Add-on·Energy/Infrastructure Services·June 29, 2026
San Mateo Midstream acquires Cardinal Midstream
The $752 million deal adds Delaware Basin natural gas gathering, processing and related midstream infrastructure.
Takeaways
- Cardinal Midstream is a natural gas gathering and processing in the Delaware Basin.
- San Mateo Midstream is acquiring Cardinal Midstream with backing from Five Point Infrastructure.
- The target serves oil and gas production and LNG export across Delaware Basin (Texas/New Mexico).
BuyerSan Mateo Midstream
TargetCardinal Midstream Partners
SponsorFive Point Infrastructure
SellerEnCap
TypeAdd-on
GeographyDelaware Basin (Texas/New Mexico)
IndustryEnergy
Sub-sectorInfrastructure Services
San Mateo Midstream agreed to acquire Cardinal Midstream from EnCap Flatrock Midstream in a $752 million cash transaction.
Cardinal adds Delaware Basin midstream assets, including natural gas gathering and processing infrastructure, to San Mateo’s existing platform.
San Mateo is a joint venture between Matador Resources and Five Point Infrastructure; the transaction is expected to close in the third quarter of 2026.
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