Mach Natural Resources LP Earnings Call Transcripts
Fiscal Year 2026
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Q1 results showed strong cash flow, high returns on capital, and industry-leading distributions, with a strategic shift toward oil drilling to capitalize on favorable prices. Leverage remains manageable, and CapEx is focused on maintaining production and maximizing unitholder returns.
Fiscal Year 2025
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Distributions and reserves reached record highs, with a focus on maximizing cash returns and maintaining low leverage. 2026 plans emphasize gas drilling in San Juan and Deep Anadarko, with oil drilling contingent on price strength.
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Q3 saw strong production and cash flow, with new acquisitions boosting scale and basin diversity. Distributions were impacted by non-recurring deal costs but are expected to rise as new assets contribute fully. Gas volumes and capital efficiency are set to increase in 2026.
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Q2 saw strong production and disciplined capital allocation, with a $0.38/unit distribution and leverage near 1x EBITDA. Acquisitions expand natural gas exposure, and 2026 plans focus on gas growth, maintaining flexibility amid price volatility.
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Two acquisitions totaling $1.3 billion will nearly double production and boost natural gas exposure to 66%. The deals are expected to deliver immediate accretion, cost savings, and position the company for further consolidation, with a focus on cash returns and operational efficiency.
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Q1 saw strong production, reduced leverage, and a $60M XTO acquisition nearly doubling acreage. Capital discipline kept reinvestment below 50%, supporting a 20% yield, while 2026 guidance points to double-digit gas growth as drilling shifts to deep Anadarko.
Fiscal Year 2024
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Delivered strong 2024 results with $601M adjusted EBITDA, $310M in distributions, and industry-leading cash returns. Plans for 2025 include increased drilling activity, disciplined reinvestment, and continued focus on accretive acquisitions, supported by a robust balance sheet.
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Q3 saw strong production, low costs, and a $62M distribution, with leverage kept at or below 1x. 2025 plans include a three-rig program and over 40 wells, funded at strip pricing, while acquisitions and drilling efficiency drive growth.
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Q2 2024 production exceeded guidance, with strong cost control and a $0.90 per unit distribution. Operational efficiencies led to reduced CapEx and LOE guidance, while asset divestitures and debt repayment strengthened the balance sheet.