Slides
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Fourth Quarter and Full Year 2025 Earnings Release February 24, 2026
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(1) Source: The Dallas Morning News article published on October 5, 2025. Note: Revenue per employee is calculated using total 2024 full-year revenue and the employee count as of year-end 2024 and is compared to the top 50 companies listed in The Dallas Morning News Article. (2) Acreage as of December 31, 2025. (3) YE 2025 SEC Pricing: $61.82 per barrel of oil and $3.387 per MMBtu of natural gas. $8.2 billion PV-10 as of December 31, 2025. (4) As of the closing price on February 23, 2026. Matador’s Unique Investment Opportunity OUR ORIGIN STORY CULTURE OF COMMITMENT AND CONTINUOUS GROWTH A BOARD BUILT ON STRENGTH AND EXPERIENCE OVER 40 YEARS OPERATING IN THE DELAWARE BASIN • Proven Board with extensive industry knowledge, business experience and MTDR ownership • Previous directors include Vice Presidents of Mesa Petroleum from Amarillo, three Presidents of Shell Oil Company, President of DeGolyer, President of Amoco and MacNaughton, Vice President of ARCO, and first American admitted to the Russian Academy of Sciences • Current directors include former Partner at PwC, former Portfolio Manager at T. Rowe Price, former CFO and Board Member of Shell Midstream Partners, former Partner of Norton Rose Fulbright US LLP, and current CEO of IPR Energy Partners • 36th largest company in Dallas across all industries, #1 revenue per employee in DFW(1) • 10 to 15 years of high-quality inventory across ~212,500 net acres in the Delaware Basin(2) • Fully integrated midstream operations with 720 MMcf/day gas processing capacity and over 900 miles of pipelines • Current reserves of 667 million BOE, a 9% increase from 2024, and a replacement ratio of over 170% in 2025(3) • Over 95% participation in Employee Stock Purchase Plan (ESPP) • Approaching 27,000 employee training hours completed in 2025 • Three rotational training programs offering field experience, technical development, and mentorship • ~40% of staff with 5+ years of tenure at Matador, providing continuity and developing our next generation of staff • Founded “Matador I” in 1983 with $270,000 from 17 friends and family; sold in 2003 for $388 million or $0.89 per share • Started “Matador II” with initial capital of $6 million and attracted additional capital from 500 friends and neighbors • Initial Public Offering (IPO) in 2012 which has led to a market capitalization today valued at approximately $6 billion • Original shareholders include friends, family and teammates, have a cost basis of $3.56 per share • Today “Matador II” is trading at $51.16 per share(4) (NYSE: MTDR) 2
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Note: Hugh Brinson pipeline expected to be in service before the end of 2026. “GCX” is the Gulf Coast Express pipeline. Hugh Brinson Pipeline Provides Opportunity For Premium Gas Pricing 3 Henry Hub Waha SoCal Houston Ship Channel Gas Bank Hugh Brinson ✓ +$90 million in potential annual revenue per $0.50/MMBtu ✓ Aligns with surging LNG and natural gas demand ✓ Creates data center opportunities ✓ Avoids Waha congestion and volatility No capital expenditures associated with expected better natural gas pricing 500,000 MMBtu/d
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Peer 4 Peer 3 Peer 1 Peer 7 Peer 2 Peer 6 Peer 5 Peer 8 $37.50 $40.00 $42.50 $45.00 $47.50 $50.00 $52.50 $25.00 $27.50 $30.00 $32.50 $35.00 $37.50 $40.00 Revenue Per BOE Profit per BOE Source: Bloomberg, LP Note: Metrics represent a trailing two-year average through Q3 2025. Profit equates to oil and natural gas revenues minus lease operating expenses, general and administrative expenses, production taxes and transportation and processing expenses. Peers include: APA, DVN, EOG, FANG, MGY, OVV, PR, and SM. Superior Profit Margins: Matador Leads the Industry 4 Low Revenue per BOE Low Profit per BOE High Revenue per BOE High Profit per BOE (1)
