Mach Natural Resources (NYSE: MNR) posts Q1 2026 loss but maintains $0.64 distribution
Rhea-AI Filing Summary
Mach Natural Resources LP reported first quarter 2026 results showing total revenue of $286 million and a net loss of $35 million. The partnership declared a quarterly cash distribution of $0.64 per common unit, payable June 4, 2026 to unitholders of record on May 21, 2026.
Average production was 158 Mboe/d, made up of 16% oil, 70% natural gas and 14% NGLs. Realized prices averaged $69.73 per barrel of oil, $2.74 per Mcf of gas and $23.75 per barrel of NGLs, excluding derivatives. Adjusted EBITDA was $194.6 million compared with $159.9 million a year earlier.
Lease operating expense was $101 million, or $7.12 per Boe, while gathering and processing costs were $59 million, or $4.18 per Boe. As of March 31, 2026, Mach held $53 million of cash and had $695 million drawn on its $1.0 billion revolving credit facility, leaving about $358 million of liquidity.
Positive
- None.
Negative
- None.
Insights
Mach posts Q1 2026 loss but maintains distribution and solid liquidity.
Mach Natural Resources generated Q1 2026 revenue of $286 million but reported a net loss of $35 million, mainly alongside high non-cash items such as depreciation and an unrealized derivative loss. Adjusted EBITDA reached $194.6 million, up from $159.9 million in Q1 2025.
The partnership continued returning cash with a $0.64 per-unit distribution for the quarter. Operating metrics show 158 Mboe/d of production, with low-cost gas-weighted volumes and lease operating expense of $7.12 per Boe. These figures suggest scale, but commodity prices and costs will remain key drivers in future quarters.
Liquidity totaled about $358 million as of March 31, 2026, combining cash and undrawn revolver capacity, against $695 million already utilized. Subsequent filings may provide more detail on how Mach balances development spending, debt levels and sustaining its current distribution.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
revolving credit facility financial
lease operating expense financial
production taxes financial
non-GAAP financial measure financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
(
Registrant’s telephone number, including area code
Not applicable.
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2026, Mach Natural Resources LP (the “Company”) issued a press release (the “Press Release”) providing information on its results of operations and financial condition for the quarter ended March 31, 2026. The Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).
The information under this Item 2.02 and in Exhibit 99.1 to this Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information under this Item 2.02 and in Exhibit 99.1 to this Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”).
Item 7.01. Regulation FD Disclosure.
In addition to providing the results of operations and financial condition for the quarter ended March 31, 2026, the Press Release announced the Company’s declaration of its quarterly distribution for the first quarter of 2026. The full text of the Press Release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.
The information under this Item 7.01 and in Exhibit 99.1 to this Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information under this Item 7.01 and in Exhibit 99.1 to this Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release issued May 7, 2026. | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Mach Natural Resources LP | |||
| By: | Mach Natural Resources GP LLC, | ||
| its general partner | |||
| Dated: May 7, 2026 | By: | /s/ Tom L. Ward | |
| Name: | Tom L. Ward | ||
| Title: | Chief Executive Officer | ||
2
Exhibit 99.1
Mach Natural Resources LP Reports First Quarter 2026 Results; Declares Quarterly Cash Distribution of $0.64 Per Common Unit
OKLAHOMA CITY, Oklahoma, May 7, 2026 — Mach Natural Resources LP (NYSE: MNR) (“Mach” or the “Company”) today reported financial and operating results for the three months ended March 31, 2026. The Company also announced its quarterly cash distribution.
