Matador Resources Company · NYSE:MTDR
Matador Resources — Q1 2026 Earnings Presentation
33 slides from Matador Resources's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Earnings Release
First Quarter 2026 Earnings Release May 6, 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 Investor Relations Contact Resources Company (“Matador” or the “Company”) during the course of this presentation includes “forward- looking statements” wit
Slide 3: First Quarter 2026 Highlights
First Quarter 2026 Highlights OPERATIONAL EXECUTION • Exceeded midpoint of prior oil production guidance by 3% • Increased production guidance estimates while reaffirming our cost per completed lateral foot and capital budget guidance • Turned in line 2 wells above guidance FINANCIAL STRENGTH • Paid
Slide 4: What are Matador's Catalysts?
What are Matador’s Catalysts? Embedded Midstream Value Hugh Brinson Effect Acreage Position • Combined midstream • Hugh Brinson pipeline • Added over 800 net generating $360 million of (500,000 MMBtu/d engineered locations estimated Adjusted EBITDA capacity) expected to be through strategic in 2026,
Slide 5: Total Daily Production Climbing Towards Record Highs
Total Daily Production Climbing Towards Record Highs (BOE/d) 213,250 207,070 170,751 131,813 105,465 86,176 75,175 2020 2021 2022 2023 2024 2025 2026E 5 Note: Stated production is in BOE per day and represents the annual average for 2020 through 2025 and the midpoint of full year 2026 guidance as pr
Slide 6: Better Wells for Less Money Through Operational Efficiencies
Better Wells for Less Money Through Operational Efficiencies D&C Cost per Completed Lateral Foot Drivers in Efficiency $920 $910 $900 +10% EUR per lateral foot increase (2) $880 $860 +10% increase in average lateral length in 2025 to 2026E $842 $840 $820 +13% improvement in drilling and completion c
Slide 7: Core Delaware Basin Acreage and Production Growth to Years of High-Quality Inventory
Core Delaware Basin Acreage and Production Growth 10 to 15 Years of High-Quality Inventory(1) IPO in 2012 2017 2025 ~7,500 Net Acres ~114,000 Net Acres ~212,500 Net Acres 9,000 BOE/d 38,900 BOE/d 207,070 BOE/d EDDY LEA LEA EDDY LEA EDDY LOVING WINKLER LOVING LOVING WARD Matador Acreage Matador Acrea
Slide 8: 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 Note: Metrics represent a trailin
Slide 9: Better, Consistent Well Performance Amongst Industry Peers
Better, Consistent Well Performance Amongst Industry Peers 30% 20% 2024/2021 12 Month Cumulative Barrels of oil/1000’ 10% 0% -10% -20% Peer Average -9% -30% -40% -50% Peer 1 MTDR Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 MTDR’s 2024 drilling program outperformed
Slide 10: Strategic Three-Stream Pipeline Growth in the Delaware Basin
Strategic Three-Stream Pipeline Growth in the Delaware Basin 2017 2022 2025 LEA LEA LEA EDDY EDDY EDDY LOVING LOVING LOVING Salt Water Disposal Salt Water Disposal Salt Water Disposal Processing Plants Processing Plants Processing Plants Matador Acreage Matador Acreage Matador Acreage ~48 Miles of T
Slide 11: San Mateo Operational Resilience During Winter Storm Fern
San Mateo Operational Resilience During Winter Storm Fern +20% Outperformance (1) Compared to Other Delaware Basin Gas Processors New Mexico Texas Processing Plants (2) Winter Temperature (°F) Maintained flow assurance even during extreme weather disruption (1) Based on public disclosures regarding
Slide 12: Intrinsic Value Not Yet Reflected in Share Price
Intrinsic Value Not Yet Reflected in Share Price EV / 2026E EBITDA Multiple 7.0x Positioned to realize value across three key catalysts: 6.0x (1) Hugh Brinson (2) Midstream Assets (3) 5.0x Acreage Position 4.0x 3.0x 2.0x 1.0x 0.0x Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 MTDR Peer 6 Peer 7 Peer 8 Pe
Slide 13: Strong and Simple Balance Sheet
Strong and Simple Balance Sheet ~$2.2 Billion Total Liquidity Current Leverage As of May 6, 2026 $3.5 ~1.2x (1) Available $3.0 but not yet elected: $2.5 ~$1.0 B Current RBL Borrowings ($ in Billions) $2.0 ~$45 million $1.5 $0 near-term debt Liquidity: ~$2.2 B $1.0 PV-10 Reserves(2) $0.5 Current $- B
Slide 14: 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) (2,000,000) (11,000,000) MTDR APA OVV SM FANG CTRA PR Buys / Sells 79 / 0 0/4 6
Slide 15: Why Own Now
Why Own Now • Better wells for less money – see slides 6, 8, and 9 $7.8B (1) Market Cap • Strategic midstream business – see slides 10, 11, 19, and 20 $8.2B (2) Proved Reserves • Hugh Brinson gas price upside – see slide 21 • Strong participation by management and staff in share purchases – see slid