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$1,075 $910 $842 $795 $0 $200 $400 $600 $800 $1,000 $1,200 2023 2024 2025 2026E (2) Drilling and Completion Cost(1) ($ per completed lateral foot) CapEx Efficiencies Continue to Drive Costs Per Foot Lower 5(1) Cost per completed lateral foot metric shown represents the drilling and completion (“D&C”) portion of well costs only. (2) At the midpoint of guidance of $785 to $805 per foot as provided on February 24, 2026. ~10% increase in average lateral length ~13% improvement in completed lateral footage per day Further integration of artificial intelligence in operations 2025 to 2026E (2)
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$596 Million $313 Million Q4 2024 February 24, 2026 Strong and Simple Balance Sheet ~$1.9 Billion Total Liquidity As of February 24, 2026 Current Leverage RBL Borrowings Near-Term Debt ~1.1x (1) ~$200 million repaid in 2025 $0 Note: Does not include San Mateo’s credit facility, which is non-recourse to Matador. (1) Leverage ratio as of December 31, 2025. Defined as Net Debt / LTM Adjusted EBITDA as calculated under the Credit Agreement. For purposes of the Credit Agreement, Net Debt on December 31, 2025, is calculated as (i) $2.15 billion in senior notes outstanding, plus (ii) $398 million in borrowings outstanding under the Credit Agreement, plus (iii) $54 million in outstanding letters of credit under the Credit Agreement, less (iv) $15 million in available cash. RBL Balance 6
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Core Delaware Basin Acreage and Production Growth LOVING Matador Acreage EDDY LEA IPO in 2012 ~7,500 Net Acres 9,000 BOE/d 2017 ~114,000 Net Acres 38,900 BOE/d Today ~212,500 Net Acres 207,070 BOE/d Note: All acreage as of September 30, 2012. Note: All acreage as of December 31, 2017. EDDY LEA LOVING WARDMatador Acreage EDDY LEA WARD LOVING Note: All acreage as of December 31, 2025. Matador Acreage WINKLER 7Note: Some tracts are not shown on the maps. Stated production represents the annual average for 2012, 2017 and 2025. (1) Average rates of return in excess of 50% based on flat long-term pricing of either (i) $70/Bbl oil, $3/MMBtu natural gas or (ii) $60/Bbl oil, $4/MMBtu natural gas and 2026 expected activity levels. 10 to 15 Years of High-Quality Inventory(1)
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Strategic Three-Stream Pipeline Growth in the Delaware Basin 8 ~48 Miles of Three-Stream Pipelines 60 MMcf/d Processing Capacity 5 Salt Water Disposal Wells ~410 Miles of Three-Stream Pipelines 460 MMcf/d Processing Capacity 14 Salt Water Disposal Wells ~660 Miles of Three-Stream Pipelines 720 MMcf/d Processing Capacity 16 Salt Water Disposal Wells EDDY EDDY EDDY LEA LEA LEA LOVING LOVING LOVING Matador Acreage Processing Plants Salt Water Disposal 2017 2022 TODAY Matador Acreage Processing Plants Salt Water Disposal Matador Acreage Processing Plants Salt Water Disposal Note: Figures represent San Mateo only. Does not include wholly-owned midstream. All maps as of year end 2017, 2022, and 2025.
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Note: Adjusted EBITDA is a non-GAAP financial measure. For a definition of adjusted EBITDA and reconciliation to the comparable GAAP measure, see Appendix. (1) Based on the midpoint of range of $355 to $365 million as of and as provided on February 24, 2026. Midstream Adjusted EBITDA includes Matador wholly owned midstream and San Mateo, Matador and Five Point own 51% and 49%, respectively. Maintaining a Midstream EBITDA Growth Trajectory 9 $210 $286 $332 $360 $0 $50 $100 $150 $200 $250 $300 $350 $400 2023 2024 2025 2026E Midstream Adjusted EBITDA ($ in millions) (1)
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Matador’s Allocation of $437 Million of Free Cash Flow During 2025 10 Brick-by-Brick Added 17,500 net acres in 2025 Debt Repayment Over 30% reduction in reserve-based credit facility and leverage ratio at ~1.1x Fixed Dividend 88% dividend per share growth since 2024; current yield at 2.9%(1) Share Repurchases 1.4 million shares repurchased at weighted average price of approximately $41 per share $137 million in distributions from San Mateo to Matador is additive to Free Cash Flow Note: Adjusted free cash flow is a non-GAAP financial measure. For a definition of adjusted free cash flow and reconciliation to the comparable GAAP measure, see Appendix. (1) Current yield based upon February 23, 2026 closing price.
