Matador Resources Company

Matador Resources Company

Matador Resources Company was incorporated in 2003 by Joseph Wm. Foran, a geologist who had previously co-founded Foran & Associates, a petroleum engineering consultancy. The firm went public on the New York Stock Exchange under the ticker MTDR in 2012, raising approximately $200 million in its IPO (per SEC filings, 2012). The company operates an integrated upstream and midstream business. Its primary drilling activities target the Wolfcamp, Bone Spring, and Avalon formations in the Delaware Basin. Matador also owns a 50% stake in San Mateo Midstream, a joint venture with a subsidiary of Five Point Energy, which provides natural gas gathering, oil gathering, and water handling services (per firm's 2023 annual report). Confirmed positions include acreage in Lea and Eddy counties, New Mexico, and Loving County, Texas. As of 2025, Matador employs roughly 500 people and runs a drilling inventory of over 1,200 gross locations, according to its investor presentations. The firm also has a secondary office in Houston. It does not operate adjacent philanthropic or investment vehicles disclosed separately from the public company structure. Matador's structural differentiator is its integrated model — it both extracts and transports hydrocarbons, capturing margin on each step. The San Mateo joint venture insulates some midstream income from commodity price swings. The firm also pays a base dividend plus variable dividends tied to cash flow, signaling a capital-return discipline rare among small-cap E&P companies.