Matador Resources Company · NYSE:MTDR
Matador Resources — Q4 2025 Earnings Presentation
30 slides from Matador Resources's earnings presentation, Feb 25, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings Release
Fourth Quarter and Full Year 2025 Earnings Release February 24, 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: Matador's Unique Investment Opportunity
Matador’s Unique Investment Opportunity OVER 40 YEARS OPERATING IN THE DELAWARE BASIN • 36th largest company in Dallas across all industries, #1 revenue per employee in DFW (1) • 10 to 15 years of high-quality inventory across ~212,500 net acres in the Delaware Basin(2) • Fully integrated midstream
Slide 4: 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 5: Superior Profit Margins: Matador Leads the Industry
Superior Profit Margins: Matador Leads the Industry High Revenue per BOE $52.50 High Profit per BOE $50.00 Peer 2 $47.50 Revenue Per BOE Peer 1 $45.00 Peer 3 Peer 5 $42.50 Peer 6 Peer 8 $40.00 Peer 7 Peer 4 Low Revenue per BOE Low Profit per BOE $37.50 $25.00 $27.50 $30.00 $32.50 $35.00 $37.50 $40.0
Slide 6: CapEx Efficiencies Continue to Drive Costs Per Foot Lower
CapEx Efficiencies Continue to Drive Costs Per Foot Lower $1,200 $1,075 $1,000 $910 $842 $795 Drilling and Completion Cost(1) $800 ($ per completed lateral foot) $600 $400 $200 $0 (2) 2023 2024 2025 2026E ~10% increase in average lateral length (2) 2025 to 2026E ~13% improvement in completed lateral
Slide 7: Strong and Simple Balance Sheet
Strong and Simple Balance Sheet RBL Balance ~$1.9 Billion Total Liquidity As of February 24, 2026 $596 Million Current Leverage ~1.1x (1) $313 Million RBL Borrowings ~$200 million repaid in 2025 Near-Term Debt Q4 2024 February 24, 2026 $0 Note: Does not include San Mateo’s credit facility, which is
Slide 8: Core Delaware Basin Acreage and Production Growth
Core Delaware Basin Acreage and Production Growth 10 to 15 Years of High-Quality Inventory(1) IPO in 2012 2017 Today ~7,500 Net Acres ~114,000 Net Acres ~212,500 Net Acres 9,000 BOE/d 38,900 BOE/d 207,070 BOE/d EDDY LEA LEA EDDY LEA EDDY LOVING WINKLER LOVING LOVING WARD Matador Acreage Matador Acre
Slide 9: Strategic Three-Stream Pipeline Growth in the Delaware Basin
Strategic Three-Stream Pipeline Growth in the Delaware Basin 2017 2022 TODAY LEA LEA LEA EDDY EDDY EDDY LOVING LOVING LOVING Salt Water Disposal Salt Water Disposal Salt Water Disposal Processing Plants Processing Plants Processing Plants Matador Acreage Matador Acreage Matador Acreage ~48 Miles of
Slide 10: Maintaining a Midstream EBITDA Growth Trajectory
Maintaining a Midstream EBITDA Growth Trajectory ($ in millions) $400 $350 $300 $250 $200 $360 $332 $150 $286 $100 $210 $50 $0 2023 2024 2025 2026E (1) Midstream Adjusted EBITDA Note: Adjusted EBITDA is a non-GAAP financial measure. For a definition of adjusted EBITDA and reconciliation to the compa
Slide 11: Matador's Allocation of $437 Million of Free Cash Flow During 2025
Matador’s Allocation of $437 Million of Free Cash Flow During 2025 Brick-by-Brick Fixed Dividend Added 17,500 net 88% dividend per share acres in 2025 growth since 2024; current yield at 2.9%(1) Debt Repayment Share Repurchases Over 30% reduction in reserve-based credit facility 1.4 million shares r
Slide 12: MTDR's Senior Management are Buyers
MTDR’s Senior Management are Buyers Number of Net Shares Bought & Sold by Management (2021 to 2025)(1) 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 APA OVV SM FANG CTRA PR Buys / Sells 78 / 0 0/4 6 / 10 9 / 21 0 / 59
Slide 13: Appendix
ay, ¢ Matador =a RESOURCES COMPANY ti Appendix MIDR NYSE
Slide 14: Matador Resources Company Overview
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) $6.5 billion Avg. Daily Production – Q4 2025 211.3 MBOE/d Net Debt / LTM Adj. EBITDA(2) – YE 2025 ~1.1x DELAWARE BASIN HAYNESVILLE/ 212,500 net acres COTTON VALLEY Adj. Free Cash Flow(2) – 2025 $437 million
Slide 15: Total Daily Production Reaches Record Performance
Total Daily Production Reaches Record Performance (BOE/d) 211,290 170,751 131,813 105,465 86,176 75,175 2020 2021 2022 2023 2024 Q4 2025 15 Note: Stated production is in BOE per day represents the annual average for 2020 through 2024 and Q4 2025.