First Quarter 2026 Highlights
| ● | Averaged total net production of 158 thousand barrels of oil equivalent per day (“Mboe/d”) |
| ● | Lease operating expense of $7.12 per barrel of oil equivalent (“Boe”) |
| ● | Reported a net loss and Adjusted EBITDA(1) of $35 million and $195 million, respectively |
| ● | Generated net cash provided by operating activities of $170 million |
| ● | Incurred total development costs of $75 million, resulting in a reinvestment rate of 41% |
| ● | Declared a quarterly cash distribution of $0.64 per common unit |
Recent Highlights
| ● | Spud the Company’s first operated Mancos Shale well in the San Juan Basin |
| ● | Paused Deep Anadarko drilling activity and began redirecting capital to higher return, oil-weighted projects in the Mid-Continent, marked by a restart of the Oswego drilling program in May of 2026 |
“Mach is off to a strong start in 2026, executing at a high level and delivering results in line with our plan,” said Tom L. Ward, Chief Executive Officer. “Our first quarter distribution of $0.64 per common unit reflects our continued ability to generate and deliver attractive unitholder returns while upholding our measured reinvestment approach.”
Tom L. Ward continued, “During the quarter, we began shifting our drilling program toward oil, demonstrating the optionality of our asset base and the flexibility of our operations. As we move through the year, we will remain nimble and disciplined, allocating capital to highest-return opportunities and staying aligned with our core objective of maximizing distributions.”
First Quarter 2026 Financial Results
Mach reported total revenue and a net loss of $286 million and $35 million in the first quarter of 2026, respectively. Additionally, during the first quarter, average realized prices were $69.73 per barrel of oil, $2.74 per Mcf of natural gas, and $23.75 per barrel of natural gas liquids (“NGLs”). These prices exclude the effects of derivatives.
As of March 31, 2026, Mach had a cash balance of $53 million and $695 million utilized under its $1.0 billion revolving credit facility, leaving approximately $358 million of available liquidity.
First Quarter 2026 Operational Results
During the first quarter of 2026, Mach achieved average oil equivalent production of 158 Mboe/d, which consisted of 16% oil, 70% natural gas and 14% NGLs. Also, for the first quarter of 2026, Mach’s production revenues from oil, natural gas, and NGLs sales totaled $366 million, comprised of 42% oil, 45% natural gas, and 13% NGLs.
The Company spud 5 gross (3.2 net) operated wells and brought online 4 gross (3.0 net) operated wells in the first quarter of 2026. As of March 31, 2026, the Company had 8 gross (6.0 net) operated wells in various stages of drilling and completion.
Mach’s lease operating expense in the first quarter of 2026 was $101 million, or $7.12 per Boe. Mach incurred $59 million, or $4.18 per Boe, of gathering and processing expenses in the first quarter of 2026. Furthermore, during the first quarter of 2026, production taxes as a percentage of oil, natural gas, and NGL sales were approximately 4.5%, midstream operating profit was approximately $5 million, general and administrative expenses—excluding equity-based compensation of $4 million—was $5 million, and interest expense was $24 million.
In the first quarter of 2026, Mach’s total development costs were $75 million, including $67 million of upstream capital and $8 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 first quarter of 2026 of $0.64 per common unit. The quarterly cash distribution is to be paid on June 4, 2026, to the Company’s unitholders of record as of the close of trading on May 21, 2026.
Conference Call and Webcast Information
Mach will host a conference call and webcast at 9:00 a.m. Central (10:00 a.m. Eastern) on Friday, May 8, 2026, to discuss its first quarter 2026 results. Supplemental slides will be posted to the Company’s website. Participants can access the conference call by dialing 877-407-2984. A webcast link to the conference call will be provided on the Company’s website at www.machnr.com. A replay will also be available on the Company’s website following the call.
1 Adjusted EBITDA is a non-GAAP financial measure. Mach has defined this measure and provided reconciliations of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”) at the conclusion of this press release under “Non-GAAP Financial Measures and Disclosures.”
2
About Mach Natural Resources LP
Mach Natural Resources LP is an independent upstream oil and gas company focused on the acquisition, development and production of oil, natural gas, and NGL reserves. The Company operates a diversified portfolio across the Anadarko, Permian and San Juan Basins. For more information, please visit www.machnr.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mach Natural Resources LP
Investor Relations Contact: ir@machnr.com
Non-GAAP Financial Measures and Disclosures
This press release includes non-GAAP financial measures. Pursuant to regulatory disclosure requirements, Mach is required to reconcile non-GAAP financial measures to the related GAAP information. Reconciliations of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures, along with other financial and operational disclosures, are also within the supplemental tables that are available on the Company’s website at www.machnr.com and in the related Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”).
