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Matador RESOURCES COMPANY Second Quarter 2026 Earnings Release August 5 , 2026 Matador MTDR LISTED NYSE
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Investor Relations Contact and Disclosure Statements 2 Safe Harbor Statement – This presentation and statements made by representatives of Matador Resources Company (“Matador” or the “Company”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about the consummation and timing of the pending acquisition of Paloma Permian, LLC (the "Paloma Acquisition") and the pending acquisition of primarily undeveloped acreage from Ridge Runner Resources II, LLC (the "Ridge Runner Acquisition"), the anticipated benefits, opportunities and results with respect to the Paloma Acquisition, the Ridge Runner Acquisition and the acquisition of the operating subsidiaries of Cardinal Midstream Partners, LLC (the "Cardinal Acquisition" and, together with the Paloma Acquisition and the Ridge Runner Acquisitions, the "Acquisitions"), including the expected value creation, reserves additions, inventory additions, midstream opportunities, impact on cash flows and Adjusted EBITDA, third-party volumes, system connectivity, flow assurance, expansion opportunities and other anticipated impacts from the Acquisitions, the expected results and commercial viability of the Company’s Woodford acreage and future development thereof, as well as other aspects of the Acquisitions, including guidance, projected or forecasted financial and operating results, future liquidity, the repayment of debt, the payment of dividends or distributions, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the ability of the parties to consummate the Paloma Acquisition or the Ridge Runner Acquisition in the anticipated timeframe or at all; risks related to the satisfaction or waiver of the conditions to closing the Paloma Acquisition or the Ridge Runner Acquisition in the anticipated timeframe or at all; risks related to obtaining the requisite regulatory approvals; its ability to integrate the Acquisitions; disruption from the Acquisitions making it more difficult to maintain business and operational relationships; significant transaction costs associated with the Acquisitions; the risk of litigation and/or regulatory actions related to the Acquisitions, as well as the following risks related to financial and operational performance: general economic conditions including the effects of inflation; interest rates; tariffs and trade tensions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company’s midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids or the construction, expansion or operation of the Company’s midstream assets; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; disruption from the Company’s acquisitions making it more difficult to maintain business and operational relationships; significant transaction costs associated with the Company’s acquisitions; the risk of litigation and/or regulatory actions related to the Company’s acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, capital markets, available borrowing capacity under its revolving credit facilities and otherwise; the operating results of and the availability of any potential distributions from our joint ventures; weather conditions, environmental conditions and natural disasters; evolving cybersecurity risks; and the other factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events orcircumstances occurring after the date of this presentation, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. Investor Relations Contact Mac SchmitzSenior Vice President – Investor RelationsPhone: (972) 371-5225E-mail: investors@matadorresources.comCautionary Note– The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possiblereserves. Potential resources are not proved, probable or possible reserves. The SEC’s guidelines prohibit Matador from including suchinformation in filings with the SEC.Definitions– Proved oil and natural gas reserves are the estimated quantities of oil and natural gas that geological and engineering datademonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operatingconditions. Matador’s production and proved reserves are reported in two streams: oil and natural gas, including both dry and liquids-richnatural gas. Where Matador produces liquids-rich natural gas, the economic value of the natural gas liquids associated with the natural gasis included in the estimated wellhead natural gas price on those properties where the natural gas liquids are extracted and sold. Estimatedultimate recovery (EUR) is a measure that by its nature is more speculative than estimates of proved reserves prepared in accordance withSEC definitions and guidelines and is accordingly less certain. Type curves, if any, shown in this presentation are used to compare actualwell performance to a range of potential production results calculated without regard to economic conditions; actual recoveries may varyfrom these type curves based on individual well performance and economic conditions.
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Second Quarter 2026 Highlights 3OPERATIONAL OUTPERFORMANCEINTEGRATED MIDSTREAM & MARKETINGWOODFORD LAND POSITION AND WELL RESULTS•Delivered record average daily oil production of 126,106 barrels of oil per day•Increased full-year 2026 year-over-year oil production growth estimates up from 4% to 7%•Total proved oil and natural gas reserves grew 5%to a record 703 million BOE•Cardinal Midstream takes total midstream gas processing capacity to over 1 Bcf/d with over 1,000 miles of pipeline•“Midstream funding midstream” allows Matador to use its own cash flows to operate its E&P business, repay debt, make land acquisitions and pay dividends to shareholders•Released positiveinitial results from successful “Rae's Creek” Woodford exploratory well that achieved test rates exceeding 2,200 BOE per day (72% oil)•50,000 net acre position(1)in the core of the Woodford play that adds more than 150 net locations STRATEGIC TRANSFORMATIONAL ACQUISITIONS•Four 2026 catalysts: May Federal lease sale, the Cardinal acquisition, the Paloma acquisition and the Ridge Runner acquisition were bolt-onto pre-existing acreage and midstream infrastructure•Adds ~35,000 net undeveloped acres with an average of ~82% NRI and adds ~4 years of drilling inventory in the Delaware Basin Note: Guidance figures revised as of August 5, 2026.(1) Pro forma for closing of Ridge Runner acquisition.
