Mach Natural Resources Lp · NYSE:MNR
Mach Natural Resources Lp — Q2 2026 Earnings Presentation
32 slides from Mach Natural Resources Lp's earnings presentation, Aug 7, 2026
Slide 1: Q2 2026 Earnings Investor Presentation
Q2 2026 Earnings Investor Presentation August 6, 2026 NYSE: MNR machnr.com
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation is being provided by Mach Natural Resources LP (the “Company” or “Mach”) for informational purposes only. No persons have been authorized to make any representations regarding the information contained in this presentation, and if given or
Slide 3: Mach Overview
Mach Overview TICKER UNIT MARKET ENTERPRISE (EXCHANGE: NYSE) PRICE(1)(2) CAP ($B) (1)(2) VALUE ($B) (1)(2) MNR $13.64 $2.3 $3.4 EV / LIQUIDITY NET ACRES PROVED RESERVES 2026e ADJ. EBITDA ($MM) (MM, APPROX.) (MMBOE) 4.6x $311 2.8 705 Based on Consensus Includes Cash and Revolving As of 6/30/2026 and
Slide 4: Mach At A Glance
Mach At A Glance An INDEPENDENT UPSTREAM OIL AND GAS COMPANY GREEN RIVER BASIN with 2.8 MILLION NET ACRES focused on the acquisition, Net Acres: ~35,000 development and production of oil, natural gas, and NGL reserves in the ANADARKO BASIN region of Western Oklahoma, Southern Kansas and the panhandl
Slide 5: Our Four Pillars
Our Four Pillars “ We built Mach around four strategic pillars designed to create a durable company across commodity cycles. These pillars guide our decisions companywide, including capital allocation, and ultimately drive industry-leading cash returns to our unitholders. ” Tom L. Ward Chief Executi
Slide 6: History of Strong CROCI and Cash Distributions
History of Strong CROCI and Cash Distributions History of Mach’s Strong CROCI Across Commodity Cycles Track Record of Strong CROCI(1)(2) MNR Annual CROCI WTI MNR 5-Yr Avg. CROCI (2021 – 2025) Our low base decline allows for low capital intensity, 60% $110 allowing Mach to establish a strong free c
Slide 7: Industry-Leading CROCI versus Peers
Industry-Leading CROCI versus Peers MACH’S CROCI IN TOP 1% Proven Performance. Mach’s 5-year average CROCI is not only industry- leading, but we are also in the top 1% of all public companies in the U.S. Proven Returns. 5-Year Average CROCI (1) 2021 - 2025 PEER-LEADING INDUSTRY-LEADING ANNUAL CROCI
Slide 8: Industry-Leading Cash G&A per BOE
Industry-Leading Cash G&A per BOE MACH’S HISTORY OF STRUCTURAL EFFICIENCY IN CASH G&A PER BOE(1) 86% REDUCTION SINCE 2018 $3.33 Best-In-Class $2.06 $1.26 $1.25 $0.45 $0.94 $0.99 $0.84 G&A Efficiency. 2018 2019 2020 2021 2022 2023 2024 2025 1H2026 Mach has a history of lean growth. We have driven lar
Slide 9: Scaled Platform Built Through Disciplined Acquisitions
Scaled Platform Built Through Disciplined Acquisitions Disciplined Hard-to-Replicate Driving 3.0 Execution Platform Value 175 Consistent underwriting criteria Since 2018, we’ve spent >$3 We have a scaled platform that has guided every acquisition. This billion across 23 acquisitions delivers value.