Adjusted EBITDA(1)
We include in this Quarterly Report the supplemental non-GAAP financial performance measure Adjusted EBITDA and provide our calculation of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, our most directly comparable financial measure calculated and presented in accordance with GAAP. We define Adjusted EBITDA as net income before (1) interest expense, net, (2) depreciation, depletion, amortization and accretion, (3) unrealized (gain) loss on derivative instruments, (4) loss on debt extinguishment, (5) equity-based compensation expense and (6) loss (gain) on sale of assets, net.
Adjusted EBITDA is used as a supplemental financial performance measure by our management and by external users of our financial statements, such as industry analysts, investors, lenders, rating agencies and others, to more effectively evaluate our operating performance and our results of operation from period to period and against our peers without regard to financing methods, capital structure or historical cost basis. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as indicators of our operating performance. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our results will be unaffected by unusual items. Our computations of Adjusted EBITDA may not be identical to other similarly titled measures of other companies.
3
Reconciliation of GAAP Financial Measure to Adjusted EBITDA
Three Months Ended March 31, | ||||||||
| ($ in thousands) | 2026 | 2025 | ||||||
| Net Income Reconciliation to Adjusted EBITDA: | ||||||||
| Net (loss) income | $ | (35,038 | ) | $ | 15,886 | |||
| Interest expense, net | 24,163 | 17,417 | ||||||
| Depreciation, depletion, amortization and accretion | 98,173 | 63,585 | ||||||
| Unrealized loss on derivative instruments | 103,769 | 42,340 | ||||||
| Loss on debt extinguishment | — | 18,540 | ||||||
| Equity-based compensation expense | 3,549 | 2,112 | ||||||
| Loss (gain) on sale of assets | 8 | (29 | ) | |||||
| Adjusted EBITDA | $ | 194,624 | $ | 159,851 | ||||
Cautionary Note Regarding Forward-Looking Statements
This release contains statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. All statements, other than statements of historical fact included in this release regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this release, words such as “may,” “assume,” “forecast,” “could,” “should,” “will,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “budget” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Specific forward-looking statements include statements regarding the Company’s projected results of operating, financial position, growth opportunities and reserve estimates. These forward-looking statements are based on management’s current belief, based on currently available information as to the outcome and timing of future events at the time such statement was made. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These include, but are not limited to, the Company’s future financial condition, results of operations and ability to achieve the guidance provided, strategy and plans; the ability of the Company to realize anticipated synergies related to the closing of the Permian Basin and San Juan Basin transactions in the timeframe expected or at all; changes in markets and the ability of the Company to finance operations in the manner expected; commodity price volatility; the impact of epidemics, outbreaks or other public health events, and the related effects on financial markets, worldwide economic activity and our operations; uncertainties about our estimated oil, natural gas and NGL reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production; difficult and adverse conditions in the domestic and global capital and credit markets; lack of transportation and storage capacity as a result of oversupply, government regulations or other factors; lack of availability of drilling and production equipment and services; potential financial losses or earnings reductions resulting from our commodity price risk management program or any inability to manage our commodity risks; failure to realize expected value creation from property acquisitions and trades; access to capital and the timing of development expenditures; environmental, weather, drilling and other operating risks; regulatory changes, including potential shut-ins or production curtailments mandated by the Railroad Commission of Texas, the Oklahoma Corporation Commission and/or the Kansas Corporation Commission; competition in the oil and natural gas industry; loss of production and leasehold rights due to mechanical failure or depletion of wells and our inability to re-establish their production; our ability to service our indebtedness; any downgrades in our credit ratings that could negatively impact our cost of and ability to access capital; cost inflation; the potential for significant new tariffs and their impact on global oil, natural gas and NGL markets; political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, continued hostilities in the Middle East and other sustained military campaigns, the war in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; and risks related to our ability to expand our business, including through the recruitment and retention of qualified personnel. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, which is on file with the SEC, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements.
As a result, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
4