Matador Resources Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Matador Resources Co. has filed its annual report for the fiscal year ended December 31, 2023.</b>

AI Summary

Matador Resources Co (MTDR) filed a Annual Report (10-K) with the SEC on February 27, 2024. Matador Resources Co. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Texas (TX). Its primary business is in Crude Petroleum & Natural Gas (SIC 1311). The company's principal executive offices are located in Dallas, TX.

Why It Matters

For investors and stakeholders tracking Matador Resources Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Matador's financial performance, operational activities, and strategic positioning for the 2023 fiscal year. Investors and analysts can use this report to assess the company's financial health, understand its business segments, and evaluate potential risks and opportunities in the oil and gas sector.

Risk Assessment

Risk Level: medium — Matador Resources Co shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, as detailed in its risk factors.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Matador Resources' performance and outlook in the current energy market.

Key Players & Entities

• Matador Resources Co. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date
• Dallas, TX (location) — Business address
• Crude Petroleum & Natural Gas (industry) — Standard Industrial Classification
• TX (location) — State of incorporation

FAQ

Industry Context

Matador Resources operates within the Crude Petroleum and Natural Gas industry, a sector characterized by commodity price volatility and significant capital investment.

Regulatory Implications

As a publicly traded company in the oil and gas sector, Matador Resources is subject to regulations from the Securities and Exchange Commission (SEC) and environmental regulations.

What Investors Should Do

1. Analyze the company's revenue streams and cost structure for the fiscal year 2023.
2. Evaluate the company's asset base and any significant capital expenditures disclosed.
3. Assess the identified risk factors and their potential impact on future operations and financial performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K; historical comparisons will require data from previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share MTDR New York Stock Exchange
• $270,000 — when he founded Foran Oil Company with $270,000 in contributed capital from 17 friends
• $388.5 million — or an enterprise value of approximately $388.5 million. On February 2, 2012, our common stock
• $1.60 billion — n amount in cash equal to approximately $1.60 billion (which amount was subject to certain cu
• $7.5 million — ential additional cash consideration of $7.5 million for each month of 2023 in which the ave
• $85 — securities purchase agreement) exceeded $85 per barrel (all such payments for the 1
• $15.0 m — 23, we paid Contingent Consideration of $15.0 million, as the average oil price for the
• $81.0 million — gregate purchase price of approximately $81.0 million (which amount is subject to certain cus
• $398.9 million — l 12, 2023 through December 31, 2023 by $398.9 million and $166.9 million, respectively. See N
• $166.9 m — December 31, 2023 by $398.9 million and $166.9 million, respectively. See Note 5 to the
• $6.98 billion — natural gas reserves decreased 12% from $6.98 billion at December 31, 2022 to $6.11 billion a
• $6.11 billion — m $6.98 billion at December 31, 2022 to $6.11 billion at December 31, 2023. The PV-10 of our
• $9.13 billion — natural gas reserves decreased 16% from $9.13 billion at December 31, 2022 to $7.70 billion a
• $7.70 billion — m $9.13 billion at December 31, 2022 to $7.70 billion at December 31, 2023. The decreases in
• $1.16 b — /C/E capital expenditures") for 2023 of $1.16 billion, which was below our estimated ra

