Record 2025 output as Matador (NYSE: MTDR) cuts 2026 capital spending

Rhea-AI Filing Summary

Matador Resources Company reported record 2025 results with strong production, reserves growth and a leaner 2026 plan. Q4 2025 output reached 211,290 BOE per day, including 121,363 barrels of oil per day, slightly above guidance despite weak Waha natural gas pricing and some shut-ins.

For full-year 2025, oil and gas revenues were $3.24 billion, net income attributable to shareholders was $759.2 million and diluted earnings per share were $6.09. Adjusted EBITDA attributable to shareholders was $2.29 billion, while total proved reserves rose 9% to 667.0 million BOE with a PV-10 of $8.24 billion.

The 2026 plan targets about 3% oil production growth to 122,000–124,000 barrels per day and 209,500–215,000 BOE per day overall, while cutting combined drilling, completion and midstream capital by 11% to $1.45–$1.55 billion. The company ended 2025 with a 1.1x leverage ratio, $1.8 billion of liquidity under its reserve-based facility, returned $218.9 million to shareholders and hedged roughly 50% of expected 2026 oil volumes with costless collars at a $53 floor and $66 ceiling.

Insights

Energy sector analyst

Matador pairs record 2025 results with modest 2026 growth and lower capex.

Matador Resources delivered record Q4 2025 production of 211,290 BOE per day and full-year oil and gas revenues of $3.24 billion, while generating adjusted EBITDA attributable to shareholders of $2.29 billion. Proved reserves increased 9% to 667.0 million BOE with a PV-10 of $8.24 billion, highlighting underlying asset growth.

The 2026 plan emphasizes capital discipline: management targets roughly 3% oil production growth to 122,000–124,000 barrels per day, but plans to lower combined drilling, completion and midstream capital 11% to $1.45–$1.55 billion. Guidance includes lower per-foot well costs and efficiency gains from large batch developments and longer laterals.

Financially, the company ended 2025 with a 1.1x leverage ratio, $1.8 billion of liquidity under its reserve-based facility and returned $218.9 million via dividends and buybacks. About 50% of projected 2026 oil production is hedged with costless collars at floors near $53 per barrel, which may temper price volatility but also caps upside above $66 per barrel.

0001520006false00015200062026-02-242026-02-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  _________________________________

FORM 8-K

_________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported) February 24, 2026

 _________________________________

Matador Resources Company

(Exact name of registrant as specified in its charter)

   _________________________________

Texas

001-35410

27-4662601

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

5400 LBJ Freeway,			Suite 1500			75240
Dallas,			Texas
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (972) 371-5200

Not Applicable

(Former name or former address, if changed since last report)

_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

MTDR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition.

Attached hereto as Exhibit 99.1 is a press release (the “Earnings Press Release”) issued by Matador Resources Company (the “Company”) on February 24, 2026, announcing its financial results for the three and twelve months ended December 31, 2025. The Earnings Press Release includes an operational update at February 24, 2026 and 2026 operating plan and market guidance. The Earnings Press Release is incorporated by reference into this Item 2.02, and the foregoing description of the Earnings Press Release is qualified in its entirety by reference to this exhibit.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), unless specifically identified therein as being incorporated therein by reference.

In the Earnings Press Release, the Company has included certain “non-GAAP financial measures,” as defined in Item 10 of Regulation S-K of the Exchange Act, including (i) earnings before interest expense, income taxes, depletion, depreciation and amortization, accretion of asset retirement obligations, property impairments, unrealized derivative gains and losses, non-recurring transaction costs for certain acquisitions, certain other non-cash items and non-cash stock-based compensation expense, and net gain or loss on asset sales and impairment (“Adjusted EBITDA”) attributable to Matador Resources Company shareholders, (ii) the Adjusted EBITDA of San Mateo Midstream, LLC, the Company’s midstream affiliate (“San Mateo”), (iii) combined Adjusted EBITDA of San Mateo and the Company’s wholly-owned midstream assets, (iv) adjusted net income attributable to Matador Resources Company shareholders, (v) adjusted earnings per diluted common share attributable to Matador Resources Company shareholders, (vi) adjusted free cash flow of both the Company and San Mateo and (vii) present value discounted at 10% (pre-tax) of estimated total proved reserves. In the Earnings Press Release, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with generally-accepted accounting principles (“GAAP”) in the United States. In addition, in the Earnings Press Release, the Company has provided the reasons why the Company believes such non-GAAP financial measures provide useful information to investors.

Item 7.01 Regulation FD Disclosure.

Item 2.02 above is incorporated herein by reference.

In connection with the Earnings Press Release, the Company released an accompanying presentation (the “Presentation”). The Presentation is available on the Company’s website, www.matadorresources.com, on the Events and Presentations page under the Investor Relations tab.

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act and will not be incorporated by reference into any filing under the Securities Act unless specifically identified therein as being incorporated therein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.						Description of Exhibit
99.1						Earnings Press Release, dated February 24, 2026.
104						Cover Page Interactive Data File, formatted in Inline XBRL (included as Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MATADOR RESOURCES COMPANY

Date: February 24, 2026

By:

/s/ Bryan A. Erman

Name:

Bryan A. Erman

Title:

Co-President

Exhibit 99.1

MATADOR RESOURCES COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND PROVIDES 2026 OPERATING PLAN AND MARKET GUIDANCE

DALLAS, Texas, February 24, 2026 -- Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported financial and operating results for the fourth quarter and full year 2025 and provided an update on its 2026 operating plan and focus areas. A slide presentation summarizing the highlights of this release is included on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab.

Management Summary Comments

Joseph Wm. Foran, Matador’s Founder, Chairman and CEO and San Mateo’s Founder, noted, “2025 was another record year for Matador and San Mateo. Our team is excited to review our accomplishments as well as share the strategic priorities and expected catalysts for Matador and San Mateo in 2026, which include (i) improving capital efficiency, profitability and reduction in our reserve-based loan (RBL), (ii) midstream value realization, (iii) quality land acquisitions, reserves growth and decreased capital costs, (iv) recruiting, retaining and developing high-quality professionals and (v) maintaining a strong balance sheet.

Improving Capital Efficiency, Profitability and Decreased Finding Costs

“This year, our specific objectives are to continue to increase production, reduce capital spending and grow our midstream assets, while remaining opportunistic on acquisition opportunities that may arise. Altogether, Matador projects its drilling plans, capital efficiencies and other catalysts to drive a 2026 operating plan that grows oil production by approximately 3% to 123,000 barrels of oil per day, while reducing 2026 total capital expenditures by 11% to $1.50 billion. The ability to achieve this 3% oil production growth profile while reducing capital expenses illustrates Matador’s successful focus on operating efficiencies and inventory strength.

