Page 1

Exhibit 99.1 MATADOR RESOURCES COMPANY REPORTS FIRST QUARTER 2021 FINANCIAL AND OPERATING RESULTS AND ANNOUNCES $ 100 MILLION IN BORROWINGS REPAID IN FIRST QUARTER 2021 DALLAS , Texas , April 28 , 2021 -- Matador Resources Company ( NYSE : MTDR ) ( “ Matador ” or the “ Company ” ) today reported financial and operating results for the first quarter of 2021. A short slide presentation summarizing the highlights of Matador's first quarter 2021 earnings release is also included on the Company's website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab . First Quarter 2021 Management Summary Comments Joseph Wm . Foran , Matador's Chairman and CEO , commented , " On both our website and the webcast planned for tomorrow's earnings conference call is a set of six slides identified as ' Chairman's Remarks ' ( Slides A through F ) to add color and detail to my remarks . We invite you to review these slides in conjunction with my comments below , which are intended to provide context for the first quarter of 2021 compared to Matador's goals for the year . First Quarter 2021 Highlights and Significant Achievements “ The first quarter of 2021 was an outstanding quarter for Matador highlighted by a number of significant achievements ( see Slide A ) . The Board and I would like to acknowledge the various efforts of the Matador team to deliver these excellent results despite the challenges we faced in the first quarter due to the pandemic and historically prolonged cold weather conditions experienced in New Mexico and Texas during Winter Storm Uri . In particular , we salute the efforts of the production and marketing teams and our entire field staff for keeping a significant portion of Matador's oil and natural gas production online and for finding available markets for our products during this unprecedented winter storm . We also express our appreciation to San Mateo , our midstream affiliate , for keeping its gathering , processing and disposal systems operational throughout the winter storm . Notably , we believe San Mateo's Black River natural gas cryogenic processing plant ( the " Black River Processing Plant " ) was one of only about 5 % of plants in the Delaware Basin to remain operational for the duration of the storm . " Matador is also pleased to report positive free cash flow once again in the first quarter of 2021. Net cash provided by operating activities in the first quarter was $ 169.4 million , a 7 % sequential increase , leading to first quarter 2021 adjusted free cash flow of $ 63.9 million , about 5 % higher than we achieved in the fourth quarter of 2020 and significantly better than our initial expectations . Given this strong free cash flow , Matador repaid $ 100 million in borrowings outstanding in the first quarter of 2021 , which was in addition to the $ 35 million repaid during the fourth quarter of 2020. As a result , Matador's leverage ratio under the reserves - based credit facility has now declined to 2.5x ( see Slide B ) . Matador expects to continue to generate adjusted free cash flow in aggregate for full year 2021 and plans to use a significant portion of this discretionary cash flow primarily to continue reducing the borrowings outstanding under its reserves - based credit facility and then to pay a quarterly dividend to shareholders . Operations Tracking Key 2021 Milestones , Including Strong Rodney Robinson and Voni Well Results " Matador's 2021 priorities and milestones are shown on Slide C. During the first quarter of 2021 , we achieved our first significant operational milestone for 2021 when we turned to sales four new Rodney Robinson wells in mid - March . Matador is very pleased with the strong 24 - hour initial potential ( “ IP ” ) test results from these most recent Rodney Robinson wells , including excellent results from our first two tests of the Third Bone Spring formation on this leasehold ( see Slide D ) . In April 2021 , Matador achieved its second key operational milestone for 2021 when we began turning to sales the first 13 Voni wells in the Stateline asset area . The 13 Voni wells all have completed lateral lengths of approximately 12,000 feet , or about 2.3 miles , making them the longest horizontal laterals that Matador has completed to date in the Delaware Basin . Matador has now turned to sales all 13 Voni wells , slightly ahead of schedule , and today we have reported 24- hour IP test results from the first six of these wells ( see Slide D ) . 1