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Matador Adding Fourth Rig to Delaware Basin in Q4, Increasing 2016 Capex by $100 MM
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Matador Resources Company reported financial and operating results for the third quarter of 2016.
Capital Spending UpdateOn November 1, 2016, Matador adjusted its 2016 capital budget from $325 million to between $425 and $450 million:
(1) to make strategic additions to its Delaware Basin acreage and minerals position, particularly in the third and fourth quarters of 2016, as operational results have exceeded expectations and commodity prices have improved
(2) to accelerate the timing of several important midstream projects originally planned for 2017, which add to Matador’s midstream asset base and
(3) to potentially add a fourth rig to its Delaware Basin drilling program in December 2016.
This estimated increase in Matador’s capital budget for 2016 does not reflect any increased funds…
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