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 expansion through organic ground game and targeted acquisitions.

• Recent acquisitions and lease wins have added significant, high-quality inventory and extended drilling opportunities.

• Inventory base is robust, replenished annually through both 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.

• Drilling and completion times reduced by 10-15% year-over-year, driving further cost savings.

• Prioritizes fixed dividend growth, debt repayment, and opportunistic share buybacks as uses of free cash.

Integrated midstream business

• Owns a 51% stake in San Mateo Midstream, providing gas, oil, and water gathering and processing.

• Midstream assets have grown to 720 million cubic feet per day processing capacity.

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

• Infrastructure supports both internal operations and third-party customers, enhancing flow assurance and value.

• Management is exploring alternatives for San Mateo, including potential IPO or bond issuance.