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(1,800,000) (1,600,000) (1,400,000) (1,200,000) (1,000,000) (800,000) (600,000) (400,000) (200,000) 0 200,000 MTDR APA OVV SM FANG CTRA PR MTDR’s Senior Management are Buyers 11 Number of Net Shares Bought & Sold by Management (2021 to 2025)(1) (10,500,000) Buys / Sells 78 / 0 0 / 4 9 / 21 0 / 59 2 / 39 0 / 376 / 10 Source: Section 16 filings with the Securities and Exchange Commission and Bloomberg LP. Note: Please see Matador’s most recent Proxy Statement for additional information. (1) Total number of net shares purchased by Section 16 officers as reported in Section 16 filings since January 1, 2021, through January 26, 2026.
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Appendix
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Note: All acreage as of December 31, 2025. (1) Market capitalization based on closing share price as of February 23, 2026, and shares outstanding as reported in the Company’s most recent earnings release, Form 10-Q or Form 10-K, as applicable. (2) Adjusted EBITDA and adjusted free cash flow are non-GAAP financial measures. For definitions and reconciliations to the comparable GAAP measures, see Appendix. (3) Current yield based upon February 23, 2026 closing price. Matador Resources Company Overview 13 Market Snapshot NYSE Symbol Market Capitalization(1) Avg. Daily Production – Q4 2025 Net Debt / LTM Adj. EBITDA(2) – YE 2025 Adj. Free Cash Flow(2) – 2025 Proved Reserves @ December 31, 2025 2025 Annualized Dividend (current yield)(3) MTDR $6.5 billion 211.3 MBOE/d ~1.1x $437 million 667.0 MMBOE $1.50 (2.9%) Avg. Daily Production – Q4 2025 DELAWARE BASIN 208.4 MBOE/d 58% oil Proved Reserves – December 31, 2025 DELAWARE BASIN 662.2 MMBOE 57% oil HAYNESVILLE/CV 4.8 MMBOE ~0 %oil 667.0 MMBOE 56% oil HAYNESVILLE/CV 2.9 MBOE/d ~0% oil 211.3 MBOE/d 57% oil MATADOR HEADQUARTERS DALLAS, TEXAS DELAWARE BASIN 212,500 net acres HAYNESVILLE/ COTTON VALLEY 17,300 net acres
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75,175 86,176 105,465 131,813 170,751 211,290 2020 2021 2022 2023 2024 Q4 2025 Total Daily Production Reaches Record Performance 14 Note: Stated production is in BOE per day represents the annual average for 2020 through 2024 and Q4 2025. (BOE/d)
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Note: Net totals may not add up due to rounding. (1) Average rates of return in excess of 50% based on flat long-term pricing of either (i) $70/Bbl oil, $3/MMBtu natural gas or (ii) $60/Bbl oil, $4/MMBtu natural gas and 2026 expected activity levels. (2) Identified and engineered locations for potential future drilling and completion, including specified production units, costs and well spacing using objective criteria for designation. Locations identified as of December 31, 2025. (3) Includes any identified gross locations for which Matador’s working interest is expected to be at least 25%. 10 to 15 Years of High-Quality Inventory in the Delaware Basin(1) 15 1-mile 87 / 55 268 / 167 136 / 101 2,492 / 1,599 Gross / Net 194 / 128 64 / 38 452 / 290 249 / 157 189 / 116 285 / 195 Total Undrilled Locations Gross / Net Potential Matador Operated Locations(2)(3) 251 / 65 506 / 188 214 / 108 5,295 / 1,802 Total 337 / 138 150 / 45 957 / 327 489 / 174 414 / 132 605 / 214 11,100’ 10,700’ 9,400’ 10,400’ Avg. Lateral 10,800’ 10,300’ 10,500’ 10,000’ 10,300’ 9,900’ 1st Bone Spring Avalon (3 landing targets) 2nd Bone Spring Carb 3rd Bone Spring Carb Wolfcamp A-XY Wolfcamp D Wolfcamp B Brushy Canyon Wolfcamp A-Lower 2nd Bone Spring 3rd Bone Spring 333 / 203784 / 237 10,700’ 235 / 148588 / 173 10,600’ Increased Average Lateral Length by ~6% from 2024 to 2025
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$0.10 $0.20 $0.40 $0.60 $0.80 $1.00 $1.25 $1.50 Q1 2021 Q4 2021 Q3 2022 Q1 2023 Q4 2023 Q4 2024 Q1 2025 Q4 2025 Steadily Increasing Fixed Dividend 16 Annualized Dividend
