San Mateo Midstream, the midstream joint venture between oil and gas producer Matador Resources and infrastructure investor Five Point, has agreed to purchase Cardinal Midstream Partners' operating subsidiaries for $752 million in an all-cash transaction.
The deal represents a significant expansion of San Mateo's infrastructure footprint in the Delaware Basin.
Cardinal Midstream, owned by private equity firm EnCap Flatrock Midstream, operates gathering and processing assets that complement San Mateo's existing midstream infrastructure across the prolific shale play. The combination creates operational synergies by consolidating complementary infrastructure assets under unified management and potentially reducing overlapping costs.