Matador Resources Company (MTDR) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a welcome to over 300 in-person shareholders and webcast participants, highlighting the company's growth from $270,000 to over $10 billion in assets over 20 years.

• Chairman and CEO Joseph Wm. Foran highlighted a 40+ year history of shareholder value creation and significant growth since 1983.

• Reflections on the company's journey, shareholder loyalty, and recognition of long-term contributors and retiring board member Julie Forrester Rogers.

• The agenda included board introductions, recognition of key contributors, and a review of strategic initiatives and financial performance.

Financial performance review

• Asset base has grown to over $10 billion, with production at approximately 150,000 BOE and nearly 600 million barrels in reserves.

• MTDR shares have outperformed major indices since IPO, with a 407% increase compared to the S&P 500's 305%.

• Daily oil production grew at a 32% CAGR, reaching an expected 93,000 Bbl/d in 2024.

• Adjusted EBITDA for Q1 2024 was $505 million, with strong free cash flow and a leverage ratio of 0.75x.

• Emphasis on drilling better wells for less money, leading to top-tier productivity and efficiency among peers.

Board and executive committee updates

• Board members introduced, highlighting expertise in engineering, oil and gas, finance, ESG, law, and midstream operations.

• Recognition of the Shareholder Advisory Committee for governance input and director candidate vetting.

• Acknowledgment of high employee participation in the share purchase plan, fostering alignment with shareholder interests.