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Midstream Assets Continue to Provide Flow Assurance Gas Gathering 17 Water Handling San Mateo Midstream can transport 90,000 barrels of oil per day, while Matador’s midstream assets can transport an additional 50,000 barrels of oil per day. San Mateo Processing: 720 MMcf per day Matador Handling: 160 MMcf per day San Mateo Disposal: 475,000 Bbl per day Matador Handling: 275,000 Bbl per day Matador Acreage San Mateo Pipeline Processing Plants Matador Pipeline Matador Acreage San Mateo Pipeline Salt Water Disposal Matador Pipeline Produced Water Pond
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$1,075/ft $910/ft $842/ft $795/ft $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 2023 2024 2025 2026E Better Wells for Less Money (1) Drilling and Completion Cost and average estimated ultimate oil recoveries based on actual well turn-in-line dates, excluding wells drilled by Ameredev or Advance and all vertical wells. 18 Drilling and Completion Cost(1) ($ per completed lateral foot) Estimated Ultimate Recoveries (barrels of oil per completed lateral foot) (1) (1) (1)
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Note: At December 31, 2025. Pro forma for hedges added through as of February 24, 2026. Strike prices are weighted averages. (1) 728,500 Bbl hedged for January 2026 at $50.00 x $65.21. 3,953,000 Bbl hedged in February and March 2026 at $52.75 x $66.36. Hedge Summary 19 FY 2026 Q1 2026 Q2 2026 Q3 2026 Q4 2026 2026 WTI Crude Oil Collars Total Volume (Bbl) 4,681,500 6,097,000 6,164,000 6,164,000 23,106,500 Ceiling ($/Bbl) $66.18 $66.36 $66.36 $66.36 $66.32 Floor ($/Bbl) $52.32 $52.75 $52.75 $52.75 $52.66 Henry Hub (HH) Natural Gas Collars Total Volume (MMBtu) 13,500,000 13,650,000 13,800,000 13,800,000 54,750,000 Ceiling ($/MMBtu) $6.70 $6.70 $6.70 $6.70 $6.70 Floor ($/MMBtu) $3.50 $3.50 $3.50 $3.50 $3.50 Waha Natural Gas Swaps Total Volume (MMBtu) 3,100,000 9,100,000 3,100,000 - 15,300,000 Average Swap Price ($/MMBtu) ($0.53) ($0.53) ($0.53) - ($0.53) (March 2026 Only) (July 2026 Only) Waha / HH Differential Basis Swaps Total Volume (MMBtu) 13,500,000 13,650,000 13,800,000 13,800,000 54,750,000 Average Swap Price ($/MMBtu) ($2.52) ($2.52) ($2.52) ($2.52) ($2.52)
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$500 $900 $750 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2026 2027 2028 2029 2030 2031 2032 2033 MTDR Senior Notes RBL Borrowings Letters of Credit Elected Commitment Borrowing Base $3.25 Billion Borrowing Base $2.25 Billion Elected Commitments $54 Million in Letters of Credit $313 Million in RBL Borrowings Note: Does not include San Mateo’s credit facility, which is non-recourse to Matador. Simple Balance Sheet – No Near-Term Debt Maturities 20 Debt Maturities ($ in millions) As of February 24, 2026
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Note: WC = Wolfcamp; BS = Bone Spring; BS Carb = Bone Spring Carbonate, AV = Avalon, HV = Haynesville, DEL = Delaware. For example, 3-WC B indicates three Wolfcamp B completions and 1-3BS Carb indicates one Third Bone Spring Carbonate completion. Any “0.0” values in the table suggest a net working interest of less than 5%, which does not round to 0.1. (1) Includes one gross well in the Twin Lakes asset area. Wells Turned to Sales – 2025 Full Year 21 Operated Non-Operated Total Asset/Operating Area Gross Net Gross Net Gross Net Gross Operated Well Completion Intervals Western Antelope Ridge (Rodney Robinson) - - - - - - No operated completions in 2025 Antelope Ridge (Ameredev Properties) 15 14.7 4 0.1 19 14.8 13-WC A, 1-2BS, 1-1BS Antelope Ridge (All Other) 69 58.5 23 0.4 92 58.9 10-WC B, 22-WC A, 7-3BS Carb, 16-3BS, 2-2BS Carb, 3-2BS, 9-1BS Arrowhead 22 12.0 21 2.4 43 14.4 8-WC A, 14-2BS Ranger(1) 10 8.0 22 2.8 32 10.8 5-WC D, 5-2BS Rustler Breaks 26 19.3 36 2.2 62 21.5 1-WC B, 3-WC A, 6-3BS Carb, 4-3BS, 5-2BS, 7-1BS Stateline - - - - - - No operated completions in 2025 West Texas 9 8.7 1 0.2 10 8.9 6-WC B, 1-WC A, 2-3BS Delaware Basin 151 121.2 107 8.1 258 129.3 Haynesville Shale - - 12 0.1 12 0.1 No operated completions in 2025 Total 151 121.2 119 8.2 270 129.4 10,400 ft 80% Working Interest
