Investor Presentaiton

Investment 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

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