Matador Resources Company (MTDR) investor relations material

Company history and strategic positioning

• Founder-led since inception, with significant growth from $6 million initial capital to over $10 billion in asset value.

• Operates primarily as a pure play Delaware Basin operator, with legacy assets in Haynesville and Cotton Valley held for optionality.

• Focused on high-quality, contiguous acreage and capital-efficient acquisitions, emphasizing organic ground game and strategic lease purchases.

• Recent acquisitions and ground game efforts added 17,000 net acres, enhancing inventory and operational flexibility.

• Inventory base is robust, continually replenished through acquisitions and geological innovation.

Operational performance and capital efficiency

• Achieved a 21% CAGR in oil production post-COVID, with similar growth in BOE production.

• Projected to generate around $900 million in free cash flow for 2026 while maintaining production growth.

• Capital efficiency improved with a 12% reduction in drilling and completion costs since 2024.

• Faster drilling and completion times (10-15% improvement YoY) drive cost savings and free cash flow.

• Free cash flow prioritized for fixed dividend growth, debt repayment, and opportunistic share buybacks.

Integrated midstream business

• Owns 51% of San Mateo Midstream, the largest privately held gas processor in the Northern Delaware Basin.

• Midstream assets include gas, oil, and water gathering and processing, supporting both internal and third-party operations.

• San Mateo expected to generate nearly $400 million in EBITDA in 2026, with potential for further value unlocking via IPO or other alternatives.

• Infrastructure supports nearly 100 rigs within an 8-10 mile radius, serving blue-chip third-party customers.

• Integrated midstream business is a key differentiator, providing flow assurance and accretive value.