On this page of StockholderLetter.com we present the latest annual shareholder letter from Matador Resources Co — ticker symbol MTDR. Reading current and past MTDR letters to shareholders can bring important insights into the investment thesis.

 •  4/29/2026 Letter Continued (Full PDF)
 •  4/27/2023 MTDR Stockholder Letter
 •  4/26/2024 MTDR Stockholder Letter
 •  4/28/2025 MTDR Stockholder Letter
 •  More "Oil & Gas Exploration & Production" Category Stockholder Letters
 •  MTDR Benford's Law Stock Score = 66

MTDR Shareholder/Stockholder Letter Transcript:

Positioned
and Prepared
2025 ANNUAL REPORT

10 to 15 Years of High-Quality Inventory (1)
IPO in 2012
2017
Today
~7,500 Net Acres
9,000 BOE/d
~114,000 Net Acres
38,900 BOE/d
~212,500 Net Acres
207,070 BOE/d
LEA
LEA
EDDY
EDDY
LOVING
LEA
EDDY
LOVING
LOVING
WARD
Note: All acreage as of
September 30, 2012.
Note: All acreage as of
December 31, 2017.
WINKLER
WARD
Note: All acreage as of
December 31, 2025.
Matador Acreage
Note: Some tracts are not shown on the maps. Stated production represents the annual average for 2012, 2017 and 2025.
(1)
Average rates of return in excess of 50% based on flat long-term pricing of either (i) $70/Bbl oil, $3/MMBtu natural gas or (ii) $60/Bbl oil, $4/MMBtu natural
gas and 2026 expected activity levels.

Areas of Operation
TWIN LAKES
CHAVES
~32,100 net acres
ARROWHEAD
~26,300 net acres
Matador Resources Company Totals
Production:
211,290 BOE/d
Proved Reserves:
667.0 MMBOE
Acreage:
373,100 gross / 229,800 net
Locations:
5,568 gross / 1,852 net
RANGER
~42,800 net acres
RUSTLER
BREAKS
ANTELOPE
RIDGE
~26,600 net acres
Southeast New Mexico & West Texas
Production:
208,375 BOE/d
Proved Reserves:
662.2 MMBOE
Acreage:
354,600 gross / 212,500 net
Locations:
5,295 gross / 1,802 net
STATELINE
~2,900 net acres
NEW MEXICO
Northwest Louisiana
Production:
2,915 BOE/d
Proved Reserves:
4.8 MMBOE
Acreage:
18,500 gross / 17,300 net
Locations:
273 gross / 50 net
TEXAS
WEST TEXAS
~22,300 net acres
$910/ft
2024 (1)
Drilling and Completion Cost
($ per completed lateral foot)
WARD
~900 miles of three-stream pipelines
Matador Acreage
Still Drilling:
Better Wells for Less Money
2023 (1)
WINKLER
LOVING
Note: Production for the three months ended December
31, 2025. All proved reserves, acreage, and locations as
of December 31, 2025. Some tracts not shown on map.
$1,075/ft
LEA
E DDY
~59,000 net acres
Estimated Ultimate
Recoveries 10% Better
+10%
$842/ft
$795/ft
2025 (1)
2026E (2)
Estimated Ultimate Recoveries
(barrels of oil per completed lateral foot)
(1)
Drilling and Completion Cost and average estimated ultimate oil recoveries based on actual well turn-in-line dates, excluding wells drilled by Ameredev or
Advance and all vertical wells.
(2)
At the midpoint of guidance of $785 to $805 per foot as provided on February 24, 2026. E = Estimated.

