Mach Natural Resources LP | 8-K: FY2026 Q1 Revenue: USD 286 M

Revenue: As of FY2026 Q1, the actual value is USD 286 M.

Financial Highlights (First Quarter 2026)

Revenue

• Total revenue was $286 million.
• Production revenues from oil, natural gas, and NGLs sales totaled $366 million, consisting of 42% oil, 45% natural gas, and 13% NGLs.

Net Income / Loss

• Mach Natural Resources LP reported a net loss of - $35 million for the first quarter of 2026, compared to a net income of $15,886 thousand in the first quarter of 2025.

Adjusted EBITDA

• Adjusted EBITDA was $195 million.
• For the three months ended March 31, Adjusted EBITDA was $194,624 thousand in 2026, up from $159,851 thousand in 2025.

Cash Flow

• Net cash provided by operating activities was $170 million.

Operating Costs and Expenses

• Lease operating expense was $101 million, or $7.12 per Boe.
• Gathering and processing expenses amounted to $59 million, or $4.18 per Boe.
• Production taxes were approximately 4.5% of oil, natural gas, and NGL sales.
• General and administrative expenses, excluding equity-based compensation of $4 million, were $5 million.
• Interest expense was $24 million in 2026, compared to $17,417 thousand in 2025.

Development Costs

• Total development costs were $75 million, which included $67 million for upstream capital and $8 million for other capital (midstream and land).
• The reinvestment rate was 41%.

Liquidity and Cash Position

• As of March 31, 2026, Mach Natural Resources LP had a cash balance of $53 million.
• The company had utilized $695 million under its $1.0 billion revolving credit facility, leaving approximately $358 million of available liquidity.

Distributions

• Mach Natural Resources LP declared a quarterly cash distribution of $0.64 per common unit.

Average Realized Prices (Excluding Derivatives)

• Average realized prices were $69.73 per barrel of oil, $2.74 per Mcf of natural gas, and $23.75 per barrel of NGLs.

Production Metrics

• Average total net production was 158 thousand barrels of oil equivalent per day (“Mboe/d”), consisting of 16% oil, 70% natural gas, and 14% NGLs.

Drilling Activity

• Mach Natural Resources LP spud 5 gross (3.2 net) operated wells and brought online 4 gross (3.0 net) operated wells.
• As of March 31, 2026, there were 8 gross (6.0 net) operated wells in various stages of drilling and completion.

Midstream Operating Profit

• Midstream operating profit was approximately $5 million.

Other Financial Comparisons (Q1 2026 vs. Q1 2025)

• Depreciation, depletion, amortization and accretion was $98,173 thousand in 2026, up from $63,585 thousand in 2025.
• Unrealized loss on derivative instruments was $103,769 thousand in 2026, compared to $42,340 thousand in 2025.
• Loss on debt extinguishment was - $0 thousand in 2026, compared to $18,540 thousand in 2025.
• Equity-based compensation expense was $3,549 thousand in 2026, up from $2,112 thousand in 2025.
• Loss (gain) on sale of assets was $8 thousand in 2026, compared to - $29 thousand in 2025.

Outlook / Guidance

Mach Natural Resources LP is reorienting its drilling program towards oil-weighted projects, highlighting its asset optionality and operational flexibility. The company intends to maintain agility and discipline throughout the year, directing capital to opportunities with the highest returns. This approach aims to maximize distributions for its unitholders.