Slide 16: Appendix
ay, ¢ Matador =a RESOURCES COMPANY ti Appendix MIDR NYSE
Slide 17: Matador Resources Company Overview
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) $7.8 billion Avg. Daily Production – Q1 2026 207.6 MBOE/d Net Debt / LTM Adj. EBITDA(2) – Q1 2026 ~1.2x DELAWARE BASIN HAYNESVILLE/ 212,500 net acres COTTON VALLEY Adj. Free Cash Flow(2) – Q1 2026 $113 milli
Slide 18: 10 to 15 Years of High-Quality Inventory in the Delaware Basin
10 to 15 Years of High-Quality Inventory in the Delaware Basin(1) Total Undrilled Locations Potential Matador Gross / Net Operated Locations(2)(3) Brushy Canyon Total Avg. Lateral Gross / Net 414 / 132 10,300’ 189 / 116 Avalon 489 / 174 10,000’ 249 / 157 1st Bone Spring 957 / 327 10,500’ 452 / 290 2
Slide 19: Midstream Assets Continue to Provide Flow Assurance
Midstream Assets Continue to Provide Flow Assurance Gas Gathering Water Handling Matador Acreage Matador Acreage Matador Pipeline Matador Pipeline San Mateo Pipeline San Mateo Pipeline Salt Water Disposal Processing Plants Produced Water Pond 720 MMcf/d San Mateo Processing Capacity 475,000 Bbl/d Sa
Slide 20: Maintaining a Midstream EBITDA Growth Trajectory
Maintaining a Midstream EBITDA Growth Trajectory ($ in millions) $400 $350 $300 $250 $200 $360 $332 $150 $286 $100 $210 $50 $0 (1) 2023 2024 2025 2026E Midstream Adjusted EBITDA Note: Adjusted EBITDA is a non-GAAP financial measure. For a definition of adjusted EBITDA and reconciliation to the compa
Slide 21: Hugh Brinson Pipeline Provides Opportunity For Premium Gas Pricing
Hugh Brinson Pipeline Provides Opportunity For Premium Gas Pricing +$90 million in potential annual revenue per $0.50/MMBtu Aligns with surging LNG and natural gas demand Creates data center opportunities Avoids Waha congestion and volatility SoCal Hugh Brinson 500,000 MMBtu/d Gas Bank Waha
Slide 22: Steadily Increasing Fixed Dividend
Steadily Increasing Fixed Dividend $1.50 $1.25 $1.00 $0.80 $0.60 $0.40 $0.20 $0.10 Q1 2021 Q4 2021 Q3 2022 Q1 2023 Q4 2023 Q4 2024 Q1 2025 Q4 2025 Annualized Dividend 22
Slide 23: Hedge Summary
Hedge Summary FY 2026 FY 2027 FY 2028/2029 Q2 2026 Q3 2026 Q4 2026 2027 2028/2029 WTI Crude Oil Collars Volume (Bbl/d) 67,000 67,000 67,000 10,000 Ceiling ($/Bbl) $66.36 $66.36 $66.36 $76.00 Floor ($/Bbl) $52.75 $52.75 $52.75 $55.00 Henry Hub (HH) Natural Gas Collars Volume (MMBtu/d) 150,000 150,000
Slide 24: Simple Balance Sheet – No Near-Term Debt Maturities
Simple Balance Sheet – No Near-Term Debt Maturities Debt Maturities ($ in millions) As of May 6, 2026 $3,500 $3.25 Billion Borrowing Base $3,000 $2,500 $2.25 Billion Elected Commitments $2,000 $1,500 $1,000 $900 $750 $750 $500 $45 Million RBL Borrowings $- 2026 2027 2028 2029 2030 2031 2032 2033 203
Slide 25: Wells Turned to Sales – Q1 2026
Wells Turned to Sales – Q1 2026 During Q1 2026, Matador turned to sales 41 gross (36.0 net) operated horizontal wells ‒ Two net operated wells more than the 34 net operated wells expected ‒ Includes 25 net operated wells turned to sale in late February and in March Average Operated Non-Operated To
Slide 26: Wells Turned to Sales – 2026 Full Year & Q2 Guidance
Wells Turned to Sales – 2026 Full Year & Q2 Guidance(1) During full year 2026, Matador expects to turn to sales 125 gross (107.6 net) operated horizontal wells ‒ Matador estimates its average completed lateral length for operated wells turned to sales in 2026 should be ~11,450 feet(2) ‒ Matador ex
Slide 27: Updated 2026 Guidance
Updated 2026 Guidance (As Provided on May 6, 2026) 2026 Full-Year Guidance Production 2Q26 FY2026 • 125 gross (107.6 net) operated wells and 194 gross (12.0 Oil Production – MBbl/d 123.0 – 125.0 123.0 – 125.0 net) non-operated wells turned to sales in 2026E Natural Gas Production – MMcf/d 498.0 – 52
Slide 28: Q1 2026 Guidance vs. Q1 2026 Actuals
(1) Q1 2026 Guidance vs. Q1 2026 Actuals Guidance Metric Q1 2026 Guidance Range Q1 2026 Actuals Oil Equivalent Production 201,000 to 205,000 BOE/d 207,594 BOE/d +2% Oil Production 115,500 to 117,500 Bbl/d 120,277 Bbl/d +3% Natural Gas Production 515.0 to 525.0 MMcf/d 523.9 MMcf/d +1% Total CapEx(2)
Slide 29: 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 30: Adjusted EBITDA Reconciliation
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) 1Q 2025
Slide 31: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation San Mateo (100%) and 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 Ma
Slide 32: 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 33: 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
Matador Resources Company — Q1 2026 Earnings Presentation on 6ix