Second Quarter 2025 Earnings Release July 22, 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…
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…
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…
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…
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…
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…
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…
SLIDE H MTDRs 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)…
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…
Appendix
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…
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…
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
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…
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…
(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…
(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:…
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…
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…
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…
(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…
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…
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