Delaware Basin E&P Matador Resources Co. reported a 30% increase to its borrowing base under the company’s credit facility from $2.50 billion to $3.25 billion, the Dallas-based E&P said Dec. 3.

Matador, which also operates in the Eagle Ford and Haynesville shales, said it elected to keep its borrowing commitments at $2.25 billion at present, “but appreciates the potential to increase its borrowings to $3.25 billion at a later date.”

The increase was supported unanimously by all 19 of Matador’s lenders, including PNC Bank as the leading lender, Matador said.  

As of Nov. 30, Matador had $830 million outstanding under its revolving credit facility with approximately $1.4 billion in liquidity, not including the $750 million increase in the borrowing base, said Chairman and CEO Joseph Foran.

This compares to the $955 million outstanding at the end of the third quarter, Foran said. 

Matador also said it amended and restated its credit agreement for its joint venture business San Mateo Midstream. The amendment increased San Mateo’s lender commitments by approximately 50% from $535 million to $800 million.

Other terms include extending the maturity date of San Mateo’s credit agreement to November 2029, adding six new banks under its credit facility and decreasing San Mateo’s borrowing costs to save approximately $1.5 million per year.