0001213900-23-093847.txt : 20231207 0001213900-23-093847.hdr.sgml : 20231207 20231206211647 ACCESSION NUMBER: 0001213900-23-093847 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231206 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231207 DATE AS OF CHANGE: 20231206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MACH NATURAL RESOURCES LP CENTRAL INDEX KEY: 0001980088 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41849 FILM NUMBER: 231470938 BUSINESS ADDRESS: STREET 1: 14201 WIRELESS WAY, SUITE 300 CITY: OKLAHOMA CITY STATE: OK ZIP: 73134 BUSINESS PHONE: (405) 252-8100 MAIL ADDRESS: STREET 1: 14201 WIRELESS WAY, SUITE 300 CITY: OKLAHOMA CITY STATE: OK ZIP: 73134 8-K 1 ea189643-8k_machnatural.htm CURRENT REPORT
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K 

 

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): December 6, 2023

 

 

 

Mach Natural Resources LP

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-41849   93-1757616
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (IRS Employer
Identification No.)

 

14201 Wireless Way, Suite 300, Oklahoma City, Oklahoma   73134
(Address of principal executive offices)   (Zip Code)

 

 

 

(405) 252-8100

Registrant’s telephone number, including area code

 

 

Not applicable.

(Former name or former address, if changed since last report.)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common units representing limited partner interests   MNR   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On December 6, 2023, Mach Natural Resources LP (the “Company”) issued a press release providing information on its results of operations and financial condition for the quarter ended September 30, 2023. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information under this Item 2.02 and in Exhibit 99.1 to this Current Report on Form 8-K are being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under this Item 2.02 and in Exhibit 99.1 to this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
99.1   Press Release issued December 6, 2023.
104   Cover Page Interactive Data File (formatted as Inline XBRL).

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Mach Natural Resources LP
     
  By: Mach Natural Resources GP LLC,
    its general partner
     
Dated: December 6, 2023 By: /s/ Tom L. Ward
    Name: Tom L. Ward
    Title: Chief Executive Officer

 

 

2

 

 

 EX-99.1 2 ea189643ex99-1_machnat.htm PRESS RELEASE ISSUED DECEMBER 6, 2023

Exhibit 99.1

 

 

Mach Natural Resources LP Announces Third-Quarter 2023 Financial and Operating Results

 

OKLAHOMA CITY, Oklahoma, December 6, 2023 — Mach Natural Resources LP (NYSE: MNR) (“Mach” or the “Company”) today reported financial and operating results for the three and nine months ended September 30, 2023, and additional Company updates.

 

Key Updates

 

●Completed initial public offering (the “IPO”) of 10,000,000 common units at a public offering price of $19.00 per unit

 

●Utilized approximately $104 million of the IPO proceeds to pay down prior credit facilities and approximately $66 million to purchase common units from the existing owners

 

●Executed a Purchase and Sale Agreement to acquire assets from Paloma Partners IV, LLC and its affiliated companies (collectively “Paloma”) for $815 million (subject to customary closing adjustments) with an effective date of September 1, 2023, and expected closing of December 29, 2023

 

The highlights presented below reflect select financial metrics of our predecessor BCE-Mach III LLC.  The unaudited financial statements of our predecessor BCE-Mach III LLC are presented in their entirety in the appendix of this release. The business combination that resulted in our 100% ownership of BCE-Mach LLC, BCE-Mach II LLC and BCE-Mach III LLC occurred at the time of the IPO and the corporate reorganization and as a result was after the end of the third quarter and not reflected in the Form 10-Q.

 

BCE-Mach III LLC Financial and Operational Highlights

 

●Reported sales volumes that averaged 49,390 barrels of crude oil equivalent (“Boe”) per day for the third quarter of 2023

 

●Generated net income and Adjusted EBITDA(1) of $83 million and $121 million, respectively, for the third quarter of 2023

 

●Incurred capital expenditures of $66 million for the third quarter of 2023

 

To facilitate a clearer representation of our third-quarter 2023 performance, all results presented hereinafter are on a pro forma basis to reflect the combined results of each of these three entities. 

