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Subsidiary Guarantors | 3 Months Ended
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Mar. 31, 2020
Equity [Abstract] |
SUBSIDIARY GUARANTORS | The Notes are jointly and severally guaranteed by certain subsidiaries of Matador (the “Guarantor Subsidiaries”) on a full and unconditional basis (except for customary release provisions). At March 31, 2020, the Guarantor Subsidiaries were 100% owned by Matador. Matador is a parent holding company and has no independent assets or operations, and there are no significant restrictions on the ability of Matador to obtain funds from the Guarantor Subsidiaries by dividend or loan. San Mateo and its subsidiaries (the “Non-Guarantor Subsidiaries”) are not guarantors of the Notes. The following tables present condensed consolidating financial information of Matador (as issuer of the Notes), the Non-Guarantor Subsidiaries, the Guarantor Subsidiaries and all entities on a consolidated basis (in thousands). Elimination entries are necessary to combine the entities. This financial information is presented in accordance with the requirements of Rule 3-10 of Regulation S-X. The following financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities.
Condensed Consolidating Balance Sheet March 31, 2020
|  | Matador |  | Non-Guarantor Subsidiaries |  | Guarantor Subsidiaries |  | Eliminating Entries |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Intercompany receivable |  | $ | 1,595,484 |  |  | $ | 13,440 |  |  | $ | — |  |  | $ | (1,608,924 | ) |  | $ | — |
Current assets |  | 7,024 |  |  | 41,840 |  |  | 307,771 |  |  | — |  |  | 356,635 |
Net property and equipment |  | — |  |  | 648,361 |  |  | 3,238,872 |  |  | — |  |  | 3,887,233 |
Investment in subsidiaries |  | 1,516,219 |  |  | — |  |  | 170,552 |  |  | (1,686,771 | ) |  | — |
Long-term assets |  | — |  |  | 2,855 |  |  | 97,278 |  |  | (10,330 | ) |  | 89,803 |
Total assets |  | $ | 3,118,727 |  |  | $ | 706,496 |  |  | $ | 3,814,473 |  |  | $ | (3,306,025 | ) |  | $ | 4,333,671 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |
Intercompany payable |  | $ | — |  |  | $ | — |  |  | $ | 1,608,924 |  |  | $ | (1,608,924 | ) |  | $ | — |
Current liabilities |  | 2,867 |  |  | 52,782 |  |  | 305,123 |  |  | (874 | ) |  | 359,898 |
Senior unsecured notes payable |  | 1,039,811 |  |  | — |  |  | — |  |  | — |  |  | 1,039,811 |
Other long-term liabilities |  | 84,700 |  |  | 320,131 |  |  | 384,207 |  |  | (9,456 | ) |  | 779,582 |
Total equity attributable to Matador Resources Company |  | 1,991,349 |  |  | 170,552 |  |  | 1,516,219 |  |  | (1,686,771 | ) |  | 1,991,349 |
Non-controlling interest in subsidiaries |  | — |  |  | 163,031 |  |  | — |  |  | — |  |  | 163,031 |
Total liabilities and equity |  | $ | 3,118,727 |  |  | $ | 706,496 |  |  | $ | 3,814,473 |  |  | $ | (3,306,025 | ) |  | $ | 4,333,671 |
Condensed Consolidating Balance Sheet December 31, 2019
|  | Matador |  | Non-Guarantor Subsidiaries |  | Guarantor Subsidiaries |  | Eliminating Entries |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Intercompany receivable |  | $ | 1,578,133 |  |  | $ | 29,217 |  |  | $ | — |  |  | $ | (1,607,350 | ) |  | $ | — |
Current assets |  | 29 |  |  | 37,933 |  |  | 240,530 |  |  | — |  |  | 278,492 |
Net property and equipment |  | — |  |  | 583,899 |  |  | 3,115,696 |  |  | — |  |  | 3,699,595 |
Investment in subsidiaries |  | 1,332,237 |  |  | — |  |  | 144,697 |  |  | (1,476,934 | ) |  | — |
Long-term assets |  | — |  |  | 3,072 |  |  | 99,049 |  |  | (10,532 | ) |  | 91,589 |
Total assets |  | $ | 2,910,399 |  |  | $ | 654,121 |  |  | $ | 3,599,972 |  |  | $ | (3,094,816 | ) |  | $ | 4,069,676 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |
Intercompany payable |  | $ | — |  |  | $ | — |  |  | $ | 1,607,350 |  |  | $ | (1,607,350 | ) |  | $ | — |
Current liabilities |  | — |  |  | 73,086 |  |  | 327,595 |  |  | (909 | ) |  | 399,772 |
Senior unsecured notes payable |  | 1,039,416 |  |  | — |  |  | — |  |  | — |  |  | 1,039,416 |
Other long-term liabilities |  | 37,329 |  |  | 300,540 |  |  | 332,790 |  |  | (9,623 | ) |  | 661,036 |
Total equity attributable to Matador Resources Company |  | 1,833,654 |  |  | 144,697 |  |  | 1,332,237 |  |  | (1,476,934 | ) |  | 1,833,654 |
Non-controlling interest in subsidiaries |  | — |  |  | 135,798 |  |  | — |  |  | — |  |  | 135,798 |
