Matador Resources is an independent oil and gas company focused almost entirely on drilling in the Delaware Basin in Southeast New Mexico and West Texas — the western portion of the Permian Basin. Matador targets the Wolfcamp and Bone Spring formations using horizontal drilling and hydraulic fracturing, and the Delaware Basin accounts for roughly 98% of production and 99% of proved reserves. Matador holds ~212,500 net acres and has identified over 1,800 net engineered drilling locations, representing a multi-decade inventory. The company operates two segments: Exploration & Production (~80%+ of revenues) and Midstream (~15–20%). In E&P, revenue is driven by production volumes multiplied by realized commodity prices, with oil (~58% of BOE production) as the dominant value driver. Matador focuses on well-level efficiency through longer laterals, batch drilling, and Simul-Frac and Trimul-Frac completion techniques, which fracture multiple wells simultaneously to reduce cost per lateral foot. The midstream segment is conducted primarily through San Mateo Midstream, a joint venture 51% owned by Matador, which provides gathering, processing, and water disposal services to both Matador and third-party producers on a fixed-fee basis. Owning midstream gives Matador dedicated takeaway capacity, reducing exposure to pipeline constraints common in the Permian. Matador grows through organic drilling, "brick-by-brick" land trades to extend laterals and consolidate acreage, and larger acquisitions — most recently the ~$2B Ameredev deal in 2024.