 

Pro Forma Financial and Operational Highlights

 

●Reported sales volumes that averaged 66,280 barrels of crude oil equivalent (“Boe”) per day for the third quarter of 2023

 

●Generated net income and Adjusted EBITDA(1) of $94 million and $140 million, respectively, for the third quarter of 2023

 

●Incurred capital expenditures of $70 million, or 50% of Adjusted EBITDA(1) for the third quarter of 2023

 

Reflecting on the quarter, Mach’s Chief Executive Officer, Tom L. Ward, commented, “In the third quarter, we generated strong cash flow from better-than-expected production volumes while controlling costs across all areas of our business. Additionally, our strong results for the quarter were achieved while keeping our reinvestment rate below 50%. As we look ahead, our focus will remain the same—execute on our operations so that we can continue to deliver robust distributions to our unitholders.”

 

1)Adjusted EBITDA is a non-GAAP financial measure. Please see “Reconciliation of Adjusted EBITDA and Cash Available for Distribution to GAAP Financial Measures” below for discussion and reconciliation of such measures to their most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”).

 

1

 

 

Pro Forma Third-Quarter 2023 Operational Results

 

Mach’s sales volumes during the quarter averaged 66,280 Boe per day, which consisted of 28% oil, 54% natural gas and 18% natural gas liquids (“NGLs”).

 

Also during the third quarter, the Company spud 20 gross (15 net) wells and brought online 20 gross (16 net) wells. As of September 30, 2023, the Company had 6 gross (4 net) wells in various stages of drilling and completion. 

 

Pro Forma Third-Quarter 2023 Financial Results

 

Mach reported net income of $94 million for the third quarter of 2023 and Adjusted EBITDA of $140 million.

 

For the third quarter of 2023, the average realized price was $80.88 per barrel of crude oil, $23.47 per barrel of NGLs and $2.36 per Mcf of natural gas.

 

Paloma Acquisition Update

 

Mach’s recently announced acquisition from Paloma (the “Paloma Acquisition”) is expected to close on December 29, 2023, adding 75 million Boe of proved developed producing (“PDP”) reserves, greater than 12 years of drilling inventory, and recent production of approximately 32,000 Boe per day.

 

“Our most recent acquisition from Paloma is accretive to both total cash available for distribution, as well as expected cash distribution per unit. This fits with the stated objectives of our Company:

 

(1) maximize distributions;

 

(2) disciplined acquisitions focused on accretion to distribution;

 

(3) maintain low leverage; and

 

(4) strategic reinvestment rate to optimize distributions.

 

Looking ahead, we will continue to act swiftly when the right opportunity arises, while assuring that Mach’s commitment to maximizing cash distributions to unitholders is upheld,” commented Tom L. Ward, Mach’s Chief Executive Officer.

 

In anticipation of the transaction, the Company has actively been adding to its existing hedges with the expectation that 2024 and 2025 PDP oil and natural gas production will be 50% and 25% hedged, respectively, by closing of the Paloma Acquisition.

 

Distributions

 

The Company’s first quarterly cash distribution as a public company is expected to be announced mid-February of 2024. The first quarterly cash distribution will be based on the results from the fourth quarter of 2023 and is expected to be distributed to unitholders in mid-March of 2024. Subsequent quarterly cash distributions will include incremental cash flow generated from the announced Paloma Acquisition.

 

2024 Guidance

 

Mach plans to provide full-year 2024 guidance in February of 2024.

 

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 Thursday, December 7, 2023, to discuss its third-quarter 2023 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 www.ir.machnr.com. A replay will also be available on the Company’s website following the call.

 

When available, a copy of the Company’s earnings release and Quarterly Report on Form 10-Q may be found on its website at www.machnr.com.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

Mach Natural Resources LP

Investor Relations Contact: ir@machnr.com 

 

2

 

 

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 Anadarko Basin region of Western Oklahoma, Southern Kansas and the panhandle of Texas. For more information, please visit www.machnr.com.

 

Cautionary Note Regarding Forward-Looking Statements

 

This release contains unaudited financial information. The production, reserve, acreage, well count, drilling locations, and other historical and forward-looking data in this release are presented on a combined basis unless otherwise indicated.

