Mach Natural Resources (MNR) Investor presentation summary

Company overview and strategy

• Operates as an independent upstream oil and gas company with 2.8 million net acres across the Mid-Continent, Permian, and San Juan Basins, focusing on acquisition, development, and production of oil, natural gas, and NGL reserves.

• Maintains a disciplined reinvestment rate below 50% of operating cash flow and targets a low net debt to adjusted EBITDA ratio of 1.0x.

• Built a diversified, scaled asset base through 23 acquisitions since 2018, accumulating over $3 billion in assets.

• Prioritizes maximizing cash distributions to equity holders, with $1.5 billion paid to unitholders since inception.

• Focuses on cost reduction, operational efficiency, and peer-leading cash returns through disciplined capital allocation.

Financial performance and efficiency

• Achieved a 5-year average CROCI of 35%, double the peer average, and consistently above 20% annually.

• Cash G&A per BOE reduced by 86% since 2018, now over 70% lower than peers at $0.45 per BOE.

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

• Q2 2026 net daily production was 149 MBOED, with a mix of 15% oil, 16% NGLs, and 69% natural gas.

• Liquidity as of June 30, 2026, was $311 million, with net debt of $1.1 billion and a net debt/adj. EBITDA ratio of 1.5x.

Asset portfolio and operational highlights

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

• Mid-Continent assets provide commodity diversity and inventory flexibility, supporting dynamic capital allocation.

• San Juan Basin assets deliver strong well performance and long-term gas optionality, with positive early results from the 2025 drilling program.

• Permian assets acquired at attractive prices, offering stable cash flows and low decline rates.

• Top-quartile corporate decline rate of 17%, compared to a peer average of 26%.