Matador (MTDR) Resources announced the successful start up of San Mateo’s Marlan cryogenic natural gas processing plant expansion in Eddy County, New Mexico. In addition, Matador announced a recent upgrade by Fitch Ratings to the company’s corporate credit rating to BB and the reaffirmation of the company’s $3.25B borrowing base and $2.25B elected commitment under its reserves-based revolving credit facility by its 19-member bank group. The expansion of the Marlan Plant on time and on budget adds an incremental 200 MMcf/d of natural gas to the previously existing 60 MMcf/d for a total designed inlet capacity of 260 MMcf/d at the Marlan Plant. The expansion also supports existing third-party producer development plans and allows San Mateo to pursue additional third-party volumes.
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