Third Quarter 2025 Earnings Release 2 Steadily Increasing Fixed Dividend $0.10 $0.20 $0.40 $0.60 $0.80 $1.25 $1.50 Q1 2021 Q4 2021 Q3 2022 Q1 2023 Q4 2023 Q1 2025 Q4 2025 October 21, 2025 Investor Relations Contact and Disclosure Statements Investor Relations Contact Mac Schmitz Senior Vice President – Investor Relations Phone: (972) 371-5225 E-mail: investors@matadorresources.com Safe Harbor Statement – This presentation and statements made by representatives of Matador Resources Company ("Matador" or the ...

Key Takeaways Matador reported Q3 earnings of $1.36 per share, topping estimates but down from $1.89 a year ago.Revenue rose to $939M, driven by higher oil and gas output exceeding production guidance.MTDR raised its 2025 output forecast and plans 2-5% oil growth into 2026 amid higher capex.Matador Resources Company (MTDR) reported third-quarter 2025 adjusted earnings of $1.36 per share, which beat the Zacks Consensus Estimate of $1.22. However, the bottom line declined from the year-ago quarter’s level of ...

Matador Resources (MTDR) came out with quarterly earnings of $1.36 per share, beating the Zacks Consensus Estimate of $1.22 per share. This compares to earnings of $1.89 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +11.48%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $1.29 per share when it actually produced earnings of $1.53, delivering a surprise of +18.6%.Over the last ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) This section summarizes Matador's Q3 2025 financial and operational performance, highlighting management's positive outlook and key achievements [Management Commentary](index=1&type=section&id=Management%20Summary%20Comments) Matador's CEO highlighted significant dividend increases, a share repurchase program, and improved company rankings, reflecting strong financial health and positive outlook - Matador's Board increased the annual cash dividend from **$1.25 to $1.50 per share**, marking the seventh raise in four years, supported by strong liquidity and free cash flow[3](index=3&type=chunk) - As of October 21, 2025, Matador repurchased **1.3 million shares** for approximately **$55 million** (weighted average price of **$41 per share**), representing over **1% of total outstanding shares**[4](index=4&type=chunk)[21](index=21&type=chunk) - Matador ranked **36th** among DFW's top 150 public companies by 2024 revenue, advancing **11 places**, and became the largest publicly-traded E&P company in DFW by revenue and profitability per employee[4](index=4&type=chunk) [Q3 2025 Financial and Operational Highlights](index=1&type=section&id=Third%20Quarter%202025%20Financial%20and%20Operational%20Highlights) Matador achieved record production, exceeded guidance, reduced drilling costs, and significantly decreased its Reserves-Based Loan balance in Q3 2025 Q3 2025 Production Highlights | Metric | Q3 2025 Actual | Guidance Midpoint (July 2025) | Difference | YoY Gain (Q3 2024) | | :-------------------------------- | :------------- | :---------------------------- | :--------- | :----------------- | | Total BOE per day | 209,184 | 199,750 | +5% | +22% | | Oil production (barrels per day) | 119,556 | 117,250 | +2% | +19% | | Natural gas production (MMcf per day) | 537.8 | 495 | +9% | N/A | - Drilling and completion costs were approximately **$855 per completed lateral foot**, **3% less** than the July 2025 guidance midpoint of **$880**[6](index=6&type=chunk) - Matador reduced its Reserves-Based Loan (RBL) balance by **$105 million**, from **$390 million** to **$285 million** by September 30, 2025[6](index=6&type=chunk)[19](index=19&type=chunk) [Guidance Updates](index=1&type=section&id=Guidance%20Updates) This section details Matador's updated full-year 2025 guidance and provides an outlook for 2026, including production and capital expenditure forecasts [Full-Year 2025 Guidance Update](index=1&type=section&id=Full-Year%202025%20Guidance%20Update) Matador increased full-year 2025 production guidance and capital expenditure estimates due to accelerated operations, while reducing drilling costs per lateral foot Full-Year 2025 Guidance Changes | Metric | Prior Full-Year 2025 Guidance | New Full-Year 2025 Guidance | | :------------------------ | :---------------------------- | :-------------------------- | | Total BOE per day | 200,000 to 205,000 | 205,500 to 206,500 | | Oil (Bbl per day) | 117,500 to 119,500 | 119,250 to 119,750 | | Natural Gas (MMcf per day) | 495 to 513 | 517.5 to 520.5 | | D/C/E CapEx | $1.18 to $1.37 billion | $1.47 to $1.55 billion | | Midstream CapEx | $120 to $180 million | $155 to $175 million | | Total CapEx | $1.30 to $1.55 billion | $1.625 to $1.725 billion | - The number of operated wells expected to be drilled and turned to sales in full-year 2025 increased from **106.3 net operated wells** to **118.3 net operated wells**[11](index=11&type=chunk) - Expected full-year 2025 drilling and completion cost per lateral foot decreased from **$865 to $895** to a lower range of **$835 to $855 per completed lateral foot**[10](index=10&type=chunk)[11](index=11&type=chunk) [2026 Outlook](index=1&type=section&id=2026%20Outlook) Matador anticipates organic production growth of 2-5% in 2026, reaching 210,000 BOE per day, while reducing total capital expenditures by 8-12% - Base case 2026 organic production is expected to be approximately **210,000 BOE per day**, with organic oil production growth of **2 to 5%** from 2025 to 2026 (exclusive of acquisitions)[11](index=11&type=chunk)[13](index=13&type=chunk) - Matador expects an improved capital program for full-year 2026, resulting in **8 to 12% lower total capital expenditures** compared to 2025 for approximately the same lateral footage[11](index=11&type=chunk)[13](index=13&type=chunk) - Key priorities for 2026 include maintaining a strong balance sheet, growing proved reserves, increasing engineered inventory, continuing acreage acquisition, and enhancing midstream businesses[13](index=13&type=chunk) [Operational Review](index=2&type=section&id=Operational%20Review) This section reviews Matador's land program, upstream operations, and midstream business, highlighting strategic acquisitions, production achievements, and infrastructure developments [Land Program](index=2&type=section&id=Matador%27s%20Land%20Program) Matador's 'brick-by-brick' land acquisition strategy in the Delaware Basin secured over 10 years of high-return drilling locations - Matador completed over **$125 million** in land transactions in the Delaware Basin during Q3 2025, primarily acquiring undeveloped acreage and working interests[7](index=7&type=chunk) - Targeted acquisitions provide Matador with over **10 years of engineered locations**, boasting average rates of return of approximately **50%** even at **$50 per barrel** oil prices[7](index=7&type=chunk) [Upstream Operations](index=2&type=section&id=Upstream%20Operations) Matador's Q3 2025 upstream operations exceeded production guidance, driven by strong well performance, accelerated execution, and improved capital efficiency - Matador exceeded the midpoint of July 2025 guidance for BOE volumes by **5%**, delivering **209,184 BOE per day** in Q3 2025, reflecting strong production and well outperformance[8](index=8&type=chunk) - Q3 2025 production included **1.5 Bcf (17 MMcf per day)** from six non-operated Haynesville Shale wells, highlighting Matador's estimated **200 to 300 Bcf 'gas bank'**[9](index=9&type=chunk)[27](index=27&type=chunk) - Matador's overall completion efficiency increased by **20% in 2025** compared to 2024, driven by reduced drilling days and expanded use of advanced frac operations[12](index=12&type=chunk) - The Gavilon 104H Avalon well, online in September 2024, paid out in approximately **one year**, with cumulative production of **280,000 barrels of oil** and **358 MMcf of natural gas** by September 30, 2025, and over **85 potential future drilling locations**[28](index=28&type=chunk) [Midstream Operations (San Mateo)](index=3&type=section&id=Midstream%20Operations%20(San%20Mateo)) San Mateo, Matador's midstream business, significantly contributed to Q3 2025 revenue and efficiency through new infrastructure and record natural gas processing volumes - During September 2025, San Mateo commissioned the Ranger North Compressor station, designed for **30 MMcf per day** (expandable to **70 