Mach Natural Resources LP (NYSE: MNR) is an upstream oil and natural gas company that acquires, develops, and produces crude oil, natural gas, and natural gas liquids from properties in the Anadarko Basin, Permian Basin, and San Juan Basin. Revenue comes from the sale of oil, natural gas, and NGLs, supplemented by midstream revenue and product sales. Total revenues were $1.175B in FY2025, up from $969.6M in FY2024 and $762.3M in FY2023. Oil contributed $491.8M, natural gas $373.1M, and NGLs $172.7M to FY2025 revenue, with midstream revenue of $27.6M and product sales of $28.9M. The partnership structure distributes cash flow to unitholders. As of December 31, 2025, the company held 4,823,408 gross acres (2,806,604 net), with 259 PUD locations scheduled for drilling through 2030 at a projected cost of $1.085B. Net cash from operations was $507.0M in FY2025.

Revenue model

Transactional commodity sales: oil, natural gas, and NGL production sold at market prices. Secondary revenue from midstream operations and product sales. Cash flow distributed to limited partnership unitholders.

Products and services

Crude oil, natural gas, natural gas liquids (NGLs), midstream gathering and processing services, product sales.

Customers and end markets

Commodity end markets for oil, natural gas, and NGLs. No specific customer concentration disclosed in the filing excerpts.

Value-chain role

Upstream oil and natural gas producer. Operates drilling, completion, and production activities on owned acreage. Conducts acquisitions of producing properties, including the Sabinal Energy and VEPU/Simlog transactions closed in 2025.

Geographic exposure

Anadarko Basin, Permian Basin, and San Juan Basin. All acreage is U.S.-based. As of December 31, 2025: 4,823,408 gross acres, 2,806,604 net acres.

Source: SEC 10-K, filed 2026-03-12

Industry: Crude Petroleum & Natural Gas Peers: ConocoPhillips Crescent Energy Co Dorchester Minerals LP Granite Ridge Resources Inc Gulfport Energy Corp Highpeak Energy Inc Kimbell Royalty Partners LP Kosmos Energy Ltd Vital Energy, Inc. Talos Energy Inc