Senior Notes Due 2026 | |||
Line of Credit Facility [Line Items] | |||
Long-term debt outstanding | 699,200 | ||
Unsecured Debt | Senior Notes Due 2028 | |||
Line of Credit Facility [Line Items] | |||
Long-term debt outstanding | 500,000 | ||
Letter of Credit | Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Outstanding letters of credit | 45,400 | ||
Line of Credit | San Mateo Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Outstanding letters of credit | 9,000 | ||
Borrowings under San Mateo Credit Facility | $ 475,000 | ||
Line of Credit | San Mateo Credit Facility | Subsequent Event | |||
Line of Credit Facility [Line Items] | |||
Repayments of debt | $ 23,000 |
DEBT - Credit Agreements (Detai
DEBT - Credit Agreements (Details) $ in Millions | 9 Months Ended | ||
Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Oct. 19, 2023 USD ($) | |
Revolving Credit Facility | Third Amended Credit Agreement | |||
Debt Instrument [Line Items] | |||
Increase in borrowing base | $ 2,250 | ||
Maximum borrowing commitment | 775 | ||
Accordion feature, Higher borrowing commitment | 1,250 | ||
Maximum facility amount | $ 1,500 | ||
Line of credit facility covenant terms, current ratio | 1 | ||
Cash and cash equivalent limit | $ 75 | ||
EBITDA ratio | 3.5 | ||
Revolving Credit Facility | Amended Credit Agreement | Subsequent Event | |||
Debt Instrument [Line Items] | |||
Increase in borrowing base | $ 2,500 | ||
Accordion feature, Higher borrowing commitment | 1,325 | ||
Maximum facility amount | $ 2,000 | ||
Line of Credit | San Mateo Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing commitment | $ 485 | ||
EBITDA ratio | 5 | ||
Line of credit, accordian feature (up to) | $ 735 | ||
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) - USD ($) $ in Thousands | Apr. 11, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Unsecured SBA loan | $ 1,183,673 | $ 695,245 | |
Senior Notes | Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt outstanding | $ 699,200 | ||
Senior Notes | 2026 Notes Offering | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.875% | ||
Senior Notes | Senior Notes Due 2028 | |||
Debt Instrument [Line Items] | |||
Long-term debt outstanding | $ 500,000 | ||
Interest rate | 6.875% | ||
Unsecured SBA loan | $ 500,000 | ||
Senior Notes | Senior Notes Due 2028 | Debt Instrument, Redemption, Period One | |||
Debt Instrument [Line Items] | |||
Percentage of principal amount redeemed | 35% | ||
Redemption price | 106.875% | ||
Redemption period for completing equity offering (in days) | 180 days | ||
Percentage of aggregate principal amount remains outstanding | 65% | ||
Senior Notes | Senior Notes Due 2028 | Debt Instrument, Redemption, Period Two | |||
Debt Instrument [Line Items] | |||
Percentage of principal amount redeemed | 100% |
DEBT - Redemption Price (Detail
DEBT - Redemption Price (Details) - Senior Notes - Senior Notes Due 2028 | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instrument, Redemption, Period One | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price | 103.438% |
Debt Instrument, Redemption, Period Two | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price | 101.719% |
Debt Instrument, Redemption, Period Three | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price | 100% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Current income tax provision (benefit) | $ 8,958 | $ 270 | $ 8,958 | $ 51,940 |
Deferred | $ 5,631 | $ 113,671 | $ 119,609 | $ 266,489 |
Effective tax rate | 5% | 25% | 18% | 25% |
Research and experimental expenditure tax credits | $ 65,100 | |||
Unrecognized tax benefits | $ 28,000 | $ 28,000 |
EQUITY (Details)
EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 01, 2023 | Jun. 01, 2023 | Mar. 09, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Dividends declared (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.10 | $ 0.05 | $ 0.05 | ||||||
Cash dividend | $ 17,800 | $ 17,900 | $ 17,800 | $ 17,780 | $ 17,917 | $ 17,768 | $ 11,750 | $ 5,878 | $ 5,866 | |||
Distributions | 16,660 | 25,333 | $ 19,110 | 22,540 | $ 26,460 | 18,375 | ||||||
Contributions | $ 24,500 | |||||||||||
Subsequent Event | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Dividends declared (in dollars per share) | $ 0.20 | |||||||||||