MMcf per day**), its first sour gas handling facility, increasing third-party optionality[15](index=15&type=chunk) - The Marlan plant expansion, in service Q2 2025, enabled San Mateo to process a record **533 MMcf per day of natural gas** in Q3 2025, a **10% increase** from Q2 2025[16](index=16&type=chunk) San Mateo Q3 2025 Financials and Throughput Volumes | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | Q3 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Net Income (millions) | $50 | N/A | N/A | N/A | N/A | | Adjusted EBITDA (millions) | $74 | N/A | N/A | N/A | N/A | | Natural gas gathering (MMcf per day) | 530 | 491 | +8% | 431 | +23% | | Natural gas processing (MMcf per day) | 533 | 486 | +10% | 424 | +26% | | Oil gathering and transportation (Bbl per day) | 58,400 | 50,300 | +16% | 52,300 | +12% | | Produced water handling (Bbl per day) | 413,700 | 414,400 | —% | 513,200 | -19% | [Financial Performance](index=4&type=section&id=Financial%20Performance) This section reviews Matador's Q3 2025 financial summary, shareholder returns, realized commodity prices, and capital expenditures, highlighting key financial metrics and strategic allocations [Q3 2025 Financial Summary](index=4&type=section&id=Financial%20Summary) Matador reported strong Q3 2025 financial results, including significant net income, increased operating cash flow, and reduced RBL borrowings Q3 2025 Key Financial Metrics | Metric | Q3 2025 | | :-------------------------------- | :-------- | | Net income | $176 million | | Earnings per share | $1.42 | | Adjusted earnings per share | $1.36 | | Net cash provided by operating activities | $722 million | | Adjusted EBITDA | $567 million | | Adjusted free cash flow | $93 million | - Net cash provided by operating activities increased by **44%** from **$501 million** in Q2 2025 to **$722 million** in Q3 2025[18](index=18&type=chunk) - Matador paid down an additional **$105 million** on its RBL in Q3 2025, reducing total borrowings to **$285 million**, maintaining a strong balance sheet with a debt-to-EBITDA leverage ratio under **1.0x** and approximately **$2 billion** in available liquidity[19](index=19&type=chunk) [Shareholder Returns](index=4&type=section&id=Shareholder%20Returns) Matador demonstrated commitment to shareholder returns through a **20%** dividend increase, a share repurchase program, and employee stock purchases - Matador's Board approved a **20% increase** in the dividend policy, raising it from **$1.25 annually ($0.3125 per quarter)** to **$1.50 annually ($0.375 per quarter)**, representing an annualized yield of approximately **3.5%**[20](index=20&type=chunk) - Under its share repurchase authorization, Matador repurchased **$55 million (1.3 million shares)** of common stock at an average price of **$41 per share**, representing over **1% of total outstanding shares**[21](index=21&type=chunk) - Matador's directors and executive officers purchased approximately **67,000 shares** in 2025, with over **95% of employees** participating in the Employee Share Purchase Plan (ESPP)[22](index=22&type=chunk) [Q3 2025 Realized Commodity Prices](index=6&type=section&id=Third%20Quarter%202025%20Realized%20Commodity%20Prices) Matador's Q3 2025 realized oil prices slightly increased sequentially but decreased year-over-year, while natural gas prices declined sequentially but increased year-over-year Realized Commodity Prices | Realized Commodity Prices | Q3 2025 | Q2 2025 | Sequential Change | Q3 2024 | YoY Change | | :------------------------ | :------ | :------ | :---------------- | :------ | :--------- | | Oil Prices, per Bbl | $64.91 | $64.34 | +1% | $75.67 | -14% | | Natural Gas Prices, per Mcf | $1.95 | $2.05 | -5% | $1.83 | +7% | [Q3 2025 Capital Expenditures](index=6&type=section&id=Third%20Quarter%202025%20Capital%20Expenditures) Matador's Q3 2025 D/C/E capital expenditures exceeded guidance due to accelerated operations, while midstream CapEx remained consistent Q3 2025 Capital Expenditures | ($ millions) | Actual | July 2025 Guidance | | :----------- | :----- | :----------------- | | D/C/E | $429.9 | $300 to $370 | | Midstream | $42.8 | $25 to $55 | - D/C/E CapEx was **$95 