 

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, the satisfaction of conditions to the closing of the Paloma Acquisition, the Company’s ability to consummate financing for the Paloma Acquisition, 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; the impact of COVID-19 and governmental measures related thereto, on global demand for oil and natural gas and on the operations of our business; 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 Anadarko Basin; difficult and adverse conditions in the domestic and global capital and credit markets; lack of transportation and storage capacity as a result of oversupply, government regulations or other factors; lack of availability of drilling and production equipment and services; potential financial losses or earnings reductions resulting from our commodity price risk management program or any inability to manage our commodity risks; failure to realize expected value creation from property acquisitions and trades; access to capital and the timing of development expenditures; environmental, weather, drilling and other operating risks; regulatory changes, including potential shut-ins or production curtailments mandated by the Railroad Commission of Texas, the Oklahoma Corporation Commission, and/or the Kansas Corporation Commission; competition in the oil and natural gas industry; loss of production and leasehold rights due to mechanical failure or depletion of wells and our inability to re-establish their production; our ability to service our indebtedness; any downgrades in our credit ratings that could negatively impact our cost of and ability to access capital; cost inflation; political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, continued hostilities in the Middle East and other sustained military campaigns, the armed conflict in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insider or other with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; and risks related to our ability to expand our business, including through the recruitment and retention of qualified personnel. Please read the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including “Risk Factors” in the Company’s recently filed registration statement on Form S-1, as amended, which was originally filed with the SEC on September 22, 2023, which is on file with the SEC, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements.

 

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.

 

3

 

 

BCE-Mach III LLC Financial Statements

 

BCE-Mach III LLC is the accounting predecessor to Mach for all periods prior to the IPO. The unaudited financial statements included below are for the three and nine months ended September 30, 2023, of BCE-Mach III LLC, our predecessor, and not of BCE-Mach LLC and BCE-Mach II LLC. 

 

BCE-Mach III LLC Consolidated Balance Sheets (Unaudited)

(in thousands)

 

   September 30,
2023		   December 31,
2022		 
ASSETS        
Current assets        
Cash and cash equivalents  $58,737   $29,417 
Accounts receivable – joint interest and other   21,957    21,490 
Accounts receivable – oil, gas, and NGL sales   68,160    108,277 
Inventories   17,647    24,700 
Other current assets   3,450    2,349 
Total current assets   169,951    186,233 
           
Oil and natural gas properties, using the full cost method:          
Proved oil and natural gas properties   1,018,171    749,934 
Less: accumulated depreciation, depletion and amortization   (225,604)   (139,514)
Oil and natural gas properties, net   792,567    610,420 
           
Other property, plant and equipment   91,146    82,125 
Less: accumulated depreciation   (13,722)   (9,198)
Other property, plant and equipment, net   77,424    72,927 
           
Other assets   2,846    3,052 
Operating lease assets   11,995    14,809 
Total assets  $1,054,783   $887,441 
           
LIABILITIES AND EQUITY          
Current liabilities          
Accounts payable  $34,106   $19,429 
Accrued liabilities   36,774    60,169 
Revenue payable   52,955    52,196 
Current portion of operating lease liabilities   8,820    10,767 
Short-term derivative contracts   3,547    10,080 
Total current liabilities   136,202    152,641 
           
Long-term debt   91,900    84,900 
Asset retirement obligations   55,973    52,359 
Long-term portion of operating lease liabilities   3,296    4,042 
Other long-term liabilities   603    269 
Total long-term liabilities   151,772    141,570 
           
Commitments and contingencies          
Members’ equity   766,809    593,230 
Total liabilities and members’ equity  $1,054,783   $887,441 

 

4

 

 

BCE-Mach III LLC Consolidated Statements of Operations (Unaudited)

(in thousands)

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2023   2022   2023   2022 
Revenue                
Oil, natural gas, and NGL sales  $166,706   $258,431   $479,319   $666,873 
Midstream revenue   6,683    12,045    20,001    31,929 
Gain (loss) on oil and natural gas derivatives   (4,900)   (1,720)   10,842    (74,577)
Product sales   6,900    26,988    24,321    74,948 
Total revenues   175,389    295,744    534,483    699,173 
                     
