Mach Natural Resources LP (NYSE: MNR) has announced its financial and operating results for the fourth quarter and full year ended December 31, 2025, reporting strong operational performance and a significant increase in its proved reserves. The company also outlined its development plans and production outlook for 2026.
During 2025, Mach continued to expand its asset base while maintaining strong cash distributions to unitholders. Total proved reserves rose by 109 percent to 705 million barrels of oil equivalent (MMBoe), reflecting the impact of strategic acquisitions and ongoing development activity. The estimated present value of these reserves, discounted at 10 percent (PV-10), stood at approximately $3.1 billion.
Tom L Ward, Chief Executive Officer of Mach Natural Resources, said the company’s disciplined strategy and focus on operational efficiency have enabled it to strengthen its portfolio over the past year. According to Ward, 2025 marked an important milestone for the company as it expanded into additional producing regions and established itself as a multi-basin operator.
He noted that Mach’s long-term strategy continues to revolve around four core operating principles that guide investment decisions, asset management and capital allocation. The expansion into new basins during the year has diversified the company’s portfolio and enhanced its ability to generate stable returns across commodity cycles.
Mach reported total revenue of $388 million for the fourth quarter of 2025 and net income of $73 million. Adjusted EBITDA for the quarter reached $187 million, while net cash provided by operating activities totaled $129 million.
Average production during the fourth quarter stood at 154 thousand barrels of oil equivalent per day (Mboe/d). This output consisted of approximately 17 percent crude oil, 68 percent natural gas and 15 percent natural gas liquids.
Operationally, the company drilled five gross operated wells and brought 13 wells into production during the quarter. By the end of December 2025, Mach had seven operated wells in various stages of drilling and completion.
Lease operating expenses during the quarter were $7.50 per barrel of oil equivalent, while gathering and processing costs amounted to $3.22 per barrel. Development spending totaled $77 million, including upstream capital investments as well as midstream and land expenditures.
For the full year 2025, Mach reported total revenue of $1.2 billion and net income of $143 million. Adjusted EBITDA for the year reached $593 million, while operating activities generated $507 million in net cash flow.
Total development spending for the year amounted to $252 million, representing a reinvestment rate of approximately 47 percent of operating cash flow. The company also completed acquisitions of oil and gas assets valued at roughly $1.3 billion during the year.
Mach distributed $244 million in cash to its unitholders in 2025, equivalent to $1.94 per common unit. In addition, the company declared a quarterly cash distribution of $0.53 per common unit for the fourth quarter of 2025, which was paid on March 12, 2026, to unitholders of record as of February 26.
Since its initial public offering, Mach has distributed approximately $643 million to investors. Total distributions since the company’s inception have reached $1.3 billion. Looking ahead to 2026, Mach plans to invest between $315 million and $360 million in development activities. The company expects average daily production for the year to range between 150 Mboe/d and 157 Mboe/d.
Mr Ward said the company’s development plan for 2026 aims to maximise cash distributions while maintaining its disciplined reinvestment approach. By focusing on optimising production from existing assets and applying operational expertise across its expanded portfolio, Mach aims to continue delivering consistent value to investors.