million** above guidance midpoint, primarily due to accelerating **4.5 net operated wells** turned to sales (**$15 million**), unforecasted non-operated well activity (**$15 million**), increased working interest additions (**$9 million**), and Q4 2025 well costs (**$56 million**)[32](index=32&type=chunk) [Fourth Quarter 2025 Estimates](index=7&type=section&id=Fourth%20Quarter%202025%20Estimates) This section provides Matador's Q4 2025 estimates for production, wells turned to sales, and capital expenditures, outlining expected trends and operational plans [Production Estimates](index=7&type=section&id=Fourth%20Quarter%202025%20Estimated%20Oil%2C%20Natural%20Gas%20and%20Total%20BOE%20Production%20Growth) Matador anticipates increased Q4 2025 oil production from new wells, but decreased natural gas production due to voluntary shut-ins and natural decline Q3 vs. Q4 2025 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 | | :----- | :--------------------------------------- | :--------------------------------------- | :------------------------------------------ | :---- | | Q3 2025 | 209,184 | 119,556 | 537.8 | 57% | | Q4 2025E | 205,000 to 208,000 | 119,000 to 121,000 | 516 to 522 | 58% | - Natural gas production is expected to decrease in Q4 2025 due to voluntary shut-ins of high natural gas to oil ratio wells (negative Waha prices) and natural decline from six non-operated Haynesville shale wells[37](index=37&type=chunk) [Wells Turned to Sales Estimates](index=7&type=section&id=Fourth%20Quarter%202025%20Estimated%20Wells%20Turned%20to%20Sales) Matador expects to turn to sales **27.5 net operated horizontal wells** in Q4 2025, exceeding full-year expectations by **12 net wells**, with more planned for early 2026 - Matador expects to turn to sales **27.5 net operated horizontal wells** in the Delaware Basin during Q4 2025[39](index=39&type=chunk) - Due to accelerated activities, Matador expects to turn to sales **12 net wells more** than previously expected for full-year 2025[39](index=39&type=chunk) - An additional **13.6 net operated horizontal wells** are expected to be turned to sales in January 2026, projected to favorably increase production from 2025 to 2026[39](index=39&type=chunk) [Capital Expenditure Estimates](index=8&type=section&id=Fourth%20Quarter%202025%20Estimated%20Capital%20Expenditures) Matador forecasts a significant decrease in Q4 2025 D/C/E and midstream capital expenditures compared to Q3 2025, primarily due to completion timing - D/C/E CapEx for Q4 2025 is estimated to be **$300 to $380 million**, a **21% decrease** from **$429.9 million** in Q3 2025[40](index=40&type=chunk) - Midstream CapEx for Q4 2025 is estimated to be **$10 to $30 million**, a **53% reduction** from **$42.8 million** in Q3 2025[40](index=40&type=chunk) [Company Information & Disclosures](index=8&type=section&id=Company%20Information%20%26%20Disclosures) This section provides details on Matador's Q3 2025 earnings call, company overview, forward-looking statements, and contact information [Third Quarter 2025 Earnings Conference Call](index=8&type=section&id=Third%20Quarter%202025%20Earnings%20Conference%20Call) Matador Resources Company will host a live conference call on October 22, 2025, to discuss Q3 2025 results, with replay available online - A live conference call will be held on **Wednesday, October 22, 2025, at 10:00 a.m. Central Time** to review Q3 2025 results[41](index=41&type=chunk) - Access to the live call is available via a registration link, with a replay available on the Company's website for **one year**[41](index=41&type=chunk)[42](index=42&type=chunk) [About Matador Resources Company](index=8&type=section&id=About%20Matador%20Resources%20Company) Matador is an independent energy company focused on oil and natural gas E&P in the US, primarily in the Delaware Basin and Haynesville Shale, with midstream services - Matador is an independent energy company engaged in exploration, development, production, and acquisition of oil and natural gas resources in the United States[43](index=43&type=chunk) - Current operations primarily focus on the oil and liquids-rich Wolfcamp and Bone Spring plays in the Delaware Basin and