Operating expenses                    
Gathering and processing   7,962    15,147    25,472    35,959 
Lease operating expense   28,879    28,431    89,494    68,023 
Midstream operating expense   2,725    4,029    8,263    11,006 
Cost of product sales   6,024    25,355    21,599    70,313 
Production taxes   7,660    14,484    23,186    37,159 
Depreciation, depletion, and accretion – oil and natural gas   31,277    26,446    89,372    55,820 
Depreciation and amortization – other   1,758    1,217    4,551    3,225 
General and administrative   5,360    5,799    15,265    19,447 
Total operating expenses   91,645    120,908    277,202    300,952 
Income from operations   83,744    174,836    257,281    398,221 
                     
Other (expense) income                    
Interest expense   (2,054)   (1,317)   (5,843)   (3,193)
Other (expense) income, net   1,795    (1,299)   1,550    (178)
Total other expense   (259)   (2,616)   (4,293)   (3,371)
Net income  $83,485   $172,220   $252,988   $394,850 

 

5

 

 

BCE-Mach III LLC Consolidated Statements of Members’ Equity (Unaudited)

(in thousands)

 

  

Total Members’
Equity

 
Balance at December 31, 2022  $593,230 
Net income   91,694 
Distributions   (59,000)
Equity compensation   647 
Balance at March 31, 2023  $626,571 
Net income   77,809 
Distributions   (15,500)
Equity compensation   647 
Balance at June 30, 2023  $689,527 
Net income   83,485 
Distributions   (26,850)
Contributions   20,000 
Equity compensation   647 
Balance at September 30, 2023  $766,809 
      
Balance at December 31, 2021  $278,699 
Net income   68,625 
Equity compensation   1,882 
Balance at March 31, 2022  $349,206 
Net income   154,005 
Distributions   (91,337)
Contributions   65,000 
Equity compensation   1,882 
Balance at June 30, 2022  $478,756 
Net income   172,220 
Distributions   (88,500)
Equity compensation   1,882 
Balance at September 30, 2022  $564,358 

 

6

 

 

BCE-Mach III LLC Consolidated Statements of Cash Flow (Unaudited)

(in thousands):

 

  

Nine Months Ended

September 30,

 
   2023   2022 
Cash flows from operating activities        
Net income  $252,988   $394,850 
Adjustments to reconcile net income to cash provided by operating activities          
Depreciation, depletion and amortization   93,923    59,045 
(Gain) loss on derivative instruments   (10,842)   74,577 
Cash receipts (payments) on settlement of derivative contracts, net   5,207    (85,507)
Debt issuance costs amortization   232    280 
Settlement of contingent consideration   —    (12,925)
Equity based compensation   1,941    5,646 
(Gain) loss on sale of assets   (1)   22 
Settlement of asset retirement obligations   (445)   (49)
Changes in operating assets and liabilities (decreasing) increasing cash:          
Accounts receivable, inventories, other assets   35,334    (63,338)
Revenue payable   6,394    14,258 
Accounts payable and accrued liabilities   (2,764)   11,443 
Net cash provided by operating activities   381,967    398,302 
           
Cash flows from investing activities          
Capital expenditures for oil and natural gas properties   (251,538)   (160,557)
Capital expenditures for other property and equipment   (9,083)   (6,835)
Acquisition of assets   (20,613)   (91,282)
Acquisition of assets – related party   —    (37,242)
Proceeds from sales of oil and natural gas properties   3,305    3,429 
Proceeds from sales of other property and equipment   36    18 
Net cash used in investing activities   (277,893)   (292,469)
           
Cash flows from financing activities          
Distributions to members   (101,350)   (179,836)
Payment of other financing fees   (404)   — 
Proceeds from long-term debt   7,000    — 
Repayments of borrowings   —    (900)
Contributions from members   20,000    65,000 
Net cash used in financing activities   (74,754)   (115,736)
Net increase (decrease) in cash and cash equivalents   29,320    (9,903)
Cash and cash equivalents, beginning of period   29,417    59,272 
Cash and cash equivalents, end of period  $58,737   $49,369 

 

7

 

 

Pro Formas

 

The unaudited pro forma financial information included below is not necessarily indicative of the operating results that would have occurred had the acquisition been completed on January 1, 2022, and is not necessarily indicative of future results of operations of the combined company. The unaudited pro forma financial information gives effect to the acquisitions of BCE-Mach and BCE-Mach II, as well as the IPO and the use of net proceeds to pay down a portion of the credit facilities outstanding at the time of the IPO, as if the transactions had occurred on January 1, 2022. The unaudited pro forma financial information for the three and nine months ended September 30, 2023, and 2022, is a result of combining the statements of operations of BCE-Mach III with the pre-acquisition results of BCE-Mach and BCE-Mach II, with pro forma adjustments for revenues and expenses. The unaudited pro forma financial information excludes any cost savings anticipated as a result of the acquisition and the impact of any acquisition-related costs.

