Matador Resources Company · NYSE:MTDR
Matador Resources — Shareholder Meeting (June 2025)
55 slides from Matador Resources's shareholder meeting presentation, Jun 12, 2025
Slide 1: Annual Meeting of Shareholders
Annual Meeting of Shareholders June 12, 2025
Slide 2: Annual Meeting of Shareholders
Annual Meeting of Shareholders June 12, 2025
Slide 3: Investor Relations Contact and Disclosure Statements
Investor Relations Contact and Disclosure Statements Safe Harbor Statement – This presentation and statements made by representatives of Matador Investor Relations Contact Resources Company (“Matador” or the “Company”) during the course of this presentation includes “forward- looking statements” wit
Slide 4: Opening Remarks
Opening Remarks Joseph Wm. Foran, Founder, Chairman and CEO June 12, 2025
Slide 5: 40+ Years of Generating Shareholder Value
40+ YEARS OF GENERATING SHAREHOLDER VALUE 1983 2003 Today “Matador I” “Matador II” Initial Capital: $270,000 Initial Capital: $6 million Sale Price: $388 million Asset Value: $11.3 billion(1) (1) Includes Matador proved reserves at PV-10 as of December 31, 2024; using SEC pricing of $71.96 per Bbl a
Slide 6: Why Matador - Long History of Increasing Value to Shareholders
Why Matador - Long History of Increasing Value to Shareholders Robust Free Cash Flow Margins Stronger Balance Sheet 10 to 15 Years of Quality Drilling Inventory(1) Expansion of Midstream Business Steadily Increasing Fixed Dividend(2) Share Repurchases Accretive Acquisitions (1) Average rates of retu
Slide 7: Marlan Plant: Value Growth and Flow Assurance
Marlan Plant: Value Growth and Flow Assurance On Time On Budget 7 Note: Marlan Plant named for Mr. Marlan W. Downey, former executive of Shell, President of ARCO and long-time MTDR Board advisor.
Slide 8: Gas Processing Capacity – San Mateo Ranks Top Three in New Mexico
Gas Processing Capacity – San Mateo Ranks Top Three in New Mexico! 2016 Today First Black River Plant After Marlan Plant Expansion 60 MMcf per day 720 MMcf per day 8
Slide 9: Superior Profit Margins: Matador Leads the Industry
Superior Profit Margins: Matador Leads the Industry High Revenue $52.50 High Profit MTDR $50.00 Peer 12 Peer 11 $47.50 Peer 13 Revenue per BOE Peer 10 Peer 1 Peer 4 $45.00 Peer 3 Peer 9 $42.50 Peer 6 Peer 8 $40.00 Peer 2 Peer 5 Peer 7 $37.50 Low Revenue Low Profit $35.00 $25.00 $27.50 $30.00 $32.50
Slide 10: Matador Leadership is Buying
Matador Leadership is Buying Purchases by Directors and Officers in 2025: Number of Purchases Number of Shares Total Dollar Amount $2.6 38 55,300 Million So are the Employees! >95% Participation in Employee Stock Purchase Plan (ESPP) Note: Based upon Section 16 Filings with the Securities and Exchan
Slide 11: Growing Core Acreage in the Best Basin in the United States
Growing Core Acreage in the Best Basin in the United States IPO in 2012 Today ~7,500 Net Acres ~198,700 Net Acres ~9,000 BOE/d ~200,000 BOE/d New Mexico New Mexico Texas Texas Matador Acreage Matador Acreage Note: All acreage as of September 30, 2012. Note: All acreage as of December 31, 2024. 11 No
Slide 12: The Delaware Basin: Most Prolific Basin in the United States
The Delaware Basin: Most Prolific Basin in the United States Delaware Brushy Canyon U. Avalon L. Avalon FBSG SBSC SBSG Midland TBSC TBSG WFMP A Sprayberry WFMP B WFMP A WFMP D WFMP B WFMP C Eagle Ford WFMP D Strawn Bakken Niobrara Marcellus Austin Chalk Barnett Barnett Bakken Niobrara Eagle Ford Thr
Slide 13: Profitable Growth at a Measured Pace
Profitable Growth at a Measured Pace 200,000 BOE/d 170,751 BOE/d 131,813 BOE/d (1) 2023 2024 2025E 13 (1) At the midpoint of range as of and as provided on April 23, 2025.
