MTDR on NYSE

Matador Resources Co

In its 2026 annual report the company says: “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-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. We also have operations in the Haynesville shale and Cotton Valley plays in Northwest Louisiana.”5 It is headquartered in Dallas, United States.2 Its shares trade on NYSE under the symbol MTDR.2

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Last updated Oct 21, 2026.

Overview

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  • TickerMTDR on NYSE2
  • IndustryCrude Petroleum & Natural Gas2
  • HeadquartersDallas, United States2
  • Incorporated inTX3
  • Business address5400 Lbj Freeway, Suite 1500, Dallas, Tx 752403
  • Filer categoryLarge accelerated filer3
  • Legal formFor-Profit Corporation2
  • LEI549300CI3Q2UUK5R4G792
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CT CORPORATION SYSTEM, 75201 Dallas, United States2
  • Registered withCorporations Section (Texas Secretary of State), 08013465262

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-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. We also have operations in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, we conduct midstream operations in support of, and to provide flow assurance for, our exploration, development and production operations and provide natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

33.5%Operating margin6
20.8%Net margin6
5.1%Revenue growth, 20256
13.4%Return on equity6
0.60×Debt to equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Oil brought in 78% of the revenue Matador Resources Co broke down this way in fiscal 2025.

  1. Oil$2.8B678%up 2% from 2024
  2. Natural Gas$398.6M611%up 7% from 2024
  3. Natural Gas Sales$253.0M67%up 30% from 2024
  4. Natural Gas, Midstream$164.7M65%up 17% from 2024
Products and services by year
Products and services202320242025
Oil$2.1B$2.8B$2.8B
Natural Gas$400.7M$371.5M$398.6M
Natural Gas Sales$149.9M$194.1M$253.0M
Natural Gas, Midstream$122.2M$141.0M$164.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue6¢$208.1M
  • Other costs69¢$2.5B
  • Income tax5¢$172.7M
  • Profit21¢$759.2M

Out of $3.7B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid7¢$163.1M
  • Share buybacks2¢$55.8M
  • Kept or used elsewhere91¢$2.2B

Out of $2.4B of cash from operations.6

Financial statements

Revenue789106$3.7B in 2025+256% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $1.0B$1.0B20192020: $851.1M$851.1M2020−17%2021: $1.9B$1.9B2021+119%2022: $3.2B$3.2B2022+72%2023: $2.8B$2.8B2023−12%2024: $3.5B$3.5B2024+23%2025: $3.7B$3.7B2025+5%
Operating income789106$1.2B in 2025+421% since 2019
-$1.0B0$1.0B$2.0B2019: $235.5M$235.5M20192020: -$521.5M-$521.5M20202021: $793.1M$793.1M20212022: $1.8B$1.8B2022+122%2023: $1.2B$1.2B2023−31%2024: $1.4B$1.4B2024+19%2025: $1.2B$1.2B2025−15%
Net income789106$759.2M in 2025+765% since 2019
-$1.0B-$500.0M0$500.0M$1.0B$1.5B2019: $87.8M$87.8M20192020: -$593.2M-$593.2M20202021: $585.0M$585.0M20212022: $1.2B$1.2B2022+108%2023: $846.1M$846.1M2023−30%2024: $885.3M$885.3M2024+5%2025: $759.2M$759.2M2025−14%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Revenues$3.7B$3.5B$2.8B
Realized gain (loss) on derivatives$21.7M$12.7M-$9.6M
Unrealized gain (loss) on derivatives$18.1M$13.3M-$1.3M
Total revenues$3.7B$3.5B$2.8B
Transportation and processing$66.8M$58.6M$59.9M
Lease operating$415.8M$325.1M$232.5M
Midstream operating$208.1M$167.4M$124.0M
Purchased natural gas$163.1M$142.7M$129.4M
Depletion, depreciation and amortization$1.2B$974.3M$716.7M
Taxes other than income$275.6M$268.6M$220.6M
Accretion of asset retirement obligations$7.8M$6.0M$3.9M
General and administrative$137.1M$127.5M$110.4M
Total expenses$2.5B$2.1B$1.6B
Operating income$1.2B$1.4B$1.2B
Net loss on asset sales and impairment-$589.0K$0-$202.0K
Interest expense-$208.5M-$171.7M-$121.5M
Other income$16.0M$696.0K$8.8M
Total other expense-$193.1M-$171.0M-$112.9M
Income before income taxes$1.0B$1.3B$1.1B
Current$7.1M$27.1M$13.9M
Deferred$165.6M$265.3M$172.1M
Total income tax provision$172.7M$292.4M$186.0M
Net income$860.8M$971.3M$910.4M
Net income attributable to non-controlling interest in subsidiaries-$101.5M-$86.0M-$64.3M
Net income attributable to Matador Resources Company shareholders$759.2M$885.3M$846.1M
Basic (usd per share)$6.10$7.16$7.10
Diluted (usd per share)$6.09$7.14$7.05
Basic (in shares)124.6M shares123.6M shares119.1M shares
Diluted (in shares)124.6M shares124.1M shares120.0M shares