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Execution on 2026 Four Strategic Catalysts 4 M AY 2 0 2 65,200net acres acquired•Added 140+ net locations (10,000-foot laterals normalized)•9 or more discrete benches•Expect 10–20% lower completed cost per lateral foot•Strategic bolt-on to existing acreage enabling 3+ mile laterals•87.5% net revenue interest•“Déjà vu” to the 2018 Federal lease sale, which has produced over 40 million net barrels of cumulative oil J U N E 2 0 2 6+$110MMannualized Adj. EBITDA(1)by 2028• Added 145 miles of pipeline, expanding San Mateo gathering system to 800+ miles• Added 320 MMcf/d of processing capacity, increasing total capacity to 1+ Bcf/d• Expands third-party customer base, throughput and revenue• San Mateo is now the largest private natural gas processor in the northern Delaware Basin •See map on page 7 Q 3 2 0 2 616,235net acres through strategic bolt-on• Strategic bolt-on to premier Delaware Basin acreage• Acquiring 16,235 net acres at $58,000 per net acre• Adding 156 net locations• 9 or more discrete benches• $6.0 million per net location• 75% operated acreage• 70% held by production• 79% average net revenue interest•See map on page 5 Q 3 2 0 2 650,000net acres in the core of the Woodford• Adding 13,600 net Woodford acres through bolt-on Ridge Runner acquisition • Adding 150 net locations• 50,000 total net acres in the core of the Woodford• $4,000 per net acre• $1.3 million per net location• 100% operated• 80% average net revenue interest•See map on page 6 BLM L E A S E S A L ECARDINALA C Q U I S I T I O NPALOMAA C Q U I S I T I O NWOODFORDA C Q U I S I T I O N S + Brick-by-Brick Acquisitions (1) Adjusted EBITDA is a non-GAAP financial measure. The Company has not provided such GAAP measure or a reconciliation to such GAAP measure because it would be preliminary and prospective in nature and would not be able to be prepared without estimation of a number of variables that are unknown at this time.
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Paloma Acquisition AcreageMidstream AssetsMatador Pro Forma Acreage (240,000 net)(1)Midstream Gas Processing PlantBolt-On Acquisition of Paloma Resources to Premier Acreage FootprintStrategic bolt-on in the Northern Delaware Basin16,235 net acres 70% Held-by-Production$58,000 per net acre79% average net revenue interestOverlaps existing San Mateo Midstream service areaMidstream attributed $50 million valueStrong existing production, cash flow and proved reservesAdds high-quality inventory in primary development zonesOver 156 net locations (normalized to two-mile laterals) primarily in the Bone Spring and WolfcampPaloma Acquisition Key Metrics16,235Net Acres75% Operated / 70% HBPOperated / Held by Production (%)10,600 to 11,600 BOE/d (57% oil)Q3 2026E Production156 / $6.0 millionNet Locations / $ per Net Location55 MMBOE (67% oil)Proved Reserves at May 31, 2026$816 millionPV-10, Proved Reserves(4)$26,100 / per flowing BOEProduction Value(5)Price:$1.275 billion(2)Effective Date: 6/1/2026Closing: Q4 2026Financing:Cash on hand and capacity under the RBLIncreases Total Proved Reserves of combined entity to 757 million BOE(3) ACQUISITION DETAILS5 Paloma Acquisition OverviewARROWHEADRUSTLER BREAKSSTATELINETWIN LAKESRANGERWEST TEXASANTELOPE RIDGE(1) Acreage including Paloma and Ridge Runner acquisitions pro forma as of June 30, 2026.(2) Subject to customary purchase price adjustments, including adjustments for production, revenues and operating and capital expenditures from Effective Date (June 1, 2026) to closing (expected in Q4 2026). (3) Includes Matador’s proved reserves of 703 million BOE at June 30, 2026 using second quarter 2026 SEC pricing and Paloma proved reserves at May 31, 2026 using $70.00 per barrel of oil and $3.00 per MMBtu of natural gas adjusted for energy content, transportation fees, and marketing differentials.(4) PV-10 (present value discounted at 10%) at May 31, 2026 utilizing $70.00 per barrel of oil and $3.00 per MMBtu of natural gas adjusted for energy content, transportation fees, and marketing differentials. PV-10 is a non-GAAP financial measure, which differs from the GAAP financial measure of “Standardized Measure” because PV-10 does not include the effects of income taxes on future income. The income taxes related to the acquired properties is unknown at this time because the Company’s tax basis in such properties will not be known until the closing of the transaction and is subject to many variables. As such, the Company has not provided the Standardized Measure of the acquired properties or a reconciliation of PV-10 to Standardized Measure. (5) Equals PV-10 of proved developed reserves (including drilled but uncompleted wells) of $290 million divided by the midpoint of Q3 2026 production estimate of 11,100 BOE per day.
