Matador Resources Co.’s board of directors increased the company’s quarterly cash dividend to $0.20 per share of common stock per quarter beginning in fourth quarter 2023—a 33% increase from its prior policy of $0.15 per share per quarter, the company announced Oct. 19.

The quarterly cash dividend per share of common stock is payable on Dec. 1 to shareholders on record as of Nov. 10.

Matador also announced increases to its credit facility agreement to (1) increase the borrowing base $250 million from $2.25 billion to $2.5 billion, (2) increase the maximum facility amount $500 million from $1.5 billion to $2.0 billion and (3) increase the elected commitment $75 million from $1.25 billion to $1.325 billion, of which only $530 million was drawn as of Sept. 30.

The $75 million increase in elected commitments is the second time this year that Matador has increased its commitments. The first was in connection with the company’s acquisition of Advance Energy Partners Holdings LLC, in which the company increased its elected commitment from $775 million to $1.25 billion on March 31.

Matador also added JP Morgan Chase Bank to its bank group.