Matador Resources — Feb 18, 2025 release

These accomplishments include the successful integration of the Advance and Ameredev acquisitions, which are performing as well or better than Matador expected; the addition of 50,000 net acres to our inventory; and the combination of Pronto Midstream, LLC (‘Pronto’) with San Mateo Midstream, LLC (‘San Mateo’) in December 2024 (the ‘Pronto Transaction’), which resulted in Matador receiving $220 million in cash and the ability to earn up to $75 million in additional performance incentives. Furthermore, this dividend increase reflects the Board’s confidence in Matador’s ability to generate increased adjusted free cash flow going forward. Matador projects adjusted free cash flow will approach $1 billion in 2025 (assuming strip oil and natural gas pricing as of mid-February 2025). Meanwhile, Matador has in fact reduced—as pledged—its leverage ratio from 1.3x at the time of the Ameredev transaction in September 2024 to 1.05x at December 31, 2024. 1 2024 Accomplishments and 2023 Comparisons • “In the fourth quarter of 2024, Matador achieved record quarterly average daily production of 201,116 barrels of oil and natural gas equivalent (‘BOE’) per day—the first time in Matador’s history that it has produced an average of over 200,000 BOE per day for an entire quarter. This production level is a 30% increase as compared to average daily production of 154,261 BOE per day in the fourth quarter of 2023 (see Slide B ). • “Matador also achieved in the fourth quarter of 2024 record quarterly average daily oil production of 118,440 barrels per day (an increase of 34%) and achieved record quarterly average daily natural gas production of 496.1 million cubic feet per day (an increase of 26%), compared to average daily oil production of 88,663 barrels per day and average daily natural gas production of 393.6 million cubic feet per day in the fourth quarter of 2023. • “Matador also produced recor