Slide 10: Generating Industry-Leading Distribution Yield
Generating Industry-Leading Distribution Yield Realized Distribution Yield, Annualized Since 2024 Yield as of 8/1/2026 | Includes Cash Distributions paid through Q2 2026 ~4x THE PEER AVERAGE $6.67 PER UNIT Paid and announced to Mach unitholders since 15% 2024 through Q2 2026(1) PEER AVERAGE excludin
Slide 11: Our Free Cash Flow Breakeven Advantage
Our Free Cash Flow Breakeven Advantage LTM Free Cash Flow Breakeven Comparisons Whether compared to gas-weighted or liquids-weighted public E&Ps, Mach’s LTM free cash flow corporate breakevens are best-in-class among peers. BEST-IN-CLASS Gas-Weighted Peers among gas-weighted peers average excluding
Slide 12: Asset Portfolio
Asset Portfolio NYSE: MNR machnr.com
Slide 13: Asset Portfolio Overview
Asset Portfolio Overview Built Through Operating From Diversified Across Scaled, Held-by-Production Portfolio 23 ~2.8 3 with the Flexibility to Develop Acquisitions Million Acres Core Basins When and Where Returns are Strong MID-CONTINENT Net Acres: ~2,100,000 − Mach holds leading position in core o
Slide 14: Mach Differentiated with Top-Quartile Decline Rate
Mach Differentiated with Top-Quartile Decline Rate TOP-QUARTILE BOE CORPORATE DECLINE RATE provides improved distributable cash flow durability PEER AVERAGE excluding Mach: 26% 17% CTRA RRC DEC DVN COP HPK CRC REPX MUR CHRD CIVI NOG SM BKV Pro Forma Mach APA BTE CRGY OXY EXE MGY GPOR FANG MTDR EQT O
Slide 15: Mid-Continent: Unlocking Free Oil Upside
Mid-Continent: Unlocking Free Oil Upside Prior Acquisitions + Agile Operations are Paving the Way. Our pivot toward oil-centric drilling is underway, with this year’s inventory supplied by multiple, disciplined Mid-Continent acquisitions dating back to 2020. Purchasing discounted assets is a core pi
Slide 16: Expecting Top-Tier Oswego IRRs in 2026
Expecting Top-Tier Oswego IRRs in 2026 Oswego Oil Program. Repeatable. Low-Risk with Top Tier Returns. At the core of our shift to oil is a scaled, well-understood Oswego program built on years of repeatable results. The combination of consistent results and strong WTI prices allows our 2026 Oswego
Slide 17: Premier Operator Driving Efficiencies in the Oswego
Premier Operator Driving Efficiencies in the Oswego Oswego Drilling Efficiency | Lateral Feet Drilled per Day (Ft. / day) 41% IMPROVEMENT Our strong operational execution is driving ~250 Oswego Wells Drilled in Mach’s History. significant efficiencies to our drilling times. Ongoing Efficiency Gains.
Slide 18: Mid-Continent: Multiple Paths to Value Capture
Mid-Continent: Multiple Paths to Value Capture Commodity Diversity. Resilient Returns. Our Mid-Continent position provides commodity optionality across various oil, liquids-rich, and natural gas targets. The inherent diversity of this world-class resources allows for dynamic value capture, driving r
Slide 19: San Juan Basin: Strong Mancos Performance
San Juan Basin: Strong Mancos Performance Increasing 2025 Drilling 2026 Drilling OGIP Mach Acreage Early Results In-Line and Program (5 wells) Program (7 wells) Strategically Positioned. ~570,000 NET ACRES Results from Mach’s 2025 drilling program are in line with type curve expectations. In Mach’s
Slide 20: San Juan Basin: Driving Long-Term Value
San Juan Basin: Driving Long-Term Value Gas Optionality. Bullish San Juan Pricing Environment. Natural gas remains a critical energy source and will continue to play a major role in energy markets. In the San Juan Basin, our shallow decline and low maintenance capital will allow Mach to be a long-te
