Matador Resources (MTDR) 10-Q 27 Oct 23 2023 Q3 Quarterly report Financial data

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