Matador acquires Ameredev Delaware Basin assets for $1.905B cash, close expected late Q3 2024

Matador Resources Co

Cash consideration $1.905B, subject to customary adjustments; closing expected late Q3 2024 with effective date June 1, 2024.
Adds ~33,500 net acres in Delaware Basin, estimated production 25-26k BOE/d (65% oil), and 371 net operated locations.
Pro forma combined company expects over 580M BOE proved reserves and enterprise value over $10B.
Ameredev assets estimated to generate forward one-year Adj. EBITDA $425-475M; purchase price multiple ~4.2x upstream assets.
Financing via $250M term loan and credit facility increase to $2.25B; pro forma leverage ~1.3x at close, below 1.0x by mid-2025.

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