Matador Resources — Oct 21, 2025 release

These 12 additional net operated wells turned to sales in 2025 are expected to increase production rates in the fourth quarter of 2025 and the first quarter of 2026; • Base case for 2026 organic production is expected to yield approximately 210,000 BOE per day with expected organic oil production growth of 2 to 5% from full-year 2025 to full-year 2026 (exclusive of acquisitions); • Updated full-year 2025 drilling, completing and equipping (“D/C/E”) capital expenditure (“CapEx”) estimate from $1.18 to $1.37 billion to $1.47 to $1.55 billion primarily due to the drilling and completion of the 12 additional net operated wells noted above, which was made possible by operational efficiencies and historical opportunities to experience lower service pricing during the second half of a production year; • Decreased expected full-year 2025 drilling and completion cost per lateral foot from a range of $865 to $895 per completed lateral foot to a lower range of $835 to $855 per completed lateral foot; • Highly capital-efficient program expected for 2026 with flexibility to adjust production and CapEx depending on external factors such as commodity prices and the economy; and • An improved capital program for full-year 2026, which is expected to result in 8 to 12% lower total capital expenditures in 2026 compared to 2025 for approximately the same amount of lateral footage. The favorable cost per foot expected in 2026 should allow Matador multiple options for ways to make good use of these expected capital savings. Matador’s Land Program Mr. Foran continued, “A key component of this growth is Matador’s ‘brick-by-brick’ land acquisition strategy and selective lease acquisition program, which is not only improving the quality and potential of Matador’s over 200,000 net acre land position in the Delaware Basin but also has increased Matador’s various working interests or mineral positions in key areas. During the third quarter of 2025, Matador completed over $125 million in transactions in key areas. All acquisitions made this quarter were in the Delaware Basin and consisted primarily of undeveloped acreage, including working interests in Matador wells turned to sales in the third