Matador Resources — Oct 21, 2025 release

4 Full-Year 2025 Guidance Update Effective October 21, 2025, Matador increased its full-year 2025 guidance range for oil production, natural gas production and total BOE production as well as for CapEx as set forth in the table below. Production Prior Full-Year 2025 Guidance Range New Full-Year 2025 Guidance Range Total, BOE per day 200,000 to 205,000 205,500 to 206,500 Oil, Bbl per day 117,500 to 119,500 119,250 to 119,750 Natural Gas, MMcf per day 495 to 513 517.5 to 520.5 D/C/E CapEx (1) $1.18 to $1.37 billion $1.47 to $1.55 billion Midstream CapEx (2) $120 to $180 million $155 to $175 million Total CapEx $1.30 to $1.55 billion $1.625 to $1.725 billion (1) Capital expenditures associated with drilling, completing and equipping wells. (2) Includes Matador’s share of estimated capital expenditures for San Mateo and other wholly-owned midstream projects. Operational and Financial Update Third Quarter 2025 Oil, Natural Gas and Total BOE Production As summarized in the table below, Matador’s total BOE production averaged 209,184 BOE per day in the third quarter of 2025, which was a Company record and a 22% year-over-year increase from an average of 171,480 BOE per day in the third quarter of 2024. The better-than-expected oil and natural gas production was primarily due to the continued outperformance of Matador’s producing wells and wells that were turned to sales in the third quarter of 2025, including six non-operated Haynesville shale wells where Matador owned primarily mineral interests, which had combined third quarter of 2025 natural gas production of 1.5 Bcf or 17 MMcf per day, net to Matador.