Matador Resources Company · NYSE:MTDR
Matador Resources — Q2 2026 Earnings Presentation
29 slides from Matador Resources's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Earnings Release
Second Quarter 2026 Earnings Release August 5, 2026
Slide 2: Investor Relations Contact and Disclosure Statements
Investor Relations Contact and Disclosure Statements Safe Harbor Statement – This presentation and statements made by representatives of Matador Resources Company (“Matador” or the “Company”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as am
Slide 3: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights STRATEGIC TRANSFORMATIONAL ACQUISITIONS • Four 2026 catalysts: May Federal lease sale, the Cardinal acquisition, the Paloma acquisition and the Ridge Runner acquisition were bolt-on to pre-existing acreage and midstream infrastructure • Adds ~35,000 net undeveloped acr
Slide 4: Execution on 2026 Four Strategic Catalysts
Execution on 2026 Four Strategic Catalysts M AY 2 0 2 6 JUNE 2026 Q3 2026 Q3 2026 + Brick-by-Brick Acquisitions BLM CARDINAL PALOMA WOODFORD LEASE SALE ACQUISITION ACQUISITION ACQUISITIONS 5,200 net acres acquired +$110MM annualized Adj. EBITDA (1) by 2028 16,235 net acres through strategic bolt-on
Slide 5: Bolt-On Acquisition of Paloma Resources to Premier Acreage Footprint
Bolt-On Acquisition of Paloma Resources to Premier Acreage Footprint Paloma Acquisition Acreage TWIN LAKES Paloma Acquisition Overview Midstream Assets Midstream Gas Processing Plant Strategic bolt-on in the Northern Delaware Basin Matador Pro Forma Acreage 16,235 net acres 70% Held-by-Product
Slide 6: Strategic Ridge Runner Woodford Acquisition in Addition to Woodford Ground Game Success
Strategic Ridge Runner Woodford Acquisition in Addition to Woodford Ground Game Success RRR Acquisition Acreage TWIN LAKES Woodford Ground Game + Ridge Runner Acquisition Midstream Assets Midstream Gas Processing Plant Rae’s Creek well has recorded initial production rates exceeding 2,200 barrels
Slide 7: Complementary Systems Positioned to Deliver Solutions for Customers
Complementary Systems Positioned to Deliver Solutions for Customers 97 Active Drilling Rigs Within 10 Miles of System Twin Lakes San Mateo Assets Arrowhead Ranger ~815 Miles of Pipeline Marlan Plant >1 Bcf/d Gas Processing Capacity Antelope Ridge 90,000 Bbl/d Oil Transportation Capacity Black River
Slide 8: Matador and San Mateo + 2026 Acquisitions Further Enhance Shareholder Value
Matador and San Mateo + 2026 Acquisitions Further Enhance Shareholder Value + Standalone MTDR + SM(1) Pro Forma 2026 Acquisitions Change Enterprise Value(2) $10.1 billion $13.4 billion +$3.3 billion Delaware Basin Net Acres 212,500 ~240,000 +27,500 (3) Avg. Daily Production 207,594 BOE/d ~235,000 BO
Slide 9: Core Delaware Basin Acreage and Production Growth
Core Delaware Basin Acreage and Production Growth Over 15 Years of High-Quality Inventory(1) IPO in 2012 2017 2025 Today ~7,500 Net Acres ~114,000 Net Acres ~212,500 Net Acres ~240,000 Net Acres(2) 9,000 BOE/d 38,900 BOE/d 207,070 BOE/d 224,000 BOE/d LEA LEA EDDY EDDY LEA EDDY LEA EDDY LOVING LOVING
Slide 10: CapEx Efficiencies Continue to Drive Costs Lower
CapEx Efficiencies Continue to Drive Costs Lower Drilling and Completion Cost(1) ($ per completed lateral foot) $908 ~$145 million (2) Capital Savings for 2026 Footage Turned-to-Sales KEY EFFICIENCY DRIVERS $842 • Faster cycle times • Simul- and trimul-frac completions • Longer laterals (~6% increas
Slide 11: Daily Production Climbing Towards Record Highs
Daily Production Climbing Towards Record Highs Oil Production Total Production (MBbl/d) (MBOE/d) 221 207 128 120 171 100 132 75 105 60 86 49 (1) 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E Note: Stated production is in BOE per day and represents the annual average for 2020 through
Slide 12: MTDR's Senior Management are Buyers
MTDR’s Senior Management are Buyers (1) Number of Net Shares Bought & Sold by Senior Management (2021 to 2026) 200,000 0 (200,000) (400,000) (600,000) (800,000) (1,000,000) (1,200,000) (1,400,000) (1,600,000) (1,800,000) (11,000,000) (2,000,000) MTDR APA OVV SM FANG PR Buys / Sells 86 / 0 0/5 6 / 11
Slide 13: Why Own MTDR Now
Why Own MTDR Now 1 Premier Delaware Basin Scale 5 Natural Gas Pricing Upside ~240,000 high-quality net acres expected by year-end 2026, 500,000 MMBtu/d of firm capacity on the Hugh Brinson up 13% from year-end 2025 pipeline, secured at zero capital expense, commercial service anticipated by the end
