Investor Presentaiton

Adjusted Net (Loss) Income and Adjusted (Loss) Earnings Per Diluted Common Share This presentation includes the non-GAAP financial measures of adjusted net (loss) income and adjusted (loss) earnings per diluted common share. These non-GAAP items are measured as net (loss) income attributable to Matador Resources Company shareholders, adjusted for dollar and per share impact of certain items, including unrealized gains or losses on derivatives, the impact of full cost-ceiling impairment charges, if any, and non-recurring transaction costs for certain acquisitions or other non-recurring expense items, along with the related tax effect for all periods. This non-GAAP financial information is provided as additional information for investors and is not in accordance with, or an alternative to, GAAP financial measures. Additionally, these non-GAAP financial measures may be different than similar measures used by other companies. The Company believes the presentation of adjusted net (loss) income and adjusted (loss) earnings per diluted common share provides useful information to investors, as it provides them an additional relevant comparison of the Company's performance across periods and to the performance of the Company's peers. In addition, these non-GAAP financial measures reflect adjustments for items of income and expense that are often excluded by industry analysts and other users of the Company's financial statements in evaluating the Company's performance. The table below reconciles adjusted net (loss) income and adjusted (loss) earnings per diluted common share to their most directly comparable GAAP measure of net (loss) income attributable to Matador Resources Company shareholders. (In thousands, except per share data) September 30, 2020 Three Months Ended June 30, 2020 September 30, 2019 Unaudited Adjusted Net (Loss) Income and Adjusted (Loss) Earnings Per Share Reconciliation to Net (Loss) Income: Net (loss) income attributable to Matador Resources Company shareholders Total income tax provision (benefit) $ (Loss) income attributable to Matador Resources Company shareholders before taxes (276,064) $ 26,497 (249,567) (353,416) (109,823) $ 43,953 13,490 (463,239) 57,443 Less non-recurring and unrealized charges to (loss) income before taxes: Full-cost ceiling impairment 251,163 324,001 Unrealized loss (gain) on derivatives 13,033 132,668 (9,847) Net loss on asset sales and impairment 2,632 439 Adjusted income (loss) attributable to Matador Resources Company shareholders before taxes Income tax expense (benefit) (1) 14,629 (3,938) 48,035 3,072 (827) 10,087 Adjusted net income (loss) attributable to Matador Resources Company shareholders (non-GAAP) $ 11,557 $ (3,111) $ 37,948 Basic weighted average shares outstanding, without participating securities Dilutive effect of participating securities Weighted average shares outstanding, including participating securities - basic Dilutive effect of options and restricted stock units Weighted average common shares outstanding - diluted 116,155 685 116,840 569 117,409 116,071 115,721 922 116,071 116,643 116,071 333 116,976 Adjusted earnings (loss) per share attributable to Matador Resources Company shareholders (non-GAAP) Basic $ Diluted $ 0.10 0.10 $ $ (0.03) $ 0.33 (0.03) $ 0.32 (1) Estimated using federal statutory tax rate in effect for the period. Matador 57 RESOURCES COMPANY

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