Matador Resources Company Announces Expansion of San Mateo’s Delaware Basin Infrastructure and New Long-Term Agreements
Key Highlights
- ➤300 MMcf per day Marlan processing train planned for year-end 2028 completion
- ➤2026 midstream capital expenditures rise $25 million to $170-$190 million
- ➤San Mateo expects Adjusted EBITDA above $100 million by end-2029
- ➤Total processing capacity will exceed 1.3 billion cubic feet per day
- ➤Cardinal system projected to contribute $100-$115 million Adjusted EBITDA by 2028
Expert Statements
Joseph Wm. Foran, Founder, Chairman and CEO of Matador Resources Company; Founder of San Mateo Midstream, LLC
“We believe these agreements are a strong validation of San Mateo’s integrated midstream strategy and the quality of our assets and people.”
Joseph Wm. Foran, Founder, Chairman and CEO of Matador Resources Company; Founder of San Mateo Midstream, LLC
“Our ability to provide scalable gathering, processing and related services gives our customers confidence that their infrastructure requirements will be met as their production grows.”
Joseph Wm. Foran, Founder, Chairman and CEO of Matador Resources Company; Founder of San Mateo Midstream, LLC
“This ‘repeat business’ showcases San Mateo’s ability to provide the first-class midstream services and the flow assurance that oil and natural gas producers require.”
Joseph Wm. Foran, Founder, Chairman and CEO of Matador Resources Company; Founder of San Mateo Midstream, LLC
“This deal also builds upon what has already been a transformative year for San Mateo.”
Joseph Wm. Foran, Founder, Chairman and CEO of Matador Resources Company; Founder of San Mateo Midstream, LLC
“Finally, the closing of the Cardinal transaction alongside these new agreements continues to diversify San Mateo’s third-party revenue streams and committed volumes.”
Joseph Wm. Foran, Founder, Chairman and CEO of Matador Resources Company; Founder of San Mateo Midstream, LLC
“Since inception, San Mateo’s strategy has been to underwrite infrastructure development through Matador’s operations and subsequently build relationships to capture third-party volumes to fill any remaining capacity.”
Joseph Wm. Foran, Founder, Chairman and CEO of Matador Resources Company; Founder of San Mateo Midstream, LLC
“Executing on these agreements demonstrates San Mateo’s ability to operate as a self-sustaining business—successfully funding, building and delivering clear, scalable growth into the next decade.”
Joseph Wm. Foran, Founder, Chairman and CEO of Matador Resources Company; Founder of San Mateo Midstream, LLC
“San Mateo is now the largest private natural gas processor in the Northern Delaware Basin with more than one billion cubic feet per day of processing capacity and looks forward to providing first-class flow assurance for Matador and its third-party customers for years to come.”
Matador Resources Company Announces Expansion of San Mateo’s Delaware Basin Infrastructure and New Long-Term Agreements
Matador Resources Company (NYSE: MTDR) (“Matador”) today announced that wholly owned subsidiaries of San Mateo Midstream, LLC (“San Mateo” or the “Company”), Matador’s 51%-owned midstream joint venture with Five Point Infrastructure LLC (“Five Point”), have entered into two agreements with a large producer in the Northern Delaware Basin:
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