Enterprise Products Partners closed its purchase of Piñon Midstream for $950 million on Oct. 28, earning Matador Resources $113 million for its roughly 19% ownership interest. (Source: Shutterstock.com)
Following Enterprise Products Partners’ completed acquisition of Piñon Midstream, Matador Resources has received approximately $113 million in proceeds. Matador owned about 19% interest in Piñon’s parent company.
Matador said it plans to use the approximate $113 million in sales proceeds to pay down the $980 million in current outstanding borrowings under the E&Ps $2.25 billion credit facility.
Dallas-based Matador purchased the interest in Piñon in connection with its $1.832 billion acquisition of Ameredev II, which included 33,500 contiguous net acres in the Delaware Basin’s core.
The deal, which closed in September, reflected Matador’s largest transaction in the company’s history.
Enterprise said Oct. 28 it closed the purchase of Piñon for $950 million.
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