Matador Resources Company

matadorresources.com

What Do They Do?

Explores for and produces oil and natural gas, primarily in the Delaware Basin, and provides midstream services to other producers.

How Do They Make Money?

Matador sells oil and natural gas to purchasers, who typically pay after production. It earns revenue from third-party midstream services when those services are rendered.

revenue

Segment	Share	How money arrives
Oil and natural gas revenues Sold outright	89% FY2022: 91%	Sold outright
Third-party midstream services revenues Sold outright	4.5% FY2022: 2.8%	Sold outright
Sales of purchased natural gas	6.9% FY2022: 6.3%

Who Are Their Customers?

Matador sells oil under purchase agreements to unaffiliated purchasers and natural gas at delivery points to independent marketing and midstream companies; other producers buy its midstream services.

Customers above 10% of revenue, FY2025

of revenue from three customers (49%, 13%, 10%)

FY2023: 76% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 21 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025

33% of revenue

▼ −15% vs FY2024 ($1.4B, 41%)

Net income, FY2025

21% of revenue

▼ −14% vs FY2024 ($885.3M, 25%)

Free cash flow, FY2025

7% of revenue

▲ Now profitable vs FY2024 (−$1.7B, −47%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +33%; vs $895.3M in Q2 FY2025
Net income: ▲ +160%; vs $150.2M in Q2 FY2025

Oil and natural gas revenues share of revenue vs 88.1% in Q2 FY2025

Aug 5, 2026 Raised full-year oil production growth guidance Increased expected year-over-year oil production growth from 4% to 7%.
Jul 24, 2026 Agreed to acquire Paloma properties and Ridge Runner Woodford acreage The deals add producing properties and acreage in the Delaware Basin, including a Woodford position.
May 6, 2026 Raised production guidance and set a cash-flow outlook Estimated full-year adjusted free cash flow of $1.1 to $1.2 billion.
Apr 27, 2026 Named new chief financial and operating officers Christopher P. Calvert became chief financial officer and Glenn W. Stetson became chief operating officer; Robert T. Macalik left the CFO role.

Growing. Revenue grew 2.2x in 4 years, from $1.7B in FY2021 to $3.7B in FY2025, about 22% a year.

Eagle Ford exit The older report listed the Eagle Ford shale among Matador’s operating areas. The latest report focuses on the Delaware Basin and Louisiana plays and says Eagle Ford assets were divested.

Revenue over time

Oil and natural gas revenues Third-party midstream services revenues Sales of purchased natural gas

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments