#1Matador RESOURCES COMPANY November 2020 Investor Presentation MTDR LISTED NYSE NYSE Ice be hanged RE#2Disclosure Statements Safe Harbor Statement This presentation and statements made by representatives of Matador Resources Company ("Matador" or the "Company") during the course of this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. "Forward-looking statements" are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "could," "believe," "would," "anticipate,” “intend," "estimate," "expect," "may," "should," "continue,” “plan,” “predict,” “potential," "project," "hypothetical," "forecasted," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company's ability to execute its business plan, including whether Matador's drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; Matador's ability to replace reserves and efficiently develop current reserves; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; Matador's ability to make acquisitions on economically acceptable terms; Matador's ability to integrate acquisitions; availability of sufficient capital to execute Matador's business plan, including from future cash flows, increases in Matador's borrowing base and otherwise; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, on oil and natural gas demand, oil and natural gas prices and our business; the operating results of the Company's midstream joint venture's Black River natural gas cryogenic processing plant; the timing and operating results of the buildout by the Company's midstream joint venture of oil, natural gas and water gathering and transportation systems and the drilling of any additional produced water disposal wells; and other important factors which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador's filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of Matador's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this presentation, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. Cautionary Note The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Potential resources are not proved, probable or possible reserves. The SEC's guidelines prohibit Matador from including such information in filings with the SEC. - Definitions Proved oil and natural gas reserves are the estimated quantities of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Matador's production and proved reserves are reported in two streams: oil and natural gas, including both dry and liquids-rich natural gas. Where Matador produces liquids-rich natural gas, the economic value of the natural gas liquids associated with the natural gas is included in the estimated wellhead natural gas price on those properties where the natural gas liquids are extracted and sold. Estimated ultimate recovery (EUR) is a measure that by its nature is more speculative than estimates of proved reserves prepared in accordance with SEC definitions and guidelines and is accordingly less certain. Type curves, if any, shown in this presentation are used to compare actual well performance to a range of potential production results calculated without regard to economic conditions; actual recoveries may vary from these type curves based on individual well performance and economic conditions. Matador 2 RESOURCES COMPANY#3Matador RESOURCES COMPANY Company Overview and Investment Highlights MTDR LISTED NYSE NYSE Ice be hanged RE#4Matador Resources Company Overview Market Snapshot NYSE Symbol Enterprise Value(1) Q3 2020 Avg. Daily Production Q3 2020 Proved Reserves (2) Q3 2020 Net Debt / LTM Adj. EBITDA (3)(4) MTDR $3.0 billion 73.0 MBOE/d 267.3 MMBOE 2.8x Delaware Basin Assets MATADOR HEADQUARTERS DALLAS, TEXAS Eagle Ford Assets Haynesville/ Cotton Valley Assets Matador Acreage EDDY LEA LOVING Breakdown by Area Delaware Basin Eagle Ford Haynesville/CV Total Proved Reserves as of 9/30/2020(2) 256.4 MMBOE 7.4 MMBOE 3.5 MMBOE 267.3 MMBOE Acreage Position as of 6/30/2020 127,600 net acres 27,100 net acres 17,500 net acres 172,200 net acres Q3 2020 Avg. Daily Production 66.4 MBOE/d (61% oil) 2.5 MBOE/d (78% oil) 4.1 MBOE/d (~0% oil) 73.0 MBOE/d (58% oil) (1) Enterprise value calculated as the sum of Matador's market capitalization, consolidated net debt and the value of non-controlling interest in each of San Mateo Midstream, LLC ("San Mateo I") and San Mateo Midstream II, LLC ("San Mateo II," and, together with San Mateo I, "San Mateo"). Effective October 1, 2020, San Mateo II merged with and into San Mateo I. Source: Bloomberg. As of November 9, 2020. (2) Based on the Company's internal unaudited estimates. (3) Adjusted EBITDA is a non-GAAP financial measure. Reflects calculation under Matador's reserves-based revolving credit agreement (the "Credit Agreement"). For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (loss) (GAAP) and net cash provided by operating activities (GAAP), see Appendix. (4) For purposes of the Credit Agreement, Net Debt at September 30, 2020 is calculated as (i) $1.05 billion in senior notes outstanding, plus (ii) $520 million in debt under the Credit Agreement, including outstanding borrowings and letters of credit, less (iii) $41.8 million in available cash. Matador 4 RESOURCES COMPANY#5Investment Highlights - Matador Resources Company (NYSE: MTDR) High Quality E&P Assets and Rapidly Growing Midstream Business Matador is achieving strong operating results across its ~128,000 net acre Delaware Basin leasehold and minerals position, acquired for a weighted average cost of $11,000 per net acre (1) ~ Delaware Basin midstream business (San Mateo JV) has grown its Adjusted EBITDA (2) at a ~50% CAGR since its formation (3) Strong, Simple Balance Sheet At September 30, 2020, Matador had ~$380 million in potential borrowing capacity(4) and no bond maturities until 2026 Free Cash Flow in Sight Expect to generate free cash flow in Q4 2020 and in 2021 at current strip pricing (5) Step-Change in Capital Efficiency Increase in longer laterals, batch drilling and regional sand use expected to drive a 44% reduction in average D&C costs per lateral foot (6) from 2018 to year-end 2020 Consistent, Predictable Results-"We Do What We Say" Matador has met or exceeded analysts' consensus financial expectations for 25 consecutive quarters Interests Aligned with Shareholders Matador Named Executive Officers (NEOS) hold on average almost 5x more company stock than NEOs at peer companies (7) Matador was the first E&P company to announce salary reductions across the entire staff in March 2020 (1) Excluding small amounts of production acquired. (2) Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (loss) (GAAP) and net cash provided by operating activities (GAAP), see Appendix. (3) Compares Q1 2017 actual results of San Mateo I to Q3 2020 combined results of San Mateo I and San Mateo II. (4) Potential borrowing capacity of $380 million under the Credit Agreement at September 30, 2020 assuming full availability of $900 million borrowing base and accounting for $475 million in outstanding borrowings and $45 million in outstanding letters of credit under the Credit Agreement. (5) As of late October 2020. (6) Cost per foot metric shown represents the drilling and completion (D&C) portion of well costs only. Excludes costs to equip wells, midstream capital expenditures, capitalized G&A or interest expenses and certain other capital expenditures. As of and as provided on October 27, 2020. (7) Source: Meridian Compensation Partners, LLC and 2020 peer group Proxy Statements. "Peer Average" represents the 50th percentile of Matador's 2020 peer group (CDEV, CPE, DVN, FANG, MRO, OAS, PE, SM, WPX and XEC) as determined by the Strategic Planning and Compensation Committee and Independent Board. Matador 5 RESOURCES COMPANY#6Matador's Significant Officer % Ownership vs. Peer Group Interests Aligned with Shareholders Since January 1, 2020, approximately 200 directors, special advisors and employees, or approximately two-thirds of the staff. have bought Matador stock in the open market! Joseph Wm. Foran Matthew V. Hairford David E. Lancaster Founder, Chairman and CEO President and EVP and CFO Chair of the Operating Committee +389,232 shares +25,500 shares in 2020! 4.62% in 2020! Foran 0.50% +11x 0.44% Peer Average (1 Hairford Craig N. Adams Billy E. Goodwin +25,000 shares in 2020! EVP and COO - Land, Legal and Administration +22,500 shares in 2020! EVP and COO - Drilling, Completions and Production +20,000 shares in 2020! +3x 0.56% 0.17% Peer Average (2) +4x 0.14% Lancaster Peer Average (3) 0.27% +4x 0.07% Adams Peer Average (4) Source: Meridian Compensation Partners, LLC, 2020 Proxy Statements and Form 4s. Note: "Peer Average" represents the 50th percentile of Matador's 2020 peer group (CDEV, CPE, DVN, FANG, MRO, OAS, PE, SM, WPX and XEC) as determined by the Strategic Planning and Compensation Committee and Independent Board. (1) Average among Chief Executive Officers. (2) Average among Chief Operating Officers. (3) Average among Chief Financial Officers. (4) Average among General Counsels. (5) Average among top Production/Operations Executives. 0.24% +3x 0.08% Goodwin Peer Average (5) Matador 6 RESOURCES COMPANY#7Adjusted EBITDA A Tightly Integrated Strategy: Growing E&P and Midstream Together Average Daily Total Production (BOE/d) Q4 2020E BOE up 9% sequentially; up 8% YoY 80,000 Oil Natural Gas 70,000 60,000 50,000 36,922 41,954 43,718 45,273 40,000 30,000 20,000 29,965 32,999 52,937 61,290 69,645 73,749 71,161 73,302 72,989 79,400 Average Daily Total Delaware Production Delaware Basin (BOE/d) 80,000 70,000 60,000 50,000 40,000 30,000 20,000 20,670 Q4 2020E BOE up 12% sequentially; up 21% YoY ■Oil Natural Gas 24,535 27,622 30,707 34,859 37,160 46,489 47,831 61,493 60,268 66,005 66,354 74,250 10,000 0 0 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20E Matador Adjusted EBITDA (1)(2) 10,000 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20E San Mateo Adjusted EBITDA(2) ($ in millions) Q4 2020E Adjusted EBITDA (1)(2)(4) up 8% sequentially; down 28% YoY ($ in millions) $80 $35 $200 $180 Matador Adjusted EBITDA (1)(2) Oil Price (3) Q4 2020E San Mateo Adjusted EBITDA (2)(5) up 16% sequentially; up 23% YoY $32.5 $181.0 $160.8 $155.4 $160 $148.2 $144.1 $140.6 $137.3 $140 $124.8 $117.3 $120 $108.6 $100 $84.8 $80 $70.0 $72.7 $54.5 $60 $70 $30 $60 $131.0 $121.0 $50 $107.6 $40 $30 $20 $28.0 $26.3 $26.5 $26.2 WTI Oil Price, $/Bbl $25 $22.7 $23.2 $20.8 $19.1 $20 $17.4 $14.0 $15 $11.5 $9.6 $10 $6.7 $7.5 $7.1 $40 $5 $10 $20 $0 $0 $0 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20E (4) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20E (5) Note: All Q420E estimates are at the midpoint of the company's guidance as of and as provided on October 27, 2020. (1) Attributable to Matador Resources Company shareholders. (2) Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (loss) (GAAP) and net cash provided by operating activities (GAAP), see Appendix. San Mateo Adjusted EBITDA is based on the combined Adjusted EBITDA of San Mateo I and San Mateo II. (3) Average settlement price for West Texas Intermediate ("WTI") crude oil for the period. (4) Expected to be between $128 and $134 million, based upon estimated realized oil and natural gas prices of $37.67 per Bbl and $2.96 per Mcf, respectively (assumes strip pricing as of late October 2020). (5) Expected to be between $31 and $34 million, based upon estimates for increased throughput and processing services in Q4 2020. matador 7 RESOURCES COMPANY#82018 New Mexico Oil & Gas Association Production Rankings 2018 New Mexico Oil Production Ranking Ranking Company 1 EOG Resources 2018 New Mexico Natural Gas Production Ranking Ranking Company Hilcorp Energy 1 2 Concho Operating 2 Concho Operating 3 Occidental Petroleum 3 EOG Resources 4 Devon Energy 4 BP America Should improve LO 5 Mewbourne Oil LO 5 Mewbourne Oil in 2019 rankings! 