SUBSEQUENT EVENTS	6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Paloma Acquisition On July 22, 2026, a wholly-owned subsidiary of the Company entered into a definitive agreement to acquire Paloma Permian, LLC (“Paloma”) from a portfolio company of EnCap Investments L.P. (“EnCap”), including certain proved undeveloped acreage and oil and natural gas producing properties located in Eddy and Lea Counties, New Mexico (the “Paloma Acquisition”). The consideration for the Paloma Acquisition will consist of a cash payment of $1.275 billion, subject to customary closing adjustments, including for working capital and for title and environmental defects. The consummation of the Paloma Acquisition is subject to the satisfaction or waiver of a number of customary closing conditions and is expected to close in the fourth quarter of 2026, with an effective date of June 1, 2026. This acquisition is expected to be funded through cash on hand and borrowings under the Company’s existing reserves-based Credit Agreement, for which the elected commitment level was increased to $2.75 billion as discussed in Note 5, Debt. Ridge Runner Acquisition On July 22, 2026, a wholly-owned subsidiary of the Company entered into a definitive agreement to acquire from subsidiaries of Ridge Runner Resources II, LLC, a portfolio company of EnCap, primarily undeveloped acreage and certain oil and natural gas producing properties located the Woodford play in Lea County, New Mexico and Winkler and Ward Counties, Texas (the “Ridge Runner Acquisition”). The consummation of the Ridge Runner Acquisition is subject to the satisfaction or waiver of a number of customary closing conditions and is expected to close in the fourth quarter of 2026, with an effective date of June 1, 2026. This acquisition is expected to be funded through cash on hand and borrowings under the Company’s existing reserves-based Credit Agreement, for which the elected commitment level was increased to $2.75 billion as discussed in Note 5, Debt. Cardinal Acquisition On July 31, 2026, a wholly-owned subsidiary of San Mateo completed the acquisition of the operating subsidiaries of Cardinal Midstream Partners, LLC (“Cardinal”), a portfolio company of EnCap Flatrock Midstream, for total cash consideration of $752.0 million, subject to certain customary post-closing purchase price adjustments (the “Cardinal Acquisition”). The purchase price for the Cardinal Acquisition was funded through a combination of (i) borrowings under a new $650.0 million term loan due July 30, 2027 under the San Mateo Credit Facility, (ii) capital contributions by Matador and Five Point to San Mateo of $51.0 million and $49.0 million, respectively, and (iii) cash on hand.

On July 22, 2026, a wholly-owned subsidiary of the Company entered into a definitive agreement to acquire Paloma Permian, LLC (“Paloma”) from a portfolio company of EnCap Investments L.P. (“EnCap”), including certain proved undeveloped acreage and oil and natural gas producing properties located in Eddy and Lea Counties, New Mexico (the “Paloma Acquisition”). The consideration for the Paloma Acquisition will consist of a cash payment of $1.275 billion, subject to customary closing adjustments, including for working capital and for title and environmental defects. The consummation of the Paloma Acquisition is subject to the satisfaction or waiver of a number of customary closing conditions and is expected to close in the fourth quarter of 2026, with an effective date of June 1, 2026. This acquisition is expected to be funded through cash on hand and borrowings under the Company’s existing reserves-based Credit Agreement, for which the elected commitment level was increased to $2.75 billion as discussed in Note 5, Debt.

On July 22, 2026, a wholly-owned subsidiary of the Company entered into a definitive agreement to acquire from subsidiaries of Ridge Runner Resources II, LLC, a portfolio company of EnCap, primarily undeveloped acreage and certain oil and natural gas producing properties located the Woodford play in Lea County, New Mexico and Winkler and Ward Counties, Texas (the “Ridge Runner Acquisition”). The consummation of the Ridge Runner Acquisition is subject to the satisfaction or waiver of a number of customary closing conditions and is expected to close in the fourth quarter of 2026, with an effective date of June 1, 2026. This acquisition is expected to be funded through cash on hand and borrowings under the Company’s

On July 31, 2026, a wholly-owned subsidiary of San Mateo completed the acquisition of the operating subsidiaries of Cardinal Midstream Partners, LLC (“Cardinal”), a portfolio company of EnCap Flatrock Midstream, for total cash consideration of $752.0 million, subject to certain customary post-closing purchase price adjustments (the “Cardinal Acquisition”). The purchase price for the Cardinal Acquisition was funded through a combination of (i) borrowings under a new $650.0 million term loan due July 30, 2027 under the San Mateo Credit Facility, (ii) capital contributions by Matador and Five Point to San Mateo of $51.0 million and $49.0 million, respectively, and (iii) cash on hand.