09:29 AM EST, 12/03/2024 (MT Newswires) -- Matador Resources ( MTDR ) said Tuesday that its lenders have increased the borrowing base under its credit agreement by 30% to $3.25 billion from $2.50 billion.

The increase was due to the regularly scheduled semi-annual borrowing base redetermination, the company said, adding that it chose to keep borrowing commitments at $2.25 billion "but appreciates the potential to increase its borrowings to $3.25 billion at a later date."

Matador also said its joint venture San Mateo Midstream amended and restated its credit agreement, increasing the lender commitments by 50% to $800 million from $535 million.

The maturity date of San Mateo's credit agreement has also been extended to November 2029 and there's now a $250 million accordion feature that could increase lender commitments to up to $1.05 billion.