6 ExxonMobil Devon Energy 7 Cimarex Energy 7 Occidental Petroleum Matador #8 top 00 8 Matador Production oil producer in 8 Chevron USA 1ST 9 Apache Corp. New Mexico! Should improve 2019 rankings! in 9 Cimarex Energy 10 Chevron USA 10 ExxonMobil 11 Marathon Oil 11 Matador Production 12 WPX Energy 12 Logos Operating Matador #11 top natural gas producer in New Mexico! 13 ConocoPhillips 13 Apache Corp. 14 Legacy Reserves 14 15 Enduring Resources 15 Southland Royalty Enduring Resources 16 BTA Oil Producers 16 WPX Energy 17 Chisolm Energy 17 ARP Production 18 19 20 Percussion Petroleum Centennial Resource DJR (Encana USA) 18 ConocoPhillips 19 20 20 Source: New Mexico Oil & Gas Association - 2018 statistics (most recent year for which data have been published). Marathon Oil BTA Oil Producers Matador RESOURCES COMPANY 8#970% 60% 50% 40% 30% 20% 10% 0% $5.00 $25.00 $20.00 $15.00 $10.00 1 3 Peer 4 2 Peert MTOR Peers per a peer? martian poet's meer's movere merry mero Median Netbacks(2)/BOE, $/BOE (excl. Deriv. Settlements) Peer-leading netbacks from operations. 9 9 л Peer 8 70% 60% 50% 40% 30% 20% 10% Matador's Strong Q3 2020 Operating Efficiency vs. Peers (1) Netbacks(2)/O&G Revenues, % (excl. Deriv. Settlements) Strong operating margins vs. peers. 80% Netbacks(²)/O&G Revenues, % (incl. Deriv. Settlements) Strong operating margins vs. peers. 80% $. MTDR Peer 1 Peer 4 Peer 3 Peer 2 Median Peer 6 Peer 9 Peer 7 Peer 8 (1) Source: Data compiled from Matador and peer Company financial statements for the three months ended September 30, 2020. "Peers" include CDEV, CPE, DVN, FANG, MRO, PE, SM, WPX and XEC. (2) (3) Netbacks defined as oil and natural gas revenues less (1) production taxes, transportation and processing expenses and (2) lease operating expenses. Cash operating expenses defined as (1) production taxes, transportation and processing expenses plus (2) lease operating expenses plus (3) general and administrative expenses less non-cash, stock-based compensation expenses of $3.4 million... $10.00 $8.00 $6.00 $4.00 Peer 5 $2.00 S. Peer 5 Peer 3 Peer 1 0% Peer 5 9 л Peer 7 ਰ 6 л Per's MATOR peers peers meera median pers Porto party pero porns 2 3 Cash Operating Expenses (3)/BOE, $/BOE Among leaders in cash operating expenses per unit-of-production. 1 $12.00 MTDR Peer 4 Median Peer 9 Peer 2 Peer 7 Peer 8 Peer 6 Matador RESOURCES COMPANY 9#1017% Strong, Organic Growth Coupled With Peer-Leading Financial Returns Total MMBOE Proved Reserves Growth(1) (YE2018 to YE2019) Matador E&P and Total Return on Capital Employed (2) 3-Year Average (2017 to 2019) Peer 6 Matador 28% 20% 24% Peer 1 Peer 2 Peer 3 Peer 4 15% 14% Peer Average 15% Peer 7 15% 14% Peer 10 14% 10% Peer 9 Peer Average 14% 1% Peer 5 Peer 1 14% -5% Peer 6 Peer 2 13% -6% Peer 7 -6% Peer 4 13% Peer 8 -8% Peer 3 13% Includes Impact of Peer 9 -8% Peer 5 Midstream Transactions (3) 12% Peer 10 -11% Peer 8 11% Average Daily Total Equivalent Production Growth (Q4 2018 to Q4 2019) Cash Return on Cash Invested (5) 3-Year Average (2017 to 2019) Peer 2(4) 65% Matador Peer 3 Matador 33% Peer 3 22% Peer 1 Peer Average 17% Peer 2 Peer 6 16% Peer 4 Peer 1 15% Peer 10 Peer 4 15% Peer Average Peer 5 14% Peer 9 13% Peer 8 12% Peer 7 4% Peer 10 -1% Peer 9 Peer 7 Peer 5 Peer 6 Peer 8 11% 13% 13% 13% 11% 10% 10% 10% 9% 8% 7% Includes Impact of (3) 7% Midstream Transactions 7% Source: Company filings and Bloomberg. Peers included: CPE, CDEV, DVN, FANG, MRO, OAS, PE, SM, WPX and XEC. CPE, FANG and XEC closed significant M&A transactions in 2018 and 2019. (1) CPE and XEC are pro forma for significant acquisitions that closed in 2019. (2) E&P Return on Average Capital Employed ("ROACE") and Total ROACE are non-GAAP financial measures. For a reconciliation of E&P ROACE and Total ROACE to the corresponding GAAP financial measures, see Appendix. (3) Includes gain on the receipt of a special distribution of $172 million in connection with the formation of San Mateo I in 2017 and $14.7 million in performance incentives paid by an affiliate of Five Point Energy LLC ("Five Point") in each of 2018 and 2019 in connection with the formation of San Mateo I. (4) Significant acquisition occurred mid-Q4 2018. (5) Cash Return on Cash Invested ("CROCI") and Total CROCI are non-GAAP financial measures. For a reconciliation of CROCI and Total CROCI to the corresponding GAAP financial measures, see Appendix. Matador 10 RESOURCES COMPANY#112020 Priorities - Protecting the Balance Sheet is First Priority Balance Sheet Improvements 1 Reducing Rig Count from 6 to 3 rigs 2 Reducing Capital Costs, G&A and LOE 3 Capital Efficiency Improvements 4 Restructured Hedge Portfolio (5) San Mateo Performance Incentives 6 Commodity Marketing Options (7) Non-Core Asset Divestitures 8 Monetizing Mineral Interests San Mateo Expansion - In Service! Greater Stebbins Area Rustler Breaks Matador Acreage as of June 30, 2020 EDDY Stateline - - New San Mateo II Infrastructure Expansion of gas processing plant by additional 200 MMcf/d Gas, oil and water gathering, oil transportation and water disposal infrastructure Up to $150 million in deferred performance incentives Represents large-diameter natural gas gathering lines connecting Greater Stebbins Area and Stateline asset area to the expanded Black River Processing Plant Five Significant 2020 Milestones - Timeline Rodney Robinson wells turned to sales Ray wells turned to sales Leatherneck wells turned to sales San Mateo cryogenic plant expansion First 13 Stateline (Boros) wells turned to sales M 2020 Q3 2020 and Beyond Operating three rigs in Delaware Basin • 26 Stateline wells online by Q2 2021 • All wells turned to sales expected to have laterals greater than one mile 2021 → Improved Capital Efficiency: D&C CapEx/ft Average Drilling & Completions CapEx/foot, $/ft(1) $1,800 Average lateral length: Average lateral length: Average lateral length: 4,700' 5,700' 8,800' $1,600 ~$1,528/ft Costs $1,400 -24% $1,200 $1,000 -$1,165/ft -26% Q3 @ $790/ft! ~$860/ft $800 2018 2019 Period Turned to Sales (1) Cost per foot metric shown represents the D&C portion of well costs only. Excludes costs to equip wells, midstream capital expenditures, capitalized G&A or interest expenses and certain other capital expenditures. (2) 2020E Matador 11 RESOURCES COMPANY (2) As of and as provided on October 27, 2020.#12Improved Capital Efficiency Translating to Better Wells for Less Money Delaware Estimated Ultimate Recovery per Foot (BOE/ft) "Better Wells" 175 +10 BOE/ft on 2-mile well Delaware Drilling and Completion (D&C) CapEx per Foot (1) ($/ft) "Less Money" $1,750 Average EUR/foot, BOE/ft 170 165 160 155 100,000 BOE Increase +6% Average D&C CapEx/foot, $/ft(2) $1,500 $1,250 $1,000 $750 -44% 150 2018 2019 2020 Year Turned to Sales Delaware Drilling and Completion (D&C) CapEx per BOE ($/BOE) "Better Wells for Less Money" $11.00 $10.00 $9.00 Average D&C CapEx/BOE, $/BOE $8.00 -46% $7.00 $6.00 $5.00 $4.00 2018 2019 2020 Year Turned to Sales $500 2018 $860 172 $5.10 1,100 2019 Year Turned to Sales 2020E D&C costs for operated horizontal wells turned to sales in 2020 expected to be $860 per completed lateral foot, down 44% from full year 2018 Average Estimated Ultimate Recovery for operated horizontal wells turned to sales through Q3 2020 of 172 BOE per completed lateral foot, up 6% from full year 2018 D&C CapEx per BOE for operated horizontal wells turned to sales through Q3 2020 of $5.10 per completed lateral foot, down 46% from full year 2018 Matador has identified over 1,100 gross A+ locations for future drilling on its Delaware Basin acreage (3)(4) Note: All footage and percentage of lateral types shown are based on gross operated horizontal wells. (1) As of and as updated on October 27, 2020. (2) Cost per foot metric shown represents the drilling and completion (D&C) portion of well costs only. Excludes costs to equip wells, midstream capital expenditures, capitalized G&A or interest expenses and certain other capital expenditures. (3) A+ engineered locations for future drilling and completion, including specified production units, costs and well spacing using objective criteria for designation. Locations identified as of June 30, 2020. (4) A+ engineered locations are future drilling locations with projected minimum 15% rate of return at $40 WTI oil and $1.75/Mcf natural gas pricing. Matador 12 RESOURCES COMPANY#13Elements of 2020 Cost Savings & Cash Flow Enhancements $360 Million Potential Improvement vs. Original Guidance Cost Savings + Cash Enhancements Already Realized YTD Expected Remaining Cost Savings + Cash Enhancements for H2 2020 $450 $400 ($ in millions) Total Expected 2020 Cost Savings + Cash Flow Enhancements ~50% of midpoint of original 2020 D/C/E CapEx Guidance D/C/E Capital Expenditure Budget originally reduced 35% from $720 million to $470 million $350 $15 $300 $40 $11 $4 $12 $250 $28 $250 $3 Cost Savings + Cash Flow Enhancements, $ millions $200 $150 $247 $100 $50 $0 D/C/E Capital Expenditure Reductions Operating Cost Reductions (LOE / G&A) $20 $360 $15 $13 $20 $32 $7 $328 million in Cost Savings + Cash Flow Enhancements already realized YTD $328 Discretionary Land/Seismic Expenditure Reductions + EF/HV Transactions Miscellaneous Cash Flow Improvements Incentive Payments from Five Point Incremental Cash Flow Enhancements in H2 2020 Updated Est.: Cost Savings + Cash Flow Enhancements Matador 13 RESOURCES COMPANY#14Revolver Borrowings Outstanding - Quarterly Estimates for Q4 2020 ($ in millions) Letters of Credit $1,000 Revolver Borrowings Outstanding $900 Borrowing Base $900 $800 $200 million Elected Commitment $700 $700 $25 million better than July 28, 2020 guidance projection $600 $500 $520 $45 $400 $361 $430 $45 $205 million $495 $45 $46 $300 $200 $475 $450 $385 Q4 2020! $315 Expect to generate positive free cash flow in $100 $0 Net Debt/ LTM Adjusted EBITDA(1)(2); Realized Oil Price (3) ($/Bbl): Realized Gas Price (3) ($/Mcf): Q1 2020 2.2x Q2 2020 2.5x Q3 2020 2.8x Q4 2020E 3.2x $45.87 $1.70 $24.03 $1.49 $38.67 $2.27 $37.67 $2.96 Assumes strip pricing as of late October 2020 and no significant transactions in 2020. (1) Adjusted EBITDA is a non-GAAP financial measure. Reflects calculation under Matador's revolving credit agreement (the "Credit Agreement"). For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (loss) (GAAP) and net cash provided by operating activities (GAAP), see Appendix. (2) For purposes of the Credit Agreement, Net Debt at September 30, 2020 is calculated as (i) $1.05 billion in senior notes outstanding, plus (ii) $520 million in debt under the Credit Agreement, including outstanding borrowings and letters of credit, less (iii) $41.8 million in available cash. (3) Without realized derivatives. Q4 values shown above are estimated realized oil and natural gas prices used in making borrowing projections. Matador 14 RESOURCES COMPANY#15Environmental, Social and Governance (ESG) ~66% of oil and -96% of water produced from the Delaware Basin is transported on pipe (1) Forward Looking Infrared FLIR gas imaging cameras used to help identify potential leaks for repair Support communities and charities where we live, work and operate ③ 茶 Reducing emissions since 2017(2) Greenhouse Gases (6%) Emission Intensity Rate (33%) Methane Intensity Rate (33%) Natural Gas Average Days Turned to Sales (38%) Diverse and independent board American Heart Association. Heart Walk. arf Tony La Russa's Animal Rescue Foundation TOYS FOR TOTS CONGRESSIONAL MEDAL OF HONOR FOUNDATION North Texas bike Food S Bank. MICHAEL E. THORNTON FOUNDATION ★★★ CARLSBAD COMMUNITY FOUNDATION HOPE EST 1989 SUPPLY CO. DRIVING CHANGE FOR HOMELESS CHILDREN HEART HOUSE Women on Board since 1988(3) Board Composition Lead Independent Director No "overboarding"; Board rotation 8 of 9 independent directors For additional details on Matador's ESG initiatives, please see ESG section in this presentation. (1) Represents Matador's average gross operated oil and water transported on pipe in the Delaware Basin in Q2 2020. (2) Percentage reductions are based on the Company's calculations reported in 2019 under the Greenhouse Gas Reporting Program. Matador 15 RESOURCES COMPANY (3) Dating to inception of predecessor company, Matador Petroleum Corporation.