the Haynesville shale and Cotton Valley plays in Northwest Louisiana[43](index=43&type=chunk) - The company also conducts midstream operations, providing natural gas processing, oil transportation, and gathering/disposal services for its own operations and third parties[43](index=43&type=chunk) [Forward-Looking Statements](index=8&type=section&id=Forward-Looking%20Statements) This section provides a cautionary disclaimer regarding forward-looking statements, noting that actual results may differ due to risks and uncertainties - The press release includes 'forward-looking statements' related to future events, business, and financial performance, identified by words like 'expect,' 'anticipate,' and 'project'[45](index=45&type=chunk) - Actual results and future events could differ materially from those anticipated due to various risks and uncertainties, including economic conditions, commodity prices, operational execution, and regulatory actions[45](index=45&type=chunk)[46](index=46&type=chunk) - Matador undertakes no obligation to update these forward-looking statements, and readers are cautioned not to place undue reliance on them[46](index=46&type=chunk) [Contact Information](index=9&type=section&id=Contact%20Information) Contact details for investor relations and the Chief Financial Officer are provided for inquiries - Contact for investor relations is Mac Schmitz (Senior Vice President - Investor Relations) at **(972) 371-5225** or **investors@matadorresources.com**[47](index=47&type=chunk) - Contact for financial inquiries is Rob Macalik (Executive Vice President and Chief Financial Officer) at **(972) 371-5413**[47](index=47&type=chunk) [Financial Statements & Non-GAAP Reconciliations](index=10&type=section&id=Financial%20Statements%20%26%20Non-GAAP%20Reconciliations) This section presents Matador's selected financial and operating items, condensed consolidated financial statements, and reconciliations of non-GAAP financial measures [Selected Financial and Operating Items](index=10&type=section&id=Selected%20Financial%20and%20Operating%20Items) This section provides a detailed tabular comparison of key financial and operating metrics for Q3 2025, Q2 2025, and Q3 2024 Selected Financial and Operating Items (Q3 2025 vs. Q2 2025 vs. Q3 2024) | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :------------------------------------------ | :------ | :------ | :------ | | **Average Daily Production Volumes:** | | | | | Oil (Bbl/d) | 119,556 | 122,875 | 100,315 | | Natural gas (MMcf/d) | 537.8 | 516.8 | 427.0 | | Total oil equivalent (BOE/d) | 209,184 | 209,013 | 171,480 | | **Average Sales Prices:** | | | | | Oil, without realized derivatives (per Bbl) | $64.91 | $64.34 | $75.67 | | Natural gas, without realized derivatives (per Mcf) | $1.95 | $2.05 | $1.83 | | **Revenues (millions):** | | | | | Oil and natural gas revenues | $810.2 | $815.8 | $770.2 | | Third-party midstream services revenues | $43.8 | $42.0 | $38.3 | | **Other (millions):** | | | | | Net income | $176.4 | $150.2 | $248.3 | | Earnings per common share (diluted) | $1.42 | $1.21 | $1.99 | | Adjusted EBITDA | $566.5 | $594.2 | $574.5 | | Net cash provided by operating activities | $721.7 | $501.0 | $610.4 | | Adjusted free cash flow | $93.4 | $132.7 | $196.1 | | D/C/E capital expenditures | $429.9 | $345.3 | $329.9 | | Midstream capital expenditures | $42.8 | $56.2 | $48.9 | [Condensed Consolidated Balance Sheets](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20-%20UNAUDITED) The unaudited condensed consolidated balance sheets present Matador's financial position as of September 30, 2025, compared to December 31, 2024 Condensed Consolidated Balance Sheets (Unaudited) | (In thousands) | September 30, 2025 | December 31, 2024 | | :------------------------------------ | :----------------- | :---------------- | | Total current assets | $916,841 | $927,345 | | Net property and equipment | $10,559,908 | $9,764,096 | | Total assets | $11,646,708 | $10,850,109 | | Total current liabilities | $1,257,191 | $995,357 | | Borrowings under Credit Agreement | $285,000 | $595,500 | | Borrowings under San Mateo Credit Facility | $815,000 | $615,000 | | Senior