Crude Oil, Condensate, & Natural Gas Liquids (Ngl) was Matador Resources’s largest product and service line in fiscal 2025, bringing in $2.84B of $3.97B (71%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crude Oil, Condensate, & Natural Gas Liquids (Ngl) | — | $2.14B | $2.77B | $2.84B | ||||||
| Oil | $2.11B | — | — | — | ||||||
| Natural Gas Revenues | $792.13M | $400.71M | — | — | ||||||
| Third-Party Midstream Services Revenues | $90.61M | $469.09M | $594.49M | $714.60M | ||||||
| Sales Of Purchased Natural Gas | $317.13M | $23.52M | $366.01M | $406.72M | ||||||
| Oil & Natural Gas Revenues | $8.40M | $6.79M | $14.24M | $11.70M | ||||||
| Total | $3.32B | $3.04B | $3.75B | $3.97B |
Matador Resources brought in $3.97B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 6.0% from $3.75B in fiscal 2024. Crude Oil, Condensate, & Natural Gas Liquids (Ngl) was the largest at $2.84B (71.5%), ahead of Third-Party Midstream Services Revenues at $714.60M (18.0%) and Sales Of Purchased Natural Gas at $406.72M (10.2%). The remaining line, Oil & Natural Gas Revenues, brought in $11.70M.
Compared with fiscal 2024, Third-Party Midstream Services Revenues grew fastest, up 20.2% to $714.60M. Every line above 2% of revenue grew.
Matador Resources began breaking out Crude Oil, Condensate, & Natural Gas Liquids (Ngl) in fiscal 2023, when it brought in $2.14B. Matador Resources stopped reporting Oil ($2.11B in fiscal 2022) and Natural Gas Revenues ($400.71M in fiscal 2023) as separate lines.
Operating Segments was Matador Resources’s largest segment in fiscal 2025, bringing in $3.23B of $2.84B (114%).
| Segment | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Segments | $2.90B | $2.54B | $3.13B | $3.23B | |||||||
| Consolidations & Eliminations | -$207.58M | -$224.78M | -$312.44M | -$385.13M | |||||||
| Total | $2.69B | $2.31B | $2.82B | $2.84B |
Matador Resources brought in $2.84B from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $3.97B it reports by product and service, so these segments do not cover all of its revenue. Operating Segments was the largest at $3.23B (113.6%).
The total is net of Consolidations & Eliminations, which took $385.13M off revenue in fiscal 2025.
Exploration & Production was Matador Resources’s largest segment in fiscal 2022, bringing in $2.90B of $3.20B (91%).
| Statement Business Segments | FY 2015 | FY 2016 | FY 2017 | FY 2019 | FY 2022 |
|---|---|---|---|---|---|
| Exploration & Production | $886.13M | $2.90B | |||
| Midstream | $135.95M | $298.18M | |||
| Total | $1.02B | $3.20B |
Matador Resources brought in $3.20B from its two segments in fiscal 2022, the year ended December 31, 2022. That was up 212.6% from $1.02B in fiscal 2019, the previous year with figures. Exploration & Production was the largest at $2.90B (90.7%), ahead of Midstream at $298.18M (9.3%).
Compared with fiscal 2019, the previous year with figures, Exploration & Production grew 227.0% to $2.90B and Midstream grew 119.3% to $298.18M. From fiscal 2019 to 2022, combined revenue from these segments grew from $1.02B to $3.20B, a compound annual growth rate of 46.2%. Exploration & Production's share of the total rose from 86.7% to 90.7%.
Matador Resources (MTDR) reports its revenue by product and service, by segment and by statement business segments. In fiscal 2025, Crude Oil, Condensate, & Natural Gas Liquids (Ngl) was its largest product and service line, bringing in $2.84B (71.5% of the total), followed by Third-Party Midstream Services Revenues at $714.60M (18.0%).
Crude Oil, Condensate, & Natural Gas Liquids (Ngl) was Matador Resources' largest product and service line in fiscal 2025, bringing in $2.84B, or 71.5% of the $3.97B total across its four product and service lines.
Operating Segments was Matador Resources' largest segment in fiscal 2025, bringing in $3.23B, or 113.6% of the $2.84B total across its two segments.
Among Matador Resources' product and service lines that make up at least 2% of revenue, Third-Party Midstream Services Revenues grew fastest in fiscal 2025, up 20.2% from $594.49M to $714.60M.
Every figure comes from Matador Resources' annual financial filings, as reported. Each line keeps the name Matador Resources gives it, and years follow its fiscal calendar.
Matador Resources' revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.