Investor Presentaiton

Greater Stebbins Area – Eddy County, New Mexico ARROWHEAD ~66,900 gross / -26,900 net acres Greater Stebbins Area - Greater Stebbins Area Summary and Highlights Acreage Overview . Highlights • Future Development • Approximately 13,000 gross (5,450 net) acres Currently producing from three primary intervals, including 2nd Bone Spring, 3rd Bone Spring and Wolfcamp A-XY - Recently TIL five 2-mile laterals two 3rd Bone Spring wells, two Wolfcamp A-XY wells, and the first Wolfcamp B test of any operator in Arrowhead (D/C costs <$800/ft) All production (O-G-W) is now flowing on pipe to San Mateo Expect to begin earning performance incentives from Five Point in 2021 Over 200 potential drilling locations in the Greater Stebbins Area with expected lateral lengths of 1.5 miles or longer, including more than 100 Wolfcamp locations Wolfcamp A-XY at Stebbins Exceeding Area Average 60 Stebbins 19 #203H Matador Acreage Note: All acreage as of June 30, 2020. Some tracts not shown on map. Notable Matador Well 24-hr IPs 1 Stebbins 19 #203H - 2,815 BOE/d (73% oil) Wolfcamp A-XY 2 Stebbins 19 #204H - 2,262 BOE/d (75% oil) Wolfcamp A-XY 3 Stebbins 20 #204H - 2,005 BOE/d (72% oil) Wolfcamp A-XY 4 Leatherneck #125H-1,491 BOE/d (79% oil) 2nd Bone Spring 5 Leatherneck #126H-1,964 BOE/d (80% oil) 2nd Bone Spring Note: IP initial potential. Cum. Prod. per Completed Lateral Foot (BOE/ft) 50 40 30 20 20 10 10 0 0 50 100 150 Producing Days 200 250 Stebbins 19 #204H Stebbins 20 #204H Average of Wolfcamp A-XY wells in Eddy County, NM Matador 24 RESOURCES COMPANY

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