Matador Resources up on nearly $2 bln deal to expand in Delaware Basin

Matador Resources

12/06/2024 15:17

** Shares of oil and gas producer Matador Resources  MTDR.N 
rise 2.6% to $61.19
    ** MTDR to buy a unit of Ameredev II Parent, including its
certain oil and natural gas producing assets and undeveloped
acreage in the Delaware basin, for about $1.91 bln cash 
    ** Ameredev is part of private-equity firm EnCap Investments
    ** Matador says deal includes a 19% stake in Pinon Midstream
that owns assets in southern Lea County, New Mexico
    ** "The acquisition has industrial logic and was done at a
good price" - RBC Capital Markets analyst Scott Hanold 
    ** It is a great deal for Matador at an attractive valuation
- Gabriele Sorbara, managing director - equity research, Siebert
Williams Shank & Co
    ** MTDR stock up ~7% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))