Highlights 

  • Average production totaled 94.0 Mboe/d with lease operating expense of USD 6.82/Boe. 
  • Net loss reported at USD 36M for the quarter; Adjusted EBITDA reached USD 124M. 
  • Quarterly cash distribution of USD 0.27 per common unit declared, payable on December 4, 2025. 

Mach Natural Resources LP (NYSE:MNR) released its financial and operational results for the third quarter ended September 30, 2025. The company posted total revenue of USD 273M and a net loss of USD 36M for the period. Adjusted EBITDA was reported at USD 124M, while operating cash flow stood at USD 106M. 

Average realized commodity prices for the quarter were USD 64.79 per barrel of oil, USD 2.54 per Mcf of natural gas, and USD 21.78 per barrel of natural gas liquids, excluding derivative effects. 

As of September 30, 2025, the company reported cash holdings of USD 54M and availability of USD 295M under its revolving credit facility. The pro forma net-debt-to-Adjusted-EBITDA ratio was 1.3x. 

Operating Highlights 

Mach recorded an average total net production of 94.0 thousand barrels of oil equivalent per day (Mboe/d) during Q3 2025. The production mix comprised 21% oil, 56% natural gas, and 23% NGLs. Production revenue from oil, natural gas, and NGL sales reached USD 235M, with contributions of 50% from oil, 32% from natural gas, and 18% from NGLs. 

The company drilled 5 gross (3.3 net) operated wells and brought 3 gross (1.7 net) operated wells online during the quarter. At quarter-end, 6 gross (4.6 net) wells were in various stages of drilling and completion. 

Lease operating expense for the quarter was USD 59M, or USD 6.82 per Boe. Gathering and processing expenses totaled USD 33M, or USD 3.83 per Boe. General and administrative expenses, excluding USD 2M of equity-based compensation, amounted to USD 21M. Interest expense for the quarter stood at USD 17M. 

Recent Developments 

On September 16, 2025, Mach closed two acquisitions of oil and gas assets in the Permian Basin and San Juan Basin, contributing approximately two weeks to its operational and financial performance for the quarter. 

The company also reported a combined current production rate exceeding 40 MMcf/d from its first two Deep Anadarko wells, each consisting of three-mile laterals totaling around 25,000 feet. Additionally, Mach achieved an initial combined production rate surpassing 100 MMcf/d from its first five wells in the Mancos Shale, with a total lateral length of roughly 65,000 feet. 

Chief Executive Officer Tom L. Ward stated, “The third quarter was a defining period for Mach with the closing of our Permian and San Juan acquisitions. These transactions have transformed our scale and operating footprint while remaining fully aligned with the disciplined strategy that has guided Mach since inception.” 

Distribution and Outlook 

The board of directors declared a quarterly cash distribution of USD 0.27 per common unit, payable on December 4, 2025, to unitholders of record as of November 20, 2025. 

Mach also issued an updated outlook for 2026, lowering its drilling and completion of capital guidance by 18%, or USD 63M, while maintaining prior production expectations. The revision reflects ongoing capital discipline and efficiency improvements across operations.