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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________________________ 
FORM 10-Q
 _________________________________________________________  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number 001-35410
 _________________________________________________________  
Matador Resources Company
(Exact name of registrant as specified in its charter)
  _________________________________________________________ 
Texas
27-4662601
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
 
5400 LBJ Freeway,
Suite 1500
75240
Dallas,
Texas
 
(Address of principal executive offices)
(Zip Code)
(972) 371-5200
(Registrant’s telephone number, including area code)
 _________________________________________________________  
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
MTDR
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No
As of October 29, 2019, there were 116,641,109 shares of the registrant’s common stock, par value $0.01 per share, outstanding.


Table of Contents

MATADOR RESOURCES COMPANY
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2019
TABLE OF CONTENTS
 
Page


Table of Contents

Part I — FINANCIAL INFORMATION
Item 1. Financial Statements — Unaudited
Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(In thousands, except par value and share data)
 
September 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Current assets
 
 
 
Cash
$
15,709

 
$
64,545

Restricted cash
25,097

 
19,439

Accounts receivable
 
 
 
Oil and natural gas revenues
86,333

 
68,161

Joint interest billings
74,880

 
61,831

Other
23,981

 
16,159

Derivative instruments
15,481

 
49,929

Lease and well equipment inventory
14,678

 
17,564

Prepaid expenses and other assets
13,157

 
8,057

Total current assets
269,316

 
305,685

Property and equipment, at cost
 
 
 
Oil and natural gas properties, full-cost method
 
 
 
Evaluated
4,363,545

 
3,780,236

Unproved and unevaluated
1,166,501

 
1,199,511

Midstream properties
557,841

 
428,025

Other property and equipment
26,754

 
22,041

Less accumulated depletion, depreciation and amortization
(2,554,516
)
 
(2,306,949
)
Net property and equipment
3,560,125

 
3,122,864

Other assets
 
 
 
Derivative instruments
4,650

 

Deferred income taxes

 
20,457

Other assets
102,548

 
6,512

Total other assets
107,198

 
26,969

Total assets
$
3,936,639

 
$
3,455,518

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable
$
40,584

 
$
66,970

Accrued liabilities
222,565

 
170,855

Royalties payable
64,191

 
64,776

Amounts due to affiliates
14,557

 
13,052

Advances from joint interest owners
7,809

 
10,968

Amounts due to joint ventures
469

 
2,373

Other current liabilities
53,182

 
1,028

Total current liabilities
403,357

 
330,022

Long-term liabilities
 
 
 
Borrowings under Credit Agreement
215,000

 
40,000

Borrowings under San Mateo Credit Facility
260,000

 
220,000

Senior unsecured notes payable
1,039,020

 
1,037,837

Asset retirement obligations
33,507

 
29,736

Derivative instruments

 
83

Deferred income taxes
21,186

 
13,221

Other long-term liabilities
52,151

 
4,962

Total long-term liabilities
1,620,864

 
1,345,839

Commitments and contingencies (Note 10)


 


Shareholders’ equity
 
 
 
Common stock - $0.01 par value, 160,000,000 shares authorized; 116,880,345 and 116,374,503 shares issued; and 116,638,712 and 116,353,590 shares outstanding, respectively
1,169

 
1,164

Additional paid-in capital
1,970,737

 
1,924,408

Accumulated deficit
(172,519
)
 
(236,277
)
Treasury stock, at cost, 241,633 and 20,913 shares, respectively
(4,080
)
 
(415
)
Total Matador Resources Company shareholders’ equity
1,795,307

 
1,688,880

Non-controlling interest in subsidiaries
117,111

 
90,777

Total shareholders’ equity
1,912,418

 
1,779,657

Total liabilities and shareholders’ equity
$
3,936,639

 
$
3,455,518


The accompanying notes are an integral part of these financial statements.
3

Table of Contents


Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
(In thousands, except per share data)
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Oil and natural gas revenues
$
229,377

