Mach Natural Resources (MNR) Investor presentation summary

Company overview and strategy

• Operates 2.8 million net acres across the Anadarko, San Juan, and Permian Basins, focusing on oil, natural gas, and NGL production with a balanced commodity mix and diversified asset base.

• Maintains a disciplined reinvestment rate below 50% of operating cash flow, prioritizing cash distributions to equity holders.

• Pursues accretive acquisitions at discounts to PDP PV-10, underpinning production growth and industry-leading cash returns.

• Targets a low net debt to adjusted EBITDA ratio of 1.0x to ensure financial strength through commodity cycles.

• Focuses on cost reduction, operational efficiency, and maximizing peer-leading distributions.

Financial performance and capital allocation

• Market cap of $2.2B and enterprise value of $3.3B as of March 2026, with $338MM in liquidity.

• Q4 2025 net daily production was 154 MBOED, with 71% natural gas, 17% oil, and 15% NGLs.

• FY2025 cash distributions totaled $244MM, with $1.3B paid since inception through Q1 2026.

• Achieved a 1-year realized distribution yield of 14%, over three times the peer average.

• Maintains best-in-class free cash flow breakevens among both gas- and liquids-weighted peers.

Asset base and operational highlights

• Holds leading positions in the Mid-Continent (~2.1MM acres), San Juan Basin (~570,000 acres), and Permian Central Basin Platform (~130,000 acres).

• San Juan Basin assets produce 59 MBOED (93% gas) with a 15% base decline rate.

• Mid-Continent assets produce 85 MBOED (65% gas) with a 20% base decline rate.

• Permian assets produce 10 MBOED (94% oil) with an 8% base decline rate.

• Top-quartile corporate decline rate of 17%, supporting durable cash flow.