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Strategic Ridge Runner Woodford Acquisition in Addition to Woodford Ground Game Success Price:$205 million(2)Net Acres: ~50,000Price per Net Acre:~$4KWOODFORD ACQUISITION DETAILSARROWHEADRUSTLER BREAKSSTATELINETWIN LAKESRANGER (1) Acreage including Paloma and Ridge Runner acquisitions pro forma as of June 30, 2026.(2) Price includes brick-by-brick acquisitions, prior acreage additions and the Ridge Runner Acquisition. Ridge Runner transaction is subject to customary purchase price adjustments, including adjustments for production, revenues and operating and capital expenditures from Effective Date (June 1, 2026) to closing (expected in Q4 2026).(3) Normalized to two-mile laterals. WEST TEXASANTELOPE RIDGERae’s Creek well has recorded initial production rates exceeding 2,200 barrels of oil equivalent per day (72% oil) on its official 24-hour test on 6/29/2026Strategic ground game acquisitions in the core of the Woodford playExpect to continue to grow position through brick-by-brick transactionsAdding high-quality inventory to premier inventory depthWoodford Ground Game + Ridge Runner AcquisitionKey Metrics~50,000Net Acres100%Operated (%)~150Net Locations(3)~$1.3 million$ Per Net Location~$4,000Average Price Per Acre~80%Avg. Net Revenue Interest (%)6 RRR Acquisition AcreageMidstream AssetsMatador Pro Forma Acreage (240,000 net)(1)Woodford Area of InterestMidstream Gas Processing Plant
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Complementary Systems Positioned to Deliver Solutions for Customers 7Note: All acreage, pipelines, and figures as of June 30, 2026, including the assets acquired in the Cardinal acquisition, which closed on July 31, 2026. Some tracts and pipelines not shown on map. Active rig count within 10 miles of San Mateo pipeline system per Enverus as of July 30, 2026.(1) Water handling capacity does not include the Hades recycle facility with a daily capacity of ~100,000 barrels. Marlan PlantBlack River PlantCardinal PlantComplexActive Third-Party Rigs (89) Active Matador Rigs (8) San Mateo PipelineSan Mateo Water Handling FacilitySan Mateo Oil Central Delivery PointSan Mateo Gas Processing Plant Twin LakesRangerAntelope RidgeArrowheadRustler BreaksStateline~815 Miles of Pipeline >1 Bcf/dGas Processing Capacity90,000 Bbl/d Oil Transportation Capacity475,000 Bbl/dWater Handling Capacity San Mateo AssetsOperational Advantages for Customers97 Active Drilling Rigs Within 10 Miles of System Three-Stream Pipeline System Largest Private Natural Gas ProcessorOperational FlexibilityReliable Flow Assurance West Texas(1)Cardinal PipelineCardinal Gas Processing Plant
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Source: Bloomberg LP(1) Net locations are as of December 31, 2025; all other metrics are at or for the three months ended March 31, 2026.(2) As of March 31, 2026.(3) Midpoint of Q3 2026 guidance as of August 5, 2026 (224,000 BOE/d) pro forma for Q3 2026 estimated volumes associated with the Paloma acquisition of 11,100 BOE per day. Matador and San Mateo + 2026 Acquisitions Further Enhance Shareholder Value 8 + ChangePro Forma 2026 AcquisitionsStandalone MTDR + SM(1)+$3.3 billion$13.4 billion$10.1 billionEnterprise Value(2) +27,500~240,000212,500Delaware Basin Net Acres+28,000 BOE/d~235,000 BOE/d(3)207,594 BOE/dAvg. Daily Production+450~2,2501,802Net Locations+1451,075930Midstream Pipeline Miles
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Note: All acreage as of June 30, 2026, pro forma for Paloma and Ridge Runner acquisitions. Core Delaware Basin Acreage and Production Growth 9LOVINGMatador AcreageEDDYLEAIPO in 2012~7,500 Net Acres9,000 BOE/d 2017~114,000 Net Acres38,900 BOE/d Today~240,000 Net Acres(2)224,000 BOE/d Note: All acreage as of September 30, 2012. Note: All acreage as of December 31, 2017.EDDYLEALOVINGWARDMatador AcreageEDDYLEAWARDLOVING BLM lease sale, Paloma, and Ridge Runner Acq.WINKLER Over 15 Years of High-Quality Inventory(1) 2025~212,500 Net Acres207,070 BOE/d Matador AcreageNote: All acreage as of December 31, 2025.LOVINGEDDYLEAWINKLERMatador AcreageNote: Some tracts are not shown on the maps. Stated production represents the annual average for 2012, 2017 and 2025 and the midpoint of Q3 2026 guidance as of August 5, 2026.(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, pro forma for the Paloma and Ridge Runner acquisitions.(2) Acreage as of June 30, 2026, pro forma for the Paloma and Ridge Runner acquisitions, which are expected to close in Q4 2026.WARD
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Note: “CapEx Efficiencies” include faster cycle times, simul/trimul-frac, longer laterals, using recycled water and using field gas as fuel for hydraulic fracturing.(1) Cost per completed lateral foot metric shown represents the drilling and completion (“D&C”) portion of well costs only.(2) Savings in D&C Cost Per Foot for 2026E wells compared to 2024 wells, applied to 1.295 million operated net lateral feet turned to sales in 2026. (3) As of and as provided on February 24, 2026. Excludes exploration wells. CapEx Efficiencies Continue to Drive Costs Lower 10 $908 $842 $785-$8052024 2025 2026E(3) Drilling and Completion Cost(1)($ per completed lateral foot)~$145 million(2)Capital Savings for 2026Footage Turned-to-SalesKE Y EF FI CIE NCY DRI VE RS•Faster cycle times•Simul- and trimul-frac completions•Longer laterals (~6% increase in lateral length in 2024 to 2025)•Utilizing recycled water & field gas as frac fuel
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86105132171207221 2021 2022 2023 2024 2025 2026E 496075100120128 2021 2022 2023 2024 2025 2026E Daily Production Climbing Towards Record Highs 11 Oil Production(MBbl/d)Total Production(MBOE/d) (1)Note: Stated production is in BOE per day and represents the annual average for 2020 through 2025 and the midpoint of full year 2026 guidance as provided on August 5, 2026.(1) As of August 5, 2026, the midpoint of full year oil production guidance is 128,250 BBl per day.