Compare Matador Resources Co with another company

Corporate structure

Matador Resources Co sits at the top of its group. 37 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Matador Resources Co

  • Matador Resources Co Dallas, Texas, United States
    • Delaware Water Management Company, LLC Subsidiary · Texas, United States
    • Greyhound Midstream, LLC Subsidiary · Texas, United States
    • Greyhound Resources, LLC Subsidiary · Texas, United States
    • Longwood Gathering and Disposal Systems, LLC Subsidiary · Texas, United States
    • Longwood Midstream Delaware, LLC Subsidiary · Texas, United States
    • Longwood Midstream Holdings, LLC Subsidiary · Texas, United States
    • Longwood Midstream South Texas, LLC Subsidiary · Texas, United States
    • Longwood Midstream Southeast, LLC Subsidiary · Texas, United States
    • Matador Production Company Subsidiary · Texas, United States
    • MRC Delaware Resources, LLC Subsidiary · Texas, United States
    • MRC ENERGY COMPANY Subsidiary · Dallas, Texas, United States
      • MRC PERMIAN COMPANY Subsidiary · Dallas, Texas, United States
    • MRC Energy South Texas Company, LLC Subsidiary · Texas, United States
    • MRC Energy Southeast Company, LLC Subsidiary · Texas, United States
    • MRC Hat Mesa, LLC Subsidiary · Texas, United States
    • MRC Permian Company Subsidiary · Texas, United States
    • MRC Rockies Company Subsidiary · Texas, United States
    • MRC Royalties, LLC Subsidiary · Texas, United States
    • MRC Toro, LLC Subsidiary · Texas, United States
    • Pronto Midstream Finance, LLC Subsidiary · Texas, United States
    • Pronto Midstream, LLC Subsidiary · Texas, United States
    • San Mateo Black River Oil Pipeline II, LLC Subsidiary · Texas, United States
    • San Mateo Black River Oil Pipeline, LLC Subsidiary · Texas, United States
    • San Mateo Black River Water Management Company, LLC Subsidiary · Texas, United States
    • San Mateo DLK Black River Midstream, LLC Subsidiary · Texas, United States
    • San Mateo Midstream, LLC Subsidiary · Texas, United States
    • and 10 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Matador Resources Co reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$2.9M6 Dec 31, 2025$3.3M6 Dec 31, 2024−10.6%
Operating-lease assets (leased space)$138.7M6 Dec 31, 2025$127.4M6 Dec 31, 2024+8.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$15.3M6 Dec 31, 2025$23.0M6 Dec 31, 2024−33.5%

Properties, in its own words

See “Business” for descriptions of our properties. We also have various operating leases for rental of office space and office and field equipment. See Note 4 to the consolidated financial statements in this Annual Report for the future minimum rental payments. Such information is incorporated herein by reference.

