Matador Resources Expands Delaware Basin Footprint with Cardinal Midstream Acquisition
MTDR sits 35% above its 52-week low of $37.14.
Summary
Matador Resources announced the acquisition of Cardinal Midstream, expanding its San Mateo Delaware Basin footprint. This move continues the company's strategic growth in the region, following a $1.143 billion acquisition of undeveloped acres in May and an increase to its revolving credit facility in June. The acquisition is expected to enhance Matador's operational scale and resource development capabilities in a core producing area.
At the time of this announcement, MTDR was trading at $50.20 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $6.2B. The 52-week trading range was $37.14 to $66.84. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.