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(2,000,000)(1,800,000)(1,600,000)(1,400,000)(1,200,000)(1,000,000)(800,000)(600,000)(400,000)(200,000)0200,000 MTDR APA OVV SM FANG PR MTDR’s Senior Management are Buyers 12 Number of Net Shares Bought & Sold by Senior Management (2021 to 2026)(1) (11,000,000)Buys/ Sells86/ 0 0/ 59/ 210/ 850/ 566/ 11Note: Please see Matador’s most recent Proxy Statement for additional information. Members of the Matador Board of Directors have purchased shares 34 times during this same period. (1) Section 16 filings with the Securities and Exchange Commission and Bloomberg LP. Total number of net shares purchased by Section 16 officers as reported in Section 16 filings since January 1, 2021, through June 9, 2026. In addition to purchases by Matador’s Section 16 filers, we have over 95% participation by the staff in our Employee Share Purchase Program (“ESPP”).
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$10.0BENTERPRISE VALUE(4)703MMBOERECORD PROVED RESERVES(3)Why Own MTDR Now 1Premier Delaware Basin Scale~240,000 high-quality net acres expected by year-end 2026, up 13% from year-end 20252Deep, High-Quality InventoryOver 15 years of high-return, high-quality inventory(2)3Better Wells for Less MoneyLeading peers in capital efficiency, with some third quarter completions expected to be as low as $640 per lateral foot4“Producer-First” Flow AssuranceMidstream provides over 1 Bcf/d of natural gas processing capacity with over 1,000 miles of pipelines. San Mateo is the largest non-public natural gas processing company by volume in the Delaware Basin 5Natural Gas Pricing Upside500,000 MMBtu/d of firm capacity on the Hugh Brinson pipeline, secured at zero capital expense, commercial service anticipated by the end of Q3 20266Proven “Ground Game”Over 40 years of relationships in the Delaware Basin drives strategic, high-quality land acquisitions7Strong Shareholder AlignmentPeer-leading insider ownership and share purchases by Matador’s staff and management8Growing Fixed DividendFixed dividend increased seven times in five years >1 BCF/DNATURAL GAS PROCESSING CAPACITY240,000NET ACRES IN THE DELAW ARE BASIN(1 )5.66PROVED RESERVES BOE PER SHARE(3)$1.50ANNUAL DIVIDENDSource: Bloomberg LP(1) Acreage as of June 30, 2026, pro forma for Paloma and Ridge Runner acquisitions.(2) 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, pro forma for the Paloma and Ridge Runner acquisitions.(3) Total proved oil and natural gas reserves as of June 30, 2026.(4) As of March 31, 2026
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Appendix
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Strategic Three-Stream Pipeline Growth in the Delaware Basin 15 EDDYEDDYEDDYLEALEALEALOVINGLOVINGLOVING20172022Today ~48 Miles of Three-Stream Pipelines60 MMcf/d of Processing Capacity5 Water Handling Facilities~410 Miles of Three-Stream Pipelines460 MMcf/d of Processing Capacity14 Water Handling Facilities~1,075 Miles of Three-Stream Pipelines>1 Bcf/d of Processing Capacity24 Water Handling FacilitiesMatador Midstream PipelineGas Processing PlantMatador AcreageWater Handling FacilitySan Mateo Midstream PipelineGas Processing PlantMatador AcreageWater Handling FacilitySan Mateo Midstream PipelineGas Processing PlantMatador AcreageWater Handling FacilitySan Mateo Midstream PipelineWARD WARDWINKLERWINKLERWARDWINKLERNote: Represents San Mateo and Matador wholly-owned midstream. Figures and maps as of year end 2017, year end 2022, and as of June 30, 2026, including the assets acquired in the Cardinal acquisition, which closed on July 31, 2026, and the Paloma and Ridge Runner acquisitions. Some tracts and pipelines not shown on map.
