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70% 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

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