• As of Matador's November 3, 2026 release, a new 300 MMcfd processing train at the Marlan plant is underwritten by a long-term, fixed-fee gathering and processing contract.
• Offshore Technology reports two agreements: the new dedication in Lea and Eddy Counties, and an amendment extending an existing Eddy County treating contract at the Black River Plant.
• The counterparty is described only as a large, financially strong Delaware Basin producer. Its name, contract tenor and dedicated acreage are not disclosed in the sources reviewed.
• Completion is targeted for the end of 2028, subject to permitting, procurement and construction, so the capacity is committed but not delivering.
• This is analysis, not trading advice.

Matador Resources says its San Mateo Midstream venture has secured contract backing for a new 300 MMcfd gas processing train at the Marlan complex in New Mexico. The backer is an unnamed Delaware Basin producer. That separates the project from a plain announcement, but not from construction risk: completion is targeted for the end of 2028. All figures below are as stated by Matador on November 3, 2026.

What the contracts cover

Offshore Technology reports two agreements. One is a long-term, fixed-fee contract to gather and process gas from newly dedicated acreage in Lea and Eddy Counties, processed at Marlan. The other extends an existing Eddy County contract for gathering and treating at the Black River Plant. Matador's earnings exhibit, dated November 3, 2026, calls the counterparty a large, financially strong Delaware Basin producer and does not name it.

Committed capacity is not yet delivering capacity

Matador's chief executive says the agreements, combined with existing and future Matador volumes, will underwrite the 300 MMcfd plant. Offshore Technology adds that completion is targeted by the end of 2028, subject to permitting, procurement and construction. Contracted demand answers the question of whether anyone will pay for the capacity. It does not show the plant running, so the barrel-equivalent of this bet is still two years from any flow.

The spending that comes with it

Offshore Technology reports that Matador's 2026 midstream capital expenditure estimate rises by about $25m, to $170m-$190m. It also reports an expectation of San Mateo adjusted EBITDA above $100m by the end of 2029, and processing capacity above 1.3 bcf/d once the expansion is complete. These are company projections, not outcomes. The sources reviewed give no total project cost for the Marlan train alone.

What remains undisclosed

Neither source names the producer, states the contract tenor or fee, or gives the dedicated acreage. Matador's exhibit says Matador owns 51% of San Mateo, and Offshore Technology identifies the 49% holder as an affiliate of Five Point Infrastructure. Readers weighing the project should treat the fixed-fee structure as reported by Offshore Technology and watch later filings for the missing terms. This is analysis, not trading advice.