#16Matador RESOURCES COMPANY Operations and Delaware Basin Update MTDR LISTED NYSE NYSE Ice be hanged RE#17Delaware Basin Multi-Year Inventory of "A+ Locations" A+ Criteria A+ Inventory • • • Future drilling locations with projected minimum 15% rate of return at $30 - $40 WTI oil and $1.75/Mcf natural gas pricing Most A+ locations are expected to achieve EURS of at least 900,000 barrels of oil or two million BOE Matador has identified over 1,100 gross A+ locations for future drilling on its Delaware Basin acreage (1) Matador anticipates operating at least 517 gross operated A+ locations (2) - - Represents approximately ten years of operated inventory with a three-rig drilling program Number of operated locations could increase significantly as operatorship is established in undeveloped units* • Almost all intervals assume 160-acre well spacing • Highlights . Of these A+ locations, almost all are 1.5-mile or longer and the majority have lateral lengths of two miles or greater Acquisition of Stateline and Rodney Robinson tracts in the September 2018 BLM lease sale added at least 86 A+ locations in proven productive formations. This number could increase significantly with future testing of new zones. Delaware Basin A+ Locations by Formation $30 oil / $1.75 gas Potential Gross Operated A+ Locations(1)(2) $40 oil / $1.75 gas Total Potential Gross Operated A+ Locations(1)(2) Avalon Ꮎ A Total Gross Undrilled A+ Locations(1) Gross Undrilled A+ Locations(1) 20 19 20 19 112 55 156 79 246 115 339 148 134 67 20 182 99 156 53 199 91 37 116 さな 74 47 111 38 127 51 870 384 1,139 e # A A Ф (1) A+ engineered locations for future drilling and completion, including specified production units, costs and well spacing using objective criteria for designation. Locations identified as of June 30, 2020. (2) Includes any identified gross locations for which Matador's working interest is expected to be at least 25%. 517 Matador 17 RESOURCES COMPANY e 1st Bone Spring 2nd Bone Spring 3rd Bone Spring Wolfcamp A-XY Wolfcamp A-Lower AÐ Θ Wolfcamp B (3 landing targets) A A Θ 1-mile#18Delaware Basin - Continuing to Deliver Strong Well Results! Matador Acreage ARROWHEAD ~66,000 gross / -26,900 net acres Stebbins 19 #203H and #204H Wolfcamp A-XY # 203H 24-hr IP: 2,815 BOE/d (73% oil) #204H 24-hr IP: 2,262 BOE/d (75% oil) Leatherneck #135H, #136H, #205H, #206H and #222H 3rd Bone Spring, Wolfcamp A-XY and B Turned to sales in July and August 2020 RUSTLER BREAKS ~47,900 gross / -26,700 net acres EDDY LEA TWIN LAKES ~43,900 gross / ~24,500 net acres RANGER ~35,700 gross/ ~19,100 net acres Rodney Robinson #101H, #102H, #121H, #122H, #201H and #202H Avalon, 2nd Bone Spring and Wolfcamp A-XY Combined IP Results: 19,236 BOE/d (79% oil) Best IP test results Matador has achieved to date in each formation - already -2.1 million BOE Ray State #203H, #204H, #217H, #223H and #224H Wolfcamp A-XY, A-Lower and B Combined IP Results: 12,507 BOE/d (61% oil) Excellent five-well project in the eastern portion of Rustler Breaks - already -1.2 million BOE STATELINE ~2,800 gross/ -2,800 net acres Boros Wells Avalon, 2nd Bone Spring, Wolfcamp A-XY, Wolfcamp A-Lower and Wolfcamp B #104H 24-hr IP: 2,423 BOE/d (65% oil) # 124H 24-hr IP: 3,329 BOE/d (71% oil) # 201H 24-hr IP: 3,147 BOE/d (60% oil) #215H 24-hr IP: 4,600 BOE/d (60% oil) #224H 24-hr-IP: 3,415 BOE/d (37% oil) Eight additional wells tested and IP'd; Cumulative 24-hr IP: -45,225 BOE/d (56% oil) LOVING ANTELOPE RIDGE -23,700 gross / -16,300 net acres Jackson Trust WOLF JACKSON TRUST (LOVING) ~15,000 gross / ~10,800 net acres Larson #136H Wolf 3rd Bone Spring Carbonate 24-hr IP: 1,668 BOE/d (68% oil) Matador's first 3rd Bone Spring Carbonate test in the Delaware Basin Note: All acreage as of June 30, 2020. Some tracts not shown on map. Reduced operated rigs in Delaware Basin from six to three at the end of Q2 2020-expect to run three rigs for remainder of 2020 During remainder of 2020: ☐ Stateline: Two rigs drilling the first 13 wells on the western portion of the leasehold (Voni wells), all with lateral lengths up to 2.5 miles - expected online in early Q2 2021 Antelope Ridge: Began drilling the next four wells on the Rodney Robinson tract in late September 2020 - expected online in late Q1 2021 ■ Rustler Breaks: Expect to complete five gross wells in Q4 2020, including two additional Ray State wells ■ Arrowhead/Ranger/Twin Lakes: Five Leatherneck wells, all two-mile laterals, recently turned to sales; no additional activity planned for 2020 ■ Wolf/Jackson Trust: Two Wolfcamp A-XY wells, each 1.5-mile laterals, recently turned to sales; no additional activity planned for 2020 In second half of 2020, all wells completed and turned to sales expected to be two-mile laterals, with the exception of the two Marsh wells at Wolf - transition to two-mile laterals has gone very well! Matador 18 RESOURCES COMPANY#19Matador Federal Acreage and Permitting Update % of Total Delaware At June 30, 2020, Matador held approximately 127,600 net leasehold and mineral acres in the Delaware Basin in Eddy and Lea Counties, New Mexico and in Loving County, Texas, of which approximately 36,300 net acres, or about 28%, were on federal lands. Delaware Asset Area County Delaware Leasehold (net acres) Federal Leasehold (net acres) Leasehold Antelope Ridge Rustler Breaks Stateline Lea 16,300 8,500 7% Eddy 26,700 3,900 3% Eddy 2,800 2,800 2% Arrowhead Eddy 26,900 13,500 11% Ranger Lea 19,100 7,200 6% Twin Lakes Lea 24,500 400 Wolf/Jackson Trust Loving 10,800 Other 500 TOTAL 127,600 36,300 28% Delaware Asset Area County Undrilled Permits Approved and Received Undrilled Permits in Progress Antelope Ridge (Rodney Robinson) (1) Lea 19 2 Antelope Ridge (All other) Lea 31 10 Arrowhead Eddy 48 43 Ranger Lea 23 6 Rustler Breaks Eddy 28 35 Stateline (Boros) (1) Eddy 31 Stateline (Voni)(1) Eddy 30 1 TOTAL 210 97 (1) Does not include permits approved for eight Rodney Robinson, 13 Boros and 13 Voni wells that have already been drilled or are currently in progress.. At October 27, 2020, Matador had secured 210 federal drilling permits and has 97 additional permits currently under review by the BLM. Matador expects to have secured almost 300 approved permits to drill on its federal properties prior to the end of 2020. Matador 19 RESOURCES COMPANY#209,000 A Step Change in Capital Efficiency: Updated 2020 Expectations (1) Average Lateral Length and % of Longer Laterals CapEx per Foot(2) and Lateral Footage Turned to Sales 8,000 Average Lateral Length % of Laterals > 1-mile % of 2-mile Laterals 7,000 Average Lateral Length, ft 6,000 5,000 4,700 9% 100% 600,000 83% 8,800 74% 75% 50% 5,700 25% % of Lateral Type Turned to Sales Lateral Footage Turned to Sales, ft Lateral Feet Turned to Sales (2) Average D&C CapEx/ft 500,000 $1,700 $1,600 465,000 454,000 $1,500 400,000 381,000 300,000 -24% Decline in CapEx/ft $1,400 $1,300 $1,200 -26% 200,000 $1,100 Decline in CapEx/ft $1,000 100,000 $900 4,000 0% 0 $800 2018 2019 2020E 2018 2019 2020E Period Turned to Sales Period Turned to Sales By combining longer laterals with increased pad development, Matador has significantly reduced development costs per foot between 2018 and 2020 83% of laterals expected to be greater than one mile in 2020, as compared to 29% in 2019 and 9% in 2018 In 2019, Matador's drilling and completion costs for all horizontal wells turned to sales averaged approximately $1,165/ft, decrease of -24% from an average of $1,528/ft achieved in full year 2018, saving ~$160 million in gross D&C CapEx as compared to 2018 costs - In Q3 2020, Matador's drilling and completion costs for all horizontal wells turned to sales averaged $790/ft, a decrease of -32% from full year 2019 and a decrease of ~48% from full year 2018, saving ~$142 million in gross D&C CapEx as compared to 2018 costs Note: All footage and percentage of lateral types shown are based on gross operated horizontal wells. (1) As of and as updated on October 27, 2020. (2) Cost per foot metric shown represents the drilling and completion (D&C) portion of well costs only. Excludes costs to equip wells, midstream capital expenditures, capitalized G&A or interest expenses and certain other capital expenditures. Matador 20 RESOURCES COMPANY Average Drilling & Completions CapEx/foot, $/ft(¹)#21Marketing and Takeaway Overview Three-Stream Takeaway Oil ■ Matador has ~75% of its operated Delaware Basin oil production on pipe ■ Market optionality to Midland, Gulf Coast (LLS), Houston, Corpus Christi and Cushing Unhedged, Delaware realized oil price per barrel $3.24/Bbl better than Permian peers in Q2 2020 and $0.68/Bbl better in Q3 2020(1) Marketing and Midstream Adding Value The combined efforts of Matador's marketing and midstream teams have significantly increased realized pricing by: ✓ Lowering transportation costs ✓ Transporting to premium markets ✓ Reducing marketing fees ✓ Minimizing West Texas Light (WTL) oil discounts Realized Oil Price Advantage, $/Bbl Residue Natural Gas Long-term, firm transport to Waha, the Gulf Coast and West Coast markets for substantially all Delaware Basin natural gas production ■ Sufficient firm capacity for expected production volumes from future drilling Natural Gas Liquids (“NGL") Unhedged Realized Oil Price as % of WTI Price +$1.26 +$1.17 100% 100% +$0.27 99% 98% 95% 97% 94% 95% -$1.44 90% 89% 85% 87% 80% +$0.68 Matador +$3.24 95% 93% 86% Long-term, firm transport for NGL sold at the tailgate of the expanded Black River Processing Plant with ability to handle the increased designed inlet capacity of 460 MMcf/d 75% 74% 70% 2018 2019 Q4 2019 (1) Q1 2020 Q2 2020 Q3 2020 ■Permian Peers MTDR Delaware (1) Source: Company filings and Bloomberg. Permian peers included: CPE, CDEV, DVN, FANG, PE, SM, WPX and XEC. MRO and OAS excluded due to significant production outside the Permian Basin. Matador 21 RESOURCES COMPANY#22Stateline Asset Area - Eddy County, New Mexico STATELINE ~2,800 gross / ~ 2,800 net acres ~2.5 mile Matador Acreage "Boros' EDDY "Voni" 2.0 mile LOVING LEA Asset Summary and Highlights Acreage Overview Highlights 2021 Development • Approximately 2,800 gross/net acres with 87.5% net revenue interest acquired in September 2018 BLM lease sale Approximately 88 gross two-mile and ~2.5-mile lateral locations planned All 13 Boros wells flowing back and connected to San Mateo - Drilling and completions costs for the initial 13 Boros wells came in under $800/ft First 13 Voni wells, all ~2.5-mile laterals, expected to be online in early Q2 2021 • Second batch of Boros wells - including 3rd Bone Spring Carbonate test – expected to be turned to sales in late 2021 Expect to begin earning performance incentives from Five Point in 2021 Initial Production Exceeds Expectations on