“In this regard, Matador anticipates its 2026 drilling and completion cost to be approximately $795 per lateral foot, a 6% reduction compared to 2025, which would enable us to continue to further increase capital efficiency and decrease capital spending as planned. The expected decrease in capital spending from 2025 to 2026 is primarily attributable to anticipated operating efficiency improvements, including a 13% reduction in timing to drill and complete a well. Meanwhile, Matador expects to deliver 3% oil production growth in 2026 compared to 2025 while still turning to sales a similar amount of net lateral footage. As evidence of these asset and operating strengths, we achieved record total proved oil and natural gas reserves of 667.0 million BOE at December 31, 2025 (an increase of 9% from 611.5 million BOE at December 31, 2024), with a standardized measure of $7.0 billion and a PV-10 of $8.2 billion. The increase to our reserves—approximately 98% of which was organic in 2025—represents a reserve replacement ratio of 173%. The reserves replacement ratio was especially notable since future finding and development costs for our proved undeveloped reserves in our audited reserve report decreased 6% from $10.98 per BOE in 2024 to $10.34 per BOE in 2025. The proved reserves estimates are prepared by the Company’s internal engineering staff and audited by an independent reservoir engineering firm, Netherland, Sewell & Associates.

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“As previously reported, Matador has secured 500 MMBtu per day of firm natural gas transportation on Energy Transfer’s new Hugh Brinson pipeline. This contractual deal with Energy Transfer is expected to be one of Matador’s most important transportation and marketing arrangements going forward. Energy Transfer expects this pipeline to begin flowing gas in the third quarter of 2026 and be fully in-service in the fourth quarter of 2026. The Hugh Brinson pipeline is expected to provide direct access for Matador from the Waha hub in the Permian Basin to the historically more profitable Henry Hub markets along the Louisiana Gulf Coast. The Hugh Brinson pipeline is also expected to help Matador access other key markets, including data centers supporting Artificial Intelligence (AI) and terminals for exports of Liquified Natural Gas (LNG). During 2025, average realized pricing at Henry Hub was as much as $3 higher than realized pricing at the Waha hub. Substantial market differentials such as these prices could provide significant additional revenue, as each $0.50 per MMBtu increase in realized natural gas price would increase Matador’s estimated annual revenue by approximately $90 million.

“Matador is also pleased to report record fourth quarter 2025 production of 211,290 barrels of oil and natural equivalent (BOE) per day (121,363 barrels of oil per day), which constitutes an increase of 1% from the third quarter 2025 production of 209,184 BOE per day (119,556 barrels of oil per day). These record results were achieved despite significant market price difficulties for natural gas at the Waha hub in the fourth quarter of 2025.

Midstream Value Realization

“Matador’s midstream assets include (i) San Mateo, which is owned 51% by Matador and 49% by Five Point, and (ii) wholly-owned assets, which were largely acquired as part of the Advance acquisition in 2023 and the Ameredev acquisition in 2024. On a combined basis, San Mateo and Matador’s wholly-owned midstream assets had net income of $239 million and Adjusted EBITDA of $332 million for the full-year 2025. Through the continued operational improvements and the growth of both Matador and third-party volumes, we expect the combined Adjusted EBITDA of our midstream assets to grow 8% to $360 million in 2026. This profitability of the San Mateo assets in 2025 resulted in cash distributions to Matador of $137 million for its 51% interest in San Mateo and $13 million in performance incentives from Five Point.

“In addition to growing our midstream business, we continue to explore other strategic transactions for San Mateo. Five Point has advised us that it is in the process of moving its 49% ownership in San Mateo into a continuation vehicle, which would allow us to continue building midstream value together. We are pleased that Five Point would like to continue our long-standing partnership, and we look forward to working with Five Point on various potential strategic transactions, including the combination of Matador’s wholly-owned midstream assets with San Mateo.

Quality Land Acquisitions

“In 2025, Matador’s land team added 17,500 net acres through our ‘brick-by-brick’ strategy, increasing our Delaware Basin acreage position to approximately 212,500 net acres. These efforts largely replaced the inventory that Matador drilled during 2025. As we begin 2026, Matador remains focused on strategically adding acreage in order to maintain 10 to 15 years of high-quality inventory in the Delaware Basin. Additionally, we believe our current Delaware Basin position offers further geologic upside. For example, we have identified prospective acreage targeting the Woodford shale, and plan to test the formation in the first half of 2026.

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Maintaining a Strong Balance Sheet

“Finally, at year-end 2025, Matador was able to maintain a strong financial position and achieve the production highlights noted above while still paying down approximately $200 million on our RBL credit facility and increasing our dividend for the seventh time in the past four years. Matador ended 2025 with a leverage ratio of 1.1 times and liquidity under the RBL of $1.8 billion. To further protect its balance sheet from oil-price volatility, the Company hedged approximately 50% of its projected 2026 oil production using costless collars at a weighted average floor price of approximately $53 per barrel and a weighted average ceiling price of approximately $66 per barrel.

Closing Thoughts

“Each of the above priorities and highlights demonstrate Matador’s various successful strategies based on operational excellence and profitable growth at a measured pace. Our ability to emerge stronger through volatile commodity cycles underscores the quality of our assets, the strength of our business relationships and the confidence the team has in the long-term outlook of our business and areas of interest. This outlook is further evidenced by management’s and the staff’s continued stock purchases as well as the participation by over 95% of all of our employees—field and office—in the Company’s Employee Stock Purchase Plan (ESPP). We look forward to discussing these results and answering your questions either on our conference call or in-person.”

Operational and Financial Update

Record Fourth Quarter 2025 Oil, Natural Gas and Total Oil Equivalent Production

Matador’s average oil and natural gas production was 211,290 BOE per day in the fourth quarter of 2025, which was the highest in Matador’s history and 2% better than the midpoint of Matador’s expected fourth quarter production guidance of 206,500 BOE per day. The primary drivers behind this outperformance were increased production from new wells turned to sales in Matador’s Arrowhead and Ranger asset areas. Matador achieved these record results despite shutting in ~4,000 BOE per day in the fourth quarter of 2025 due to weak natural gas pricing at the Waha hub. Most of these shut-in volumes were forecasted as part of the Company’s fourth quarter 2025 production guidance.

Production

Q4 2025 Average Daily Volume

Q4 2025 Guidance Range(1)

Difference(2)

Sequential

YoY

Total, BOE per day

211,290

205,000 to 208,000

+2% Better than Guidance

+1%

+5%

Oil, Bbl per day

121,363

119,000 to 121,000

+1% Better than Guidance

+2%

+2%

Natural Gas, MMcf per day

539.6

516.0 to 522.0

+4% Better than Guidance

<+1%

+9%

(1) Production range previously projected, as provided on October 21, 2025.

(2) As compared to midpoint of guidance provided on October 21, 2025.

Fourth Quarter 2025 Operating Expenses

For the fourth quarter of 2025, lease operating expenses (LOE), production taxes, transportation and processing expenses (PTTP), depletion, depreciation and amortization expense (DD&A) and general and administrative expenses (G&A) were all better than expected. Midstream operating expenses for 2025 were at the midpoint of the full-year 2025 guidance range. In total, operating expenses per BOE were 8% better than expected for the fourth quarter of 2025 and 4% better than the fourth quarter of 2024, as Matador continues to focus on efficiency and improved operating margins.

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To better segregate costs between controllable costs and taxes, Matador reclassified taxes other than those related to income tax into one line for all periods presented in the income statement and will report under this new presentation going forward. This reclassification includes certain taxes previously included in lease operating and midstream operating expenses, as well as production taxes that were previously included with transportation and processing expenses.

