Mach Natural Resources LP : Quarterly Results (Q1 2026 Supplemental Tables FINAL)

Published: 2026-05-07 16:32:58 ET MNR

Published on 05/07/2026 at 04:32 pm EDT

Consolidated Balance Sheets 2

Consolidated Statements of Cash Flows 4

Consolidated Statements of Operations 3

Non-GAAP Financial Measures and Reconciliations 6

2026 Guidance 5

Derivative Contracts 8

ASSETS

Current assets:

Cash and cash equivalents

$ 52,689

$ 42,633

Accounts receivable - joint interest and other, net

63,808

70,167

Accounts receivable - oil, gas, and NGL sales

165,462

160,249

Short-term derivative assets

42,506

Inventories

42,458

43,511

Other current assets

16,112

18,886

Other current assets - related party

1,885

Total current assets

342,414

377,952

Oil and natural gas properties, using the full cost method:

Proved oil and natural gas properties

4,071,725

4,017,896

Less: accumulated depreciation, depletion, amortization and impairment

(967,224)

(879,253)

Oil and natural gas properties, net

3,104,501

3,138,643

Other property, plant and equipment

234,960

230,265

Less: accumulated depreciation

(39,672)

(35,511)

Other property, plant and equipment, net

195,288

194,754

Long-term derivative assets

741

12,492

Other assets

30,399

34,001

Operating lease assets

19,966

19,466

Total assets

$ 3,693,309

$ 3,777,308

LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:

Accounts payable

$ 84,936

$ 68,706

Accounts payable - related party

915

Accrued liabilities

106,788

115,565

Revenue payable

171,295

167,829

Short-term derivative liabilities

40,862

Current portion of operating lease liabilities

7,494

6,906

Total current liabilities

411,375

359,921

Long-term debt

1,134,520

1,144,056

Asset retirement obligations

267,681

261,856

Long-term derivative liabilities

11,613

2,962

Long-term portion of operating leases

12,563

12,645

Other long-term liabilities

7,039

6,479

Total long-term liabilities

1,433,416

1,427,998

Commitments and contingencies (Note 10)

Partners' capital:

Partners' capital

1,848,518

1,989,389

Total liabilities and partners' capital

$ 3,693,309

$ 3,777,308

2026

2025

Revenue

Oil, natural gas, and NGL sales

$ 365,546

$ 252,726

Loss on oil and natural gas derivatives

(96,899)

(40,693)

Midstream revenue

9,609

6,130

Product sales

7,669

8,605

Total revenues

285,925

226,768

Operating expenses

Gathering and processing

59,271

28,161

Lease operating expense

100,932

48,752

Production taxes

16,567

12,774

Midstream operating expense

5,156

2,970

Cost of product sales

6,784

7,987

Depreciation, depletion, amortization and accretion - oil and natural gas

94,004

61,185

Depreciation and amortization - other

4,169

2,400

General and administrative

6,901

9,017

General and administrative - related party

1,850

Total operating expenses

295,634

175,096

(Loss) income from operations

(9,709)

51,672

Other (expense) income

Interest expense

(24,417)

(17,894)

Loss on debt extinguishment

(18,540)

Other (expense) income, net

(912)

648

Total other expense

(25,329)

(35,786)

Net (loss) income

$ (35,038)

$ 15,886

Net (loss) income per common unit:

Basic

$ (0.21)

$ 0.14

Diluted

$ (0.21)

$ 0.14

Weighted average common units outstanding:

Basic

168,316

112,125

Diluted

168,316

112,199

2026

2025

Cash flows from operating activities

Net (loss) income

$ (35,038)

$ 15,886

Adjustments to reconcile net income to cash provided by operating activities

Depreciation, depletion, amortization and accretion

98,173

63,585

Loss on derivative instruments

96,899

40,693

Loss on debt extinguishment

18,540

Cash receipts on settlement of derivative contracts, net

17,237

4,428

Debt issuance costs and discount amortization

1,677

1,416

Equity based compensation

3,549

2,112

Adjustments to expected credit losses

494

(249)

Loss (gain) on sale of assets

(29)

Settlement of asset retirement obligations

(321)

(18)

Changes in operating assets and liabilities increasing (decreasing) cash:

Accounts receivable

(5,044)

8,001

Revenue payable

3,466

(3,034)

Accounts payable and accrued liabilities

(9,843)

(5,377)

Inventories, other assets and other liabilities

(944)

(3,435)

Net cash provided by operating activities

170,313

142,519

Cash flows from investing activities

Capital expenditures for oil and natural gas properties

(55,305)

(50,316)

Capital expenditures for other property and equipment

(4,740)

(1,071)

Acquisition of assets

(2,410)

(29,303)

Proceeds from sales of oil and natural gas properties

1,453

2,627

Proceeds from sales of other property and equipment

Net cash used in investing activities

(60,973)

(78,010)

Cash flows from financing activities

Proceeds from offering, net of offering costs

221,553

Repayments of borrowings on term note

(763,125)

Payments of debt extinguishment costs

(7,741)

Proceeds from borrowings on credit facilities

95,000

533,000

Repayments of borrowings on credit facilities

(105,000)