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Note: All acreage and proved reserves as of June 30, 2026 pro forma for the Paloma and Ridge Runner acquisitions.(1) Market capitalization based on closing share price as of August 4, 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 August 4, 2026 closing price. Matador Resources Company Overview 16 Proved Reserves –June 30, 2026DELAWARE BASIN697.2 MMBOE57% oilHAYNESVILLE/CV5.4 MMBOE~0% oil702.6MMBOE56% oil Avg. Daily Production –Q2 2026DELAWARE BASIN212.6 MBOE/d59% oilHAYNESVILLE/CV3.0 MBOE/d~0% oil215.6MBOE/d59% oil Market Snapshot NYSE SymbolMarket Capitalization(1)Avg. Daily Production – Q2 2026Net Debt / LTM Adj. EBITDA(2)– Q2 2026Adj. Free Cash Flow(2)– Q2 2026Proved Reserves @ June 30, 20262026 Annualized Dividend (current yield)(3) MTDR$6.1 billion215.6 MBOE/d ~1.4x$303 million703 MMBOE$1.50 (3.1%) MATADOR HEADQUARTERSDALLAS, TEXAS DELAWARE BASIN240,000 net acres HAYNESVILLE/COTTON VALLEY17,300 net acres
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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, pro forma for the Paloma and Ridge Runner acquisitions.(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%. Over 15 Years of High-Quality Inventory in the Delaware Basin(1) 171-mile87 / 55268 / 167136 / 1012,492 / 1,599 Gross / Net194 / 12864 / 38452 / 290249 / 157189 / 116285 / 195 Total Undrilled LocationsGross / NetPotential Matador Operated Locations(2)(3)251 / 65506 / 188214 / 1085,295 / 1,802 Total337 / 138150 / 45957 / 327489 / 174414 / 132605 / 21411,100’10,700’9,400’10,400’ Avg. Lateral10,800’10,300’10,500’10,000’10,300’9,900’1st Bone SpringAvalon(3 landing targets)2nd Bone Spring Carb3rd Bone Spring CarbWolfcamp A-XYWolfcamp DWolfcamp B Brushy CanyonWolfcamp A-Lower2nd Bone Spring3rd Bone Spring333 / 203784 / 23710,700’235 / 148588 / 17310,600’~2,250 net locations pro forma for the 2026 acquisitions
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$365$25$210 $286 $332 $390 2023 2024 2025 2026ENote: 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 $385 to $395 million as of and as provided on August 5, 2026. Midstream Adjusted EBITDA includes Matador wholly owned midstream and San Mateo, which Matador and Five Point own 51% and 49%, respectively. Maintaining a Midstream EBITDA Growth Trajectory 18 ($ in millions)Cardinal Midstreamacquisition contribution(closed July 2026) Wholly owned + San Mateo MidstreamCardinal Midstream(1)
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Henry HubWahaSoCalHouston Ship ChannelGasBankHugh BrinsonHugh Brinson Pipeline Provides Opportunity For Premium Gas Pricing 19 500,000 MMBtu/d+$90 millionpotential annual revenue per $0.50/MMBtu pricing premium No capital costs associated with expected better natural gas pricing Creates data center opportunities and avoids Waha volatility Aligns with surging LNG and natural gas demandEarlier than expected commercial service anticipated by the end of Q3 2026 Note: Hugh Brinson pipeline expected to be in service before the end of 2026. “GCX” is the Gulf Coast Express pipeline.
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Source: Bloomberg LP(1) Metrics represent a trailing two-year average through Q1 2026. Profit equates to oil and natural gas revenues minus lease operating expenses, general and administrative expenses, taxes other than income and transportation and processing expenses. Peers include APA, CTRA, DVN, EOG, FANG, MGY, MUR, OVV, PR, SM. Superior Profit Margins: Matador Leads its Industry Peers 20 $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 MTDRPeer 1Peer 2Peer 3Peer 4Peer 5Peer 6Peer 7Peer 8Peer 9Peer 10 Profit per BOEMTDR consistently leads peers in highest profit per BOE(1)
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Note: At June 30, 2026. Strike prices are weighted averages. Hedge Summary 21 FY 2028/2029FY 2027FY 20262028/20292027Q4 2026Q3 2026WTI Crude Oil Collars10,00067,00067,000Volume (Bbl/d)$76.00$66.36 $66.36 Ceiling ($/Bbl)$55.00$52.75 $52.75 Floor ($/Bbl)Purchased WTI Crude Oil Calls66,50066,500Volume (Bbl/d)$100.00$100.00Average Call Price ($/Bbl)$5.16$5.16Deferred Premium ($/bbl)Henry Hub (HH) Natural Gas Collars150,000150,000Volume (MMBtu/d)$6.70 $6.70 Ceiling ($/MMBtu)$3.50 $3.50 Floor ($/MMBtu)Waha Natural Gas Swaps100,000Total Volume (MMBtu/d)($0.53)Average Swap Price ($/MMBtu)(July 2026 Only)Waha / HH Differential Basis Swaps150,000150,000Total Volume (MMBtu/d)($2.52)($2.52)Average Swap Price ($/MMBtu)HSC / HH Differential Basis Swaps114,000114,000114,000114,000Total Volume (MMBtu/d)($0.37)($0.37)($0.37)($0.37)Average Swap Price ($/MMBtu)
