Matador Resources Co. has acquired Summit Midstream Partners’ Lane Gathering and Processing System in New Mexico’s Eddy and Lea counties for $75 million.
In connection with the transaction, the company will assume certain takeaway capacity on the Double E Pipeline, a FERC-regulated natural gas pipeline operated by Summit.
Joseph Wm. Foran, Matador’s founder, chairman and CEO, said, “We are excited to announce this strategic acquisition of the Lane G&P System, which includes a 60 million cubic feet per day cryogenic natural gas processing plant, three compressor stations and approximately 45 miles of natural gas gathering pipelines. This acquisition is a further extension of our strategy to control our midstream operations and to use our midstream assets to further enhance and assist our operations. To accomplish this, we expect to expand the Lane G&P System to support our environmental, safety, exploration and production efforts in northern Eddy and Lea