San Mateo Midstream to acquire Cardinal Midstream for $752m

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

San Mateo Midstream has agreed to acquire the operating subsidiaries of Cardinal Midstream Partners for $752m in cash. Cardinal Midstream is a portfolio company of EnCap Flatrock Midstream, while San Mateo Midstream is a joint venture of Matador Resources and Five Point Infrastructure. The transaction is expected to close on or before 31 July 2026. Cardinal Midstream operates approximately 145 miles of natural gas-gathering pipelines and a cryogenic processing plant in Loving County, Texas, with a designed capacity of around 320 million cubic feet per day. Once completed, San Mateo's total designed natural gas processing capacity is expected to surpass one billion cubic feet per day, and its gathering network will increase to more than 800 miles of pipeline.

Impact on stocks 1

Energy▲ · 1 stocks
Matador Resources Company
MTDR
▲ PositiveCapitalrelevance

Matador Resources' JV San Mateo is acquiring Cardinal Midstream, expanding its midstream capacity and network.

Off-coverage companies 4

Cardinal Midstream PartnersPrivate▲ Positive
Capitalrelevance

Cardinal Midstream is being acquired for $752m, providing an exit for its owners.

San Mateo MidstreamPrivate▲ Positive
Capitalrelevance

San Mateo Midstream is the acquirer, expanding its natural gas processing and gathering assets.

EnCap Flatrock MidstreamPrivate▲ Positive
Capitalrelevance

EnCap Flatrock Midstream, as owner of Cardinal, benefits from the sale.

Five Point InfrastructurePrivate▲ Positive
Capitalrelevance

Five Point Infrastructure, as JV partner in San Mateo, participates in the acquisition.

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