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(1) Includes production associated with the pending Paloma and Ridge Runner acquisitions that are expected to close in Q4 2026, subject to customary closing conditions. Includes the Cardinal Midstream acquisition, which closed on July 31, 2026.(2) 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.(3) Includes Matador’s share of estimated capital expenditures for San Mateo and other wholly-owned midstream projects. (4) Total does not include the impact of purchased natural gas or immaterial accretion expense. Updated 2026 Guidance (As Provided on August 5, 2026)(1) 22 FY20263Q26Production127.5 – 129.0128.5 – 130.5Oil Production – MBbl/d546.0 – 567.0561.0 – 573.0Natural Gas Production – MMcf/d218.5 –223.5222.0 – 226.0Total Production – MBOE/dCapital Expenditures ($ millions)$1,480 – $1,560D/C/E CapEx$145 – $165Midstream CapEx(4)$1,625 – $1,725$410 – $440Total Capital ExpendituresOperating Costs and Other Expenses$5.60 – $6.00Lease operating (“LOE”), $/BOE$0.95 – $1.15Transportation and processing (“T&P”), $/BOE$3.15 – $3.45Midstream operating (“MO”), $/BOE$15.85 – $16.15Depletion, depreciation & amortization (“DD&A”), $/BOE$1.95 – $2.25Total general and administrative (“G&A”), $/BOE$0.20 – $0.30Non-cash general and administrative, $/BOE~9.0%Taxes other than income (“TOTI”), % of O&G Revenues0% – 1%Current income taxes (% of pretax income)$32.00 – $34.00Total operating expenses, $/BOE(5) •Includes Paloma and Ridge Runner acquisitions in Q4 2026•129 gross (112.6 net) operated wells and 242 gross (15.9 net) non-operated wells turned to sales in 2026E•+7% YoY oil production growth (+6% YoYorganic oil production growth excluding impact from Paloma and Ridge Runner transactions)•Improved Capital Program: 1% lower Total CapEx•D&C costs for operated horizontal wells expected to avg. $785 to $805/ftQ3 2026ECommodity Price Differentials(2)$0.00 to +$1.00 (Above Benchmark)Oil Prices, per Bbl-$1.00 to $0.00 (Below Benchmark)Natural Gas Prices, per Mcf(3)Vs. Bid Week 2026 Full-Year Guidance•Expect to turn to sales 30 to 33 net operated wells;including 11.3 net wells near acreage acquired in May 2026 Federal lease sale•Expect +3%sequential oil production growth in Q3 2026•Expect +5-6%sequential production in Q4 2026, primarily as a result of Paloma and Ridge Runner acquisitions (10,000 BOE/d (57% oil) in Q4 2026)Third Quarter Expectations
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Wells Turned to Sales – Q2 2026 23 TotalNon-OperatedOperatedAverage Operated Lateral Length(1) Gross OperatedNetGrossNetGrossNetGross(feet)Asset/Operating AreaWell Completion IntervalsNo operated completions in 2026-------Western Antelope Ridge(Rodney Robinson)1-WD, 4-WC B, 8-WC A, 5-3BS, 1-1BS18.219--18.21913,900Antelope Ridge(Ameredev Properties)No operated completions in Q2 20260.9250.913---Antelope Ridge(All Other)2-2BS1.880.161.7212,450Arrowhead1-3BS, 2-2BS, 2-1BS4.1190.3143.8510,150RangerNo operated completions in Q2 20260.2310.26---Rustler BreaksNo operated completions in Q2 2026-------StatelineNo operated completions in Q2 2026-------West Texas25.2651.53923.72613,050Delaware BasinNo operated completions in Q2 20260.180.18---Haynesville Shale25.3731.64723.72613,050Total During Q2 2026, Matador turned to sales 26 gross (23.7 net) operated horizontal wells ‒Includes Matador’s first 3.4-mile lateral wells as part of a 13-well batch drilled on the Guss pad on our Eastern Antelope Ridge acreage Note: WC = Wolfcamp; BS = Bone Spring; BS Carb = Bone Spring Carbonate; WD = Woodford. For example, 1-WD indicates one Woodford completion and 5-3BS indicates five Third Bone Spring completions. Any “0.0” values in the table suggest a net working interest of less than 5%, which does not round to 0.1.(1) Average completed lateral length for all Matador-operated horizontal wells turned to sales in Q2 of 2026.
