10:39 AM EDT, 10/29/2024 (MT Newswires) -- Matador Resources ( MTDR ) said Tuesday that it has received about $113 million as its share of the proceeds from Enterprise Products Partners' ( EPD ) acquisition of Pinon Midstream.

The company said it owns about a 19% stale in Pinon Midstream's parent company.

Matador Resources ( MTDR ) Chief Executive Officer Joseph Foran said the proceeds will be used to pay down $980 million in current outstanding borrowings under the company's $2.25 billion credit facility.

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