Mach Natural Resources LP (MNR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.4B

Revenue growth

34.4%

Net income, last twelve months

$100.6M

Earnings per share

$0.56

Operating margin

14.4%

Net margin

7.4%

Market value

$1.8B

Price to earnings

19.0x

Cash

$41.2M

Debt

$1.2B

Shares outstanding

166.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Revenue and net income reported. Total revenue was $406 million and net income was $98 million. The first quarter had a net loss of $35 million on revenue of $286 million.
• Adjusted EBITDA compared with prior periods. Adjusted EBITDA was $182 million, compared with $122 million in the second quarter of 2025 and $195 million in the first quarter of 2026.
• Operating cash flow of $154 million. Net cash provided by operating activities was $154 million, against $170 million in the first quarter of 2026.
• Unrealized derivative gain excluded. Net income included an unrealized gain of $41.7 million on derivative instruments, which Adjusted EBITDA excludes. The first quarter recorded an unrealized loss of $103.8 million.
• Net production averaged 148.9 Mboe/d. Oil averaged 22.7 MBbl/d within the total. First-quarter 2026 production averaged 158 Mboe/d.
• Oil share of volumes eased. Volumes were 15% oil, 69% natural gas and 16% NGLs, against 16% oil, 70% natural gas and 14% NGLs in the first quarter.
• Operated wells spud and brought online. The company spud 9 gross (5.0 net) operated wells and brought 6 gross (4.2 net) online. The first quarter had 5 gross spud and 4 gross brought online.
• Realized prices rose across products. Realized prices were $95.40 per barrel of oil, $1.93 per Mcf of gas and $28.99 per barrel of NGLs. First-quarter prices were $69.73, $2.74 and $23.75.
• Oil share of production revenue. Production revenues of $367 million were 54% oil, 30% natural gas and 16% NGLs. First-quarter production revenues of $366 million were 42% oil, 45% natural gas and 13% NGLs.
• Prices exclude derivative effects. The per-unit realized prices are stated before derivatives, so derivative results are not reflected in them.
• Lease operating expense per Boe rose. Lease operating expense was $98 million, or $7.21 per Boe, against $101 million, or $7.12 per Boe, in the first quarter.
• Gathering and processing cost per Boe. Gathering and processing expense was $48 million, or $3.54 per Boe, against $59 million, or $4.18 per Boe, in the first quarter.
• Production taxes, G&A and interest. Production taxes were about 5.1% of sales, against 4.5% in the first quarter. G&A excluding equity-based compensation was $7 million, against $5 million, and interest expense was $25 million.
• Development costs rose to $97 million. Upstream capital was $80 million and other capital, including midstream and land, was $17 million. First-quarter development costs were $75 million, with $67 million upstream.

Company events

The newest 8-K filings of 35 held.

Every filing

The newest filings with the SEC of 91 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

78 funds held it at 30 Jun 2026: 48 added and 11 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Shell plc (SHEL): revenue $266.9B, market value $299.0B
• TotalEnergies SE (TTE): revenue $201.2B, market value $205.1B
• Petróleo Brasileiro S.A. (Petrobras) (PBR): revenue $89.2B, market value $142.0B
• Canadian Natural Resources Limited (CNQ): revenue $27.8B, market value $114.1B
• Eni S.p.A. (E): revenue $92.9B, market value $88.3B
• EOG Resources Inc. (EOG): revenue $27.0B, market value $84.4B
• Occidental Petroleum Corp. (OXY): revenue –, market value $62.8B
• Diamondback Energy, Inc. (FANG): revenue $17.1B, market value $57.9B
• Devon Energy Corp. (DVN): revenue $19.7B, market value $56.4B
• Woodside Energy Group Ltd. (WDS): revenue $13.0B, market value $43.5B

What the company does

Mach Natural Resources LP, which the filing calls Mach, is an independent upstream oil and gas company. It acquires, develops and produces oil, natural gas and NGL reserves in the Anadarko Basin, the San Juan Basin and the Permian Basin. Its assets include approximately 12,000 gross operated PDP wells, and its average net daily production for 2025 was approximately 103 MBoe/d. It also owns midstream assets that support its leases, including ownership in six processing plants.

