Matador Resources Company · NYSE:MTDR
Matador Resources — Q2 2025 Earnings Presentation
25 slides from Matador Resources's earnings presentation, Jul 23, 2025
Slide 1: Second Quarter 2025 Earnings Release
Second Quarter 2025 Earnings Release July 22, 2025
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: Record Matador Production in Q2 2025
SLIDE A Record Matador Production in Q2 2025 209,013 170,751 Daily Oil Equivalent Production 131,813 (BOE/d) 105,465 86,176 75,175 66,203 52,128 38,936 24,955 27,813 16,082 9,000 11,740 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q 2025 3
Slide 4: Balancing Free Cash Flow Margin and Production Growth
SLIDE B Balancing Free Cash Flow Margin and Production Growth 15% 10% 2025-2027E Oil Production Growth MTDR 5% 0% (5%) $0.00 $3.00 $6.00 $9.00 $12.00 2025E Free Cash Flow per BOE(1) Source: FactSet. Note: Peers include APA, CHRD, CIVI, CTRA, DVN, MGY, MUR, OVV, PR, SM, VTLE. (1) Full year 2025 Adjus
Slide 5: Q2 2025 Guidance vs. Q2 2025 Actuals
SLIDE C (1) Q2 2025 Guidance vs. Q2 2025 Actuals Guidance Metric Q2 2025 Guidance Range Q2 2025 Actuals Oil Equivalent Production 206,000 to 208,000 BOE/d 209,013 BOE/d Oil Production 121,500 to 122,500 Bbl/d 122,875 Bbl/d Natural Gas Production 507.0 to 513.0 MMcf/d 516.8 MMcf/d D/C/E CapEx(2) $330
Slide 6: CapEx Efficiencies Continue to Drive Costs Lower
SLIDE D CapEx Efficiencies Continue to Drive Costs Lower $920 $908 $900 $880 Drilling and Completion Cost(1) ($ per completed lateral foot) $880 $860 $840 $825 $820 $800 (2) 2024 Actual 2025 April Guidance Q2 2025 Actual (1) Cost per completed lateral foot metric shown represents the drilling and co
Slide 7: San Mateo Midstream Provides Flow Assurance
SLIDE E San Mateo Midstream Provides Flow Assurance Marlan Plant expansion Connector completed on time and on budget in May 2025 Marlan Plant Gas processing capacity of 720 MMcf per day Black River Plant Water disposal capacity of 475,000 Bbl per day Matador Acreage Matador Pipeline San Mateo Pipeli
Slide 8: Balance Sheet Built for Stability and Strategic Flexibility
SLIDE F Balance Sheet Built for Stability and Strategic Flexibility (1) Leverage Ratio 0.96x RBL Borrowings $390 Million (Repaid $15 million in Q2 2025) (2) RBL Liquidity >$1.8 Billion ($3.25B Borrowing Base) Note: As of June 30, 2025, does not include San Mateo’s credit facility, which is non-recou
Slide 9: Creating Long-Term Value Through Opportunistic Buybacks
SLIDE G Creating Long-Term Value Through Opportunistic Buybacks $65 Initiated 1.1 Million Shares Repurchase Bought Back Program 7/21/2025 in Q2 2025 Share Price: $55 $49.86 $ / Share $44 Million Buyback $45 Avg. Repurchase ~1% of Price: $40.37 Shares $35 Outstanding(1) $400 Million Share Repurchase
Slide 10: MTDR's Senior Management are Buyers
SLIDE H MTDR’s Senior Management are Buyers (1) Number of Net Shares Bought & Sold by Management (2021 to 2025) 100,000 200,000 0 (200,000) (400,000) (600,000) (800,000) (1,000,000) (1,200,000) (1,400,000) (1,600,000) (1,800,000) (10,500,000) MTDR CIVI APA VTLE OVV SM FANG CTRA PR Buys / Sells 55 /
Slide 11: Why Invest in Matador
SLIDE I Why Invest in x We believe Matador is the highest-margin Delaware Basin operator in its peer group with: 1. Over 40 years of profitable growth 2. 10-15 years of inventory 3. Steadily increasing fixed dividend (increased six times in the past four years) 4. Share repurchase program 5. Strong
Slide 12: Appendix
