DALLAS, May 29, 2025 –Matador Resources Company (NYSE: MTDR) (“Matador”) and its midstream , San Mateo Midstream, LLC (“San Mateo”) today announced the successful start up of San Mateo’s Marlan cryogenic natural gas processing plant (the “Marlan Plant”) expansion in Eddy County, New Mexico. In addition, Matador is pleased to announce a recent upgrade by Fitch Ratings, Inc. (“Fitch”) to the Company’s corporate credit rating to BB and the reaffirmation of the Company’s $3.25 billion borrowing base and $2.25 billion elected commitment under its reserves-based revolving credit facility by its 19-member bank group.
Successful Marlan Plant Expansion On Time and On Budget
The successful expansion of the Marlan Plant on time and on budget adds an incremental 200 million cubic feet per day (“MMcf/d”) of natural gas to the previously existing 60 MMcf/d for a total designed inlet capacity of 260 MMcf/d at the Marlan Plant. The expanded Marlan Plant s Matador’s development activities in Eddy and northern Lea Counties, New Mexico. The expansion also s existing third-party producer development plans and allows San Mateo to pursue additional third-party volumes.
San Mateo’s midstream system now has a total gas processing capacity of 720 MMcf/d across Eddy and Lea Counties, New Mexico.
Joseph Wm. Foran, Matador’s Chairman and CEO, commented, “We are pleased to announce the start up of the expansion of the Marlan Plant. The increased processing capacity at the Marlan Plant should allow San Mateo to continue to provide Matador with reliable flow assurance in our Ranger and Antelope Ridge asset areas in Lea County, New Mexico. The Board and I congratulate and thank the of our midstream and operational asset teams – especially the teams in the field – for the significant value they have created through their extra efforts to complete the Marlan Plant expansion on time and on budget.”