unsecured notes payable | $2,119,554 | $2,114,908 | | Total long-term liabilities | $4,533,737 | $4,397,320 | | Total Matador Resources Company shareholders' equity | $5,505,961 | $5,089,149 | | Total liabilities and shareholders' equity | $11,646,708 | $10,850,109 | [Condensed Consolidated Statements of Income](index=13&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20-%20UNAUDITED) The unaudited condensed consolidated statements of income detail revenues, expenses, and net income for the three and nine months ended September 30, 2025, and 2024 Condensed Consolidated Statements of Income (Unaudited) | (In thousands, except per share data) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Total revenues | $939,015 | $899,783 | $2,848,285 | $2,534,612 | | Total expenses | $633,036 | $507,727 | $1,864,491 | $1,459,983 | | Operating income | $305,979 | $392,056 | $983,794 | $1,074,629 | | Net income attributable to Matador Resources Company shareholders | $176,364 | $248,291 | $566,674 | $670,789 | | Diluted Earnings per common share | $1.42 | $1.99 | $4.54 | $5.44 | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20-%20UNAUDITED) The unaudited condensed consolidated statements of cash flows detail cash generated from operating, investing, and financing activities for the three and nine months ended September 30, 2025, and 2024 Condensed Consolidated Statements of Cash Flows (Unaudited) | (In thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $721,660 | $610,437 | $1,950,566 | $1,671,926 | | Net cash used in investing activities | $(562,961) | $(2,160,571) | $(1,569,635) | $(3,280,718) | | Net cash (used in) provided by financing activities | $(149,098) | $1,563,254 | $(379,286) | $1,579,517 | | Change in cash and restricted cash | $9,601 | $13,120 | $1,645 | $(29,275) | | Cash and restricted cash at end of period | $96,387 | $77,023 | $96,387 | $77,023 | [Supplemental Non-GAAP Financial Measures](index=15&type=section&id=Supplemental%20Non-GAAP%20Financial%20Measures) This section defines and reconciles Matador's non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow, to comparable GAAP metrics [Adjusted EBITDA](index=15&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA is a non-GAAP measure used to evaluate operating performance, defined as earnings before interest, taxes, DDA, and other non-cash items, with reconciliations to GAAP metrics - Adjusted EBITDA is defined as earnings before interest, income taxes, depletion, depreciation, amortization, accretion of asset retirement obligations, property impairments, unrealized derivative gains/losses, non-recurring transaction costs, other non-cash items, non-cash stock-based compensation, and net gain/loss on asset sales and impairment[58](index=58&type=chunk) Adjusted EBITDA Reconciliation to Net Income (Matador Resources Company) | (In thousands) | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :---------------------------------------------------- | :----------- | :----------- | :----------- | | Net income attributable to Matador Resources Company shareholders | $176,364 | $150,225 | $248,291 | | Net income | $200,624 | $182,359 | $272,677 | | Interest expense | $50,641 | $53,345 | $36,169 | | Total income tax provision | $59,128 | $56,462 | $85,321 | | Depletion, depreciation and amortization | $305,354 | $302,602 | $242,821 | | Adjusted EBITDA attributable to Matador Resources Company shareholders | $566,515 | $594,245 | $574,484 | Adjusted EBITDA Reconciliation to Net Cash Provided by Operating Activities (Matador Resources Company) | (In thousands) | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :---------------------------------------------------- | :----------- | :----------- | :----------- | | Net cash provided by operating activities | $721,660 | $501,027 | $610,437 | | Net change in operating assets and liabilities (working capital) | $(123,282) | $65,540 | $(15,367) | | Interest expense, net of non-cash portion | $46,948 | $49,672 | $33,469 | | Adjusted EBITDA attributable to Matador Resources Company shareholders | $566,515 | $594,245 | $574,484 | [Adjusted Net Income and Adjusted Earnings Per Diluted Common