Fourth Quarter and Full Year 2025 Capital Expenditures

For the fourth quarter of 2025, operations exceeded expectations. Matador’s capital expenditures (CapEx) for drilling, completing and equipping wells (D/C/E) were $356.1 million and midstream CapEx were $22.6 million. Matador turned to sales 30.4 net operated wells during the fourth quarter of 2025; almost three more wells than the 27.5 net operated wells expected, as they were pulled forward from the first quarter of 2026. Full-year 2025 D/C/E CapEx of $1.53 billion was within Matador’s expected range while still delivering 129.4 net wells, an increase of 8.1 net wells turned to sales as compared to initial full-year guidance provided in February 2025 while growing production 21% year-over-year.

Midstream Update

San Mateo’s operations in the fourth quarter of 2025 were highlighted by record operating and financial results. San Mateo distributed $35.7 million to Matador during the fourth quarter of 2025 to bring total distributions from San Mateo to Matador of $136.7 million for full-year 2025. The table below sets forth San Mateo’s throughput volumes, as compared to the third quarter of 2025 and the fourth quarter of 2024.

			Sequential (Q4 2025 vs. Q3 2025)																		YoY (Q4 2025 vs. Q4 2024)
San Mateo Throughput Volumes			Q4 2025						Q3 2025						Change						Q4 2025						Q4 2024						Change
Natural gas gathering, MMcf per day			559						530						+5%						559						454						+23%
Natural gas processing, MMcf per day			530						533						-1%						530						434						+22%
Oil gathering and transportation, Bbl per day			54,100						58,400						-7%						54,100						63,000						-14%
Produced water handling, Bbl per day			422,600						413,700						+2%						422,600						470,100						-10%

San Mateo’s natural gas gathering volumes in the fourth quarter of 2025 were an all-time quarterly high despite Matador shutting in wells from time to time due to weak natural gas pricing at the Waha hub. The sequential and year-over-year decline in oil gathering and transportation volumes reflects more Matador activity outside of Eddy County, New Mexico and Loving County, Texas, where San Mateo’s oil assets are located. The year-over-year decline in produced water handling volumes reflects multiple large flowback projects in the fourth quarter of 2024.

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Full Year 2026 Guidance Summary

Matador’s full-year 2026 guidance estimates are summarized in the table below, as compared to the actual results for 2025, which highlight a 3% increase in oil production, an 11% total D/C/E and midstream CapEx reduction and a similar amount of net lateral footage turned to sales of ~1.25 million net lateral feet.

Guidance Metric			Actual 2025 Results			2026 Guidance Range			% YoY Change(1)
Oil Production			119,723 Bbl/d			122,000 to 124,000 Bbl/d			+3%
Natural Gas Production			524.1 MMcf/d			525.0 to 545.0 MMcf/d			+2%
Oil Equivalent Production			207,070 BOE/d			209,500 to 215,000 BOE/d			+3%
Total operating expenses per BOE(2)			$30.41			$30.00 to $31.00			FLAT
Current income taxes (% of pretax income)			0.7		%	0% to 0.5%			(64)		%
D/C/E CapEx			$1.53 billion			$1.35 to $1.44 billion			(9)		%
Midstream CapEx(3)			$167.9 million			$100 to $110 million			(37)		%
Total D/C/E and Midstream CapEx			$1.69 billion			$1.45 to $1.55 billion			(11)		%

(1) Represents percentage change from 2025 actual results to the midpoint of 2026 guidance range.

(2) Includes non-cash operating expenses in 2025 of $15.82 per BOE for DD&A and $0.24 per BOE for non-cash G&A expenses, respectively, and estimated non-cash operating expenses in 2026 of $15.50 to $15.80 per BOE for DD&A and $0.20 to $0.30 per BOE for non-cash G&A expenses, respectively.

(3) Includes Matador’s share of estimated CapEx for San Mateo and other wholly-owned midstream projects.

Oil, Natural Gas and Oil Equivalent Production Growth and Anticipated Cadence

Matador expects full-year 2026 production of 122,000 to 124,000 barrels of oil per day and 525 to 545 million cubic feet of natural gas per day, resulting in 209,500 to 215,000 BOE per day. This expectation is in-line with daily oil growth estimates provided in October 2025 of 3% improvement to full-year 2025 actual production, despite the impacts of the January winter weather discussed below.

Q4 2025 and Q1 2026 Production Comparison

Period

Average Daily Total Production, BOE per day

Average Daily Oil Production, Bbl per day

Average Daily Natural Gas Production, MMcf per day

% Oil

Q4 2025

211,290

121,363

539.6

57%

Q1 2026E

201,000 to 205,000

115,500 to 117,500

515.0 to 525.0

57%

Production in the first quarter is expected to be the lowest quarter for 2026 with a significant increase expected beginning in the second quarter and then further steady increases in volumes throughout the remainder of 2026. Forecasted volumes were previously expected to be consistent from the fourth quarter of 2025 to the first quarter of 2026 due to the timing of wells being turned to sales as a result of larger batch developments of longer-lateral wells. Matador expects to turn to sales ~39 gross (34 net) operated wells during the first quarter of 2026, of which only 11 net operated wells were turned to sales by mid-February. The remaining 23 net operated wells are expected to be

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turned to sales in March 2026, which will contribute fully to production beginning in the second quarter of 2026. The first quarter production forecast was revised lower due to:

•actual weather-related shut-in volumes during the January winter storm Fern of ~4,000 BOE per day (60% oil),

•expected elective shut-in of volumes due to weak Waha pricing of ~3,000 BOE per day (20% oil), and

•expected scheduled maintenance on a third-party treatment plant of ~2,000 BOE per day (60% oil).

D&C Costs Per Completed Lateral Foot and Operating Efficiency Improvements in 2026

Matador anticipates 2026 drilling and completion costs to be $785 to $805 per lateral foot, a 6% reduction compared to 2025. This reduction is driven by improvements in daily drilling and completion footage, which are expected to reduce average well cycle times by ~13%. These, and other facility and equipping efficiencies, contribute to the estimated $130 million D/C/E CapEx reduction in 2026 from $1.53 billion in 2025 to $1.40 billion in 2026.

Additional efficiencies will be driven in 2026 by large-scale batch developments similar to the 17-well John Callahan development brought online in third quarter 2025, as previously reported in Matador’s January 2026 press release. We expect these batch development projects to account for ~50% of our net lateral footage turned to sales, an increase from 40% from 2025. For example, we expect a batch of 13 wells, including Matador’s first 3.4-mile lateral wells, to be drilled on our Eastern Antelope Ridge acreage, acquired from Ameredev, and turned-to-sales in the first half of 2026. These wells will contribute to our ~10% expected increase in 2026 average lateral length as compared to 2025.

In addition to our anticipated 2026 operating efficiencies, Matador remains focused on inventory accretion, reserve replacement, artificial intelligence integration and improved production recoveries. These initiatives and efficiency improvements are central to our strategically balanced 2026 operating plan, which advances development across our diversified Delaware Basin portfolio and includes exploratory and extension tests such as in the Woodford shale. Matador has also conducted preliminary testing of enhanced completion surfactants in 2025. In light of these encouraging test results, Matador plans to expand the program in 2026 and 2027, with initial funding included in the 2026 capital budget. Early production results from 2025 tests showed improved recoveries in certain formations compared to the 150-day cumulative production on control wells.