 
$
216,282

 
$
633,706

 
$
607,255

Third-party midstream services revenues
15,257

 
6,809

 
41,454

 
13,284

Sales of purchased natural gas
19,864

 

 
40,058

 

Lease bonus - mineral acreage
1,711

 

 
1,711

 

Realized gain (loss) on derivatives
3,346

 
5,424

 
7,781

 
(1,322
)
Unrealized gain (loss) on derivatives
9,847

 
(21,337
)
 
(29,715
)
 
(9,492
)
Total revenues
279,402

 
207,178

 
694,995

 
609,725

Expenses
 
 
 
 
 
 
 
Production taxes, transportation and processing
24,762

 
20,215

 
65,969

 
58,116

Lease operating
29,714

 
22,531

 
87,228

 
69,685

Plant and other midstream services operating
8,817

 
7,291

 
26,555

 
17,187

Purchased natural gas
16,608

 

 
35,414

 

Depletion, depreciation and amortization
92,498

 
70,457

 
249,497

 
192,664

Accretion of asset retirement obligations
520

 
387

 
1,354

 
1,126

General and administrative
20,381

 
18,444

 
58,547

 
55,739

Total expenses
193,300

 
139,325

 
524,564

 
394,517

Operating income
86,102

 
67,853

 
170,431

 
215,208

Other income (expense)
 
 
 
 
 
 
 
Net loss on asset sales and inventory impairment
(439
)
 
(196
)
 
(807
)
 
(196
)
Interest expense
(18,175
)
 
(10,340
)
 
(54,172
)
 
(26,835
)
Prepayment premium on extinguishment of debt

 
(31,226
)
 

 
(31,226
)
Other expense
(245
)
 
(976
)
 
(777
)
 
(1,275
)
Total other expense
(18,859
)
 
(42,738
)
 
(55,756
)
 
(59,532
)
Income before income taxes
67,243

 
25,115

 
114,675

 
155,676

Income tax provision
 
 
 
 
 
 
 
Deferred
13,490

 

 
25,335

 

Total income tax provision
13,490

 

 
25,335

 

Net income
53,753

 
25,115

 
89,340

 
155,676

Net income attributable to non-controlling interest in subsidiaries
(9,800
)
 
(7,321
)
 
(25,582
)
 
(18,182
)
Net income attributable to Matador Resources Company shareholders
$
43,953

 
$
17,794

 
$
63,758

 
$
137,494

Earnings per common share
 
 
 
 

 

Basic
$
0.38

 
$
0.15

 
$
0.55

 
$
1.22

Diluted
$
0.38

 
$
0.15

 
$
0.54

 
$
1.21

Weighted average common shares outstanding
 
 
 
 
 
 
 
Basic
116,643

 
116,358

 
116,541

 
112,659

Diluted
116,976

 
116,912

 
116,994

 
113,208


The accompanying notes are an integral part of these financial statements.
4

Table of Contents

Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(In thousands)
For the Three and Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity attributable to Matador Resources Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling interest in subsidiaries
 
Total shareholders’ equity
 
Common Stock
 
Additional
paid-in capital
 
Accumulated deficit
 
Treasury Stock
 
 
 
 
Shares
 
Amount
 
 
 
Shares

 
Amount

 
 
 
Balance at January 1, 2019
116,375

 
$
1,164

 
$
1,924,408

 
$
(236,277
)
 
21

 
$
(415
)
 
$
1,688,880

 
$
90,777

 
$
1,779,657

Issuance of common stock pursuant to employee stock compensation plan
6

 

 

 

 

 

 

 

 

Issuance of common stock pursuant to directors’ and advisors’ compensation plan
3

 

 

 

 

 

 

 

 

Stock-based compensation expense related to equity-based awards including amounts capitalized

 

 
5,802

 

 

 

 
5,802

 

 
5,802

Stock options exercised, net of options forfeited in net share settlements
210

 
2

 
3,109

 

 

 

 
3,111

 

 
3,111

Restricted stock forfeited

 