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Note: WC = Wolfcamp; WD = Woodford; BS = Bone Spring; BS Carb = Bone Spring Carbonate; AV = Avalon. For example, 18-WC A indicates eighteen Wolfcamp A completions and 1-2BS indicates one Second Bone Spring completion. Any “0.0” values in the table suggest a net working interest of less than 5%, which does not round to 0.1. (1) As of and as provided on February 24, 2026. (2) Average completed lateral length for all Matador-operated horizontal wells expected to be turned to sales in 2026. (3) Includes one gross well in the Twin Lakes asset area. Wells Turned to Sales – 2026 Full Year & Q1 Guidance(1) 22 ▪ During full year 2026, Matador expects to turn to sales 125 gross (107.6 net) operated horizontal wells ‒ Matador estimates its average completed lateral length for operated wells turned to sales in 2026 should be ~11,450 feet(2) ‒ Matador expects to turn to sales ~39 gross (34 net) operated wells in Q1 2026 Average Operated Lateral Length(2) (feet) Operated Non-Operated Total Asset/Operating Area Gross Net Gross Net Gross Net Gross Operated Well Completion Intervals Western Antelope Ridge (Rodney Robinson) 10,050 6 5.9 - - 6 5.9 4-WC D, 2-WC B Antelope Ridge (Ameredev Properties) 13,200 28 26.4 - - 28 26.4 1-WD, 4-WC B, 17-WC A, 5-3BS, 1-1BS Antelope Ridge (All Other) 11,525 15 14.3 22 1.3 37 15.6 4-3BS, 4-2BS Carb, 2-2BS, 5-1BS Arrowhead 12,550 19 14.7 20 0.4 39 15.1 1-WC D, 5-WC A, 7-3BS, 6-2BS Ranger(3) 10,150 41 32.7 58 5.8 99 38.5 3-WC D, 4-WC A, 5-3BS Carb, 6-3BS, 2-2BS Carb, 11-2BS, 8-1BS, 2-AV Rustler Breaks 11,250 16 13.6 80 4.2 96 17.8 5-WC A, 4-3BS Carb, 1-3BS, 4-2BS, 2-1BS Stateline - - - - - - - No operated completions in 2026 West Texas - - - - - - - No operated completions in 2026 Delaware Basin 11,450 125 107.6 180 11.7 305 119.3 Haynesville Shale - - - 14 0.3 14 0.3 No operated completions in 2026 Total 11,450 125 107.6 194 12.0 319 119.6 86% Working Interest
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(1) Matador is a two-stream reporter, and the revenues associated with its NGL production are included in the weighted average realized natural gas price. NGL prices do not contribute to or affect Matador’s realized gain or loss on natural gas derivatives. Oil benchmark is West Texas Intermediate (“WTI”) and natural gas benchmarks are Henry Hub daily average and bid week (2) Includes Matador’s share of estimated capital expenditures for San Mateo and other wholly-owned midstream projects. (3) Total does not include the impact of purchased natural gas or immaterial accretion expense. 23 Production 1Q26 FY2026 Oil Production – MBbl/d 115.5 – 117.5 122.0 – 124.0 Natural Gas Production – MMcf/d 515.0 – 525.0 525.0 – 545.0 Total Production – MBOE/d 201.0 – 205.0 209.5 – 215.0 Capital Expenditures ($ millions) D/C/E CapEx $1,350 – $1,440 Midstream CapEx(2) $100 – $110 Total Capital Expenditures $415 – $435 $1,450 – $1,550 Operating Costs and Other Expenses Lease operating (“LOE”), $/BOE $5.60 – $6.00 Transportation and processing (“T&P”), $/BOE $0.90 – $1.10 Midstream operating (“MO”), $/BOE $2.85 – $3.15 Depletion, depreciation & amortization (“DD&A”), $/BOE $15.50 – $15.80 Total general and administrative (“G&A”), $/BOE $1.80 – $2.10 Non-cash general and administrative, $/BOE $0.20 – $0.30 Taxes other than income (“TOTI”), % of O&G Revenues ~9.0% Current income taxes (% of pretax income) 0% – 0.5% Total operating expenses, $/BOE(3) $30.00 – $31.00 • 125 gross (107.6 net) operated wells and 194 gross (11.9 net) non-operated wells turned to sales in 2026E • 3% YoY oil production growth despite impacts of January winter weather, shut-ins related to weak Waha pricing • Improved Capital Program: 11% lower Total CapEx with approx. the same lateral footage vs. 2025 • D&C costs for operated horizontal wells expected to avg. $795 to $805/ft • Total CapEx for the first half of 2026 will be 55-60% of full year 2026 Commodity Price Differentials(1) Q1 2026E Oil Prices, per Bbl -$1.00 to $0.00 (Below Benchmark) Natural Gas Prices, per Mcf Vs. Daily Average -$3.00 to -$2.00 (Below Benchmark) Natural Gas Prices, per Mcf Vs. Bid Week -$4.50 to -$3.50 (Below Benchmark) 2026 Guidance (As Provided on February 24, 2026) 2026 Full-Year Guidance • Expect to turn to sales 39 gross (34 net) operated wells; 23 net wells expected to be turned to sales in March 2026 • Lowest production quarter for 2026 – significant increase in 2Q26 First Quarter Expectations