Midstream Capital Expenditures

Matador estimates total 2026 midstream CapEx of $100 to $110 million. This estimate includes (i) $50 to $60 million for Matador’s 51% share of San Mateo’s 2026 estimated CapEx of $100 to $115 million and (ii) $50 to $60 million for other wholly-owned midstream projects, including infrastructure and facility expansions and upgrades associated with three-stream gathering systems in the Eastern Antelope Ridge acreage. San Mateo’s 2026 CapEx primarily includes capital required for the pipelines and related infrastructure to connect San Mateo’s three-stream pipeline system to Matador and third-party customers in Lea and Eddy Counties, New Mexico.

First Quarter 2026 Estimated Capital Expenditures and Anticipated Cadence

Matador expects D/C/E and midstream CapEx will be front-loaded in the first half of 2026 with 55 to 60% of the full-year 2026 guidance of $1.5 billion, including ~$425 million of total CapEx in the first quarter of 2026, due to an increased number of large-batch and longer-lateral completions noted above.

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Shareholder Returns

During 2025, Matador returned a total of $218.9 million to shareholders through a combination of $163.1 million in fixed dividends and $55.8 million of share repurchases under its $400 million share repurchase program. At current commodity prices, Matador expects to generate significant cash flow in 2026 and be able to pay and potentially increase the dividend, allowing it to continue returning a similar amount of cash to shareholders in 2026 as in 2025.

Conference Call Information

The Company will host a live conference call on Wednesday, February 25, 2026, at 10:00 a.m. Central Time to discuss its fourth quarter and full year 2025 financial and operational results, as well as its 2026 operating plan and market guidance. To access the live conference call by phone, you can use the following link https://register-conf.media-server.com/register/BI629e65534ba04bebb8e090f7afe16bb7 and you will be provided with dial in details. To avoid delays, it is recommended that participants dial into the conference call 15 minutes ahead of the scheduled start time.

The live conference call will also be available through the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab. The replay for the event will be available on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab for one year.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, the amount and timing of share repurchases, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions, Matador’s hedging program and its expected benefits, the operational benefits of San Mateo’s midstream system, potential strategic transactions for San Mateo, including the potential combination of Matador’s wholly-owned midstream assets with San Mateo, and other statements that are not

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historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, disruption from Matador’s acquisitions or dispositions making it more difficult to maintain business and operational relationships; significant transaction costs associated with Matador’s acquisitions or dispositions; the risk of litigation and/or regulatory actions related to Matador’s acquisitions or dispositions, as well as the following risks related to financial and operational performance: general economic conditions, including the effects of inflation and interest rates; tariffs and trade tensions; Matador’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of Matador’s midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids or the construction, expansion or operation of Matador’s midstream assets; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on Matador’s operations due to seismic events; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, capital markets, available borrowing capacity under its revolving credit facilities and otherwise; the operating results of, and the availability of any potential distributions from, our joint ventures; weather conditions, environmental conditions and natural disasters; evolving cybersecurity risks; and the other factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Contact Information

Mac Schmitz

Senior Vice President - Investor Relations

(972) 371-5225

investors@matadorresources.com

8

Sequential and year-over-year quarterly comparisons of selected financial and operating items are shown in the following table:

						Three Months Ended
						December 31,						September 30,						December 31,
						2025						2025						2024
Net Production Volumes:(1)
Oil (MBbl)						11,165						10,999						10,896
Natural gas (Bcf)						49.6						49.5						45.6
Total oil equivalent (MBOE)						19,439						19,245						18,503
Average Daily Production Volumes:(1)
Oil (Bbl/d)						121,363						119,556						118,440
Natural gas (MMcf/d)						539.6						537.8						496.1
Total oil equivalent (BOE/d)						211,290						209,184						201,116
Average Sales Prices:
Oil, without realized derivatives (per Bbl)						$	58.89					$	64.91					$	70.66
Oil, with realized derivatives (per Bbl)						$	58.89					$	64.91					$	70.66
Natural gas, without realized derivatives (per Mcf)						$	0.91					$	1.95					$	2.72
Natural gas, with realized derivatives (per Mcf)						$	1.08					$	2.03					$	2.81
Revenues (millions):
Oil and natural gas revenues						$	702.8					$	810.2					$	893.9
Third-party midstream services revenues						$	45.4					$	43.8					$	37.7
Realized gain on derivatives						$	8.1					$	3.9					$	4.2
Operating Expenses (per BOE):
Lease operating						$	5.25					$	5.41					$	5.13
Transportation and processing						$	0.59					$	0.98					$	0.91
Midstream operating						$	3.22					$	2.56					$	2.70
Depletion, depreciation and amortization						$	15.72					$	15.87					$	15.85
Taxes other than income						$	3.18					$	3.58					$	4.08
General and administrative(2)						$	1.77					$	1.91					$	2.22
Total(3)						$	29.73					$	30.31					$	30.89
Other (millions):
Net sales of purchased natural gas(4)						$	36.0					$	13.4					$	9.9
Net income (millions)(5)						$	192.5					$	176.4					$	214.5
Earnings per common share (diluted)(5)						$	1.55					$	1.42					$	1.71
Adjusted net income (millions)(5)(6)						$	108.1					$	169.3					$	229.9
Adjusted earnings per common share (diluted)(5)(7)						$	0.87					$	1.36					$	1.83
Adjusted EBITDA (millions)(5)(8)						$	489.6					$	566.5					$	640.9
Net cash provided by operating activities (millions)(9)						$	474.4					$	721.7					$	575.0
Adjusted free cash flow (millions)(5)(10)						$	69.0					$	93.4					$	415.5
San Mateo net income (millions)(11)						$	46.9					$	49.5					$	47.8
San Mateo Adjusted EBITDA (millions)(8)(11)						$	74.1					$	74.1					$	68.5
San Mateo net cash provided by operating activities (millions)(11)						$	43.9					$	99.4					$	40.5
San Mateo adjusted free cash flow (millions)(9)(10)(11)						$	38.8					$	3.3					$	37.2
D/C/E capital expenditures (millions)						$	356.1					$	429.9					$	325.5
Midstream capital expenditures (millions)(12)						$	22.6					$	42.8					$	65.2

(1) Production volumes and proved reserves reported in two streams: oil and natural gas, including both dry and liquids-rich natural gas.

9

(2) Includes approximately $0.19, $0.32 and $0.26 per BOE of non-cash, stock-based compensation expense in the fourth quarter of 2025, the third quarter of 2025 and the fourth quarter of 2024, respectively.

(3) Total does not include the impact of purchased natural gas or immaterial accretion expenses.

(4) Net sales of purchased natural gas reflect those natural gas purchase transactions that the Company periodically enters into with third parties whereby the Company purchases natural gas and (i) subsequently sells the natural gas to other purchasers or (ii) processes the natural gas at San Mateo’s cryogenic natural gas processing plants and subsequently sells the residue natural gas and natural gas liquids (NGL) to other purchasers. Such amounts reflect revenues from sales of purchased natural gas of $61.3 million, $61.0 million and $46.7 million less expenses of $25.4 million, $47.7 million and $36.8 million in the fourth quarter of 2025, the third quarter of 2025 and the fourth quarter of 2024, respectively.

(5) Attributable to Matador Resources Company shareholders.

