Investor Presentaiton

Strong Results for Third Quarter 2020 • Oil production of ~42,300 Bbl/d, up 6% from ~39,800 Bbl/d in Q3 2019 - Above Guidance! Strong Production Improving Capital Efficiency, LOE & G&A • Natural gas production of ~183.9 MMcf/d, up 3% from -179.2 MMcf/d in Q3 2019 - Above Guidance! • Total production of ~73,000 BOE/d, up 5% from ~69,600 BOE/d in Q3 2019 - Above Guidance! • D&C costs for operated horizontal wells turned to sales of $790 per completed lateral foot, down 32% from full year 2019 - All-Time Low! • LOE of $3.48 per BOE, down 25% from $4.64 per BOE in Q3 2019 - All-Time Low! • Solid San Mateo Results G&A expenses of $2.25 per BOE, down 29% from $3.18 per BOE in Q3 2019 – Near All-Time Low! • San Mateo net income (1) of $20.3 million, up 2% from $20.0 million in Q3 2019 • San Mateo Adjusted EBITDA (1)(2) of $28.0 million, up 6% from $26.3 million in Q3 2019 - Above Company Expectations! Borrowing Base Reaffirmed at $900 Million • In October 2020, Matador's lenders reaffirmed the borrowing base under the Credit Agreement at $900 million and Matador's elected commitment remained constant at $700 million • No changes made to the terms of the Credit Agreement • At September 30, 2020, total borrowings outstanding under the Credit Agreement were $475 million, $25 million less than the Company's expectations • Average daily total production ~flat sequentially vs. guidance (3) of a sequential decline of 5% to 6% Exceeded Q3 2020 Guidance • D/C/E CapEx of $95 million vs. estimate of $117 million • Midstream CapEx of $28 million vs. estimate of $38 million (1) Based on combined net income and Adjusted EBITDA of San Mateo I and San Mateo II. (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. (3) As provided on July 28, 2020. Matador 44 RESOURCES COMPANY

View entire presentation