Slide 14: Introduction of Board Members
Introduction of Board Members
Slide 15: Distinguished Shareholder Advisory Committee for Board Nominations
Distinguished Shareholder Advisory Committee for Board Nominations Committee Member Professional Experience - Amarillo Real Estate Broker Robert E. Garrett - Longtime Shareholder from Amarillo - Retired EVP & CFO, Matador Resources Company David E. Lancaster - Former Marketing Manager, Schlumberger
Slide 16: Recognition of Senior Staff and Special Guests
Recognition of Senior Staff and Special Guests Van H. Singleton Bryan A. Erman, Shelley F. Appel Co-President – Co-President, Director Land, Acquisitions Chief Legal Officer & Divestitures and Head of M&A and Planning June 12, 2025
Slide 17: Availability of KPMG LLP
Availability of KPMG LLP Chris Stakem of KPMG LLP, the Company’s independent registered public accounting firm is in attendance today Mr. Stakem is available to respond to any questions you may have 17
Slide 18: New and Retiring Directors
New and Retiring Directors Monika U. Ehrman, Director Chair, ESG Committee June 12, 2025
Slide 19: Other Important Items
Other Important Items To receive mail correspondence or routine investor alerts via our website, please email your request to investors@matadorresources.com Press releases and investor presentations are also available on our website, www.matadorresources.com 19
Slide 20: Annual Meeting of Shareholders
Annual Meeting of Shareholders Bryan A. Erman, Co-President, Chief Legal Officer and Head of M&A June 12, 2025
Slide 21: Summary of Proposals for Consideration at Annual Meeting
Summary of Proposals for Consideration at Annual Meeting Proposal 1 – Election of Directors Proposal 2 – Advisory Vote to Approve Named Executive Officer Compensation Proposal 3 – Ratification of the Appointment of KPMG LLP The Board of Directors recommends that you vote FOR the election of al
Slide 22: Introduction of Director Nominees
Introduction of Director Nominees Kenneth L. Stewart, Director Chair, Nominating Committee and Shareholder Advisory Committee June 12, 2025
Slide 23: Proposal 1 – Election of Directors
Proposal 1 – Election of Directors Director Nominees Class II Directors (Term Expiring at 2028 Annual Meeting of Shareholders) • ESG Coordinator, Matador Resources Company Professional • Former Senior Investor Relations officer and M&A Manager, Royal Dutch Shell PLC Experience • Former Corporate S
Slide 24: Proposal 1 – Election of Directors (cont.)
Proposal 1 – Election of Directors (cont.) Director Nominees Class II Directors (Term Expiring at 2028 Annual Meeting of Shareholders) • Private Wealth Advisor Professional • Former Chief Investment Officer, Vaquero Private Wealth Experience • Former Managing Director, BlackRock, Inc. • Finance an
Slide 25: Advisory Vote on Named Executive Officer Compensation
Advisory Vote on Named Executive Officer Compensation R. Gaines Baty, Deputy Lead Independent Director Chair, Strategic Planning and Compensation Committee June 12, 2025
Slide 26: Proposal 2 – Advisory Vote on 2024 Named Executive Officer Compensation
Proposal 2 – Advisory Vote on 2024 Named Executive Officer Compensation The Company seeks a non-binding advisory vote from its shareholders regarding the 2024 compensation of its Named Executive Officers as described in the Proxy Statement “Resolved, that the compensation paid to the Company’s N
Slide 27: Ratification of Public Accounting Firm
Ratification of Public Accounting Firm William M. Byerley, Director Chair, Audit Committee June 12, 2025
Slide 28: Proposal 3 – Ratification of the Appointment of KPMG LLP
Proposal 3 – Ratification of the Appointment of KPMG LLP KPMG LLP (“KPMG”) served as the Company’s independent registered public accounting firm for the fiscal year ended December 31, 2024 The Audit Committee has appointed KPMG as the Company’s independent registered public accounting firm for t
Slide 29: Summary of Proposals for Consideration at Annual Meeting
Summary of Proposals for Consideration at Annual Meeting Proposal 1 – Election of Directors Proposal 2 – Advisory Vote to approve Named Executive Officer Compensation Proposal 3 – Ratification of the Appointment of KPMG LLP The Board of Directors recommends that you vote FOR the election of al
Slide 30: Lead Independent Director's Remarks
Lead Independent Director’s Remarks Timothy E. Parker, Lead Independent Director Chair, Capital Markets and Finance Committee June 12, 2025
Slide 31: Why Matador?