Share](index=17&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20Earnings%20Per%20Diluted%20Common%20Share) Adjusted net income and adjusted EPS are non-GAAP measures that adjust net income for unrealized derivative gains/losses, impairment, and non-recurring items for clearer performance comparison - Adjusted net income and adjusted earnings per diluted common share are non-GAAP measures that adjust net income for unrealized derivative gains/losses, full-cost ceiling impairment charges, and non-recurring items, with related tax effects[63](index=63&type=chunk) Adjusted Net Income and Adjusted Earnings Per Share Reconciliation (Matador Resources Company) | (In thousands, except per share data) | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :---------------------------------------------------- | :----------- | :----------- | :----------- | | Net income attributable to Matador Resources Company shareholders | $176,364 | $150,225 | $248,291 | | Unrealized (gain) loss on derivatives | $(19,952) | $37,313 | $(35,118) | | Adjusted net income attributable to Matador Resources Company shareholders (non-GAAP) | $169,268 | $190,943 | $236,002 | | Diluted Adjusted earnings per share attributable to Matador Resources Company shareholders (non-GAAP) | $1.36 | $1.53 | $1.89 | [Adjusted Free Cash Flow](index=17&type=section&id=Adjusted%20Free%20Cash%20Flow) Adjusted free cash flow is a non-GAAP measure modifying net cash from operating activities for working capital and capital expenditures, indicating internal funding, dividend, and debt management ability - Adjusted free cash flow is measured as net cash provided by operating activities, adjusted for working capital changes and cash performance incentives, less capital expenditures, adjusted for capital accruals[65](index=65&type=chunk) Adjusted Free Cash Flow Reconciliation (Matador Resources Company) | (In thousands) | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | | Net cash provided by operating activities | $721,660 | $501,027 | $610,437 | | Net change in operating assets and liabilities (working capital) | $(123,282) | $65,540 | $(15,367) | | Total discretionary cash flow | $567,348 | $535,009 | $578,087 | | Total accrual-based capital expenditures | $473,948 | $402,335 | $381,940 | | Adjusted free cash flow | $93,400 | $132,674 | $196,147 | Adjusted Free Cash Flow Reconciliation (San Mateo - 100%) | (In thousands) | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | | Net cash provided by San Mateo operating activities | $99,417 | $23,305 | $50,496 | | Total San Mateo discretionary cash flow | $63,327 | $77,465 | $59,660 | | San Mateo accrual-based capital expenditures | $60,014 | $92,400 | $12,020 | | San Mateo adjusted free cash flow | $3,313 | $(14,935) | $47,640 |

Core Viewpoint - Matador Resources Company is positioned for growth with increased oil production and operational efficiency, despite facing challenges from weaker oil prices [3][6]. Group 1: Company Overview - Matador Resources is an independent energy company focused on the exploration, development, production, and acquisition of oil and natural gas resources in the United States, primarily operating in the Delaware Basin and other shale plays [1]. Group 2: Financial Performance and Projections - The consensus price target for Matador's stock has shown stability, with an average target of $68.33, indicating analyst confidence in the company's market position [2][6]. - The company is expected to announce increased oil production in its upcoming third-quarter earnings, which is anticipated to support earnings despite potential offset from weaker oil prices [3]. - Matador has raised its full-year guidance for 2026, projecting total daily production to reach between 200,000 to 205,000 barrels of oil equivalent per day (BOE/d) [4]. Group 3: Insider Activity and Shareholder Returns - Insiders have been actively purchasing shares, reflecting optimism about the company's future prospects, with 10 insider purchases noted over the past three months [5]. - The company has initiated a $400 million share repurchase program and has consistently increased its dividends, indicating strong shareholder returns [5].