(6) Adjusted net income is a non-GAAP financial measure. For a definition of adjusted net income and a reconciliation of adjusted net income (non-GAAP) to net income (GAAP), please see “Supplemental Non-GAAP Financial Measures.”

(7) Adjusted earnings per diluted common share is a non-GAAP financial measure. For a definition of adjusted earnings per diluted common share and a reconciliation of adjusted earnings per diluted common share (non-GAAP) to earnings per diluted common share (GAAP), please see “Supplemental Non-GAAP Financial Measures.”

(8) 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 (GAAP) and net cash provided by operating activities (GAAP), please see “Supplemental Non-GAAP Financial Measures.”

(9) As reported for each period on a consolidated basis, including 100% of San Mateo’s net cash provided by operating activities.

(10) Adjusted free cash flow is a non-GAAP financial measure. For a definition of adjusted free cash flow and a reconciliation of adjusted free cash flow (non-GAAP) to net cash provided by operating activities (GAAP), please see “Supplemental Non-GAAP Financial Measures.”

(11) Represents 100% of San Mateo’s net income, Adjusted EBITDA, net cash provided by operating activities or adjusted free cash flow for each period reported.

(12) Includes Matador’s share of estimated CapEx for San Mateo and other wholly-owned midstream projects. Pronto was wholly-owned by Matador until December 18, 2024, the date Pronto was contributed to San Mateo.

10

Matador Resources Company and Subsidiaries

CONSOLIDATED BALANCE SHEETS - UNAUDITED

(In thousands, except par value and share data)									December 31,
									2025						2024
			ASSETS
			Current assets
			Cash						$	15,314					$	23,033
			Restricted cash						64,163						71,709
			Accounts receivable
			Oil and natural gas revenues						286,158						331,590
			Joint interest billings						140,043						260,555
			Other						103,628						62,584
			Derivative instruments						34,052						15,968
			Lease and well equipment inventory						43,842						38,469
			Prepaid expenses and other current assets						129,368						123,437
			Total current assets						816,568						927,345
			Property and equipment, at cost
			Oil and natural gas properties, full-cost method
			Evaluated						14,286,726						12,534,290
			Unproved and unevaluated						1,823,456						1,702,203
			Midstream properties						1,963,059						1,683,334
			Other property and equipment						53,199						47,532
			Less accumulated depletion, depreciation and amortization						(7,395,142)						(6,203,263)
			Net property and equipment						10,731,298						9,764,096
			Other assets
			Other long-term assets						162,703						158,668
			Total assets						$	11,710,569					$	10,850,109
			LIABILITIES AND SHAREHOLDERS’ EQUITY
			Current liabilities
			Accounts payable and accrued liabilities						$	540,620					$	619,167
			Royalties payable						351,062						227,865
			Advances from joint interest owners						64,169						83,338
			Other current liabilities						75,658						64,987
			Total current liabilities						1,031,509						995,357
			Long-term liabilities
			Borrowings under Credit Agreement						398,000						595,500
			Borrowings under San Mateo Credit Facility						883,000						615,000
			Senior unsecured notes payable						2,121,102						2,114,908
			Asset retirement obligations						144,063						114,237
			Deferred income taxes						1,015,931						847,666
			Other long-term liabilities						120,312						110,009
			Total long-term liabilities						4,682,408						4,397,320
			Commitments and contingencies (Note 14)
			Shareholders’ equity
			Common stock — $0.01 par value, 160,000,000 shares authorized; 124,409,739 and 125,101,268 shares issued; and 124,262,322 and 125,048,396 shares outstanding, respectively						1,244						1,251
			Additional paid-in capital						2,509,118						2,533,247
			Retained earnings						3,153,112						2,556,987
			Treasury stock, at cost, 147,417 and 52,872 shares, respectively						(5,333)						(2,336)
			Total Matador Resources Company shareholders’ equity						5,658,141						5,089,149
			Non-controlling interest in subsidiaries						338,511						368,283
			Total shareholders’ equity						5,996,652						5,457,432
			Total liabilities and shareholders’ equity						$	11,710,569					$	10,850,109

11

Matador Resources Company and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(In thousands, except per share data)						Three Months Ended December 31,												Year Ended  December 31,
						2025						2024						2025						2024
			Revenues
			Oil and natural gas revenues			$	702,817					$	893,860					$	3,238,750					$	3,143,834
			Third-party midstream services revenues			45,394						37,703						164,733						141,027
			Sales of purchased natural gas			61,335						46,720						253,031						194,097
			Realized gain on derivatives			8,072						4,151						21,679						12,724
			Unrealized gain (loss) on derivatives			30,374						(12,065)						18,084						13,299
			Total revenues			847,992						970,369						3,696,277						3,504,981
			Expenses
			Lease operating			101,988						94,961						415,810						325,145
			Transportation and processing			11,461						16,885						66,787						58,593
			Midstream operating			62,545						49,913						208,142						167,400
			Purchased natural gas			25,359						36,821						163,094						142,715
			Depletion, depreciation and amortization			305,511						293,234						1,195,358						974,300
			Taxes other than income			61,816						75,617						275,629						268,649
			Accretion of asset retirement obligations			2,204						1,768						7,846						6,027
			General and administrative			34,360						41,101						137,069						127,454
			Total expenses			605,244						610,300						2,469,735						2,070,283
			Operating income			242,748						360,069						1,226,542						1,434,698
			Other income (expense)
			Net loss on asset sales and impairment			—						—						(589)						—
			Interest expense			(55,045)						(59,970)						(208,520)						(171,687)
			Other income			2,000						129						16,011						696
			Total other expense			(53,045)						(59,841)						(193,098)						(170,991)
			Income before income taxes			189,703						300,228						1,033,444						1,263,707
			Income tax provision (benefit)
			Current			353						779						7,088						27,059
			Deferred			(26,189)						61,500						165,587						265,305
			Total income tax (benefit) provision			(25,836)						62,279						172,675						292,364
			Net income			215,539						237,949						860,769						971,343
			Net income attributable to non-controlling interest in subsidiaries			(22,992)						(23,416)						(101,548)						(86,021)
			Net income attributable to Matador Resources Company shareholders			$	192,547					$	214,533					$	759,221					$	885,322
			Earnings per common share
			Basic			$	1.55					$	1.72					$	6.10					$	7.16
			Diluted			$	1.55					$	1.71					$	6.09					$	7.14
			Weighted average common shares outstanding
			Basic			124,280						124,953						124,556						123,568
			Diluted			124,280						125,430						124,586						124,076

