2017 Q1 Form 10-Q Financial Statement

#000152000617000141 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $134.8M $44.62M
YoY Change 202.12% -38.38%
Cost Of Revenue $29.90M $23.40M
YoY Change 27.78% 16.42%
Gross Profit $104.9M $21.20M
YoY Change 394.81% -59.46%
Gross Profit Margin 77.81% 47.51%
Selling, General & Admin $16.30M $13.20M
YoY Change 23.48% -1.49%
% of Gross Profit 15.54% 62.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.99M $28.92M
YoY Change 17.53% -37.76%
% of Gross Profit 32.4% 136.43%
Operating Expenses $50.60M $42.40M
YoY Change 19.34% -29.33%
Operating Profit $54.28M -$101.6M
YoY Change -153.41% 35.86%
Interest Expense $8.455M $7.197M
YoY Change 17.48% 247.68%
% of Operating Profit 15.58%
Other Income/Expense, Net -$8.378M -$6.038M
YoY Change 38.75% 238.64%
Pretax Income $45.90M -$107.7M
YoY Change -142.63% 40.58%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $43.98M -$107.7M
YoY Change -140.86% 114.31%
Net Earnings / Revenue 32.63% -241.25%
Basic Earnings Per Share $0.44 -$1.26
Diluted Earnings Per Share $0.44 -$1.26
COMMON SHARES
Basic Shares Outstanding 99.80M shares 85.31M shares
Diluted Shares Outstanding 100.3M shares 85.31M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $209.7M $118.3M
YoY Change 77.26% 1839.34%
Cash & Equivalents $209.7M $118.3M
Short-Term Investments
Other Short-Term Assets $310.0M $15.80M
YoY Change 1861.87% -69.02%
Inventory $2.900M $1.900M
Prepaid Expenses $3.250M
Receivables $40.42M $14.75M
Other Receivables $7.077M $5.548M
Total Short-Term Assets $310.0M $173.1M
YoY Change 79.09% 64.54%
LONG-TERM ASSETS
Property, Plant & Equipment $1.373B $989.7M
YoY Change 38.76% -37.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $919.0K $1.351M
YoY Change -31.98% 92.18%
Total Long-Term Assets $1.376B $991.1M
YoY Change 38.88% -37.36%
TOTAL ASSETS
Total Short-Term Assets $310.0M $173.1M
Total Long-Term Assets $1.376B $991.1M
Total Assets $1.686B $1.164B
YoY Change 44.86% -31.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.266M $5.930M
YoY Change -11.2% -90.35%
Accrued Expenses $111.5M $84.50M
YoY Change 31.95% -34.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $167.3M $119.4M
YoY Change 40.13% -48.58%
LONG-TERM LIABILITIES
Long-Term Debt $574.0M $391.6M
YoY Change 46.58% -4.49%
Other Long-Term Liabilities $7.282M $4.065M
YoY Change 79.14% 65.85%
Total Long-Term Liabilities $603.6M $519.6M
YoY Change 16.16% -2.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $167.3M $119.4M
Total Long-Term Liabilities $603.6M $519.6M
Total Liabilities $770.9M $639.0M
YoY Change 20.64% -16.43%
SHAREHOLDERS EQUITY
Retained Earnings -$592.4M -$646.6M
YoY Change -8.39% -813.5%
Common Stock $1.002M $933.0K
YoY Change 7.4% 21.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $633.0K
YoY Change
Treasury Stock Shares 68.04K shares
Shareholders Equity $852.3M $524.2M
YoY Change
Total Liabilities & Shareholders Equity $1.686B $1.164B
YoY Change 44.86% -31.01%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $43.98M -$107.7M
YoY Change -140.86% 114.31%
Depreciation, Depletion And Amortization $33.99M $28.92M
YoY Change 17.53% -37.76%
Cash From Operating Activities $61.31M $18.36M
YoY Change 233.96% -80.33%
INVESTING ACTIVITIES
Capital Expenditures -$225.3M -$101.8M
YoY Change 121.32% -28.16%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $400.0K $43.80M
YoY Change -99.09% -279.51%
Cash From Investing Activities -$225.0M -$57.93M
YoY Change 288.34% -65.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $142.4M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $173.8M $141.2M
YoY Change 23.14% 100.53%
NET CHANGE
Cash From Operating Activities $61.31M $18.36M
Cash From Investing Activities -$225.0M -$57.93M
Cash From Financing Activities $173.8M $141.2M
Net Change In Cash $10.17M $101.6M
YoY Change -89.99% -4430.65%
FREE CASH FLOW
Cash From Operating Activities $61.31M $18.36M
Capital Expenditures -$225.3M -$101.8M
Free Cash Flow $286.6M $120.2M
YoY Change 138.53% -48.88%

