Form 4: Matador CEO Foran Reports Stock Grant Settlement

Matador Resources Co. Chairman and CEO Joseph Wm. Foran reported the settlement of performance stock units and related tax withholding, impacting his direct beneficial ownership.

Summary

• Joseph Wm. Foran, Chairman and CEO of Matador Resources Co. (MTDR), reported transactions on January 6, 2026.
• Acquired 11,600 shares of Common Stock at $0 as settlement of a 2023 Performance Stock Grant.
• The performance stock units settled at 58% of the target, based on the company's relative total shareholder return over a three-year performance period from January 1, 2023, to December 31, 2025.
• Disposed of 4,798 shares of Common Stock at $41.41, which were withheld by the Issuer to satisfy tax liability upon the settlement of the 2023 Performance Stock Grant.
• No shares were sold by Mr. Foran to satisfy this tax liability.
• Direct beneficial ownership changed from 35,652 shares to 30,854 shares following these transactions.
• The filing also details various indirect beneficial ownerships through trusts and partnerships, totaling over 4.5 million shares, for which Mr. Foran disclaims beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 7

Explanation: The settlement of performance units is generally positive, indicating some level of performance achievement and continued insider ownership, though the 58% settlement rate is not top-tier. The tax withholding is a neutral, administrative event, and the decision not to sell shares personally for tax purposes is a positive signal of confidence.

Positives

• The settlement of performance stock units indicates the achievement of performance targets, demonstrating executive compensation alignment with company performance.
• No shares were sold by the reporting person to cover tax liabilities, suggesting a preference to retain equity in the company.

Negatives

• The performance stock units settled at 58% of the target, indicating that the company's relative total shareholder return did not reach the highest performance tier during the three-year period.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• The reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that such person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of these shares.
• The reporting person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

Industry Context

This Form 4 filing details an individual insider transaction related to executive compensation and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders: Provides transparency regarding executive compensation and changes in insider ownership, which can influence investor confidence.
• Employees: Reflects the company's equity compensation structure for executives, which may be indicative of broader compensation practices.

Key Dates

Recommendation

This Form 4 details routine executive compensation settlement and tax withholding, which are standard operational events. It does not provide new fundamental information about the company's financial health or strategic direction that would warrant a change in investment recommendation. The 58% performance unit settlement is moderate, not exceptional, and the overall impact on the company's valuation is negligible.

Keywords

Matador Resources, MTDR, Joseph Foran, CEO, Director, Stock Grant, Performance Units, Insider Transaction, SEC Form 4, Equity Compensation