MTDR - Matador to acquire midstream assets in Eddy and Lea counties for $75M

Matador Resources (NYSE:MTDR) said that one of its wholly-owned subsidiaries has entered into a definitive pact with a wholly-owned subsidiary of Summit Midstream Partners, LP to acquire Summit's Lane Gathering and Processing System in Eddy and Lea Counties, New Mexico for $75M, subject to customary transaction adjustments. Pursuant to the deal, the company will assume certain takeaway capacity on the Double E Pipeline, a FERC-regulated natural gas pipeline operated by Summit. The deal is subject to customary closing conditions and is expected to close in the second quarter of 2022. Joseph Wm. Foran, Matador’s Founder, Chairman and Chief Executive Officer, said, “We are excited to announce this strategic acquisition of the Lane G&P System, which includes a 60 million cubic feet per day cryogenic natural gas processing plant, three compressor stations and approximately 45 miles of natural gas gathering pipelines."

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Matador to acquire midstream assets in Eddy and Lea counties for $75M