Matador Resources — Feb 18, 2025 release

Notably, Matador expects that improved water and sand logistics, casing design optimization, MaxCom well targeting, use of existing infrastructure and increased operating efficiency should reduce drilling and completion days on wells. • Matador estimates 2025 midstream capital expenditures of $120 to $180 million. This estimate includes (i) $90 to $130 million for Matador’s 51% share of San Mateo’s 2025 estimated capital expenditures of approximately $176 to $255 million and (ii) $30 to $50 million for other wholly-owned midstream projects, including expansion of the 180 mile gas gathering, water gathering and oil transportation and gathering pipeline system that Matador acquired in connection with the Ameredev acquisition. San Mateo’s 2025 capital expenditures include finishing the Marlan Plant expansion as well as the pipelines and related infrastructure required to connect San Mateo’s three-stream pipeline system to Matador and third-party customers. 2025 Production Estimates and Cadence Oil, Natural Gas and Oil Equivalent Production Growth and Anticipated Cadence Matador expects full-year 2025 production of 120,000 to 124,000 barrels of oil per day and 492 to 504 million cubic feet of natural gas per day, resulting in 202,000 to 208,000 BOE per day, which would be an increase of 20% as compared to our record 2024 production of 170,751 BOE per day (99,808 barrels of oil per day). The cadence of production is expected to be lumpy throughout 2025, primarily due to completion timing and larger, more capital efficient batches. As detaile