Investor Presentaiton

Stateline Asset Area - Eddy County, New Mexico STATELINE ~2,800 gross / ~ 2,800 net acres ~2.5 mile Matador Acreage "Boros' EDDY "Voni" 2.0 mile LOVING LEA Asset Summary and Highlights Acreage Overview Highlights 2021 Development • Approximately 2,800 gross/net acres with 87.5% net revenue interest acquired in September 2018 BLM lease sale Approximately 88 gross two-mile and ~2.5-mile lateral locations planned All 13 Boros wells flowing back and connected to San Mateo - Drilling and completions costs for the initial 13 Boros wells came in under $800/ft First 13 Voni wells, all ~2.5-mile laterals, expected to be online in early Q2 2021 • Second batch of Boros wells - including 3rd Bone Spring Carbonate test – expected to be turned to sales in late 2021 Expect to begin earning performance incentives from Five Point in 2021 Initial Production Exceeds Expectations on Boros Wells Planning to fully develop the 2nd Bone Spring and test the 1st Bone Spring with the first batch of Voni wells Matador Best 2nd Bone Spring IP Tests! Initial 13 Voni wells: currently drilling Initial 13 Boros wells: recently turned to sales Brushy Canyon Avalon 3 4 (5 6 1st Bone Spring 2nd Bone Spring 3rd Bone Spring Wolfcamp A-XY 8 9 12 13 11 Wolfcamp A-Lower Wolfcamp B Wolfcamp D 1 #104H-2,423 BOE/d (65% oil) 2 #123H-3,160 BOE/d (68% oil) 3 #124H 3,329 BOE/d (71% oil) 4 #201H 3,147 BOE/d (60% oil) 5) #202H-3,128 BOE/d (62% oil) 6) #203H-3,668 BOE/d (59% oil) (7) #204H-3,227 BOE/d (58% oil) 8) #215H-4,600 BOE/d (60% oil) 9) #216H-3,569 BOE/d (59% oil) (10) #217H-3,806 BOE/d (54% oil) (11) #218H-4,496 BOE/d (55% oil) 12 #223H-3,257 BOE/d (19% oil) 3,500 3,000 2,500 IP, BOE/d 2,000 1,500 1,000 500 0 Cumulative 24-hr IP of 42,225 BOE/d (56% oil) All acreage as of June 30, 2020. Some tracts not shown on map. Note: IP initial potential. (13) #224H-3,415 BOE/d (37% oil) Boros Rodney Robinson MTDR 2nd Bone Spring wells Matador 22 RESOURCES COMPANY

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