2024 Q2 Form 10-Q Financial Statement

#000152000624000105 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $847.1M $787.7M $560.3M
YoY Change 32.76% 40.59% -0.96%
Cost Of Revenue $228.3M $225.5M $159.4M
YoY Change 26.3% 41.48% 22.36%
Gross Profit $618.8M $562.2M $400.9M
YoY Change 35.32% 40.24% -7.93%
Gross Profit Margin 73.05% 71.37% 71.55%
Selling, General & Admin $27.91M $29.65M $22.43M
YoY Change 4.48% 32.18% -24.55%
% of Gross Profit 4.51% 5.27% 5.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $225.9M $212.3M $126.3M
YoY Change 27.28% 68.07% 31.79%
% of Gross Profit 36.51% 37.76% 31.51%
Operating Expenses $255.2M $243.2M $149.5M
YoY Change 24.46% 62.75% 18.5%
Operating Profit $363.6M $319.0M $251.4M
YoY Change 44.14% 26.85% -18.71%
Interest Expense -$35.99M -$39.56M $16.18M
YoY Change 5.13% -344.57% -0.47%
% of Operating Profit -9.9% -12.4% 6.43%
Other Income/Expense, Net -$2.121M $577.0K -$15.84M
YoY Change -112.8% -103.64% -4.56%
Pretax Income $325.5M $280.0M $235.6M
YoY Change 38.87% 18.83% -19.51%
Income Tax $77.99M $66.78M $56.67M
% Of Pretax Income 23.96% 23.85% 24.05%
Net Earnings $228.8M $193.7M $163.1M
YoY Change 38.93% 18.76% -21.24%
Net Earnings / Revenue 27.0% 24.59% 29.12%
Basic Earnings Per Share $1.83 $1.62 $1.37
Diluted Earnings Per Share $1.83 $1.61 $1.36
COMMON SHARES
Basic Shares Outstanding 124.8M shares 119.5M shares 119.1M shares
Diluted Shares Outstanding 124.9M shares 120.3M shares 119.7M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.24M $23.21M $448.7M
YoY Change -31.66% -94.83% 612.25%
Cash & Equivalents $15.24M $23.21M $448.7M
Short-Term Investments
Other Short-Term Assets $157.1M $162.5M $124.8M
YoY Change 30.38% 30.21% 33.98%
Inventory $38.05M $39.93M $20.04M
Prepaid Expenses
Receivables $499.0M $485.7M $178.8M
Other Receivables $29.09M $42.78M $45.57M
Total Short-Term Assets $738.4M $754.1M $1.006B
YoY Change 16.4% -25.07% 87.69%
LONG-TERM ASSETS
Property, Plant & Equipment $7.678B $7.379B $4.706B
YoY Change 19.23% 56.79% 17.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $102.2M $94.34M $69.46M
YoY Change 74.08% 35.83% 96.07%
Total Long-Term Assets $7.780B $7.473B $4.776B
YoY Change 19.73% 56.49% 18.47%
TOTAL ASSETS
Total Short-Term Assets $738.4M $754.1M $1.006B
Total Long-Term Assets $7.780B $7.473B $4.776B
Total Assets $8.518B $8.227B $5.782B
YoY Change 19.43% 42.29% 26.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $152.7M $159.5M $45.28M
YoY Change 24.48% 252.33% 33.29%
Accrued Expenses $388.4M $419.8M $328.9M
YoY Change 10.85% 27.63% 48.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $856.5M $851.3M $601.4M
YoY Change 24.68% 41.57% 11.79%
LONG-TERM LIABILITIES
Long-Term Debt $1.982B $1.972B $1.171B
YoY Change -10.04% 68.44% -21.86%
Other Long-Term Liabilities $150.7M $142.6M $16.97M
YoY Change 88.83% 740.27% 0.67%
Total Long-Term Liabilities $2.132B $2.114B $1.725B
YoY Change -6.58% 22.57% 1.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $856.5M $851.3M $601.4M
Total Long-Term Liabilities $2.132B $2.114B $1.725B
Total Liabilities $3.887B $3.809B $2.326B
YoY Change 4.22% 63.74% 4.32%
SHAREHOLDERS EQUITY
Retained Earnings $2.150B $1.946B $1.153B
YoY Change 65.44% 68.81% 3751.05%
Common Stock $1.249M $1.248M $1.192M
YoY Change 4.78% 4.7% 0.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.990M $2.091M $1.270M
YoY Change -41.1% 64.65% 311.0%
Treasury Stock Shares
Shareholders Equity $4.632B $4.418B $3.253B
YoY Change
Total Liabilities & Shareholders Equity $8.518B $8.227B $5.782B
YoY Change 19.43% 42.29% 26.6%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $228.8M $193.7M $163.1M
YoY Change 38.93% 18.76% -21.24%
