DALLAS, June 29, 2026 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented San Mateo Midstream, LLC in its agreement to acquire the operating subsidiaries of Cardinal Midstream Partners, LLC for $752 million in cash.

San Mateo is a midstream joint venture owned 51% by Matador Resources Company (NYSE: MTDR) and 49% by an affiliate of Five Point Infrastructure LLC. Cardinal is a portfolio company of EnCap Flatrock Midstream. The transaction is expected to close on or before July 31, 2026, subject to customary closing conditions.

The acquisition will expand San Mateo’s natural gas gathering and processing footprint in the Delaware Basin. Cardinal’s assets include a cryogenic natural gas processing plant complex in Loving County, Texas, with a designed inlet capacity of about 320 million cubic feet per day and about 145 miles of natural gas gathering pipelines in west Texas and southern Eddy County, New Mexico.

Matador disclosed in its press release that the acquisition is expected to increase San Mateo’s designed natural gas processing capacity to more than one billion cubic feet per day and expand San Mateo’s gathering systems to over 800 miles of pipeline. San Mateo expects to finance the acquisition, in part, through a new $650 million term loan under its existing credit facility.

The matter continues Baker Botts’ work for Matador and its affiliates on significant Delaware Basin and capital markets matters, including Matador’s recent $1.9 billion Ameredev acquisition, its contribution of Pronto Midstream to San Mateo and recent $750 million senior notes offerings.

Baker Botts Lawyers/Offices Involved:

Corporate: Preston Bernhisel (Partner, Dallas); Rusty Shellhorn (Senior Associate, Dallas); Elizabeth Kirkland (Associate, Dallas); Brendan Waller (Associate, Dallas)

Tax: Stephen Marcus (Partner, Dallas)

Employee Benefits and Executive Compensation: Dario Mendoza (Partner, Dallas); Alira Thomas (Associate, Dallas)

Employment: Cynthia Washington (Special Counsel, Dallas)

Finance: Luke Weedon (Partner, Dallas)

Antitrust: Matthew Adler (Partner, Washington, D.C.)

Environmental: Aileen Hooks (Senior Counsel, Austin); Katie Windle (Senior Associate, Austin)

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