Strategic JV Growth San Mateo Midstream is a joint venture formed by Matador Resources and Five Point Capital Partners, indicating strong backing and potential for expansion, especially in Delaware Basin assets recently acquired, presenting cross-sell opportunities for midstream services and infrastructure capabilities.

Anchor Customer Focus As the primary midstream solution for Matador Resources and provider of services to other E&P operators, there is a clear pathway to expand services with Matador’s network and with neighboring operators in Eddy County and Loving County, leveraging established relationships.

Recent Asset Acquisition The $752M acquisition of Cardinal Delaware and Cardinal New Mexico assets signals growing scale and an influx of additional gathering, processing and disposal needs, creating short-term up-sell opportunities for expanded capacity, water handling and related midstream solutions.

Regional Expansion Historical expansion activity such as the Black River Processing Plant upgrade and NM facility growth demonstrates ongoing capacity expansion in Eddy County, suggesting need for additional processing, telemetry, and maintenance services to support ramped operations.

Revenue Focus With revenue in the $50M–$100M range and a lean employee base, there is potential to optimize contract-based services, bundled midstream offerings, and performance-based pricing with operators seeking efficiency gains and risk-sharing in the Delaware Basin.