Item 2 of the 10-K filed Feb 26, 2026.5

Leadership

Who has led Matador Resources Co, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (39)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Delaware Water Management Company, LLC Texas4
  • Greyhound Midstream, LLC Texas4
  • Greyhound Resources, LLC Texas4
  • Longwood Gathering and Disposal Systems, LLC Texas4
  • Longwood Midstream Delaware, LLC Texas4
  • Longwood Midstream Holdings, LLC Texas4
  • Longwood Midstream South Texas, LLC Texas4
  • Longwood Midstream Southeast, LLC Texas4
  • MRC Delaware Resources, LLC Texas4
  • MRC Energy Company Texas4
  • MRC Energy South Texas Company, LLC Texas4
  • MRC Energy Southeast Company, LLC Texas4
  • MRC Hat Mesa, LLC Texas4
  • MRC Permian Company Texas4
  • MRC Rockies Company Texas4
  • MRC Royalties, LLC Texas4
  • MRC Toro, LLC Texas4
  • Matador Production Company Texas4
  • Pronto Midstream Finance, LLC Texas4
  • Pronto Midstream, LLC Texas4
  • SR Permian, LLC Texas4
  • San Mateo Black River Oil Pipeline II, LLC Texas4
  • San Mateo Black River Oil Pipeline, LLC Texas4
  • San Mateo Black River Water Management Company, LLC Texas4
All 35 listed subsidiaries
  • San Mateo DLK Black River Midstream, LLC Texas4
  • San Mateo Midstream, LLC Texas4
  • San Mateo RB Pipeline, LLC Texas4
  • San Mateo Stateline Water Management Company, LLC Texas4
  • San Mateo Stebbins Water Management, LLC Texas4
  • San Mateo Wolf Pipeline, LLC Texas4
  • San Mateo Wolf Water Resources, LLC Texas4
  • Southeast Water Management Company, LLC Texas4
  • Toro Midstream, LLC Texas4
  • Toro Pipeline, LLC Texas4
  • WR Permian, LLC Texas4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 5, 20268-K Completed an acquisition or sale; Regulation FD disclosure63
  2. Sep 10, 20268-K Executive or director change64
  3. Aug 5, 20268-K Results of operations; Regulation FD disclosure65
  4. Jul 24, 20268-K Entered a material agreement; Regulation FD disclosure66
  5. Jul 22, 20268-K Regulation FD disclosure67
  6. Jun 16, 20268-K Entered a material agreement; New debt or obligation; Shareholder vote68
  7. May 6, 20268-K Results of operations; Regulation FD disclosure69
  8. Apr 27, 20268-K Executive or director change; Regulation FD disclosure70
  9. Apr 22, 20268-K Regulation FD disclosure71
  10. Mar 5, 20268-K Entered a material agreement; New debt or obligation; Other events72
  11. Feb 27, 20268-K Entered a material agreement; Other events73
  12. Feb 26, 20268-K Other events74
  13. Feb 1, 2012New chief executive Joseph Wm Foran becomes CEO14
  14. Nov 22, 2010Founded Matador Resources Co is founded2

Calendar

Coming up

  1. Nov 3, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.36 a share, on Oct 21, 2025.75

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results65
  2. May 6, 2026Reported quarterly or annual results69
  3. Feb 24, 2026Reported quarterly or annual results76
  4. Oct 21, 2025Reported quarterly or annual results77
  5. Jul 22, 2025Reported quarterly or annual results78
  6. Apr 23, 2025Reported quarterly or annual results79
  7. Apr 8, 2025Reported quarterly or annual results80
  8. Feb 18, 2025Reported quarterly or annual results81

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

523 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 99 major events, 356 insider forms, 17 large holders, 31 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Sep 17, 2026SD EDGAR
  3. Sep 10, 20268-K EDGAR
  4. Aug 31, 20264 EDGAR
  5. Aug 28, 20264 EDGAR
  6. Aug 19, 20264 EDGAR
  7. Aug 14, 20264 EDGAR
  8. Aug 12, 20264 EDGAR
  9. Aug 12, 20264 EDGAR
  10. Aug 12, 20264 EDGAR
  11. Aug 7, 202610-Q EDGAR
  12. Aug 5, 20268-K EDGAR
  13. Jul 24, 20268-K EDGAR
  14. Jul 22, 20268-K EDGAR
  15. Jun 17, 20264 EDGAR
  16. Jun 16, 20268-K EDGAR
  17. Jun 15, 20264 EDGAR
  18. Jun 15, 20264 EDGAR
  19. Jun 15, 20264 EDGAR
  20. Jun 15, 20264 EDGAR