 

 

 
184

 
(3,170
)
 
(3,170
)
 

 
(3,170
)
Contribution related to formation of San Mateo I, net of tax of $3.1 million (see Note 7)

 

 
11,613

 

 

 

 
11,613

 

 
11,613

Contribution of property related to formation of San Mateo II (see Note 7)

 

 
(506
)
 

 

 

 
(506
)
 
506

 

Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 
2,040

 

 

 

 
2,040

 
10,291

 
12,331

Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 

 

 

 

 

 
(8,330
)
 
(8,330
)
Current period net (loss) income

 

 

 
(16,947
)
 

 

 
(16,947
)
 
7,462

 
(9,485
)
Balance at March 31, 2019
116,594

 
1,166

 
1,946,466

 
(253,224
)
 
205

 
(3,585
)
 
1,690,823

 
100,706

 
1,791,529

Issuance of common stock pursuant to employee stock compensation plan
220

 
2

 
(2
)
 

 

 

 

 

 

Issuance of common stock pursuant to directors’ and advisors’ compensation plan
42

 
1

 
(1
)
 

 

 

 

 

 

Stock-based compensation expense related to equity-based awards including amounts capitalized

 

 
5,762

 

 

 

 
5,762

 

 
5,762

Stock options exercised, net of options forfeited in net share settlements
10

 

 
189

 

 

 

 
189

 

 
189

Restricted stock forfeited

 

 

 

 
13

 
(139
)
 
(139
)
 

 
(139
)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 
3,090

 

 

 

 
3,090

 
4,410

 
7,500

Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 

 

 

 

 

 
(9,310
)
 
(9,310
)
Current period net income

 

 

 
36,752

 

 

 
36,752

 
8,320

 
45,072

Balance at June 30, 2019
116,866

 
$
1,169

 
$
1,955,504

 
$
(216,472
)
 
218

 
$
(3,724
)
 
$
1,736,477

 
$
104,126

 
$
1,840,603






The accompanying notes are an integral part of these financial statements.
5

Table of Contents

Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED — CONTINUED
(In thousands)
For the Three and Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity attributable to Matador Resources Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling interest in subsidiaries
 
Total shareholders’ equity
 
Common Stock
 
Additional
paid-in capital
 
Accumulated deficit
 
Treasury Stock
 
 
 
 
Shares
 
Amount
 
 
 
Shares

 
Amount

 
 
 
Balance at June 30, 2019
116,866

 
$
1,169

 
$
1,955,504

 
$
(216,472
)
 
218

 
$
(3,724
)
 
$
1,736,477

 
$
104,126

 
$
1,840,603

Issuance of common stock pursuant to employee stock compensation plan
12

 

 

 

 

 

 

 

 

Issuance of common stock pursuant to directors’ and advisors’ compensation plan
2

 

 

 

 

 

 

 

 

Stock-based compensation expense related to equity-based awards including amounts capitalized

 

 
5,963

 

 

 

 
5,963

 

 
5,963

Restricted stock forfeited

 

 

 

 
24

 
(356
)
 
(356
)
 

 
(356
)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 
9,270

 

 

 

 
9,270

 
13,230

 
22,500

Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 

 

 

 

 

 
(10,045
)
 
(10,045
)
Current period net income

 

 

 
43,953

 

 

 
43,953

 
9,800

 
53,753

Balance at September 30, 2019
116,880

 
$
1,169

 
$
1,970,737

 
$
(172,519
)
 
242

 
$
(4,080
)
 
$
1,795,307

 
$
117,111

 
$
1,912,418


The accompanying notes are an integral part of these financial statements.
6

Table of Contents

Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(In thousands)
For the Three and Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity attributable to Matador Resources Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling interest in subsidiaries
 
Total shareholders’ equity
 
Common Stock
 
Additional
paid-in capital
 
Accumulated deficit
 
Treasury Stock
 
 
 
 
Shares
 
Amount
 
 
 
Shares

 
Amount

 
 
