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High materiality9/10

Matador expands Delaware Basin acreage via Paloma and Ridge Runner acquisitions

Jul 23, 2026, 6:34 AM EDT2 sourcesAI-analyzed
Why it may matterVerify against the original reporting

Two large, cash-funded acquisitions lift MTDR's scale, PV-10, and 2026 FCF; Rae's Creek test confirms Woodford viability, supporting higher resource potential; deleveraging plan tied to faster production and cost efficiencies reduces financial risk.

AI summary

What happened, with direct paths to the underlying reporting

Matador Resources unveiled two EnCap-backed acquisitions, Paloma Permian and Ridge Runner, expanding Delaware Basin acreage to about 240,000 net acres. Rae's Creek Woodford test at 2,200 BOE/d (72% oil) supports Woodford economics. The deals are funded with cash and borrowings, targeting roughly $1B in adjusted free cash flow in 2026 and leverage near 1.0x within 12-18 months.

  • Matador to pay $1.275B cash for Paloma. Adds 16,235 net undeveloped acres and ~11,100 BOE/d.
  • Ridge Runner Acquisition adds ~50k contiguous Woodford net acres. Delaware Basin now ~240k net.
  • Rae’s Creek Woodford test prints 2,200 BOE/d; 72% oil, supporting Woodford economics.
  • Funding via cash on hand and RBL; ~$1B adjusted FCF in 2026; leverage to ~1.0x in 12–18 months.

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