Mach Natural Resources LP
- Open
- 12.99
- Day high
- 13.23
- Day low
- 12.98
- Prev close
- 12.93
- Volume
- 186K
- Mkt cap
- $2.2B
- P/E (TTM)
- 17.8
- EPS (TTM)
- $0.74
- P/B
- 1.2
- P/S
- 1.7
- Yield
- 13.84%
- Per share
- $1.82
- ▲Insiders net buying $1000K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions mixed (13F)
Mach Natural Resources LP (MNR) is a Energy company listed on NYSE. The stock is down 11% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
Mach Natural Resources LP (MNR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MNR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $0.51 | $0.74 | +45.4% | $286M | -28.1% |
| Mar 13, 2026 | $0.26 | $0.43 | +67.5% | $346M | -8.1% |
| Nov 6, 2025 | $0.34 | $0.44 | +29.4% | $273M | -23.7% |
| Aug 7, 2025 | $0.53 | $0.76 | +43.4% | $289M | +18.4% |
| May 8, 2025 | $0.69 | $0.68 | -1.4% | $267M | +9.2% |
| Mar 13, 2025 | $0.44 | $0.62 | +40.9% | $235M | -3.0% |
| Apr 1, 2024 | $0.92 | $-1.94 | -311.1% | $181M | -14.8% |
| Dec 6, 2023 | $1.42 | $0.88 | -38.0% | $175M | -22.4% |
| Jun 30, 2023 | — | $1.10 | — | $261M | — |
| Mar 31, 2023 | — | $0.96 | — | $192M | — |
| Dec 31, 2022 | — | $2.57 | — | $498M | — |
| Feb 4, 2022 | $0.22 | $0.12 | -45.5% | $48M | +16.0% |
MNR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 13, 2026 | WARD TOM L.director, 10 percent owner, officer, other: See Remarks | Buy | 76,628 | $13.05 |
| Apr 10, 2026 | IKAV General Partner S.a r.l.10 percent owner | Sell | 944,805 | $12.81 |
| Apr 10, 2026 | IKAV General Partner S.a r.l.10 percent owner | Sell | 4,612,874 | $12.81 |
| Mar 23, 2026 | McMullen William Wallacedirector, 10 percent owner, other: See Remarks | Buy | 3,215 | $13.63 |
| Mar 23, 2026 | McMullen William Wallacedirector, 10 percent owner, other: See Remarks | Buy | 2,500 | $14.00 |
| Mar 23, 2026 | Burn Christopherdirector, other: See Remarks | Buy | 1,000 | $14.07 |
| Mar 23, 2026 | McMullen William Wallacedirector, 10 percent owner, other: See Remarks | Buy | 3,570 | $14.00 |
| Feb 11, 2026 | WHITE KEVIN R.officer, other: See Remarks | Grant | 11,886 | $12.62 |
| Feb 11, 2026 | Reel Michael Eofficer, other: See Remarks | Grant | 5,151 | $12.62 |
| Feb 11, 2026 | Reel Michael Eofficer, other: See Remarks | Tax | 2,532 | $12.62 |
| Feb 11, 2026 | WHITE KEVIN R.officer, other: See Remarks | Tax | 5,627 | $12.62 |
| Jan 5, 2026 | Burn Christopherdirector, other: See Remarks | Grant | 13,587 | $11.04 |
| Dec 10, 2025 | McMullen William Wallacedirector, 10 percent owner, other: See Remarks | Buy | 12,500 | $12.53 |
| Dec 10, 2025 | McMullen William Wallacedirector, 10 percent owner, other: See Remarks | Buy | 17,500 | $12.32 |
| Dec 1, 2025 | WARD TOM L.director, 10 percent owner, officer, other: See Remarks | Buy | 40,000 | $11.63 |
Source: MNR SEC Form 4 filings, latest Apr 13, 2026. For informational purposes only — not investment advice.