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CY2017Q1 us-gaap Minority Interest
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CY2017Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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4900000 USD
CY2016Q4 us-gaap Oil And Gas Joint Interest Billing Receivables Current
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19347000 USD
CY2017Q1 us-gaap Oil And Gas Joint Interest Billing Receivables Current
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27945000 USD
CY2016Q4 us-gaap Oil And Gas Property Full Cost Method Gross
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2408305000 USD
CY2017Q1 us-gaap Oil And Gas Property Full Cost Method Gross
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2531559000 USD
CY2016Q1 us-gaap Oil And Gas Sales Revenue
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43926000 USD
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958000 USD
CY2017Q1 us-gaap Other Assets
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3202000 USD
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279182000 USD
CY2017Q1 us-gaap Other Assets Current
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958000 USD
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919000 USD
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3045000 USD
CY2017Q1 us-gaap Other Inventory Net Of Reserves
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2929000 USD
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578000 USD
CY2017Q1 us-gaap Other Liabilities Current
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621000 USD
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7544000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
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7282000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
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-6038000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
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CY2016Q4 us-gaap Other Receivables Net Current
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5167000 USD
CY2017Q1 us-gaap Other Receivables Net Current
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7077000 USD
CY2016Q4 us-gaap Other Sundry Liabilities Current
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CY2017Q1 us-gaap Other Sundry Liabilities Current
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167305000 USD
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CY2017Q1 us-gaap Other Sundry Liabilities Noncurrent
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CY2016Q1 us-gaap Payments Of Stock Issuance Costs
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614000 USD
CY2017Q1 us-gaap Payments Of Stock Issuance Costs
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0 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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565000 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2016Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
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CY2016Q1 us-gaap Payments To Acquire Productive Assets
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87119000 USD
CY2017Q1 us-gaap Payments To Acquire Productive Assets
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222717000 USD
CY2016Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
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74370000 USD
CY2017Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
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204457000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
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5578000 USD
CY2016Q1 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
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0 USD
CY2017Q1 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
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171500000 USD
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142350000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2016Q1 us-gaap Proceeds From Minority Shareholders
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0 USD
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ProceedsFromMinorityShareholders
4900000 USD
CY2016Q1 us-gaap Proceeds From Payments To Minority Shareholders
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0 USD
CY2017Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-2653000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
0 USD
CY2017Q1 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
350000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
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1981000 USD
CY2016Q1 us-gaap Profit Loss
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CY2017Q1 us-gaap Profit Loss
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45900000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
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CY2017Q1 us-gaap Property Plant And Equipment Net
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1373215000 USD
CY2016Q4 us-gaap Property Plant And Equipment Other
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CY2017Q1 us-gaap Property Plant And Equipment Other
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175139000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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1258000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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14604000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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-636351000 USD
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CY2016Q1 us-gaap Revenues
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44623000 USD
CY2017Q1 us-gaap Revenues
Revenues
134814000 USD
CY2016Q1 us-gaap Share Based Compensation
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2243000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4166000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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444491 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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590128 shares
CY2017Q1 us-gaap Share Price
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27.26
CY2017Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
0 USD
CY2017Q1 us-gaap Stock Issued During Period Value New Issues
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CY2017Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
633000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2016Q4 us-gaap Stockholders Equity
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CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
68040 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
633000 USD
CY2016Q1 us-gaap Unrealized Gain Loss On Derivatives
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CY2017Q1 us-gaap Unrealized Gain Loss On Derivatives
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20631000 USD
CY2016Q4 us-gaap Unsecured Long Term Debt
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CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
499000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85305000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100298000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
85305000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99799000 shares
CY2017Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NATURE OF OPERATIONS</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Matador Resources Company, a Texas corporation (&#8220;Matador&#8221; and, collectively with its subsidiaries, the &#8220;Company&#8221;), is 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. The Company&#8217;s 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. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. Additionally, the Company conducts midstream operations, primarily through its midstream joint venture, San Mateo Midstream, LLC (&#8220;San Mateo&#8221; or the &#8220;Joint Venture&#8221;), in support of the Company&#8217;s exploration, development and production operations and provides natural gas processing, natural gas, oil and salt water gathering services and salt water disposal services to third parties on a limited basis.</font></div></div>
CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the prior periods&#8217; financial statements to conform to the current period presentation.</font></div></div>

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