Investor Presentaiton

Rustler 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

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