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• Occidental Petroleum (OXY) for Permian oil and gas, but on a smaller scale.
• EOG Resources, specializing in U.S. shale oil and gas production, particularly in the Permian Basin.
• Like a Pioneer Natural Resources (PXD), focused on active exploration and production of oil and gas in the Permian Basin.

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• Crude Oil: Matador Resources explores for, develops, produces, and sells crude oil from its properties.
• Natural Gas: Matador Resources explores for, develops, produces, and sells natural gas from its properties.
• Natural Gas Liquids (NGLs): Matador Resources processes natural gas to extract and sell various natural gas liquids like ethane, propane, and butane.
• Midstream Services: Provides gathering, processing, and transportation services for crude oil, natural gas, NGLs, and produced water for both its own and third-party operations.

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Major Customers of Matador Resources (MTDR)

Matador Resources (MTDR) is an independent energy company that primarily sells crude oil, natural gas, and natural gas liquids (NGLs) to other companies rather than directly to individuals. Based on their recent financial filings, their major customers for crude oil and natural gas include:

Crude Oil Customers:

• Shell Oil Company (a subsidiary of Shell plc - NYSE: SHEL)
• Marathon Petroleum Corporation (NYSE: MPC)

Natural Gas Customers:

• ETC Texas Pipeline, Ltd. (a subsidiary of Energy Transfer LP - NYSE: ET)
• BP Energy Company (a subsidiary of BP plc - NYSE: BP)

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Joseph Wm. Foran
Founder, Chairman of the Board and Chief Executive Officer

Mr. Foran founded Matador Resources Company in July 2003. He began his career in 1983 by founding Foran Oil Company, which was later contributed into Matador Petroleum Corporation, a company he also founded in 1988. Mr. Foran served as Chairman and Chief Executive Officer of Matador Petroleum Corporation until its sale to Tom Brown, Inc. in June 2003 for an enterprise value of $388 million in an all-cash transaction. Before becoming an independent oil and natural gas producer, he was Vice President and General Counsel of J. Cleo Thompson and James Cleo Thompson, Jr., Oil Producers, from 1980 to 1983. Matador Petroleum Corporation received capital from institutional and individual investors, and Matador Resources Company similarly attracted start-up capital from long-time shareholders.

William D. Lambert
Executive Vice President, Chief Financial Officer and Head of Strategy

Mr. Lambert was promoted to Executive Vice President, Chief Financial Officer and Head of Strategy for Matador Resources, effective June 11, 2025. He joined Matador earlier in 2025 and has already made significant contributions to the finance and investor relations teams.

Bryan A. Erman
Co-President, Chief Legal Officer and Head of M&A

Mr. Erman was elevated to Co-President, Chief Legal Officer and Head of M&A, effective June 11, 2025.

Van H. Singleton II
Co-President – Land, Acquisitions and Divestitures and Planning

Mr. Singleton is Co-President – Land, Acquisitions and Divestitures and Planning. He joined Matador Resources Company in August 2007 as a Landman. Prior to Matador, he founded and served as President of VanBrannon and Associates, LLC and Southern Escrow and Title of Mississippi, LLC from 1998 to 2003, which provided land title work and title insurance. From 2003 to 2007, he was the General Manager of his family’s real estate brokerage.

Matthew V. Hairford
Special Advisor to the Board of Directors and Executive Committee

Mr. Hairford served as President of Matador Resources Company from November 2013 until his retirement from that role on March 31, 2022. He is now a Special Advisor to Matador's Board of Directors and Executive Committee. Mr. Hairford joined Matador as its Drilling Manager in July 2004. His previous experience includes serving as a Senior Drilling Engineer with Samson Resources and Sonat, Inc., and he began his career with Conoco, Inc. in 1984.

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The key risks to Matador Resources (MTDR) include:

1. Commodity Price Volatility: Matador Resources' financial performance is highly sensitive to fluctuations in crude oil and natural gas prices. The company's reliance on volatile commodity markets exposes it to risks that can adversely affect its profitability, especially during economic downturns or periods of oversupply. Recent market developments, such as tariff announcements, have been noted to drive crude oil prices down, further illustrating this exposure.
2. High Debt and Financial Concerns: Matador Resources carries a substantial debt burden, reported to be approximately $3.4 billion, while maintaining minimal cash reserves. This significant debt can impact the company's financial flexibility, increase its interest expenses, and potentially affect its ability to comply with financial covenants.
3. Regulatory and Environmental Risks, including Potential Exploration Bans: The energy sector, in which Matador operates, is subject to stringent and evolving regulations. There is a looming threat of potential future bans on new exploration licenses, which could significantly impede Matador's long-term growth and valuation, as its business model heavily relies on exploration and acquisitions. This risk is compounded by the company's operational concentration in the Delaware Basin, making it particularly vulnerable to regional regulatory changes.

