Mach Natural Resources Lp · NYSE:MNR
Mach Natural Resources Lp — Investor Presentation (September 2025)
32 slides from Mach Natural Resources Lp's investor presentation, Sep 17, 2025
Slide 1: Mach: Stronger and Transformed Post San Juan and Permian Basin Closing
NYSE: MNR machnr.com Mach: Stronger and Transformed Post San Juan and Permian Basin Closing September 16, 2025
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward - Looking Statements 2 FORWARD - LOOKING STATEMENTS This presentation 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 refle
Slide 3: Accretive Transactions Transform Mach
Advances STRATEGIC PILLARS Attractively priced and ACCRETIVE ACROSS KEY METRICS , including Cash Available for Distribution LOWERS CORPORATE DECLINE RATE, enhances DISTRIBUTABLE CASH FLOW DURABILITY Increases SCALE and DIVERSIFIES ASSET BASE Enhances strategic GROWTH PLATFORM Accretive Transactions
Slide 4: Transactions Advance Strategic Pillars
Transactions Advance Strategic Pillars DISCIPLINED EXECUTION WITH ACCRETIVE ACQUISITIONS − Committed to executing ACQUISITIONS ACCRETIVE TO OUR DISTRIBUTIONS where the assets are purchased at a DISCOUNT TO PDP PV - 10 − Continuous improvement mindset drives FOCUS ON COST REDUCTION and performance im
Slide 5: CAD Accretion Outlook and Strong Asset Coverage
5 CAD Accretion Outlook (1) : Year 1 – Year 5 Strong Accretion and Asset Coverage Total Proved Developed $3,114 $1,150 PUD $234 Pro forma PV - 10 ($MM) (2) Pro forma Total Debt ($MM) (3) Accretive to Cash Available for Distribution IMMEDIATELY ACCRETIVE: Transactions increase CAD per unit beginning
Slide 6: Continuation of Peer-Leading G&A per BOE
Continuation of Peer - Leading G&A per BOE (1) Excludes non - cash equity compensation. GPOR PF Mach NOG SQ Mach CHRD CRGY SM MGY REPX $3.33 $1.04 2018 2019 2020 2021 2022 2023 2024 1H2025 Status Quo Mach: Efficient by Design ▪ Proven G&A efficiency history ▪ From 2018 to 1H 2025, Mach’s G&A per BOE
Slide 7: Transactions Lower Corporate Decline Rate
Transactions Lower Corporate Decline Rate EPM DEC WTI BKV CRC Pro Forma Mach TXO RRC Status Quo Mach REPX REP CRGY MUR EQT APA CHRD WCP CIVI OXY CTRA OVV EXE MGY DVN COP GPOR FANG EOG PR NOG MTDR BTE SM HPK PEER AVERAGE excluding Mach : 26% TOP - QUARTILE BOE CORPORATE DECLINE RATE provides improved
Slide 8: Increased Scale and Diversified Asset Base
Increased Scale and Diversified Asset Base Advances Strategic Accretive to Key Lower Corporate Improved Scale and Pillars Metrics Decline Rate Diversification 1 2 3 4 Production by Basin (MBOED) Q4 2025e New entry into two prolific basins nearly doubling Mach’s production base. 151 58 83 83 83 Statu
Slide 9: Guidance Update | Status Quo vs Pro Forma
Guidance Update | Status Quo vs Pro Forma Pro Forma Status Quo 26 – 27 16 – 17 23 – 24 19 – 20 585 – 625 275 – 290 147 – 155 81 – 85 ($1.50) - ($0.50) ($1.00) - ($0.50) 31% - 35% 31% - 35% ($0.90) - ($0.70) ($0.45) - ($0.25) $7.25 - $7.50 $6.25 - $6.70 $2.90 - $3.10 $3.75 - $4.00 5.0% - 6.0% 5.0% -
Slide 10: Asset Portfolio
Mach Resources. All Rights Reserved. 10 Asset Portfolio
Slide 11: Mach: We Are an Acquisition Company
