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Subsequent Events | 12 Months Ended
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Dec. 31, 2016
Subsequent Events [Abstract] |
Subsequent Events | Subsequent to December 31, 2016, the Company acquired approximately 13,900 gross (8,200 net) leased and mineral acres and approximately 1,000 BOE per day of related production from various lessors and other operators, mostly in and around its existing acreage in the Delaware Basin. The cost of these acquisitions was approximately $111 million. On February 17, 2017, the Company contributed substantially all of its midstream assets located in the Rustler Breaks and Wolf asset areas to San Mateo Midstream, LLC (“San Mateo” or the “Joint Venture”), a joint venture with a subsidiary of Five Point Capital Partners LLC (“Five Point”). The midstream assets contributed to San Mateo include (i) the Black River cryogenic natural gas processing plant in the Rustler Breaks asset area (“Black River Processing Plant”); (ii) one salt water disposal well and a related commercial salt water disposal facility in the Rustler Breaks asset area; (iii) three salt water disposal wells and related commercial salt water disposal facilities in the Wolf asset area; and (iv) substantially all related oil, natural gas and water gathering systems and pipelines in both the Rustler Breaks and Wolf asset areas (collectively, the “Delaware Midstream Assets”). The Company will continue to operate the Delaware Midstream Assets. The Company retained its ownership in certain midstream assets owned in South Texas and Northwest Louisiana, which are not part of the Joint Venture. The Company and Five Point own 51% and 49% of the Joint Venture, respectively. Five Point provided initial cash consideration of $176.4 million to the Joint Venture in exchange for its 49% interest. Approximately $171.5 million of this cash contribution by Five Point was distributed by the Joint Venture to the Company as a special distribution. The Company may earn an additional $73.5 million in performance incentives over the next five years. The Company contributed the Delaware Midstream Assets and $5.1 million in cash to the Joint Venture in exchange for its 51% interest. The parties to the Joint Venture have also committed to spend up to an additional $140 million in the aggregate to expand the Joint Venture’s midstream operations and asset base. In connection with the Joint Venture, the Company dedicated its current and future leasehold interests in the Rustler Breaks and Wolf asset areas pursuant to 15-year, fixed-fee natural gas, oil and salt water gathering agreements and salt water disposal agreements, effective as of February 1, 2017. In addition, the Company dedicated its current and future leasehold interests in the Rustler Breaks asset area pursuant to a 15-year, fixed fee natural gas processing agreement (when combined with the gathering and salt water disposal agreements, the “Operational Agreements”). The Joint Venture will provide the Company with firm service under each of the Operational Agreements in exchange for certain minimum volume commitments. The minimum contractual obligation under the Operational Agreements at inception was approximately $273.5 million. The following unaudited pro forma consolidated financial information is presented to illustrate the effect on the historical operating results and financial position of the Company of (a) the formation of San Mateo and the transactions associated with the Joint Venture and (b) the Company’s acquisition on February 14, 2017 of the remaining non-controlling interest in Fulcrum Delaware Water Resources, LLC (“Fulcrum Delaware Water Resources”) not previously owned by the Company for approximately $2.6 million (collectively, the “Transactions”). The Unaudited Pro Forma Consolidated Statement of Operations for the year ended December 31, 2016, if presented, would contain an adjustment of $4.5 million to increase the net income attributable to non-controlling interest in subsidiaries from $0.4 million to $4.9 million, which would increase the net loss attributable to Matador Resources Company shareholders from $97.4 million to $102.0 million, and an adjustment of $0.05 per diluted common share to increase the net loss per diluted common share attributable to Matador Resources Company shareholders from $1.07 to $1.12. The following Unaudited Pro Forma Consolidated Balance Sheet as of December 31, 2016, presented for illustrative purposes, is based on the historical financial statements of the Company as of December 31, 2016, after giving effect to the Transactions as if they had occurred on December 31, 2016. UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