Slide 21: Permian Central Basin Platform
Permian Central Basin Platform Mach Permian Central Basin Platform Position In September 2025, In Q2 2026, we purchased ~10 MBOED we benefited from of stable crude production significantly higher prices with at a quarterly realized price of Cochran Hockley Lubbock Crosby ~$60 WTI >$90 per barrel Yoa
Slide 22: 2025 Drilling Program
2025 Drilling Program OVERALL, STRONG TOTAL IRR FROM MACH’S 2025 DRILLING PROGRAM 150% 42% IRR IRR % 100% 44% 43% IRR 39% IRR IRR 50% Oswego Deep Anadarko Mancos Red Fork Note: Program data set includes wells with first sales in 2025. Pricing uses Bloomberg Fair Value flat prices of $57.42 WTI and $
Slide 23: Commitment to Our Four Pillars
Commitment to Our Four Pillars MAINTAIN FINANCIAL DISCIPLINED EXECUTION MAXIMIZE CASH DISCIPLINED REINVESTMENT STRENGTH UNDERPINNED BY WITH ACCRETIVE DISTRIBUTIONS TO EQUITY RATE LOW LEVERAGE ACQUISITIONS HOLDERS − Focused on SUSTAINING − Committed to executing − Maintain REINVESTMENT RATE − Strateg
Slide 24: Appendix
Appendix Mach Resources. All Rights Reserved. 24
Slide 25: Guidance | as of August 6, 2026
Guidance | as of August 6, 2026 FY 2026e Previous Updated Net Production Guidance Oil (MBbls/d) 22 – 24 23 – 25 NGLs (MBbls/d) 20 – 22 20 – 22 Natural Gas (MMcf/d) 645 – 665 610 – 630 Total (MBoe/d) 150 – 157 145 – 152 Price Realizations Guidance (excluding derivatives) Oil (differential to NYMEX WT
Slide 26: Debt Summary | as of June 30, 2026
Debt Summary | as of June 30, 2026 ~$1.1B $311MM ~1.5x NET DEBT(1) LIQUIDITY (2) NET DEBT / P.F. LTM ADJ. EBITDA(3) Debt Summary $1,450MM $725MM drawn on $1.0B Revolving Credit Facility (“RCF”) Undrawn $450MM Term Loan RCF $275 Interest rate: SOFR (+) 300bps – 400bps Bank group includes 16 l
Slide 27: Q2 2026 Financial Info. and Non-GAAP Reconciliations
Q2 2026 Financial Info. and Non-GAAP Reconciliations Income Statement Q2 2026 Operational Statistics Q2 2026 Non-GAAP Reconciliations (1,2,3) Q2 2026 Net Total Production Net Daily Production Net Income (Loss) to Adjusted EBITDA Oil (MBbl) 2,065 Oil (Bbl/d) 22,692 Net Income (Loss) $98,213 NGLs (MBb
Slide 28: 1H 2026 Financial Info. and Non-GAAP Reconciliations
1H 2026 Financial Info. and Non-GAAP Reconciliations Income Statement 1H 2026 Operational Statistics 1H 2026 Non-GAAP Reconciliations (1,2,3) 1H 2026 Net Total Production Net Daily Production Net Income (Loss) to Adjusted EBITDA Oil (MBbl) 4,286 Oil (Bbl/d) 23,680 Net Income (Loss) $63,175 NGLs (MBb
Slide 29: Hedge Summary | as of August 1, 2026
Hedge Summary | as of August 1, 2026 2026 2026 2027 2028 2029 Q3 Q4 FY FY FY Natural Gas Swaps (HH) Hedged Volume (Bbtu) 10,666 8,025 15,278 3,480 4,544 Weighted Average Swap Price $3.39 $3.68 $3.50 $3.69 $3.43 Crude Oil Swaps (CS) Hedged Volume (MBbl) 797 752 2,415 773 - Weighted Average Swap Price
Slide 30: Our Midstream Infrastructure
Our Midstream Infrastructure Mid-Continent Midstream Infrastructure San Juan Basin Midstream Infrastructure Oklahoma Texas Archuleta La Plata Colorado New Mexico Mach acreage Rio Arriba Gas plant San Juan Gas pipeline Mid-Continent San Juan VERTICALLY Mach owns and operates multiple gas gathering
Slide 31: Takeaway | Gas Markets
Takeaway | Gas Markets Major Downstream Pipelines in Mid-Continent Major Downstream Pipelines in San Juan Basin Mid-Continent NGPL Northwest San Juan Basin Southern TransColorado Star Transwestern EOIT OGT Panhandle Eastern EGT El Paso MEP Midship NGPL Ample Existing Capacity with Multiple Options A
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