Increase to dividends declared (in dollars per share) | $ 0.20 | |||||||||||
Service-Based Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares granted in period (in shares) | 228,550 | |||||||||||
Performance-Based Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares granted in period (in shares) | 143,500 | |||||||||||
Vesting period | 3 years | |||||||||||
Performance-Based Stock Units | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting amount, percentage | 0% | |||||||||||
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) | 272,010 | |||||||||||
Service-based Restricted Stock Units And Performance-Based Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 3 years | |||||||||||
Fair value of awards | $ 38,900 | |||||||||||
San Mateo | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance incentives earned | 9,000 | 0 | 23,700 | $ 22,800 | ||||||||
Equity contribution, tax impact | 1,900 | $ 4,800 | 5,000 | 4,800 | ||||||||
Matador Resources Company | San Mateo | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Distributions | 17,300 | 23,500 | 63,600 | 70,100 | ||||||||
Five Point | San Mateo | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Distributions | $ 16,700 | 22,500 | 61,100 | 67,400 | ||||||||
San Mateo | Matador Resources Company | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Contributions | 0 | 25,500 | 0 | |||||||||
San Mateo | Five Point | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Contributions | $ 0 | $ 24,500 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) | Sep. 30, 2023 derivative_contract |
Oil Basis | |
Derivative [Line Items] | |
Number of derivatives held | 1 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Contracts for Oil and Natural Gas (Details) $ in Thousands | Sep. 30, 2023 USD ($) bbl $ / bbl |
Summary of contracts for oil and natural gas | |
Fair Value of Asset (Liability) | $ (4,314) |
Derivative Liability, Type [Extensible Enumeration] | Open Basis Swap Contracts [Member] |
Derivative Contract, Calculation Period Three | Oil Basis | |
Summary of contracts for oil and natural gas | |
Notional Quantity (MMBtu) | bbl | 4,600,000 |
Fixed Price ($/MMBtu) | $ / bbl | (1.85) |
Fair Value of Asset (Liability) | $ (4,314) |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Gross Asset Balances of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Asset Balances of Derivative Insruments | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Derivative Asset, Current | |
Gross amounts recognized | $ 3,930 | |
Gross amounts netted in the condensed consolidated balance sheets | 0 | |
Net amounts presented in the condensed consolidated balance sheets | 3,930 | |
Liability Balances of Derivative Instruments | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |
Gross amounts recognized | $ (4,314) | |
Gross amounts netted in the condensed consolidated balance sheets | 0 | |
Net amounts presented in the condensed consolidated balance sheets | (4,314) | |
Total | (4,314) | 3,930 |
Total, Gross amounts netted in the condensed consolidated balance sheets | 0 | 0 |
Total, Net amounts presented in the condensed consolidated balance sheets | $ (4,314) | $ 3,930 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instrument | ||||
Realized loss on derivatives | $ (6,975) | $ (56,263) | $ (6,454) | $ (139,865) |
Unrealized gain (loss) on derivatives | 7,482 | 43,097 | (8,244) | (1,502) |
Total | 507 | (13,166) | (14,698) | (141,367) |
Revenues | ||||
Derivative Instrument | ||||
Realized loss on derivatives | (6,975) | (56,263) | (6,454) | (139,865) |
Unrealized gain (loss) on derivatives | 7,482 | 43,097 | (8,244) | (1,502) |
Oil | Revenues | ||||
Derivative Instrument | ||||
Realized loss on derivatives | 0 | (14,779) | 0 | (67,182) |
Unrealized gain (loss) on derivatives | 0 | (1,873) | 0 | (36,236) |
Natural Gas | Revenues | ||||
Derivative Instrument | ||||
Realized loss on derivatives | (6,975) | (41,484) | (6,454) | (72,683) |
Unrealized gain (loss) on derivatives | $ 7,482 | $ 44,970 | $ (8,244) | $ 34,734 |
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, 2023 | Dec. 31, 2022 |
Assets (Liabilities) | ||
Derivative liability | $ (4,314) | |
