MNRNYSECrude Petroleum & Natural GasUS GAAP · USD

Mach Natural Resources LP

MACH Natural Resources LP is an upstream oil and gas partnership focused on producing crude oil, natural gas, and natural gas liquids from properties in the Anadarko Basin and other operating areas. The company also owns integrated midstream assets such as gathering systems, processing plants, and water infrastructure, which support its wells and generate third-party revenue.

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Revenue1,175m USD
+21.2 %y/y
Operating profit (EBIT)245m USD
−15.8 %y/y
EBIT margin20.8%
−9.2 ppy/y
Net income143m USD
−22.8 %y/y
Free cash flow507m USD
+0.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

02505007501,0001,250m USD2021: 392 m USD2021: EBIT 155 m USD20212022: 937 m USD2022: EBIT 522 m USD20222023: 762 m USD2023: EBIT 359 m USD20232024: 970 m USD2024: EBIT 291 m USD20242025: 1,175 m USD2025: EBIT 245 m USD20251,175245
RevenueOperating profit (EBIT)
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Business

Share of revenue
Upstream oil production46 %

Crude oil extracted and sold from the company's producing acreage.

Natural gas production29 %

Natural gas produced from formations such as Woodford, Oswego, and Mississippian.

NGL production16 %

Natural gas liquids recovered and sold as part of hydrocarbon production.

Midstream services5 %

Gathering, processing, and water handling assets that support operations and earn third-party fees.

Derivative gains and product sales4 %

Realized commodity derivative results and ancillary product sales tied to operations.

Products

Reported · share of revenue
41.6%32.2%14.5%FY2025100 %
  • Oil Reserves41.6 %
  • Natural Gas Reserves32.2 %
  • Natural Gas Liquids Reserves14.5 %
  • Oil and Natural Gas Derivatives Gain Loss6.9 %
  • Products2.5 %
  • Natural Gas Midstream2.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells primarily into the commodity markets through purchasers of oil, gas, and NGL production, rather than to a narrow end-customer base. Its midstream assets also serve third-party producers in its operating areas, while derivative counterparties affect realized pricing outcomes. Cash generation depends on production volumes, commodity prices, and the ability to move hydrocarbons efficiently through owned infrastructure.

Commodity purchasers

Refiners, marketers, and processors buy oil, gas, and NGL output at market-linked prices.

Third-party midstream users

Nearby producers use the company's gathering, processing, and water systems for fees and flow assurance.

Derivative counterparties

Financial counterparties settle hedges that stabilize cash flow and realized pricing.

Strategy

The company is focused on generating cash available for distribution from low-decline assets across multiple formations and commodity environments. It complements the upstream portfolio with owned midstream infrastructure to improve pricing, reduce third-party costs, and support flow assurance. The strategy also includes using scale and integrated assets to create third-party revenue and improve resilience through the cycle.

Optimize low-decline production baseShort term

Stable decline rates support more predictable cash generation and distributions.

Leverage integrated midstream assetsMedium term

Owned infrastructure improves netbacks, flow assurance, and operating control.

Preserve distribution capacity through the cycleShort term

Cash available for distribution is central to the partnership model and investor returns.

Geography

MACH Natural Resources is a U.S.-focused producer with operations concentrated in the Anadarko Basin and related onshore basins. Its disclosed formations include Oswego, Woodford, Mississippian, Mancos, and Fruitland, indicating a portfolio spread across multiple U.S. shale and conventional plays. Geography matters because local basin economics, takeaway access, water handling, and state-level regulation directly affect production costs and cash available for distribution.

Risks

The business is highly exposed to commodity price volatility because cash flow depends on oil, gas, and NGL realizations plus derivative settlements. Operational risk is also meaningful: drilling success, reserve estimates, service costs, water availability, and regulatory restrictions can all change output and economics. As a partnership, the company also faces distribution risk if available cash is reduced by operating costs, development spending, debt service, or reserve requirements.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Insufficient cash for distributions2Drilling and reserve uncertainty3Regulatory and hydraulic fracturing restrictions4Service cost inflation and supply constraints5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price volatilityImpact: HighLikelihood: Medium

    Oil, gas, and NGL sales are priced off volatile market benchmarks and drive cash flow.

    Exposure: Revenue and distributable cash flow

  2. Insufficient cash for distributionsImpact: HighLikelihood: Medium

    Available cash is reduced by operating expenses, development costs, reserves, and debt service.

    Exposure: Quarterly distributions

  3. Drilling and reserve uncertaintyImpact: HighLikelihood: Medium

    Well productivity and reserve estimates may not match assumptions, affecting value and output.

    Exposure: Production volumes and asset carrying values

  4. Regulatory and hydraulic fracturing restrictionsImpact: MediumLikelihood: Medium

    State and federal rules can raise costs, delay projects, or limit operating areas.

    Exposure: Operating flexibility and capital efficiency

  5. Service cost inflation and supply constraintsImpact: MediumLikelihood: Medium

    Proppant, equipment, labor, and water availability can increase drilling and operating costs.

    Exposure: Margins and project timing

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Accounting

Judgemental items
Full-cost accounting and reserve estimates

Depletion rates and ceiling test outcomes depend on proved reserve estimates and assumptions.

Impact: Can materially affect depreciation, depletion, amortization, and impairment

Commodity derivative accounting

Realized hedge settlements can swing reported revenue and mask underlying price trends.

Impact: Affects revenue, cash flow presentation, and period comparability

Business combination fair value estimates

Acquired proved properties are measured using assumptions about reserves, prices, and costs.

Impact: Influences asset basis, future depletion, and impairment risk

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Last updated: 24/09/2026

Mach Natural Resources LP (MNR) Revenue, Earnings & Financials 2025 – Clarifo