ay, ¢ Matador =a RESOURCES COMPANY ti Appendix MIDR NYSE
Slide 13: Matador Resources Company Overview
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) $6.43 billion Avg. Daily Production – Q2 2025 209.0 MBOE/d Net Debt / LTM Adj. EBITDA(2) – Q2 2025 0.96x DELAWARE BASIN HAYNESVILLE/ 203,000 net acres COTTON VALLEY Adj. Free Cash Flow(2) – Q2 2025 $132.7 mi
Slide 14: Delaware Basin Inventory
Delaware Basin Inventory • Matador has identified up to 5,080 gross (1,869 net) remaining potential locations(1) for future drilling on its Delaware Basin acreage Almost all intervals assume 160-acre well spacing (none less than 100-acre spacing at same true vertical depth) • Matador anticipates o
Slide 15: Cotton Valley "Gas Bank" Optionality
Cotton Valley “Gas Bank” Optionality HAYNESVILLE/ COTTON VALLEY 17,300 net acres 100% HBP Texas Louisiana LNG LNG Cotton Valley Estimated Ultimate Recovery 200 to 300 Bcf 15
Slide 16: Horizontal Wells Completed and Turned to Sales – Q2 2025
Horizontal Wells Completed and Turned to Sales – Q2 2025 Operated Non-Operated Total Gross Operated and Non-Operated Gross Net Gross Net Gross Net Asset/Operating Area Well Completion Intervals Western Antelope Ridge - - - - - - No wells turned to sales in Q2 2025 (Rodney Robinson) Antelope Ridge 9
Slide 17: Updated 2025 Guidance
Updated 2025 Guidance (As Updated on July 22, 2025) 2025 Full Year Guidance Production 3Q25 FY2025 • 8 Rig Delaware Basin Program Oil Production – MBbl/d 116.5 – 118.0 117.5 – 119.5 − 135 gross (106.3 net) operated wells and 131 gross (9.7 net) non-operated wells turned to sales in 2025E Natural Gas
Slide 18: Wells Turned to Sales – 2025 Full Year & Q3 2025 Guidance
(1) Wells Turned to Sales – 2025 Full Year & Q3 2025 Guidance During full year 2025, Matador expects to turn to sales 135 gross (106.3 net) operated horizontal wells (2) ‒ Matador estimates its average completed lateral length for operated wells turned to sales in 2025 should be ~10,300 feet ‒ Mat
Slide 19: Hedging Profile – 2025
(1) Hedging Profile – 2025 WTI Oil Henry Hub Natural Gas Waha / Henry Hub Collars Collars Differential Swaps 70,000 Bbl/d Hedged H2 30,000 MMBtu/d @ $52 x $77 2025: Hedged ~60% of 150,000 MMBtu/d 2025: production Hedged 2026: @ -$0.59 @ $3.50 x $6.70 150,000 MMBtu/d Hedged 2026: @ -$2.52 19 (1) As o
Slide 20: San Mateo's Continual Growth in 2025
San Mateo’s Continual Growth in 2025 $300 Natural Gas $285 Oil Water $253 San Mateo's Adjusted EBITDA ($ in millions)(1) $250 $198 $200 Natural $200 Gas $154 $150 $113 $96 Oil $100 $62 Water $50 $31 $12 $0 (2) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Matador owns 51% of San Mateo (3) Note:
Slide 21: MAXCOM Operations Center = Recruiting + Training + Execution
MAXCOM Operations Center = Recruiting + Training + Execution (1) Averaging 99% in Zone 24/7 Geosteering and Engineering Support 2018 2019 2020 2021 2022 2023 2024 2025 YTD Est. Savings (millions): $1.5 $6.1 $6.1 $7.4 $8.0 $9.6 $14.7 $9.1 21 (1) YTD, as of July 22, 2025, previous years calculated bas
Slide 22: 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 23: 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) 2Q 2024 3Q 202
Slide 24: Adjusted EBITDA Reconciliation - San Mateo
(1) Adjusted EBITDA Reconciliation - San Mateo 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 Dece
Slide 25: 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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