Depreciation, Depletion And Amortization $225.9M $212.3M $126.3M
YoY Change 27.28% 68.07% 31.79%
Cash From Operating Activities $592.9M $468.6M $339.5M
YoY Change 32.05% 38.02% 3.21%
INVESTING ACTIVITIES
Capital Expenditures $427.7M $342.0M $240.1M
YoY Change 27.76% 42.45% -209.09%
Acquisitions
YoY Change
Other Investing Activities -$149.1M -$201.4M -$103.4M
YoY Change -90.45% 94.72% 224.68%
Cash From Investing Activities -$576.8M -$543.3M -$343.5M
YoY Change -69.56% 58.19% 36.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.52M 42.78M -$39.94M
YoY Change -102.63% -207.12% -8.87%
NET CHANGE
Cash From Operating Activities 592.9M 468.6M $339.5M
Cash From Investing Activities -576.8M -543.3M -$343.5M
Cash From Financing Activities -26.52M 42.78M -$39.94M
Net Change In Cash -10.42M -31.97M -$43.90M
YoY Change -97.62% -27.17% -232.09%
FREE CASH FLOW
Cash From Operating Activities $592.9M $468.6M $339.5M
Capital Expenditures $427.7M $342.0M $240.1M
Free Cash Flow $165.2M $126.6M $99.45M
YoY Change 44.64% 27.32% -81.89%

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IncreaseDecreaseInPaymentsMadeInAdvanceByJointInterestPartnersInOilAndGasProperties
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CY2024Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
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CY2023Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
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CY2024Q1 us-gaap Payments To Acquire Oil And Gas Property
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CY2023Q1 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
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PaymentsToAcquireOtherPropertyPlantAndEquipment
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CY2023Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
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CY2024Q1 mtdr Derivative Asset Liability Subject To Master Netting Arrangement
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CY2024Q1 mtdr Derivative Asset Liability Net
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CY2024Q1 mtdr Payments To Issue Equity
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CY2024Q1 mtdr Capital Contributed To Corporate Joint Ventures
CapitalContributedToCorporateJointVentures
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CY2023Q1 mtdr Capital Contributed To Corporate Joint Ventures
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CY2024Q1 us-gaap Proceeds From Minority Shareholders
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CY2023Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
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CY2024Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
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CY2023Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
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CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2024Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
503428000 usd
CY2024Q1 us-gaap Nature Of Operations
NatureOfOperations
NATURE OF OPERATIONSMatador Resources Company, a Texas corporation (“Matador” and, collectively with its subsidiaries, the “Company”), 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’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. Additionally, the Company conducts midstream operations primarily through its midstream joint venture, San Mateo Midstream, LLC and its subsidiaries (“San Mateo”), and Pronto Midstream, LLC and its subsidiary (“Pronto”) in support of 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.
