Mach Natural Resources LP · NYSE:MNR
Mach Natural Resources LP — Q3 2026 Earnings Presentation
32 slides from Mach Natural Resources LP's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Earnings Investor Presentation
Q3 2026 Earnings Investor Presentation November 5, 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 $10.59 $1.8 $2.9 EV / LIQUIDITY NET ACRES PROVED RESERVES 2026e ADJ. EBITDA ($MM) (MM, APPROX.) (MMBOE) 3.9x $281 2.8 705 Based on Consensus Includes Cash and Revolving As of 9/30/2026 and
Slide 4: Mach At A Glance
Mach At A Glance Disciplined and Diversified. Mach’s durable asset portfolio is strategically designed to thrive across commodity cycles. As an independent upstream oil and gas company GREEN RIVER BASIN with nearly 3 million net acres, MACH IS ABLE TO DYNAMICALLY Net Acres: ~35,000 ALLOCATE CAPITAL
Slide 5: Our Four Pillars
Our Four Pillars MAINTAIN FINANCIAL STRENGTH Underpinned by Low Leverage − Focused on SUSTAINING FINANCIAL STRENGTH through all commodity cycles − Target a LOW NET DEBT TO ADJUSTED EBITDA RATIO of 1.0x “Mach is built around four DISCIPLINED EXECUTION with Accretive Acquisitions strategic pillars des
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, allowing 60% $94.23 $110 Mach to establish a strong
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 YTD2026 Mach has a history of lean growth. We have driven la
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 10/30/2026 | Includes Cash Distributions paid through Q3 2026 Since 2024 through Q3 2026, Mach has paid and announced (1) 14% ~4x THE PEER AVERAGE $6.89 PER UNIT average excluding Mach: 4% 2
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: On Track to Deliver Exceptional Q4 CAD
On Track to Deliver Exceptional Q4 CAD For FY2026, Mach remains on track to YEAR-TO-DATE 2026 FULL-YEAR 2026E achieve a reinvestment rate of <50% which is expected to generate an vs. FY Guidance EXCEPTIONAL INCREASE Actual Guidance Range IN THE Q4 CASH AVAILABLE FOR Oil Production WITHIN DISTRIBUTIO
Slide 13: 2027e Guidance | as of November 5, 2026
2027e Guidance | as of November 5, 2026 Full-Year 2027e: $275MM – $325MM Capital Program Mach’s 2027 drilling program is anchored by its oil Oswego play in the Mid-Continent. The Company has drilled >250 Oswego wells in this high-confidence, high-return oil development opportunity. Other Items Full-
Slide 14: 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 15: Ongoing Efficiency Gains in the Repeatable Oswego
Ongoing Efficiency Gains in the Repeatable 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. A
Slide 16: Asset Portfolio
NATURAL RESOURCES Asset Portfolio
Slide 17: 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 18: 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 19: Mid-Continent Provides Commodity Diversity
Mid-Continent Provides Commodity Diversity Prior Acquisitions + Agile Operations are Paving the Way to Oil-Focused Activity We pivoted toward oil-centric drilling in 2026 and focused this year’s drilling activity on inventory supplied by multiple, disciplined Mid-Continent acquisitions dating back t
Slide 20: 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 21: 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. ~540,000 NET ACRES Results from Mach’s 2025 drilling program are in line with type curve expectations. In Mach’s
Slide 22: 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 23: Permian Central Basin Platform
Permian Central Basin Platform Mach Permian Central Basin Platform Position In September 2025, In Q3 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 >$85 per barrel Yoa
Slide 24: 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 25: Appendix
Appendix Mach Resources. All Rights Reserved. 25
Slide 26: Debt Summary | as of September 30, 2026
Debt Summary | as of September 30, 2026 ~$1.1B $281MM ~1.5x NET DEBT (1) LIQUIDITY (2) NET DEBT / LTM ADJ. EBITDA (3) Total Debt Total Debt $1,175 $1,160 Debt Summary $745MM drawn on $1.0B Revolving Credit Facility (“RCF”) Undrawn RCF Undrawn RCF $1.0B Revolving Credit Facility $1.0B Revolving Cre
Slide 27: Q3 2026 Financial Info. and Non-GAAP Reconciliations
Q3 2026 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 28: YTD 2026 Financial Info. and Non-GAAP Reconciliations
YTD 2026 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 in
Slide 29: Hedge Summary | as of September 30, 2026
Hedge Summary | as of September 30, 2026 Note: Basis swaps represent Argus WTI Midland underlying contracts. 29
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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