Mach: We Are an Acquisition Company We are Adept at Adding Reserves via Low - Cost Acquisitions ▪ All assets to - date acquired at a DISCOUNT TO PDP PV - 10 ▪ Historically, the Mid - Continent provided the most attractive acquisition opportunities and thus was our focus ▪ TODAY, MID - CONTINENT ASSE
Slide 12: San Juan Basin Asset Overview
San Juan Basin ASSET OVERVIEW ▪ LEADING POSITION in San Juan Basin, situated primarily in San Juan and Rio Arriba Counties, NM, and La Plata County, CO ▪ ATTRACTIVE CASH FLOW PROFILE with LOW DECLINE ▪ Asset is PREDOMINANTLY HBP with proven upside in the Mancos Shale and Coalbed Methane − Mach’s ope
Slide 13: San Juan Basin | High-Quality Infrastructure In Place
San Juan Basin | High - Quality Infrastructure In Place Mach San Juan Basin Infrastructure GAS PROCESSING ▪ FLORIDA RIVER GAS PLANT: Mach Operated, 100% Ownership; ~400 MMcf / d − Residue optionality to El Paso Natural Gas, Transwestern Pipeline and Northwest Pipeline − Process material 3 rd party p
Slide 14: San Juan Basin | Mancos Shale and Fruitland Coal
San Juan Basin | Mancos Shale and Fruitland Coal La Plata Archuleta Rio Arriba San Juan Sandoval New Mexico Colorado UT NM CO AZ Mach acreage Gas Window Recent Industry MANCOS SHALE development Gas Window and Most Recent Industry Activity Horizontal Spuds in Gas Window by Operator Recent Industry FR
Slide 15: Permian Central Basin Platform Asset Overview
Permian Central Basin Platform ASSET OVERVIEW ▪ ACREAGE ACROSS PROLIFIC RESERVOIRS in the Permian Basin, including heart of the Central Basin Platform and Eastern Shelf ▪ STABLE CASH FLOWS from PREDICTABLE PRODUCTION PROFILE , with DECLINES AS LOW AS 5% in some areas and proven field optimization st
Slide 16: Mid-Continent Asset Overview
Mid - Continent ASSET OVERVIEW ▪ LEADING POSITION in Mid - Continent encompassing Western Oklahoma, Southern Kansas and Texas Panhandle ▪ Mid - Continent serves as Mach’s foundational operating area ▪ While diversifying into San Juan and Permian Basins, Mach maintains a strong Mid - Continent base (
Slide 17: Mid-Continent | Landscape Today
Mid - Continent | Landscape Today MID - CONTINENT BASIN: a long - time cornerstone of U.S. natural gas production NEW FOCUS ON ANADARKO 17 – Significant activity fall off during Pandemic but STEADY RAMP UP SINCE 2022 – Mid - Con benefits from ESTABLISHED MIDSTREAM INFRASTRUCTURE and access to PREMIU
Slide 18: Company Overview
Mach Resources. All Rights Reserved. 18 Company Overview
Slide 19: About Us | Company Overview
19 About Us | Company Overview & allows for upside exposure (1) As of close of trading September 15, 2025. (2) Pro forma enterprise value based on Mach’s enterprise value as of September 15, 2025, plus total consideration paid to purchase IKAV San Juan and Sabinal Permian Basin assets. (3) Pro forma
Slide 20: Cash Return on Capital Invested
20 Cash Return on Capital Invested 32% 53% 29% 26% 22% $67.92 $94.23 $77.62 $75.79 $67.57 2021 2022 2023 2024 2025 L6M Annualized Mach has Track Record of Strong CROCI (1) through Commodity Cycle Fluctuations ▪ Our LOW BASE DECLINE allows for LOW CAPITAL INTENSITY , allowing Mach to establish a stro
Slide 21: Generating Industry-Leading Distribution Yield
2.3% Mach SPDR S&P Oil & Gas E&P ETF Realized Distribution Yield Since 2024 Through 6/30/2025 Generating Industry - Leading Distribution Yield $4.49 PER UNIT DISTRIBUTIONS SINCE 2024 TXO Diversified SandRidge Black Stone Vitesse Evolution Granite Ridge Sitio Berry TotalEnergies Civitas Riley Repsol