Slide 16: 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 17: 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 17
Slide 18: 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 San Mateo Processing: 720 MMcf per day San Mateo Disposal
Slide 19: Better Wells for Less Money
Better Wells for Less Money 70 $2,000 68 $1,900 $1,800 66 $1,700 64 $1,600 62 $1,500 60 $1,400 58 $1,300 $1,200 56 $1,075/ft $1,100 54 $910/ft $1,000 52 $842/ft $900 $795/ft 50 $800 48 $700 $600 46 $500 44 $400 42 $300 40 (1) (1) (1) $200 2023 2024 2025 2026E Drilling and Completion Cost(1) Estimate
Slide 20: Hedge Summary
Hedge Summary FY 2026 Q1 2026 Q2 2026 Q3 2026 Q4 2026 2026 WTI Crude Oil Collars Total Volume (Bbl) 4,681,500 6,097,000 6,164,000 6,164,000 23,106,500 Ceiling ($/Bbl) $66.18 $66.36 $66.36 $66.36 $66.32 Floor ($/Bbl) $52.32 $52.75 $52.75 $52.75 $52.66 Henry Hub (HH) Natural Gas Collars Total Volume (
Slide 21: Simple Balance Sheet – No Near-Term Debt Maturities
Simple Balance Sheet – No Near-Term Debt Maturities Debt Maturities ($ in millions) As of February 24, 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 $500 $500 $54 Million in Letters of Credit $313 Million in $- RBL Borrowings
Slide 22: Wells Turned to Sales – 2025 Full Year
Wells Turned to Sales – 2025 Full Year Operated Non-Operated Total Gross Operated Asset/Operating Area Gross Net Gross Net Gross Net Well Completion Intervals Western Antelope Ridge - - - - - - No operated completions in 2025 (Rodney Robinson) Antelope Ridge 15 14.7 4 0.1 19 14.8 13-WC A, 1-2BS, 1-1
Slide 23: Wells Turned to Sales – 2026 Full Year & Q1 Guidance
Wells Turned to Sales – 2026 Full Year & Q1 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 24: 2026 Guidance
2026 Guidance (As Provided on February 24, 2026) 2026 Full-Year Guidance Production 1Q26 FY2026 • 125 gross (107.6 net) operated wells and 194 gross (11.9 Oil Production – MBbl/d 115.5 – 117.5 122.0 – 124.0 net) non-operated wells turned to sales in 2026E Natural Gas Production – MMcf/d 515.0 – 525.
Slide 25: Q4 2025 Guidance vs. Q4 2025 Actuals
(1) Q4 2025 Guidance vs. Q4 2025 Actuals Guidance Metric Q4 2025 Guidance Range Q4 2025 Actuals Oil Equivalent Production 205,000 to 208,000 BOE/d 211,290 BOE/d +2% Oil Production 119,000 to 121,000 Bbl/d 121,363 Bbl/d +1% Natural Gas Production 516.0 to 522.0 MMcf/d 539.6 MMcf/d +4% D/C/E CapEx(2)
Slide 26: 2025 Revised Statement of Income: Focused on Controllable Expenses
2025 Revised Statement of Income: Focused on Controllable Expenses $3.65 $4.35 $0.88 $2.82 $2.75 $5.61 $5.50 Historical $/BOE Revised $/BOE Lease operating Plant and other midstream services operating Production taxes, transportation and processing Transportation and processing Taxes other than inco
Slide 27: 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 28: Adjusted EBITDA Reconciliation Combined Midstream (100%)
Adjusted EBITDA Reconciliation Combined Midstream (100%) 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, and t
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 Year Ended Decembe
Slide 30: 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 — Q4 2025 Earnings Presentation on 6ix