(WO) – Mach Natural Resources LP reported a 109% increase in total proved reserves in 2025, reaching 705 MMboe, as the company expanded its asset base through acquisitions and continued development across its portfolio.
The Oklahoma City–based operator said the reserve increase reflects multiple acquisitions completed during the year totaling $1.3 billion, including assets in the Permian and San Juan basins. The company reported a PV-10 value of $3.1 billion for its proved reserves at year-end 2025.
Mach delivered average fourth-quarter production of 154 Mboe/d, consisting of 17% oil, 68% natural gas and 15% natural gas liquids. Production revenues from oil, natural gas and NGL sales totaled $331 million during the quarter.
For the fourth quarter of 2025, the company reported total revenue of $388 million and net income of $73 million. Adjusted EBITDA for the quarter reached $187 million, while net cash provided by operating activities totaled $129 million.
Full-year 2025 results included revenue of $1.2 billion and net income of $143 million. Adjusted EBITDA for the year totaled $593 million, and operating cash flow reached $507 million. Lease operating expense averaged $6.99 per boe for the year.
Mach also reported strong shareholder returns. The company paid a fourth-quarter cash distribution of $0.53 per common unit, totaling $89 million, representing a 96% increase from the third-quarter distribution. Since its initial public offering, Mach has paid approximately $643 million in cash distributions, and $1.3 billion since the company’s inception.
“Over Mach’s eight-year history, a steady adherence to our four pillars has served us well,” said Tom L. Ward, Chief Executive Officer of Mach Natural Resources. “2025 was a pivotal year for Mach as we anchored positions in two additional basins and transformed the Company into a scaled, multi-basin operator. As a result of our strategic acquisition growth, we strengthened the durability of our asset base to generate long-term value for our unitholders.”
Ward said the company plans to continue its disciplined reinvestment strategy in 2026.
“Building upon last year’s momentum, our 2026 plan is designed to maximize distributions while staying true to our proven reinvestment approach,” Ward said. “With a continued focus on optimizing base production volumes and applying our operational expertise across the Company’s holdings, we are confident in Mach’s ability to deliver consistent value across all commodity cycles.”
For 2026, Mach reiterated its outlook for total production between 150 Mboe/d and 157 Mboe/d. The company expects to invest between $315 million and $360 million in development capital while maintaining a reinvestment rate of no more than 50% of operating cash flow.
