Mach Natural Resources LP reported financial and operating results for the three months ended June 30, 2025 showing improved earnings from the first quarter.
It improved from $16 million in net income and $160 million in Adjusted EBITDA in the first quarter to $90 million in net income and $122 million in Adjusted EBITDA in the second quarter.
Production grew as well. It averaged total net production of 83.6 thousand barrels of oil equivalent per day, up from the 80.9 thousand barrels of oil equivalent a day in the first quarter. It also produced an avaerage of 19.3 thousand barrels of oil a day.
The net cash provided by operating activities totaled $130 million while it incurred total development costs of $64 million.
“Our second quarter results reflect continued strong execution of our 2025 plan,” said Tom L. Ward, Chief Executive Officer of Mach.
“A steady adherence to the four pillars of our disciplined business model allows us to announce a distribution of $0.38 per common unit for the period. Just last month, we took an important step in expanding our operational scale and diversifying our asset base with the announcement of two transformative acquisitions. We believe these transactions lay the groundwork for sustainable long-term growth and underscore our commitment to maximizing unitholder value.”
Mach reported total revenue and net income of $289 million and $90 million in the second quarter of 2025, respectively. Additionally, during the second quarter, the average realized price was $63.10 per barrel of oil, $2.81 per Mcf of natural gas, and $22.41 per barrel of natural gas liquids (“NGLs”). These prices exclude the effects of derivatives.
As of June 30, 2025, Mach had a cash balance of $14 million, remaining availability under the Revolving Credit Facility of $180 million, and a pro forma net-debt-to-Adjusted-EBITDA ratio of 0.9x.
Second Quarter 2025 Operational Results
During the second quarter of 2025, Mach achieved average oil equivalent production of 83.6 Mboe/d, which consisted of 23% oil, 53% natural gas and 24% NGLs. Also, for the second quarter of 2025, Mach’s production revenues from oil, natural gas, and NGLs sales totaled $219 million, comprised of 51% oil, 31% natural gas, and 18% NGLs.
The Company spud 9 gross (8 net) operated wells and brought online 11 gross (9 net) operated wells in the second quarter of 2025. As of June 30, 2025, the Company had 3 gross (2.7 net) operated wells in various stages of drilling and completion.
Mach’s lease operating expense in the second quarter of 2025 was $50 million, or $6.52 per Boe. Mach incurred $32 million, or $4.18 per Boe, of gathering and processing expenses in the second quarter of 2025. Furthermore, during the second quarter of 2025, production taxes as a percentage of oil, natural gas, and NGL sales were approximately 4.8%, midstream operating profit was approximately $4 million, general and administrative expenses—excluding equity-based compensation of $2 million—was $7 million, and interest expense was $12 million.
In the second quarter of 2025, Mach’s total development costs were $64 million, including $59 million of upstream capital and $5 million of other capital (including midstream and land).
2025 Outlook
Following the closing of the Permian Basin and San Juan Basin transactions, which are expected to close during the third quarter of 2025, Mach will provide updated forward-looking guidance.
