Matador Resources Co

Matador Resources Company (NYSE: MTDR) is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources throughout the United States. The company maintains operations focused primarily on the oil and liquids-rich portions of the Wolfcamp and Bone Spring plays in the Delaware Basin spanning Southeast New Mexico and West Texas, with additional operations in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Matador also conducts midstream operations through its ownership interests in San Mateo Midstream, LLC, providing natural gas processing, oil transportation, and oil, natural gas and produced water gathering and disposal services to both internal operations and third-party customers.

The company operates through two primary segments: exploration and production, and midstream services. The exploration and production segment represents the substantial majority of operations, with the Delaware Basin serving as the most significant component of the asset portfolio. At year-end 2025, Matador held approximately 354,600 gross acres in the Delaware Basin and 18,500 gross acres in Northwest Louisiana. The midstream segment, conducted primarily through San Mateo, which is owned 51 percent by Matador and 49 percent by joint venture partner Five Point Infrastructure, operates natural gas cryogenic processing plants with 720 MMcf per day of designed capacity, approximately 340 miles of natural gas gathering pipelines, three oil central delivery points with over 100,000 barrels per day of throughput capacity, and 16 commercial salt water disposal wells with 475,000 barrels per day of disposal capacity.

During 2025, Matador achieved record production of 207,070 barrels of oil equivalent per day, including 119,723 barrels of oil per day and 524.1 million cubic feet of natural gas per day. The company maintained proved reserves of 667.0 million barrels of oil equivalent at year-end 2025, comprising 376.0 million barrels of oil and 1.75 trillion cubic feet of natural gas. Matador completed 258 gross horizontal wells in the Delaware Basin during 2025 and identified 5,295 gross engineered drilling locations for future development. The company prioritizes operational efficiency, capital discipline, and shareholder returns through dividends and share repurchases while maintaining commitment to environmental stewardship and industry best practices.