\nMach Natural Resources LP (NYSE: MNR) (\u201cMach\u201d or the \u201cCompany\u201d) today reported financial and operating results for the three and twelve months ended December 31, 2024. In addition, today the Company improved its available free cash flow in 2025 as a result of lowering the midpoint of its interest expense by $22 million.\n<\/p>\n
Fourth-Quarter 2024 Highlights<\/b><\/p>\n Full-Year 2024 Highlights<\/b><\/p>\n Recent Highlights<\/b><\/p>\n Full-Year 2025 Outlook<\/b><\/p>\n \nTom L. Ward, Chief Executive Officer commented, \u201cEverything we do at Mach is calibrated for one purpose: to maximize distributions while maintaining a disciplined reinvestment rate. With this as our measure of success, we are pleased with our 2024 results. We paid $3.20 per unit in distributions and achieved a 24% total shareholder return. With our 5-year CROCI(4)<\/sup> at 32%, we are confident that our return-of-capital strategy positions Mach well to deliver an industry-leading distribution again in 2025.\u201d\n<\/p>\n \nTom L. Ward continued, \u201cPost year-end, we closed a bolt-on acquisition, executed another successful equity offering, and improved our cost of borrowing by refinancing our term loan with a new revolving credit facility. The combined effect of these three transactions highlights our ongoing ability to generate accretion to our distribution while protecting our strong balance sheet. As we progress into 2025, our four-pillar strategy will continue to guide our decisions, ensuring we are disciplined in our reinvestment and focused on returns.\u201d\n<\/p>\n Financial Results<\/b><\/p>\n \nMach reported total revenue and net income of $235 million and $37 million in the fourth quarter of 2024, respectively. For the full year 2024, Mach reported total revenue and net income of $970 million and $185 million, respectively. During the fourth quarter, the average realized price was $70.06 per barrel of oil, $2.31 per thousand cubic feet of natural gas, and $25.82 per barrel of natural gas liquids (\u201cNGLs\u201d). These prices exclude the effects of derivatives.\n<\/p>\n \nAs of December 31, 2024, Mach had a cash balance of $106 million and a pro forma net-debt-to-Adjusted-EBITDA ratio of 1.0x.\n<\/p>\n Operational Results<\/b><\/p>\n \nDuring the fourth quarter of 2024, Mach achieved average oil equivalent production of 86.7 Mboe\/d, which consisted of 24% oil, 52% natural gas, and 24% NGLs. Also, for the fourth quarter of 2024, Mach\u2019s production revenues from oil, natural gas, and NGLs sales totaled $241 million, comprised of 56% oil, 24% natural gas, and 20% NGLs.\n<\/p>\n \nThe Company spud 11 gross (9 net) operated wells and brought online 10 gross (8 net) operated wells in the fourth quarter of 2024. As of December 31, 2024, the Company had 6 gross (5 net) operated wells in various stages of drilling and completion.\n<\/p>\n \nMach\u2019s lease operating expense in the fourth quarter of 2024 was $49 million, or $6.17 per Boe. Mach incurred $27 million, or $3.36 per Boe, of gathering and processing expenses in the fourth quarter of 2024. Furthermore, during the fourth quarter of 2024, production taxes as a percentage of oil, natural gas, and NGL sales were approximately 4.9%, midstream operating profit was approximately $4 million, general and administrative expenses\u2014excluding equity-based compensation of $2 million\u2014was $8 million, and interest expense was $24 million.\n<\/p>\n \nIn the fourth quarter of 2024, Mach\u2019s total development costs were $60 million, including $56 million of upstream capital and $4 million of other capital (including midstream and land).\n<\/p>\n Year-End SEC Reserves<\/b><\/p>\n \nAt December 31, 2024, Mach\u2019s total estimated SEC proved reserves(3)<\/sup> were 337 MMBoe, comprised of 53% natural gas, 27% NGLs and 20% oil. The PV-10(2)<\/sup> was $1.9 billion at December 31, 2024.\n<\/p>\n Distributions<\/b><\/p>\n \nThe Company\u2019s quarterly cash distribution for the fourth quarter of 2024 of $0.50 per unit was announced February 13, 2025. The quarterly cash distribution is to be paid on March 13, 2025, to the Company\u2019s unitholders of record as of the close of trading on February 27, 2025.\n<\/p>\n 2025 Outlook<\/b><\/p>\n \nMach previously announced its 2025 outlook on November 12, 2024. Today the Company reaffirmed the operational portion of its outlook and lowered the interest expense midpoint by $22 million. In 2025, the Company plans to spend $260 million to $280 million in total capital for development, while upholding Mach\u2019s targeted reinvestment rate of no more than 50% of operating cash flow. The 2025 forecast for total production is expected to range between 79 MBoe\/d to 83 MBoe\/d. Additional details of Mach\u2019s forward-looking guidance are available on the Company\u2019s website at www.machnr.com<\/a>.\n<\/p>\n Conference Call and Webcast Information<\/b><\/p>\n \nMach will host a conference call and webcast at 8:00 a.m. Central (9:00 a.m. Eastern) on Friday, March 14, 2025, to discuss its fourth quarter 2024 results. Supplemental slides will be posted to the Company’s website. Participants can access the conference call by dialing 877-407-2984. A webcast link to the conference call will be provided on the Company\u2019s website at www.machnr.com<\/a>. A replay will also be available on the Company\u2019s website following the call.\n<\/p>\n\n
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