Matador Resources Company Announces Start up of Marlan Plant Expansion, Credit Rating Upgrade and Borrowing Base Reaffirmation

Matador Resources Company (NYSE: MTDR) (“Matador”) and its midstream affiliate, San Mateo Midstream, LLC (“San Mateo”) today announced the successful start up of San Mateo’s Marlan cryogenic natural gas processing plant (the “Marlan Plant”) expansion in Eddy County, New Mexico. In addition, Matador is pleased to announce a recent upgrade by Fitch Ratings, Inc. (“Fitch”) to the Company’s corporate credit rating to BB and the reaffirmation of the Company’s $3.25 billion borrowing base and $2.25 billion elected commitment under its reserves-based revolving credit facility by its 19-member bank group.

Successful Marlan Plant Expansion On Time and On Budget

The successful expansion of the Marlan Plant on time and on budget adds an incremental 200 million cubic feet per day (“MMcf/d”) of natural gas to the previously existing 60 MMcf/d for a total designed inlet capacity of 260 MMcf/d at the Marlan Plant. The expanded Marlan Plant supports Matador’s development activities in Eddy and northern Lea Counties, New Mexico. The expansion also supports existing third-party producer development plans and allows San Mateo to pursue additional third-party volumes.

San Mateo’s midstream system now has a total gas processing capacity of 720 MMcf/d across Eddy and Lea Counties, New Mexico.

Joseph Wm. Foran, Matador’s Chairman and CEO, commented, “We are pleased to announce the start up of the expansion of the Marlan Plant. The increased processing capacity at the Marlan Plant should allow San Mateo to continue to provide Matador with reliable flow assurance in our Ranger and Antelope Ridge asset areas in Lea County, New Mexico. The Board and I congratulate and thank the members of our midstream and operational asset teams – especially the teams in the field – for the significant value they have created through their extra efforts to complete the Marlan Plant expansion on time and on budget.”

Please direct any commercial inquiries about the Marlan Plant or San Mateo’s services to:

Chris Tennant, Senior Vice President and Chief Commercial Officer – Midstream

chris.tennant@matadorresources.com

(972) 629-2165

Fitch Upgrades Matador’s Credit Rating

On May 14, 2025, Fitch upgraded Matador’s Long-Term Issuer Default Rating (IDR) and Matador’s senior unsecured notes from ‘BB-’ to ‘BB’. In its May 14, 2025 press release, Fitch noted, “[t]he upgrade reflects management’s execution on post-acquisition debt reduction initiatives, the company’s large, oil-focused Delaware asset base,…” and Fitch’s view of Matador’s positive free cash flow generation, leverage and ample liquidity. More information regarding Fitch’s upgrade of Matador may be found at www.fitchratings.com.

Mr. Foran added, “We are very pleased to receive Fitch’s upgrade to our corporate credit rating. This upgrade reflects our ongoing commitment to maintaining a resilient asset base and strong balance sheet, as well as improving capital efficiency and increasing free cash flow. We wish to express our appreciation to Fitch for its careful consideration of these factors in making the upgrade determination, and we look forward to working together with each of our rating agencies as Matador continues to build value for its shareholders and bondholders and strengthen its balance sheet.”

Borrowing Base and Elected Commitment Reaffirmation

Matador is pleased to announce that this week all 19 lenders under Matador’s reserves-based revolving credit facility unanimously reaffirmed both the Company’s borrowing base at $3.25 billion and elected commitment at $2.25 billion.

Mr. Foran commented, “We greatly value the strong relationships we enjoy with our lenders, which have been pivotal to the growth and success of both Matador and San Mateo over many years. We wish to express our sincere appreciation to each of our banks for their continued confidence and support, and we look forward to working together in the years ahead as we continue to grow Matador. With a strong balance sheet, nearly $1.8 billion in liquidity and its high-quality asset base, Matador believes it is well positioned to continue to increase shareholder value in 2025 and beyond.

“Matador looks forward to sharing more about our recent progress and accomplishments at our upcoming 2025 Annual Meeting of Shareholders on Thursday, June 12 at 9:30 a.m. Central Time. The Annual Meeting will be held in the Fort Worth Ballroom at The Westin Galleria Dallas hotel, located at 13340 Dallas Parkway, Dallas, Texas 75240. A continental breakfast will be provided beginning at 8:30 a.m. Central Time to provide shareholders with the opportunity to meet and interact with directors, management and employees before the formal meeting. Please join us in person if you are able or via the live webcast, which you can access using the following link https://onlinexperiences.com/Launch/QReg/ShowUUID=BAD980CE-A380-4B64-9D40-14B72B5BFE1B.”

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 and other statements that are not 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; 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; 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 and environmental conditions; 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.

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