What are the key assets included in Matador's San Mateo Midstream acquisition of Cardinal Midstream Partners, and where are they located?

Cardinal's assets include a cryogenic natural gas processing complex in Loving County, Texas, with a designed inlet capacity of about 320 million cubic feet of natural gas per day, and roughly 145 miles of natural gas gathering pipelines across West Texas and southern Eddy County, New Mexico; all assets are located in the Delaware Basin, a key U.S. shale producing region.

How will the $752 million Cardinal acquisition impact San Mateo Midstream's scale and infrastructure footprint?

The acquisition is expected to increase San Mateo's processing capacity to more than 1 billion cubic feet per day and expand its gathering system to over 800 miles of pipeline, while also adding new third-party customers; the deal is expected to close on or before July 31 and will be financed in part through a new term loan of up to $650 million under San Mateo's existing credit facility.

Matador Resources JV expands Delaware Basin footprint with $752 million Cardinal deal

Jun 29, 2026

Matador Resources' midstream joint venture San Mateo agreed to acquire Cardinal Midstream Partners for $752 million. The transaction will boost processing capacity to over 1 billion cubic feet per day in the Delaware Basin.

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Matador Resources JV expands Delaware Basin footprint with $752 million Cardinal deal

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