Mach Natural Resources (MNR) Registration Filing summary

Company overview and business model

• Operates as an independent upstream oil and gas partnership focused on acquiring, developing, and producing oil, natural gas, and NGL reserves in the Anadarko Basin (Western Oklahoma, Southern Kansas, Texas Panhandle).

• Holds 1,001,778 net acres (99% held by production) and owns extensive midstream infrastructure, including 1,210 miles of gas pipelines and four processing plants.

• Business strategy centers on maximizing cash distributions to unitholders through low-decline production, cost control, and opportunistic acquisitions.

• Recent acquisitions include the Paloma Assets and pending deals in the Ardmore and Western Kansas Basins, expected to increase total acreage to 1,134,156 net acres.

Financial performance and metrics

• For the six months ended June 30, 2024: net income of $81.2 million, Adjusted EBITDA of $304.6 million, and $134.9 million cash available for distribution.

• For the year ended December 31, 2023: net income of $346.6 million, Adjusted EBITDA of $450.1 million, and $135.1 million cash available for distribution.

• Average daily production for the six months ended June 30, 2024 was 89.2 MBoe/d.

• Pro forma proved reserves as of December 31, 2023: 345.7 MMBoe with a PV-10 of $2.58 billion.

• Maintains a target long-term net debt to Adjusted EBITDA ratio of 1.0x or less.

Use of proceeds and capital allocation

• Net proceeds of approximately $141.4 million (or $162.8 million if underwriters exercise their option) will be used to fund pending acquisitions and for general partnership purposes, including future acquisitions.

• No minimum quarterly distribution; all available cash is distributed each quarter, subject to reserves for business needs.