The 523 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

139 open-market trades by officers, directors and large owners since October 2021: 139 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 27, 2026Calvert Christopher PEVP and CFOBuy2,500$56.64$141.6KForm 4
Aug 26, 2026Foran Joseph WmChairman and CEOBuy555$54.49$30.2KForm 4
Aug 17, 2026Foran Joseph WmChairman and CEOBuy400$53.64$21.5KForm 4
Aug 13, 2026Foran Joseph WmChairman and CEOBuy5,000$51.44$257.2KForm 4
Aug 12, 2026Foran Joseph WmChairman and CEOBuy10,000$52.16$521.6KForm 4
Aug 11, 2026Foran Joseph WmChairman and CEOBuy709$51.68$36.6KForm 4
Aug 10, 2026Elsener William ThomasEVP, Reservoir EngineeringBuy850$50.94$43.3KForm 4
Aug 10, 2026Foran Joseph WmChairman and CEOBuy3,130$51.04$159.8KForm 4
Jun 15, 2026Baty Robert GainesDirectorBuy500$51.44$25.7KForm 4
Jun 9, 2026Stetson Glenn WEVP and COOBuy500$53.41$26.7KForm 4
Jun 9, 2026Foran Joseph WmChairman and CEOBuy2,000$53.07$106.1KForm 4
Jun 8, 2026Ehrman Monika UDirectorBuy362$55.28$20.0KForm 4
Jun 4, 2026Foran Joseph WmChairman and CEOBuy2,000$56.25$112.5KForm 4
May 29, 2026Colodney Benjamin TSVP & Chief Accounting OfficerBuy250$53.41$13.4KForm 4
May 29, 2026Calvert Christopher PEVP and CFOBuy1,500$53.24$79.9KForm 4
May 29, 2026Foran Joseph WmChairman and CEOBuy482$52.70$25.4KForm 4
May 28, 2026Stetson Glenn WEVP and COOBuy500$53.94$27.0KForm 4
May 27, 2026Foran Joseph WmChairman and CEOBuy4,675$52.36$244.8KForm 4
Mar 6, 2026Ehrman Monika UDirectorBuy267$56.29$15.0KForm 4
Feb 27, 2026Foran Joseph WmChairman and CEOBuy468$49.78$23.3KForm 4

All 139 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Joseph Wm. Foran73$1.8M$9.8M86
2025G. Gregg Krug$900.0K$4.7M86
2025Van H. SingletonII48$900.0K$4.7M86
2025Bryan A. Erman48$900.0K$4.5M86
2025Brian J. Willey49$900.0K$4.4M86
2025Robert T. Macalik$850.0K$4.3M86
2025William D. Lambert$362.6K$1.3M86
2024Chairman of the Board and$1.5M$8.4M86
2024Co-President - LandAcquisitions$850.0K$4.3M86
2024Former Executive VicePresident -$850.0K$4.3M86
2024Executive VicePresident-Midstream$850.0K$3.9M86
2024Co-PresidentChief Legal Officer$700.0K$3.8M86
2023Chief Executive Officer$1.4M$8.1M86
2023and Divestitures and Planning$800.0K$4.2M86
2023Executive VicePresident-Midstream$600.0K$3.0M86

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.11,529,447$573.9M0.0%+391,796
Vanguard Portfolio Management LLC8,132,644$404.8M0.0%−331,756
Dimensional Fund Advisors LP7,087,531$352.8M0.1%+139,427
State Street Corp5,241,643$260.9M0.0%+108,077
Vanguard Capital Management LLC5,102,110$254.0M0.0%+30,762
Alliancebernstein L.P.3,205,864$202.5M0.1%+548,656
Wellington Management Group Llp3,995,579$198.9M0.0%−922
Adage Capital Partners Gp, L.l.c.3,181,013$158.4M0.2%+145,016
Morgan Stanley2,919,921$145.4M0.0%+749,981
American Century Companies Inc2,755,452$137.2M0.1%+539,993
Geode Capital Management, LLC2,365,794$117.8M0.0%+36,774
Aqr Capital Management LLC1,428,172$71.1M0.0%−112,160
Beck Mack & Oliver LLC1,358,125$67.6M1.3%−407
Silvercrest Asset Management Group LLC1,326,893$66.1M0.4%−72,173
Victory Capital Management Inc1,298,571$64.6M0.0%+258,251
CIBC Bancorp USA Inc.1,287,421$64.1M0.1%−79,070
Charles Schwab Investment Management Inc1,281,771$63.8M0.0%+6,065
Invesco Ltd.1,247,813$62.1M0.0%−17,745
Copeland Capital Management, LLC1,242,903$61.9M1.3%−61,548
Massachusetts Financial Services Co /ma/1,161,024$60.2M0.0%+148,457
Clearbridge Investments, LLC1,148,992$57.2M0.0%+142,667
Bank of New York Mellon Corp1,128,184$56.2M0.0%−57,862
UBS Group AG1,126,474$56.1M0.0%+520,124
Nomura Asset Management International Inc.1,114,543$55.5M0.1%−230,334
Northern Trust Corp1,033,821$51.5M0.0%+16,499