Where it operates

The company's assets are in Western Oklahoma, Southern Kansas, the panhandle of Texas, West Texas, Northwest New Mexico, Southwest Colorado and Southwest Wyoming. The Anadarko Basin region covers Western Oklahoma, Southern Kansas and the panhandle of Texas. The San Juan Basin region covers New Mexico and Colorado, and the Permian Basin region covers West Texas. Its assets are prospective for several formations, most notably the Oswego, Woodford and Mississippian, Mancos and Fruitland formations.

It owns working interests in 21,043 gross productive wells (10,126 net). It also holds mineral and royalty interests in 3,371 gross productive wells (69 net).

What it produces and holds in reserve

In 2025 net production was 7,719 MBbl of oil, 135,026 MMcf of natural gas and 7,507 MBbl of NGLs, for a total of 37,731 MBoe. Estimated total proved reserves at 31 December 2025 were 704,732 MBoe. These comprise 104,198 MBbl of oil, 2,909,751 MMcf of natural gas and 115,575 MBbl of NGLs. Of the total, 160,340 MBoe are proved undeveloped reserves. The reserve estimates come from evaluations by two independent engineering firms, Netherland, Sewell & Associates, Inc and Cawley, Gillespie & Associates Inc.

The company says its business plan has historically focused on acquiring assets and then developing and producing them. It completed six acquisitions in the last two years, most notably the IKAV and Sabinal Acquisitions that closed in September 2025. Development uses hydraulic fracturing regularly. The company says its 2026 development is anticipated to focus on a mix of drilling Mississippian and Mancos wells, and that it expects to drill or participate in approximately 43 gross wells in 2026. It was not a party to any long-term drilling rig contracts at 31 December 2025.

Midstream assets

Mach owns six processing plants with combined processing capacity of 1,303 MMcf/d, along with 2,905 miles of gas gathering pipelines. Its water infrastructure consists of 1,120 miles of gathering pipeline and 177 disposal wells. The company says these assets let it optimize pricing, increase flow assurance and eliminate third-party costs and inefficiencies. The owned systems also generate third-party revenue.

In some areas it pays third-party midstream providers for gathering and processing, and only one of those agreements includes minimum volume commitments. It is party to two firm transportation agreements for moving natural gas from processing plants to markets. Through the IKAV Acquisition it also took on a firm contract to deliver natural gas at a fixed price through 2030, with total volume commitments of 300,070,034 MMbtu.

Who buys its output

Mach markets production from the properties it operates, for its own account and for other working interest owners. It sells to purchasers at market prices. In 2025 two purchasers each accounted for more than 10% of receipts from oil, natural gas and NGL sales: Purchaser A at 23.3% and Purchaser B at 20.6%. Other revenue comes from midstream services and product sales.

Competition and regulation

The filing describes the oil and natural gas industry as intensely competitive. Many competitors have greater resources, and some also run midstream and refining operations. The company says it has fewer financial and human resources than many companies in its industry. That may put it at a disadvantage when evaluating and bidding for properties.

Its operations are subject to federal, state and local laws. These rules cover permits for drilling, well plugging, air emissions, water discharges and pipeline safety.

Structure and people

Mach is a limited partnership treated as a partnership for federal and state income tax purposes. Its partnership agreement requires it to distribute all cash on hand at the end of each quarter, less reserves set by its general partner. The company completed a corporate reorganization on 25 October 2023. Two days later it sold 10,000,000 common units to the public, leaving 95,000,000 common units outstanding.

Mach Resources had 840 employees at 31 December 2025, all full-time. Neither Mach nor Mach Resources is party to any collective bargaining agreements. The company also uses independent contractors for field and other services.

*From Mach Natural Resources's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1980088/000162828026017249/mnr-20251231.htm)*

From the company's 10-K.