Boros Wells Planning to fully develop the 2nd Bone Spring and test the 1st Bone Spring with the first batch of Voni wells Matador Best 2nd Bone Spring IP Tests! Initial 13 Voni wells: currently drilling Initial 13 Boros wells: recently turned to sales Brushy Canyon Avalon 3 4 (5 6 1st Bone Spring 2nd Bone Spring 3rd Bone Spring Wolfcamp A-XY 8 9 12 13 11 Wolfcamp A-Lower Wolfcamp B Wolfcamp D 1 #104H-2,423 BOE/d (65% oil) 2 #123H-3,160 BOE/d (68% oil) 3 #124H 3,329 BOE/d (71% oil) 4 #201H 3,147 BOE/d (60% oil) 5) #202H-3,128 BOE/d (62% oil) 6) #203H-3,668 BOE/d (59% oil) (7) #204H-3,227 BOE/d (58% oil) 8) #215H-4,600 BOE/d (60% oil) 9) #216H-3,569 BOE/d (59% oil) (10) #217H-3,806 BOE/d (54% oil) (11) #218H-4,496 BOE/d (55% oil) 12 #223H-3,257 BOE/d (19% oil) 3,500 3,000 2,500 IP, BOE/d 2,000 1,500 1,000 500 0 Cumulative 24-hr IP of 42,225 BOE/d (56% oil) All acreage as of June 30, 2020. Some tracts not shown on map. Note: IP initial potential. (13) #224H-3,415 BOE/d (37% oil) Boros Rodney Robinson MTDR 2nd Bone Spring wells Matador 22 RESOURCES COMPANY#23Cumulative Oil, MBbl First Six Rodney Robinson Wells Online - Results Above Expectations! "Rodney Robinson" Acreage Matador Acreage ANTELOPE RIDGE ~23,700 gross / ~16,300 net acres EDDY LEA First Six Wells Start Off Strong Rodney Robinson Summary and Highlights Acreage Overview Highlights Future Development . • . . First six wells turned to sales on the Rodney Robinson tract in western Antelope Ridge in late Q1 2020 Matador acquired this 1,200 gross/net acre tract in the September 2018 BLM lease sale Five out of six Rodney Robinson wells are in Matador's top 10 list of highest 6-month cumulative oil production Have already produced in aggregate more than ~2.1 million BOE in just over six months on production Currently drilling four wells on the Rodney Robinson tract and expect to turn to sales by late Q1 2021 (two Wolfcamp A-XY and two 3rd Bone Spring Sand 2-mile laterals) Expected online in late Q1 2021 Rodney Robinson D&C(1) Costs: Low and Getting Lower 300 Upper Avalon 2nd Bone Spring 250 Wolfcamp A-XY 200 150 1,000 MBыl Oil Type Curve 100 50 50 First six wells have produced -2.1 million BOE (~1.5 million Bbl oil) in just over six months 0 50 100 150 Drilling and Completion CapEx (millions) $11.0 $10.0 Rodney Robinson wells to be turned to sales in late Q1 2021 are expected to cost ~23% less per lateral foot compared to the original Rodney Robinson #201H and #202H $9.0 $8.0 $7.0 $6.0 #202H #201H #203H (1) #204H #133H #134H Q2 2020 Actual Cost Q1 2021 Estimated Cost Days Online All acreage as of June 30, 2020. Some tracts not shown on map. Unless otherwise noted, all wells are operated by Matador. (1) CAPEX estimate excludes possible data collection on the #203H. 200 Matador 23 RESOURCES COMPANY#24Greater Stebbins Area – Eddy County, New Mexico ARROWHEAD ~66,900 gross / -26,900 net acres Greater Stebbins Area - Greater Stebbins Area Summary and Highlights Acreage Overview . Highlights • Future Development • Approximately 13,000 gross (5,450 net) acres Currently producing from three primary intervals, including 2nd Bone Spring, 3rd Bone Spring and Wolfcamp A-XY - Recently TIL five 2-mile laterals two 3rd Bone Spring wells, two Wolfcamp A-XY wells, and the first Wolfcamp B test of any operator in Arrowhead (D/C costs <$800/ft) All production (O-G-W) is now flowing on pipe to San Mateo Expect to begin earning performance incentives from Five Point in 2021 Over 200 potential drilling locations in the Greater Stebbins Area with expected lateral lengths of 1.5 miles or longer, including more than 100 Wolfcamp locations Wolfcamp A-XY at Stebbins Exceeding Area Average 60 Stebbins 19 #203H Matador Acreage Note: All acreage as of June 30, 2020. Some tracts not shown on map. Notable Matador Well 24-hr IPs 1 Stebbins 19 #203H - 2,815 BOE/d (73% oil) Wolfcamp A-XY 2 Stebbins 19 #204H - 2,262 BOE/d (75% oil) Wolfcamp A-XY 3 Stebbins 20 #204H - 2,005 BOE/d (72% oil) Wolfcamp A-XY 4 Leatherneck #125H-1,491 BOE/d (79% oil) 2nd Bone Spring 5 Leatherneck #126H-1,964 BOE/d (80% oil) 2nd Bone Spring Note: IP initial potential. Cum. Prod. per Completed Lateral Foot (BOE/ft) 50 40 30 20 20 10 10 0 0 50 100 150 Producing Days 200 250 Stebbins 19 #204H Stebbins 20 #204H Average of Wolfcamp A-XY wells in Eddy County, NM Matador 24 RESOURCES COMPANY#25Rustler Breaks Asset Area - Eddy County, New Mexico RUSTLER BREAKS ~47,900 gross / -26,700 net acres Matador Acreage Recent 2-mile Wolfcamp A Results 200 150 Cumulative Oil Production, MBbl 50 100 1,000 MBbl Oil Type Curve Jack Sleeper #201H Jack Sleeper #215H Ray #203H Asset Summary and Highlights • Acreage Overview Highlights 2020 Development • Approximately 47,900 gross (26,700 net) acres Producing from 12 different intervals throughout the stratigraphic column • TIL five recent two-mile laterals (Ray State wells) - aggregate gross cumulative production of ~1.2 million BOE in first five months of production • 1st Bone Spring wells continue to perform well. Additional 2-mile tests being planned in this target • Expect to complete five gross wells in Q4 2020, including initial 2-mile test of the 1st Bone Spring Sand Ray State D&C Costs Lower Than Estimated Drilling and Completion CapEx (millions) $11.0 $10.0 $9.0 $8.0 $7.0 Estimated aggregate drilling and completion ("D&C") ~$4 million below budget on all five wells - average D&C cost of $750 to $850 per lateral foot Ray #217H Ray #204H 0 0 50 100 150 Days Online 200 250 300 Note: All acreage as of June 30, 2020. Some tracts not shown on map. #217H #223H ■Original D&C CapEx Estimate #224H #204H Actual D&C CapEx #203H Matador 25 RESOURCES COMPANY#26Matador RESOURCES COMPANY San Mateo Midstream Operations and Plans San Mateo MIDSTREAM NYSE Ice be hanged RE#27San Mateo (1) Assets and Operations - "Three-Pipe" Offering Eddy County, NM Assets San Mateo MIDSTREAM Loving County, TX Assets 1 Mile Greater Stebbins Area ~43 miles Natural Gas and Oil Pipelines IN SERVICE! Rustler Breaks MTDR Acreage Existing Pipeline Recently Completed Pipeline Salt Water Disposal Well Processing Plant Processing Plant Expansion Processing Plant Expansion - IN SERVICE! Natural Gas Pipeline - IN SERVICE! Eddy Oil Central Delivery Point Loving Note: All acreage as of June 30, 2020. Some tracts not shown on map. (1) Matador owns 51% of San Mateo. Stateline Eddy Lea Reeves Wolf Loving Ward 1 Mile Natural Gas Gathering and Processing 460 MMcf/d of designed natural gas cryogenic processing capacity following plant expansion Produced Water Gathering and Disposal 13 commercial produced water disposal wells and associated facilities with designed produced water disposal capacity of 335,000 Bbl/d Oil Gathering ~400,000 acre joint development area with a subsidiary of Plains All American Pipeline, L.P. ("Plains") in Eddy County, NM ~335 Miles of Midstream Pipeline Systems Matador 27 RESOURCES COMPANY Loving#28Continued Progress in All Parts of San Mateo's Delaware Midstream Business (51% Owned by Matador) San Mateo Average Water Handling (MBbl/d) 250 200 150 Up 8% sequentially; 117 105 100 up 13% YoY San Mateo Average Natural Gas Gathering(1) (MMcf/d) 233 300 216 213 217 206 200 250 191 163 152 200 Down 1% sequentially; down 11% YoY 262 San Mateo MIDSTREAM 216 201 192 195 193 179 149 150 131 121 104 100 50 60 50 0 0 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 San Mateo Average Oil Gathering (MBbl/d) 35 30 30 Up 12% sequentially; up 31% YoY 25 20 20 15 27 25 23 224 22 C 27 27 27 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 San Mateo Adjusted EBITDA(2) ($ in millions) Up 21% sequentially; $28.0 31 $30 $25 up 6% YoY $19.1 $20 $17.4 $14.0 $15 $11.5 $10 10 10 6 4 5 1 $5 0 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 $0 $20.8 $26.3 $26.5 $26.2 $23.2 $22.7 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 (1) Natural gas gathering and processing volumes declined in Q1, Q2 and Q3 2020 as compared to Q4 2019, as anticipated, primarily as a result of reduced natural gas volumes being provided by a significant third-party customer. (2) Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (GAAP) and net cash provided by operating activities (GAAP), see Appendix. Matador 28 RESOURCES COMPANY#29San Mateo - Recent Highlights and Performance San Mateo's Adjusted EBITDA ($ in millions) (2) - October 2020 – Matador and Five Point (1) completed the successful merger of San Mateo I and San Mateo II into a single entity Q3 2020 - San Mateo II expansion projects completed, including: • Expansion of the Black River Processing Plant to designed inlet capacity of 460 MMcf of natural gas per day San Mateo MIDSTREAM • • 43 miles of large-diameter natural gas pipelines connecting Stateline and the Greater Stebbins Area to the Black River Processing Plant 19 miles of various diameter crude oil pipelines connecting the Greater Stebbins Area to existing interconnect with Plains in Eddy County, NM $140 Water Oil Gas $120 $100 San Mateo I formed $80 in February 2017 $60 $40 100% owned by Matador $20 $12 $4 San Mateo -MIDSTREAM - $0 2015 2016 $31 Would contribute -$63 to $69 million to Matador's Adjusted EBITDA(2) Would contribute $55 to $57 million to Matador's Adjusted EBITDA(2) Contributed $49 million to Matador's Adjusted EBITDA (2) $62 San Mateo II formed in February 2019 San Mateo MIDSTREAM- $96 Range: $108 to $112 $110 Range: $124 to $136 $130 Natural Gas Oil Water 2017 2018 2019 2020E Note: Figures (i) reflect the combined Adjusted EBITDA for San Mateo I and San Mateo II, including allocations for general and administrative expenses, (ii) are pro forma for February 2017 San Mateo I transaction and the purchase of the non-controlling interest in Fulcrum Delaware Water Resources, LLC not previously owned by Matador and (iii) exclude assets sold to EnLink in October 2015. (1) Five Point Energy LLC ("Five Point") is Matador's joint venture partner in San Mateo. Matador and Five Point own 51% and 49%, respectively, of San Mateo. (2) Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (loss) (GAAP) and net cash provided by operating activities (GAAP), see Appendix. Q4 2020E Annualized Matador 29 RESOURCES COMPANY#30Matador RESOURCES COMPANY Updated Full Year 2020 Guidance MTDR LISTED NYSE NYSE Ice be hanged RE#31Summary and Updated 2020 Guidance (as Provided on October 27, 2020) ■ Three rigs operating in the Delaware Basin during Q4 2020 - expect 53 gross (45.7 net) operated wells in 2020 Operating three rigs in the Delaware Basin during Q4 2020, two of which are anticipated to be operating in the Stateline asset area Third rig is currently drilling four additional wells on the Rodney Robinson tract in the western portion of the Antelope Ridge asset area Matador expects to complete and turn to sales five gross (2.7 net) operated wells in Q4 2020, all of which will be two-mile laterals in the Rustler Breaks asset area Non-operated drilling activity – expect 40 gross (2.2 net) wells in 2020, primarily in the Delaware Basin ■ Production expected to increase in Q4 2020 - Oil equivalent production expected to increase 8 to 10% sequentially in Q4 2020 as the first full quarter of production is realized from the Leatherneck wells and all of the initial 13 Boros wells Oil and natural gas production are also expected to increase 8 to 10% sequentially in Q4 2020 Actual 2019 Results July 28, 2020 2020 Guidance(1) % YoY Change(2) Updated 2020 Guidance(3) % YoY Change(4) Total Oil Production 14.0 million Bbl 15.35 to 15.65 million Bbl +11% 15.7 to 15.8 million Bbl + 13% Total Natural Gas Production 61.1 Bcf 65.5 to 68.5 Bcf + 10% 68.0 to 