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Accelerating Global Energy Transition: The rapid growth in the adoption of electric vehicles (EVs), increasing market penetration of renewable energy sources (solar, wind) in power generation, and governmental policies across major economies promoting decarbonization are clear emerging threats. This trend gradually erodes long-term demand for oil and natural gas, potentially leading to sustained downward pressure on commodity prices and increasing the risk of stranded assets for companies heavily invested in fossil fuel extraction. While not an immediate, sudden disruption, the accelerating pace of this transition represents a clear and emerging threat to the core business model of oil and gas producers like Matador Resources, as their profitability is directly tied to the demand and pricing of these commodities.

Increasing ESG Pressures and Tightening Access to Capital: Growing scrutiny from investors, financial institutions, and regulatory bodies regarding the Environmental, Social, and Governance (ESG) performance and environmental impact of oil and gas operations is an emerging threat. This includes major banks and asset managers implementing policies to reduce or cease financing for new fossil fuel projects, higher cost of capital for exploration and production (E&P) companies, and increased shareholder activism demanding decarbonization strategies. This trend directly threatens Matador Resources' ability to secure necessary funding for exploration, development, and acquisitions at competitive rates, can constrain growth opportunities, and potentially impact the company's valuation due to a shrinking pool of eligible investors and higher perceived risks.

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Matador Resources (MTDR) primarily operates in the United States, focusing on the exploration, development, and production of crude oil, natural gas, and natural gas liquids (NGLs). Their key operational areas include the Wolfcamp and Bone Spring plays in the Delaware Basin (Southeast New Mexico and West Texas) and the Haynesville and Cotton Valley plays in Northwest Louisiana. Matador also engages in midstream operations supporting these products. The addressable markets for these main products are as follows:

• Crude Oil: The global crude oil market size was valued at $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033, with North America being the largest regional market. The U.S. oil and gas market, which includes crude oil, was valued at USD 252.6 billion in 2024 and is expected to grow to USD 339.5 billion by 2033. U.S. crude oil production was approximately 13.2 million barrels per day (Mb/d) in 2024, with forecasts suggesting an increase to about 13.5 Mb/d in 2025. The Permian Basin alone, a significant operational region for Matador Resources, accounts for nearly 40 percent of all oil production in the United States.
• Natural Gas: The U.S. natural gas market was valued at USD 454.5 billion in 2024 and is projected to increase to USD 577.9 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.2% from 2025–2032. The market size of the Natural Gas Distribution industry in the United States is estimated at $222.5 billion in 2025, with revenue expected to swell to this amount by the end of 2025. U.S. dry natural gas production is forecast to reach a record annual average of 105.2 billion cubic feet per day in 2025. The Permian Basin contributes nearly 15 percent of the total U.S. natural gas production.
• Natural Gas Liquids (NGLs): The North American Natural Gas Liquids market is projected to be USD 7.02 billion in 2024 and is anticipated to grow to USD 9.92 billion by 2031, with a CAGR of 3.8% from 2024 to 2031. Another estimate places the North America NGL market at USD 7.08 billion in 2024, growing to USD 11.53 billion by 2033, at a CAGR of 5.57%. The U.S. held a major share in the Natural Gas Liquids market, with a market size of USD 5.54 billion in 2024. North America produced over 10 million barrels per day (bpd) of NGLs in 2023, representing more than 80% of global NGL production. The global Natural Gas Liquids market size was USD 23.38 billion in 2024 and is projected to reach USD 43.04 billion by 2035, at a CAGR of 5.70%.

