Matador Resources Company (MTDR) investor relations material

Executive summary

• Q1 2026 production exceeded guidance, with daily output of 207,594 BOE, up 5% year-over-year, driven by strong well performance and operational resilience despite weather and market challenges.

• Exceeded midpoint of prior oil production guidance by 3% in Q1 2026 and increased production guidance estimates for the year.

• Paid down over $350 million on revolving credit facility since year-end, with full repayment anticipated in May, boosting liquidity to $2.2 billion.

• Management emphasized teamwork, adaptability, and a measured approach to growth amid a volatile macro environment.

• Over 800 net engineered drilling locations added since January 2023, extending inventory by 7–8 years.

Financial highlights

• Q1 2026 oil equivalent production was 207,594 BOE/d, 2% above guidance; oil production was 120,277 Bbl/d, 3% above guidance.

• Q1 2026 adjusted free cash flow was $113.3 million; adjusted EBITDA was $577.2 million.

• Q1 2026 oil and natural gas revenues were $818.7 million; total revenues reached $909.9 million.

• Net loss attributable to shareholders was $(35.9) million, mainly due to a $255.5 million unrealized derivative loss.

• Market capitalization at $7.8 billion; proved reserves at 667 MMBOE as of December 31, 2025.

Outlook and guidance

• 2026 oil production guidance raised to 123,000–125,000 Bbl/d; total BOE production guidance increased to 210,500–216,000 BOE/d.

• 2026 full-year guidance: 125 gross (107.6 net) operated wells and 194 gross (12.0 net) non-operated wells to be turned to sales.

• Total capital expenditures for 2026 expected at $1.45–$1.55 billion, with D&C costs for operated horizontal wells averaging $785–$805/ft.

• Estimated full-year D/C/E and midstream CapEx reduction of 11% compared to 2025.

• Q2 2026 oil production expected to reach a record 124,000 Bbl/d, despite elective shut-ins and scheduled maintenance.