69.0 Bcf +12% Total Oil Equivalent Production 24.2 million BOE 26.3 to 27.1 million BOE + 10% 27.0 to 27.3 million BOE +12% D/C/E CapEx(5) $671 million $440 to $500 million - 30% $455 to $475 million - 31% San Mateo Midstream CapEx (6) $77 million $85 to $105 million +23% $90 to $100 million +23% (1) As of and as provided on July 28, 2020. (2) Represents percentage change from 2019 actual results to the midpoint of previous 2020 guidance, as provided on July 28, 2020. (3) As of and as provided on October 27, 2020. (4) Represents percentage change from 2019 actual results to the midpoint of updated 2020 guidance, as provided on October 27, 2020. (5) Capital expenditures associated with drilling, completing and equipping wells. (6) Reflects Matador's proportionate share of capital expenditures for San Mateo, and accounts for remaining portions of the $50 million capital carry Five Point provided as part of the San Mateo Il expansion. Matador 31 RESOURCES COMPANY#32$ in millions Updated 2020 Capital Investment Plan Summary vs. Prior Guidance Updated 2020 CapEx Guidance(1)(2)(3) - $560 million (down $5 million vs. Prior Guidance of $565 million (4)) (Delaware: Moved from 6 to 3 operated rigs by end of Q2 2020) Midstream $95 million (3) 17% Drilling, Completing, Equipping(2) $465 million 83% 2020E Wells Turned to Sales Prior Guidance(4) Updated Guidance (1) Gross Net Gross Net Operated 53 45.2 Operated 53 45.7 +0.5 Non- Operated 40 40 1.9 Non- Operated 40 2.2 +0.3 -$5 million Total 93 47.1 Total 93 47.9 +0.8 Updated 2020E CapEx(1)(2)(3) by Quarter (Delaware: Moved from 6 to 3 operated rigs by end of Q2 2020) Q3 2020 Q4 2020E 3 3 ← # Rigs Q1 2020 $250 6 Q2 2020 4+ $189 $200 $20 $156 $155 $150 $33 $38 $123 $28 $100 $169 $123 $117 $50 $95 $0 Q1 2020 Actual Q2 2020 Actual July 28, 2020 Guidance (4) Q3 2020 Actual (1) At midpoint of guidance as of and as provided on October 27, 2020. (2) Includes D/C/E capital expenditures and capital expenditures for various midstream projects; does not include any expenditures for land or seismic acquisitions. (3) Reflects Matador's proportionate share of capital expenditures for San Mateo and accounts for the remaining portions of the $50 million capital carry Five Point provided as part of the San Mateo II expansion. (4) At midpoint of guidance as of and as provided on July 28, 2020 D/C/E CapEx Midstream CapEx Q4 2020E up due to timing, non-op $92 Oct. 27, 2020 Guidance (1) $14 $78 Matador 32 RESOURCES COMPANY#332020 Oil and Natural Gas Production Estimates(1) Total Oil and Natural Gas Production • Estimated oil production of 15.7 to 15.8 million barrels 2020E CapEx(1)(2) (Midpoint): Natural Gas, Bcf 12% D/C/E: Midstream(3): Total: $465 MM $95 MM $560 MM Oil, MBbl 2020E Oil Production – 13% Growth YoY - 26,700 27,150 24,164 12% Total 68.5 (MBOE) 19,027 67.0 61.1 Natural Gas 47.3 (Bcf) 13% Oil (MBbl) 15,500 15,750 13,984 11,141 2018 2019 2020E July 28, 2020 Guidance) 2020 E Updated Guidance¹) Delaware Oil and Natural Gas Production - 13% increase from 2019 to midpoint of updated 2020 guidance range • Average daily oil production of 43,000 Bbl/d, up from 38,300 Bbl/d in 2019 - Delaware Basin ~41,200 Bbl/d (96%) - up 17% YoY • Q4 2020 expected to be up 8 to 10% sequentially Natural Gas, Bcf Oil, MBbl 20% 23,964 24,424 25% 20,294 56.1 Total (MBOE) 53.7 16,512 44.7 Natural Gas (Bcf) 37.7 17% 14,849 15,075 Oil (MBbl) 12,842 10,230 2018 2019 2020E July 28, 2020 Guidance (4) 2020 E Updated Guidance" 2020E Gas Production - 12% Growth YoY • Estimated natural gas production of 68.0 to 69.0 Bcf - 12% increase from 2019 to midpoint of updated 2020 guidance range Average daily natural gas production of 187.2 MMcf/d, up from 167.4 MMcf/d in 2019 - Delaware Basin ~153.3 MMcf/d (82%) - up 25% YoY Haynesville/Cotton Valley ~30.5 MMcf/d (16%) - down 23% YoY • Q4 2020 expected to be up 8 to 10% sequentially (1) At midpoint of 2020 guidance as of and as provided on October 27, 2020. (2) Includes D/C/E capital expenditures and capital expenditures for various midstream projects; does not include any expenditures for land or seismic acquisitions. (3) Reflects Matador's proportionate share of capital expenditures for San Mateo and accounts for the remaining portions of the $50 million capital carry Five Point provided as part of the San Mateo II expansion. (4) At midpoint of 2020 guidance as of and as provided on July 28, 2020. Matador 33 RESOURCES COMPANY#34Wells Completed and Turned to Sales - 2020 Updated Guidance (1) During full year 2020, Matador expects to complete and turn to sales 93 gross (47.9 net) wells. Matador expects the Delaware Basin to account for 89 gross (47.9 net) wells, including 53 gross (45.7 net) operated and 36 gross (2.2 net) non-operated wells. ■ In 2020, Matador expects to continue transitioning its operations to longer laterals greater than one mile. - - 83% of Matador's gross operated horizontal wells completed and turned to sales in 2020 are expected to have lateral lengths greater than one mile, as compared to 29% in 2019 and 9% in 2018 · 74% of Matador's gross operated horizontal wells completed and turned to sales in 2020 are expected to have lateral lengths of two miles, as compared to 8% in 2019 and 1% in 2018 · Matador estimates its average lateral length for operated wells turned to sales in 2020 should be approximately 8,800 feet Non-Operated Total Gross Operated Well Completion Intervals Operated Asset/Operating Area Gross Net Gross Net Gross Net Antelope Ridge 6 5.4 15 0.3 21 5.7 1-1BS, 2-2BS, 1-3BS, 1-WC A-XY, 1-WC B Western Antelope Ridge 6 6.0 6 6.0 2-AV, 2-2BS, 2-WC A-XY (Rodney Robinson) Arrowhead 5 4.3 5 4.3 2-3BS, 2-WC A-XY, 1-WC B Ranger Rustler Breaks 13 7.8 21 1.9 34 9.7 No Ranger completions in 2020 1-1BS, 1-2BS, 1-3BS, 5-WC A-XY, 2-WC A-Lower, 3- WC B Stateline 13 13.0 13 13.0 1-AV, 2-2BS, 4-WC A-XY, 4-WC A-Lower, 2-WC B Twin Lakes No Twin Lakes completions in 2020 Wolf/Jackson Trust 10 9.2 10 9.2 3-2BS, 1-3BS-Carb, 5-WC A-XY, 1-WC A-Lower Delaware Basin 53 45.7 36 2.2 89 47.9 Eagle Ford Shale Haynesville Shale Total 4 0.0 4 0.0 53 45.7 40 2.2 93 47.9 Note: WC = Wolfcamp; BS = Bone Spring; BS-Carb = Bone Spring Carbonate; AV = Avalon. For example, 1-3BS-Carb indicates one Third Bone Spring Carbonate completion and 2-AV indicates two Avalon completions. Any "0.0" values in the table above suggest a net working interest of less than 5%, which does not round to 0.1. (1) As of and as provided on October 27, 2020. Matador 34 RESOURCES COMPANY#35Oil Volume Hedged (MBbl) Hedging Profile - Remainder of 2020, 2021 and 2022(1) Oil Collars, Swaps, Puts ~70-75% hedged for Q4 2020 Midland-Cushing Basis Swaps V-60% hedged for Q4 2020 Natural Gas Collars ~60% hedged for Nov 2020 - Dec 2020 WTI Collars 6,000 WTI Swaps 5,000 4,000 3,039 3,000 9,000 6,240 2,040 $35 Oil Volume Hedged (MBbl) 8,000 7,000 6,000 5,000 4,000 $47 3,000 4,200 2,000 2,160 $35 $36 2,448 2,000 Swap 1,000 at 1,000 $0.61 879 $66 $48 8,400 Swap at $0.87 5,520 Natural Gas Volume Hedged (Bcf) 16.0 15.0 14.0 12.0 10.8 10.8 10.0 8.0 7.2 6.0 T Swap at $0.95 $2.45 4.0 2.0 $3.76 10.4 $2.47 $3.82 $3.60 $3.60 $3.76 -$2.44 $2.44 $2.46 3.0 $4.22 $2.60 0 0 0.0 Q4 2020 2021 Q4 2020 Prices in $/Bbl 2021 Prices in $/Bbl 2022 Nov-Dec 2020 Q1 Q2 2021 Q3 Q4 Q1 2021 2021 2021 2022 Prices in $/MMBtu (1) As of September 30, 2020. Pro forma for hedging transactions through October 2020. Matador 35 RESOURCES COMPANY#36Matador RESOURCES COMPANY Environmental, Social and Governance (ESG) MTDR LISTED NYSE NYSE Ice be hanged RE#37ESG: Environmental - Air Reducing emissions since 2017(1) Greenhouse Gases (6%) Emission Intensity Rate (33%) Methane Intensity Rate (33%) Natural Gas Average Days Turned to Sales (38%) Reducing emissions through extensive leak detection and repair (LDAR) program Increased facilities on grid power 109% in 2019(3); helping lower emissions by removing onsite generators Reducing greenhouse gas (GHG) emissions using advanced capture and control equipment Vapor recovery units (VRU) on 100% of newly constructed tank batteries; recovery of flash gas volumes increased -70% in Q2 2020(2) Vapor combustion units (VCU) help reduce 95% of volatile organic compounds (VOC) from tank batteries "Green completions" - installing pipeline infrastructure ahead of flowback Vapor balance used during truck loading to combust loading-related emissions Central tank batteries to facilitate economies of scale; allowing for greater emissions capture Forward Looking Infrared FLIR gas imaging cameras used to help identify potential leaks for repair (1) Percentage reductions are based on the Company's calculations reported in 2019 under the Greenhouse Gas Reporting Program. (2) As compared to average daily gross flash gas recovery during 2019. (3) Increase in number of facilities on grid power at December 31, 2019 vs. December 31, 2018. Matador RESOURCES COMPANY 37#38ESG: Environmental - Water Cumulative Recycled Production Water (million gallons) 700 600 Over 680 million gallons recycled water +32% used by YE 2020 Fresh 500 2020E Stimulation Fluid Volumes 6% a 400 300 200 100 0 2015 2016 2017 2018 2019 2020E Cement testing beyond regulatory requirements on 100% of wells(2) Casing strings tested and inspected above industry standards on 100% of wells(2) Protecting ground water by fully cementing surface casing string on 100% of wells(2) Wolf Asset Area 94% Recycled ~$8.9 million cost savings (1) as alternative to fresh water sourcing and produced water disposal Above ground closed loop drilling fluid circulation systems used on 100% of New Mexico sites Report 100% of Delaware Basin wells to publicly-available FracFocus* Chemical Registry *Note: FracFocus = FracFocus Chemical Disclosure Registry. (1) Gross savings as compared to sourcing 100% fresh water and costs associated with trucking and disposal of salt water from 2015 through June 2020. (2) Based on all Matador-operated, newly drilled wells. Matador RESOURCES COMPANY | 38#39ESG: Increased Use of Recycled Water in Fracturing Operation 680 million Gallons of recycled produced water expected to be used for fracture stimulation from 2015 to 2020E(1) -94% Estimated fracture fluid volume supplied by recycled produced water in Wolf asset area in 2020 Arrowhead Asset Area Five wells in 2020 stimulated with recycled produced water Tiger Recycling Facility - Rustler Breaks 28 wells stimulated with up to 90% recycled water 3.1 million Bbl recycled $3.6 million of estimated gross cost savings (2) Antelope Ridge Asset Area Three wells in 2020 stimulated with recycled produced water EDDY LEA Stateline Asset Area Plans to use recycled produced water throughout development Wolf Water Recycling - 3 Locations 45 wells stimulated with up to 100% recycled water 10.0 million Bbl recycled $5.0 million estimated gross cost savings(2) LOVING Cumulative Recycled Production Water ~$8.9 million Estimated cost savings (2) as alternative to fresh water sourcing and produced water disposal 81 MTDR Delaware Basin wells stimulated with up to 100% recycled water Produced Water Recycling and Usage Note: 1 barrel = 42 gallons (million of barrels) 18 16 14 12 10 8 9 4 2 0 2015 2016 2017 2018 2019 2020E Matador Acreage Note: All acreage as of June 30, 2020. Some tracts not shown on map Unless otherwise noted, all wells are operated by Matador. (1) Recycled water totals estimated through December 31, 2020. (2) Gross savings as compared to sourcing 100% fresh water and costs associated with trucking and disposal of salt water from 2015 through June 2020. Matador RESOURCES COMPANY 39#40ESG: Environmental - Land ~66% of