Mach Natural Resources LP plans an expanded investment in its development for 2026 following the company’s release of financial and operating results for the three and 12 months of 2025.
“Building upon last year’s momentum, our 2026 plan is designed to maximize distributions while staying true to our proven reinvestment approach. With a continued focus on optimizing base production volumes and applying our operational expertise across the Company’s holdings, we are confident in Mach’s ability to deliver consistent value across all commodity cycles,” said Tom L. Ward, Chief Executive Officer of Mach Natural Resources.
The company said it had a 96% increase from the third quarter to the fourth quarter 2025 of quarterly cash distribution, totaling $89 million or 53 cents a share. Since Mach’s inception, Mach has paid $1.3 billion in cash distributions, including the fourth quarter 2025 cash distribution.
“Over Mach’s eight-year history, a steady adherence to our four pillars has served us well,” said Ward. “2025 was a pivotal year for Mach as we anchored positions in two additional basins and transformed the Company into a scaled, multi-basin operator. As a result of our strategic acquisition growth, we strengthened the durability of our asset base to generate long-term value for our unitholders.”
Mach pointed to its drilling efforts in Oklahoma, saying it achieved a combined peak production rate of approximately 40 MMcf/d from three additional wells drilled and operated in the Deep Anadarko, consisting of three, three-mile laterals totaling roughly 45,000 feet.
The firm reported net income of $73 million during the fourth quarter and adjusted EBITDA of $187 million. It also generated $129 million in net cash from its operating activities while incurring $77 million in total development costs.
Full-Year 2025 Highlights
- Lease operating expense of $6.99 per Boe
- Reported net income and Adjusted EBITDA(1) of $143 million and $593 million, respectively
- Generated net cash provided by operating activities of $507 million
- Incurred total development costs of $252 million, resulting in a reinvestment rate of 47%
- Paid cash distributions to the Company’s unitholders of $244 million, or $1.94 per common unit
- Achieved pro forma cash return on capital invested (“CROCI”) (2) of 23%
- Increased total proved reserves 109% to 705 million barrels of oil equivalent (“MMBoe”) with a present value of SEC proved reserves discounted at 10% (“PV-10”) of $3.1 billion (3)(4)
- Completed multiple acquisitions of oil and gas assets totaling $1.3 billion
Full-Year 2026 Outlook
- Plan to invest $315 million to $360 million of total capital for development
- Forecast full year total net production ranging from 150 MBoe/d to 157 MBoe/d
Financial Results
Mach reported total revenue and net income of $388 million and $73 million in the fourth quarter of 2025, respectively. For the full year 2025, Mach reported total revenue and net income of $1.2 billion and $143 million, respectively. During the fourth quarter, the average realized price was $58.14 per barrel of oil, $2.54 per thousand cubic feet of natural gas, and $21.28 per barrel of natural gas liquids (“NGLs”). These prices exclude the effects of derivatives.
As of December 31, 2025, Mach had a cash balance of $43 million and $705 million utilized under its $1.0 billion revolving credit facility, leaving approximately $338 million of available liquidity.
Operational Results
During the fourth quarter of 2025, Mach achieved average oil equivalent production of 154 Mboe/d, which consisted of 17% oil, 68% natural gas, and 15% NGLs. Also, for the fourth quarter of 2025, Mach’s production revenues from oil, natural gas, and NGLs sales totaled $331 million, comprised of 42% oil, 44% natural gas, and 14% NGLs.
The Company spud 5 gross (4.6 net) operated wells and brought online 13 gross (10.1 net) operated wells in the fourth quarter of 2025. As of December 31, 2025, the Company had 7 gross (5.3 net) operated wells in various stages of drilling and completion.
Mach’s lease operating expense in the fourth quarter of 2025 was $106 million, or $7.50 per Boe. Mach incurred $46 million, or $3.22 per Boe, of gathering and processing expenses in the fourth quarter of 2025. Furthermore, during the fourth quarter of 2025, production taxes as a percentage of oil, natural gas, and NGL sales were approximately 4.6%, midstream operating profit was approximately $6 million, general and administrative expenses—excluding equity-based compensation of $3 million—was $11 million, and interest expense was $25 million.
In the fourth quarter of 2025, Mach’s total development costs were $77 million, including $68 million of upstream capital and $9 million of other capital (including midstream and land).
Year-End SEC Reserves
At December 31, 2025, Mach’s total estimated SEC proved reserves(4) were 705 MMBoe, comprised of 69% natural gas, 16% NGLs and 15% oil. The PV-10(3) was $3.1 billion at December 31, 2025.
Distributions
The Company’s quarterly cash distribution for the fourth quarter of 2025 of $0.53 per common unit was announced February 12, 2026. The quarterly cash distribution was paid on March 12, 2026, to the Company’s unitholders of record as of the close of trading on February 26, 2026.