Matador Resources (MTDR) said Thursday it closed the contribution of its Pronto Midstream subsidiary to its San Mateo Midstream joint venture with Five Point Energy for an implied pre-closing valuation of about $600 million.
Matador Chief Executive Joseph Foran said that as part of the deal, the company received upfront cash payment of about $220 million, which it will use to repay debt under its revolving credit facility.
The company also expects to get performance incentive payments of up to $75 million from Five Point over the next five years.
Shares of Matador were up more than 2% in recent trading.
Price: 54.58, Change: +1.16, Percent Change: +2.17
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