Matador Resources Co. completed two natural gas pipeline connections and amended its credit agreement, the independent E&P announced in a March 25 press release.
Matador completed natural gas pipeline connections between its subsidiary Pronto Midstream LLC to San Mateo Midstream LLC and to Matador’s newly acquired Delaware Basin acreage from Advance Energy Partners, which the company said will support its growth in the northern Delaware.
The connector pipelines provide flow assurance to Matador and other third-party customers and should contribute to temporary midstream maintenance issues, Matador said.
“Both pipeline additions, which include over 20 miles of natural gas pipeline, will enable Matador to more effectively gather and transport natural gas production from the 21 Dagger Lake South wells, which are expected to be turned-to-sales in the second quarter of 2024,” said Joseph Foran, Matador’s founder, chairman and CEO.
The company and its lenders also amended its credit agreement, which is expected to increase the elected commitment from approximately $1.3 billion to $1.5 billion and increase the maximum facility amount from $2 billion to $3.5 billion. Matador also extended the maturity date by three years to 2029.
Five new banks also joined Matador’s credit facility, bringing the total bank group to 19 banks. The new banks are Capital One, Citizens Bank, Mizuho Bank, The Toronto-Dominion Bank (the New York branch) and Wells Fargo Bank, Matador said in the release.
Recommended Reading
US to Close Northeast Gasoline Reserve with 1 MMbbl Sale
2024-05-21 - The Biden administration will sell nearly 1 MMbbl of gasoline in the U.S. managed stockpile in northeastern states as required by law, the Department of Energy said on May 21, effectively closing the reserve.
WildFire Energy I Buys Apache’s Eagle Ford, Austin Chalk Assets
2024-05-21 - Private producer WildFire Energy I, backed by Warburg Pincus and Kayne Anderson, scooped up Apache’s portfolio in the eastern Eagle Ford and Austin Chalk plays.
Saltchuk Resources to Acquire OSG for $950MM
2024-05-20 - Following the transaction’s close, Overseas Shipholding Group Inc. will operate as a standalone business unit within Saltchuk.
APA Corp. Sells $700MM in Non-core Permian, Eagle Ford Assets
2024-05-20 - APA Corp. and subsidiary Apache are selling more than $700 million in non-core assets in the Permian Basin and Eagle Ford Shale—part of a plan to reduce debt after a $4.5 billion acquisition of Callon Petroleum.
Key Energy Buys Endeavors’ Well Servicing Business
2024-05-20 - Key Energy Services’ deal comes as Endeavor Energy Resources is selling its upstream assets to Diamondback Energy.