Chemical Management, Products and Technologies

Matador Resources Company Announces Closing of Strategic Bolt-on Delaware Basin Acquisition

Matador Resources Company

Matador Resources Company announced the closing of its wholly-owned subsidiary’s previously-announced acquisition of Advance Energy Partners Holdings, LLC from EnCap Investments L.P. including Advance’s oil and natural gas producing properties, undeveloped acreage and midstream assets located in Lea County, New Mexico and Ward County, Texas.

The consideration paid upon the closing of the Advance Transaction consisted of an initial as-adjusted cash purchase price of approximately $1.6 billion, which amount is subject to customary post-closing adjustments. As previously announced, the Advance Transaction may also include potential additional cash consideration of $7.5 million for each month of 2023 in which the average oil price, as defined in the securities purchase agreement, exceeds $85 per barrel.

The Advance Transaction includes approximately 18,500 net acres in the core of the northern Delaware Basin, most of which is adjacent to or very close to some of Matador’s best acreage where wells with an estimated ultimate recovery of over one million barrels of oil equivalent have been drilled. It also provides a significant increase to Matador’s inventory in primary development zones, with 206 gross (174 net) operated locations in core target formations and an additional 38 gross (35 net) upside operated locations in the Wolfcamp D formation. This new acreage also provides further expansion opportunities for Pronto Midstream, LLC, Matador’s wholly-owned midstream subsidiary.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

The Company’s predecessor, Foran Oil Company, was founded in 1983 by Joseph Wm. Foran, the Company’s Chairman and Chief Executive Officer, with $270,000 in contributed capital from 17 friends and family members. Foran Oil Company was later contributed to Matador Petroleum Corporation upon its formation by Mr. Foran in 1988. Mr. Foran served as Chairman and Chief Executive Officer of that company from its inception until it was sold in June 2003 to Tom Brown, Inc., in an all-cash transaction for an enterprise value of approximately $388.5 million. On the following Monday, Mr. Foran founded Matador Resources Company with $6 million. Today, Matador has a market cap of approximately $6 billion (based upon the Company’s closing share price on April 5, 2023) and is one of the top 20 public exploration and production companies in the country by market capitalization and one of the top 10 oil and natural gas producers in New Mexico.

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MacDermid Enthone Industrial Solutions Announces Acquisition of All-Star Chemical Company's Surface Finishing and Cleaning Chemical Solutions

MacDermid Enthone Industrial Solutions | January 05, 2024

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Chemical Management

APA Corporation to Acquire Callon Petroleum Company in All-Stock Transaction

APA Corporation | January 04, 2024

APA Corporation and Callon Petroleum Company have entered into a definitive agreement under which APA will acquire Callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s net debt. Under the terms of the transaction, each share of Callon common stock will be exchanged for a fixed ratio of 1.0425 shares of APA common stock. The transaction is expected to be accretive to all key financial metrics and add to APA’s inventory of high quality, short-cycle opportunities. Callon’s assets provide additional scale to APA’s operations across the Permian Basin, most notably in the Delaware Basin, where Callon has nearly 120,000 acres. On a pro forma basis, total company production exceeds 500,000 BOE per day and enterprise value increases to more than $21 billion. 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Christmann IV, APA’s CEO and president. “The acquisition is accretive and unlocks value for both shareholder bases, as increased scale will enable us to realize significant overhead and cost-of-capital synergies. The pro forma footprint in the Permian will also create opportunities to capture meaningful operating synergies.” “We are very proud of the significant steps we have taken to enhance Callon’s asset base, operational performance and balance sheet over the past several years,” said Joe Gatto, Callon’s president and CEO. “This combination with APA now provides for an enhanced value proposition for our shareholders built on their depth of experience and strong execution in the Permian Basin, flexibility for increased capital allocation, and ongoing delineation and optimization efforts. Importantly, I would like to personally thank each and every Callon employee for their role in building this company. I am very proud of this team and what we have achieved together.” Combined Permian Asset Position and Preliminary 2024 Planned Activity Pro forma average daily Permian Basin production was 311 Mboe/d in 3Q 2023, which represents a 48% increase from APA’s Permian Basin production on a standalone basis. APA's oil production as a percentage of BOE’s in the Permian increases from approximately 37% to 43% in 3Q 2023, on a pro forma basis. APA will provide additional activity plans and details post closing. Pro Forma APA Positioning “APA has a proven ability to deliver strong results from its unconventional assets in the Permian Basin, and we look forward to building on the progress that the team at Callon has made within its asset base. 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About APA APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Additional details regarding Suriname, ESG performance and other investor-related topics are posted at investor. About Callon Petroleum Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and sustainable development of high-quality assets in the Permian Basin in West Texas. Pro forma enterprise value is derived from the addition of each company’s market capitalization based on closing stock prices on 1/3/24, plus the net debt of each company as of 9/30/23.

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Chemical Technology

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Pall Corporation | January 15, 2024

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Chemical Technology

Chemify Partners with Prepaire Labs to Apply Ground-breaking Chemistry AI-Robotics to Radically Accelerate the Discovery of Non-Addictive Opioids

Chemify | January 23, 2024

Chemify and Prepaire™ Labs announced to expand their partnership with an additional program to tackle the ongoing Opioid crisis and develop a novel class of digitally discovered non-addictive Opioids as pain modulators, as well as drugs tackling Opioid addiction directly by combining Chemify's breakthrough programmable chemistry platform with Prepaire’s integrated novel open collaboration drug discovery platform. The project, named Toxifree, comes in response to the FDA’s Center for Drug Evaluation and Research (CDER) requesting drugmakers and researchers to develop treatments for stimulant use disorder, hoping to address a major gap in the addiction crisis response. 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About Chemputation Digital chemistry applies principles of computation to chemistry for programable chemistry and Chemify has developed the underpinning infrastructure to make this possible for chemical discovery and synthesis. Like a computer program, digital chemistry programs can automatically run chemical experiments, make new molecules, and ensure that complex chemical recipes are always accessible and perfectly reproducible. Chemical programs are precise pieces of code that allow fully transparent and reliable operation allowing the implementation of AI and other techniques with full audit and safety. About Chemify Based in Glasgow, Chemify is a pioneering company digitizing chemistry to provide world-leading pharmaceutical, biotechnology, and industrial partners access to an exponentially growing space of novel molecules and materials. 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