Matador Resources — May 6, 2026 release

Our capital spending during the quarter finished in line with previous guidance estimates that focused on operational efficiencies, increasing reserves, and cost saving initiatives. In light of these improvements and increased commodity pricing, estimated adjusted free cash flow for the full year 2026 will be approximately $1.1 to $1.2 billion (assuming strip oil and natural gas pricing as of early May 2026) compared to adjusted free cash flow for full year 2025 of $437 million, excluding land and seismic costs. “Consequently, these first quarter results, combined with continued coordination between Matador and San Mateo’s upstream and midstream businesses, all provide an improved outlook for full-year 2026. Accordingly, we are increasing our production guidance estimates while reaffirming our previous cost per completed lateral foot, lease operating expense and estimated full-year capital budget guidance. During this past quarter, we began construction on a new San Mateo water recycling facility, finished drilling operations on our first Woodford exploratory well, and brought two additional Matador upstream net wells to sales, outperforming our February guidance. We also remain focused on expanding our 10 to 15 year high-quality inventory, which we consider critical for present and future growth. For instance, since early 2023, we have added over 800 net engineered locations, adding seven to eight years of inventory to our asset base and available inventory in both new and established areas of activity. Exceeding Expec