Matador Resources Company Announces Expansion of San Mateo’s Delaware Basin Footprint Through the Acquisition of Cardinal Midstream
Matador Resources announced that its 51%-owned midstream joint venture, San Mateo, has agreed to acquire Cardinal Midstream for $752 million in cash. The deal adds 320 million cubic feet per day of processing capacity and 145 miles of pipeline, expanding San Mateo’s total capacity to over 1 Bcf/d and 800 miles of gathering. Financing includes a $650 million term loan led by PNC and Truist, with the remainder funded by cash on hand and partner contributions.
Key figures
- Deal Value Usd
- 752000000
- Term loan amount
- 650000000
- San mateo matador ownership
- 51%
- Cardinal processing capacity
- 320 million cubic feet per day
- San mateo post deal capacity
- >1 billion cubic feet per day
- Cardinal annualized ebitda 2028
- 110000000
- San mateo post deal pipeline miles
- >800 miles
AI analysis
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