Matador Resources : Q2 2022 Investor Presentation

Second Quarter 2022 Earnings Release

July 26, 2022

Investor Relations Contact and Disclosure Statements

Investor Relations Contact

Mac Schmitz

Vice President - Investor Relations

Phone: [phone]

E-mail: [e-mail]

Cautionary Note - The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Potential resources are not proved, probable or possible reserves. The SEC's guidelines prohibit Matador from including such information in filings with the SEC.

Definitions - Proved oil and natural gas reserves are the estimated quantities of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Matador's production and proved reserves are reported in two streams: oil and natural gas, including both dry and liquids-rich natural gas. Where Matador produces liquids-rich natural gas, the economic value of the natural gas liquids associated with the natural gas is included in the estimated wellhead natural gas price on those properties where the natural gas liquids are extracted and sold. Estimated ultimate recovery (EUR) is a measure that by its nature is more speculative than estimates of proved reserves prepared in accordance with SEC definitions and guidelines and is accordingly less certain. Type curves, if any, shown in this presentation are used to compare actual well performance to a range of potential production results calculated without regard to economic conditions; actual recoveries may vary from these type curves based on individual well performance and economic conditions.

Safe Harbor Statement - This presentation and statements made by representatives of Matador Resources Company ("Matador" or the "Company") during the course of this presentation include "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. "Forward-looking statements" are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "could," "believe," "would," "anticipate," "intend," "estimate," "expect," "may," "should," "continue," "plan," "predict," "potential," "project," "hypothetical," "forecasted" and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company's ability to execute its business plan, including whether Matador's drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; Matador's ability to replace reserves and efficiently develop current reserves; the operating results of the Company's midstream's oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company's operations due to seismic events; availability of sufficient capital to execute Matador's business plan, including from future cash flows, available borrowing capacity under Matador's revolving credit facilities and otherwise; Matador's ability to make acquisitions on economically acceptable terms; Matador's ability to integrate acquisitions; the operating results of and any potential distributions from the Company's joint ventures; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus ("COVID-19"), on oil and natural gas demand, oil and natural gas prices and its business; and the other factors which could cause actual results to differ materially from those anticipated or implied in the forward- looking statements. For further discussions of risks and uncertainties, you should refer to Matador's filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of Matador's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this presentation, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement.

2

Chairman's Remarks

July 26, 2022

SLIDE A

Q2 2022 Highlights

• Doubled the Dividend
• • Now $0.40/share per annum
• Reduced Debt
• • No outstanding borrowings on revolving credit facility
  • Repurchased $158 million in bonds(1)
• Increased Production
• • Record 110,750 BOE per day in Q2
• Record Financial Results
• • Oil and natural gas revenues ($893 million), net income ($416 million), Adjusted EBITDA(2) ($664 million)
• Generating Adj. Free Cash Flow(1)
• • Record $454 million in Q2 - Almost as much as all of 2021 ($487 million)!

(1)	Through July 25, 2022.	4
(2)	Adjusted EBITDA and adjusted free cash flow are non-GAAP financial measures. For a definition and reconciliation to the comparable GAAP measures, see Appendix.

SLIDE B

Growing Production while Decreasing Costs!

Daily Oil and Natural Gas Production

BOE/day

							Q2 2022 production
							at all-time high!		110,750
BOE/dProduction,Daily	120,000			Oil		Natural Gas			93,969
100,000	52,937 54,625	55,536 59,941 61,290 69,645 73,749 71,161 73,302 72,989 83,183 73,983 93,210 90,033 87,288
	80,000
	60,000

40,000

20,000

0

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22

Period Turned to Sales

Drilling & Completion CapEx

$/foot

	$1,750			$1,520	$1,558
	$1,427
	$1,500
								Q2 2022 D&C/ft
D&CCapEx/ft					$1,222	$1,132	$1,178	$1,109	$1,009	$878			near all-time lows!
				$786	$625 $783 $614 $652 $738 $752	$772
(1)
	$1,250
	$1,000
	$750

$500

$250

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22

Period Turned to Sales

(1) Cost per completed lateral foot metric shown represents the drilling and completion ("D&C") portion of operated horizontal well costs only. Excludes costs to equip wells, midstream capital	5
expenditures, capitalized general and administrative ("G&A") or interest expenses and certain other capital expenditures.