Matador Resources Company 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. The company concentrates its operations on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin spanning Southeast New Mexico and West Texas. It additionally maintains assets in the Haynesville shale and Cotton Valley plays located in Northwest Louisiana. Matador conducts integrated midstream operations through its San Mateo joint venture to support its production activities and provide services to third-party customers in its areas of operation. The company's strategy focuses on increasing shareholder value by building reserves, production, and cash flows while maintaining operational discipline and returning capital to investors.

Matador generates revenue primarily from the sale of crude oil, natural gas, and natural gas liquids produced from its wells. In 2025, the company reported oil production of 43.7 million barrels and natural gas production of 191.3 billion cubic feet, resulting in average daily oil equivalent production of 207,070 barrels per day. The company also earns revenue from its midstream segment, which offers natural gas processing, oil transportation and gathering, and produced water gathering and disposal services. These services are provided to both Matador's own exploration and production operations and to third-party producers operating in the Delaware Basin region. Sales are conducted under various short-term and long-term agreements with purchasers who pay market-based prices tied to industry benchmarks, with the company's revenue streams benefiting from its integrated approach to hydrocarbon development and midstream infrastructure.

The company organizes its operations into two core segments: Exploration and Production and Midstream.

• Exploration and Production: This segment is responsible for the exploration, development, and production of oil and natural gas resources. Its primary focus is the Delaware Basin where it targets the Wolfcamp and Bone Spring formations, with additional operations in the Haynesville shale and Cotton Valley plays of Northwest Louisiana. In 2025, the segment drilled and completed 258 gross horizontal wells in the Delaware Basin and maintained approximately 354,600 gross acres in that region, contributing to estimated proved reserves of 667.0 million barrels of oil equivalent at year-end, which represented a 9% increase from the prior year.

• Midstream: This segment, operated mainly through the San Mateo joint venture in which Matador holds a 51% interest, provides essential midstream services. As of December 31, 2025, San Mateo's system included 720 million cubic feet per day of designed natural gas cryogenic processing capacity (an increase of 38% from the prior year), approximately 340 miles of natural gas gathering pipelines, three oil central delivery points with over 100,000 barrels per day of designed oil throughput capacity and approximately 120 miles of oil gathering and transportation pipelines, and 16 commercial salt water disposal wells with 475,000 barrels per day of designed produced water disposal capacity and approximately 195 miles of produced water gathering pipelines. The segment serves both Matador's production needs and third-party customers in the Delaware Basin area, with average daily natural gas gathering of 517 million cubic feet and oil throughput of 52,900 barrels per day during 2025.

Matador holds a substantial position in the Delaware Basin, which is one of the most prolific oil-producing regions in the United States and a key focus area for the company's operations. The company competes with major and integrated oil corporations as well as numerous independent exploration and production firms for access to prospective acreage, drilling rigs, field services, and skilled personnel. Its competitive advantages stem from a concentrated land position in core areas of the Basin where a significant majority of acreage is supported by existing production, a disciplined approach to capital allocation that emphasizes high-return opportunities, and technical expertise in unconventional reservoir development demonstrated through consistent well performance improvements. Additionally, the company's integrated midstream operations through San Mateo provide flow assurance and service reliability that enhance the netback value of its production, particularly in areas where takeaway capacity might otherwise be constrained. Matador's strategy balances growth initiatives with financial prudence, as evidenced by its ability to generate free cash flow while maintaining investment in future development opportunities.

Matador sells its oil, natural gas, and natural gas liquids to various purchasers including refiners that process the crude for end-use markets, utilities that combust natural gas for power generation, and industrial consumers that use hydrocarbons as feedstock or fuel. Transactions occur under both spot contracts tied to daily market prices and longer-term agreements that provide volume commitments. Three significant purchasers collectively account for approximately three-quarters of the company's total hydrocarbon revenue, reflecting the concentration of its customer base in key market channels. Through its midstream operations, Matador provides gathering, processing, and disposal services to its own wells drilled in the Delaware Basin and to other producers active in the region, particularly those operating near its Stateline, West Texas, and Rustler Breaks asset areas. These midstream services are offered under fee-based arrangements where third-party users pay for specific volumes processed or transported, creating an additional revenue stream beyond the company's own production activities.