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(1) As of and as provided on October 21, 2025. (2) Capital expenditures associated with drilling, completing and equipping wells. (3) Includes Matador’s share of estimated capital expenditures for San Mateo and other wholly-owned midstream projects. Q4 2025 Guidance (1) vs. Q4 2025 Actuals 24 ▪ Better-Than-Expected Production – Quarterly Record! − Primary driver was increased production from new wells turned to sales in 2025 in Arrowhead and Ranger asset areas − Record achieved despite shutting in ~4,000 BOE/d due to particularly weak natural gas pricing at the Waha hub; most of these shut-in volumes were forecasted as part of guidance ▪ D/C/E CapEx was $16 million above the midpoint of guidance − Almost 3 net operated wells pulled forward and turned to sales in Q4 2025 vs. expectations − Delivered 129.4 net wells vs. February guidance of 121.3 net wells – +8.1 net wells Guidance Metric Q4 2025 Guidance Range Q4 2025 Actuals Oil Equivalent Production 205,000 to 208,000 BOE/d 211,290 BOE/d Oil Production 119,000 to 121,000 Bbl/d 121,363 Bbl/d Natural Gas Production 516.0 to 522.0 MMcf/d 539.6 MMcf/d D/C/E CapEx(2) $300 to $380 million $356.1 million Midstream CapEx(3) $10 to $30 million $22.6 million Total D/C/E and Midstream CapEx $310 to $410 million $378.7 million +2% +4% +1% ✓ ✓ ✓
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2025 Revised Statement of Income: Focused on Controllable Expenses 25 $5.61 $5.50 $2.82 $2.75 $4.35 $0.88 $3.65 Historical $/BOE Revised $/BOE Lease operating Plant and other midstream services operating Production taxes, transportation and processing Transportation and processing Taxes other than income
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Adjusted EBITDA & Adjusted Free Cash Flow Reconciliations 26 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 consolidated financial statements, such as securities analysts, investors, lenders and rating agencies. “GAAP” means Generally Accepted Accounting Principles in the United States of America. The Company believes Adjusted EBITDA helps it evaluate its operating performance and compare its results of operations from period to period without regard to its financing methods or capital structure. The Company defines, on a consolidated basis and for San Mateo, Adjusted EBITDA as earnings before interest expense, income taxes, depletion, depreciation and amortization, accretion of asset retirement obligations, property impairments, unrealized derivative gains and losses, certain other non-cash items and non-cash stock-based compensation expense and net gain or loss on asset sales and impairment. Adjusted EBITDA for San Mateo includes the combined financial results of San Mateo Midstream, LLC and San Mateo Midstream II, LLC prior to their October 2020 merger. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by GAAP. All references to Matador’s Adjusted EBITDA are those values attributable to Matador Resources Company shareholders after giving effect to Adjusted EBITDA attributable to third-party non-controlling interests, including in San Mateo. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss) or net cash provided by operating activities as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components of understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure. Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. This Appendix presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively, that are of a historical nature. Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the table does not provide a reconciliation. The Company could not provide such reconciliation without undue hardship because such Adjusted EBITDA numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including future income taxes, full-cost ceiling impairments, unrealized gains or losses on derivatives and gains or losses on asset sales and impairment. