Mach Natural Resources LP (NYSE: MNR) (“Mach” or the “Company”) today reported financial and operating results for the three and twelve months ended December 31, 2025. In addition, the Company provided an updated outlook for full-year 2026.
Recent Highlights
- Previously announced and paid a quarterly cash distribution of $89 million for the fourth quarter of 2025, or $0.53 per common unit, representing a 96% increase from its third quarter 2025 cash distribution
- Since Mach’s initial public offering (“IPO”), the Company has paid $643 million in cash distributions, including the fourth quarter 2025 cash distribution of $89 million
- Since Mach’s inception, Mach has paid $1.3 billion in cash distributions, including the fourth quarter 2025 cash distribution
- Achieved a combined peak production rate of approximately 40 MMcf/d from three additional wells drilled and operated in the Deep Anadarko, consisting of three, three-mile laterals totaling roughly 45,000 feet
Fourth-Quarter 2025 Highlights
- Delivered total net production of 154 thousand barrels of oil equivalent per day (“Mboe/d”)
- Lease operating expense of $7.50 per barrel of oil equivalent (“Boe”)
- Reported net income and Adjusted EBITDA(1) of $73 million and $187 million, respectively
- Generated net cash provided by operating activities of $129 million
- Incurred total development costs of $77 million
- Integrated two acquisitions of oil and gas assets located in the Permian Basin and San Juan Basin
Full-Year 2025 Highlights
- Lease operating expense of $6.99 per Boe
- Reported net income and Adjusted EBITDA(1) of $143 million and $593 million, respectively
- Generated net cash provided by operating activities of $507 million
- Incurred total development costs of $252 million, resulting in a reinvestment rate of 47%
- Paid cash distributions to the Company’s unitholders of $244 million, or $1.94 per common unit
- Achieved pro forma cash return on capital invested (“CROCI”) (2) of 23%
- Increased total proved reserves 109% to 705 million barrels of oil equivalent (“MMBoe”) with a present value of SEC proved reserves discounted at 10% (“PV-10”) of $3.1 billion (3)(4)
- Completed multiple acquisitions of oil and gas assets totaling $1.3 billion
Full-Year 2026 Outlook
- Plan to invest $315 million to $360 million of total capital for development
- Forecast full year total net production ranging from 150 MBoe/d to 157 MBoe/d
“Over Mach’s eight-year history, a steady adherence to our four pillars has served us well,” said Tom L. Ward, Chief Executive Officer of Mach Natural Resources. “2025 was a pivotal year for Mach as we anchored positions in two additional basins and transformed the Company into a scaled, multi-basin operator. As a result of our strategic acquisition growth, we strengthened the durability of our asset base to generate long-term value for our unitholders.”
Tom L. Ward continued, “Building upon last year’s momentum, our 2026 plan is designed to maximize distributions while staying true to our proven reinvestment approach. With a continued focus on optimizing base production volumes and applying our operational expertise across the Company’s holdings, we are confident in Mach’s ability to deliver consistent value across all commodity cycles.”
Financial Results
Mach reported total revenue and net income of $388 million and $73 million in the fourth quarter of 2025, respectively. For the full year 2025, Mach reported total revenue and net income of $1.2 billion and $143 million, respectively. During the fourth quarter, the average realized price was $58.14 per barrel of oil, $2.54 per thousand cubic feet of natural gas, and $21.28 per barrel of natural gas liquids (“NGLs”). These prices exclude the effects of derivatives.
As of December 31, 2025, Mach had a cash balance of $43 million and $705 million utilized under its $1.0 billion revolving credit facility, leaving approximately $338 million of available liquidity.
Operational Results
During the fourth quarter of 2025, Mach achieved average oil equivalent production of 154 Mboe/d, which consisted of 17% oil, 68% natural gas, and 15% NGLs. Also, for the fourth quarter of 2025, Mach’s production revenues from oil, natural gas, and NGLs sales totaled $331 million, comprised of 42% oil, 44% natural gas, and 14% NGLs.
The Company spud 5 gross (4.6 net) operated wells and brought online 13 gross (10.1 net) operated wells in the fourth quarter of 2025. As of December 31, 2025, the Company had 7 gross (5.3 net) operated wells in various stages of drilling and completion.
Mach’s lease operating expense in the fourth quarter of 2025 was $106 million, or $7.50 per Boe. Mach incurred $46 million, or $3.22 per Boe, of gathering and processing expenses in the fourth quarter of 2025. Furthermore, during the fourth quarter of 2025, production taxes as a percentage of oil, natural gas, and NGL sales were approximately 4.6%, midstream operating profit was approximately $6 million, general and administrative expenses—excluding equity-based compensation of $3 million—was $11 million, and interest expense was $25 million.
In the fourth quarter of 2025, Mach’s total development costs were $77 million, including $68 million of upstream capital and $9 million of other capital (including midstream and land).
Year-End SEC Reserves
At December 31, 2025, Mach’s total estimated SEC proved reserves(4) were 705 MMBoe, comprised of 69% natural gas, 16% NGLs and 15% oil. The PV-10(3) was $3.1 billion at December 31, 2025.
Distributions
The Company’s quarterly cash distribution for the fourth quarter of 2025 of $0.53 per common unit was announced February 12, 2026. The quarterly cash distribution was paid on March 12, 2026, to the Company’s unitholders of record as of the close of trading on February 26, 2026.
2026 Outlook
Mach previously announced its 2026 outlook on November 6, 2025. Today the Company reiterated its production and capital outlook, while revising other guidance. In 2026, the Company plans to spend $315 million to $360 million in total capital for development, while upholding Mach’s targeted reinvestment rate of no more than 50% of operating cash flow. The 2026 forecast for total production is expected to range between 150 MBoe/d to 157 MBoe/d. Additional details of Mach’s forward-looking guidance are available on the Company’s website at www.machnr.com.