 

Pro Forma Consolidated Statement of Operations (Unaudited)

(in thousands)

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2023   2022   2023   2022 
Revenue                
Oil, natural gas, and NGL sales  $208,301   $345,488   $607,987   $910,172 
Midstream revenue   6,788    12,159    20,319    32,288 
Gain (loss) on oil and natural gas derivatives   (5,228)   (8,457)   17,390    (125,703)
Product sales   6,900    26,988    24,321    74,948 
Total revenues   216,761    376,178    670,017    891,705 
                     
Operating expenses                    
Gathering and processing   16,227    26,615    49,657    66,942 
Lease operating expense   42,061    41,720    129,500    104,032 
Midstream operating expense   2,851    4,161    8,612    11,354 
Cost of product sales   6,024    25,355    21,599    70,313 
Production taxes   9,577    19,503    29,580    51,019 
Depreciation, depletion, and accretion – oil and natural gas   37,896    34,942    109,225    81,279 
Depreciation and amortization – other   1,975    1,424    5,186    3,875 
General and administrative   7,758    4,703    21,679    17,962 
Total operating expenses   124,369    158,423    375,038    406,776 
Income from operations   92,392    217,755    294,979    484,929 
                     
Other (expense) income                    
Interest expense   (1,707)   (1,182)   (4,727)   (2,905)
Other (expense) income, net   3,240    (2,927)   (1,726)   1,536 
Total other expense   1,533    (4,109)   (6,453)   (1,369)
Net income  $93,925   $213,646   $288,526   $483,560 

 

8

 

 

Pro Forma Results of Operations

Three Months Ended September 30, 2023, Compared to the Three Months Ended September 30, 2022

(in thousands)

 

   Three Months Ended
September 30,		   Change 
   2023   2022   Amount   Percent 
Revenues:                
Oil  $135,820   $151,534    (15,714)   (10)%
Natural gas   47,427    149,752    (102,325)   (68)%
Natural gas liquids   25,054    44,202    (19,148)   (43)%
Total oil, natural gas, and NGL sales   208,301    345,488    (137,187)   (40)%
Gain (loss) on oil and natural gas derivatives, net   (5,228)   (8,457)   3,229    (38)%
Midstream revenue   6,788    12,159    (5,371)   (44)%
Product sales   6,900    26,988    (20,088)   (74)%
Total revenues  $216,761   $376,178   $(159,417)   (42)%
Average Sales Price(1):                    
Oil ($/Bbl)  $80.88   $92.19   $(11.31)   (12)%
Natural gas ($/Mcf)  $2.36   $7.65   $(5.29)   (69)%
NGL ($/Bbl)  $23.47   $38.43   $(14.96)   (39)%
Total ($/Boe) – before effects of realized derivatives  $34.16   $57.04   $(22.88)   (40)%
Total ($/Boe) – after effects of realized derivatives  $33.92   $48.76   $(14.84)   (30)%
Net Production Volumes:                    
Oil (MBbl)   1,679    1,644    35    2%
Natural gas (MMcf)   20,107    19,574    533    3%
NGL (MBbl)   1,067    1,150    (83)   (7)%
Total (MBoe)   6,098    6,056    42    1%
Average daily total volumes (MBoe/d)   66.28    65.83    0.45    1%

 

(1)Average sales prices reflected above exclude gathering and processing expense and the separate benefit of third party midstream revenues.