Why Matador? Profitable Growth at a Measured Pace Highly Profitable, Durable Inventory Simple Balance Sheet with Responsible Use of Free Cash Flow Alignment with Shareholders 31
Slide 32: Operations Report
Operations Report Reynald A. Baribault, Director Chair, Operations and Engineering Committee and Prospect Committee June 12, 2025
Slide 33: MAXCOM Operations Center – $58MM+ Estimated Savings
MAXCOM Operations Center – Recruiting, Training & Execution $58MM+ Estimated Savings Averaging 99% in Zone(1) 24/7 Geosteering and Engineering Support (1) Calculated based on well rig release date. 33
Slide 34: U-Turn Wells: Savings Through Operational Efficiencies
U-Turn Wells: Savings Through Operational Efficiencies PREVIOUS NOW Four Single-Mile Lateral Wells Two U-Turn Wells $3 Million in (1) Savings Per U-Turn Well 1)Note: In addition to saving $3 million per well, U-Turn wells reduce project payout timing by up to 40% and lower the break-even price by 20
Slide 35: Leading Edge Well Costs in Rustler Breaks Asset
Leading Edge Well Costs in Rustler Breaks Asset Emmett/Prater 12-Well Development $1.0 million average 22% reduction in savings per well days on well Note: Anticipated saving metrics compared to 2024 area average, and savings estimates could vary from actual results. 35
Slide 36: Midstream and Marketing Update
Midstream and Marketing Update Susan Ward, Director Chair, Marketing and Midstream Committee June 12, 2025
Slide 37: Financial Update
Financial Update William D. Lambert, Michael D. Frenzel, Executive Vice Executive Vice President, President Chief Financial Officer and Treasurer and Head of Strategy June 12, 2025
Slide 38: Why Matador? – Consistent Outperformance For Over 40 Years
Why Matador? – Consistent Outperformance For Over 40 Years Best in Class Free Cash Flow Margin Over 40 Years of Double-Digit Profitable Growth Strong Balance Sheet 38
Slide 39: Growing Core Delaware Basin Acreage
Growing Core Delaware Basin Acreage IPO in 2012 Today ~7,500 Net Acres ~198,700 Net Acres ~9,000 BOE/d ~200,000 BOE/d New Mexico New Mexico Texas Texas Matador Acreage Matador Acreage Note: All acreage as of September 30, 2012. Note: All acreage as of December 31, 2024. 39 Note: Some tracts not show
Slide 40: 10 to 15 Years of Inventory with Average Returns Greater Than 50% ROR
(1) 10 to 15 Years of Inventory with Average Returns Greater Than 50% ROR Total Net Inventory Lateral Length 18.3 Million Feet 1,869 Net 15.0 Million Feet Locations 13.2 Million Feet December 31, 2022 December 31, 2023 December 31, 2024 (1) Average rates of return in excess of 50% based on flat long
Slide 41: Industry Leading Per-Well Productivity
(1) Industry Leading Per-Well Productivity Average Oil EUR (MBbl) Source: Enverus data accessed in April 2025 Note: Includes all operated horizontal wells turned to production since January 1, 2020. Production data available through February 2025. Peers include APA, CIVI, CHRD, CTRA, DVN, EOG, FANG,
Slide 42: Strong Balance Sheet with Significant Liquidity
Strong Balance Sheet with Significant Liquidity REPAYING INCREASING DEBT LIQUIDITY $1.8 $955 $1.3 $595 $0.8 $405 Q3 2024 Q4 2024 Q1 2025 Q4 2023 Q3 2024 Q1 2025 RBL Borrowings RBL Liquidity ($ millions) ($ billions) 42
Slide 43: Corporate Credit Ratings Upgraded