|  | December 31, 2016
|  | As Reported |  | Adjustment |  | Pro Forma
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash |  | $ | 212,884 |  |  | $ | 164,340 |  | (1) | $ | 377,224 |
Restricted cash |  | 1,258 |  |  | 9,407 |  | (2) | 10,665 |
Accounts receivable |  |  |  |  |  | — |
Oil and natural gas revenues |  | 34,154 |  |  | — |  |  | 34,154 |
Joint interest billings |  | 19,347 |  |  | — |  |  | 19,347 |
Other |  | 5,167 |  |  | — |  |  | 5,167 |
Lease and well equipment inventory |  | 3,045 |  |  | — |  |  | 3,045 |
Prepaid expenses and other assets |  | 3,327 |  |  | — |  |  | 3,327 |
Total current assets |  | 279,182 |  |  | 173,747 |  |  | 452,929 |
Property and equipment, at cost |  |  |  |  |  |
Oil and natural gas properties, full-cost method |  |  |  |  |  |
Evaluated |  | 2,408,305 |  |  | — |  |  | 2,408,305 |
Unproved and unevaluated |  | 479,736 |  |  | — |  |  | 479,736 |
Other property and equipment |  | 160,795 |  |  | — |  |  | 160,795 |
Less accumulated depletion, depreciation and amortization |  | (1,864,311 | ) |  | — |  |  | (1,864,311 | )
Net property and equipment |  | 1,184,525 |  |  | — |  |  | 1,184,525 |
Other assets |  | 958 |  |  |  |  | 958 |
Total assets |  | $ | 1,464,665 |  |  | $ | 173,747 |  |  | $ | 1,638,412 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Accounts payable |  | $ | 4,674 |  |  | $ | — |  |  | $ | 4,674 |
Accrued liabilities |  | 101,460 |  |  | — |  |  | 101,460 |
Royalties payable |  | 23,988 |  |  | — |  |  | 23,988 |
Amounts due to affiliates |  | 8,651 |  |  | — |  |  | 8,651 |
Derivative instruments |  | 24,203 |  |  | — |  |  | 24,203 |
Advances from joint interest owners |  | 1,700 |  |  | — |  |  | 1,700 |
Amounts due to joint ventures |  | 4,251 |  |  | — |  |  | 4,251 |
Other current liabilities |  | 578 |  |  | — |  |  | 578 |
Total current liabilities |  | 169,505 |  |  | — |  |  | 169,505 |
Long-term liabilities |  |  |  |  |  |
Senior unsecured notes payable |  | 573,924 |  |  | — |  |  | 573,924 |
Asset retirement obligations |  | 19,725 |  |  | — |  |  | 19,725 |
Derivative instruments |  | 751 |  |  | — |  |  | 751 |
Amounts due to joint ventures |  | 1,771 |  |  | — |  |  | 1,771 |
Other long-term liabilities |  | 7,544 |  |  | — |  |  | 7,544 |
Total long-term liabilities |  | 603,715 |  |  | — |  |  | 603,715 |
Commitments and contingencies (Note 13) |  |  |  |  |  |
Shareholders’ equity |  |  |  |  |  |
Common stock — $0.01 par value, 120,000,000 shares authorized; 99,518,764 and 85,567,021 shares issued; and 99,511,931 and 85,564,435 shares outstanding, respectively |  | 995 |  |  | — |  |  | 995 |
Additional paid-in capital |  | 1,325,481 |  |  | 124,871 |  | (3) | 1,450,352 |
Accumulated deficit |  | (636,351 | ) |  | — |  |  | (636,351 | )
Total Matador Resources Company shareholders’ equity |  | 690,125 |  |  | 124,871 |  |  | 814,996 |
Non-controlling interest in subsidiaries |  | 1,320 |  |  | 48,876 |  | (4) | 50,196 |
Total shareholders’ equity |  | 691,445 |  |  | 173,747 |  |  | 865,192 |
Total liabilities and shareholders’ equity |  | $ | 1,464,665 |  |  | $ | 173,747 |  |  | $ | 1,638,412 |
______________________
(1) | Represents $176.4 million of cash contributed by Five Point in connection with the formation of San Mateo less (i) approximately $2.6 million paid by the Company to acquire the non-controlling interest in Fulcrum Delaware Water Resources that the Company did not previously own and (ii) $10.0 million of cash restricted to operations of San Mateo. Also reflects $0.6 million released from restriction upon the purchase of the non-controlling interest in Fulcrum Delaware Water Resources not previously owned by the Company.
(2) | Represents $10.0 million in cash contributed to San Mateo less $0.6 million released from restriction upon the purchase of the non-controlling interest in Fulcrum Delaware Water Resources that the Company did not previously own.
(3) | Reflects the purchase of the non-controlling interest in Fulcrum Delaware Water Resources that the Company did not previously own and the amount received in connection with the formation of San Mateo.
(4) | Represents the adjustment required to reflect the purchase of the non-controlling interest in Fulcrum Delaware Water Resources that the Company did not previously own and Five Point’s 49% non-controlling interest in San Mateo.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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