XML 25 R14.htm IDEA: XBRL DOCUMENT v3.24.2
EQUITY
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
EQUITY EQUITY
Equity Offering
On March 28, 2024, the Company completed an underwritten public offering of 5,250,000 shares of its common stock. After deducting underwriting discounts and offering expenses, the Company received net proceeds of approximately $342.1 million. The net proceeds from this offering were used for general corporate purposes, including the funding of acquisitions and the repayment of borrowings outstanding under the Credit Agreement.
Stock-based Compensation
During the six months ended June 30, 2024, the Company granted awards to certain of its employees of 137,100 service-based restricted stock units to be settled in cash, which are liability instruments, and 176,000 performance-based stock units and 112,700 service-based shares of restricted stock, which are equity instruments. The performance-based stock units vest in an amount between zero and 200% of the target units granted based on the Company’s relative total shareholder return over the three-year period ending December 31, 2026, as compared to a designated peer group. The service-based restricted stock and restricted stock units vest over a three-year period. The fair value of these awards was approximately $25.8 million on the grant date.
Common Stock Dividend
Matador’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.20 per share of common stock in each of the first and second quarters of 2024. The first quarter dividend, which totaled $23.9 million, was paid on March 13, 2024 to shareholders of record as of February 23, 2024. The second quarter dividend, which totaled $24.9 million, was paid on June 7, 2024 to shareholders of record as of May 17, 2024. On July 18, 2024, the Board declared a quarterly cash dividend of $0.20 per share of common stock payable on September 5, 2024 to shareholders of record as of August 15, 2024.
San Mateo Distributions and Contributions
During the three months ended June 30, 2024 and 2023, San Mateo distributed $25.4 million and $26.4 million, respectively, to the Company and $24.5 million and $25.3 million, respectively, to a subsidiary of Five Point Energy LLC (“Five Point”), the Company’s joint venture partner in San Mateo. During the six months ended June 30, 2024 and 2023, San Mateo distributed $52.2 million and $46.3 million, respectively, to the Company and $50.2 million and $44.4 million, respectively, to a subsidiary of Five Point. During the three months ended June 30, 2024 and 2023, the Company contributed $12.2 million and $25.5 million, respectively, and Five Point contributed $11.8 million and $24.5 million, respectively, of cash to San Mateo. During the six months ended June 30, 2024 and 2023, the Company contributed $19.9 million and $25.5 million, respectively, and Five Point contributed $19.1 million and $24.5 million, respectively, of cash to San Mateo.
Performance Incentives
Five Point paid the Company $8.8 million of performance incentives during the three months ended June 30, 2024. No performance incentives were paid by Five Point to the Company during the three months ended June 30, 2023. Five Point paid the Company $10.3 million and $14.7 million of performance incentives during the six months ended June 30, 2024 and 2023, respectively. These performance incentives are recorded when received, net of the $1.8 million deferred tax impact to the Company for the three months ended June 30, 2024 and the $2.1 million and $3.1 million deferred tax impact to the Company for the six months ended June 30, 2024 and 2023, respectively, in “Additional paid-in capital” in the Company’s interim unaudited condensed consolidated balance sheets. These performance incentives for the three months ended June 30, 2024 and the six months ended June 30, 2024 and 2023 are also denoted as “Contributions related to formation of San Mateo” under “Financing activities” in the Company’s interim unaudited condensed consolidated statements of cash flows and changes in shareholders’ equity.