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TotalNon-OperatedOperatedAverage Operated Lateral Length(2) Gross OperatedNetGrossNetGrossNetGross(feet)Asset/Operating AreaWell Completion Intervals4-WC D, 2-WC B5.96--5.9610,050Western Antelope Ridge(Rodney Robinson)1-WD, 4-WC B, 14-WC A, 6-3BS, 1-1BS25.226--25.22613,450Antelope Ridge(Ameredev Properties)5-3BS, 2-2BS, 4-2BS Carb, 7-1BS18.3471.82916.51811,200Antelope Ridge(All Other)1-WC D, 5-WC A, 7-3BS, 6-2BS, 2-2BS Carb, 1-1BS19.6471.32518.32212,500Arrowhead3-WC D, 3-WC A, 7-3BS, 5-3BS Carb, 40.71297.88832.94110,200Ranger(3) 11-2BS, 2-2BS Carb, 8-1BS, 2-AV 5-WC A, 1-3BS, 4-3BS Carb, 18.4954.67913.81611,250Rustler Breaks4-2BS, 2-1BSNo operated completions in 2026-------StatelineNo operated completions in 20260.0 10.01---West Texas128.135115.5222112.612911,500Delaware BasinNo operated completions in 20260.4200.420---Haynesville Shale128.537115.9242112.612911,500Total Wells Turned to Sales – 2026 Full Year & Q3 Guidance(1) 24 During full year 2026, Matador expects to turn to sales 129 gross (112.6 net) operated horizontal wells ‒Matador estimates its average completed lateral length for operated wells turned to sales in 2026 should be ~11,500 feet(2)‒Matador expects to turn to sales 30 - 33 net operated wells in Q3 2026, including 11.3 net wells near acreage acquired in the May 2026 Federal lease sale 87% Working InterestNote: WC = Wolfcamp; WD = Woodford; BS = Bone Spring; BS Carb = Bone Spring Carbonate; AV = Avalon; WD = Woodford. For example, 4-WC D indicates four Wolfcamp D completions and 6-3BS indicates six Third Bone Spring completions. Any “0.0” values in the table suggest a net working interest of less than 5%, which does not round to 0.1.(1) Full year as of and as provided on August 5, 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.
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Adjusted EBITDA & Adjusted Free Cash Flow Reconciliations 25 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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Adjusted EBITDA Reconciliation – Matador Resources Company 26 The following table 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.2Q 20261Q 20264Q 20253Q 20252Q 2025(In thousands)Unaudited Adjusted EBITDA reconciliation to Net Income (Loss):$ 390,652$ (35,872)$ 192,547$ 176,364$ 150,225Net income (loss) attributable to Matador Resources Company shareholders23,00020,05422,99224,26032,134Net income attributable to non-controlling interest in subsidiaries413,652(15,818)215,539200,624182,359Net income (loss)60,81951,52555,04550,64153,345Interest expense106,837(684)(25,836)59,12856,462Total income tax provision (benefit)315,144292,704305,511305,354302,602Depletion, depreciation and amortization2,3522,2682,2042,1481,767Accretion of asset retirement obligations(85,457)255,474(30,374)(19,952)37,313Unrealized loss (gain) on derivatives6,0994,5183,6866,1814,572Non-cash stock-based compensation expense—15,587———Loss on debt extinguishment—578—589—Net loss on asset sales and impairment(573)4,798114(1,866)(2,300)Non-recurring (income) expense818,873610,950525,889602,847636,120Consolidated Adjusted EBITDA(37,864)(33,780)(36,321)(36,332)(41,875)Adjusted EBITDA attributable to non-controlling interest in subsidiaries$ 781,009$ 577,170$ 489,568$ 566,515$ 594,245Adjusted EBITDA attributable to Matador Resources Company shareholders2Q 20261Q 20264Q 20253Q 20252Q 2025(In thousands)Unaudited Adjusted EBITDA reconciliation to Net Cash Provided by Operating Activities:$ 937,128$ 470,546$ 474,449$ 721,660$ 501,027Net cash provided by operating activities(174,549)93,694938(123,282)65,540Net change in operating assets and liabilities57,28947,98751,31046,94849,672Interest expense, net of non-cash portion226—353(39,335)23,089Current income tax provision (benefit)(1,221)(1,277)(1,161)(3,144)(3,208)Other non-cash and non-recurring income(37,864)(33,780)(36,321)(36,332)(41,875)Adjusted EBITDA attributable to non-controlling interest in subsidiaries$ 781,009$ 577,170$ 489,568$ 566,515$ 594,245Adjusted EBITDA attributable to Matador Resources Company shareholders
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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 the 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. Estimated Adjusted EBITDA attributable to the Cardinal assets is presented on an asset-level basis and reflects earnings before interest expense, income taxes, depreciation, depletion, amortization and certain other non-cash or non-recurring items. Matador and San Mateo are unable to provide a reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP measure without unreasonable effort due to the inherent difficulty in forecasting certain reconciling items.San Mateo (100%)Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025(In thousands)Unaudited Adjusted EBITDA reconciliation to Net Income:$ 46,940$ 40,928$ 46,924$ 49,509$ 65,580Net income15,77215,29815,57013,21311,300Depletion, depreciation and amortization13,35412,56112,17210,9338,464Interest expense154151134119116Accretion of asset retirement