Investor Presentaiton

Delaware 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

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