$MTDR Matador Resources (MTDR +3.2%) is higher after announcing a new strategic partnership with Plains All American Pipeline (PAA +2.6%) to gather and transport crude oil for MTDR and other producers in the Rustler Breaks asset area in New Mexico.
The agreement also includes a joint tariff arrangement to offer third-party producers located within a joint development area of ~400K acres in crude oil transportation services from the wellhead to Midland, Tex., with access to other end markets, such as Cushing, Okla., and the Gulf Coast.
With Delaware Basin transportation costs rising, MTDR says it expects to amass "substantial" savings by transporting increasing volumes of its oil by pipeline.
Plains is expecting to complete a mainline extension from its current long-haul pipeline system in Texas during Q2 or Q3.
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