obligations———372—Net loss on impairment1,053—(675)——Non-recurring (income) expense$ 77,273$ 68,938$ 74,125$ 74,146$ 85,460Adjusted EBITDA (Non-GAAP)San Mateo (100%)Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025(In thousands)Unaudited Adjusted EBITDA reconciliation to Net Cash Provided by Operating Activities:$ 119,759$ 35,073$ 43,885$ 99,417$ 23,305Net cash provided by operating activities(55,524)21,17217,867(36,090)54,160Net change in operating assets and liabilities12,73211,94611,64310,4477,995Interest expense, net of non-cash portion306747730372—Other non-cash and non-recurring expense$ 77,273$ 68,938$ 74,125$ 74,146$ 85,460Adjusted EBITDA (Non-GAAP)Matador Midstream(1) Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025(In thousands)Unaudited Adjusted EBITDA reconciliation to Net Income:$ 10,966$ 11,818$ 9,994$ 10,675$ 7,981Net income1,6151,4271,4371,4121,617Depletion, depreciation and amortization86655Accretion of asset retirement obligations$ 12,589$ 13,251$ 11,437$ 12,092$ 9,603Adjusted EBITDA attributable to Matador Midstream(1)(Non-GAAP)$ 77,273$ 68,938$ 74,125$ 74,146$ 85,460Adjusted EBITDA attributable to San Mateo (Non-GAAP)$ 89,862$ 82,189$ 85,562$ 86,238$ 95,063Adjusted EBITDA Combined Midstream (Non-GAAP)
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(1) Represents activity associated with Matador's wholly-owned midstream assets. Adjusted EBITDA Reconciliation - Combined Midstream (100%) 28 Year Ended December 31,San Mateo (100%)202520242023(In thousands)Unaudited Adjusted EBITDA reconciliation to Net Income:$ 207,242$ 175,557$ 131,196Net income50,75137,66735,132Depletion, depreciation and amortization37,89037,36833,489Interest expense484405336Accretion of asset retirement obligations372——Net loss on impairment(2,635)2,160—Non-recurring expense (income)$ 294,104$ 253,157$ 200,153Adjusted EBITDA (Non-GAAP)Year Ended December 31,San Mateo (100%)202520242023(In thousands)Unaudited Adjusted EBITDA reconciliation toNet Cash Provided by Operating Activities:$ 248,193$ 193,030$ 152,907Net cash provided by operating activities10,82121,82514,771Net change in operating assets and liabilities35,94836,14232,475Interest expense, net of non-cash portion(858)2,160—Other non-cash and non-recurring expense (income)$ 294,104$ 253,157$ 200,153Adjusted EBITDA (Non-GAAP)Year Ended December 31,Matador Midstream(1) 202520242023(In thousands)Unaudited Adjusted EBITDA Reconciliation to Net Income:$ 32,170$ 27,572$ 5,801Net income5,5855,4514,138Depletion, depreciation and amortization21208Accretion of asset retirement obligations$ 37,776$ 33,043$ 9,947Adjusted EBITDA attributable to Matador Midstream(1) (Non-GAAP)$ 294,104$ 253,157$ 200,153Adjusted EBITDA attributable to San Mateo (Non-GAAP)$ 331,880$ 286,200$ 210,100Adjusted EBITDA - Combined Midstream (Non-GAAP) 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 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. Estimated Adjusted EBITDA attributable to the Cardinal assets is presented on an asset-level basis and reflects earnings before interest expense, income taxes, depreciation, depletion, amortization and certain other non-cash or non-recurring items. Matador and San Mateo are unable to provide a reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP measure without unreasonable effort due to the inherent difficulty in forecasting certain reconciling items.
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Adjusted Free Cash Flow Reconciliation 29 Matador Resources CompanySan 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 midstream capital expenditures not associated with San Mateo.Three Months EndedJune 30, 2025March 31, 2026June 30, 2026(In thousands)$ 501,027$ 470,546$ 937,128Net cash provided by operating activities65,54093,694(174,549)Net change in operating assets and liabilities(37,958)(27,560)(31,475)San Mateo discretionary cash flow attributable to non-controlling interest in subsidiaries(1) 6,4006,9008,200Performance incentives received from Five Point535,009543,580739,304Total discretionary cash flow367,114377,375367,968Drilling, completion and equipping capital expenditures86,91017,63421,063Midstream capital expenditures8142,132(44)Expenditures for other property and equipment(7,227)37,93460,852Net change in capital accruals(45,276)(4,805)(13,765)San Mateo accrual-based capital expenditures related to non-controlling interest in subsidiaries(2) 402,335430,270436,074Total accrual-based capital expenditures(3) $ 132,674$ 113,310$ 303,230Adjusted free cash flowThree Months EndedJune 30, 2025March 31, 2026June 30, 2026(In thousands)$ 23,305$ 35,073$ 119,759Net cash provided by San Mateo operating activities54,16021,172(55,524)Net change in San Mateo operating assets and liabilities77,46556,24564,235Total San Mateo discretionary cash flow76,73511,01115,195San Mateo capital expenditures15,665(1,205)12,897Net change in San Mateo capital accruals92,4009,80628,092San Mateo accrual-based capital expenditures$ (14,935)$ 46,439$ 36,143San Mateo adjusted free cash flow 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.