Matador Resources CoMTDR
Matador Resources Co Segments Disclosure
NOTE 16 — SEGMENT INFORMATION
The Company has two reportable business segments: (i) exploration and production and (ii) midstream. The exploration and production segment is engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States and is currently 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. The Company also has operations in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. The midstream segment conducts midstream operations in support of, and provides flow assurance for, the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties. The majority of the Company’s midstream operations in the Delaware Basin are conducted through San Mateo.
The Company’s chief operating decision maker (“CODM”) is the Chairman and Chief Executive Officer. The CODM uses operating income to assess income generated from each segment to allocate resources by either reinvesting profits as midstream or drilling and completion capital expenditures, or for determining the appropriate amounts for acquisition spend, the repayment of debt, the payment of dividends and repurchases of common stock.
The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.”
| Exploration and Production | Consolidations and Eliminations | Consolidated Company | |||||||||||||||||||||||||||
| Midstream | Corporate | ||||||||||||||||||||||||||||
Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Oil and natural gas revenues | $ | 3,227,055 | $ | 11,695 | $ | — | $ | — | $ | 3,238,750 | |||||||||||||||||||
| Midstream services revenues | — | 549,865 | — | (385,132) | 164,733 | ||||||||||||||||||||||||
| Sales of purchased natural gas | 99,346 | 153,685 | — | — | 253,031 | ||||||||||||||||||||||||
| Realized gain on derivatives | 21,679 | — | — | — | 21,679 | ||||||||||||||||||||||||
| Unrealized gain on derivatives | 18,084 | — | — | — | 18,084 | ||||||||||||||||||||||||
Operating expense(1) | 588,285 | 208,142 | — | (172,475) | 623,952 | ||||||||||||||||||||||||
Other expenses(2) | 1,712,988 | 228,834 | 116,618 | (212,657) | 1,845,783 | ||||||||||||||||||||||||
Operating income(3) | $ | 1,064,891 | $ | 278,269 | $ | (116,618) | $ | — | $ | 1,226,542 | |||||||||||||||||||
Total assets(4) | $ | 9,737,486 | $ | 1,833,673 | $ | 139,410 | $ | — | $ | 11,710,569 | |||||||||||||||||||
Capital expenditures(5) | $ | 1,864,889 | $ | 286,294 | $ | 4,246 | $ | — | $ | 2,155,429 | |||||||||||||||||||
(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.
(2)Includes depletion, depreciation and amortization expenses of $1.14 billion and $57.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.6 million. Other expenses for each reportable segment also includes (i) transportation and processing, (ii) general and administrative expenses, (iii) accretion of asset retirement obligations, (iv) purchased natural gas and (v) taxes other than income.
(3)Includes $101.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.
(4)Excludes intercompany receivables and investments in subsidiaries.
(5)Includes $339.2 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $118.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.
| Exploration and Production | Consolidations and Eliminations | Consolidated Company | |||||||||||||||||||||||||||
| Midstream | Corporate | ||||||||||||||||||||||||||||
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Oil and natural gas revenues | $ | 3,129,598 | $ | 14,236 | $ | — | $ | — | 3,143,834 | ||||||||||||||||||||
| Midstream services revenues | — | 453,464 | — | (312,437) | 141,027 | ||||||||||||||||||||||||
| Sales of purchased natural gas | 22,186 | 171,911 | — | — | 194,097 | ||||||||||||||||||||||||
| Realized gain on derivatives | 12,724 | — | — | — | 12,724 | ||||||||||||||||||||||||
| Unrealized gain on derivatives | 13,299 | — | — | — | 13,299 | ||||||||||||||||||||||||
Operating expense(1) | 488,507 | 167,400 | — | (163,362) | 492,545 | ||||||||||||||||||||||||
Other expenses(2) | 1,386,821 | 226,218 | 113,774 | (149,075) | 1,577,738 | ||||||||||||||||||||||||
Operating income(3) | $ | 1,302,479 | $ | 245,993 | $ | (113,774) | $ | — | $ | 1,434,698 | |||||||||||||||||||
Total assets(4) | $ | 9,117,095 | $ | 1,613,936 | $ | 119,078 | $ | — | $ | 10,850,109 | |||||||||||||||||||
Capital expenditures(5) | $ | 3,396,543 | $ | 504,315 | $ | 5,691 | $ | — | $ | 3,906,549 | |||||||||||||||||||
(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.
(2)Includes depletion, depreciation and amortization expenses of $929.0 million and $43.9 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.4 million. Other expenses for each reportable segment also includes (i) transportation and processing, (ii) general and administrative expenses, (iii) accretion of asset retirement obligations, (iv) purchased natural gas and (v) taxes other than income.
(3)Includes $86.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.
(4)Excludes intercompany receivables and investments in subsidiaries.
(5)Includes $2.08 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $236.2 million in midstream acquisition expenditures and $29.5 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.
| Exploration and Production | Consolidations and Eliminations | Consolidated Company | |||||||||||||||||||||||||||
| Midstream | Corporate | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Oil and natural gas revenues | $ | 2,538,813 | $ | 6,786 | $ | — | $ | — | $ | 2,545,599 | |||||||||||||||||||
| Midstream services revenues | — | 346,933 | — | (224,780) | 122,153 | ||||||||||||||||||||||||
| Sales of purchased natural gas | 23,521 | 126,348 | — | — | 149,869 | ||||||||||||||||||||||||
| Realized loss on derivatives | (9,575) | — | — | — | (9,575) | ||||||||||||||||||||||||
| Unrealized loss on derivatives | (1,261) | — | — | — | (1,261) | ||||||||||||||||||||||||
Operating expense(1) | 347,655 | 124,021 | — | (115,134) | 356,542 | ||||||||||||||||||||||||
Other expenses(2) | 1,070,302 | 180,903 | 99,362 | (109,646) | 1,240,921 | ||||||||||||||||||||||||
Operating income(3) | $ | 1,133,541 | $ | 175,143 | $ | (99,362) | $ | — | $ | 1,209,322 | |||||||||||||||||||
Total assets(4) | $ | 6,385,762 | $ | 1,257,988 | $ | 83,246 | $ | — | $ | 7,726,996 | |||||||||||||||||||
Capital expenditures(5) | $ | 2,970,230 | $ | 254,393 | $ | 3,636 | $ | — | $ | 3,228,259 | |||||||||||||||||||
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(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.
(2)Includes depletion, depreciation and amortization expenses of $675.0 million and $40.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.3 million. Other expenses for each reportable segment also includes (i) transportation and processing, (ii) general and administrative expenses, (iii) accretion of asset retirement obligations (iv) purchased natural gas and (v) taxes other than income.
(3)Includes $64.3 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.
(4)Excludes intercompany receivables and investments in subsidiaries.
(5)Includes $1.81 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million in midstream acquisition expenditures and $42.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.