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Adjusted Free Cash Flow Reconciliation – This presentation includes the non-GAAP financial measure of adjusted free cash flow. This non-GAAP item is measured, on a consolidated basis for the Company and for San Mateo, as net cash provided by operating activities, adjusted for changes in working capital and cash performance incentives that are not included as operating cash flows, less cash flows used for capital expenditures, adjusted for changes in capital accruals. On a consolidated basis, these numbers are also adjusted for the cash flows related to non-controlling interest in subsidiaries that represent cash flows not attributable to Matador shareholders. Adjusted free cash flow should not be considered an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with GAAP or as an indicator of the Company’s liquidity. Adjusted free cash flow is used by the Company, securities analysts and investors as an indicator of the Company’s ability to manage its operating cash flow, internally fund its D/C/E capital expenditures, pay dividends and service or incur additional debt, without regard to the timing of settlement of either operating assets and liabilities or accounts payable related to capital expenditures. Additionally, this non-GAAP financial measure may be different than similar measures used by other companies. The Company believes the presentation of adjusted free cash flow provides useful information to investors, as it provides them an additional relevant comparison of the Company’s performance, sources and uses of capital associated with its operations across periods and to the performance of the Company’s peers. In addition, this non-GAAP financial measure reflects adjustments for items of cash flows that are often excluded by securities analysts and other users of the Company’s financial statements in evaluating the Company’s cash spend. This Appendix reconciles adjusted free cash flow to its most directly comparable GAAP measure of net cash provided by operating activities. All references to Matador’s adjusted free cash flow are those values attributable to Matador shareholders after giving effect to adjusted free cash flow attributable to third-party non-controlling interests, including in San Mateo. Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the table does not provide a reconciliation. The Company could not provide such reconciliation without undue hardship because such adjusted free cash flow numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including changes in working capital, future operating activities and liabilities and future capital expenditures. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
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(1) Represents activity associated with Matador's wholly-owned midstream assets. Adjusted EBITDA Reconciliation Combined Midstream (100%) 27 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, and the calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measure of net income for Matador's wholly-owned midstream assets. San Mateo (100%) Year Ended December 31, (In thousands) 2023 2024 2025 Unaudited Adjusted EBITDA reconciliation to Net Income: Net income $ 131,196 $ 175,557 $ 207,242 Depletion, depreciation and amortization 35,132 37,667 50,751 Interest expense 33,489 37,368 37,890 Accretion of asset retirement obligations 336 405 484 Net loss on impairment — — 372 Non-recurring expense (income) — 2,160 (2,635) Adjusted EBITDA (Non-GAAP) $ 200,153 $ 253,157 $ 294,104 San Mateo (100%) Year Ended December 31, (In thousands) 2023 2024 2025 Unaudited Adjusted EBITDA reconciliation to Net Cash Provided by Operating Activities: Net cash provided by operating activities $ 152,907 $ 193,030 $ 248,193 Net change in operating assets and liabilities 14,771 21,825 10,821 Interest expense, net of non-cash portion 32,475 36,142 35,948 Other non-cash and non-recurring expense (income) — 2,160 (858) Adjusted EBITDA (Non-GAAP) $ 200,153 $ 253,157 $ 294,104 Matador Midstream(1) Year Ended December 31, (In thousands) 2023 2024 2025 Unaudited Adjusted EBITDA Reconciliation to Net Income: Net income $ 5,801 $ 27,572 $ 32,170 Depletion, depreciation and amortization 4,138 5,451 5,585 Accretion of asset retirement obligations 8 20 21 Adjusted EBITDA attributable to Matador Midstream(1) (Non-GAAP) $ 9,947 $ 33,043 $ 37,776 Adjusted EBITDA attributable to San Mateo (Non-GAAP) $ 200,153 $ 253,157 $ 294,104 Adjusted EBITDA - Combined Midstream (Non-GAAP) $ 210,100 $ 286,200 $ 331,880
