MTDR - Matador Resources to pay $6.2M in fines over Permian Basin pollution

2023-03-28 16:51:21 ET

Matador Resources ( NYSE: MTDR ) and Permian Resources ( NYSE: PR ) have resolved Clean Air Act violations by agreeing to lower emissions of methane and other pollutants, the Environmental Protection Agency said Tuesday.

Matador ( MTDR ) agreed to pay $6.2M in fines and mitigation measures related to 239 oil and gas well pads in New Mexico, and Permian Resources ( PR ) agreed earlier this month to pay $610K to settle environmental violations.

The EPA said its settlement with Matador ( MTDR ) will result in a reduction of more than 16K tons of air pollutants that are harmful to human health, with additional reduction in emissions of methane and other greenhouse gases equal to 31K tons of carbon dioxide.

Matador Resources ( MTDR ) has been using its high free cash flow to strengthen its balance sheet and now has one of the lowest leverage ratios in the industry, Power Hedge writes in an analysis posted on Seeking Alpha .

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