Total liabilities and equity |  | $ | 2,910,399 |  |  | $ | 654,121 |  |  | $ | 3,599,972 |  |  | $ | (3,094,816 | ) |  | $ | 4,069,676 |
Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2020
|  | Matador |  | Non-Guarantor Subsidiaries |  | Guarantor Subsidiaries |  | Eliminating Entries |  | Consolidated
Total revenues |  | $ | — |  |  | $ | 45,319 |  |  | $ | 347,687 |  |  | $ | (21,421 | ) |  | $ | 371,585 |
Total expenses |  | 921 |  |  | 23,794 |  |  | 174,759 |  |  | (21,421 | ) |  | 178,053 |
Operating (loss) income |  | (921 | ) |  | 21,525 |  |  | 172,928 |  |  | — |  |  | 193,532 |
Interest expense |  | (17,375 | ) |  | (2,437 | ) |  | — |  |  | — |  |  | (19,812 | )
Other income |  | — |  |  | — |  |  | 1,320 |  |  | — |  |  | 1,320 |
Earnings in subsidiaries |  | 183,982 |  |  | — |  |  | 9,734 |  |  | (193,716 | ) |  | — |
Income before income taxes |  | 165,686 |  |  | 19,088 |  |  | 183,982 |  |  | (193,716 | ) |  | 175,040 |
Total income tax provision |  | 39,957 |  |  | — |  |  | — |  |  | — |  |  | 39,957 |
Net income attributable to non-controlling interest in subsidiaries |  | — |  |  | (9,354 | ) |  | — |  |  | — |  |  | (9,354 | )
Net income attributable to Matador Resources Company shareholders |  | $ | 125,729 |  |  | $ | 9,734 |  |  | $ | 183,982 |  |  | $ | (193,716 | ) |  | $ | 125,729 |
Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2019
|  | Matador |  | Non-Guarantor Subsidiaries |  | Guarantor Subsidiaries |  | Eliminating Entries |  | Consolidated
Total revenues |  | $ | — |  |  | $ | 42,876 |  |  | $ | 149,248 |  |  | $ | (18,235 | ) |  | $ | 173,889 |
Total expenses |  | 1,035 |  |  | 25,505 |  |  | 158,043 |  |  | (18,235 | ) |  | 166,348 |
Operating (loss) income |  | (1,035 | ) |  | 17,371 |  |  | (8,795 | ) |  | — |  |  | 7,541 |
Interest expense |  | (15,787 | ) |  | (2,142 | ) |  | — |  |  | — |  |  | (17,929 | )
Other expense |  | — |  |  | — |  |  | (110 | ) |  | — |  |  | (110 | )
(Loss) earnings in subsidiaries |  | (1,138 | ) |  | — |  |  | 7,767 |  |  | (6,629 | ) |  | — |
(Loss) income before income taxes |  | (17,960 | ) |  | 15,229 |  |  | (1,138 | ) |  | (6,629 | ) |  | (10,498 | )
Total income tax benefit |  | (1,013 | ) |  | — |  |  | — |  |  | — |  |  | (1,013 | )
Net income attributable to non-controlling interest in subsidiaries |  | — |  |  | (7,462 | ) |  | — |  |  | — |  |  | (7,462 | )
Net (loss) income attributable to Matador Resources Company shareholders |  | $ | (16,947 | ) |  | $ | 7,767 |  |  | $ | (1,138 | ) |  | $ | (6,629 | ) |  | $ | (16,947 | )
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2020
|  | Matador |  | Non-Guarantor Subsidiaries |  | Guarantor Subsidiaries |  | Eliminating Entries |  | Consolidated
Net cash provided by operating activities |  | $ | 4 |  |  | $ | 25,244 |  |  | $ | 84,124 |  |  | $ | — |  |  | $ | 109,372 |
Net cash used in investing activities |  | — |  |  | (73,670 | ) |  | (170,065 | ) |  | (4,485 | ) |  | (248,220 | )
Net cash provided by financing activities |  | — |  |  | 53,500 |  |  | 72,530 |  |  | 4,485 |  |  | 130,515 |
Increase (decrease) in cash and restricted cash |  | 4 |  |  | 5,074 |  |  | (13,411 | ) |  | — |  |  | (8,333 | )
Cash and restricted cash at beginning of period |  | 29 |  |  | 24,656 |  |  | 40,443 |  |  | — |  |  | 65,128 |
Cash and restricted cash at end of period |  | $ | 33 |  |  | $ | 29,730 |  |  | $ | 27,032 |  |  | $ | — |  |  | $ | 56,795 |
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2019
|  | Matador |  | Non-Guarantor Subsidiaries |  | Guarantor Subsidiaries |  | Eliminating Entries |  | Consolidated
Net cash (used in) provided by operating activities |  | $ | (109 | ) |  | $ | 32,616 |  |  | $ | 26,733 |  |  | $ | — |  |  | $ | 59,240 |
Net cash used in investing activities |  | — |  |  | (29,988 | ) |  | (184,892 | ) |  | — |  |  | (214,880 | )
Net cash provided by financing activities |  | — |  |  | 3,968 |  |  | 114,400 |  |  | — |  |  | 118,368 |
(Decrease) Increase in cash and restricted cash |  | (109 | ) |  | 6,596 |  |  | (43,759 | ) |  | — |  |  | (37,272 | )
Cash and restricted cash at beginning of period |  | 456 |  |  | 18,840 |  |  | 64,688 |  |  | — |  |  | 83,984 |
Cash and restricted cash at end of period |  | $ | 347 |  |  | $ | 25,436 |  |  | $ | 20,929 |  |  | $ | — |  |  | $ | 46,712 |

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