San Mateo Midstream, the Matador Resources-led joint venture, agreed on 29 June to acquire Cardinal Midstream Partners' Delaware Basin operating subsidiaries for $752m in cash.
Why San Mateo Midstream (Matador Resources / Five Point Infrastructure JV) is buying Cardinal Midstream Partners (operating subsidiaries)
Matador said the deal adds complementary midstream assets, third-party customers and volumes, and improves flow assurance for Matador and San Mateo's customers.
Deal terms and financing
The price is payable in cash. After the deal San Mateo's designed gas processing capacity exceeds 1 bcf/d and its gathering network exceeds 800 miles, according to Oil & Gas Journal.
Regulatory approvals and timing
Closing was expected on or before 31 July 2026. Matador's second-quarter report said the transaction closed on 31 July.
Market context
San Mateo is owned 51% by Matador and 49% by an affiliate of Five Point Infrastructure. Cardinal was backed by EnCap Flatrock Midstream, Dakota reported.