See the full MNR insider & 13F page →Mach Natural Resources LP company profile
Overview
Mach Natural Resources LP (NYSE:MNR) is an independent upstream oil and gas company that went public in October 2023. The company was formed through a corporate combination of BCE-Mach entities and focuses on acquiring, developing, and producing oil, natural gas, and natural gas liquids reserves primarily in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the Texas panhandle. Headquartered in Oklahoma City, Oklahoma, Mach has rapidly grown through strategic acquisitions and maintains a disciplined approach to capital allocation with an emphasis on returning cash to unitholders.
Business
Mach Natural Resources operates in the upstream oil and gas exploration and production sector, which involves the extraction of crude oil, natural gas, and natural gas liquids (NGLs) from underground reservoirs. The upstream sector is the first stage of the oil and gas value chain, where companies locate, drill, and extract hydrocarbons before they are processed, refined, or transported to end users. The company's core business involves three main activities. First, acquisition of producing oil and gas properties, where Mach purchases existing wells and acreage from other operators, often at discounted prices from distressed sellers. Second, development of these properties through drilling new wells and optimizing existing production. Third, production operations where the company extracts and sells the hydrocarbons to generate revenue. Mach's operations are concentrated in the Anadarko Basin, a prolific oil and gas producing region known for multiple productive geological formations. The company targets several key formations including the Oswego, Mississippian, and Woodford formations, each containing different types of hydrocarbons at various depths. The Anadarko Basin is particularly attractive because it contains both conventional and unconventional resources, providing multiple drilling opportunities across different geological layers. The company's production portfolio consists of three main products: crude oil (contributing approximately 59% of revenue), natural gas (21% of revenue), and natural gas liquids or NGLs (20% of revenue). NGLs are hydrocarbon compounds that exist as gases in underground formations but can be separated and sold as liquids, including propane, butane, and ethane. This diversified commodity mix provides some protection against price volatility in any single product. Additionally, Mach owns and operates midstream infrastructure including pipelines, gathering systems, and processing facilities that transport and process the hydrocarbons from wellheads to sales points. This vertical integration allows the company to capture additional value and reduce third-party processing costs.
Revenue model
Mach Natural Resources generates revenue primarily through the sale of produced hydrocarbons to various purchasers including refineries, pipeline companies, and commodity traders. The company sells its oil, natural gas, and NGLs at prevailing market prices, which fluctuate based on global and regional supply and demand dynamics. The company's customers include major oil and gas purchasers, pipeline operators, and commodity trading firms who buy the produced hydrocarbons at or near the wellhead. Pricing is typically based on benchmark prices such as West Texas Intermediate (WTI) for oil and Henry Hub for natural gas, with adjustments for local basis differentials and quality specifications. Mach's business model is designed around disciplined capital allocation with four strategic pillars. The company maintains a low reinvestment rate of less than 50% of operating cash flow, meaning it spends less than half of its cash generation on new drilling and development activities. This approach prioritizes cash returns to unitholders over aggressive growth. The company targets maintaining debt-to-EBITDA ratios of 1x or less to preserve financial flexibility. Several factors significantly impact Mach's profitability margins. Commodity price volatility is the primary driver, as oil and gas prices can fluctuate dramatically based on global supply and demand, geopolitical events, and economic conditions. To mitigate this risk, Mach hedges approximately 50% of its oil and natural gas production on a rolling 12-month basis. Operating cost efficiency is another crucial factor, where the company has demonstrated ability to reduce lease operating expenses by 25-35% from previous operators through operational improvements and economies of scale. Acquisition execution directly impacts returns, as the company's strategy depends on purchasing assets at attractive valuations and improving their performance. Service cost inflation for drilling, completion, and other oilfield services can pressure margins, though the company has shown ability to reduce well costs over time. Finally, production decline rates from existing wells require ongoing capital investment to maintain production levels, making drilling efficiency and well performance critical to sustaining cash flows.