12

Matador Resources Company and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(In thousands)									Three Months Ended December 31,															Year Ended  December 31,
									2025						2024									2025						2024
			Operating activities
			Net income						$	215,539					$	237,949								$	860,769					$	971,343
			Adjustments to reconcile net income to net cash provided by operating activities
			Depletion, depreciation and amortization						305,511						293,234									1,195,358						974,300
			Deferred income tax (benefit) provision						(26,189)						61,500									165,587						265,305
			Stock-based compensation expense						3,686						4,891									18,327						14,982
			Unrealized (gain) loss on derivatives						(30,374)						12,065									(18,084)						(13,299)
			Amortization of debt issuance cost and other debt related costs						3,735						4,247									14,764						16,533
			Accretion of asset retirement obligations						2,204						1,768									7,846						6,027
			Other non-cash changes						1,275						(359)									4,259						(1,386)
			Changes in operating assets and liabilities
			Accounts receivable, prepaid expenses and other current assets						99,925						(62,155)									114,285						(138,137)
			Lease and well equipment inventory						(3,010)						(2,347)									(35,313)						(10,934)
			Other long-term assets						1,514						977									(10)						4,052
			Accounts payable, accrued liabilities and other current liabilities						(51,638)						(10,236)									(8,930)						33,748
			Royalties payable						8,160						3,311									123,196						56,193
			Advances from joint interest owners						(55,313)						28,279									(19,170)						63,384
			Other long-term liabilities						(576)						1,835									2,131						4,774
			Net cash provided by operating activities						474,449						574,959									2,425,015						2,246,885
			Investing activities
			Drilling, completion and equipping capital expenditures						(449,243)						(317,400)									(1,542,253)						(1,222,831)
			Acquisition of oil and natural gas properties						(77,295)						(132,616)									(339,126)						(454,443)
			Midstream capital expenditures						(60,310)						(64,692)									(297,746)						(283,881)
			Expenditures for other property and equipment						(1,199)						(1,734)									(4,246)						(5,691)
			Proceeds from sale of assets and other						—						11,470									22,426						12,370
			Proceeds from sale of equity method investment						—						113,576									3,263						113,576
			Acquisition of Ameredev						—						—									—						(1,831,214)
			Net cash used in investing activities						(588,047)						(391,396)									(2,157,682)						(3,672,114)
			Financing activities
			Repayments of borrowings under Credit Agreement						(527,000)						(889,500)									(2,367,500)						(3,969,500)
			Borrowings under Credit Agreement						640,000						530,000									2,170,000						4,065,000
			Repayments of borrowings under San Mateo Credit Facility						(80,000)						(540,000)									(345,000)						(733,000)
			Borrowings under San Mateo Credit Facility						148,000						629,000									613,000						826,000
			Cost to enter into or amend credit facilities						(1,876)						(7,500)									(2,406)						(33,436)
			Dividends paid						(46,284)						(31,278)									(163,096)						(104,876)
			Repurchases of common stock						(5,143)						—									(55,849)						—
			Contributions related to formation of San Mateo						3,800						1,300									13,000						23,800
			Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries						(34,300)						(24,500)									(131,320)						(97,461)
			Taxes paid related to net share settlement of stock-based compensation						(138)						(2,437)									(11,960)						(16,956)
			Proceeds from issuance of senior unsecured notes						—						—									—						1,650,000
			Issuance costs of senior unsecured notes						—						(2,084)									—						(28,157)
			Purchase of senior unsecured notes						—						—									—						(699,191)
			Proceeds from issuance of common stock						—						—									—						344,663
			Contribution related to Pronto Transaction						—						171,500									—						171,500
			Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries						—						—									—						19,110
			Other						(371)						(345)									(1,467)						(3,823)
			Net cash provided by (used in) financing activities						96,688						(165,844)									(282,598)						1,413,673
			(Decrease) increase in cash and restricted cash						(16,910)						17,719									(15,265)						(11,556)
			Cash and restricted cash at beginning of period						96,387						77,023									94,742						106,298
			Cash and restricted cash at end of period						$	79,477					$	94,742								$	79,477					$	94,742

13

Supplemental Non-GAAP Financial Measures

Adjusted EBITDA

This press release includes the non-GAAP financial measure of Adjusted EBITDA. Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s consolidated financial statements, such as securities analysts, investors, lenders and rating agencies. “GAAP” means Generally Accepted Accounting Principles in the United States of America. The Company believes Adjusted EBITDA helps it evaluate its operating performance and compare its results of operations from period to period without regard to its financing methods or capital structure. The Company defines, on a consolidated basis and for San Mateo, Adjusted EBITDA as earnings before interest expense, income taxes, depletion, depreciation and amortization, accretion of asset retirement obligations, property impairments, unrealized derivative gains and losses, non-recurring transaction costs for certain acquisitions, certain other non-cash items and non-cash stock-based compensation expense and net gain or loss on asset sales and impairment. Adjusted EBITDA is not a measure of net income or net cash provided by operating activities as determined by GAAP. All references to Matador’s Adjusted EBITDA are those values attributable to Matador Resources Company shareholders after giving effect to Adjusted EBITDA attributable to third-party non-controlling interests, including in San Mateo.

Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or net cash provided by operating activities as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components of understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure. Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income and net cash provided by operating activities, respectively, that are of a historical nature. Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the table does not provide a reconciliation. The Company could not provide such reconciliation without undue hardship because such Adjusted EBITDA numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including future income taxes, full-cost ceiling impairments, unrealized gains or losses on derivatives and gains or losses on asset sales and impairment. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

14

Adjusted EBITDA – Matador Resources Company

						Three Months Ended																		Year Ended
(In thousands)						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Unaudited Adjusted EBITDA Reconciliation to Net Income:
Net income attributable to Matador Resources Company shareholders						$	192,547					$	176,364					$	214,533					$	759,221					$	885,322
Net income attributable to non-controlling interest in subsidiaries						22,992						24,260						23,416						101,548						86,021
Net income						215,539						200,624						237,949						860,769						971,343
Interest expense						55,045						50,641						59,970						208,520						171,687
Total income tax (benefit) provision						(25,836)						59,128						62,279						172,675						292,364
Depletion, depreciation and amortization						305,511						305,354						293,234						1,195,358						974,300
Accretion of asset retirement obligations						2,204						2,148						1,768						7,846						6,027
Unrealized (gain) loss on derivatives						(30,374)						(19,952)						12,065						(18,084)						(13,299)
Non-cash stock-based compensation expense						3,686						6,181						4,891						18,327						14,982
Net loss on asset sales and impairment						—						589						—						589						—
Non-recurring expense (income)						114						(1,866)						2,244						(7,338)						5,420
Consolidated Adjusted EBITDA						525,889						602,847						674,400						2,438,662						2,422,824
Adjusted EBITDA attributable to non-controlling interest in subsidiaries						(36,321)						(36,332)						(33,550)						(144,111)						(124,047)
Adjusted EBITDA attributable to Matador Resources Company shareholders						$	489,568					$	566,515					$	640,850					$	2,294,551					$	2,298,777
						Three Months Ended																		Year Ended
(In thousands)						December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Unaudited Adjusted EBITDA Reconciliation to Net Cash Provided by Operating Activities:
Net cash provided by operating activities						$	474,449					$	721,660					$	574,959					$	2,425,015					$	2,246,885
Net change in operating assets and liabilities						938						(123,282)						40,336						(176,189)						(13,080)
Interest expense, net of non-cash portion						51,310						46,948						55,723						193,756						155,154
Current income tax provision (benefit)						353						(39,335)						779						7,088						27,059
Net loss on asset sales and impairment						—						589						—						589						—
Other non-cash and non-recurring (income) expense						(1,161)						(3,733)						2,603						(11,597)						6,806
Adjusted EBITDA attributable to non-controlling interest in subsidiaries						(36,321)						(36,332)						(33,550)						(144,111)						(124,047)
Adjusted EBITDA attributable to Matador Resources Company shareholders						$	489,568					$	566,515					$	640,850					$	2,294,551					$	2,298,777

15

Adjusted EBITDA – San Mateo (100%)

