Mach Natural Resources Lp · NYSE:MNR
Mach Natural Resources Lp — FY2025 Earnings Presentation
29 slides from Mach Natural Resources Lp's earnings presentation, Mar 13, 2026
Slide 1: Full-Year 2025 Earnings Presentation
Full-Year 2025 Earnings Presentation March 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 $13.25 $2.2 $3.3 EV / LIQUIDITY NET ACRES PROVED RESERVES 2026e ADJ. EBITDA ($MM) (MM, APPROX.) (MMBOE) 4.4x $338 2.8 705 Based on Consensus Includes Cash and Revolving As of 12/31/2025 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: Ongoing History of Growth Through Acquisitions
Ongoing History of Growth Through Acquisitions Our Disciplined Mach applies consistent underwriting framework to every acquisition Underwriting o Discounted Value: Acquire assets at a discount to PDP PV-10 Criteria: o Prudent Balance Sheet: Target 1.0x leverage o Accretive to CAD: Enhance cash ava
Slide 7: History of Strong CROCI and Cash Distributions
History of Strong CROCI and Cash Distributions History of Mach’s Variable Quarterly Cash Distributions “ Everything we do at Mach is calibrated for Distributions vary from quarter to quarter due to commodity price fluctuations, one purpose: to maximize distributions while operational performance, an
Slide 8: Generating Industry-Leading Distribution Yield
14% Diversified Granite Ridge as of 3/5/2026 Repsol TXO Evolution Whitecap Vitesse Equinor 1-Year Realized Distribution Yield BP Riley Source: Public filings. 1 Includes all paid and announced distributions. Murphy APA MACH’S 1-YR YIELD TotalEnergies Northern Chevron Shell Tourmaline >3x THE PEER AV
Slide 9: 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 10: Our Focus is Maximizing Cash Distributions
Our Focus is Maximizing Cash Distributions Price Sensitivities Our cash distributions are variable and sensitive to commodity prices. The price sensitivities below on cash available for distribution(1) per unit assume the midpoint of FY 2026 guidance. Every $1.00 increase in WTI equates to a Every $
Slide 11: Guidance as of March 12, 2026
Guidance as of March 12, 2026 Items IN BOLD ITALICS represent changes from previous guidance. FY 2026e Previous Updated Net Production Guidance Oil (MBbls/d) 22 – 24 22 – 24 NGLs (MBbls/d) 20 – 22 20 – 22 Natural Gas (MMcf/d) 645 - 665 645 – 665 Total (MBoe/d) 150 - 157 150 – 157 Price Realizations
Slide 12: Asset Portfolio
Asset Portfolio NYSE: MNR machnr.com
Slide 13: 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% 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 14: 2025 Drilling Program Results
2025 Drilling Program Results 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 W
Slide 15: Positioned in Two World-Class Gas Basins
Positioned in Two World-Class Gas Basins MACH OPERATES IN TWO PREMIER L-48 NATURAL GAS PLAYS: The Deep Anadarko of the Anadarko Basin and the Mancos Shale of the San Juan Basin − Early Innings: Both plays are in the early innings of development; industry data and Mach’s initial results indicate two
Slide 16: San Juan Basin
San Juan Basin ASSET OVERVIEW Mach San Juan Basin Position Leading position in San Juan Basin, situated primarily in San Juan and Montezuma La Plata Archuleta Rio Arriba Counties, NM, and La Plata County, CO Attractive cash flow profile with low decline Colorado New Mexico Asset is predominant
Slide 17: Mancos Shale | 2025 and 2026 Development
Mancos Shale | 2025 and 2026 Development Mach acreage 2025 Wells (5-well program) La Plata Archuleta 2026 Wells (7-well program) Mesa Mountain | Mancos Shale 2026 Wells 3 Gross Wells: (2) Upper Mancos, (1) Lower Mancos Lateral Length: 3-mile Colorado New Mexico NEBU | Mancos Shale 2025 Wells San
Slide 18: Mid-Continent
Mid-Continent ASSET OVERVIEW Mach Mid-Continent Position 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 Kansas maintains a
Slide 19: The Deep Anadarko
The Deep Anadarko DEEP ANADARKO PLAY OVERVIEW 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; each of their
Slide 20: Permian Central Basin Platform
Permian Central Basin Platform Mach Permian Central Basin Platform Position In September 2025, Today, we purchased ~10 MBOED we are realizing significantly of stable crude production higher prices with a 12-mo at strip of Cochran Hockley Lubbock Crosby ~$60 WTI >$80 WTI Yoakum Terry Lynn Garza New M
Slide 21: 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 22: Appendix
Appendix Mach Resources. All Rights Reserved. 22
Slide 23: Mach Debt Profile
Mach Debt Profile ~$1.1B $338MM ~1.4x NET DEBT(1) LIQUIDITY (2) NET DEBT / P.F. 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: Q4 2025 Financial Info. and Non-GAAP Reconciliations
Q4 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: FY2025 Financial Info. and Non-GAAP Reconciliations
FY2025 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 inst
Slide 26: Hedge Summary
Hedge Summary | as of March 11, 2026 Note: Basis swaps represent Argus WTI Midland underlying contracts. 26
Slide 27: 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 28: 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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