Mach Natural Resources Lp · NYSE:MNR
Mach Natural Resources Lp — Q3 2025 Earnings Presentation
29 slides from Mach Natural Resources Lp's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 6, 2025 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”) for informational purposes only. No persons have been authorized to make any representations regarding the information contained in this presentation, and if given or made, such
Slide 3: Company Overview
Company Overview Mach Resources. All Rights Reserved. 3
Slide 4: About Us | Company Overview
About Us | Company Overview TICKER UNIT MARKET ENTERPRISE EV / (EXCHANGE: NYSE) PRICE(1) CAP(1) VALUE(1) 2025e ADJ. EBITDA MNR $12.00 $2.0B $3.1B 3.8x Based on Adjusted EBITDA LIQUIDITY LEVERAGE $349MM 1.3x Includes Cash and Revolving Net Debt-to-Adjusted Credit Facility Availability as EBITDA of 9/
Slide 5: Our Four Pillars
Our Four Pillars MAINTAIN FINANCIAL DISCIPLINED EXECUTION DISCIPLINED MAXIMIZE CASH STRENGTH UNDERPINNED WITH ACCRETIVE REINVESTMENT DISTRIBUTIONS TO EQUITY BY LOW LEVERAGE ACQUISITIONS RATE HOLDERS − Focused on SUSTAINING − Committed to executing − Strategy designed to aim for − Maintain REINVESTME
Slide 6: Mach: We Are an Acquisition Company
Mach: We Are an Acquisition Company We are Adept at Adding Reserves via Low-Cost Acquisitions ~2.8 MILLION NET ACRES 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 ~2.1 million n
Slide 7: Ongoing History of Growth Through Acquisitions
Ongoing History of Growth Through Acquisitions DISCIPLINED UNDERWRITING CRITERIA Mach applies CONSISTENT UNDERWRITING FRAMEWORK to every acquisition: #22 & #23 San Juan & o Discounted PDP Value: Acquire PDP at a discount to PV-10 Permian o Prudent Balance Sheet: Target 1.0x leverage Sep 2025 3.0 1
Slide 8: Cash Return on Capital Invested
Cash Return on Capital Invested Mach has Track Record of Strong CROCI(1) through History of Mach’s Variable Quarterly Cash Distributions Commodity Cycle Fluctuations Mach’s distributions vary from quarter to quarter as a result of variations in its Our LOW BASE DECLINE allows for LOW CAPITAL INTEN
Slide 9: Generating Industry-Leading Distribution Yield
Mach 17% TXO Diversified Vitesse SandRidge Through 9/30/2025 Black Stone Evolution Granite Ridge Repsol Equinor Riley Realized Distribution Yield Since 2024 Berry Civitas BP Total Permian Resources Chord Northern Chevron Shell Diamondback Exxon Expand Crescent Coterra EOG Whitecap Murphy APA Devon O
Slide 10: Generating Industry-Leading Returns
Comstock Texas Pacific Land Sable Antero Expand EQT Gulfport Repsol Through 9/30/2025 Range Vitesse Exxon Whitecap Diversified Magnolia Shell Chevron Mach Total Shareholder Return (TSR) Since 2024 9% Riley SINCE 2024 BP Granite Ridge Permian Resources ATTRACTIVE TSR California Resources SPDR SPDR S&
Slide 11: Guidance
Guidance Q4 2025e FY 2026e Previous Previous Updated Net Production Guidance Oil (MBbls/d) 26 – 27 23 – 25 22 – 24 NGLs (MBbls/d) 23 – 24 20 – 22 20 – 22 Natural Gas (MMcf/d) 585 – 625 655 – 675 645 - 665 Total (MBoe/d) 147 – 155 152 – 160 150 - 157 Price Realizations Guidance (excluding derivatives
Slide 12: Asset Portfolio
Asset Portfolio Mach Resources. All Rights Reserved. 12
Slide 13: Recent Transactions Bolster CAD Accretion Outlook
Recent Transactions Bolster CAD Accretion Outlook RECENT TRANSACTIONS and provide COMPELLING UNITHOLDER VALUE with IMMEDIATE ADVANCE STRATEGIC PILLARS ACCRETION that continues to E X P A N D O V E R T I M E $1.3B Transactions Overview Immediate Accretion Expands Further Over Time 68 ~700,000 CO En
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% 15% DEC COP MUR GPOR MTDR EPM DVN EOG SM WTI BKV CIVI OVV CRC RRC REPX APA CTRA HPK WCP CRGY EQT OXY EXE MGY BTE TXO FANG N
Slide 15: San Juan Basin
