San Mateo Midstream closes $752 million acquisition of Cardinal Midstream

M&A · Partnership
โดย Offshore Technology·Read original
Summary · why it matters

San Mateo Midstream has completed its $752 million purchase of the operating subsidiaries of Cardinal Midstream Partners. The joint venture, 51% owned by Matador Resources and 49% by Five Point Infrastructure, now has designed natural gas processing capacity exceeding one billion cubic feet per day in the northern Delaware Basin and a pipeline network surpassing 800 miles. The acquired assets include a processing plant complex in Loving County, Texas, with inlet capacity of around 320 million cubic feet per day and roughly 145 miles of gathering pipelines, making San Mateo the largest private natural gas processor in the area. The deal adds nine new customers and is expected to boost third-party volumes and revenues. Funding came from a $650 million term loan, available cash, and partner capital contributions, with Matador using $51 million from San Mateo distributions for its share.

Impact on stocks 1

Energy▲ · 1 stocks
Matador Resources Company
MTDR
▲ PositiveCapitalrelevance

Matador's 51% stake in San Mateo benefits from the acquisition, funded partly by its distributions, expanding processing capacity and customers.

Off-coverage companies 3

San Mateo MidstreamPrivate▲ Positive
Capitalrelevance

San Mateo completes the acquisition, becoming the largest private gas processor in the area with added capacity and customers.

Cardinal Midstream PartnersPrivate▲ Positive
Capitalrelevance

Cardinal Midstream's subsidiaries were acquired for $752 million, a positive exit for its owners.

Five Point InfrastructurePrivate▲ Positive
Capitalrelevance

Five Point Infrastructure's 49% stake in San Mateo benefits from the acquisition's growth and revenue potential.

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