Matador Resources Company · NYSE:MTDR
Matador Resources — Q3 2025 Earnings Presentation
32 slides from Matador Resources's earnings presentation, Oct 22, 2025
Slide 1: Third Quarter 2025 Earnings Release
Third Quarter 2025 Earnings Release October 21, 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: Steadily Increasing Fixed Dividend
Steadily Increasing Fixed Dividend $1.50 $1.25 $0.80 $0.60 $0.40 $0.20 $0.10 Q1 2021 Q4 2021 Q3 2022 Q1 2023 Q4 2023 Q1 2025 Q4 2025 Annualized Dividend 3
Slide 4: Core Delaware Basin Acreage and Production Growth
Core Delaware Basin Acreage and Production Growth IPO in 2012 2017 Today ~7,500 Net Acres ~114,000 Net Acres ~203,000 Net Acres 9,000 BOE/d 38,900 BOE/d 209,184 BOE/d EDDY LEA EDDY LEA EDDY LEA LOVING WINKLER LOVING LOVING Matador Acreage Matador Acreage WARD Matador Acreage WARD Note: All acreage a
Slide 5: Total Production Reaches Record Performance
Total Production Reaches Record Performance 209,184 170,751 131,813 105,465 86,176 75,175 66,203 52,128 38,936 24,955 27,813 16,082 9,000 11,740 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Daily Oil Equivalent Production (BOE/d) 5 Note: Stated production represents the a
Slide 6: Record Natural Gas Production
Record Natural Gas Production 3.6 537.8 17.0 22.2 495.0 (1) Q3 Guidance Operated Well Additional Non-Op Other Q3 Actual Performance Haynesville Average Total Daily Gas Production (MMcf/d) 6 (1) At the midpoint of guidance as provided on July 22, 2025.
Slide 7: MTDR Leads Peers in Per-Well Oil Productivity
MTDR Leads Peers in Per-Well Oil Productivity(1) 800 700 600 500 400 300 200 100 0 Average Oil EUR (MBbl) Source: Enverus as of October 17, 2025. Note: Includes all operated horizontal wells turned to production since January 1, 2020. Production data available through August 2025. Peers include APA,
Slide 8: D/C/E Capital Expenditure Breakdown
D/C/E Capital Expenditure Breakdown ($ in Millions) $450 $9 $430 $15 $56 $400 $15 $350 $335 $300 $250 $200 Q3 CapEx Additional Q4 Planned Well Additional Additional Q3 Actual Guidance Q3 Wells (2) Completions(2) Non-Op Interests CapEx (1) (Midpoint) Completed Activity Acquired Matador turned 4.5 mor
Slide 9: Efficiencies Continue to Drive Well Costs Lower
Efficiencies Continue to Drive Well Costs Lower $920 $910 $900 $880 $880 $860 101.9 Net Operated Wells $845 $840 106.3 Net Operated Wells 118.3 Net $820 Operated Wells $800 (2) (3) 2024 Actual 2025 Prior Guidance 2025 Revised Guidance Drilling and Completion Cost (1) ($ per completed lateral foot) (
Slide 10: Superior Profit Margins: MTDR Leads Peers
Superior Profit Margins: MTDR Leads Peers High Revenue per BOE $52.50 High Profit per BOE MTDR $50.00 Peer 3 Peer 1 $47.50 Revenue Per BOE Peer 2 $45.00 Peer 5 $42.50 Peer 6 Peer 7 Peer 10 Peer 9 Peer 8 Peer 4 $40.00 Low Revenue per BOE Low Profit per BOE $37.50 $27.50 $30.00 $32.50 $35.00 $37.50 $4
Slide 11: Balance Sheet Built for Stability and Strategic Flexibility
Balance Sheet Built for Stability and Strategic Flexibility RBL Balance Leverage Ratio(1) $955 Million 0.94x RBL Borrowings $285 million $105 Million from Q2 2025 $285 Million RBL Liquidity >$1.9 Billion Q3 2024 Q3 2025 Note: As of September 30, 2025, does not include San Mateo Midstream, LLC’s (“Sa
Slide 12: San Mateo Midstream Provides Flow Assurance
San Mateo Midstream Provides Flow Assurance ~650 miles of three-stream pipelines Water disposal capacity of Connector 475,000 Bbl per day Gas processing capacity of 720 MMcf per day Marlan Plant Adjusted EBITDA increased (1) to $290 million Black River Plant Matador Acreage Matador Pipeline Wolf San
Slide 13: Why Invest in Matador
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. Over 10 years of high-quality inventory 3. Over 200,000 net acres in the heart of the Delaware Basin 4. Increasing fixed dividend (raised twice in 2025, s
Slide 14: Appendix
ay, ¢ Matador =a RESOURCES COMPANY ti Appendix MIDR NYSE
Slide 15: Matador Resources Company Overview
