Mach releases first quarterly finance report since going public

 

Mach Natural Resources LP released its first quarterly report this week after the Oklahoma City firm went public last fall.

The company, which finished 2023 with $762 million in total revenues and $347 million in net income, reported its first quarter 2024 net income was $42 million and total revenue was $239 while adjusted EBITDA totaled $169 million. Its operating activities also generated net cash of $144 million.

Mach averaged total net production of 89,000 barrels of oil equivalent a day and produced an average of 20.6 thousand barrels of oil a day as a result of its exploration efforts in the Anadarko Basin region of Western Oklahoma, Southern Kansas and the Texas panhandle.

“Our first quarter results mark a positive start to 2024 and the continuation of our plan. Over the years Mach has achieved strong rates on both return on capital employed and cash return on capital invested, revealing a focus on cash returns,” stated Tom L. Ward, Mach’s Chief Executive Officer.

For the first quarter of 2024, Mach’s revenues from oil, natural gas, and NGLs sales totaled $255 million, comprised of 57% oil, 24% natural gas, and 19% NGLs.

Also during the first quarter of 2024, the Company spud 22 gross (20 net) operated wells and brought online 22 gross (20 net) operated wells. As of March 31, 2024, the Company had 8 gross (7 net) operated wells in various stages of drilling and completion.

In the first quarter of 2024, Mach’s total capital expenditures—excluding acquisitions—were $80 million, including $75 million of upstream capital and $5 million of other capital (including midstream and land).

In releasing the quarterly report, Mach’s board of directors also declared a quarterly cash distribution of 75 cents a share. It will be paid on June 10 to common unitholders of record as of the close of trading on May 28, 2024.

Mach previously announced its operational and financial outlook for 2024 on February 15, 2024. The Company reaffirms its previously provided guidance.