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.