Mach Natural Resources LP Reports Second Quarter 2024 Results; Declares Quarterly Cash Distribution of $0.90 Per Unit
Mach Natural Resources LP (NYSE: MNR) reported its Q2 2024 results, highlighting strong operational performance and financial discipline. The company exceeded production guidance with 89.3 Mboe/d total net production and achieved below-guidance lease operating expenses of $5.72 per Boe. Mach reported net income of $40 million and Adjusted EBITDA of $136 million.
The company declared a quarterly cash distribution of $0.90 per unit, demonstrating its commitment to rewarding unitholders. Mach also divested a portion of Western Anadarko acreage for $38 million and made its first quarterly term loan amortization payment of $21 million. The company updated its 2024 guidance, reducing capital expenditure midpoint by 15% due to a rig count reduction, while improving operational efficiencies.
Mach Natural Resources LP (NYSE: MNR) ha riportato i risultati del secondo trimestre del 2024, evidenziando una forte performance operativa e disciplina finanziaria. La compagnia ha superato le previsioni di produzione con una produzione netta totale di 89,3 Mboe/giorno e ha raggiunto spese operative di affitto al di sotto delle previsioni pari a $5,72 per Boe. Mach ha riportato un reddito netto di 40 milioni di dollari e un EBITDA rettificato di 136 milioni di dollari.
La compagnia ha dichiarato una distribuzione di cassa trimestrale di $0,90 per unità, dimostrando il suo impegno a premiare gli unitholder. Mach ha anche venduto una parte del terreno Western Anadarko per 38 milioni di dollari e ha effettuato il primo pagamento di ammortamento di un prestito a lungo termine trimestrale di 21 milioni di dollari. La compagnia ha aggiornato le previsioni per il 2024, riducendo il punto medio della spesa in conto capitale del 15% a causa di una riduzione del numero di impianti, migliorando al contempo l'efficienza operativa.
Mach Natural Resources LP (NYSE: MNR) informó sus resultados del segundo trimestre de 2024, destacando un fuerte desempeño operativo y disciplina financiera. La compañía superó las proyecciones de producción con una producción neta total de 89,3 Mboe/día y alcanzó gastos operativos de arrendamiento por debajo de las proyecciones de $5,72 por Boe. Mach reportó ingresos netos de 40 millones de dólares y EBITDA ajustado de 136 millones de dólares.
La compañía declaró una distribución de efectivo trimestral de $0,90 por unidad, demostrando su compromiso de recompensar a los tenedores de unidades. Mach también desinvirtió una parte de las tierras de Western Anadarko por 38 millones de dólares y realizó su primer pago de amortización de un préstamo a plazo trimestral de 21 millones de dólares. La compañía actualizó su guía para 2024, reduciendo el punto medio de los gastos de capital en un 15% debido a una reducción en el número de plataformas, al mismo tiempo que mejoró las eficiencias operativas.
Mach Natural Resources LP (NYSE: MNR)은 2024년 2분기 실적을 발표하며 강력한 운영 성과와 금융 규율을 강조했습니다. 이 회사는 생산 지침을 초과하여 총 순 생산량이 89.3 Mboe/일에 달했으며 지침보다 낮은 임대 운영 비용을 Boe당 $5.72로 달성했습니다. Mach은 4천만 달러의 순이익과 1억 3천6백만 달러의 조정 EBITDA를 보고했습니다.
회사는 단위당 0.90달러의 분기 현금 배당금을 선언하여 단위 보유자에게 보상하려는 의지를 보여주었습니다. Mach은 또한 Western Anadarko 토지를 3천8백만 달러에 매각하고 2천1백만 달러의 첫 분기 장기 대출 상환금을 지불했습니다. 이 회사는 기계 수 감소로 인해 2024년 자본 지출의 중간 가이드를 15% 낮추면서 운영 효율성을 개선했습니다.
