Matador’s San Mateo Midstream agrees to buy Cardinal Midstream for $752 million cash

Targa Resources Corp.
Matador Resources Company

Targa Resources Corp.

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Matador Resources Company

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  • San Mateo Midstream, Matador’s 51%-owned joint venture, agreed to buy Cardinal Midstream operating subsidiaries for total cash consideration of USD 752 million.
  • Closing targeted on or before July 31, 2026, subject to customary conditions.
  • Assets include a 320 million cubic feet per day cryogenic gas processing complex in Loving County, Texas, plus 145 miles of gathering pipelines.
  • Deal expected to lift San Mateo designed processing capacity to more than 1 billion cubic feet per day, expanding its gathering network to over 800 miles.
  • San Mateo plans to fund the purchase with a new term loan of up to USD 650 million, plus cash, revolver borrowings, and partner contributions.


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