Investor Presentaiton

Natural Gas Marketing Overview Culberson San Mateo's Eddy Black River Processing Plant Andrews New Mexico Texas EnLink's Lobo Plant * * Waha $(0.81)* Gulf Coast Express Pipeline Project Reeves Loving Winkler Waha $(0.81)* Ector Ward Crane Houston Ship Channel $0.02* Agua Dulce / Corpus Christi $(0.04)* Note: All acreage as of June 30, 2020. Some tracts not shown on map. Louisiana Henry Hub In late September 2019, Matador began transporting most of its Delaware Basin residue natural gas production to the Texas Gulf Coast on the newly commissioned Gulf Coast Express Pipeline Project for ~110,000 to ~115,000 MMBtu/d at a price based on Houston Ship Channel pricing ■ Matador believes it has sufficient firm capacity for existing production and expected production volumes from future drilling Long-term, firm transport to Waha, the Gulf Coast and other markets for substantially all Delaware Basin natural gas production ■ Delaware Basin comprised 79% of Matador's natural gas production in first nine months of 2020 * Represents October 2020 actual differential to Henry Hub for various natural gas markets. Differentials shown do not include gathering and transportation costs. Matador Acreage Natural Gas Market Black River Processing Plant EnLink's Lobo Plant Existing El Paso Natural Gas Line Existing Oasis / Enterprise Natural Gas Line Existing, Planned and Under Construction Natural Gas Pipeline Routes Gulf Coast Express Pipeline Project Matador 49 RESOURCES COMPANY

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