			Three Months Ended																		Year Ended
(In thousands)			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Unaudited Adjusted EBITDA Reconciliation to Net Income:
Net income			$	46,924					$	49,509					$	47,786					$	207,242					$	175,557
Depletion, depreciation and amortization			15,570						13,213						9,746						50,751						37,667
Interest expense			12,172						10,933						9,870						37,890						37,368
Accretion of asset retirement obligations			134						119						108						484						405
Net loss on impairment			—						372						—						372						—
Non-recurring (income) expense			(675)						—						960						(2,635)						2,160
Adjusted EBITDA			$	74,125					$	74,146					$	68,470					$	294,104					$	253,157

			Three Months Ended																		Year Ended
(In thousands)			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Unaudited Adjusted EBITDA Reconciliation to Net Cash Provided by Operating Activities:
Net cash provided by operating activities			$	43,885					$	99,417					$	40,477					$	248,193					$	193,030
Net change in operating assets and liabilities			17,867						(36,090)						17,561						10,821						21,825
Interest expense, net of non-cash portion			11,643						10,447						9,472						35,948						36,142
Other non-cash and non-recurring expense (income)			730						372						960						(858)						2,160
Adjusted EBITDA			$	74,125					$	74,146					$	68,470					$	294,104					$	253,157

Adjusted EBITDA – Combined Midstream (100%)

						Year Ended
(In thousands)						December 31, 2025						December 31, 2024
Matador Midstream(1)
Unaudited Adjusted EBITDA Reconciliation to Net Income:
Net income						$	32,170					$	27,572
Depletion, depreciation and amortization						5,585						5,451
Accretion of asset retirement obligations						21						20
Adjusted EBITDA attributable to Matador Midstream(1)						$	37,776					$	33,043
Adjusted EBITDA attributable to San Mateo						$	294,104					$	253,157
Adjusted EBITDA - Combined Midstream						$	331,880					$	286,200

(1)Represents activity associated with Matador’s wholly-owned midstream assets.

16

Adjusted Net Income and Adjusted Earnings Per Diluted Common Share

This press release includes the non-GAAP financial measures of adjusted net income and adjusted earnings per diluted common share. These non-GAAP items are measured as net income attributable to Matador Resources Company shareholders, adjusted for dollar and per share impact of certain items, including unrealized gains or losses on derivatives, the impact of full cost-ceiling impairment charges, if any, and non-recurring transaction costs for certain acquisitions or other non-recurring income or expense items, along with the related tax effect for all periods. This non-GAAP financial information is provided as additional information for investors and is not in accordance with, or an alternative to, GAAP financial measures. Additionally, these non-GAAP financial measures may be different than similar measures used by other companies. The Company believes the presentation of adjusted net income and adjusted earnings per diluted common share provides useful information to investors, as it provides them an additional relevant comparison of the Company’s performance across periods and to the performance of the Company’s peers. In addition, these non-GAAP financial measures reflect adjustments for items of income and expense that are often excluded by industry analysts and other users of the Company’s financial statements in evaluating the Company’s performance. The table below reconciles adjusted net income and adjusted earnings per diluted common share to their most directly comparable GAAP measure of net income attributable to Matador Resources Company shareholders.

			Three Months Ended																		Year Ended
			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025
(In thousands, except per share data)
Unaudited Adjusted Net Income and Adjusted Earnings Per Common Share Reconciliation to Net Income:
Net income attributable to Matador Resources Company shareholders			$	192,547					$	176,364					$	214,533					$	759,221
Total income tax (benefit) provision			(25,836)						59,128						62,279						172,675
Income attributable to Matador Resources shareholders before taxes			166,711						235,492						276,812						931,896
Less non-recurring and unrealized charges to income before taxes:
Unrealized (gain) loss on derivatives			(30,374)						(19,952)						12,065						(18,084)
Net loss on asset sales and impairment			—						589						—						589
Non-recurring expense (income)			445						(1,866)						2,099						(6,047)
Adjusted income attributable to Matador Resources Company shareholders before taxes			136,782						214,263						290,976						908,354
Income tax expense(1)			28,724						44,995						61,105						190,754
Adjusted net income attributable to Matador Resources Company shareholders (non-GAAP)			$	108,058					$	169,268					$	229,871					$	717,600
Weighted average shares outstanding - basic			124,280						124,396						124,953						124,556
Dilutive effect of options and restricted stock units			—						14						477						30
Weighted average common shares outstanding - diluted			124,280						124,410						125,430						124,586
Adjusted earnings per share attributable to Matador Resources Company shareholders (non-GAAP)
Basic			$	0.87					$	1.36					$	1.84					$	5.76
Diluted			$	0.87					$	1.36					$	1.83					$	5.76

(1)Estimated using federal statutory tax rate in effect for the period.

17

Adjusted Free Cash Flow

This press release includes the non-GAAP financial measure of adjusted free cash flow. This non-GAAP item is measured, on a consolidated basis for the Company and for San Mateo, as net cash provided by operating activities, adjusted for changes in working capital and cash performance incentives that are not included as operating cash flows, less cash flows used for capital expenditures, adjusted for changes in capital accruals. On a consolidated basis, these numbers are also adjusted for the cash flows related to non-controlling interest in subsidiaries that represent cash flows not attributable to Matador shareholders. Adjusted free cash flow should not be considered an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with GAAP or an indicator of the Company’s liquidity. Adjusted free cash flow is used by the Company, securities analysts and investors as an indicator of the Company’s ability to manage its operating cash flow, internally fund its D/C/E capital expenditures, pay dividends and service or incur additional debt, without regard to the timing of settlement of either operating assets and liabilities or accounts payable related to capital expenditures. Additionally, this non-GAAP financial measure may be different than similar measures used by other companies. The Company believes the presentation of adjusted free cash flow provides useful information to investors, as it provides them an additional relevant comparison of the Company’s performance, sources and uses of capital associated with its operations across periods and to the performance of the Company’s peers. In addition, this non-GAAP financial measure reflects adjustments for items of cash flows that are often excluded by securities analysts and other users of the Company’s financial statements in evaluating the Company’s cash spend.

The table below reconciles adjusted free cash flow to its most directly comparable GAAP measure of net cash provided by operating activities. All references to Matador’s adjusted free cash flow are those values attributable to Matador shareholders after giving effect to adjusted free cash flow attributable to third-party non-controlling interests, including in San Mateo. Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the table does not provide a reconciliation. The Company could not provide such reconciliation without undue hardship because such adjusted free cash flow numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including the timing of receipts and payments of cash. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Adjusted Free Cash Flow – Matador Resources Company

			Three Months Ended																		Year Ended
(In thousands)			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Net cash provided by operating activities			$	474,449					$	721,660					$	574,959					$	2,425,015					$	2,246,885
Net change in operating assets and liabilities			938						(123,282)						40,336						(176,189)						(13,080)
San Mateo discretionary cash flow attributable to non-controlling interest in subsidiaries(1)			(30,258)						(31,030)						(28,439)						(126,916)						(105,279)
Proceeds from contribution of Pronto to San Mateo			—						—						219,760						—						219,760
Performance incentives received from Five Point			3,800						—						1,300						13,000						23,800
Total discretionary cash flow			448,929						567,348						807,916						2,134,910						2,372,086
Drilling, completion and equipping capital expenditures			449,243						347,534						317,400						1,542,253						1,222,831
Midstream capital expenditures			60,310						77,592						64,692						297,746						283,881
Expenditures for other property and equipment			1,199						1,291						1,734						4,246						5,691
Net change in capital accruals			(119,578)						76,938						18,788						(29,588)						81,902
San Mateo accrual-based capital expenditures related to non-controlling interest in subsidiaries(2)			(11,223)						(29,407)						(10,227)						(116,703)						(29,475)
Total accrual-based capital expenditures(3)			379,951						473,948						392,387						1,697,954						1,564,830
Adjusted free cash flow			$	68,978					$	93,400					$	415,529					$	436,956					$	807,256
Quarterly distributions from San Mateo to Matador			$	35,700					$	36,210					$	25,500					$	136,680					$	101,439

(1)Represents Five Point’s 49% interest in San Mateo discretionary cash flow, as computed below.