 

9

 

 

Pro Forma Results of Operations

Three Months Ended September 30, 2023, Compared to the Three Months Ended September 30, 2022

(in thousands)

 

   Three Months Ended
September 30,		   Change 
   2023   2022   Amount   Percent 
Operating Expenses:                
Gathering and processing expense  $16,227   $26,615   $(10,388)   (39)%
Lease operating expense  $42,061   $41,720   $341    1%
Midstream operating expense  $2,851   $4,161   $(1,310)   (31)%
Cost of product sales  $6,024   $25,355   $(19,331)   (76)%
Production taxes  $9,577   $19,503   $(9,926)   (51)%
Depreciation, depletion, amortization and accretion expense – oil and natural gas  $37,896   $34,942   $2,954    8%
Depreciation and amortization expense – other  $1,975   $1,424   $551    39%
General and administrative  $7,758   $4,703   $3,055    65%
Operating Expenses ($/Boe)                    
Gathering and processing expense  $2.66   $4.39   $(1.73)   (39)%
Lease operating expense  $6.90   $6.89   $0.01    —%
Production taxes (% of oil, natural gas and NGL sales)   4.6%   5.6%   (1.0)%   (18)%
Depreciation, depletion, amortization and accretion expense – oil and natural gas  $6.21   $5.77   $0.44    8%
Depreciation and amortization expense – other  $0.32   $0.24   $0.08    33%
General and administrative  $1.27   $0.78   $0.49    63%

 

10

 

 

Pro Forma Results of Operations

Nine Months Ended September 30, 2023, Compared to the Nine Months Ended September 30, 2022

(in thousands)

 

   Nine Months Ended
September 30,		   Change 
   2023   2022   Amount   Percent 
Revenues:                
Oil   $388,356   $431,169    (42,813)   (10)%
Natural gas   144,011    344,306    (200,295)   (58)%
Natural gas liquids   75,620    134,697    (59,077)   (44)%
Total oil, natural gas, and NGL sales   607,987    910,172    (302,185)   (33)%
Gain (loss) on oil and natural gas derivatives, net   17,390    (125,703)   143,093    (114)%
Midstream revenue   20,319    32,288    (11,969)   (37)%
Product sales   24,321    74,948    (50,627)   (68)%
Total revenues  $670,017   $891,705   $(221,688)   (25)%
Average Sales Price(1):                    
Oil ($/Bbl)  $76.91   $98.34   $(21.43)   (22)%
Natural gas ($/Mcf)  $2.45   $6.63   $(4.18)   (63)%
NGL ($/Bbl)  $24.29   $41.99   $(17.70)   (42)%
Total ($/Boe) – before effects of realized derivatives  $33.85   $56.01   $(22.16)   (40)%
Total ($/Boe) – after effects of realized derivatives  $33.99   $47.13   $(13.14)   (28)%
Net Production Volumes:                    
Oil (MBbl)   5,050    4,384    666    15%
Natural gas (MMcf)   58,782    51,942    6,840    13%
NGL (MBbl)   3,113    3,208    (95)   (3)%
Total (MBoe)   17,959    16,249    1,710    11%
Average daily total volumes (MBoe/d)   65.78    59.52    6.26    11%

 

(1)Average sales prices reflected above exclude gathering and processing expense and the separate benefit of third party midstream revenues.

 

11

 

 

Pro Forma Results of Operations

Nine Months Ended September 30, 2023, Compared to the Nine Months Ended September 30, 2022

(in thousands)

 

   Nine Months Ended
September 30,		   Change 
   2023   2022   Amount   Percent 
Operating Expenses:                
Gathering and processing expense  $49,657   $66,942   $(17,285)   (26)%
Lease operating expense  $129,500   $104,032   $25,468    24%
Midstream operating expense  $8,612   $11,354   $(2,742)   (24)%
Cost of product sales  $21,599   $70,313   $(48,714)   (69)%
Production taxes  $29,580   $51,019   $(21,439)   (42)%
Depreciation, depletion, amortization and accretion expense – oil and natural gas  $109,225   $81,279   $27,946    34%
Depreciation and amortization expense – other  $5,186   $3,875   $1,311    34%
General and administrative  $21,679   $17,962   $3,717    21%
Operating Expenses ($/Boe)                    
Gathering and processing expense  $2.77   $4.12   $(1.35)   (33)%
Lease operating expense  $7.21   $6.40   $0.81    13%
Production taxes (% of oil, natural gas and NGL sales)   4.9%   5.6%   (0.7)%   (13)%
Depreciation, depletion, amortization and accretion expense – oil and natural gas  $6.08   $5.00   $1.08    22%
Depreciation and amortization expense – other  $0.29   $0.24   $0.05    21%
General and administrative  $1.21   $1.11   $0.10    9%

