Matador Resources — Jul 22, 2025 release

Second Quarter 2025 Financial and Operational Highlights • Record quarterly production of 209,013 barrels of oil and natural gas equivalent per day (“BOE/d”) including 122,875 barrels of oil per day (“Bbl/d”); • Matador’s integrated upstream and midstream business generated net cash provided by operating activities of $501 million and adjusted free cash flow of $133 million, representing an industry-leading free cash flow margin; • Reconfirmation of April 2025 activity guidance with continued operational improvement demonstrated through better-than-expected drilling and completions costs of approximately $825 per completed lateral foot and lease operating expenses of $5.56 per BOE; • San Mateo Midstream increased its processing capacity 38% from 520 million cubic feet of natural gas per day (“MMcf/d”) to 720 MMcf/d with the startup of the recently completed Marlan Plant expansion; • San Mateo Midstream delivered record quarterly net income of $66 million and record quarterly Adjusted EBITDA of $85.5 million; • Resilient balance sheet with over $1.8 billion of liquidity and a leverage ratio of less than 1.0x as of June 30, 2025; • Declared quarterly base dividend of $0.3125 per share, representing $1.25 per share on an annualized basis and a yield of approximately 2.5% as of July 21, 2025; • Balanced allocation of free cash flow (post dividend payment) across share repurchases, brick-by-brick land acquisitions and repayment of credit facility; • Repurchased 1.1 million shares of the Company’s common stock, or approximately 1% of total shares of common stock outstanding as of June 30, 2025, at an average price of $40.37 per share, compared to current share price of $49.86 per share as of July 21, 2025; and • Matador not only anticipates 2025 full year production will be a record for annual production but also is increasing full year 2025 guidance range for total daily production from 198,000 – 202,000 BOE/d to 200,000 – 205,000 BOE/d. Management Summary Comments Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, commented, “Matador is pleased to report our second quarter where we achieved record production alongside robust free cash flow (see Slide  A and  B ). Throughout Matador’s 40-year history, we have consistently pursued long-term value creation for our shareholders through prudent capital allocation, just as we continue to do today, so that our oil and natural gas production and