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - Matador Resources Company (MTDR) is scheduled to report its third-quarter 2025 results on October 21, after market close [1] Earnings Performance - In the previous quarter, Matador reported adjusted earnings of $1.53 per share, exceeding the Zacks Consensus Estimate of $1.29, primarily due to increased total production volumes [2] - The company has consistently surpassed the Zacks Consensus Estimate in the last four quarters, with an average surprise of 11.85% [2] - The Zacks Consensus Estimate for third-quarter earnings per share is $1.26, reflecting a 31.8% decline from the prior year's reported figure [2] Revenue Expectations - The Zacks Consensus Estimate for revenues stands at $902.3 million, indicating a 0.28% increase from the year-ago figure [3] Production Factors - Matador is expected to maintain stable performance in Q3, supported by its oil-rich acreages in premier shale basins, including the Delaware Basin and Eagle Ford shale play [4] - Oil production is anticipated to have grown approximately 17.5% year over year, contributing positively to revenues and profitability [4] Pricing and Margin Pressure - The company is likely to face margin pressure due to declining commodity prices, with average West Texas Intermediate spot prices for July, August, and September at $68.39, $64.86, and $64 per barrel, respectively, compared to higher prices in the same period last year [5] - The significant drop in average oil prices during the quarter may negatively impact upstream profitability despite increased production levels [5] Earnings Outlook - Current analysis does not indicate an earnings beat for Matador Resources, with an Earnings ESP of -6.1% [7] - Mixed estimate revisions and weaker pricing trends suggest a challenging quarterly outlook for the company [8] Zacks Rank - Matador Resources currently holds a Zacks Rank of 4 (Sell) [9]

Core Viewpoint - Matador Resources (MTDR) is expected to report a year-over-year decline in earnings despite higher revenues for the quarter ended September 2025, with the consensus outlook being crucial for assessing the company's earnings picture [1][3]. Earnings Expectations - The upcoming earnings report is anticipated to show earnings of $1.33 per share, reflecting a decline of 29.6% year-over-year, while revenues are projected to be $902.31 million, a slight increase of 0.3% from the previous year [3]. - The stock price may increase if the actual earnings exceed expectations, while a miss could lead to a decline in stock price [2]. Estimate Revisions - The consensus EPS estimate has been revised down by 4.07% over the last 30 days, indicating a reassessment by analysts regarding the company's earnings prospects [4]. - The Most Accurate Estimate for Matador is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -12.97%, suggesting a bearish outlook from analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the deviation of actual earnings from consensus estimates, with a strong predictive power for positive readings [9][10]. - Stocks with a positive Earnings ESP and a Zacks Rank of 1, 2, or 3 have historically produced positive surprises nearly 70% of the time [10]. Historical Performance - Matador has beaten consensus EPS estimates in the last four quarters, with a notable surprise of +18.60% in the last reported quarter [13][14]. - Despite the historical performance, the current combination of a negative Earnings ESP and a Zacks Rank of 4 makes it challenging to predict an earnings beat for the upcoming report [12]. Conclusion - While Matador does not appear to be a compelling candidate for an earnings beat, investors should consider other factors before making investment decisions related to the stock ahead of the earnings release [17].

Group 1 - The article promotes a free two-week trial for the investment group Distressed Value Investing, which focuses on energy companies and distressed investment opportunities [1] - The author, Aaron Chow, has over 15 years of analytical experience and co-founded a mobile gaming company that was acquired by PENN Entertainment, showcasing his expertise in analytical and modeling skills [2] - Distressed Value Investing emphasizes value opportunities in the energy sector, indicating a strategic focus on this industry for potential investments [2] Group 2 - The article mentions that Aaron Chow holds a beneficial long position in the shares of MTDR, indicating a personal investment interest in this company [2] - The content does not provide specific financial metrics or performance data related to the companies discussed, focusing instead on the author's background and the investment group's objectives [1][2]

Core Insights - The article promotes a free two-week trial for the investment group Distressed Value Investing, which focuses on energy companies and distressed investment opportunities [1]. Group 1 - The investment group Distressed Value Investing offers exclusive research and access to a portfolio of over 1,000 reports on more than 100 companies [1]. - Aaron Chow, known as Elephant Analytics, has over 15 years of analytical experience and is a top-rated analyst on TipRanks, with a background in mobile gaming and economic modeling [2]. - The focus of the investment group includes both value opportunities and distressed plays, particularly in the energy sector [2].