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jan 9, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseSale$15,001 - $50,000−16.1%Report
Jun 21, 2024Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+47.6%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Matador Resources Co is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMatador Resources Co1
  • CIK0001520006
  • Employer ID (EIN)27-46626015
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inTexas5
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address5400 Lbj Freeway, Suite 1500, Dallas, TX 752401
  • Phone97237152001
  • Shares outstanding123,754,216 as of Aug 5, 202612
  • Public float$5.5B as of Jun 30, 20255
  • AuditorKPMG LLP, Dallas, TX PCAOB ID 185; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceAug 12, 20111
  • Filings1,603 in all: 4 (977), 8-K (292), 3 (52), SC 13G/A (48), 10-Q (44), CORRESP (25), UPLOAD (18), DEFA14A (17)1
    All 41 form types

    DEF 14A (16), SC 13G (16), 10-K (15), 424B2 (8), 424B5 (8), ARS (8), 5 (5), EFFECT (5), S-1/A (5), S-8 (4), 4/A (3), 424B3 (3), S-3ASR (3), S-4 (3), SD (3), 8-K/A (2), FWP (2), PRE 14A (2), S-4/A (2), SC 13D (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 10-Q/A (1), 144 (1), 424B4 (1), 8-A12B (1), CERTNYS (1), CT ORDER (1), NT 10-K (1), S-1 (1), S-3 (1), S-3/A (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Oct 5, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareMTDRNew York Stock Exchange

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Matador Resources Co names in Item 1A of its 10-K filed Feb 26, 2026: 68 risks under these headings, as written.5