 
Balance at January 1, 2018
108,514

 
$
1,085

 
$
1,666,024

 
$
(510,484
)
 
3

 
$
(69
)
 
$
1,156,556

 
$
100,990

 
$
1,257,546

Issuance of common stock pursuant to employee stock compensation plan
697

 
7

 
(7
)
 

 

 

 

 

 

Issuance of common stock pursuant to directors’ and advisors’ compensation plan
6

 
1

 
(1
)
 

 

 

 

 

 

Stock-based compensation expense related to equity-based awards including amounts capitalized

 

 
5,390

 

 

 

 
5,390

 

 
5,390

Stock options exercised, net of options forfeited in net share settlements
130

 
1

 
(1,918
)
 

 

 

 
(1,917
)
 

 
(1,917
)
Restricted stock forfeited

 

 

 

 
82

 
(2,377
)
 
(2,377
)
 

 
(2,377
)
Contributions related to formation of San Mateo I (see Note 7)

 

 
14,700

 

 

 

 
14,700

 

 
14,700

Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 

 

 

 

 

 
29,400

 
29,400

Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 

 

 

 

 

 
(4,900
)
 
(4,900
)
Current period net income

 

 

 
59,894

 

 

 
59,894

 
5,030

 
64,924

Balance at March 31, 2018
109,347

 
1,094

 
1,684,188

 
(450,590
)
 
85

 
(2,446
)
 
1,232,246

 
130,520

 
1,362,766

Issuance of common stock pursuant to employee stock compensation plan
20

 

 

 

 

 

 

 

 

Issuance of common stock
7,000

 
70

 
226,542

 

 

 

 
226,612

 

 
226,612

Cost to issue equity

 

 
(146
)
 

 

 

 
(146
)
 

 
(146
)
Issuance of common stock pursuant to directors’ and advisors’ compensation plan
70

 

 

 

 

 

 

 

 

Stock-based compensation expense related to equity-based awards including amounts capitalized

 

 
5,937

 

 

 

 
5,937

 

 
5,937

Stock options exercised, net of options forfeited in net share settlements
24

 
1

 
300

 

 

 

 
301

 

 
301

Restricted stock forfeited

 

 

 

 
18

 
(224
)
 
(224
)
 

 
(224
)
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 

 

 

 

 

 
24,500

 
24,500

Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries

 

 

 

 

 

 

 
(5,635
)
 
(5,635
)
Current period net income

 

 

 
59,806

 

 

 
59,806

 
5,831

 
65,637

Balance at June 30, 2018
116,461

 
$
1,165

 
$
1,916,821

 
$
(390,784
)
 
103

 
$
(2,670
)
 
$
1,524,532

 
$
155,216

 
$
1,679,748






The accompanying notes are an integral part of these financial statements.
7

Table of Contents

Matador Resources Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED — CONTINUED
(In thousands)
For the Three and Nine Months Ended September 30, 2018

 
 
 
 
 
 
 
 
 
 
 
 
 
Total shareholders’ equity attributable to Matador Resources Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling interest in subsidiaries
 
Total shareholders’ equity
 
Common Stock
 
Additional
paid-in capital
 
Accumulated deficit
 
Treasury Stock
 
 
 
 
Shares
 
Amount
 
 
 
Shares

 
Amount

 
 
 
Balance at June 30, 2018
116,461

 
$
1,165

 
$
1,916,821

 
$
(390,784
)
 
103

 
$
(2,670
)
 
$
1,524,532

 
$
155,216

 
$
1,679,748

Issuance of common stock pursuant to employee stock compensation plan
19

 

 

 

 

 

 

 

 

Issuance of common stock pursuant to directors’ and advisors’ compensation plan
3

 

 

 

 

 

 

 

 

Stock-based compensation expense related to equity-based awards including amounts capitalized

 

 
5,847

 

 

 

 
5,847

 

 
5,847

Stock options exercised, net of options forfeited in net share settlements
24

 

 
362