Matador Resources confirmed that its nineteen‑member bank group unanimously reaffirmed the borrowing base for its reserves‑based loan (RBL) at $3.25 billion, while the elected commitment remained at $2.25 billion. The company has already paid down $311 million of RBL debt, leaving a balance of $285 million as of September 30, 2025, and it now has roughly $2 billion in available liquidity.
The same day, the sixteen lenders that support San Mateo Midstream’s revolving credit facility agreed to increase their commitments by $250 million, raising the total available credit from $850 million to $1.10 billion. The joint venture, in which Matador holds a 51% stake and Five Point Infrastructure LLC holds 49%, will now have greater operational and financial flexibility to fund midstream projects and potential acquisitions.
The RBL redetermination, part of the fall 2025 process, also removed a credit‑spread adjustment under the Seventh Amendment dated December 9, 2025, resulting in a slight reduction in borrowing costs. Combined with the San Mateo expansion, the company’s debt‑to‑EBITDA leverage fell to below 1.0×, a sharp improvement from the 1.3× ratio reported as of September 30, 2024. The leverage calculation used the LTM EBITDA of $2.53 billion as of December 11, 2025.
With liquidity and leverage now in a stronger position, Matador can accelerate drilling, pursue opportunistic acquisitions, and return capital to shareholders while maintaining a robust cash cushion. The company’s integrated upstream and midstream model positions it to capture upside in both production and gathering, processing, and disposal services.
CEO Joseph Wm. Foran said the unanimous support “reflects our ongoing commitment to repaying debt, improving capital efficiency, increasing the growth of our production profile and continuing to strengthen and improve our operational execution.” Executive Vice President – Midstream Brian J. Willey added that the credit increase “provides San Mateo with greater operational and financial flexibility.”
This event follows a series of credit facility upgrades: in December 2024 the RBL borrowing base was increased to $3.25 billion and the San Mateo facility was restated to $850 million. Matador also raised its dividend by 20% in October 2025, and it reported record production in Q3 2025, underscoring the company’s focus on growth and shareholder value.
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