Matador Resources Co

Matador Resources Co is an independent U.S. energy company that explores, develops, produces and acquires oil and natural gas resources, with operations concentrated in shale and other unconventional plays. Its core asset base is in the Delaware Basin of Southeast New Mexico and West Texas, with additional activity in the Haynesville and Cotton Valley plays in Northwest Louisiana. The company also runs midstream assets through San Mateo to support its own production and provide third-party gathering, processing, transportation and disposal services.

65,5 %

94,4 %

20,5 %

+5,5 %

0.79

0.79

— Matador Resources Co
%
Upstream oil and gas85% Exploration, drilling, development and production of oil, natural gas and NGLs in U.S. shale basins.
Midstream services15% Gathering, processing, transportation and produced water handling through San Mateo and related assets.

Matador sells most of its oil, natural gas and NGL output to unaffiliated third-party purchasers, independent marketing...

  • Third-party commodity purchasersprimary

    Buy Matador's oil, natural gas and NGL production for resale or end-use; they matter because they monetize the company's upstream output.

  • Midstream and marketing companiesprimary

    Purchase or handle production volumes and provide market access, transportation and processing services in the basins Matador operates.

  • Third-party producerssecondary

    Use San Mateo's gathering, processing and disposal infrastructure to move and treat their own production.

  • Joint-interest ownerssecondary

    Participate in wells Matador operates and reimburse their share of drilling and operating costs.

Matador's business is overwhelmingly U.S.-based, with upstream operations centered in the Delaware Basin across...

  • •Operations are concentrated in the Delaware Basin in New Mexico and Texas
  • •Additional upstream exposure in Northwest Louisiana
  • •Midstream assets support production in the same operating basins
  • •U.S.-only asset base reduces international geopolitical exposure
  • •Regional infrastructure and takeaway capacity affect realized pricing

Matador is focused on disciplined development of its core shale acreage, with drilling activity that can be scaled up...

01
Optimize Delaware Basin drilling and completionsshort-term

The core basin drives most production and cash flow, so well performance and capital efficiency are central to returns.

02
Expand and monetize midstream infrastructuremedium-term

Midstream assets improve flow assurance for Matador's own wells and create fee-based revenue from third parties.

03
Maintain capital flexibility and shareholder returnsshort-term

Commodity volatility requires balance-sheet flexibility, while buybacks can return excess cash when conditions allow.

Matador's earnings are highly exposed to oil and gas price swings, regional price differentials and the operational...

high

Oil and natural gas price volatility

Revenue and cash flow depend on realized commodity prices, which can move sharply with market conditions.

Scope
Upstream production and hedging results
Materiality
high
high

Customer concentration and counterparty credit risk

Three significant purchasers accounted for most oil, gas and NGL revenue in recent years, so payment delays or loss of a buyer could hurt cash flow.

Scope
Hydrocarbon sales and derivative counterparties
Materiality
high
high

Operational and drilling risk

Drilling and completion outcomes are uncertain, and the company operates in a capital-intensive, technically complex business.

Scope
Well performance, reserve replacement and cost control
Materiality
high
medium

Regulatory and environmental compliance

Oil and gas operations and midstream assets are subject to federal, state and local regulation, including FERC-related oversight for some assets.

Scope
Permitting, rates, penalties and operating restrictions
Materiality
medium
medium

Infrastructure and takeaway constraints

Regional gathering, processing and transportation capacity affects the ability to move production and realize pricing.

Scope
Delaware Basin and Louisiana operations
Materiality
medium
Full-cost method for oil and gas properties
Upstream asset carrying values and depletion
Depletion, depreciation and amortization
Reported operating profit and net income
Derivative and hedge accounting
Earnings volatility and realized price protection
Income tax accounting
Tax expense and effective tax rate
Purchase accounting for acquisitions
Post-acquisition earnings and balance sheet values

COMSTOCK RESOURCES INC

CRK · Crude Petroleum & Natural Gas

MACH NATURAL RESOURCES LP

MNR · Crude Petroleum & Natural Gas

DEVON ENERGY CORP/DE

DVN · Crude Petroleum & Natural Gas

BATTALION OIL CORP

BATL · Crude Petroleum & Natural Gas

Antero Midstream Corp

AM · Natural Gas Transmission

NGL Energy Partners LP

NGL · Natural Gas Transmission

: 28/04/2026