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Adjusted Free Cash Flow Reconciliation 28 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. 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 for San Mateo Midstream, LLC. Matador Resources Company San Mateo (100%) Note: Does not include the quarterly distributions from San Mateo to Matador 1. Represents Five Point’s 49% interest in San Mateo discretionary cash flow, as computed below. 2. Represents Five Point’s 49% interest in accrual-based San Mateo capital expenditures, as computed below. 3. Represents drilling, completion and equipping costs, Matador’s share of San Mateo capital expenditures plus 100% of other mid stream capital expenditures not associated with San Mateo. Pronto was wholly -owned by Matador until December 18, 2024, the date Pronto was contributed to San Mateo in the Pronto Transaction. Three Months Ended Year Ended (In thousands) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net cash provided by San Mateo operating activities $ 43,885 $ 99,417 $ 40,477 $ 248,193 $ 193,030 Net change in San Mateo operating assets and liabilities 17,867 (36,090) 17,561 10,821 21,825 Total San Mateo discretionary cash flow 61,752 63,327 58,038 259,014 214,855 San Mateo capital expenditures 48,274 65,957 8,649 252,437 57,112 Net change in San Mateo capital accruals (25,369) (5,943) 12,223 (14,266) 3,041 San Mateo accrual-based capital expenditures 22,905 60,014 20,872 238,171 60,153 San Mateo adjusted free cash flow $ 38,847 $ 3,313 $ 37,166 $ 20,843 $ 154,702 Three Months Ended Year Ended (In thousands) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net cash provided by operating activities $ 474,449 $ 721,660 $ 574,959 $ 2,425,015 $ 2,246,885 Net change in operating assets and liabilities 938 (123,282) 40,336 (176,189) (13,080) San Mateo discretionary cash flow attributable to non-controlling interest in subsidiaries(1) (30,258) (31,030) (28,439) (126,916) (105,279) Proceeds from contribution of Pronto to San Mateo — — 219,760 — 219,760 Performance incentives received from Five Point 3,800 — 1,300 13,000 23,800 Total discretionary cash flow 448,929 567,348 807,916 2,134,910 2,372,086 Drilling, completion and equipping capital expenditures 449,243 347,534 317,400 1,542,253 1,222,831 Midstream capital expenditures 60,310 77,592 64,692 297,746 283,881 Expenditures for other property and equipment 1,199 1,291 1,734 4,246 5,691 Net change in capital accruals (119,578) 76,938 18,788 (29,588) 81,902 San Mateo accrual-based capital expenditures related to non-controlling interest in subsidiaries(2) (11,223) (29,407) (10,227) (116,703) (29,475) Total accrual-based capital expenditures(3) 379,951 473,948 392,387 1,697,954 1,564,830 Adjusted free cash flow $ 68,978 $ 93,400 $ 415,529 $ 436,956 $ 807,256
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PV-10 Reconciliation 29 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 revenues. PV-10 is not an estimate of the fair market value of the Company's properties. Matador and others in the industry use PV-10 as a measure to compare the relative size and value of proved reserves held by companies and of the potential return on investment related to the companies' properties without regard to the specific tax characteristics of such entities. PV-10 may be reconciled to the Standardized Measure of discounted future net cash flows at such dates by adding the discounted future income taxes associated with such reserves to the Standardized Measure. (in millions) At December 31, 2025 At December 31, 2024 Standardized Measure $6,986.6 $7,376.6 Discounted Future Income Taxes 1,251.2 1,857.2 PV-10 $8,237.8 $9,233.8