Matador Resources Company (MTDR)

Debt-to-capital ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	3,325,410	2,206,630	465,000	485,000	774,000
Total stockholders’ equity	US$ in thousands	5,089,150	3,910,860	3,110,800	1,907,210	1,286,530
Debt-to-capital ratio		0.40	0.36	0.13	0.20	0.38

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $3,325,410K ÷ ($3,325,410K + $5,089,150K)
= 0.40

The debt-to-capital ratio of Matador Resources Company has exhibited fluctuating trends over the period from December 31, 2020, to December 31, 2024.

- As of December 31, 2020, the debt-to-capital ratio was 0.38, indicating that debt comprised 38% of the company's total capital structure.
- By December 31, 2021, the ratio had decreased to 0.20, suggesting a reduction in debt relative to the total capital of the company.
- The trend continued with a further decline in the ratio to 0.13 by December 31, 2022, potentially reflecting a stronger capital position and lower reliance on debt.
- However, there was a notable increase in the debt-to-capital ratio to 0.36 by December 31, 2023, indicating a higher proportion of debt in the capital structure.
- Subsequently, by December 31, 2024, the ratio had risen to 0.40, signaling a continued increase in the company's debt compared to its total capital.

Overall, the fluctuation in Matador Resources Company's debt-to-capital ratio suggests varying levels of leverage and financial risk over the years, and may indicate changes in the company's capital structure strategy. Further analysis of the underlying reasons for these fluctuations would be necessary to fully assess the implications for the company's financial health and stability.