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MTDR

Matador

$26.86

-0.4 (-1.47%)

09:03
02/17/17
02/17
09:03
02/17/17
09:03

Matador announces formation of JV for Delaware Basin midstream assets

Matador Resources Company announced the formation of San Mateo Midstream, a strategic joint venture between a wholly-owned subsidiary of Matador and a subsidiary of Five Point Capital Partners to operate and expand Matador's midstream assets in the Delaware Basin in Eddy County, New Mexico and Loving County, Texas. Matador received $171.5 million in connection with the formation of the joint venture and may earn up to an additional $73.5 million in deferred performance incentives over the next five years. Matador will continue to operate the Midstream Assets and control the joint venture. At formation, Matador and Five Point owned 51% and 49% of the joint venture, respectively. The implied value of the Midstream Assets and the associated gathering, processing and disposal agreements entered into with Matador, as described below, was approximately $500 million at closing after taking into account the performance incentives. Five Point provided initial cash consideration of $176.4 million to the joint venture in exchange for its 49% interest. Approximately $171.5 million of this cash contribution by Five Point was distributed by the joint venture to Matador as a special distribution. Matador contributed the Midstream Assets and $5.1 million in cash to the joint venture in exchange for its 51% interest. The parties to the joint venture also committed to spend up to an additional $150 million in the aggregate to expand the joint venture's midstream operations and asset base. Matador retained its ownership in its midstream assets in South Texas and North Louisiana, which are not part of the joint venture. In connection with the joint venture, Matador dedicated its current and future leasehold interests in the Rustler Breaks and Wolf asset areas pursuant to 15-year, fixed-fee natural gas, oil and salt water gathering agreements and salt water disposal agreements. In addition, Matador dedicated its current and future leasehold interests in the Rustler Breaks asset area pursuant to a 15-year, fixed fee natural gas processing agreement. The joint venture will provide Matador with firm service under each of these agreements in exchange for certain minimum volume commitments. Matador also announced its plans to add a fifth operated drilling rig in the Delaware Basin beginning early in the second quarter of 2017. This rig will begin drilling in Matador's Rustler Breaks asset area. Matador anticipates operating the five drilling rigs in the Delaware Basin throughout the remainder of 2017, including three rigs primarily in its Rustler Breaks asset area, one rig primarily in its Wolf asset area and one rig primarily in its Arrowhead and Ranger asset areas.

  • 23

    Feb

  • 20

    Mar

MTDR Matador
$26.86

-0.4 (-1.47%)

10/05/16
MZHO
10/05/16
INITIATION
Target $25
MZHO
Neutral
Matador initiated with a Neutral at Mizuho
Mizuho analyst Timothy Rezvan initiated Matador with a Neutral and a $25 price target.
11/28/16
DBAB
11/28/16
INITIATION
Target $28
DBAB
Hold
Matador initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Russell Koch started Matador Resources with a Hold rating and $28 price target. The analyst believes the company's peers offer more attractive risk/reward profiles.
11/28/16
KLRG
11/28/16
DOWNGRADE
Target $25
KLRG
Hold
Matador downgraded to Hold from Accumulate at KLR Group
KLR Group analyst John Gerdes downgraded Matador Resources to Hold citing valuation with the stock up 15% since his mid-September upgrade. The analyst keeps a $25 price target for the shares.
01/23/17
RAJA
01/23/17
INITIATION
Target $31
RAJA
Outperform
Matador initiated with an Outperform at Raymond James
Raymond James analyst John Freeman initiated Matador with an Outperform and a $31price target. Matador boasts a strong, top-quartile balance sheet with the "dry powder" and ability to plow incremental capital into future development programs. Further, Matador looks to achieve strong debt-adjusted production growth through 2018, aided by a steady rig ramp and highly productive Delaware Basin wells, and trades at an attractive valuation versus its Permian SMID-cap peers.

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