Slide 22: Generating Industry-Leading Returns
Generating Industry - Leading Returns Total Shareholder Return (TSR) Since 2024 Through 6/30/2025 Comstock Texas Pacific Land Sable Antero Expand EQT Gulfport Range Diversified Granite Ridge Vitesse Mach SPDR S&P Oil & Gas E &P ETF (5%) 15% Exxon Shell Magnolia Permian Resources Repsol Coterra Riley
Slide 23: Acquisition Framework: Accretive, Discounted, Prudent
acquisition cycle: Industry - leading returns Accretive Growth Consistent application of three pre - set criteria three criteria: ACCRETIVE DISCOUNTED PRUDENT ONE OBJECTIVE: Deliver industry - leading returns Disciplined Framework Applied to Every Acquisition ACCRETIVE DISCOUNTED PRUDENT Discounted
Slide 24: Ongoing History of Growth Through Acquisitions
Ongoing History of Growth Through Acquisitions 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 2018 2019 2020 Net Daily Production 2021 2022 2023 2024 2025 0 25 50 75 100 150 125 Net Acreage Net Daily Production (MBOED) Net Acr
Slide 25: Appendix
Mach Resources. All Rights Reserved. 25 Appendix
Slide 26: Mach Debt Profile
Mach Debt Profile Debt Summary ▪ $700MM drawn on $1.0B Revolving Credit Facility (“RCF”) ▪ $450MM Term Loan ▪ Interest rate: SOFR (+) 300bps – 400bps ▪ Bank group includes 16 lenders, led by Truist and Wells Fargo ▪ Loan maturity: 2/27/2029 Systematic Approach to Hedging ▪ Commodity price exposure h
Slide 27: Q2 2025 Financial Info. and Non-GAAP Reconciliations
27 Q2 2025 Financial Info. and Non - GAAP Reconciliations (1,2,3) 1) Adjusted EBITDA is a non - GAAP financial performance measure. We define Adjusted EBITDA as net income before (1) interest expense, net, (2) depreciation, depletion, amortization and accretion, (3) unrealized loss (gain) on derivat
Slide 28: YTD 2025 Financial Info. and Non-GAAP Reconciliations
28 YTD 2025 Financial Info. and Non - GAAP Reconciliation s (1,2,3) 1) 2) 3) 4) Six months ended June 30, 2025. Adjusted EBITDA is a non - GAAP financial performance measure. We define Adjusted EBITDA as net income before (1) interest expense, net, (2) depreciation, depletion, amortization and accre
Slide 29: Hedge Summary
Hedge Summary | as of September 16, 2025 29 2029 2028 2027 2026 2025 FY FY FY Q4 Q3 Q2 Q1 Q4 Q3 Natural Gas Swaps (HH) 4,544 3,758 12,801 4,453 4,602 9,532 9,896 10,308 10,782 Hedged Volume (Bbtu) $3.43 $3.68 $3.96 $3.77 $3.53 $3.68 $4.03 $4.03 $3.58 Weighted Average Swap Price Swaps (EP San Juan) -
Slide 30: Pro Forma Reserves Summary
87% 13% 93% 7% 17% 65% 18% Pro Forma Reserves Summary Proved Developed Proved Undeveloped Oil Gas NGL (1) Reflects 7/1/2025 effective date and 6/30/2025 strip pricing (3) 30 Net Reserves (1) PV - 10 $MM Liquids % Total (MMBoe) NGL (MMBbl) Gas (Bcf) Oil (MMBbl) $3,119 33% 564 91 2,274 94 Proved Devel
Slide 31: Mach's Commitment to ESG Initiatives
Mach’s Commitment to ESG Initiatives Multifaceted system with direct lines of communication from Environmental, Health and Safety (“EH&S”) personnel up through EVP of Operations Team currently consists of an EH&S VP, EH&S Manager, three Methane Reduction Specialists, two EH&S Senior Specialists, two
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