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) $5.4 billion Avg. Daily Production – Q3 2025 209.2 MBOE/d Net Debt / LTM Adj. EBITDA(2) – Q3 2025 0.94x DELAWARE BASIN HAYNESVILLE/ 203,000 net acres COTTON VALLEY Adj. Free Cash Flow(2) – YTD 2025 $368 mill
Slide 16: Leader in Revenue Per Employee Across DFW
Leader in Revenue Per Employee Across DFW – $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 Source: Bloomberg LP and The Dallas Morning News article published on October 5, 2025. 16 Note: Revenue per employee is calculated using total 2024 full-year revenues and the employee count as of year-end 2024
Slide 17: San Mateo's Continued Growth in 2025
San Mateo’s Continued Growth in 2025 $300 Natural Gas $290 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 18: Taking Advantage of Market Volatility
Taking Advantage of Market Volatility $65 Initiated Repurchase 1.3 Million Shares Program Repurchased 10/20/2025 $55 Share Price: $43.39 $55 Million in $ / Share Buybacks $45 Avg. Repurchase Price: $41.35 1.1% of Shares $35 (1) Outstanding Note: Market data as of October 20, 2025 18 (1) Represents t
Slide 19: 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 CIVI APA VTLE OVV SM FANG CTRA PR Buys / Sells 65 / 0 8 / 15 0/4 1 /
Slide 20: 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 20
Slide 21: Hedging Profile – Hedges Add Cash Flow Security
(1) Hedging Profile – Hedges Add Cash Flow Security WTI Oil Henry Hub Natural Gas Waha / Henry Hub Collars Collars Differential Swaps 70,000 Bbl/d 150,000 MMBtu/d Hedged 30,000 MMBtu/d Q4 Hedged @ $52 x $77 Q4 Hedged 2026: 2025: @ $3.50 x $6.70 2025: ~60% of @ -$0.59 production 150,000 MMBtu/d Hedge
Slide 22: Simple Balance Sheet: No Near-Term Debt Maturities
Simple Balance Sheet: No Near-Term Debt Maturities Debt Maturities ($ in millions) As of September 30, 2025 $3,500 $3,000 $3.25 Billion Borrowing Base $2,500 $2,000 $1,500 $2.25 Billion Elected Commitments $1,000 $900 $750 $500 $500 $54 Million in Letters of Credit $285 Million in RBL Borrowings $-
Slide 23: Over a Decade of High-Quality Inventory in the Delaware Basin
Over a Decade of High-Quality Inventory in the Delaware Basin Total Undrilled Locations Potential Matador Gross / Net Operated Locations(1)(2) Brushy Canyon Total Avg. Lateral Gross / Net 392 / 131 9,800’ 183 / 114 Avalon 422 / 154 9,300’ 211 / 138 1st Bone Spring 959 / 340 10,100’ 463 / 301 2nd Bon
Slide 24: Horizontal Wells Completed and Turned to Sales – Q3 2025
Horizontal Wells Completed and Turned to Sales – Q3 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 Q3 2025 (Rodney Robinson) Antelope Ridge -
Slide 25: Wells Turned to Sales – 2025 Full-Year & Q4 2025 Guidance
(1) Wells Turned to Sales – 2025 Full-Year & Q4 2025 Guidance During full-year 2025, Matador expects to turn to sales 147 gross (118.3 net) operated horizontal wells (2) ‒ Matador estimates its average completed lateral length for operated wells turned to sales in 2025 should be ~10,500 feet ‒ Mat
Slide 26: Updated 2025 Guidance
Updated 2025 Guidance (As Updated on October 21, 2025) 2025 Full-Year Guidance Production 4Q25 FY2025 • 147 gross (118.3 net) operated wells and 129 gross (8.4 Oil Production – MBbl/d 119.0 – 121.0 119.25 – 119.75 net) non-operated wells turned to sales in 2025E Natural Gas Production – MMcf/d 516.0
Slide 27: Q3 2025 Guidance vs. Q3 2025 Actuals
(1) Q3 2025 Guidance vs. Q3 2025 Actuals Guidance Metric Q3 2025 Guidance Range Q3 2025 Actuals Oil Equivalent Production 198,500 to 201,000 BOE/d 209,184 BOE/d +5% Oil Production 116,500 to 118,000 Bbl/d 119,556 Bbl/d +2% Natural Gas Production 492.0 to 498.0 MMcf/d 537.9 MMcf/d +9% D/C/E CapEx(2)
Slide 28: 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 29: 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) 3Q 2024 4Q 202
Slide 30: 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 31: 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 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) Sep
Matador Resources Company — Q3 2025 Earnings Presentation on 6ix