Matador Resources : Shareholder Letter – October 2023 Slides

Shareholder Letter

October 31, 2023

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 includes "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 the anticipated benefits, opportunities and results with respect to the Advance (as defined herein) acquisition, including any expected value creation, reserves additions, midstream opportunities and other anticipated impacts from the Advance acquisition, as well as other aspects of the transaction, guidance, projected or forecasted financial and operating results, future liquidity, leverage, 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, disruption from the Advance acquisition making it more difficult to maintain business and operational relationships; significant transaction costs associated with the Advance acquisition; the risk of litigation and/or regulatory actions related to the Advance acquisition, as well as the following risks related to financial and operational performance: general economic conditions; the Company's ability to execute its business plan, including whether its 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; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company's midstream 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; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, available borrowing capacity under its revolving credit facilities and otherwise; the operating results of and the availability of any potential distributions from our joint ventures; weather and environmental conditions; the ongoing impact of the novel coronavirus, or COVID-19, or variants thereof, on oil and natural gas demand, oil and natural gas prices and its business; and the other factors that 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 annual report, 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.

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SLIDE A

MTDR Performance vs. Peers (Last 5 Years)

Since January 1, 2019 through October 20, 2023 close

MTDR #1 PERFORMER

+319%

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

0%

Peer 9

Peer 10

Source: Bloomberg LP

Note: Peers include CPE, CTRA, FANG, MGY, MRO, OVV, PR, SM, VTLE and XOP.

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SLIDE B

MTDR Shares Significantly Outperforming XOP and Oil since IPO!

Since IPO (February 2, 2012) through October 20, 2023 close

Announced

Advance Deal

2018 BLM New Mexico Oil

and Gas Lease Sale

Rodney Robinson (27 wells)

Boros (34 wells) Voni (28 wells) "Stateline Wells"

Turned On Initial

Stateline Wells

0%

Announced

HEYCO Deal*COVID19 /

Saudi-Russia Oil Price War

+442%

Oil (-7%)XOP (-31%)

Source: Bloomberg LP

Note: MTDR all time low and high prices are shown as intraday. Wells represent gross well count as of September 30, 2023. XOP is the SPDR S&P Oil & Gas Exploration & Production ETF.

4

Building Delaware Basin Position "Brick by Brick" Now 150,800 Net Acres*

SLIDE C

2012

~7,500 Net Acres

6 Wells

EDDY

LEA

2017

~114,000 Net Acres

212 Wells

EDDYLEA

2023

~150,800 Net Acres

751 Wells

EDDYLEA

NEW MEXICO

NEW MEXICO

TEXAS

LOVING

Matador Acreage

NEW MEXICO

TEXAS

Matador Acreage

LOVING

WARD

TEXAS

Matador Acreage Advance Acreage

LOVING

WARD

Note: All acreage as of September 30, 2012.

Note: All acreage as of December 31, 2017.

Note: All acreage as of June 30, 2023.

*Matador trades on the New York Stock Exchange under the ticker symbol "MTDR" and operates properties in New Mexico, Texas and Louisiana.

Note: Some tracts not shown on maps. Well counts represent net well count in the Delaware Basin of Texas and New Mexico as of December 31, 2012, December 31, 2017, and September 30, 2023, respectively.

Note: "Advance" refers to Advance Energy Partner Holdings, LLC.

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SLIDE D

Steadily Increasing Fixed Dividend

Consistent Growth

8x Since Q1 2021

Sustainable

Strong, Simple Balance Sheet

Leverage Ratio < 1.0x(1)

Annualized Dividend

Returning Value to

Shareholders

$127 Million

Since 2021(2)

$0.80

$0.60

$0.40

$0.20

$0.10

Q1 2021

Q4 2021

Q3 2022

Q1 2023

Q4 2023

1. Defined as Net Debt / LTM Adjusted EBITDA as calculated under Matador's revolving credit facility (the "Credit Agreement"), without the limitation on the amount of available cash set forth in the Credit Agreement for Q3 2023. For purposes of the Credit Agreement, Net Debt at September 30, 2023 is calculated as (i) $1,199 million in senior notes outstanding, plus (ii) $530 million in borrowings outstanding under the Credit Agreement, plus (iii) $45 million in outstanding letters of credit under the Credit Agreement, less (iv) $26 million in available cash (without the application of the limitation on the maximum available cash of $75 million set forth in the Credit Agreement). Adjusted EBITDA is a non-GAAP financial measures. For a definition and reconciliations to the comparable GAAP measures, see Appendix.
2. Through December 1, 2023. On October 19, 2023, the Company announced the payment of a quarterly cash dividend of $0.20 per share of common stock on December 1, 2023 to shareholders of record as of November 10, 2023.

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SLIDE E

Credit Facility Updates

New Bank

From March 31, 2023 to October 19, 2023

Borrowing	Maximum	Elected
Base	Facility Amount	Commitment

	$2.5B	$2.0B	$1.325B
+$250MM	+$500MM		+$75MM

$2.25B

$1.5B

$1.25B

(1) At October 24, 2023.

Today's

Revolver Borrowings

Outstanding

Advance

Acquisition

$700MM

-$200MM

$500MM

Today(1)

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"Horseshoe" Wells - Savings Achieved Through Successful Operational Execution

• Q4 2023: Two Horseshoe wells turned in line
• • Increases value and potential of acreage portfolio
  • Drilled wells in record time

SLIDE F

Previous	Now
Four Single-mile Wells	Two Horseshoe Wells

24-Hour IP Rates

JJ Wheat #2021H

2,477 BOE/d (51% Oil)

JJ Wheat #2034H

2,166 BOE/d (53% Oil)

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(1) Savings based on cost estimates for drilling four single-mile laterals versus two horizontal horseshoe well designs.

Increasing Production

Q3 2023

2023 PRODUCTION UP

SLIDE G

Avg. Daily Production (BOE/d)

• 100,000

~145,000

135,096

130,500

Early January 2023

Q3 2023 Guidance(1)

Q3 2023 Actual

Q4 2023 Guidance(2)

1. Midpoint of guidance as of and as provided on July 25, 2023.
2. Midpoint of guidance as of and as provided on October 24, 2023.

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and - Synergistic Midstream Assets

Continue to Add Value to Matador (1)

SLIDE H

Ranger

Stebbins

Rustler Breaks

Gathering Assets

(oil, natural gas and water)

2017	~60 miles of three-stream pipelines
2023	~525 miles of three-stream pipelines(1)
Processing Capacity
2017	60 MMcf per day
2023	520 MMcf per day(2)
Salt Water Disposal
2017	70,000 Bbl per day of designed produced
	water disposal capacity

Matador Acreage

Acquired Advance Acreage

Existing Pipeline

Future Pipeline

Processing Plant

Stateline

Wolf

2023	477,500 Bbl per day of designed
	produced water disposal capacity(3)

Note: All acreage as of June 30, 2023. Some tracts not shown on map.	10
(1)	Includes ~420 miles of midstream pipelines owned by San Mateo Midstream, LLC ("San Mateo"), ~55 miles of midstream pipelines owned by Pronto Midstream, LLC ("Pronto") and ~50 miles of pipelines associated with the
	Advance acreage.
(2)	Includes 460 million cubic feet per day of natural gas processing owned by San Mateo and 60 million cubic feet per day of natural gas processing owned by Pronto.
(3)	Includes 445,000 Bbl/d of designed produced water disposal capacity owned by San Mateo and ~32,500 Bbl/d of produced water disposal capacity acquired in the Advance acquisition.