Corporate Credit Ratings Upgraded BB BB- “The upgrade reflects management’s execution on post- acquisition debt reduction initiatives, the company’s large, oil-focused Delaware asset base…” and Fitch’s view of Matador’s positive free cash flow generation, leverage and ample liquidity. −Fitch Ratings
Slide 44: Significant Liquidity Creates Opportunities
Significant Liquidity Creates Opportunities ~$3.2 Billion Total Bankable Assets $3.5 Remaining $3.0 Assets Available to Increase $2.5 Liquidity ~$1.0 B ($ in Billions) $2.0 RBL $1.5 Liquidity: ~$1.8 B $1.0 $0.5 Current Borrowings $- $405 M RBL Borrowings Current Borrowings Elected Commitment 44 Note
Slide 45: Why Matador?
Why Matador? Profitable Growth at a Measured Pace Highly Profitable, Durable Inventory Simple Balance Sheet with Responsible Use of Free Cash Flow Alignment with Shareholders 45
Slide 46: Chairman's Closing Remarks
Chairman’s Closing Remarks Joseph Wm. Foran, Founder, Chairman and CEO June 12, 2025
Slide 47: Annual Meeting of Shareholders
Annual Meeting of Shareholders June 12, 2025
Slide 48: Appendix
aN, ¢ Matador tir Appendix June 12, 2025 NYSE
Slide 49: Adjusted EBITDA & Adjusted Free Cash Flow Reconciliations
Adjusted EBITDA & Adjusted Free Cash Flow Reconciliations Adjusted EBITDA Reconciliation – This presentation includes the non-GAAP financial measure of Adjusted EBITDA. Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s consoli
Slide 50: Adjusted EBITDA Reconciliation – Matador Resources Company
Adjusted EBITDA Reconciliation – Matador Resources Company The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income and net cash provided by operating activities, respectively. (In thousands) 1Q 2024 2Q 202
Slide 51: Adjusted EBITDA Reconciliation – San Mateo (100%)
Adjusted EBITDA Reconciliation – San Mateo (100%) The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income and net cash provided by operating activities, respectively, for San Mateo Midstream, LLC. (In thou
Slide 52: Adjusted EBITDA Reconciliation San Mateo
Adjusted EBITDA Reconciliation San Mateo(1) The following table presents the calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income and net cash provided by operating activities, respectively, for San Mateo Midstream, LLC. Year Ended Decembe
Slide 53: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Matador Resources Company The following table presents the calculation of adjusted free cash flow and the reconciliation of adjusted free cash flow to the GAAP financial measure of net cash provided by operating activities. Three Months Ended (In thousands) Mar
Slide 54: Adjusted Net Income and Adjusted Earnings Per Diluted Common Share
Adjusted Net Income and Adjusted Earnings Per Diluted Common Share This presentation includes the non-GAAP financial measures of adjusted net income and adjusted earnings per diluted common share. These non-GAAP items are measured as net income attributable to Matador Resources Company shareholders,
Slide 55: PV-10 Reconciliation
PV-10 Reconciliation PV-10 is a non-GAAP financial measure and generally differs from Standardized Measure, the most directly comparable GAAP financial measure, because it does not include the effects of income taxes on future net revenues. PV-10 is not an estimate of the fair market value of the Co
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