Oklahoma City’s Mach Natural Resources LP reported total revenue and net losses of $273 million and $36 million in the third quarter of 2025, respectively and decided to cut back on oil and gas exploration in the remaining quarter of 2025.
The company explained it “Reduced 2026 drilling and completion capital program by 18% while maintaining prior production guidance, reflecting continued capital discipline and strong capital efficiency.” The reduction totaled $63 million. But Mach stated it did so “while maintaining prior production expectations.”
The revision highlights strong well performance and continued efficiency gains, stated the company.
With the $36 million in net losses, Mach also had $124 million in Adjusted EBITDA. It also recorded average total net production of 94 thousand barrels of oil equivalent a day. Mach delivered a combined current production rate in excess of 40 million cubic feet of natural gas per day from the company’s first two-well pad drilled and operated in the Deep Anadarko. The wells consisted of two three-mile laterals totaling roughly 25,000 feet. Additional wells in the same area are scheduled to turn in line through 2026.
Mach also reported it achieved a combined initial production rate in excess of 100 MMcf/d from its 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.