Matador Resources — Apr 4, 2025 release

In total, Matador repaid $180 million of its borrowings under its credit facility during the first quarter of 2025 and ended the quarter with $405 million outstanding under this credit facility and, based on a preliminary review of our results for the first quarter, an expected leverage ratio of one times or less as of March 31, 2025. Notably, Matador finished the first quarter of 2025 in the strongest financial position in its history with approximately $1.8 billion in liquidity. New Oil Hedges “In light of prior experience in turbulent times, Matador entered into additional oil hedges during the first quarter of 2025. A summary of our oil costless collars is provided in the following table: Oil Costless Collars Volume Hedged (Bbl per day) Weighted Average Price Floor ($/Bbl) Weighted Average Price Ceiling ($/Bbl) H1 2025 45,000 $60 $86 H2 2025 70,000 $52 $77 Precautionary Actions for Turbulent Times “Matador has taken other precautionary actions in preparation for these turbulent times. From experience, we believed it was prudent to fortify Matador’s balance sheet by entering into additional hedges and selling non-core assets as discussed above. Matador also structured its rig contracts with optionality to quickly decrease or increase its drilling program based upon market conditions. Furthermore, Matador expects steel prices for goods such as casing, valves and surface equipment will increase in 2025 due to recent tariffs. To protect its financial position, Matador has already secured i