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
Renewed US Sanctions to Complicate Venezuelan Oil Sales, Not Stop Them
2024-04-19 - Venezuela’s oil exports to world markets will not stop, despite reimposed sanctions by Washington, and will likely continue to flow with the help of Iran—as well as China and Russia.
US to Favor Existing Investors for Venezuela Oil Licenses, Say Sources
2024-05-16 - The U.S. is preparing to prioritize issuing limited licenses to operate in Venezuela to companies with existing oil production and assets over those seeking to enter the sanctioned OPEC nation for the first time.
US Orders Most Companies to Wind Down Operations in Venezuela by May
2024-04-17 - The U.S. Office of Foreign Assets Control issued a new license related to Venezuela that gives companies until the end of May to wind down operations following a lack of progress on national elections.
US Decision on Venezuelan License to Dictate Production Flow
2024-04-05 - The outlook for Venezuela’s oil industry appears uncertain, Rystad Energy said April 4 in a research report, as a license issued by the U.S. Office of Assets Control (OFAC) is set to expire on April 18.