  • Risks Related to our Financial Condition
  • Risks Related to our Liquidity
  • Risks Related to our Operations
  • Risks Related to Third Parties
  • Risks Related to Laws and Regulations
  • Risks Related to Our Common Stock
  • General Risk Factors
  • Our success is dependent on the prices of oil, natural gas and NGLs. Low oil, natural gas and NGL prices and the continued volatility in these prices may adversely affect our financial condition and our ability to meet our capital expenditure requirements and financial obligations.
  • Our industry and the broader U.S. economy have experienced higher than expected inflationary pressures in recent years. Should these conditions persist, it may impact our ability to procure services, materials and equipment on a cost-effective basis, or at all, and, as a result, our business, financial condition, results of operations and cash flows could be materially and adversely affected.
  • We cannot predict the impact of armed conflicts, including the ongoing military conflicts between Russia and Ukraine and in the Middle East, and the related humanitarian crises on the global economy, energy markets, geopolitical stability and our business.
  • Our exploration, development, exploitation and midstream projects require substantial capital expenditures that may exceed our cash flows from operations and potential borrowings, and we may be unable to obtain needed capital on satisfactory terms, which could adversely affect our future growth.
  • Our oil and natural gas reserves are estimated and may not reflect the actual volumes of oil and natural gas we will recover, and significant inaccuracies in these reserves estimates or underlying assumptions will materially affect the quantities and present value of our reserves.
The other 63 risks
  • The calculated present value of future net revenues from our proved oil and natural gas reserves will not necessarily be the same as the current market value of our estimated oil and natural gas reserves.
  • Approximately 39% of our total proved reserves at December 31, 2025 consisted of undeveloped and developed non-producing reserves, and those reserves may not ultimately be developed or produced.
  • Unless we replace our oil and natural gas reserves, our reserves and production will decline, which would adversely affect our business, financial condition, results of operations and cash flows.
  • We may be required to write down the carrying value of our proved properties under accounting rules, and these write-downs could adversely affect our financial condition.
  • Hedging transactions, or the lack thereof, may limit our potential gains and could result in financial losses.
  • A change in the differential between the NYMEX or other benchmark prices of oil and natural gas and the wellhead price we receive for our production could adversely affect our business, financial condition, results of operations and cash flows.
  • A component of our growth has come, and may continue to come, through acquisitions, and our failure to identify, complete or integrate future acquisitions successfully could reduce our earnings and hamper our growth.
  • We may purchase oil and natural gas properties or midstream assets with liabilities or risks that we did not know about or that we did not assess correctly, and, as a result, we could be subject to liabilities that could adversely affect our results of operations.
  • We may incur losses or costs as a result of title deficiencies in the properties in which we invest.
  • Our ability to complete dispositions of assets, or interests in assets, may be subject to factors beyond our control, and in certain cases we may be required to retain liabilities for certain matters.
  • We may not be able to generate sufficient cash to fund our capital expenditures, service all of our indebtedness and pay dividends to our shareholders, and we may be forced to take other actions to satisfy our obligations under applicable debt instruments, which may not be successful.
  • We may incur additional indebtedness, which could reduce our financial flexibility, increase interest expense and adversely impact our operations and our unit costs.
  • The borrowing base under our Credit Agreement is subject to periodic redetermination.
  • We are subject to interest rate risk under our Credit Agreement and the San Mateo Credit Facility.
  • The terms of the agreements governing our outstanding indebtedness may restrict our current and future operations, particularly our ability to respond to changes in business or to take certain actions.
  • Our credit rating may be downgraded, which could reduce our financial flexibility, increase interest expense and adversely impact our operations.
  • The payment of dividends and the repurchase of shares of our common stock will be at the discretion of our Board of Directors and subject to numerous factors.
  • Drilling for and producing oil, natural gas and NGLs is highly speculative and involves a high degree of operational and financial risk, with many uncertainties that could adversely affect our business.
  • Our operations are subject to operational hazards and risks, which could result in significant damages and the loss of revenue.
  • Insurance against all operational risks is not available to us.
  • Because our reserves and production are concentrated in a few core areas, problems with production in and markets for a particular area could have a material impact on our business.
  • There is no guarantee that we will be successful in optimizing our spacing, drilling and completions techniques in order to maximize our rate of return, cash flow from operations and shareholder value.
  • Certain of our properties are in areas that may have been partially depleted or drained by offset wells, and certain of our wells may be adversely affected by actions other operators may take when drilling, completing or operating wells that they own.
  • Multi-well pad drilling may result in volatility in our operating results.
  • The unavailability or high cost of drilling rigs, completion equipment and services, supplies and personnel, including hydraulic fracturing equipment and personnel, could adversely affect our ability to establish and execute exploration and development plans within budget and on a timely basis, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • If we are unable to acquire adequate supplies of water for our drilling and hydraulic fracturing operations or are unable to dispose of the water we use at a reasonable cost and pursuant to applicable environmental rules, our ability to produce oil and natural gas commercially and in commercial quantities could be impaired.
  • Construction of midstream projects subjects us to risks of construction delays, cost over-runs, limitations on our growth and negative effects on our financial condition, results of operations, cash flows and liquidity.
  • Our identified drilling locations are scheduled over several years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their drilling.
  • Certain of our unproved and unevaluated acreage is subject to leases that will expire over the next several years unless production is established on units containing the acreage.
  • The 2-D and 3-D seismic data and other advanced technologies we use cannot eliminate exploration risk, which could limit our ability to replace and grow our reserves and materially and adversely affect our results of operations and cash flows.
