Investor Presentaiton

2020 Oil and Natural Gas Production Estimates(1) Total Oil and Natural Gas Production • Estimated oil production of 15.7 to 15.8 million barrels 2020E CapEx(1)(2) (Midpoint): Natural Gas, Bcf 12% D/C/E: Midstream(3): Total: $465 MM $95 MM $560 MM Oil, MBbl 2020E Oil Production – 13% Growth YoY - 26,700 27,150 24,164 12% Total 68.5 (MBOE) 19,027 67.0 61.1 Natural Gas 47.3 (Bcf) 13% Oil (MBbl) 15,500 15,750 13,984 11,141 2018 2019 2020E July 28, 2020 Guidance) 2020 E Updated Guidance¹) Delaware Oil and Natural Gas Production - 13% increase from 2019 to midpoint of updated 2020 guidance range • Average daily oil production of 43,000 Bbl/d, up from 38,300 Bbl/d in 2019 - Delaware Basin ~41,200 Bbl/d (96%) - up 17% YoY • Q4 2020 expected to be up 8 to 10% sequentially Natural Gas, Bcf Oil, MBbl 20% 23,964 24,424 25% 20,294 56.1 Total (MBOE) 53.7 16,512 44.7 Natural Gas (Bcf) 37.7 17% 14,849 15,075 Oil (MBbl) 12,842 10,230 2018 2019 2020E July 28, 2020 Guidance (4) 2020 E Updated Guidance" 2020E Gas Production - 12% Growth YoY • Estimated natural gas production of 68.0 to 69.0 Bcf - 12% increase from 2019 to midpoint of updated 2020 guidance range Average daily natural gas production of 187.2 MMcf/d, up from 167.4 MMcf/d in 2019 - Delaware Basin ~153.3 MMcf/d (82%) - up 25% YoY Haynesville/Cotton Valley ~30.5 MMcf/d (16%) - down 23% YoY • Q4 2020 expected to be up 8 to 10% sequentially (1) At midpoint of 2020 guidance as of and as provided on October 27, 2020. (2) Includes D/C/E capital expenditures and capital expenditures for various midstream projects; does not include any expenditures for land or seismic acquisitions. (3) Reflects Matador's proportionate share of capital expenditures for San Mateo and accounts for the remaining portions of the $50 million capital carry Five Point provided as part of the San Mateo II expansion. (4) At midpoint of 2020 guidance as of and as provided on July 28, 2020. Matador 33 RESOURCES COMPANY

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