$MNR

MACH NATURAL RESOURCES LP

CIK:0001980088|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenues	$ 405,955	$ 288,517	$ 691,880	$ 515,285
Operating expenses
Lease operating expense	97,724	49,566	198,656	98,318
Production taxes	18,538	10,496	35,105	23,270
Depreciation, depletion, amortization and accretion – oil and natural gas	93,887	64,340	187,891	125,525
Depreciation and amortization – other	4,342	2,758	8,511	5,158
Total operating expenses	283,486	177,220	579,120	352,316
Income from operations	122,469	111,297	112,760	162,969
Other (expense) income
Interest expense	(24,515)	(12,140)	(48,932)	(30,034)
Loss on debt extinguishment	0	0	0	(18,540)
Other income (expense), net	259	(9,496)	(653)	(8,848)
Total other expense	(24,256)	(21,636)	(49,585)	(57,422)
Net income	$ 98,213	$ 89,661	$ 63,175	$ 105,547
Net income per common unit:
Basic (dollars per share)	$ 0.59	$ 0.76	$ 0.38	$ 0.92
Diluted (dollars per share)	$ 0.58	$ 0.76	$ 0.38	$ 0.92
Weighted average common units outstanding:
Basic (shares)	167,544	118,336	167,928	115,248
Diluted (shares)	168,026	118,389	168,241	115,313
Nonrelated Party
Operating expenses
General and administrative	$ 8,821	$ 6,952	$ 15,722	$ 15,969
Related Party
Operating expenses
General and administrative	1,850	1,850	3,700	3,700
Net oil, natural gas, and NGL sales
Revenue
Total revenues	366,852	219,412	732,398	472,138
Operating expenses
Cost of revenue	47,968	31,784	107,239	59,945
Gain (loss) on oil and natural gas derivatives
Revenue
Total revenues	23,485	55,579	(73,414)	14,886
Midstream revenue
Revenue
Total revenues	9,384	6,257	18,993	12,387
Operating expenses
Cost of revenue	4,954	3,200	10,110	6,170
Product sales
Revenue
Total revenues	6,234	7,269	13,903	15,874
Operating expenses
Cost of revenue	$ 5,402	$ 6,274	$ 12,186	$ 14,261

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 63,175	$ 105,547
Adjustments to reconcile net income to cash provided by operating activities
Depreciation, depletion, amortization and accretion	196,402	130,683
Loss (gain) on derivative instruments	73,414	(14,886)
Loss on debt extinguishment	0	18,540
Cash (payments) receipts on settlement of derivative contracts, net	(3,912)	9,821
Debt issuance costs amortization	3,374	2,363
Equity based compensation	6,962	4,215
Adjustments to expected credit losses	618	125
(Gain) on sale of assets	(175)	(167)
Settlement of asset retirement obligations	(416)	(287)
Changes in operating assets and liabilities (decreasing) increasing cash:
Accounts receivable	10,174	28,679
Revenue payable	3,157	(10,314)
Accounts payable and accrued liabilities	(27,191)	10,653
Inventories, other assets and other liabilities	(1,615)	(12,312)
Net cash provided by operating activities	323,967	272,660
Cash flows from investing activities
Capital expenditures for oil and natural gas properties	(145,816)	(110,118)
Capital expenditures for other property and equipment	(9,598)	(3,793)
Acquisition of assets	(2,728)	(101,375)
Proceeds from sales of oil and natural gas properties	2,089	2,678
Proceeds from sales of other property and equipment	47	217
Net cash used in investing activities	(156,006)	(212,391)
Cash flows from financing activities
Proceeds from issuance of common units, net of expenses	1,691	221,060
Repayments of borrowings on term note	0	(763,125)
Payments of debt extinguishment costs	0	(7,741)
Proceeds from borrowings on credit facilities	270,000	693,000
Repayments of borrowings on credit facilities	(245,000)	(128,000)
Debt issuance costs	0	(14,695)
Distributions to unitholders	(195,943)	(152,683)
Withholding taxes paid on vesting of phantom units	(155)	(84)
Net cash used in financing activities	(169,407)	(152,268)
Net (decrease) in cash and cash equivalents	(1,446)	(91,999)
Cash and cash equivalents, beginning of period	42,633	105,776
Cash and cash equivalents, end of period	$ 41,187	$ 13,777

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 41,187	$ 42,633
Short-term derivative assets	976	42,506
Inventories	42,373	43,511
Other current assets	16,825	18,886
Total current assets	316,660	377,952
Oil and natural gas properties, using the full cost method:
Proved oil and natural gas properties	4,166,040	4,017,896
Less: accumulated depreciation, depletion and amortization	(1,055,045)	(879,253)
Oil and natural gas properties, net	3,110,995	3,138,643
Other property and equipment
Other property, plant and equipment	239,833	230,265
Less: accumulated depreciation	(43,864)	(35,511)
Other property, plant and equipment, net	195,969	194,754
Long-term derivative assets	227	12,492
Other assets	30,119	34,001
Operating lease assets	21,282	19,466
Total assets	3,675,252	3,777,308
Current liabilities:
Accrued liabilities	92,962	115,565
Revenue payable	172,542	167,829
Short-term derivative liabilities	5,435	0
Current portion of operating lease liabilities	8,857	6,906
Total current liabilities	361,730	359,921
Long-term debt	1,169,989	1,144,056
Asset retirement obligations	273,719	261,856
Long-term derivative liabilities	5,812	2,962
Long-term portion of operating leases	12,530	12,645
Other long-term liabilities	7,731	6,479
Total long-term liabilities	1,469,781	1,427,998
Commitments and contingencies (Note 10)
Partners’ capital:
Partners’ capital	1,843,741	1,989,389
Total liabilities and partners’ capital	3,675,252	3,777,308
Related Party
Current assets:
Accounts receivable	58,272	70,167
Current liabilities:
Accounts payable	212	915
Nonrelated Party
Current assets:
Accounts receivable	157,027	160,249
Current liabilities:
Accounts payable	$ 81,722	$ 68,706