Mach Natural Resources LP (NYSE: MNR) a publiés ses résultats du deuxième trimestre 2024, mettant en avant une solide performance opérationnelle et une discipline financière. La société a dépassé les prévisions de production avec une production nette totale de 89,3 Mboe/jour et a atteint des frais d'exploitation des baux inférieurs aux prévisions de 5,72 $ par Boe. Mach a déclaré un revenu net de 40 millions de dollars et un EBITDA ajusté de 136 millions de dollars.
La société a déclaré une distribution en espèces trimestrielle de 0,90 $ par unité, témoignant de son engagement à récompenser les détenteurs d'unités. Mach a également cédé une partie de la superficie de Western Anadarko pour 38 millions de dollars et a effectué son premier paiement d'amortissement de prêt à terme trimestriel de 21 millions de dollars. L'entreprise a revu ses prévisions pour 2024, réduisant l'estimation médiane des dépenses d'investissement de 15 % en raison d'une réduction du nombre de plateformes tout en améliorant l'efficacité opérationnelle.
Mach Natural Resources LP (NYSE: MNR) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht und dabei eine starke operative Leistung sowie finanzielle Disziplin hervorgehoben. Das Unternehmen überschritt die Produktionsprognose mit einer Gesamtproduktion von 89,3 Mboe/Tag und erreichte Betriebskosten von $5,72 pro Boe, die unter den Prognosen lagen. Mach berichtete von einem Nettogewinn von 40 Millionen Dollar und einem bereinigten EBITDA von 136 Millionen Dollar.
Das Unternehmen kündigte eine vierteljährliche Barausschüttung von 0,90 Dollar pro Einheit an, was sein Engagement zur Belohnung der Anteilseigner zeigt. Mach hat auch einen Teil von Western Anadarko für 38 Millionen Dollar veräußert und die erste vierteljährliche Tilgungszahlung eines Darlehens in Höhe von 21 Millionen Dollar geleistet. Das Unternehmen aktualisierte seine Prognosen für 2024 und reduzierte den Mittelwert der Investitionsausgaben um 15% aufgrund eines Rückgangs der Bohranlagen, während es gleichzeitig die Betriebseffizienz verbesserte.
- Exceeded production guidance with 89.3 Mboe/d total net production
- Achieved below-guidance lease operating expenses of $5.72 per Boe
- Reported net income of $40 million and Adjusted EBITDA of $136 million
- Declared quarterly cash distribution of $0.90 per unit
- Divested Western Anadarko acreage for $38 million with no associated production
- Reduced capital expenditure guidance midpoint by 15% while improving operational efficiencies
- Maintained low leverage with pro forma net-debt-to-Adjusted-EBITDA ratio of 0.9x
- Reduced operated rig count in the Oswego from two rigs to one rig
- Projected decrease in oil volumes for Q3 and Q4 2024 compared to Q2 2024
Insights
Mach Natural Resources LP's Q2 2024 results demonstrate solid financial performance and operational efficiency. The company's total revenue of
The company's focus on low leverage is evident with a pro forma net-debt-to-Adjusted-EBITDA ratio of 0.9x, which is conservative for the industry. This financial prudence allows Mach to maintain its quarterly cash distribution of
The reduction in capital expenditure guidance by
Mach's Q2 operational results are impressive, with total net production of 89.3 Mboe/d exceeding guidance. The production mix of
The company's efficiency is evident in its lease operating expense of
The divestment of Western Anadarko acreage for
Second Quarter 2024 Highlights
- Averaged total net production of 89.3 thousand barrels of oil equivalent per day (“Mboe/d”) exceeded the high-end of guidance
- Produced an average of 20.9 thousand barrels of oil per day (“MBbl/d”)
-
Lease operating expense of
$5.72 -
Reported net income and Adjusted EBITDA of
$40 million $136 million -
Generated net cash provided by operating activities of
$117 million -
Divested a portion of
Western Anadarko acreage for$38 million -
Made first quarterly term loan amortization payment of
$21 million -
Declared a quarterly cash distribution of
$0.90
Tom L. Ward, Mach’s Chief Executive Officer, noted, "Mach's second quarter results reflect the continuation of our 2024 plan. A steady adherence to low leverage and disciplined cash flow management allow us to announce a distribution of
Second Quarter 2024 Financial Results
Mach reported total revenue and net income of
At the end of the second quarter, Mach had a cash balance of
Second Quarter 2024 Operational Results
During the second quarter of 2024, Mach achieved average oil equivalent production of 89.3 Mboe/d, which consisted of
The Company spud 12 gross (10 net) operated wells and brought online 14 gross (12 net) operated wells in the second quarter of 2024. As of June 30, 2024, the Company had 5 gross (4 net) operated wells in various stages of drilling and completion.