oil and -98% of water produced from the Delaware Basin is transported on pipe(1) ~600,000 truckloads off the road per year(2) ~15 miles removed per roundtrip truckload(2) A ~9 million trucking miles per year eliminated(2) ~1,300 metric tons of CO₂e per year avoided (2) 36 # of Pads Built 31 15 -- 2018 2019 Reducing surface footprint with fewer pads 2020E ☑ More batch drilling, longer laterals and commingling production 58% fewer pads anticipated to be built in 2020 vs. 2018 185% increase in lateral footage per new pad anticipated in 2020 vs. 2018 Drilling more wells per pad - recently completed first five-well pad "Turned" super spec rigs allow for smaller footprint on locations Screen SWD* locations with 3-D seismic data to reduce the risk of induced seismicity Voluntarily participate in programs to help protect lesser prairie chicken, sand dune lizard and Texas hornshell mussel Center of Excellence for Hazardous Materials Management U.S. FISH & WILDLIFE SERVICE DEPARTMENT OF THE INTERIO U.S. Fish and Wildlife Service *Note: SWD = salt water disposal. (1) Represents Matador's average gross operated oil and water transported on pipe in the Delaware Basin in Q3 2020. (2) Estimates reflect Q2 2020 Annualized. Matador RESOURCES COMPANY ||40#41ர் ESG: Social Commitment to a proactive safety culture No recordable employee injuries since 2014 18,000 16,000 Over 17,000 hours of employee continuing education in 2019 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 Y Over 950 hours of employee training in health and safety during 2019 Over 1.8 million employee man-hours and zero lost time accidents (LTA) since 2017 7 Conduct vendor safety audits and track safety compliance with ISNetworld Dedication to inclusive and diverse workforce while Support communities and charities where we live, work and operate arf valuing "one standard" Comprehensive compensation package with excellent health insurance program American Heart Association. Heart Walk. Tony La Russa's Animal Rescue Foundation TOYS FOR TOTS CONGRESSIONAL MEDAL OF HONOR FOUNDATION North bike Texas Food MS Bank... MICHAEL E. THORNTON FOUNDATION ✰✰✰ CARLSBAD COMMUNITY FOUNDATION HOPE EST. 1989 SUPPLY CO DRIVING CHANGE FOR HOMELESS CHILDREN HEART HOUSE Matador RESOURCES COMPANY 41#42ESG: Governance E Diverse and independent board Engaged Board of Directors with majority voting standard Annual "Say on Pay" voting Women on Board since 1988(1) Board Composition Lead Independent Director No "overboarding"; Board rotation 9 of 10 independent directors Anonymous Ĥ whistleblower reporting program Commitment to ethical conduct and compliance Certification of code of conduct by 100% of employees Formal shareholder nominating committee to review and recommend director nominees 1 Active global shareholder outreach program (1) Dating to inception of predecessor company, Matador Petroleum Corporation. Matador RESOURCES COMPANY 42#43Matador RESOURCES COMPANY Appendix MTDR LISTED NYSE NYSE Ice be hanged RE#44Strong Results for Third Quarter 2020 • Oil production of ~42,300 Bbl/d, up 6% from ~39,800 Bbl/d in Q3 2019 - Above Guidance! Strong Production Improving Capital Efficiency, LOE & G&A • Natural gas production of ~183.9 MMcf/d, up 3% from -179.2 MMcf/d in Q3 2019 - Above Guidance! • Total production of ~73,000 BOE/d, up 5% from ~69,600 BOE/d in Q3 2019 - Above Guidance! • D&C costs for operated horizontal wells turned to sales of $790 per completed lateral foot, down 32% from full year 2019 - All-Time Low! • LOE of $3.48 per BOE, down 25% from $4.64 per BOE in Q3 2019 - All-Time Low! • Solid San Mateo Results G&A expenses of $2.25 per BOE, down 29% from $3.18 per BOE in Q3 2019 – Near All-Time Low! • San Mateo net income (1) of $20.3 million, up 2% from $20.0 million in Q3 2019 • San Mateo Adjusted EBITDA (1)(2) of $28.0 million, up 6% from $26.3 million in Q3 2019 - Above Company Expectations! Borrowing Base Reaffirmed at $900 Million • In October 2020, Matador's lenders reaffirmed the borrowing base under the Credit Agreement at $900 million and Matador's elected commitment remained constant at $700 million • No changes made to the terms of the Credit Agreement • At September 30, 2020, total borrowings outstanding under the Credit Agreement were $475 million, $25 million less than the Company's expectations • Average daily total production ~flat sequentially vs. guidance (3) of a sequential decline of 5% to 6% Exceeded Q3 2020 Guidance • D/C/E CapEx of $95 million vs. estimate of $117 million • Midstream CapEx of $28 million vs. estimate of $38 million (1) Based on combined net income and Adjusted EBITDA of San Mateo I and San Mateo II. (2) Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (loss) (GAAP) and net cash provided by operating activities (GAAP), see Appendix. (3) As provided on July 28, 2020. Matador 44 RESOURCES COMPANY#45Q3 2020 Selected Operating and Financial Results (1) Net Production Volumes:" Oil (MBbl) Natural gas (Bcf) Total oil equivalent (MBOE) Average Daily Production Volumes: Oil (Bbl/d) Natural gas (MMcf/d) Total oil equivalent (BOE/d) Average Sales Prices: (1) Oil, without realized derivatives, $/Bbl Oil, with realized derivatives, $/Bbl Natural gas, without realized derivatives, $/Mcf Natural gas, with realized derivatives, $/Mcf Revenues (millions): Oil and natural gas revenues September 30, 2020 Three Months Ended June 30, 2020 September 30, 2019 3,895 3,920 3,659 16.9 16.5 16.5 6,715 6,670 6,407 42,340 43,074 39,776 183.9 181.4 179.2 72.989 73,302 69,645 EA EA SA GA $ 38.67 $ 24.03 $ 54.19 $ 37.28 $ 35.28 $ 54.97 2.27 $ 1.49 $ 1.88 $ 2.27 $ 1.49 $ 1.91 $ 189.1 $ Third-party midstream services revenues $ 19.4 $ Lease bonus mineral acreage $ Realized (loss) gain on derivatives $ (5.4) SASASEA 118.8 14.7 $ 4.1 44.1 CA EA EA GA $ 229.4 $ 15.3 $ 1.7 3.3 Operating Expenses (per BOE): Production taxes, transportation and processing $ 3.85 $ 2.82 $ 3.86 Lease operating $ 3.48 $ 3.92 $ 4.64 Plant and other midstream services operating $ 1.40 $ 1.47 $ 1.38 Depletion, depreciation and amortization General and administrative" $ 13.11 $ 14.00 $ 14.44 (2) $ 2.25 $ 2.21 $ 3.18 Total (3) $ 24.09 $ 24.42 $ 27.50 Other (millions): Net sales of purchased natural gas Net (loss) income (millions) (5) (4) (Loss) earnings per common share (diluted)" (5)(6) (5) Adjusted net income (loss) (millions) Adjusted earnings (loss) per common share (diluted) $ 2.2 $ 3.1 $ 3.3 $ (276.1) $ (353.4) $ 44.0 $ (2.38) $ (3.04) $ 0.38 $ 11.6 $ (3.1) $ 37.9 (5)(7) $ 0.10 $ (0.03) $ 0.32 Adjusted EBITDA (millions) (5)(8) San Mateo net income (millions) $ 121.0 $ 107.6 $ 160.8 $ 20.3 $ 15.3 $ 20.0 (8) San Mateo Adjusted EBITDA (millions)" $ 28.0 $ 23.2 $ 26.3 (1) Production volumes reported in two streams: oil and natural gas, including both dry and liquids-rich natural gas. (2) Includes approximately $0.50, $0.49 and $0.73 per BOE of non-cash, stock-based compensation expense in the third quarter of 2020, the second quarter of 2020 and the third quarter of 2019, respectively. (3) Total does not include the impact of full-cost ceiling impairment charges, purchased natural gas or immaterial accretion expenses. (4) Net sales of purchased natural gas refers to residue natural gas and natural gas liquids that are purchased from customers and subsequently resold. (5) Attributable to Matador Resources Company shareholders. (6) Adjusted net income (loss) is a non-GAAP financial measure. For a definition of adjusted net income (loss) and a reconciliation of adjusted net income (loss) (non-GAAP) to net income (loss) (GAAP), see Appendix. (7) Adjusted earnings (loss) per diluted common share is a non-GAAP financial measure. For a definition of adjusted earnings (loss) per diluted common share and a reconciliation of adjusted earnings (loss) per diluted common share (non-GAAP) to earnings (loss) per diluted common share (GAAP), see Appendix. (8) Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (loss) (GAAP) and net cash provided by operating activities (GAAP), see Appendix. Matador 45 RESOURCES COMPANY#46• • Delaware Basin Extended Lateral Well Location Inventory Matador has identified up to 4,548 gross (1,600 net) remaining potential locations (1) for future drilling on its Delaware Basin acreage - Location counts assume extended lateral lengths whenever viable, and the total locations have an average lateral length of ~8,200', which is much longer than Matador's historical location inventory based on one-mile laterals Updated location counts increase net lateral footage attributable to Matador acreage by ~15% above prior estimates Almost all intervals assume 160-acre well spacing (none less than 100-acre spacing at same true vertical depth) Matador anticipates operating up to 2,194 gross (1,374 net) of these potential locations (2), which represents approximately 30 years of drilling inventory with a three-rig drilling program Brushy Canyon Avalon 1st Bone Spring 2nd Bone Spring 3rd Bone Spring Wolfcamp A-XY Wolfcamp A-Lower Wolfcamp B (3 landing targets) Wolfcamp D e Ф Ꮎ Ꮎ Θ Total Undrilled Locations Identified (1) by Lateral Length Gross/Net ~5,000'+ ~7,500'+ ~10,000'+ Total Avg. Lateral 106/36 57/21 195/68 358/125 8,100' Potential Matador Operated Locations (1)(2) Gross/Net 177/108 114/39 68/36 242/117 424 / 192 8,200' 248/177 131/40 95/28 479/126 705/194 8,700' 275/152 145 / 58 104/33 474/135 723/226 8,600' 318/186 153/70 124/50 376/120 653/240 8,300' 328/208 137/58 68/21 200/58 405/137 7,900' 187/115 153/72 75/32 193/69 421/173 7,700' 225/156 175/70 79/39 268/93 522/202 7,900' 264/179 1-mile 337/111 8,700' 172/93 8,200' 68/26 32/9 237/76 1,182/469 702 / 269 2,664/8624,548/1,600 (1) Identified and engineered locations for potential future drilling and completion, including specified production units, costs and well spacing using objective criteria for designation. Locations identified as of March 31, 2020. (2) Includes any identified gross locations for which Matador's working interest is expected to be at least 25%. 