Matador Resources Company (MTDR) AGM 2025 summary

Opening remarks and agenda

• Recognized original and long-term shareholders, emphasizing the company's roots and growth from a small investment to over $11 billion in assets.

• CEO Joseph Wm. Foran opened the meeting, highlighting a 40+ year history of shareholder value creation and focus on profitable, measured growth.

• Introduced board members, officers, and staff, highlighting their backgrounds and contributions.

• Outlined the meeting's formal agenda, including director elections, executive compensation, and auditor ratification.

Board and executive committee updates

• Introduced new CFO Bill Lambert and recognized key promotions and staff achievements.

• Welcomed new director Paul Harvey and honored retiring director Bo Howard; introduced Monika U. Ehrman as Chair of the ESG Committee.

• Board nominees presented for election, with expertise in ESG, finance, capital markets, and executive leadership.

• Distinguished Shareholder Advisory Committee for Board Nominations recognized, chaired by Kenneth L. Stewart.

• Highlighted the board's diverse expertise in finance, operations, law, and engineering.

Financial performance review

• Reported record production levels, robust free cash flow, and top-tier profit margins.

• Adjusted EBITDA for Q1 2025 reached $644 million, with consistent quarterly growth over the past year.

• Net income attributable to shareholders for Q1 2025 was $240 million, with adjusted net income of $249 million and diluted EPS of $1.99.

• PV-10 value of proved reserves as of December 31, 2024, was $9.2 billion, up from $7.7 billion the previous year.

• Achieved a Fitch Ratings upgrade to double B, nearing investment grade, with $1.8 billion in liquidity and leverage below 1x.