Welcome to our dedicated page for Mach Natural Resources news (Ticker: MNR), a resource for investors and traders seeking the latest updates and insights on Mach Natural Resources stock.
Mach Natural Resources LP (NYSE: MNR) is an independent upstream oil and gas company committed to the acquisition, development, and production of oil, natural gas, and natural gas liquids (NGL) reserves. The company's operations are primarily focused in the Anadarko Basin region, which spans Western Oklahoma, Southern Kansas, and the Texas panhandle. This strategic location allows Mach Natural Resources to leverage rich deposits of hydrocarbon resources, ensuring sustained production and growth.
In recent developments, Mach Natural Resources LP announced its third-quarter 2023 financial results. The company reported robust net income of $94 million and an Adjusted EBITDA of $140 million. The firm achieved an average sales volume of 66,280 barrels of oil equivalent (Boe) per day, comprising 28% oil, 54% natural gas, and 18% NGLs. Notably, Mach initiated 20 gross (15 net) wells and brought online 20 gross (16 net) wells during this quarter, showcasing its ongoing commitment to expanding its operational footprint.
Mach Natural Resources is also poised for future growth through strategic acquisitions. The company recently announced the acquisition of assets from Paloma, which is expected to close by December 29, 2023. This acquisition will add approximately 75 million Boe of proved developed producing reserves and recent production of about 32,000 Boe per day. Additionally, the acquisition aligns with Mach’s goal of maximizing cash distributions to unitholders, with a first quarterly cash distribution expected to be announced in mid-February 2024 based on Q4 2023 results.
CEO Tom L. Ward emphasized the company's focus on generating strong cash flow and controlling operational costs. The firm’s proactive hedging strategy for 2024 and 2025 production further secures its financial stability and growth prospects. Mach Natural Resources' commitment to operational excellence and strategic growth continues to underscore its significance in the oil and gas sector.
Mach Natural Resources LP (NYSE: MNR) has announced the launch of a public offering of 7,853,403 common units, with an additional option for underwriters to purchase up to 1,178,010 units. The company plans to use the net proceeds to fund two pending acquisitions of oil and gas assets in the Ardmore Basin of Oklahoma and the Anadarko Basin of Kansas and Oklahoma, as well as for general partnership purposes. Raymond James & Associates, Stifel, Nicolaus & Company, and Truist Securities are acting as joint book-running managers for the offering, with Johnson Rice & Company and Stephens Inc. serving as co-managers.
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) has announced its schedule for releasing second quarter 2024 financial results. The company will report its Q2 2024 results on Tuesday, August 13, 2024, after the New York Stock Exchange closes. Following the release, Mach will host a conference call on Wednesday, August 14, 2024, at 8:00 a.m. Central (9:00 a.m. Eastern) to discuss the financial and operating results.
Investors and interested parties can access the conference call by dialing 877-407-2984. Additionally, a webcast link for the call will be available on the company's investor relations website at www.ir.machnr.com. For those unable to attend the live call, a replay will be made available on the company's website after the event.
Mach Natural Resources LP (NYSE: MNR) has made its 2023 Schedule K-3 available online. The form, which includes items of international tax relevance, is accessible via www.taxpackagesupport.com/mnr. It is particularly useful for foreign unitholders, those needing to compute a foreign tax credit, and some corporate and partnership unitholders. Mach will not mail the Schedule K-3 to investors. Instead, unitholders can obtain an electronic copy by calling 833-609-4029 for support during business hours.
Mach Natural Resources (NYSE: MNR) released its Q1 2024 financial results, reporting a net income of $42 million and an adjusted EBITDA of $169 million. Revenue totaled $239 million with an average realized oil price of $77.17 per barrel. The company produced 89 thousand barrels of oil equivalent per day, including 20.6 thousand barrels of oil per day.
Operating cash flow was $144 million, and lease operating expenses were $5.03 per Boe. Mach declared a quarterly cash distribution of $0.75 per unit, payable on June 10, 2024. Capital expenditures amounted to $80 million for the quarter. The company reiterated its 2024 guidance and highlighted its low leverage with a net-debt-to-EBITDA ratio of 0.9x.
Mach Natural Resources LP (NYSE: MNR) will release its first quarter 2024 results on May 13, 2024, followed by a conference call on May 14, 2024, to discuss its financial and operating performance. The earnings release will be available on their website, and participants can access the call via dial-in or webcast link.
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