  • Financial difficulties encountered by our oil, natural gas and NGL purchasers, third-party operators, third-party customers or other third parties could decrease our cash flows from operations and adversely affect the exploration and development of our prospects and assets.
  • The marketability of our production is dependent upon oil, natural gas and NGL gathering, processing and transportation facilities, and the unavailability of satisfactory oil, natural gas and NGL gathering, processing and transportation arrangements could have a material adverse effect on our revenue.
  • We conduct a portion of our operations through joint ventures, which subjects us to additional risks that could have a material adverse effect on the success of these operations, our financial position, results of operations or cash flows.
  • Because of the natural decline in production in the regions of San Mateo’s midstream operations, San Mateo’s long-term success depend on its ability to obtain new sources of products, which depends on certain factors beyond San Mateo’s control. Any decrease in supplies to their midstream facilities could adversely affect San Mateo’s business and operating results.
  • We have entered into certain long-term contracts that require us to pay fees to our service providers based on minimum volumes regardless of actual volume throughput and that may limit our ability to use other service providers.
  • We do not own all of the land on which our midstream assets are located, which could disrupt our operations.
  • Competition in the oil and natural gas industry is intense, making it more difficult for us to acquire properties, market oil and natural gas, provide midstream services and secure trained personnel, and our competitors may use superior technology and data resources that we may be unable to afford.
  • Strategic relationships upon which we may rely are subject to change, which may diminish our ability to conduct our operations.
  • We have limited control over activities on properties we do not operate.
  • Approximately 33% of our leasehold and mineral acres in the Delaware Basin is located on federal lands, which are subject to administrative permitting requirements and potential federal legislation, regulation and orders that may limit or restrict oil and natural gas operations on federal lands.
  • We are subject to government regulation and liability, including complex environmental laws, which could require significant expenditures.
  • We are subject to federal, state and local taxes and may become subject to new taxes or have eliminated or reduced certain federal income tax deductions currently available with respect to oil and natural gas exploration and production activities as a result of future legislation, which could adversely affect our business, financial condition, results of operations and cash flows.
  • Federal and state legislation and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.
  • The potential adoption of federal, state and local legislation and regulations intended to address potential induced seismicity in the areas in which we operate could restrict our drilling and production activities and our midstream operations, as well as our ability to dispose of produced water gathered from such activities, which could decrease our and San Mateo’s revenues and result in increased costs and additional operating restrictions or delays.
  • Legislation or regulations restricting emissions of greenhouse gases or promoting the development of alternative sources of energy could result in increased operating costs and reduced demand for the oil, natural gas and NGLs we produce, while the physical effects of climate change could disrupt our production and cause us to incur significant costs in preparing for or responding to those effects.
  • New climate disclosure rules adopted by the SEC or states in which we have operations or do business could increase our costs of compliance and adversely impact our business.
  • New regulations on all emissions from our operations could cause us to incur significant costs.
  • We may incur significant costs and liabilities resulting from compliance with pipeline safety regulations.
  • A change in the jurisdictional characterization of some of our assets by FERC or a change in policy by FERC may result in increased regulation of our assets, which may cause our revenues to decline and operating expenses to increase.
  • The rates of our regulated assets are subject to review and reporting by federal regulators, which could adversely affect our revenues.
  • Should we fail to comply with all applicable FERC-administered statutes, rules, regulations and orders, we could be subject to substantial penalties and fines.
  • Derivatives legislation adopted by Congress could have an adverse impact on our ability to hedge risks associated with our business.
  • Changes in U.S. foreign trade policies, including the imposition of additional tariffs and other trade barriers, and efforts to withdraw from or materially modify international trade agreements, may materially and adversely affect our business, operations and financial condition.
  • The price of our common stock has fluctuated substantially and may fluctuate substantially in the future.
  • Attention to environmental, social and governance (“ESG”) and conservation matters and a negative shift in market perception towards the oil and natural gas industry could adversely affect demand for oil and natural gas and our stock price.
  • Future sales of shares of our common stock by existing shareholders and future offerings of our common stock by us could depress the price of our common stock.
  • Our directors and executive officers own a significant percentage of our equity, which could give them influence in corporate transactions and other matters, and their interests could differ from other shareholders.
  • Our Board can authorize the issuance of preferred stock, which could diminish the rights of holders of our common stock and make a change of control of the Company more difficult even if it might benefit our shareholders.
  • We may have difficulty managing growth in our business, which could have a material adverse effect on our business, financial condition, results of operations and cash flows and our ability to execute our business plan in a timely fashion.
  • Our success depends, to a large extent, on our ability to retain our key personnel, including our chairman and chief executive officer, management and technical team and the members of our Board, and the loss of any key personnel or Board member could disrupt our business operations.
  • A cyber incident could occur and result in information theft, data corruption, operational disruption or financial loss.
  • Provisions of our certificate of formation, bylaws and Texas law may have anti-takeover effects that could prevent a change in control even if it might be beneficial to our shareholders.
  • We operate in a litigious environment and may be involved in legal proceedings that could have a material adverse effect on our results of operations and financial condition.

Legal proceedings

We are party to several legal proceedings encountered in the ordinary course of business. While the ultimate outcome and impact on us cannot be predicted with certainty, in the opinion of management, it is remote that these legal proceedings will have a material adverse impact on our financial condition, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.5

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