NYSE: MNR
MACH NATURAL RESOURCES LPCIK 0001980088 · SIC 1311 · Crude Petroleum & Natural Gas
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MNR Q2 2026: Revenue +41% to $406.0M, net income +10% to $98.2M, EPS -24% on 86% dilution
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Mach Natural Resources launches up to $100M at-the-market equity offering to repay debt
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Mach Natural Resources LP launches at-the-market offering of up to $100M in common units
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Mach Natural Resources LP launches at-the-market offering of up to $100M in common units
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MACH Natural Resources reports Q1 2026 earnings, declares quarterly distribution
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MNR: revenue $285.9M, net income -$35.0M. MNR production surges 26.1% on acquisition spree; gas hedges unwound as prices fall 23%
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Mach Natural Resources selling unitholders offload 9M units; CEO buys in at offering price
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Mach Natural Resources files pro forma financials for 2025, signaling recent transaction
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MNR: revenue $1.18B, net income $143.0M. MNR doubles reserves via acquisitions, cuts distribution 21.2% amid impairment
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per common unit data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | ||||
| Oil, natural gas, and NGL sales | 366,852 | 219,412 | 732,398 | 472,138 |
| Gain (loss) on oil and natural gas derivatives | 23,485 | 55,579 | (73,414) | 14,886 |
| Midstream revenue | 9,384 | 6,257 | 18,993 | 12,387 |
| Product sales | 6,234 | 7,269 | 13,903 | 15,874 |
| Total revenues | 405,955 | 288,517 | 691,880 | 515,285 |
| Operating expenses | ||||
| Gathering and processing | 47,968 | 31,784 | 107,239 | 59,945 |
| Lease operating expense | 97,724 | 49,566 | 198,656 | 98,318 |
| Production taxes | 18,538 | 10,496 | 35,105 | 23,270 |
| Midstream operating expense | 4,954 | 3,200 | 10,110 | 6,170 |
| Cost of product sales | 5,402 | 6,274 | 12,186 | 14,261 |
| Depreciation, depletion, amortization and accretion oil and natural gas | 93,887 | 64,340 | 187,891 | 125,525 |
| Depreciation and amortization other | 4,342 | 2,758 | 8,511 | 5,158 |
| General and administrative | 8,821 | 6,952 | 15,722 | 15,969 |
| General and administrative related party | 1,850 | 1,850 | 3,700 | 3,700 |
| Total operating expenses | 283,486 | 177,220 | 579,120 | 352,316 |
| Income from operations | 122,469 | 111,297 | 112,760 | 162,969 |
| Other (expense) income | ||||
| Interest expense | (24,515) | (12,140) | (48,932) | (30,034) |
| Loss on debt extinguishment | — | — | — | (18,540) |
| Other income (expense), net | 259 | (9,496) | (653) | (8,848) |
| Total other expense | (24,256) | (21,636) | (49,585) | (57,422) |
| Net income | 98,213 | 89,661 | 63,175 | 105,547 |
| Net income per common unit: | ||||
| Basic | 0.59 | 0.76 | 0.38 | 0.92 |
| Diluted | 0.58 | 0.76 | 0.38 | 0.92 |
| Weighted average common units outstanding: | ||||
| Basic | 167,544 | 118,336 | 167,928 | 115,248 |
| Diluted | 168,026 | 118,389 | 168,241 | 115,313 |
Consolidated Balance Sheets (Unaudited)
(in thousands)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 41,187 | 42,633 |
| Accounts receivable joint interest and other, net | 58,272 | 70,167 |
| Accounts receivable oil, gas, and NGL sales | 157,027 | 160,249 |
| Short-term derivative assets | 976 | 42,506 |
| Inventories | 42,373 | 43,511 |
| Other current assets | 16,825 | 18,886 |
| Total current assets | 316,660 | 377,952 |
| Oil and natural gas properties, using the full cost method: | ||
| Proved oil and natural gas properties | 4,166,040 | 4,017,896 |
