Matador Resources Co (MTDR): M&A transaction — Matador closes $1.832B Ameredev acquisition; adds 33,500 net acres in Delaware Basin

Matador Resources Co

Cash purchase price $1.832B (subject to post-close adjustments) funded via increased credit facility ($2.5B commitments).
Acquired 33,500 net acres (82% HBP, >99% operated) with production expected to average 25,500-26,500 BOE/d in late Q3 2024.
Includes 431 gross (371 net) operated locations, 118 MMBOE proved reserves (60% oil), and ~19% equity stake in Piñon Midstream.
Enterprise Products acquiring Piñon for $950M; Matador expects its share of proceeds in Q4 2024, subject to approvals.
Matador estimates ~$160M in operational synergies over five years via simul-frac, trimul-frac and dual fuel technologies.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Matador Resources Co completed an acquisition involving Ameredev II Parent, LLC and Ameredev Intermediate II, LLC for $1,905,000,000 (closed 2024-09-18).

Action: acquisition
Counterparty: Ameredev II Parent, LLC and Ameredev Intermediate II, LLC
Consideration: $1,905,000,000
Closing: 2024-09-18

Exact text from the filing

On September 18, 2024, MRC Toro, LLC ("Purchaser"), a wholly-owned subsidiary of Matador, consummated the previously disclosed acquisition (the "Acquisition") contemplated by that certain Securities Purchase Agreement, dated as of June 12, 2024 (the "Purchase Agreement"), among Purchaser, MRC Energy (solely for the purposes of guaranteeing the obligations of Purchaser), Ameredev II Parent, LLC ("Ameredev Parent"), Ameredev Intermediate II, LLC ("Ameredev Intermediate" and, together with Ameredev Parent, each a "Seller" and collectively, the "Sellers") and Ameredev Stateline II, LLC (the "Target"), pursuant to which, among other things, Sellers agreed to sell to Purchaser, and Purchaser agreed to purchase from Sellers, all of the issued and outstanding membership interests of the Target, for an amount in cash equal to $1,905,000,000

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31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Matador Resources Co filing history →

Source: SEC EDGAR

accession 0001104659-24-101211

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