Matador控股中游合资公司完成收购Cardinal Midstream资产

Matador Resources Company Announces Successful Closing of San Mateo’s Acquisition of Cardinal Midstream
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Mon, 08/03/2026 - 06:30

Matador Resources Company Announces Successful Closing of San Mateo’s Acquisition of Cardinal Midstream

Aug 03, 2026

General

DALLAS--(BUSINESS WIRE)--Aug. 3, 2026--
Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today announced that San Mateo Midstream, LLC (“San Mateo”), Matador’s 51%-owned midstream joint venture with 49% co-owner Five Point Infrastructure (“Five Point”), has successfully completed the acquisition of the operating subsidiaries of Cardinal Midstream Partners, LLC (“Cardinal”), a portfolio company of EnCap Flatrock Midstream, for total cash consideration of $752 million, subject to customary post-closing adjustments (the “Cardinal Acquisition”).

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Cardinal’s assets include a natural gas processing plant complex in Loving County, Texas (just across the southern border of New Mexico), which has a designed inlet capacity of approximately 320 million cubic feet of natural gas per day. Cardinal also has approximately 145 miles of gathering pipelines, which together with the processing plant will provide increased processing capacity and future expansion opportunities.

The Cardinal Acquisition increases San Mateo's integrated natural gas gathering and processing infrastructure across the northern Delaware Basin. With the addition of Cardinal’s assets, San Mateo now has designed natural gas processing capacity exceeding one billion cubic feet per day and more than 800 miles of natural gas gathering pipelines, further strengthening its ability to provide reliable flow assurance to both Matador and third-party customers.

Cardinal Acquisition Highlights

Complementary Midstream Assets. Cardinal’s assets include a natural gas processing plant complex in Loving County, Texas (just across the southern border of New Mexico), which has a designed inlet capacity of approximately 320 million cubic feet of natural gas per day. Cardinal also has approximately 145 miles of gathering pipelines, which together with the processing plant will provide increased processing capacity and future expansion opportunities (see map, Exhibit A).

Stronger Team . Notably, San Mateo offered employment to the 26 field employees of Cardinal, and all 26 of these experienced individuals accepted their employment offers. These employees further bolster San Mateo’s talented team of field employees, who are critical to San Mateo providing reliable flow assurance for its customers.

Increased Scale. San Mateo is now the largest private natural gas processor in the northern Delaware Basin with more than one billion cubic feet per day of processing capacity.

Third-Party Customer Relationships and Volumes. The acquisition adds nine new natural gas customers and increases San Mateo’s third-party customer base, volume throughput and revenue generation. With nearly 100 drilling rigs currently located within ten miles of its combined natural gas gathering and processing system, San Mateo anticipates further opportunities to add to its third-party business (see rig locations, Exhibit B).

Enhanced Flow Assurance. The combined natural gas system provides greater operational flexibility by allowing natural gas volumes to move more easily throughout the northern Delaware Basin while enhancing reliable transport and processing for producers.

Immediately Accretive. The Cardinal assets are expected to contribute meaningful Adjusted EBITDA 1 and cash flow to San Mateo as the assets are fully integrated and utilized. Adjusted EBITDA from the Cardinal assets is expected to increase to up to $110 million on an annualized basis by 2028 when the Cardinal natural gas processing plant complex is anticipated to be completely full.

Midstream Funding Midstream

San Mateo financed the Cardinal Acquisition through a combination of a new $650 million term loan under its existing credit facility, cash on hand, and capital contributions from its partners. The new term loan will become due and payable in July 2027. Matador has received $92.3 million in distributions from San Mateo during 2026 and used a portion of this money to fund its $51 million capital contribution to San Mateo in connection with the Cardinal Acquisition.

Matador adheres to the policy that midstream money should fund midstream acquisitions. Such a policy allows Matador to use its own cash flows to operate its business, make land acquisitions, repay debt and pay dividends to its shareholders without having to additionally fund this acquisition. It also reflects Matador’s confidence in the individual financial strength of Cardinal, San Mateo and Matador.

Management Comments

Joseph Wm. Foran, Matador’s Founder, Chairman and CEO and San Mateo’s Founder, commented, “We are very pleased to announce the successful closing of San Mateo’s acquisition of Cardinal Midstream. This acquisition represents another important catalyst and milestone in building one of the premier integrated midstream businesses in the Delaware Basin. The Cardinal system complements our existing infrastructure, provides another important connection across our natural gas gathering network, enhances the flow assurance San Mateo provides to Matador and other third-party customers and positions San Mateo for future strategic transactions.

“The completion of the Cardinal Acquisition was a true team effort—a hallmark of both Matador and San Mateo since their respective formations. We appreciate the professionalism and cooperation of the Cardinal team and their sponsor, Encap Flatrock Midstream. Matador’s relationship with the team at EnCap Investments L.P. (“EnCap”) and its affiliated entities goes back decades. We also express our gratitude to PNC Bank, Truist Bank and each of San Mateo’s other lenders who helped provide the financing for this acquisition.

“Matador is pleased that the transaction was financed through a combination of a new $650 million term loan under San Mateo’s credit facility, cash on hand and capital contributions from Matador and Five Point. Matador is not a guarantor under San Mateo’s credit facility, and such credit facility is non-recourse to Matador and its subsidiaries (other than San Mateo and its subsidiaries). As such, Matador is not responsible for this new term loan or any other amounts borrowed under San Mateo’s credit facility. Each entity stands on its own financial strengths. Notably, Matador’s capital contribution to San Mateo in connection with closing the Cardinal Acquisition was funded by distributions that Matador had already received from San Mateo in 2026.

“The closing of the Cardinal Acquisition is the second of four important catalysts for Matador during 2026—the successful Federal lease sale in May, the Cardinal Acquisition, the Paloma acquisition (announced on July 23, 2026) and the Ridge Runner acquisition (also announced on July 23, 2026). We look forward to discussing these catalysts further during our second quarter 2026 earnings call scheduled for Thursday, August 6, 2026 at 10:00 am Central Time. We express gratitude for the continued support of our shareholders and eagerly anticipate the next chapter for Matador as we continue to expand our upstream and midstream businesses.”

Advisors

Baker Botts L.L.P., led by Preston Bernhisel, and O’Melveny & Myers LLP, led by Jason Schumacher, acted as counsel to San Mateo on the Cardinal Acquisition. Willkie Farr & Gallagher LLP, led by Nathan Meredith, acted as counsel to Cardinal on the acquisition.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its curre