Competitive moat
Mach Natural Resources operates in the commodity-driven oil and gas sector, which traditionally offers limited sustainable competitive advantages. However, the company has developed several operational moats that provide some defensive characteristics. The company's primary moat stems from its operational expertise and cost structure advantages. Mach has demonstrated consistent ability to acquire assets from distressed sellers and improve their performance through operational efficiencies, reducing lease operating expenses by 25-35% compared to previous operators. This operational excellence, combined with economies of scale from consolidating fragmented assets, creates a sustainable cost advantage. Geographic concentration in the Anadarko Basin provides another defensive element. The company's focused approach allows it to develop deep local expertise, optimize drilling and completion techniques for specific formations, and build efficient infrastructure networks. This regional specialization makes it difficult for competitors to replicate the company's operational knowledge and relationships. The company's integrated midstream infrastructure creates additional moat characteristics by reducing dependence on third-party processors and capturing additional value from the hydrocarbon stream. Owning gathering systems, pipelines, and processing facilities provides more control over costs and margins compared to pure upstream operators. However, Mach's moat faces significant challenges. The oil and gas industry is highly commoditized with limited pricing power, making companies price-takers in global markets. The sector faces long-term energy transition risks as the world moves toward renewable energy sources, potentially reducing demand for fossil fuels over time. Additionally, the company's acquisition-dependent growth model becomes more challenging as asset prices increase and competition for quality properties intensifies. The company's moat strength is moderate but not insurmountable. While operational excellence and regional expertise provide near-term advantages, the fundamental commodity nature of the business and long-term secular headwinds limit the durability of these competitive positions.
Risks & safety
Mach Natural Resources presents a moderate margin of safety with solid financial metrics but some liquidity concerns typical of capital-intensive energy companies. **Cash and Debt Position:** - Current cash position of $7.8 million as of Q2 2025, down significantly from $184.5 million in Q4 2024 - Net debt-to-EBITDA ratio of 0.8x, well below the company's 1x target - Total debt-to-equity ratio of 0.28x, indicating conservative leverage - New $750 million revolving credit facility provides financial flexibility - Strong free cash flow generation of $285 million in FY 2024 **Valuation Metrics:** - Trading at 4.9x EV/EBITDA, reasonable for energy sector - P/E ratio of 27.4x appears elevated but reflects recent earnings volatility - Price-to-book ratio of 1.05x suggests trading near asset value - Current ratio of 0.69x indicates potential short-term liquidity pressure **Other Considerations:** - Proven track record of cash distribution to unitholders ($310 million in 2024) - Hedging program covers 50% of production, providing price protection - Working capital deficit requires careful cash management - Commodity price exposure creates earnings volatility despite hedging
Recent development
Over the past few years, Mach Natural Resources has executed a rapid growth strategy centered on strategic acquisitions and operational optimization. Since its IPO in October 2023, the company has completed over 20 acquisitions averaging less than $100 million each, demonstrating its ability to source and integrate bolt-on properties effectively. A major milestone was the $815 million acquisition of Paloma Partners in 2023, which significantly expanded the company's asset base and reserves. This acquisition increased total reserves by 56-83% from 2022 levels and established Mach as a more substantial player in the Anadarko Basin. The company has consistently demonstrated its ability to improve acquired assets, reducing operating expenses by 25-35% compared to previous operators through operational efficiencies and economies of scale. The company has also made strategic infrastructure investments, including the $65 million purchase of midstream facilities that generated $78 million in EBITDA during 2024. This vertical integration strategy reduces third-party processing costs and captures additional value from the hydrocarbon stream. Drilling and development activities have expanded significantly, with the company moving from two rigs in 2024 to a planned three-rig program in 2025. The drilling program focuses on high-return formations including Oswego, Mississippian, and Woodford, with planned capital expenditures of $225-240 million in 2025. The company has improved drilling efficiency by reducing spud-to-total-depth times, increasing lateral lengths, and lowering per-well costs. Financial discipline has remained a cornerstone of the strategy, with the company maintaining its low reinvestment rate of less than 50% of operating cash flow while distributing over $1 billion to owners since inception. The recent refinancing with a new $750 million revolving credit facility and elimination of near-term debt maturities has strengthened the balance sheet and provided additional acquisition capacity.
MNR company profile · for informational purposes only — not investment advice.
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