Mach Natural Resources (MNR) Investor presentation summary

Financial and operational highlights

• Unit price at $13.80, market cap of $2.3B, and enterprise value of $3.4B as of April 2026.

• Liquidity stands at $358MM, with net debt of ~$1.1B and a net debt/adj. EBITDA ratio of ~1.4x.

• Q1 2026 net daily production was 158 MBOED, with 71% natural gas, 16% oil, and 14% NGLs.

• Proved reserves total 705 MMBOE, 77% developed and 69% natural gas, with a PV-10 of $3.1B.

• Cash G&A per BOE is $0.40 and LOE per BOE is $6.88, both based on FY2026e guidance.

Strategic pillars and capital allocation

• Four pillars: low leverage, accretive acquisitions, disciplined reinvestment (<50% of cash flow), and maximizing distributions.

• Maintains a low net debt to adjusted EBITDA target of 1.0x.

• Focus on acquiring assets at discounts to PDP PV-10 and continuous cost reduction.

• Peer-leading cash distributions, with $244MM distributed to unitholders in FY2025.

• Reinvestment rate aligns with target of reinvesting less than 50% of operating cash flow.

Asset base and acquisitions

• Built a 2.8 million net acre platform through 23 acquisitions since 2018, spending over $3B.

• Diversified across Mid-Continent (~2.1M acres), San Juan Basin (~570K acres), and Permian (~130K acres).

• Balanced production: ~55% Mid-Continent, ~45% Permian and San Juan Basins.

• Assets provide stable cash flow with low corporate PDP decline rate of 17%.

• Top-quartile decline rate compared to peers, supporting cash flow durability.