Slide 14: Appendix
ay, ¢ Matador Wo RESOURCES COMPANY Appendix
Slide 15: Strategic Three-Stream Pipeline Growth in the Delaware Basin
Strategic Three-Stream Pipeline Growth in the Delaware Basin 2017 2022 Today LEA LEA LEA EDDY EDDY EDDY LOVING LOVING LOVING WINKLER WINKLER WINKLER Matador Acreage Matador Acreage Matador Acreage Matador Midstream Pipeline San Mateo Midstream Pipeline San Mateo Midstream Pipeline San Mateo Midstrea
Slide 16: Matador Resources Company Overview
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) $6.1 billion Avg. Daily Production – Q2 2026 215.6 MBOE/d Net Debt / LTM Adj. EBITDA(2) – Q2 2026 ~1.4x DELAWARE BASIN HAYNESVILLE/ Adj. Free Cash Flow(2) – Q2 2026 $303 million 240,000 net acres COTTON VALL
Slide 17: Over 15 Years of High-Quality Inventory
Over 15 Years of High-Quality Inventory in the Delaware Basin(1) Total Undrilled Locations Potential Matador Operated Brushy Gross / Net Locations(2)(3) Canyon Total Avg. Lateral Gross / Net Avalon 414 / 132 10,300’ 189 / 116 1st Bone Spring 489 / 174 10,000’ 249 / 157 2nd Bone Spring Carb 957 / 327
Slide 18: Maintaining a Midstream EBITDA Growth Trajectory
Maintaining a Midstream EBITDA Growth Trajectory ($ in millions) $390 Cardinal Midstream acquisition contribution $25 (closed July 2026) $332 $286 $210 $365 (1) 2023 2024 2025 2026E Wholly owned + San Mateo Midstream Cardinal Midstream Note: Adjusted EBITDA is a non-GAAP financial measure. For a def
Slide 19: Hugh Brinson Pipeline Provides Opportunity For Premium Gas Pricing
Hugh Brinson Pipeline Provides Opportunity For Premium Gas Pricing +$90 million potential annual revenue per $0.50/MMBtu pricing premium SoCal Hugh Brinson 500,000 MMBtu/d No capital costs associated with expected Gas better natural gas pricing Bank Waha Creates data center opportunities and avoids
Slide 20: Superior Profit Margins: Matador Leads its Industry Peers
Superior Profit Margins: Matador Leads its Industry Peers $40.00 $35.00 $30.00 $25.00 Profit per BOE $20.00 $15.00 $10.00 $5.00 $- MTDR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 (1) MTDR consistently leads peers in highest profit per BOE Source: Bloomberg LP (1) Metrics
Slide 21: Hedge Summary
Hedge Summary FY 2026 FY 2027 FY 2028/2029 Q3 2026 Q4 2026 2027 2028/2029 WTI Crude Oil Collars Volume (Bbl/d) 67,000 67,000 10,000 Ceiling ($/Bbl) $66.36 $66.36 $76.00 Floor ($/Bbl) $52.75 $52.75 $55.00 Purchased WTI Crude Oil Calls Volume (Bbl/d) 66,500 66,500 Average Call Price ($/Bbl) $100.00 $1
Slide 22: Updated 2026 Guidance
Updated 2026 Guidance (As Provided on August 5, 2026)(1) 2026 Full-Year Guidance Production 3Q26 FY2026 • Includes Paloma and Ridge Runner acquisitions in Q4 2026 Oil Production – MBbl/d 128.5 – 130.5 127.5 – 129.0 Natural Gas Production – MMcf/d 561.0 – 573.0 546.0 – 567.0 • 129 gross (112.6 net) o
Slide 23: Wells Turned to Sales – Q2 2026
Wells Turned to Sales – Q2 2026 During Q2 2026, Matador turned to sales 26 gross (23.7 net) operated horizontal wells ‒ Includes Matador’s first 3.4-mile lateral wells as part of a 13-well batch drilled on the Guss pad on our Eastern Antelope Ridge acreage Average Operated Lateral Operated Non-Ope
Slide 24: Wells Turned to Sales – 2026 Full Year & Q3 Guidance
Wells Turned to Sales – 2026 Full Year & Q3 Guidance(1) During full year 2026, Matador expects to turn to sales 129 gross (112.6 net) operated horizontal wells ‒ Matador estimates its average completed lateral length for operated wells turned to sales in 2026 should be ~11,500 feet(2) ‒ Matador ex
Slide 25: 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 26: 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 (loss) and net cash provided by operating activities, respectively. (In thousands) 2Q 2025
Slide 27: Adjusted EBITDA Reconciliation – Combined Midstream (100%)
Adjusted EBITDA Reconciliation - Combined Midstream (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
Slide 28: Adjusted EBITDA Reconciliation – Combined Midstream (100%)
Adjusted EBITDA Reconciliation - Combined Midstream (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
Slide 29: 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) Jun
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