MTDR · CIK 1520006
What Matador Resources Company told the SEC could break it.
What Matador disclosed concentrates on a few tight dependencies: roughly 98% of its 2025 oil and gas production comes from a single area, the Delaware Basin, so trouble in that one basin would hit the whole business. On top of that geographic concentration, just three purchasers account for about 72% of its revenue, and it flags that newly expanded U.S. tariffs on steel and aluminum raise input costs its fixed-fee midstream operations generally can't pass through.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Delaware Basin (Southeast New Mexico / West Texas)high
~98% of 2025 oil and natural gas production came from the Delaware Basin; problems with production or markets in that single basin would materially impact the business.
“In recent years, the Delaware Basin has become an area of increasing focus for us, and approximately 98% of our total oil and natural gas production for 2025 was attributable to our properties in the Delaware Basin.”
SEC filing →As of 2026
Customer concentration
- three significant purchasers (72% of revenue)medium
Three unnamed significant purchasers collectively accounted for ~72% of total oil, natural gas and NGL revenues in 2025 (79% in 2024, 76% in 2023); loss of one could materially harm the business.
“For each of the years ended December 31, 2025, 2024 and 2023, we had three significant purchasers that collectively accounted for approximately 72%, 79% and 76%, respectively, of our total oil, natural gas and NGL revenues.”
SEC filing →As of 2026
Regulatory & policy
- 2025 US tariffs on steel and aluminum inputsmedium
April 2025 US tariff regime (10% baseline plus reciprocal tariffs and expanded steel/aluminum tariffs on key industrial inputs) raises input costs; the fixed-fee midstream business generally cannot pass cost increases through to customers.
“Since that time, the U.S. expanded tariffs on key industrial inputs, including tariffs on steel and aluminum imports, and at times announced, rescinded, modified and temporarily suspended multiple tariffs on several foreign jurisdictions, which increased uncertainty regarding the ultimate effect of the tariffs on economic conditions.”
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