Oklahoma City’s Mach Natural Resources LP recently announced the declaraton of a quarterly cash distribution.
The energy firm said the board of directors of its general partner approved the fourth quarter 2023 distribution of 95 cents a common unit.
It will be paid March 14, 2024 to common unitholders of record as of the close of trading on Feb. 29, 2024.
Mach’s cash distribution came less than six months after the company announced its initial public offering of 10,000,000 common units at a price to the public of $19 per share. The company stated at the time it expected to receive net proceeds of approximately $171.7 million and it intended to use the proceeds to repay in full certain indebtedness and end certain existing credit facilities of its subsidiaries.
Mach also revealed its expenditures guidance for the remainder of the year.
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2024 Guidance |
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The tables below are the Company’s operational and capital expenditures guidance for 2024. |
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2024 |
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Q1 |
Q2 |
Q3 |
Q4 |
Full-Year |
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Net Production Guidance |
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Oil (MBbls/d) |
20.4 – 21.7 |
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20.0 – 21.3 |
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20.1 – 21.4 |
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20.1 – 21.4 |
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20.2 – 21.5 |
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NGLs (MBbls/d) |
19.5 – 20.7 |
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18.6 – 19.8 |
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18.4 – 19.5 |
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18.1 – 19.2 |
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18.7 – 19.8 |
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Natural Gas (MMcf/d) |
271 – 287 |
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257 – 273 |
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249 – 265 |
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243 – 258 |
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255 – 271 |
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Total (MBoe/d) |
85.1 – 90.2 |
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81.4 – 86.6 |
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80.0 – 85.1 |
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78.7 – 83.6 |
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81.3 – 86.4 |
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Full-Year 2024 |
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Price Realizations Guidance (excluding hedges) |
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Oil (differential to NYMEX WTI) ($/Bbl) |
($1.50) – ($0.50) |
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NGLs (% of WTI) |
31% – 35% |
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Natural Gas (differential to NYMEX Henry Hub) ($/Mcf) |
($0.36) – ($0.20) |
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Other Guidance Items |
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Lease Operating Expense ($/Boe) |
$6.00 – $6.30 |
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Gathering and Processing ($/Boe) |
$3.20 – $3.40 |
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Production Taxes (% of Oil, natural gas, and NGL sales) |
5.0% – 6.0% |
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Midstream Operating Profit1 ($MM) |
$15 – $18 |
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General and Administrative, excluding equity-based compensation ($MM) |
$30 – $34 |
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Interest Expense ($MM) |
$88 – $92 |
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1 Midstream Operating Profit represents Midstream Revenue plus Product Sales less Midstream Operating Expense less Cost of Product Sales. |
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Full-Year 2024 |
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Capital Expenditure Guidance ($MM) |
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Upstream (D&C and Workovers) |
$230 – $245 |
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Other (Midstream and Land) |
$20 – $30 |
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Total |
$250 – $275 |
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2024 Derivative Contracts |
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The table below represents a summary of the Company’s 2024 derivative contracts. |
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2024 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Oil Volumes (MBbl) |
1,094 |
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1,083 |
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712 |
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658 |
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Weighted Average Fixed Price (per Bbl) |
$78.92 |
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$74.10 |
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$72.64 |
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$73.16 |
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Natural Gas Volumes (Bbtu) |
2,393 |
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2,248 |
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10,653 |
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10,158 |
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Weighted Average Fixed Price (per Mmbtu) |
$3.10 |
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$2.94 |
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$2.96 |
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$3.73 |
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