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Matador Resources (MTDR) anticipates several key drivers for future revenue growth over the next two to three years:

1. Increased Oil and Natural Gas Production Volumes: Matador Resources projects significant organic growth in its oil and natural gas production. The company expects full-year 2025 production to range from 202,000 to 208,000 barrels of oil equivalent (BOE) per day, representing a 20% increase from its record 2024 production of 170,751 BOE per day. Specifically, oil production is forecast to increase by 22% in 2025, reaching an average of 122,000 barrels of oil per day. Looking ahead to 2026, Matador anticipates an organic production increase to approximately 210,000 BOE per day, with oil production growth of 2% to 5% from 2025 to 2026. This growth is supported by an increased number of operated wells expected to be drilled and turned to sales in fiscal year 2025, rising from 106.3 to 118.3 net operated wells.
2. Expansion of Midstream Assets and Third-Party Volumes: The company's midstream segment, primarily through San Mateo Midstream, LLC, is a crucial growth driver. The Marlan Plant expansion became operational in the second quarter of 2025, adding an incremental 200 million cubic feet per day (MMcf/d) of natural gas processing capacity, bringing the total designed inlet capacity at the Marlan Plant to 260 MMcf/d. San Mateo's overall midstream system now boasts a total gas processing capacity of 720 MMcf/d across Eddy and Lea Counties, New Mexico. This expanded capacity not only supports Matador's own development activities but also enables San Mateo to pursue additional third-party volumes, generating incremental, fee-based revenues and enhancing overall net margins.
3. Strategic Acquisitions and Acreage Enhancement: Matador's "brick-by-brick" land acquisition strategy in the Delaware Basin is continuously improving its asset quality and potential. A notable example is the Ameredev acquisition in 2024, which added approximately 33,500 highly contiguous net acres and 431 gross (371 net) operated drilling locations. These acquired properties, characterized by high-quality rock, are expected to significantly contribute to Matador's production growth in 2025 and beyond.
4. Improved Natural Gas Marketing and Price Realization: Matador has proactively entered into new natural gas transportation and marketing agreements to enhance its realized pricing and gain exposure to more favorable markets, such as NYMEX Henry Hub and LNG export markets. A significant development is securing firm transportation on Energy Transfer's Hugh Brinson Pipeline, set to come online in the fourth quarter of 2026. This pipeline will transport 500,000 MMBtu per day of natural gas from the Permian Basin to areas along the Gulf Coast, where pricing has historically been more than two dollars per MMBtu higher than at the Waha Hub. Matador estimates that for every $0.50 per MMBtu increase in natural gas price realization from these agreements, its annual revenue will increase by approximately $90 million.

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Share Repurchases

• Matador Resources announced a $400 million share repurchase program in April 2025.
• As of October 21, 2025, the company had repurchased 1.3 million shares for approximately $55 million, representing over 1% of total shares outstanding, at a weighted average price of about $41 per share.
• In Q2 2025, Matador repurchased 1.1 million shares for $44 million, at an average price of $40.37 per share.

Share Issuance

• In March 2024, Matador priced an underwritten public offering of 5,250,000 shares of its common stock, generating estimated gross proceeds of approximately $347.3 million.
• The net proceeds from this offering were intended for general corporate purposes, including funding acquisitions and repaying borrowings under its revolving credit facility.

Inbound Investments

• No significant inbound investments by third parties in Matador Resources were identified within the last 3-5 years.

Outbound Investments

• In September 2024, Matador completed the strategic bolt-on acquisition of a subsidiary of Ameredev II Parent, LLC for $1.832 billion in cash, adding oil and natural gas producing properties and undeveloped acreage in the Delaware Basin.
• In April 2023, Matador closed the acquisition of Advance Energy Partners Holdings, LLC from EnCap Investments L.P. for approximately $1.6 billion in cash, which expanded its acreage by 18,500 net acres and increased its operated drilling inventory in the northern Delaware Basin.
• In June 2022, Matador acquired Summit Midstream Partners, LP's Lane Gathering and Processing System for $75 million, which included a cryogenic natural gas processing plant and associated pipelines in New Mexico.

Capital Expenditures

• Matador's full-year 2025 estimated capital expenditures for drilling, completing, and equipping wells (D/C/E) are projected to be in the range of $1.47 to $1.55 billion, with total capital expenditures reaffirmed at $1.3 billion to $1.55 billion.
• Full-year 2024 D/C/E capital expenditures were $1.32 billion, while Q4 2024 midstream capital expenditures were $65.2 million.
• The company expects 2026 total capital expenditures to be 8% to 12% lower than 2025 for approximately the same amount of lateral footage, driven by improved capital efficiency, including a focus on drilling and completion cost reductions.