| Less: accumulated depreciation, depletion and amortization | (1,055,045) | (879,253) |
| Oil and natural gas properties, net | 3,110,995 | 3,138,643 |
| Other property, plant and equipment | 239,833 | 230,265 |
| Less: accumulated depreciation | (43,864) | (35,511) |
| Other property, plant and equipment, net | 195,969 | 194,754 |
| Long-term derivative assets | 227 | 12,492 |
| Other assets | 30,119 | 34,001 |
| Operating lease assets | 21,282 | 19,466 |
| Total assets | 3,675,252 | 3,777,308 |
| LIABILITIES AND PARTNERS’ CAPITAL | ||
| Current liabilities: | ||
| Accounts payable | 81,722 | 68,706 |
| Accounts payable related party | 212 | 915 |
| Accrued liabilities | 92,962 | 115,565 |
| Revenue payable | 172,542 | 167,829 |
| Short-term derivative liabilities | 5,435 | — |
| Current portion of operating lease liabilities | 8,857 | 6,906 |
| Total current liabilities | 361,730 | 359,921 |
| Long-term debt | 1,169,989 | 1,144,056 |
| Asset retirement obligations | 273,719 | 261,856 |
| Long-term derivative liabilities | 5,812 | 2,962 |
| Long-term portion of operating leases | 12,530 | 12,645 |
| Other long-term liabilities | 7,731 | 6,479 |
| Total long-term liabilities | 1,469,781 | 1,427,998 |
| Commitments and contingencies (Note 10) | ||
| Partners’ capital: | ||
| Partners’ capital | 1,843,741 | 1,989,389 |
| Total liabilities and partners’ capital | 3,675,252 | 3,777,308 |
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | 63,175 | 105,547 |
| Adjustments to reconcile net income to cash provided by operating activities | ||
| Depreciation, depletion, amortization and accretion | 196,402 | 130,683 |
| Loss (gain) on derivative instruments | 73,414 | (14,886) |
| Loss on debt extinguishment | — | 18,540 |
| Cash (payments) receipts on settlement of derivative contracts, net | (3,912) | 9,821 |
| Debt issuance costs amortization | 3,374 | 2,363 |
| Equity based compensation | 6,962 | 4,215 |
| Adjustments to expected credit losses | 618 | 125 |
| (Gain) on sale of assets | (175) | (167) |
| Settlement of asset retirement obligations | (416) | (287) |
| Changes in operating assets and liabilities (decreasing) increasing cash: | ||
| Accounts receivable | 10,174 | 28,679 |
| Revenue payable | 3,157 | (10,314) |
| Accounts payable and accrued liabilities | (27,191) | 10,653 |
| Inventories, other assets and other liabilities | (1,615) | (12,312) |
| Net cash provided by operating activities | 323,967 | 272,660 |
| Cash flows from investing activities | ||
| Capital expenditures for oil and natural gas properties | (145,816) | (110,118) |
| Capital expenditures for other property and equipment | (9,598) | (3,793) |
| Acquisition of assets | (2,728) | (101,375) |
| Proceeds from sales of oil and natural gas properties | 2,089 | 2,678 |
| Proceeds from sales of other property and equipment | 47 | 217 |
| Net cash used in investing activities | (156,006) | (212,391) |
| Cash flows from financing activities | ||
| Proceeds from issuance of common units, net of expenses | 1,691 | 221,060 |
| Repayments of borrowings on term note | — | (763,125) |
| Payments of debt extinguishment costs | — | (7,741) |
| Proceeds from borrowings on credit facilities | 270,000 | 693,000 |
| Repayments of borrowings on credit facilities | (245,000) | (128,000) |
| Debt issuance costs | — | (14,695) |
| Distributions to unitholders | (195,943) | (152,683) |
| Withholding taxes paid on vesting of phantom units | (155) | (84) |
| Net cash used in financing activities | (169,407) | (152,268) |
| Net (decrease) in cash and cash equivalents | (1,446) | (91,999) |
| Cash and cash equivalents, beginning of period | 42,633 | 105,776 |
| Cash and cash equivalents, end of period | 41,187 | 13,777 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per common unit data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