San Juan Basin ASSET OVERVIEW Mach San Juan Basin Position LEADING POSITION in San Juan Basin, situated primarily in San Montezuma La Plata Archuleta Juan and Rio Arriba Counties, NM, and La Plata County, CO ATTRACTIVE CASH FLOW PROFILE with LOW DECLINE Colorado New Mexico Asset is PREDOMINANT
Slide 16: San Juan Basin | 2025 and 2026 Development
San Juan Basin | 2025 and 2026 Development Mach acreage 2025 Wells (5-well program) La Plata Archuleta 2026 Wells (9-well program) Mesa Mountain | Mancos Shale 2026 Wells Southern Ute | Fruitland Coal 2026 Wells 3 Gross Wells: (2) Upper Mancos, (1) Lower Mancos 2 Gross Horizontal Wells Lateral
Slide 17: San Juan Takeaway
San Juan Takeaway Existing Capacity in Excess San Juan Basin’s current pipeline network has capacity beyond current Major Downstream Pipelines in San Juan Basin production, enabling near-term production stability without takeaway bottlenecks Several capacity expansions already underway or planne
Slide 18: Permian Central Basin Platform
Permian Central Basin Platform ASSET OVERVIEW Mach Permian Central Basin Platform Position ACREAGE ACROSS PROLIFIC RESERVOIRS in the Permian Basin, including heart of the Central Basin Hockley Lubbock Crosby Cochran Platform and Eastern Shelf STABLE CASH FLOWS from PREDICTABLE PRODUCTION PROFILE
Slide 19: Mid-Continent
Mid-Continent Mach Mid-Continent Position ASSET OVERVIEW LEADING POSITION in Mid-Continent encompassing Western Oklahoma, Southern Kansas and Texas Panhandle Mid-Continent serves as Mach’s foundational operating area Kansas While diversifying into San Juan and Permian Basins, Mach maintains a
Slide 20: The Deep Anadarko
The Deep Anadarko DEEP ANADARKO PLAY: ITS BEGINNING IN 2017 ANADARKO SHELF Industry has long known that the Anadarko Basin is a Woods Alfalfa NATURAL GAS GIANT In 2017, Continental Resources moved into Custer Woodward Garfield County and discovered what we know today as the Major Deep Gas play;
Slide 21: Mid-Continent Takeaway
Mid-Continent Takeaway Ample Existing Capacity with multiple trunkline options Major Downstream Pipelines in Mid-Continent Mid-Con gas is well connected into major interstate systems incl. Panhandle Eastern, Mid-Continent Express (“MEP”) and Midship Current Mid-Con gas production: ~9 Bcf / d gro
Slide 22: Appendix
Appendix Mach Resources. All Rights Reserved. 22
Slide 23: Mach Debt Profile
Mach Debt Profile ~$1.1B $349MM ~1.3x NET DEBT(1) LIQUIDITY (2) P.F. NET DEBT / LTM ADJ. EBITDA(3) Debt Summary $1,450MM $700MM drawn on $1.0B Revolving Credit Facility (“RCF”) Undrawn $450MM Term Loan RCF $300 Interest rate: SOFR (+) 300bps – 400bps Bank group includes 16 lenders, led by Tr
Slide 24: Q3 2025 Financial Info. and Non-GAAP Reconciliations
Q3 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 derivative ins
Slide 25: YTD 2025 Financial Info. and Non-GAAP Reconciliations
YTD 2025 Financial Info. and Non-GAAP Reconciliations (1) (1,2,3) 1) Nine months ended September 30, 2025. 2) 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
Slide 26: Hedge Summary
Hedge Summary | as of November 1, 2025 2025 2026 2027 2028 2029 Q4 FY FY FY FY Natural Gas Swaps (HH) Hedged Volume (Bbtu) 10,308 28,482 12,801 3,758 4,544 Weighted Average Swap Price $4.03 $3.79 $3.96 $3.68 $3.43 Swaps (EP San Juan) Hedged Volume (Bbtu) 5,068 22,272 4,194 2,682 - Weighted Average S
Slide 27: Pro Forma Reserves Summary
Pro Forma Reserves Summary Net Reserves (1) Oil (MMBbl) Gas (Bcf) NGL (MMBbl) Total (MMBoe) Liquids % PV-10 $MM Proved Developed Producing 94 2,274 91 564 33% $3,119 Mach Legacy PDP 45 909 70 266 43% $1,800 San Juan Basin PDP 1 1,360 20 247 8% $798 Permian Basin PDP 49 4 2 51 99% $521 Proved Behind
Slide 28: 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 Mach EH&S Function Team currently consists of an EH&S VP, EH&S Manager, three Methane Reduction Specialists, two EH&S Seni
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