2,194/1,374 Matador 46 RESOURCES COMPANY#47Delaware Basin Drilling Records Since MAXCOM Implementation 97 MTDR Drilling Records and ~$10.8 Million Estimated Savings Since MAXCOMMI Implementation Through September 2020 Delaware Drilling Records ☐ ☐ Spud to Total Depth ("TD”): 9.5 days Longest Well: 23,992' Total Measured Depth (1) Largest Daily Horizontal Footage: 4,072 ft Matador Drilling Records by Area Recent Spud to TD Drilling Records: ■ Ace Stern Vegas #204H - 14.7 days - 2-mile well Ray State #123H - 13.4 days - 2-mile well ■ Jack Sleeper #201H - 17.8 days - 2-mile well Rodney Robinson #122H - 18.8 days - 2-mile well ■ Irvin Wall #113H - 12.1 days - Antelope Ridge ■ SST 6 #122H - 9.5 days - Arrowhead Airstrip #111H -– 13.9 days – Ranger - ■ Garrett #111H - 10.1 days - Rustler Breaks ■ Newman #2H - 6.5 days - Eagle Ford Antelope Ridge Rustler Breaks / Stateline Wolf/Jackson Arrowhead / Ranger / Eagle Ford Total Trust Twin Lakes Surface 3 5 1 9 Intermediate 1 4 5 LO 6 1 1 17 Intermediate 2 4 3 2 13 Curve 8 6 1 1 16 Lateral 3 5 5 13 Spud to TD 8 8 3 4 1 24 Other 3 1 1 5 Total 30 36 19 10 2 97 (1) Total measured depth defined as the length of pipe which is needed to reach the toe of the well. Matador 47 RESOURCES COMPANY#48Crude Oil Marketing Overview Plains Pipeline Culberson Midland $0.15* Eddy Lea New Mexico Texas Central Delivery Points Loving L Winkler Andrews Existing Plains Pipeline Ector To Midland Ward Crane Reeves ■ Matador expects to have almost all its operated Delaware Basin oil production on pipe by late Q4 2020 Contracted a long-term, fixed transport rate ■ Market optionality into Midland, Gulf Coast (LLS), Houston, Corpus Christi and Cushing. ■ No minimum volume commitment to Plains to ship oil to Midland ■ With the Rustler Breaks Oil Pipeline System in service, Matador improved its oil price realizations in the Rustler Breaks asset area by as much as $1.00 to $1.50 per barrel through elimination of higher priced trucking costs Cushing (WTI) Louisiana Light Sweet $1.45* Magellan East Houston $0.83* Brent $2.11* Matador Acreage Crude Oil Market Central Delivery Point Central Delivery Point and Trucking Station Plains Existing Pipeline Existing, Planned and Under Construction Crude Oil Pipeline Routes Gulf Coast / South Texas LLS/Brent less differential Note: All acreage as of June 30, 2020. Some tracts not shown on map. * Represents October 2020 actual differential to West Texas Intermediate (WTI) for various crude oil markets. Differentials shown do not include gathering or trucking costs. Matador 48 RESOURCES COMPANY#49Natural Gas Marketing Overview Culberson San Mateo's Eddy Black River Processing Plant Andrews New Mexico Texas EnLink's Lobo Plant * * Waha $(0.81)* Gulf Coast Express Pipeline Project Reeves Loving Winkler Waha $(0.81)* Ector Ward Crane Houston Ship Channel $0.02* Agua Dulce / Corpus Christi $(0.04)* Note: All acreage as of June 30, 2020. Some tracts not shown on map. Louisiana Henry Hub In late September 2019, Matador began transporting most of its Delaware Basin residue natural gas production to the Texas Gulf Coast on the newly commissioned Gulf Coast Express Pipeline Project for ~110,000 to ~115,000 MMBtu/d at a price based on Houston Ship Channel pricing ■ Matador believes it has sufficient firm capacity for existing production and expected production volumes from future drilling Long-term, firm transport to Waha, the Gulf Coast and other markets for substantially all Delaware Basin natural gas production ■ Delaware Basin comprised 79% of Matador's natural gas production in first nine months of 2020 * Represents October 2020 actual differential to Henry Hub for various natural gas markets. Differentials shown do not include gathering and transportation costs. Matador Acreage Natural Gas Market Black River Processing Plant EnLink's Lobo Plant Existing El Paso Natural Gas Line Existing Oasis / Enterprise Natural Gas Line Existing, Planned and Under Construction Natural Gas Pipeline Routes Gulf Coast Express Pipeline Project Matador 49 RESOURCES COMPANY#50Natural Gas Liquids Marketing Overview Chaves Matador Acreage Black River Processing Plant EPIC Y-Grade Pipeline NGLS sold to BP at tailgate of San Mateo's Black River Processing Plant Eddy Led EPIC Y-Grade Line Orla Loving Winkler Culberson ☐ " ☐ Completed NGL connection at the Black River Processing Plant on EPIC's Y-Grade pipeline in March 2018 BP Energy Company has continued to buy NGLs at tailgate of the Black River Processing Plant Processing plant operations improved by eliminating need for NGL trucking - Potential trucking disruptions: ice storms, road construction, trucking strikes, availability of trucks Pipeline allows producers the option to go into full recovery of ethane ■ NGL transportation via pipeline improves Matador's realized pricing (netback) - Long-term firm market transport at attractive rates Ability to handle expanded designed inlet. capacity of 460 MMcf/d during ethane recovery Reeves Note: All acreage as of June 30, 2020. Some tracts not shown on map. Matador 50 RESOURCES COMPANY#51Reaffirmed October 2020! Matador Resources and San Mateo | Credit Facilities Matador RESOURCES COMPANY Matador Credit Agreement Summary Bank group led by Royal Bank of Canada Facility Size Maturity Date Borrowing Base Last Reserves Review Elected Borrowing Commitment Borrowings Outstanding at 9/30/2020 Letters of Credit Outstanding at 9/30/2020 Financial Covenant: Maximum Net Debt to Adjusted EBITDA(1)(2) $1.5 billion October 2023 $900 million 9/30/2020 $700 million $475 million $45 million 4.00:1.00 San Mateo MIDSTREAM - San Mateo I Credit Facility Summary Bank group led by The Bank of Nova Scotia Letters of Credit Outstanding at 9/30/2020 Borrowings Accordion Feature Facility Size Outstanding Expandable Up To at 9/30/2020 $375 million $400 million $326 million Matador Credit Agreement Pricing Grid $9 million Financial Covenant: Financial Covenant: Maximum Net Debt to Adjusted EBITDA (3) Minimum Interest Coverage Ratio 5.00:1.00 ≥ 2.50x San Mateo I Credit Facility Pricing Grid Borrowing Base LIBOR BASE TIER Utilization Margin Margin Commitment Fee TIER Leverage (Total Debt/ LTM Adjusted EBITDA) LIBOR Margin BASE Margin Commitment Fee Tier One X < 25% 125 bps 25 bps 37.5 bps Tier One ≤ 2.75x 150 bps 50 bps 30 bps Tier Two 25% < or = x < 50% 150 bps 50 bps 37.5 bps Tier Two > 2.75x to ≤ 3.25x 175 bps 75 bps 35 bps Tier Three 50% < or = x < 75% 175 bps 75 bps Tier Four 75% < or = x < 90% Tier Five 90% < or = x < 100% 200 bps 225 bps 100 bps 125 bps 50 bps 50 bps 50 bps Tier Three > 3.25x to ≤ 3.75x 200 bps 100 bps 37.5 bps Tier Four > 3.75x to ≤ 4.25x 225 bps 125 bps 50 bps Tier Five > 4.25x 250 bps 150 bps 50 bps (1) Adjusted EBITDA is a non-GAAP financial measure. For purposes of the Credit Agreement, Adjusted EBITDA excludes amounts attributable to San Mateo. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income and net cash provided by operating activities, see Appendix. (2) For purposes of the Credit Agreement, Net Debt is equal to debt outstanding less available cash not exceeding $50 million and excluding all cash associated with San Mateo. (3) Adjusted EBITDA is a non-GAAP financial measure. Based on Adjusted EBITDA for San Mateo I. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (GAAP) and net cash provided by operating activities (GAAP), see Appendix. Matador 51 RESOURCES COMPANY#52Adjusted EBITDA Reconciliation This presentation includes the non-GAAP financial measure of Adjusted EBITDA. Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. “GAAP" means Generally Accepted Accounting Principles in the United States of America. The Company believes Adjusted EBITDA helps it evaluate its operating performance and compare its results of operations from period to period without regard to its financing methods or capital structure. The Company defines, on a consolidated basis and for San Mateo, Adjusted EBITDA as earnings before interest expense, income taxes, depletion, depreciation and amortization, accretion of asset retirement obligations, property impairments, unrealized derivative gains and losses, certain other non-cash items and non-cash stock-based compensation expense, prepayment premium on extinguishment of debt and net gain or loss on asset sales and impairment. Adjusted EBITDA for San Mateo includes the financial results of San Mateo Midstream, LLC and San Mateo Midstream II, LLC. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by GAAP. All references to Matador's Adjusted EBITDA are those values attributable to Matador Resources Company shareholders after giving effect to Adjusted EBITDA attributable to third-party non-controlling interests, including in San Mateo. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss) or net cash provided by operating activities as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components of understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure. Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively, that are of a historical nature. Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the table does not provide a reconciliation. The Company could not provide such reconciliation without undue hardship because such Adjusted EBITDA numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including future income taxes, full-cost ceiling impairments, unrealized gains or losses on derivatives and gains or losses on asset sales and impairment. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Matador 52 RESOURCES COMPANY#53Adjusted EBITDA Reconciliation Matador Resources Company, Consolidated The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively. (In thousands) Unaudited Adjusted EBITDA reconciliation to Net (Loss) Income: Net (loss) income attributable to Matador Resources Company shareholders Net (loss) income attributable to non-controlling interest in subsidiaries Net (loss) income Interest expense Total income tax (benefit) provision Depletion, depreciation and amortization Accretion of asset retirement obligations Full-cost ceiling impairment Unrealized loss (gain) on derivatives Stock-based compensation expense Net (gain) loss on asset sales and impairment Prepayment premium on extinguishment of debt Consolidated Adjusted EBITDA Adjusted EBITDA attributable to non-controlling interest in subsidiaries Adjusted EBITDA attributable to Matador Resources Company shareholders (In thousands) Unaudited Adjusted EBITDA reconciliation to Net Cash Provided by Operating Activities: Net cash provided by operating activities Net change in operating assets and liabilities Interest expense, net of non-cash portion 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 $ (107,654) (13) (107,667) $ (105,853) 106 (105,747) $ 11,931 116 12,047 7,197 6,167 6,880 (1,141) $ 104,154 155 104,309 7,955 105 $ 43,984 1,916 45,900 $ 28,509 $15,039 $38,335 3,178 2,940 31,687 17,979 4,106 42,441 $ 59,894 5,030 64,924 $ 59,806 5,831 65,637 $ 17,794 7,321 $136,713 7,375 25,115 144,088 8,455 9,224 8.550 8,336 (8,157) 8,491 8,004 10,340 14,492 (7,691) 28,923 264 31.248 289 30,015 31,863 276 354 33,992 300 41,274 314 47,800 323 54,436 353 55,369 364 66,838 375 70,457 387 72,478 404 80,462 78,171 6,839 26,625 2,243 3,310 (1,065) (1,002) (3,203) 3,584 (1,073) 10,977 3,224 (104,137) (20,631) 4,166 (7) (13,190) 7,026 12,372 1,296 11,734 4,166 (10,416) 4,179 (1,429) 4,766 (16) 21,337 4,842 196 (74,577) 3,413 17,196 39,061 4 (115) 47,385 (125) 54,650 (164) 72,175 (2,216) 76,335 (3,683) 88,304 (3,471) 113,309 (4,690) 122,911 (5,657) 144,191 (6,853) 31,226 163,900 $ 17,200 $ 38,946 $ 47,260 $ 54,486 $ 69,959 $ 72,652 $ 84,833 $ 108,619 $117,254 $ 137,338 $ 155,392 (8,508) 152,607 (9,368) $ 143,239 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 $ 136,149 (21,364) 8,126 (5,657) $ 118,059 18,174 7,958 (6,853) $ 137,338 $ 165,111 (11,111) 9,900 (8,508) $ 155,392 $ 189,205 (50,129) 13,986. (455) (9,368) $ 143,239 $ 18,358 $ 31,242 $ 46,862 $ 37,624 $ 61,309 $ 59,933 $ 101,274 $ 76,609 (8,059) 6,897 1,944 5,875 (4,909) 6,573 9,215 2,455 7,198 7,706 8,411 9,204 (21,481) 8,511 36,886 7,971 (1,141) 105 (8,157) 4 (115) (125) (164) (2,216) Adjusted EBITDA attributable to Matador Resources Company shareholders $ 17,200 $ 38,946 $ 47,260 $ 54,486 $ 69,959 $ 72,652 (3,683) (3,471) $ 84,833 (4,690) $108,619 $ 117,254 Current income tax (benefit) provision Adjusted EBITDA attributable to non-controlling interest in subsidiaries Matador RESOURCES COMPANY 53#54Adjusted EBITDA Reconciliation Continued Matador Resources Company, Consolidated The following table presents our calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively. (In thousands) Unaudited Adjusted EBITDA reconciliation to Net (Loss) Income: Net (loss) income attributable to Matador Resources Company shareholders Net (loss) income attributable to non-controlling interest in subsidiaries Net (loss) income Interest expense Total income tax (benefit) provision Depletion, depreciation and amortization Accretion of asset retirement obligations Full-cost ceiling impairment Unrealized loss (gain) on derivatives Stock-based compensation expense Net (gain) loss on asset sales and impairment