Investor Presentaiton

Marketing and Takeaway Overview Three-Stream Takeaway Oil ■ Matador has ~75% of its operated Delaware Basin oil production on pipe ■ Market optionality to Midland, Gulf Coast (LLS), Houston, Corpus Christi and Cushing Unhedged, Delaware realized oil price per barrel $3.24/Bbl better than Permian peers in Q2 2020 and $0.68/Bbl better in Q3 2020(1) Marketing and Midstream Adding Value The combined efforts of Matador's marketing and midstream teams have significantly increased realized pricing by: ✓ Lowering transportation costs ✓ Transporting to premium markets ✓ Reducing marketing fees ✓ Minimizing West Texas Light (WTL) oil discounts Realized Oil Price Advantage, $/Bbl Residue Natural Gas Long-term, firm transport to Waha, the Gulf Coast and West Coast markets for substantially all Delaware Basin natural gas production ■ Sufficient firm capacity for expected production volumes from future drilling Natural Gas Liquids (“NGL") Unhedged Realized Oil Price as % of WTI Price +$1.26 +$1.17 100% 100% +$0.27 99% 98% 95% 97% 94% 95% -$1.44 90% 89% 85% 87% 80% +$0.68 Matador +$3.24 95% 93% 86% Long-term, firm transport for NGL sold at the tailgate of the expanded Black River Processing Plant with ability to handle the increased designed inlet capacity of 460 MMcf/d 75% 74% 70% 2018 2019 Q4 2019 (1) Q1 2020 Q2 2020 Q3 2020 ■Permian Peers MTDR Delaware (1) Source: Company filings and Bloomberg. Permian peers included: CPE, CDEV, DVN, FANG, PE, SM, WPX and XEC. MRO and OAS excluded due to significant production outside the Permian Basin. Matador 21 RESOURCES COMPANY

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