(2)Represents Five Point’s 49% interest in accrual-based San Mateo CapEx, as computed below.

(3)Represents drilling, completion and equipping costs, Matador’s share of San Mateo CapEx plus 100% of other midstream CapEx not associated with San Mateo. Pronto was wholly-owned by Matador until December 18, 2024, the date Pronto was contributed to San Mateo in the Pronto Transaction.

18

Adjusted Free Cash Flow - San Mateo (100%)

			Three Months Ended																		Year Ended
(In thousands)			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025
Net cash provided by San Mateo operating activities			$	43,885					$	99,417					$	40,477					$	248,193
Net change in San Mateo operating assets and liabilities			17,867						(36,090)						17,561						10,821
Total San Mateo discretionary cash flow			61,752						63,327						58,038						259,014
San Mateo capital expenditures			48,274						65,957						8,649						252,437
Net change in San Mateo capital accruals			(25,369)						(5,943)						12,223						(14,266)
San Mateo accrual-based capital expenditures			22,905						60,014						20,872						238,171
San Mateo adjusted free cash flow			$	38,847					$	3,313					$	37,166					$	20,843

19

Proved Reserves, Standardized Measure and PV-10

The following table summarizes Matador’s estimated total proved oil and natural gas reserves at December 31, 2025 and 2024. The proved reserves estimates presented for each period in the table below were prepared by the Company’s internal engineering staff and audited by an independent reservoir engineering firm, Netherland, Sewell & Associates, Inc. These proved reserves estimates were prepared in accordance with the SEC’s rules for oil and natural gas reserves reporting and do not include any unproved reserves classified as probable or possible that might exist on Matador’s properties.

			At December 31,												% YoY Change
			2025						2024
Estimated proved reserves:(1)
Estimated proved developed reserves (MBOE)			407,987						366,797						+11%
Estimated proved undeveloped reserves (MBOE)			259,060						244,740						+6%
Total (MBOE)			667,047						611,536						+9%
Percent developed			61.2		%				60.0		%
Change in proved reserves from prior year (MBOE)			55,511						151,466
Production (MBOE)			75,575						62,495
Reserves replacement ratio			173		%				342		%
Future development costs (in thousands)			$	2,683,388					$	2,705,340
Less: future development costs on proved developed reserves (in thousands)			(4,403)						(17,391)
Future finding and development costs (in thousands)			$	2,678,985					$	2,687,949
Future finding and development costs per BOE			$	10.34					$	10.98					(6)%
Standardized Measure (in millions)(2)			$	6,986.6					$	7,376.6					(5)%
Discounted future income taxes			1,251.2						$	1,857.2
PV-10 (in millions)(3)			$	8,237.8					$	9,233.8					(11)%
Commodity prices:(1)
Oil (per Bbl)			$	61.82					$	71.96					(14)%
Natural Gas (per MMBtu)			$	3.39					$	2.13					+59%

(1) Determined using index prices for oil and natural gas, without giving effect to derivative transactions, and held constant throughout the life of the properties. The unweighted arithmetic averages of first-day-of-the-month prices for the period from January through December 2025 were $61.82 per Bbl for oil and $3.39 per MMBtu for natural gas and for the period from January through December 2024 were $71.96 per Bbl for oil and $2.13 per MMBtu for natural gas. These prices were adjusted by property for quality, energy content, regional price differentials, transportation fees, marketing deductions and other factors affecting the price received at the wellhead. Matador reports its proved reserves in two streams, oil and natural gas, and the economic value of the NGLs associated with the natural gas is included in the estimated wellhead price on those properties where NGLs are extracted and sold.

(2) Standardized Measure represents the present value of estimated future net cash flows from proved reserves, less estimated future development, production, plugging and abandonment and income tax expenses, discounted at 10% per annum to reflect the timing of future cash flows. Standardized Measure is not an estimate of the fair market value of Matador’s properties.

(3) PV-10 is a non-GAAP financial measure and generally differs from Standardized Measure, the most directly comparable GAAP financial measure, because it does not include the effects of income taxes on future income. PV-10 is not an estimate of the fair market value of the Company’s properties. Matador and others in the industry use PV-10 as a measure to compare the relative size and value of proved reserves held by companies and of the potential return on investment related to the companies’ properties without regard to the specific tax characteristics of such entities. PV-10 may be reconciled to the Standardized Measure of discounted future net cash flows at such dates by adding the discounted future income taxes associated with such reserves to the Standardized Measure.

20

FAQ

How did Matador Resources (MTDR) perform financially in 2025?

Matador reported strong 2025 results with oil and natural gas revenues of about $3.24 billion and net income attributable to shareholders of $759.2 million. Diluted earnings per share were $6.09, supported by record production and growing midstream contributions.

What production levels did Matador Resources (MTDR) achieve in Q4 2025?

In Q4 2025, Matador produced an average of 211,290 BOE per day, including 121,363 barrels of oil per day. This slightly exceeded guidance, even with some natural gas volumes shut in due to weak Waha hub pricing and weather-related impacts.

What are Matador Resources’ 2026 production and capital spending plans?

For 2026, Matador guides to 122,000–124,000 barrels of oil per day and 209,500–215,000 BOE per day overall. It plans to cut total drilling, completion and midstream capital about 11% to $1.45–$1.55 billion, driven by efficiency gains and longer laterals.

How did Matador Resources’ reserves and PV-10 change in 2025?

At December 31, 2025, Matador’s total proved reserves rose 9% to 667.0 million BOE, with 61.2% developed. PV-10, a pre-tax present value measure, was reported at about $8.24 billion, reflecting the economic value of these reserves under SEC pricing.

What is Matador Resources doing to manage leverage and liquidity?

Matador ended 2025 with a 1.1x leverage ratio and $1.8 billion of liquidity under its reserve-based credit facility. It reduced borrowings on that facility by about $200 million during the year while still funding growth and shareholder returns.

How much cash did Matador Resources return to shareholders in 2025?

In 2025, Matador returned approximately $218.9 million to shareholders, including $163.1 million of fixed dividends and $55.8 million of share repurchases under its $400 million repurchase program. The dividend was increased for the seventh time in four years.

What hedging strategy is Matador Resources using for 2026 oil production?

Matador has hedged about 50% of expected 2026 oil production using costless collars. These contracts have a weighted average floor price near $53 per barrel and a ceiling around $66 per barrel, limiting downside while constraining upside above the ceiling.

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