Mach Natural Resources has reported financial and operating results for the three months ended September 30, 2025. The Company also announced its quarterly cash distribution and updated its full-year 2026 outlook.

Third Quarter 2025 Highlights

• Averaged total net production of 94.0 thousand barrels of oil equivalent per day (“Mboe/d”)
• Lease operating expense of $6.82 per barrel of oil equivalent (“Boe”)
• Reported net losses and Adjusted EBITDA(1) of $36 million and $124 million, respectively
• Generated net cash provided by operating activities of $106 million
• Incurred total development costs of $59 million
• Successfully closed on September 16, 2025, two acquisitions of oil and gas assets located in the Permian Basin and San Juan Basin which contributed approximately two weeks to the Company’s operational and financial results
• Declared a quarterly cash distribution of $0.27 per common unit

Recent Highlights

• Reduced 2026 drilling and completion capital program by 18% while maintaining prior production guidance, reflecting continued capital discipline and strong capital efficiency
• Delivered a combined current production rate in excess of 40 million cubic feet of natural gas per day (“MMcf/d”) from Mach’s first two-well pad drilled and operated in the Deep Anadarko, consisting of two three-mile laterals totaling roughly 25,000 feet; additional wells are scheduled to turn in line through 2026
• Achieved a combined initial production rate in excess of 100 MMcf/d from Mach’s first five wells drilled and operated in the Mancos Shale, totaling roughly 65,000 feet of laterals

“The third quarter was a defining period for Mach with the closing of our Permian and San Juan acquisitions,” said Tom L. Ward, Chief Executive Officer of Mach Natural Resources. “These transactions have transformed our scale and operating footprint while remaining fully aligned with the disciplined strategy that has guided Mach since inception. Looking ahead to 2026, we are focused on integrating these assets and deploying capital efficiently across all areas of our business for the benefit of our unitholders. Mach is well positioned to navigate a dynamic commodity environment with disciplined capital allocation and an unwavering focus on delivering cash to our unitholders.”

Third Quarter 2025 Financial Results

Mach reported total revenue and net losses of $273 million and $36 million in the third quarter of 2025, respectively. Additionally, during the third quarter, the average realized price was $64.79 per barrel of oil, $2.54 per Mcf of natural gas, and $21.78 per barrel of natural gas liquids (“NGLs”). These prices exclude the effects of derivatives.

As of September 30, 2025, Mach had a cash balance of $54 million, remaining availability under the Revolving Credit Facility of $295 million, and a pro forma net-debt-to-Adjusted-EBITDA ratio of 1.3x.

Third Quarter 2025 Operational Results

During the third quarter of 2025, Mach achieved average oil equivalent production of 94.0 Mboe/d, which consisted of 21% oil, 56% natural gas and 23% NGLs. Also, for the third quarter of 2025, Mach’s production revenues from oil, natural gas, and NGLs sales totaled $235 million, comprised of 50% oil, 32% natural gas, and 18% NGLs.

The Company spud 5 gross (3.3 net) operated wells and brought online 3 gross (1.7 net) operated wells in the third quarter of 2025. As of September 30, 2025, the Company had 6 gross (4.6 net) operated wells in various stages of drilling and completion.

Mach’s lease operating expense in the third quarter of 2025 was $59 million, or $6.82 per Boe. Mach incurred $33 million, or $3.83 per Boe, of gathering and processing expenses in the third quarter of 2025. Furthermore, during the third quarter of 2025, production taxes as a percentage of oil, natural gas, and NGL sales were approximately 4.4%, midstream operating profit was approximately $3 million, general and administrative expenses—excluding equity-based compensation of $2 million—was $21 million, and interest expense was $17 million.

In the third quarter of 2025, Mach’s total development costs were $59 million, including $53 million of upstream capital and $6 million of other capital (including midstream and land).

Distributions

Mach announced today that the board of directors of its general partner declared a quarterly cash distribution for the third quarter of 2025 of $0.27 per common unit. The quarterly cash distribution is to be paid on December 4, 2025, to common unitholders of record as of the close of trading on November 20, 2025.

KeyFacts Energy Industry Directory: Mach Natural Resources