A Foundation for 40 Years of Growth
1983
Independent Beginnings
Joseph Wm. Foran begins his career as an independent
oil and natural gas operator, founding Foran Oil
Company with $270,000 in capital from family and
friends and laying the entrepreneurial foundation that
would shape Matador   s future.
2003
Successful Exit
Matador Petroleum Corporation is sold to Tom Brown,
Inc. in an all-cash transaction valued at approximately
$388.5 million, paving the way for the formation of
Matador Resources Company later that year. Original
shareholder cost basis of $0.89 per share and sold for
$13.85 per share to Tom Brown.
2012
1988
Matador Petroleum Formed
Foran Oil Company becomes part of Matador
Petroleum Corporation, where Joseph Wm. Foran
serves as Chairman and Chief Executive Officer and
leads the development of a growing independent
energy company. Other founders include a number
of senior executives from major oil companies.
2003
Matador Resources Founded
Following the successful sale of Matador Petroleum,
Joseph Wm. Foran and Scott E. King establish Matador
Resources Company, supported by $52.8 million in
initial capital from institutional and individual investors.
NYSE Listing
Matador Resources Company begins trading on the
New York Stock Exchange (MTDR), marking an important
milestone in the company   s growth and expanding access to
public capital markets. Stock price growth from $12.00 per
share at the IPO compared to $65.45 per share today. (1)
2017
2015
Delaware Basin Expansion
Matador drills first in the Haynesville in Louisiana and then
expands its position in the Delaware Basin, establishing a
core operating presence in one of North America   s most
prolific oil and natural gas regions. Production growth from
9,000 BOE/d in 2012 to 207,070 BOE/d in 2025. (2)
San Mateo Midstream Formed
Matador forms San Mateo Midstream, a joint venture
designed to develop natural gas gathering, processing and
water infrastructure to support the company   s growing
Delaware Basin operations. Started at approximately
48 miles of three-stream pipelines in 2017 to approximately
660 miles of three-stream pipelines in 2025. (3)
(1)
(2)
(3)
(4)
As of market close on March 27, 2026.
Note: Stated production represents the annual average for 2025.
As of year end on December 31, 2025.
YE 2025 SEC Pricing: $61.82 per barrel of oil and $3.387 per MMBtu of
natural gas. $8.2 billion PV-10 as of December 31, 2025.
2025
Record Production and Free Cash
Flow Generation
Matador achieves record production levels and
generated $437.0 million in free cash flow with
shareholder returns through dividends and share
repurchases. Matador has current reserves of
667 million BOE, a 9% increase from 2024, and a
replacement ratio of over 170% in 2025. (4)

Awards/Mentions:
No#
36
(1)
Named one of The Dallas Morning News   
2025 Top 150 DFW Public Companies (1)
and #1 across all industries in profitability
per employee.
Nominated Best Buy-Side
Management, Best Innovation in
Shareholder Communications and
Best Retail IR Strategy for 2025
Source: The Dallas Morning News article published on October 5, 2025.
Note: Revenue per employee is calculated using total 2024 full-year revenue and the employee count as of year-end 2024 and is compared to the top 50
companies listed in The Dallas Morning News article.
Employee Spotlights
95%
405
~900
26,785
93,627
30
25+
MaxCom, our 24/7 geosteering and drilling optimization center
of employees enrolled in the
Employee Stock Purchase
Plan (ESPP) program in 2025
drilling records set by Matador   s
operations group, saving an
estimated $74 million since 2018
miles of three-stream
pipelines in the Delaware Basin
employee training hours
in 2025; 6,304 of those were
safety training
meals donated to local
communities in 2025     a total
of 411,758 meals to date
summer interns. The largest
intern class in Company history
u-turn wells drilled in the
Delaware Basin to date
Total Proved Reserves
(BOE)
9% Growth in Total Proved Reserves
+9%
612 Million BOE
YE 2024 (1)
667 Million BOE
YE 2025 (2)
Note: BOE = Barrels of oil equivalent, determined using the ratio of one Bbl of crude oil, condensate or NGLs to six Mcf of natural gas.
(1)
YE 2024 SEC Pricing: $71.96 per barrel of oil and $2.130 per MMBtu of natural gas. $9.2 billion PV-10 as of December 31, 2024.
(2)
YE 2025 SEC Pricing: $61.82 per barrel of oil and $3.387 per MMBtu of natural gas. $8.2 billion PV-10 as of December 31, 2025.

4/29/2026 Letter Continued (Full PDF)

 

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