June 30, 2026
Willkie is representing Cardinal Midstream Partners, LLC (Cardinal) and its financial sponsor, EnCap Flatrock Midstream (EFM), in the sale of Cardinal Delaware Basin, LLC (Cardinal Delaware) and Cardinal New Mexico, LLC (Cardinal New Mexico) to San Mateo Midstream, LLC (San Mateo), a joint venture between Matador Resources Company (NYSE: MTDR) and Five Point Infrastructure in a transaction valued at $752 million.
On June 29, Cardinal announced a definitive agreement under which it will sell its wholly owned subsidiaries, Cardinal Delaware and Cardinal New Mexico, to San Mateo for $752 million in cash. The transaction is expected to close in the third quarter of 2026, subject to regulatory approval and customary closing conditions. Cardinal’s field employees will remain with the business and become part of San Mateo.
Headquartered in Dallas, Cardinal was formed in 2022 through a partnership with EFM. The company has focused on developing and expanding natural gas gathering and processing infrastructure across key producing areas of North America. EFM manages over $9 billion in investment commitments since its formation in 2008 and continues to invest in midstream infrastructure through its latest flagship fund, EFM V.
The Cardinal Willkie team is led by partners Nathan Meredith and Jessica Hammons and associates Rachael Williams and Katherine Lubrano.
The EFM Willkie team is led by partner Sarah McLean.
