Investor Presentaiton

Crude 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

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