Matador Resources — Feb 18, 2025 release

We also look forward to discussing these results and opportunities and answering your questions at our upcoming conference call tomorrow morning.” Highlights Fourth Quarter 2024 Operational and Financial Highlights (for comparisons to prior year, please see the remainder of this press release) • Record quarterly average production of 201,116 BOE per day (118,440 barrels of oil per day) • Net cash provided by operating activities of $575.0 million • Adjusted free cash flow of $415.5 million • Net income of $214.5 million, or $1.71 per diluted common share • Adjusted net income of $229.9 million, or $1.83 per diluted common share • Adjusted EBITDA of $640.9 million • San Mateo net income of $47.8 million • San Mateo Adjusted EBITDA of $68.5 million Full Year 2024 Operational and Financial Highlights (for comparisons to prior year, please see the remainder of this press release) • Record annual average production of 170,751 BOE per day (99,808 barrels of oil per day) • Net cash provided by operating activities of $2.25 billion • Adjusted free cash flow of $807.3 million • Net income of $885.3 million, or $7.14 per diluted common share • Adjusted net income of $928.0 million, or $7.48 per diluted common share • Adjusted EBITDA of $2.30 billion • San Mateo net income of $175.6 million • San Mateo Adjusted EBITDA of $253.2 million 5 2025 Guidance Highlights • Oil production guidance of 120,000 to 124,000 barrels per day • Natural gas production guidance of 492.0 to 504.0 million cubic feet per day • Total production guidance of 202,000 to 208,000 BOE per day • Drilling, completing and equipping capital expenditures of $1.28 to $1.47 billion • Midstream capital expenditures of $120 to $180 million Note: All references to Matador’s net income, adjusted net income, Adjusted EBITDA and adjusted free cash flow reported throughout this earnings release are those values attributable to Matador Resources Company shareholders after giving effect to any net income, adjusted net income, Adjusted EBITDA or adjusted free cash flow, respectively, attributable to third-party non-controlling interests, including in San Mateo Midstream, LLC (“San Mateo”). Matador owns 51% of San Mateo. For a definition of adjusted net income, adjusted earnings per diluted common share, Adjusted EBITDA, adjusted free cash flow and PV-10 and reconciliations of such non-GAAP financial metrics to their comparable GAAP metrics, please see “Supplemental Non-GAAP Financial Measures” below. Operational and Financial Update Record Fourth Quarter 2024 Oil, Natural Gas and Total Oil Equivalent Production Matador’s average daily oil and natu