Investor Presentaiton

San Mateo - Recent Highlights and Performance San Mateo's Adjusted EBITDA ($ in millions) (2) - October 2020 – Matador and Five Point (1) completed the successful merger of San Mateo I and San Mateo II into a single entity Q3 2020 - San Mateo II expansion projects completed, including: • Expansion of the Black River Processing Plant to designed inlet capacity of 460 MMcf of natural gas per day San Mateo MIDSTREAM • • 43 miles of large-diameter natural gas pipelines connecting Stateline and the Greater Stebbins Area to the Black River Processing Plant 19 miles of various diameter crude oil pipelines connecting the Greater Stebbins Area to existing interconnect with Plains in Eddy County, NM $140 Water Oil Gas $120 $100 San Mateo I formed $80 in February 2017 $60 $40 100% owned by Matador $20 $12 $4 San Mateo -MIDSTREAM - $0 2015 2016 $31 Would contribute -$63 to $69 million to Matador's Adjusted EBITDA(2) Would contribute $55 to $57 million to Matador's Adjusted EBITDA(2) Contributed $49 million to Matador's Adjusted EBITDA (2) $62 San Mateo II formed in February 2019 San Mateo MIDSTREAM- $96 Range: $108 to $112 $110 Range: $124 to $136 $130 Natural Gas Oil Water 2017 2018 2019 2020E Note: Figures (i) reflect the combined Adjusted EBITDA for San Mateo I and San Mateo II, including allocations for general and administrative expenses, (ii) are pro forma for February 2017 San Mateo I transaction and the purchase of the non-controlling interest in Fulcrum Delaware Water Resources, LLC not previously owned by Matador and (iii) exclude assets sold to EnLink in October 2015. (1) Five Point Energy LLC ("Five Point") is Matador's joint venture partner in San Mateo. Matador and Five Point own 51% and 49%, respectively, of San Mateo. (2) Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (loss) (GAAP) and net cash provided by operating activities (GAAP), see Appendix. Q4 2020E Annualized Matador 29 RESOURCES COMPANY

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