Total | (4,314) | $ 3,930 |
Fair value on a recurring basis | ||
Assets (Liabilities) | ||
Contingent consideration related to business combination | (20,963) | |
Total | (25,277) | 3,930 |
Fair value on a recurring basis | Natural gas basis differential swaps | ||
Assets (Liabilities) | ||
Derivative liability | (4,314) | 3,930 |
Fair value on a recurring basis | Level 1 | ||
Assets (Liabilities) | ||
Contingent consideration related to business combination | 0 | |
Total | 0 | 0 |
Fair value on a recurring basis | Level 1 | Natural gas basis differential swaps | ||
Assets (Liabilities) | ||
Derivative liability | 0 | 0 |
Fair value on a recurring basis | Level 2 | ||
Assets (Liabilities) | ||
Contingent consideration related to business combination | 0 | |
Total | (4,314) | 3,930 |
Fair value on a recurring basis | Level 2 | Natural gas basis differential swaps | ||
Assets (Liabilities) | ||
Derivative liability | (4,314) | 3,930 |
Fair value on a recurring basis | Level 3 | ||
Assets (Liabilities) | ||
Contingent consideration related to business combination | (20,963) | |
Total | (20,963) | 0 |
Fair value on a recurring basis | Level 3 | Natural gas basis differential swaps | ||
Assets (Liabilities) | ||
Derivative liability | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - Senior Notes - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Senior Notes Due 2026 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of notes | $ 675.8 | $ 675.7 |
Senior Notes Due 2028 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of notes | $ 491.5 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Feb. 17, 2017 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Delivery Of Natural Gas And Oil Production To Third Parties | |||||
Long-term Purchase Commitment [Line Items] | |||||
Payment for volume requirement agreement | $ 16 | $ 13 | $ 38.1 | $ 36.8 | |
Volume requirement commitment | 566.5 | 566.5 | |||
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 | $ 230.8 | $ 230.8 |
SUPPLEMENTAL DISCLOSURES - Summ
SUPPLEMENTAL DISCLOSURES - Summary of Current Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total accrued liabilities | $ 367,200 | $ 261,310 |
Accrued evaluated and unproved and unevaluated property costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total accrued liabilities | 176,455 | 112,766 |
Accrued midstream properties costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total accrued liabilities | 23,179 | 11,623 |
Accrued lease operating expenses | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total accrued liabilities | 67,832 | 46,975 |
Accrued interest on debt | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total accrued liabilities | 21,725 | 10,461 |
Accrued asset retirement obligations | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total accrued liabilities | 2,788 | 756 |
Accrued partners’ share of joint interest charges | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total accrued liabilities | 48,167 | 42,199 |
Accrued payable related to purchased natural gas | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total accrued liabilities | 9,666 | 11,158 |
Other | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total accrued liabilities | $ 17,388 | $ 25,372 |
SUPPLEMENTAL DISCLOSURES - Supp
SUPPLEMENTAL DISCLOSURES - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash paid for income taxes | $ 1,677 | $ 48,500 |
Cash paid for interest expense, net of amounts capitalized | 77,396 | 66,922 |
Increase in liabilities for drilling, completion and equipping capital expenditures | 63,299 | 25,715 |
Increase (decrease) in liabilities for acquisition of oil and natural gas properties | 360 | (2,897) |
Increase in liabilities for midstream properties capital expenditures | 11,556 | 13,214 |
Stock-based compensation expense recognized as a liability | 8,557 | 22,962 |
Transfer of inventory from oil and natural gas properties | 550 | 467 |
Mineral Properties | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Increase in asset retirement obligations | 32,448 | 8,279 |
Midstream Properties | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Increase in asset retirement obligations | $ 1,106 | $ 177 |
