Matador Resources just dropped a blockbuster deal, acquiring Paloma Permian for $1.275 billion—adding 16,000 acres in the Delaware Basin, 11,000 barrels a day of production by Q3 2026, 55 million barrels of oil equivalent reserves, and 150+ drilling locations. They’re also expanding their Woodford shale position to 50,000 acres, bringing their total Delaware Basin footprint to 240,000 acres. CEO Joseph Foran is bullish, calling the assets a cash flow and reserve boost, with Woodford development poised to slash costs 30-40% in 18 months. Their first Woodford exploratory well already outperforms Texas averages, hitting 2,200 barrels of oil equivalent daily—with 72% oil. Funded by cash and credit, Matador expects $1 billion in free cash flow next year, aiming to reduce leverage to 1x within 18 months.
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