Matador Resources Acquires Permian Pipeline, Gathering System in $75 Million Deal
By Mary Holcomb, Digital Editor
(P&GJ) — Matador Resources Co. has agreed to acquire Summit Midstream's gathering and processing assets in the Permian Basin for $75 million, the company announced in a press release.
In addition to acquiring Summit’s gathering system, the company will also assume certain takeaway capacity on the Double E Pipeline, a FERC-regulated natural gas pipeline operated by Summit.
“This acquisition is a further extension of our strategy to control our midstream operations and to use our midstream assets to further enhance and assist our operations,” commented Joseph Wm. Foran, Matador’s founder, chairman and CEO, in a company release.
The Lane G&P System includes a 60 MMcf/d cryogenic natural gas processing plant, three compressor stations and approximately 45 miles of natural gas gathering pipelines. Foran said the company expects to expand the Lane G&P System to support Matador’s environmental, safety, exploration and production efforts in northern Eddy and Lea counties located within the Delaware Basin.
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