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
785343000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
563674000 usd
CY2024Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
275000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
3669000 usd
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UnrealizedGainLossOnDerivatives
2075000 usd
CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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CY2024Q1 us-gaap Revenues
Revenues
787693000 usd
CY2023Q1 us-gaap Revenues
Revenues
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CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
785343000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
563674000 usd
CY2024Q1 mtdr Discounting Rate Present Value Of Future Revenue From Proved Oil And Gas Reserves
DiscountingRatePresentValueOfFutureRevenueFromProvedOilAndGasReserves
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CY2023Q1 us-gaap Unamortized Costs Capitalized Less Related Deferred Income Taxes Exceed Ceiling Limitation Expense
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CY2024Q1 mtdr Capitalized General And Administrative Costs
CapitalizedGeneralAndAdministrativeCosts
17100000 usd
CY2023Q1 mtdr Capitalized General And Administrative Costs
CapitalizedGeneralAndAdministrativeCosts
12600000 usd
CY2024Q1 us-gaap Interest Costs Capitalized
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5900000 usd
CY2023Q1 us-gaap Interest Costs Capitalized
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3400000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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119721000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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119034000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
532000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
668000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
120253000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
119702000 shares
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
92090000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
2326000 usd
CY2024Q1 mtdr Asset Retirement Obligation Divestitures
AssetRetirementObligationDivestitures
326000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1273000 usd
CY2024Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
95363000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
5002000 usd
CY2024Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
90361000 usd
CY2024Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
17300000 usd
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
49500000 usd
CY2023Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
4900000 usd
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
51700000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.26
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.26
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5250000 shares
CY2024Q1 mtdr Proceeds From Issuance Of Common Stock Net Of Underwriting Discounts And Offering Expenses
ProceedsFromIssuanceOfCommonStockNetOfUnderwritingDiscountsAndOfferingExpenses
344200000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.20
CY2024Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
23900000 usd
CY2024Q1 mtdr Adjustment To Additional Paid In Capital Formation Of Joint Venture Tax
AdjustmentToAdditionalPaidInCapitalFormationOfJointVentureTax
300000 usd
CY2023Q1 mtdr Adjustment To Additional Paid In Capital Formation Of Joint Venture Tax
AdjustmentToAdditionalPaidInCapitalFormationOfJointVentureTax
3100000 usd
CY2024Q1 us-gaap Derivative Assets Liabilities At Fair Value Net
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4745000 usd
CY2023Q4 mtdr Derivative Asset Liability Net
DerivativeAssetLiabilityNet
2670000 usd
CY2024Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
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2350000 usd
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
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-3398000 usd
CY2024Q1 us-gaap Accrued Liabilities Current
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419791000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
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365848000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
42697000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
26228000 usd
CY2024Q1 mtdr Increase Decrease In Liabilities For Oil And Natural Gas Properties
IncreaseDecreaseInLiabilitiesForOilAndNaturalGasProperties
115386000 usd
CY2023Q1 mtdr Increase Decrease In Liabilities For Oil And Natural Gas Properties
IncreaseDecreaseInLiabilitiesForOilAndNaturalGasProperties
69593000 usd
CY2024Q1 mtdr Increase Decrease In Liabilities For Acquisition Of Oil And Natural Gas Properties
IncreaseDecreaseInLiabilitiesForAcquisitionOfOilAndNaturalGasProperties
200000 usd
CY2023Q1 mtdr Increase Decrease In Liabilities For Acquisition Of Oil And Natural Gas Properties
IncreaseDecreaseInLiabilitiesForAcquisitionOfOilAndNaturalGasProperties
-121000 usd
CY2024Q1 mtdr Increase Decrease In Liabilities For Support Equipment And Facilities
IncreaseDecreaseInLiabilitiesForSupportEquipmentAndFacilities
-18311000 usd
CY2023Q1 mtdr Increase Decrease In Liabilities For Support Equipment And Facilities
IncreaseDecreaseInLiabilitiesForSupportEquipmentAndFacilities
-1099000 usd
CY2024Q1 mtdr Stock Based Compensation Expense Benefit Recognized As Liability
StockBasedCompensationExpenseBenefitRecognizedAsLiability
5539000 usd
CY2023Q1 mtdr Stock Based Compensation Expense Benefit Recognized As Liability
StockBasedCompensationExpenseBenefitRecognizedAsLiability
1026000 usd
CY2024Q1 mtdr Transfer Of Inventory From To Oil And Natural Gas Properties
TransferOfInventoryFromToOilAndNaturalGasProperties
-3149000 usd
CY2023Q1 mtdr Transfer Of Inventory From To Oil And Natural Gas Properties
TransferOfInventoryFromToOilAndNaturalGasProperties
433000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23208000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
448723000 usd
CY2024Q1 us-gaap Restricted Cash
RestrictedCash
51118000 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
54705000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74326000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
503428000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
275000 usd
CY2024Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
2075000 usd
CY2024Q1 us-gaap Costs And Expenses
CostsAndExpenses
468740000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
318953000 usd
CY2024Q1 us-gaap Assets
Assets
8227329000 usd
CY2024Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
638558000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
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3669000 usd
CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
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-7067000 usd
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
308843000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
251433000 usd
CY2023Q1 us-gaap Assets
Assets
5782105000 usd
CY2023Q1 us-gaap Payments To Acquire Productive Assets
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333554000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false

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