Matador Resources — Oct 21, 2025 release

These efforts allowed Matador to turn to sales 46 gross (34.5 net) operated wells during the third quarter of 2025, an increase of 4.5 net operated wells above July 2025 guidance estimate of 30 net operated wells to be turned to sales for the same period. As a result of these accelerated operating activities combined with our improved efficiencies and lower well costs, Matador now expects its full-year 2025 D/C/E CapEx to be in the $1.47 to $1.55 billion range for a revised 2025 competed well count of 118.3, up from previous completed well count guidance of 106.3. Notably, 1.5 billion cubic feet (“Bcf”) (17 MMcf per day) of this third quarter of 2025 production beat was the result of six non-operated wells in the Haynesville Shale in which Matador has working and mineral interests. This production beat demonstrates the value and potential of Matador’s estimated 200 to 300 Bcf “gas bank” in Northwest Louisiana. This asset, which is 100% held-by-production and has high net revenue interests, gives Matador the ability to increase natural gas production whenever natural gas prices increase and stabilize. In light of the positive outcomes of these operations and the outperformance of various operated wells turned to sales, Matador has increased its full-year 2025 production guidance company-wide for both oil and natural gas production. Matador’s continued operational execution and lower service pricing reduced drilling and completion cost per lateral foot, providing additional confidence in our decision to accelerate certain operating activities during the quarter. In fact, Matador expects not only better well results for full-year 202