(73,000)

Debt issuance costs

(13,923)

Distributions to unitholders

(89,166)

(59,190)

Withholding taxes paid on vesting of phantom units

(118)

(69)

Net cash used in financing activities

(99,284)

(162,495)

Net increase (decrease) in cash and cash equivalents

10,056

(97,986)

Cash and cash equivalents, beginning of period

42,633

105,776

Cash and cash equivalents, end of period

$ 52,689

$ 7,790

‌2026 Guidance:‌

2026

Full-Year

Net Production Guidance

Oil (MBbls/d)

22 - 24

NGLs (MBbls/d)

20 - 22

Natural Gas (MMcf/d)

645 - 665

Total (Mboe/d)

150 - 157

Price Realizations Guidance (excluding derivatives)

Oil (differential to NYMEX WTI) ($/Bbl)

($1.50) - $0.00

NGLs (% of WTI)

31% - 35%

Natural Gas (differential to NYMEX Henry Hub) ($/Mcf)

($1.25) - ($1.05)

Other Guidance Items

Lease Operating Expense ($/Boe)

$6.50 - $7.25

Gathering and Processing ($/Boe)

$3.15 - $3.60

Production Taxes (% of Oil, natural gas, and NGL sales)

4.0% - 6.0%

Midstream Operating Profit ($MM)

$15 - $20

General and Administrative, excluding equity-based compensation ($MM)

$20 - $25

Interest Expense ($MM)

$85 - $90

Development Cost Guidance ($MM)

Upstream (D&C and Workovers)

$275 - $300

Other (Midstream and Land)

$40 - $60

Total

$315 - $360

Adjusted EBITDA

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.

Cash Available for Distribution

Cash available for distribution is not a measure of net income or net cash flow provided by or used in operating activities as determined by GAAP. Cash available for distribution is a supplemental non-GAAP financial performance measure used by our management and by external users of our financial statements, such as industry analysts, investors, lenders, rating agencies and others, to assess our ability to internally fund our exploration and development activities, pay distributions, and to service or incur additional debt. We define cash available for distribution as net income adjusted for (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, (6) loss (gain) on sale of assets, (7) cash interest expense, net, (8) development costs and (9) change in accrued realized derivative settlements. Development costs include all of our capital expenditures, other than acquisitions. Cash available for distribution will not reflect changes in working capital balances. Cash available for distribution is not a measurement of our financial performance or liquidity under GAAP and should not be considered as an alternative to, or more meaningful than, net income or net cash provided by or used in operating activities as determined in accordance with GAAP or as indicators of our financial performance and liquidity. The GAAP measure most directly comparable to cash available for distribution is net income. Cash available for distribution should not be considered as an alternative to, or more meaningful than, net income.

The following table presents our reconciliation of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measures Adjusted EBITDA and cash available for distribution, as applicable, for each of the periods indicated.

($ 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

(29)

Adjusted EBITDA

$ 194,624

$ 159,851

Net Income Reconciliation to Cash Available for Distribution:

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

(29)

Cash interest expense, net

(22,485)

(16,000)

Development costs

(75,156)

(52,055)

Change in accrued realized derivative settlements

10,367

2,780

Cash available for distribution

$ 107,350

$ 94,576

‌The following table summarizes the open fixed price swap positions as of April 30, 2026, related to oil production:‌

Period

Index

Volume (Mbbl)

Weighted

Average Fixed Price

Q2 2026

NYMEX WTI

934 $

68.15

Q3 2026

NYMEX WTI

792 $

65.38

Q4 2026

NYMEX WTI

751 $

63.53

2027

NYMEX WTI

2,153 $

63.56

2028

NYMEX WTI

395 $

65.82

The following table summarizes the open fixed price swap positions as production:

of April 30, 2026,

related to natural

gas

Weighted

Period

Index

Volume

(Bbtu)

Average

Fixed Price

Q2 2026

NYMEX HH

10,082

$ 3.50

Q3 2026

NYMEX HH

10,666

$ 3.39

Q4 2026

NYMEX HH

8,025

$ 3.68

2027

NYMEX HH

8,522

$ 3.95

2028

NYMEX HH

3,480

$ 3.69

2029

NYMEX HH

4,544

$ 3.43

The following table summarizes the open costless collar positions as of April 30, 2026, related to oil production:

Volume

Weighted Average

Period

Index

(Mbbl)

Floor Price

Ceiling Price

Q2 2026

NYMEX WTI

$ 60.00

$ 77.10

Q3 2026

NYMEX WTI

184

$ 60.00

$ 78.52

Q4 2026

NYMEX WTI

184

$ 60.00

$ 78.52

2027

NYMEX WTI

181

$ 62.50

$ 71.25

The following table summarizes the open basis swap positions as of April 30, 2026, related to oil production:

Period

Index

Volume (Mbbl)

Weighted

Average Fixed Price

Q2 2026

Argus TMA

137

$ 1.25

Q3 2026

Argus TMA

138

$ 1.25

Q4 2026

Argus TMA

138

$ 1.25

Disclaimer

Mach Natural Resources LP published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 20:28 UTC.