Matador Doubles Down on Delaware Basin with $1.5B Deal Spree

Dallas-based Matador Resources Co. has expanded its oil and gas profile through two deals worth nearly $1.5 billion with EnCap Investments' portfolio companies.

The acquisitions add tens of thousands of acres to Matador's existing footprint in the Delaware Basin, supporting the company's 'brick-by-brick' growth strategy.

The first deal involves a cash payment of almost $1.3 billion for Paloma Permian LLC, bringing 16,235 undeveloped acres in New Mexico's Eddy and Lea counties under Matador's control.

Matador expects the properties to produce about 11,000 barrels of oil equivalent per day in the third quarter, with proven reserves of 55 million barrels of oil equivalent.