First Quarter 2025 Earnings Release April 23, 2025
Chairmans Remarks April 23, 2025
SLIDE A Matador Finds Opportunities in Challenging Times 1980s & Original Matador Added Experienced Advisors and Built a Strong 1990s Shareholder Base and Reserves 2003 Switched to Development of Unconventional Resources…
SLIDE B Precautionary Measures RBL DEBT OIL HEDGES REPAYMENT 2Q 2025: 35% - 40% of production 2H 2025: 55% - 60% of production 190 million in Q1 2025 TRANSACTIONS FLEXIBILITY 2.25 billion available in elected Sale of…
SLIDE C Share Repurchase Program: Reasons for Why Now Significant Current Confidence Free Cash Share in Long-Term Flow Price Net Asset Growth Authorized 400 Million Share Repurchase Program 3
SLIDE D Matador is Buying Purchases by Directors and Officers in Q1 2025 Number of Purchases Number of Shares Total Dollar Amount 1.6 25 31,100 Million Matador Employees Purchasing Across the Board 95% Participation in…
SLIDE E History of Increasing Value to Shareholders: Why Matador Stronger Balance Sheet Accretive Acquisitions (1) 10 to 15 Years of Quality Drilling Inventory Expansion of Midstream Business (2) Steadily Increasing Fixed…
SLIDE F 95% Oil Growth Since Q1 2023 115,030 84,777 58,941 Q1 23 Q1 24 Q1 25 Daily Oil Production in Barrels Per Day 6
SLIDE G The Delaware Basin: Most Prolific Basin in the United States Delaware Brushy Canyon U. Avalon L. Avalon FBSG SBSC SBSG Midland TBSC TBSG WFMP A Sprayberry WFMP B WFMP A WFMP D WFMP B WFMP…
SLIDE H Growing Core Delaware Basin Acreage IPO in 2012 Today 7,500 Net Acres 198,700 Net Acres 9,000 BOE/d 207,000 BOE/d New Mexico New Mexico Texas Texas Matador Acreage Matador Acreage Note: All acreage as of…
SLIDE I (1) 10 to 15 Years of Inventory with Average Returns Greater Than 50% ROR Total Net Inventory Lateral Length 18.3 Million Feet 1,869 Net 15.0 Million Feet Locations 13.2 Million Feet December 31, 2022 December 31,…
SLIDE J (1) Industry Leading Per-Well Productivity Average Oil EUR (MBbl) Source: Enverus data accessed in April 2025 Note: Includes all operated horizontal wells turned to production since January 1, 2020. Production data…
SLIDE K U-Turn Wells: Savings Through Operational Efficiencies PREVIOUS NOW Four Single-Mile Lateral Wells Two U-Turn Wells 3 Million in (1) Savings Per U-Turn Well Note: In addition to saving 3 million per well, U-Turn…
SLIDE L Superior Profit Margins: Matador Leads the Industry High Revenue 52.50 High Profit MTDR 50.00 Peer 2 Peer 3 47.50 Peer 1 Revenue Per BOE Peer 4 Peer 10 45.00 Peer 11 Peer 5 42.50 Peer 8 Peer 6 Peer…
SLIDE M San Mateo Midstream Assets Provide Flow Assurance 590 Miles of three-stream pipelines Marlan Plant Gas Processing Capacity (1) of 520 MMcf per day Black River Plant Water Disposal Capacity Acquired by of…
SLIDE N Marlan Plant Expected Online in Second Quarter 2025 On Time 90% Complete (1) On Budget Note: Marlan Plant named in honor of Mr. Marlan W. Downey, former executive of Shell, former President of ARCO and a long-time MTDR…
SLIDE O Strong and Simple Financials Leverage Ratio…
SLIDE P Underlying Asset Value for Matador Shareholders Matador Reserves Value(1) + 9.2 Billion Additional Net Locations(2) + 3.4 Billion Midstream Value(3) + 1.5 Billion Bank Debt and Bonds(4) - 2.9 Billion Net Asset Value =…
Why Invest in x We believe Matador is the highest-margin Delaware Basin operator in its peer group with: 1. Over 40 years of double-digit profitable growth 2. 10-15 years of inventory 3. Steadily increasing fixed dividend (increased…
Appendix April 23, 2025
Matador Resources Company Overview Market Snapshot NYSE Symbol MTDR Market Capitalization(1) 4.95 billion Avg. Daily Production Q1 2025 198.6 MBOE/d Net Debt / LTM Adj. EBITDA(2)(3) Q1 2025 0.95x DELAWARE BASIN HAYNESVILLE/ 198,700…
Delaware Basin Extended Lateral Well Location 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…
Q1 2025 Guidance(1) vs. Q1 2025 Actuals Total production better than expected Higher-than-expected production from new wells turned to sales in Q4 2024 Turned to sales first three-mile lateral wells late in Q1 11 new Ameredev wells…
