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Exhibit 99.1 MATADOR RESOURCES COMPANY REPORTS THIRD QUARTER 2021 OPERATING AND FINANCIAL RESULTS AND ANNOUNCES AN ADDITIONAL $ 140 MILLION IN BORROWINGS REPAID DALLAS , Texas , October 26 , 2021 -- Matador Resources Company ( NYSE : MTDR ) ( “ Matador ” or the “ Company ” ) today reported financial and operating results for the third quarter of 2021. A short slide presentation summarizing the highlights of Matador's third 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 . Third 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 third quarter 2021 results compared to Matador's stated goals for the year . Third Quarter 2021 Results Above Expectations " The third quarter of 2021 was another excellent quarter for Matador with production and financial results above our expectations , including better - than - expected oil , natural gas and total oil equivalent production , record oil and natural gas revenues , record net income and record Adjusted EBITDA ( see Slide A ) . San Mateo also had a great third quarter , including better - than - expected operating and financial results , while also closing three new third - party midstream opportunities during the quarter ( see Slide B ) . The Board and I would like to acknowledge and express our sincere appreciation to both the Matador and San Mateo teams for their strong execution once again in the third quarter of 2021 . Given these strong third quarter results and our continued confidence in Matador's growing operational and financial strength and our increasing ability to return value to shareholders , we were very pleased to announce yesterday that the Board doubled Matador's quarterly cash dividend from $ 0.025 per share , initiated earlier this year , to $ 0.05 per share , payable on December 1 , 2021 to shareholders of record as of November 10 , 2021 . " Net cash provided by operating activities in the third quarter was $ 291.2 million , a 13 % sequential increase , leading to third quarter 2021 adjusted free cash flow of $ 147.5 million . This adjusted free cash flow included $ 6.0 million in performance incentives received by Matador from our midstream joint venture partner Five Point Energy LLC for wells turned to sales and connected to San Mateo during the third quarter . Given this strong free cash flow , Matador repaid $ 120 million in borrowings outstanding under its reserves - based revolving credit facility in the third quarter of 2021 , and the Company has repaid another $ 20 million in October . As a result of these recent repayments totaling $ 140 million , Matador has reduced the current borrowings outstanding under its reserves - based revolving credit facility to $ 100 million , as compared to $ 475 million at the end of the third quarter of 2020. Matador's leverage ratio under the reserves - based revolving credit facility declined to 1.3x at the end of the third quarter , which marks Matador's lowest leverage ratio since mid - 2018 ( see Slide C ) . Paying quarterly dividends to shareholders , reducing debt and increasing the value of Matador's reserves , production and midstream assets were among Matador's key priorities for 2021 , and we are very pleased with the progress we have made so far this year in all these areas . Key 2021 Milestones Being Achieved , Including Strong Well Results and Improved Capital Efficiency " Matador's 2021 priorities and milestones are shown in Slide D , and we continue to execute well on this operating and capital efficiency plan for 2021. During the third quarter of 2021 , we achieved our third key operational milestone when we turned to sales four wells in the Greater Stebbins Area . In addition , we achieved our fourth key operational milestone slightly ahead of schedule when we turned to sales the next 13 Boros wells in the Stateline asset area at various times primarily throughout September . We remain very pleased with the well results being achieved all across our acreage position in the Delaware Basin , and we were especially pleased this quarter with the 1