 

Non-GAAP Measures

 

This release includes non-GAAP financial measures. Such non-GAAP measures are not alternatives to GAAP measures. These non-GAAP measures should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

 

Adjusted EBITDA

 

We include in this release the supplemental non-GAAP financial performance measure Adjusted EBITDA and provide our calculation of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, our most directly comparable financial measures calculated and presented in accordance with GAAP. We define Adjusted EBITDA as net income before (1) interest expense and interest income, (2) depreciation, depletion, amortization and accretion, (3) unrealized (gain) loss on derivative settlements, (4) equity-based compensation expense, and (5) (gain) loss on sale of assets.

 

12

 

 

Adjusted EBITDA is 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. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as indicators of our operating performance. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our results will be unaffected by unusual items. Our computations of Adjusted EBITDA may not be identical to other similarly titled measures of other companies.

 

Cash Available for Distribution

 

Cash available for distribution is not a measure of net income or net cash flow provided by or used in operating activities as determined by GAAP. Cash available for distribution is a supplemental non-GAAP financial performance measure used by our management and by external users of our financial statements, such as industry analysts, investors, lenders, rating agencies and others, to assess our ability to internally fund our exploration and development activities, pay distributions, and to service or incur additional debt. We define cash available for distribution as net income less (1) interest expense and interest income, (2) depreciation, depletion, amortization and accretion, (3) unrealized (gain) loss on derivative settlements, (4) equity-based compensation expense, (5) (gain) loss on sale of assets, (6) settlement of asset retirement obligations, (7) cash interest expense and cash interest income, (8) development costs and (9) change in accrued realized derivative settlements. Development costs include all of our capital expenditures, other than acquisitions. Cash available for distribution will not reflect changes in working capital balances. Cash available for distribution is not a measurement of our financial performance or liquidity under GAAP and should not be considered as an alternative to, or more meaningful than, net income or net cash provided by or used in operating activities as determined in accordance with GAAP or as indicators of our financial performance and liquidity. The GAAP measures most directly comparable to cash available for distribution are net income and net cash provided by operating activities. Cash available for distribution should not be considered as an alternative to, or more meaningful than, net income or net cash provided by operating activities.

 

13

 

 

Reconciliation of Adjusted EBITDA and Cash Available for Distribution to GAAP Financial Measures

(in thousands):

 

  

Three Months Ended

September 30,

2023

 
   Predecessor   Pro Forma 
Net income  $83,485   $93,925 
Interest expense   2,054    1,707 
Interest income   (387)   (616)
Depreciation, depletion, amortization and accretion   33,035    39,871 
Unrealized (gain) loss on derivative settlements   1,678    3,765 
Equity-based compensation expense   647    1,085 
(Gain) loss on sale of assets   —    (33)
Adjusted EBITDA  $120,512   $139,704 
           
Net income  $83,485   $93,925 
Interest expense   2,054    1,707 
Interest income   (387)   (616)
Depreciation, depletion, amortization and accretion   33,035    39,871 
Unrealized (gain) loss on derivative settlements   1,678    3,765 
Equity-based compensation expense   647    1,085 
(Gain) loss on sale of assets   —    (33)
Settlement of asset retirement obligations   (366)   (396)
Cash interest expense   (2,023)   (1,630)
Cash interest income   387    616 
Development costs   (66,052)   (69,521)
Change in accrued realized derivative settlements   1,183    1,443 
Cash available for distribution  $53,641   $70,216 

 

 

14

 

 

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Cover
Dec. 06, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Dec. 06, 2023
Entity File Number 001-41849
Entity Registrant Name Mach Natural Resources LP
Entity Central Index Key 0001980088
Entity Tax Identification Number 93-1757616
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 14201 Wireless Way
Entity Address, Address Line Two Suite 300
Entity Address, City or Town Oklahoma City
Entity Address, State or Province OK
Entity Address, Postal Zip Code 73134
City Area Code 405)
Local Phone Number 252-8100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common units representing limited partner interests
Trading Symbol MNR
Security Exchange Name NYSE
Entity Emerging Growth Company true
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