Mach Natural Resources (MNR) Q3 2026 earnings summary

Executive summary

• Q3 production averaged 146.75 Mboe/d, up 56% YoY, primarily from the IKAV and Sabinal acquisitions; YTD production averaged 151 Mboe/d.

• Q3 total revenue was $319.2MM, up 17% YoY; net income was $10.2MM versus a $35.7MM loss, and Adjusted EBITDA was $183.5MM.

• Capital allocation emphasizes reinvestment below 50% of operating cash flow, low leverage, accretive acquisitions and cash distributions.

• 2027 plans prioritize Oswego oil development while retaining flexibility for gas opportunities and cash returns.

Financial highlights

• Q3 oil, natural gas and NGL sales were $359.6MM, including a $59.8MM derivative loss; total revenue was $319.2MM.

• Q3 Adjusted EBITDA was $183.5MM and cash available for distribution was $37.6MM; YTD figures were $560.3MM and $205.1MM, respectively.

• Q3 net income was $10.2MM, or $0.06 per basic and diluted unit; operating income was $36.6MM versus an operating loss of $19.2MM a year earlier.

• YTD revenue was $1,011.1MM, net income $73.4MM and operating cash flow $458.9MM.

• Q3 realized prices excluding derivatives were $85.84/Bbl oil, $2.17/Mcf gas and $30.02/Bbl NGLs; realized total price after derivatives was $25.68/Boe.

Outlook and guidance

• FY2027 production guidance is 134–142 Mboe/d; development capital is $275–$325MM, including $240–$280MM upstream and $35–$45MM other.

• 2027 production guidance includes 22–24 MBbl/d oil, 19–21 MBbl/d NGLs and 560–580 MMcf/d gas.

• The 2027 program centers on Oswego, with two oil rigs planned and no new gas drilling; seven Mancos wells are slated for completion in Q2–Q3.

• Reduced Q4 drilling is expected to bring 2026 reinvestment below 50% of operating cash flow and support a significant increase in Q4 per-unit CAD.

• FY2027 cost guidance includes LOE of $7.00–$7.50/Boe, gathering and processing of $3.70–$4.10/Boe, G&A of $22–$28MM and interest expense of $95–$105MM.