Horizontal Wells Completed and Turned to Sales Q1 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…
(1) Hedging Profile 2025 WTI Oil Henry Hub Natural Gas Waha / Henry Hub Collars Collars Differential Swaps 45,000 Bbl/d Hedged H1 60 x 86 30,000 MMBtu/d 2025: Hedged 35-40% of 2025: 150,000 MMBtu/d production Hedged -0.59…
MAXCOM Operations Center = Recruiting + Training + Execution Averaging 99% in (1) Zone 24/7 Geosteering and Engineering Support 2018 2019 2020 2021 2022 2023 2024 Drilling Records: 28 47 36 44 49 56 58 Est. Savings 1.5 6.1…
MTDRs Senior Management are Buyers Number of Net Shares Bought & Sold by Management (2021 to 2025)(1) 200,000 100,000 0 (200,000) (400,000) (600,000) (800,000) (1,000,000) (1,200,000) (1,400,000) (10,500,000) MTDR…
Increased Fixed Dividend Again in Q1 2025 Six Times in Four Years 1.25 0.10 Q1 2021 Q1 2025 Annualized Dividend 26
Bonus Opportunity to Tap Cotton Valley Gas Bank When Advantageous HAYNESVILLE/ COTTON VALLEY 17,300 net acres 100% HBP Texas Louisiana LNG LNG Cotton Valley Estimated Ultimate Recovery 200 to 300 Bcf 27
Significant Liquidity Creates Opportunities 3.2 Billion Total Bankable Assets 3.5 Remaining 3.0 Assets Available to Increase 2.5 Liquidity 1.0 B ( in Billions) 2.0 RBL 1.5 Liquidity: 1.8 B 1.0 0.5 Current…
Improving Drilling and Completion Costs 1,200 1,075 1,000 910 880 Drilling and Completion Cost(1) ( per completed lateral foot) 800 600 400 200 - (2) 2023 2024 2025E (1) Cost per completed lateral foot…
San Mateo Record Results in Q1 2025 San Mateo Average Natural Gas Gathering San Mateo Average Natural Gas Processing (MMcf/d) (MMcf/d) Record Quarter Record Quarter 500 470 500 454 456 425 431 424 434 393 399 400 400 355 300…
San Mateos 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…
Midstream Business Continues to Provide Value Flow Assurance Economic Benefit Plant Uptime Over 99% Growing 1.5 Billion in Value Estimated Value(1) (1) Estimated net to Matador as of April 23, 2025. Five Point is Matadors…
Full Year 2025 Guidance April 23, 2025
2025 Guidance (As Updated on April 23, 2025) February 20, 2025 April 23, 2025 %YoY Guidance Metric 2024 Actuals 2025 Guidance Range 2025 Guidance Range Change(1) Total Oil Production 99,808 Bbl/d 120,000 to 124,000 Bbl/d 117,000 to…
Q2 2025 Guidance(1) Guidance Metric Q2 2025 Guidance Range Oil Production 121,500 to 122,500 Bbl/d New Natural Gas Production 507.0 to 513.0 MMcf/d Quarterly Records Oil Equivalent Production 206,000 to 208,000 BOE/d D/C/E…
Wells Turned to Sales 2025 Full Year & Q2 Guidance(1) During full year 2025, Matador expects to turn to sales 135 gross (106.0 net) operated horizontal wells Matador estimates its average completed lateral length for operated wells…
2025E Operating Cost Estimates(1) (/BOE) 2024 Q1 2025 2025E 1 Production taxes, transportation and processing (PTTP) 4.91 5.25 4.50 to 5.50 2 Lease operating (LOE) 5.47 5.96 5.50 to 6.00 3 Plant and other midstream services operating…
Q1 2025 & Q2 2025E Commodity Price Differentials Q1 2025 Q2 2025E Actual Actual Realized Commodity Prices Benchmark(1) Differential Guidance(2) Realized Price Differential Oil Prices, per Bbl 71.42 72.38 +0.96 0.00 to +1.00 (Above…
Appendix / Reconciliation
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…
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…
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…
Adjusted EBITDA Reconciliation San Mateo(1) 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,…
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…
Adjusted Net Income and Adjusted Earnings Per Diluted Common Share This presentation includes the non-GAAP financial measures of adjusted net income and adjusted earnings per diluted common share. These non-GAAP items are measured as net…
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…
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