Prepayment premium on extinguishment of debt Consolidated Adjusted EBITDA Adjusted EBITDA attributable to non-controlling interest in subsidiaries Adjusted EBITDA attributable to Matador Resources Company shareholder (In thousands) Unaudited Adjusted EBITDA reconciliation to Net Cash Provided by Operating Activities: Net cash provided by operating activities Net change in operating assets and liabilities 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 $ (16,947) 7,462 $ 36,752 8,320 $ 43,953 $ 24,019 9,800 9,623 (9,485) 45,072 53,753 33,642 $ 125,729 9,354 135,083 $ (353,416) 7,473 (345,943) $ (276,064) 9,957 (266,107) 17,929 18,068 18,175 19,701 19,812 (1,013) 12,858 13,490 10,197 39,957 18,297 (109,823) 18,231 26,497 76,866 80,132 92,498 101,043 90,707 93,350 88,025 414 420 520 468 476 495 478 324,001 251,163 45,719 4,587 (6,157) 4,490 368 (9,847) 4,664 439 24,012 4,765 160 (136,430) 132,668 13,033 3,794 3,286 3,369 2,632 135,017 (10,178) 155,251 (11,147) 173,692 (12,903) 193,988 (12,964) 153,399 (12,823) $ 124,839 $ 144,104 $ 160,789 $ 181,024 $ 140,576 $ 107,594 118,963 (11,369) $ 120,988 134,689 (13,701) 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 $ 59,240 $ 135,257 Interest expense, net of non-cash portion 58,491 17,286 2,472 17,522 $158,630 (2,488) 17,550 Current income tax (benefit) provision Adjusted EBITDA attributable to non-controlling interest in subsidiaries (10,178) (11,147) (12,903) Adjusted EBITDA attributable to Matador Resources Company shareholder $ 124,839 $ 144,104 $ 160,789 $ 198,915 (23,958) 19,031 $ 109,372 24,899 19,128 $ 101,013 368 17,582 (12,964) $ 181,024 (12,823) $ 140,576 (11,369) $ 109,574 7,599 17,516 (13,701) $ 107,594 $ 120,988 Matador 54 RESOURCES COMPANY#55Adjusted EBITDA Reconciliation San Mateo(1) San Mateo MIDSTREAM The following table presents the calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by (used in) operating activities, respectively, for San Mateo Midstream, LLC and San Mateo Midstream II, LLC. 2015 2016 Year Ended December 31, 2017 2018 2019 (In thousands) Unaudited Adjusted EBITDA reconciliation to Net Income: Net income Total income tax provision Depletion, depreciation and amortization Interest expense Accretion of asset retirement obligations Adjusted EBITDA (Non-GAAP) 647 562 - 16 97 1,739 - 47 $ 3,944 $ 12,057 (In thousands) Unaudited Adjusted EBITDA reconciliation to Net Cash Provided by Operating Activities: Net cash provided by operating activities Net change in operating assets and liabilities Interest expense, net of non-cash portion Current income tax provision Adjusted EBITDA (Non-GAAP) $ 2,719 $ 10,174 $ 26,391 $52,158 $ 71,850 269 4,231 9,459 15,068 333 30 61 9,282 110 $30,921 $62,011 $ 96,310 2015 2016 Year Ended December 31, 2017 2018 2019 $ 13,916 $ 6,694 (10,007) 5,266 $21,308 9,344 $35,702 $106,650 25,989 320 (19,137) 8,797 35 97 269 - $ 3,944 $ 12,057 $ 30,921 $62,011 $ 96,310 (1) Pro forma for February 2017 San Mateo I transaction and the purchase of the non-controlling interest in Fulcrum Delaware Water Resources, LLC not previously owned by Matador. Matador 55 RESOURCES COMPANY#56Adjusted EBITDA Reconciliation San Mateo(1) San Mateo MIDSTREAM The following table presents the calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by (used in) operating activities, respectively, for San Mateo Midstream, LLC and San Mateo Midstream II, LLC. Three Months Ended 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 (In thousands) Unaudited Adjusted EBITDA reconciliation to Net Income (Loss): Net income Total income tax provision Depletion, depreciation and amortization Interest expense Accretion of asset retirement obligations Net loss on impairment Adjusted EBITDA (Non-GAAP) 1,016 $ 5,741 $ 6,422 $ 5,937 $ 54 951 64 63 1,083 8,291 88 1,181 $ 10,266 $ 11,901 $14,940 $ 15,051 $ 15,229 $ 16,979 $ 20,000 $ 19,642 $ 19,088 $ 15,252 $ 20,323 1,268 2,086 2,392 3,713 3,406 3,565 3,848 4,249 4,600 4,786 5,822 9 10 11 11 12 18 333 20 2,142 2,180 25 2,458 27 2,502 58 2,437 45 1,854 49 1,261 1,766 50 $ 6,746 $ 7,511 $ 7,093 $ 9,571 $ 11,545 $ 13,999 $ 17,350 $ 19,117 $20,777 $22,749 $ 26,333 $ 26,451 $ 26,170 $ 23,202 $ 27,961 Three Months Ended (In thousands) Unaudited Adjusted EBITDA reconciliation to Net Cash Provided by (Used in) Operating Activities: Net cash provided by (used in) operating activities Net change in operating assets and liabilities Interest expense, net of non-cash portion Current income tax provision Adjusted EBITDA (Non-GAAP) 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 $ (1,064) $ 2,630 $ 22,509 $ (2,767) $ 10,385 $ (160) $2,093 $ 23,070 $ 32,616 $ 18,650 $31,550 $ 23,834 $ 25,244 $ 20,164 7,756 4,817 (15,479) 12,250 1,160 14,159 15,257 (4,273) (13,899) 2,031 (7,468) (1,341) 320 2,060 2,068 2,267 $ 24,795 2,251 199 2,418 1,354 1,684 1,477 1,689 54 64 $ 6,746 $ 7,511 88 63 $ 7,093 $ 9,571 $ 11,545 $ 13,999 $ 17,350 $ 19,117 $ 20,777 $22,749 $ 26,333 $ 26,451 $ 26,170 $ 23,202 $ 27,961 Matador 56 (1) Pro forma for February 2017 San Mateo I transaction and the purchase of the non-controlling interest in Fulcrum Delaware Water Resources, LLC not previously owned by Matador. RESOURCES COMPANY#57Adjusted Net (Loss) Income and Adjusted (Loss) Earnings Per Diluted Common Share This presentation includes the non-GAAP financial measures of adjusted net (loss) income and adjusted (loss) earnings per diluted common share. These non-GAAP items are measured as net (loss) income attributable to Matador Resources Company shareholders, adjusted for dollar and per share impact of certain items, including unrealized gains or losses on derivatives, the impact of full cost-ceiling impairment charges, if any, and non-recurring transaction costs for certain acquisitions or other non-recurring expense items, along with the related tax effect for all periods. This non-GAAP financial information is provided as additional information for investors and is not in accordance with, or an alternative to, GAAP financial measures. Additionally, these non-GAAP financial measures may be different than similar measures used by other companies. The Company believes the presentation of adjusted net (loss) income and adjusted (loss) earnings per diluted common share provides useful information to investors, as it provides them an additional relevant comparison of the Company's performance across periods and to the performance of the Company's peers. In addition, these non-GAAP financial measures reflect adjustments for items of income and expense that are often excluded by industry analysts and other users of the Company's financial statements in evaluating the Company's performance. The table below reconciles adjusted net (loss) income and adjusted (loss) earnings per diluted common share to their most directly comparable GAAP measure of net (loss) income attributable to Matador Resources Company shareholders. (In thousands, except per share data) September 30, 2020 Three Months Ended June 30, 2020 September 30, 2019 Unaudited Adjusted Net (Loss) Income and Adjusted (Loss) Earnings Per Share Reconciliation to Net (Loss) Income: Net (loss) income attributable to Matador Resources Company shareholders Total income tax provision (benefit) $ (Loss) income attributable to Matador Resources Company shareholders before taxes (276,064) $ 26,497 (249,567) (353,416) (109,823) $ 43,953 13,490 (463,239) 57,443 Less non-recurring and unrealized charges to (loss) income before taxes: Full-cost ceiling impairment 251,163 324,001 Unrealized loss (gain) on derivatives 13,033 132,668 (9,847) Net loss on asset sales and impairment 2,632 439 Adjusted income (loss) attributable to Matador Resources Company shareholders before taxes Income tax expense (benefit) (1) 14,629 (3,938) 48,035 3,072 (827) 10,087 Adjusted net income (loss) attributable to Matador Resources Company shareholders (non-GAAP) $ 11,557 $ (3,111) $ 37,948 Basic weighted average shares outstanding, without participating securities Dilutive effect of participating securities Weighted average shares outstanding, including participating securities - basic Dilutive effect of options and restricted stock units Weighted average common shares outstanding - diluted 116,155 685 116,840 569 117,409 116,071 115,721 922 116,071 116,643 116,071 333 116,976 Adjusted earnings (loss) per share attributable to Matador Resources Company shareholders (non-GAAP) Basic $ Diluted $ 0.10 0.10 $ $ (0.03) $ 0.33 (0.03) $ 0.32 (1) Estimated using federal statutory tax rate in effect for the period. Matador 57 RESOURCES COMPANY#58Return on Average Capital Employed (ROACE) Reconciliation The following table presents our calculation of E&P ROACE and Total ROACE and a reconciliation of such measures to the corresponding GAAP financial measures. Return on Average Capital Employed ($ in thousands) 2019 For the Years Ended December 31, 2018 2017 2016 Net income (loss) (GAAP) Adjustments to Net income (see Adjusted EBITDA reconciliation schedule) 122,982 487,774 $ 299,764 253,459 138,007 (97,057) 198,056 254,949 Adjusted EBITDA attributable to Matador Resources Company Shareholders (Non-GAAP) Cash inflows from midstream transactions $ 610,756 $ 553,223 $ 336,063 $ 157,892 14,700 14,700 171,500 Total cash inflows from midstream transactions and Adjusted EBITDA (Non-GAAP) $ 625,456 567,923 $ 507,563 157,892 Total Assets Less: Total Current Liabilities Total Capitalization Average Total Capitalization (1) E&P ROACE = [(a)/(c)] Total ROACE = [(b)/(c)] (1) Average for the current and immediately preceding year. $ 4,069,676 $ 3,455,518 $ 2,145,690 1,464,665 (399,772) (330,022) (282,606) (169,505) $ 3,669,904 $ 3,125,496 $ 1,863,084 $ 1,295,160 $ 3,397,700 2,494,290 1,579,122 18% 22% 21% 18% 23% 32% (1) Estimated using federal statutory tax rate in effect for the period. Matador 58 RESOURCES COMPANY#59Cash Return on Capital Invested ($ in thousands) Cash Return on Capital Invested (CROCI) Reconciliation The following table presents our calculation of CROCI and Total CROCI and a reconciliation of such measures to the corresponding GAAP financial measures. Interest expense Tax benefit imputed (based on a 0% tax rate) After-tax interest expense Net cash provided by operating activities (GAAP) After-tax interest expense Adjusted net cash provided by operating activities (Non-GAAP) Cash inflows from midstream transactions Total adjusted net cash provided by operating activities (Non-GAAP) Oil and natural gas properties, full-cost method Evaluated Unproved and unevaluated Midstream properties and other property and equipment Gross property, plant and equipment Average gross property, plant and equipment(1) Goodwill Average goodwill(1) Total current assets Less: Total current liabilities Total working capital Average working capital(1) CROCI = [(a){(c) + (d) + (e)}] Total CROCI = [(b) / {(c) + (d) + (e)}] (1) Average for the current and immediately preceding year. $ SE 2019 For the Years Ended December 31, 2018 2017 2016 73,873 41,327 34,565 28,199 73,873 41,327 34,565 28,199 $ 552,042 608,523 299,125 $ 134,086 73,873 41,327 34,565 28,199 625,915 649,850 333,690 $ 162,285 14,700 14,700 171,500 640,615 $ 664,550 505,190 162,285 4,557,265 3,780,236 1,126,992 1,199,511 3,004,770 637,396 $ 2,408,305 479,736 670,924 450,066 281,096 160,795 $ 6,355,181 $ 5,429,813 $ 3,923,262 $ 3,048,836 $ 5,892,497 $ 4,676,538 $ 3,486,049 $ 2,822,451 SA SASA $ 278,492 EA (399,772) 305,685 (330,022) 257,170 $ (282,606) 279,182 (169,505) E E $ (121,280) $ (24,337) $ (25,436) $ 109,677 $ (72,809) S (24,887) 的 42,121 11% 14% 9% 11% 14% 14% Matador 59 RESOURCES COMPANY