Mach’s lease operating expense in the second quarter of 2024 was
In the second quarter of 2024, Mach’s total capital expenditures—excluding acquisitions—were
Distributions
Mach announced today that the board of directors of its general partner declared a quarterly cash distribution for the second quarter of 2024 of
2024 Operating Plan and Guidance
Today the Company provided updated guidance for 2024 that incorporates the impact of a rig-count reduction, as well as operational efficiencies achieved year-to-date.
During the second quarter, Mach lowered its operated rig count in the Oswego from two rigs to one rig. As a result, the midpoint of full-year capital expenditure guidance is reduced by
In order to account for better-than-expected operational efficiencies achieved year-to-date, the midpoint of full-year 2024 guidance for lease operating expense per BOE has been lowered by
Conference Call and Webcast Information
Mach will host a conference call and webcast at 8:00 a.m. Central (9:00 a.m. Eastern) on Wednesday, August 14, 2024, to discuss its second quarter 2024 results. Participants can access the conference call by dialing 877-407-2984. A webcast link to the conference call will be provided on the Company’s website at https://ir.machnr.com/. A replay will also be available on the Company’s website following the call.
About Mach Natural Resources LP
Mach Natural Resources LP is an independent upstream oil and gas Company focused on the acquisition, development and production of oil, natural gas and NGL reserves in the
Financial Statements and Non-GAAP Financial Measures and Disclosures
This press release includes non-GAAP financial measures. Pursuant to regulatory disclosure requirements, Mach is required to reconcile non-GAAP financial measures to the related GAAP information (GAAP refers to generally accepted accounted principles). Reconciliations of these non-GAAP measures, along with other financial and operational disclosures, are provided within the supplemental tables that are available on the Company’s website at www.machnr.com and in the related Form 10-Q filed with the Securities and Exchange Commission (the “SEC”).
Adjusted EBITDA and Cash Available for Distribution are non-GAAP financial measures. Such non-GAAP measures are used as a supplemental financial performance measure by our management and by external users of our financial statements, such as industry analysts, investors, lenders, rating agencies and others, to more effectively evaluate our operating performance and our results of operation from period to period and against our peers without regard to financing methods, capital structure or historical cost basis. Such non-GAAP measures are not alternatives to GAAP measures.
Such non-GAAP measures should not be considered in isolation or as a substitute for analysis of results as reported under GAAP. Such non-GAAP measures are used as a supplemental financial performance measure by our management and by external users of our financial statements, such as industry analysts, investors, lenders, rating agencies and others, to more effectively evaluate our operating performance and our results of operation from period to period and against our peers without regard to financing methods, capital structure or historical cost basis. Such non-GAAP measures are not alternatives to GAAP measures.
Cautionary Note Regarding Forward-Looking Statements
This release contains statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. All statements, other than statements of historical fact included in this release regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements When used in this release, words such as “may,” “assume,” “forecast,” “could,” “should,” “will,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “budget” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current belief, based on currently available information as to the outcome and timing of future events at the time such statement was made. Such statements are subject to a number of assumptions, risk and uncertainties, many of which are beyond the control of the Company. These include, but are not limited to, commodity price volatility; the impact of epidemics, outbreaks or other public health events, and the related effects on financial markets, worldwide economic activity and our operations; uncertainties about our estimated oil, natural gas and natural gas liquids reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production; the concentration of our operations in the
As a result, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
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Mach Natural Resources LP
Investor Relations Contact: ir@machnr.com
Source: Mach Natural Resources LP
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