Matador Resources Co. MTDR said Tuesday it agreed to pay $1.6 billion as part of an acquisition agreement with oil and gas property owner Advance Energy Partners Holdings LLC from seller EnCap Investments LP, a private equity firm. The deal also includes an initial cash payment of $1.6 billion plus additional $7.5 million for each month during 2023 in which the average oil price as defined in the securities purchase agreement exceeds $85 per barrel. Matador Resources stock is up 9% so far in 2023, compared to a 4.7% rise by the S&P 500 SPX.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.