SUPPLEMENTAL DISCLOSURES - Rest
SUPPLEMENTAL DISCLOSURES - Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Disclosure Text Block Supplement [Abstract] | ||||
Cash | $ 25,935 | $ 505,179 | $ 400,484 | |
Restricted cash | 36,239 | 42,151 | 41,236 | |
Total cash and restricted cash | $ 62,174 | $ 547,330 | $ 441,720 | $ 86,920 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 segment | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
SEGMENT INFORMATION - Selected
SEGMENT INFORMATION - Selected Financial Information for Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 771,787 | $ 854,094 | $ 1,985,351 | $ 2,491,917 | |
Realized loss on derivatives | (6,975) | (56,263) | (6,454) | (139,865) | |
Unrealized gain (loss) on derivatives | 7,482 | 43,097 | (8,244) | (1,502) | |
Expenses | 432,284 | 357,654 | 1,126,942 | 962,980 | |
Operating (loss) income | 340,010 | 483,274 | 843,711 | 1,387,570 | |
Total assets | 7,439,163 | 5,305,150 | 7,439,163 | 5,305,150 | $ 5,554,505 |
Capital expenditures | 305,701 | 330,757 | 2,619,772 | 854,652 | |
Depletion, depreciation and amortization | 192,794 | 118,870 | 496,633 | 334,747 | |
Midstream capital expenditures | 75,609 | 51,413 | |||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Realized loss on derivatives | 0 | 0 | 0 | 0 | |
Unrealized gain (loss) on derivatives | 0 | 0 | 0 | 0 | |
Expenses | 29,041 | 23,775 | 72,514 | 70,797 | |
Operating (loss) income | (29,041) | (23,775) | (72,514) | (70,797) | |
Total assets | 61,697 | 407,173 | 61,697 | 407,173 | |
Capital expenditures | 486 | 407 | 2,964 | 690 | |
Depletion, depreciation and amortization | 300 | 600 | 1,000 | 1,800 | |
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 | (59,369) | (51,137) | (157,247) | (154,380) | |
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 | (6,975) | (56,263) | (6,454) | (139,865) | |
Unrealized gain (loss) on derivatives | 7,482 | 43,097 | (8,244) | (1,502) | |
Expenses | 383,259 | 318,746 | 992,351 | 888,796 | |
Operating (loss) income | 323,194 | 466,525 | 798,352 | 1,334,449 | |
Total assets | 6,246,067 | 3,900,138 | 6,246,067 | 3,900,138 | |
Capital expenditures | 249,293 | 302,499 | 2,465,477 | 714,987 | |
Depletion, depreciation and amortization | 182,200 | 109,100 | 466,200 | 307,500 | |
Capital expenditures attributable to land and seismic acquisition expenditures | 53,300 | 60,700 | 1,670,000 | 131,400 | |
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 | 79,353 | 66,270 | 219,324 | 157,767 | |
Operating (loss) income | 45,857 | 40,524 | 117,873 | 123,918 | |
Total assets | 1,131,399 | 997,839 | 1,131,399 | 997,839 | |
Capital expenditures | 55,922 | 27,851 | 151,331 | 138,975 | |
Depletion, depreciation and amortization | 10,300 | 9,200 | 29,500 | 25,500 | |
Net income attributable to non-controlling interest in subsidiaries | (16,500) | (42,900) | (54,000) | ||
Midstream capital expenditures | 63,600 | 75,000 | |||
Capital expenditures attributable to non-controlling interest | 14,100 | 13,200 | 25,400 | 30,700 | |
Operating Income (Loss) | Midstream | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net income attributable to non-controlling interest in subsidiaries | (14,700) | ||||
Oil and natural gas revenues | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 701,527 | 751,444 | 1,792,353 | 2,270,728 | |
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 | 700,227 | 746,874 | 1,788,307 | 2,261,395 | |
Oil and natural gas revenues | Midstream | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,300 | 4,570 | 4,046 | 9,333 | |
Midstream services revenues | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 29,931 | 24,707 | 86,517 | 63,899 | |
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 | (59,369) | (51,137) | (157,247) | (154,380) | |
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 | 89,300 | 75,844 | 243,764 | 218,279 | |
Sales of purchased natural gas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 40,329 | 77,943 | 106,481 | 157,290 | |
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 | 5,719 | 51,563 | 17,094 | 103,217 | |
Sales of purchased natural gas | Midstream | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 34,610 | $ 26,380 | $ 89,387 | $ 54,073 |