NSCS - Matador Resources' $1.9B Deal Expands Oil And Gas Dominance In Texas And New Mexico: Details | Benzinga
Matador Resources Company (NYSE:MTDR) shares are trading higher after the company disclosed that its subsidiary has entered into an agreement to acquire Ameredev II’s oil and gas properties in Lea County, New Mexico, and Loving and Winkler Counties, Texas, for $1.905 billion.
The Ameredev acquisition also includes a 19% stake in Piñon Midstream, LLC, which has assets in southern Lea County, New Mexico. Ameredev is a portfolio company of EnCap Investments L.P.
The Ameredev acquisition, effective June 1, 2024, is expected to close late in the third quarter of 2024, pending customary conditions.
The deal will expand Matador’s midstream footprint with a 19% stake in Piñon, enhancing coordination in gathering, transporting, and treating natural gas from the Ameredev properties.
Synergies: After deal closure, Matador expects to have over 190,000 net acres in the Delaware Basin, around 2,000 net locations, production exceeding 180,000 BOE per day, proven reserves ...