Filing Documents

• mtdr-20231231.htm (10-K) — 3330KB
• a20231231mtdr10-kex22.htm (EX-2.2) — 24KB
• a20231231mtdr10-kex23.htm (EX-2.3) — 43KB
• a20231231mtdr10-kex211.htm (EX-21.1) — 24KB
• a20231231mtdr10-kex221.htm (EX-22.1) — 14KB
• a20231231mtdr10-kex231.htm (EX-23.1) — 2KB
• a20231231mtdr10-kex232.htm (EX-23.2) — 6KB
• a20231231mtdr10-kex311.htm (EX-31.1) — 9KB
• a20231231mtdr10-kex312.htm (EX-31.2) — 9KB
• a20231231mtdr10-kex321.htm (EX-32.1) — 5KB
• a20231231mtdr10-kex322.htm (EX-32.2) — 5KB
• a20231231mtdr10-kex97.htm (EX-97) — 23KB
• a20231231mtdr10-kex991.htm (EX-99.1) — 42KB
• mtdr-20231231_g1.jpg (GRAPHIC) — 124KB
• 0001520006-24-000078.txt (&nbsp;) — 14012KB
• mtdr-20231231.xsd (EX-101.SCH) — 85KB
• mtdr-20231231_cal.xml (EX-101.CAL) — 131KB
• mtdr-20231231_def.xml (EX-101.DEF) — 437KB
• mtdr-20231231_lab.xml (EX-101.LAB) — 1077KB
• mtdr-20231231_pre.xml (EX-101.PRE) — 703KB
• mtdr-20231231_htm.xml (XML) — 2002KB

Business

Business 2 I TEM 1A.

Risk Factors

Risk Factors 35 I TEM 1B. Unresolved Staff Comments 67 I TEM 1C. Cybersecurity 67 I TEM 2.

Properties

Properties 68 I TEM 3.

Legal Proceedings

Legal Proceedings 69 I TEM 4. Mine Safety Disclosures 69 PART II I TEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 70 I TEM 6.

Selected Financial Data

Selected Financial Data 73 I TEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 73 I TEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 92 I TEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 93 I TEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 93 I TEM 9A.

Controls and Procedures

Controls and Procedures 93 I TEM 9B. Other Information 96 PART III I TEM 10. Directors, Executive Officers and Corporate Governance 96 I TEM 11.

Executive Compensation

Executive Compensation 96 I TEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96 I TEM 13. Certain Relationships and Related Transactions, and Director Independence 96 I TEM 14. Principal Accounting Fees and Services 96 PART IV I TEM 15. Exhibits and Financial Statement Schedules 97

Form 10-K Summary

ITEM 16. Form 10-K Summary 97 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10-K (this "Annual Report") constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Additionally, forward-looking statements may be made orally or in press releases, conferences, reports, on our website or otherwise, in the future by us or on our behalf. Such statements are generally identifiable by the terminology used such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecasted," "hypothetical," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "would" or other similar words, although not all forward-looking statements contain such identifying words. By their very nature, forward-looking statements require us to make assumptions that may not materialize or that may not be accurate. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, among others: general economic conditions; our ability to execute our business plan, including whether our drilling program is successful; changes in oil, natural gas and natural gas liquids ("NGL") prices and the demand for oil, natural gas and NGLs; our ability to replace reserves and efficiently develop current reserves; the operating results of our midstream business's oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural g

Business

Item 1. Business. In this Annual Report, (i) references to "we," "our" or the "Company" refer to Matador Resources Company and its subsidiaries as a whole (unless the context indicates otherwise), (ii) references to "Matador" refer solely to Matador Resources Company, (iii) references to "Advance" refer to Advance Energy Partners Holdings, LLC, (iv) references to the "Initial Advance Acquisition" refer to the acquisition of 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, that was completed by a subsidiary of the Company on April 12, 2023, (v) references to the "Advance Royalty Acquisition" refer to the acquisition of additional interests from affiliates of EnCap Investments L.P., including overriding royalty interests and royalty interests in certain oil and natural gas properties located primarily in Lea County, New Mexico, most of which were included in the Initial Advance Acquisition, (vi) references to the "Advance Acquisition" refer, collectively, to the Initial Advance Acquisition and the Advance Royalty Acquisition, (vii) references to "San Mateo" refer to San Mateo Midstream, LLC, collectively with its subsidiaries, (viii) references to "Pronto" refer to Pronto Midstream, LLC, together with its subsidiary, and (ix) references to the "Pronto Acquisition" refer to the acquisition of Pronto by a subsidiary of the Company on June 30, 2022. For certain oil and natural gas terms used in this Annual Report, see the "Glossary of Oil and Natural Gas Terms" included in this Annual Report. General We are 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. Our current operations are focused primarily on the oil and liquids

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View this 10-K filing on SEC EDGAR