Investor Presentaiton

Reaffirmed October 2020! Matador Resources and San Mateo | Credit Facilities Matador RESOURCES COMPANY Matador Credit Agreement Summary Bank group led by Royal Bank of Canada Facility Size Maturity Date Borrowing Base Last Reserves Review Elected Borrowing Commitment Borrowings Outstanding at 9/30/2020 Letters of Credit Outstanding at 9/30/2020 Financial Covenant: Maximum Net Debt to Adjusted EBITDA(1)(2) $1.5 billion October 2023 $900 million 9/30/2020 $700 million $475 million $45 million 4.00:1.00 San Mateo MIDSTREAM - San Mateo I Credit Facility Summary Bank group led by The Bank of Nova Scotia Letters of Credit Outstanding at 9/30/2020 Borrowings Accordion Feature Facility Size Outstanding Expandable Up To at 9/30/2020 $375 million $400 million $326 million Matador Credit Agreement Pricing Grid $9 million Financial Covenant: Financial Covenant: Maximum Net Debt to Adjusted EBITDA (3) Minimum Interest Coverage Ratio 5.00:1.00 ≥ 2.50x San Mateo I Credit Facility Pricing Grid Borrowing Base LIBOR BASE TIER Utilization Margin Margin Commitment Fee TIER Leverage (Total Debt/ LTM Adjusted EBITDA) LIBOR Margin BASE Margin Commitment Fee Tier One X < 25% 125 bps 25 bps 37.5 bps Tier One ≤ 2.75x 150 bps 50 bps 30 bps Tier Two 25% < or = x < 50% 150 bps 50 bps 37.5 bps Tier Two > 2.75x to ≤ 3.25x 175 bps 75 bps 35 bps Tier Three 50% < or = x < 75% 175 bps 75 bps Tier Four 75% < or = x < 90% Tier Five 90% < or = x < 100% 200 bps 225 bps 100 bps 125 bps 50 bps 50 bps 50 bps Tier Three > 3.25x to ≤ 3.75x 200 bps 100 bps 37.5 bps Tier Four > 3.75x to ≤ 4.25x 225 bps 125 bps 50 bps Tier Five > 4.25x 250 bps 150 bps 50 bps (1) Adjusted EBITDA is a non-GAAP financial measure. For purposes of the Credit Agreement, Adjusted EBITDA excludes amounts attributable to San Mateo. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income and net cash provided by operating activities, see Appendix. (2) For purposes of the Credit Agreement, Net Debt is equal to debt outstanding less available cash not exceeding $50 million and excluding all cash associated with San Mateo. (3) Adjusted EBITDA is a non-GAAP financial measure. Based on Adjusted EBITDA for San Mateo I. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (GAAP) and net cash provided by operating activities (GAAP), see Appendix. Matador 51 RESOURCES COMPANY

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