$MNR
MACH NATURAL RESOURCES LP

2024 Q2 Form 10-Q Financial Statement

#000162828024022957 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $240.0M $239.2M $192.2M
YoY Change -47.05% 24.45%
Cost Of Revenue $87.42M $91.55M
YoY Change -44.12%
Gross Profit $152.6M $147.6M
YoY Change -48.59%
Gross Profit Margin 63.58% 61.72%
Selling, General & Admin $11.42M $10.33M
YoY Change -2.83%
% of Gross Profit 7.48% 7.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.200M $67.47M $30.92M
YoY Change -97.08% 118.18%
% of Gross Profit 1.44% 45.71%
Operating Expenses $82.10M $80.36M
YoY Change -11.53%
Operating Profit $70.48M $67.24M $93.40M
YoY Change -65.45% -28.0%
Interest Expense $27.05M $26.29M $1.814M
YoY Change -967.69% 1349.01%
% of Operating Profit 38.37% 39.09% 1.94%
Other Income/Expense, Net -$30.97M -$25.54M -$1.702M
YoY Change 523.58% 1400.71%
Pretax Income $39.52M $41.70M
YoY Change -79.83%
Income Tax
% Of Pretax Income
Net Earnings $39.52M $41.70M $91.69M
YoY Change -49.21% -54.52% 33.62%
Net Earnings / Revenue 16.47% 17.44% 47.71%
Basic Earnings Per Share $0.42 $0.44
Diluted Earnings Per Share $0.42 $0.44
COMMON SHARES
Basic Shares Outstanding 95.00M shares 95.00M shares
Diluted Shares Outstanding 95.19M shares 95.01M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.6M $151.3M
YoY Change 72.98%
Cash & Equivalents $144.6M $151.3M $33.20M
Short-Term Investments
Other Short-Term Assets $7.371M $3.245M
YoY Change 25.31%
Inventory $27.50M $31.41M
Prepaid Expenses
Receivables $118.3M $127.7M
Other Receivables $28.18M $29.54M
Total Short-Term Assets $335.1M $354.1M
YoY Change 41.53%
LONG-TERM ASSETS
Property, Plant & Equipment $92.17M $91.71M
YoY Change -92.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.895M $5.833M
YoY Change -0.71%
Total Long-Term Assets $1.900B $1.962B
YoY Change 58.87%
TOTAL ASSETS
Total Short-Term Assets $335.1M $354.1M
Total Long-Term Assets $1.900B $1.962B
Total Assets $2.235B $2.316B
YoY Change 56.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.62M $63.43M
YoY Change -14.91%
Accrued Expenses $53.23M $45.52M
YoY Change -16.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $82.50M $82.50M
YoY Change
Total Short-Term Liabilities $319.7M $353.1M
YoY Change 57.22%
LONG-TERM LIABILITIES
Long-Term Debt $706.9M $725.6M
YoY Change 1026.55%
Other Long-Term Liabilities $1.134M $1.100M
YoY Change -99.02%
Total Long-Term Liabilities $802.3M $819.6M
YoY Change 350.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $319.7M $353.1M
Total Long-Term Liabilities $802.3M $819.6M
Total Liabilities $1.122B $1.173B
YoY Change 194.3%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.113B $1.144B
YoY Change
Total Liabilities & Shareholders Equity $2.235B $2.316B
YoY Change 56.0%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $39.52M $41.70M $91.69M
YoY Change -49.21% -54.52% 33.62%
Depreciation, Depletion And Amortization $2.200M $67.47M $30.92M
YoY Change -97.08% 118.18%
Cash From Operating Activities $116.8M $144.0M $147.1M
YoY Change -2.17%
INVESTING ACTIVITIES
Capital Expenditures $69.42M $55.31M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $38.88M $587.0K
YoY Change
Cash From Investing Activities -$30.54M -$54.72M -$83.96M
YoY Change -34.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -92.97M -$90.73M -$59.40M
YoY Change 52.73%
NET CHANGE
Cash From Operating Activities 116.8M $144.0M $147.1M
Cash From Investing Activities -30.54M -$54.72M -$83.96M
Cash From Financing Activities -92.97M -$90.73M -$59.40M
Net Change In Cash -6.679M -$1.492M $3.784M
YoY Change -139.43%
FREE CASH FLOW
Cash From Operating Activities $116.8M $144.0M $147.1M
Capital Expenditures $69.42M $55.31M
Free Cash Flow $47.41M $88.65M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q1 us-gaap Nature Of Operations
NatureOfOperations
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:3.3pt">Organization and Nature of Business</span><div style="margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mach Natural Resources LP (the “Company”) is a Delaware limited partnership that was formed for the purpose of effectuating an initial public offering (the “Offering”) that closed in October 2023. The Company’s common units representing limited partnership interests (the “common units”) are listed on The New York Stock Exchange under the symbol “MNR.” The Company 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.</span></div><div style="margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the Offering and Corporate Reorganization, the Company became a holding partnership whose sole material asset consists of membership interests in Mach Natural Resources Intermediate LLC (“Intermediate”). Intermediate wholly owns Mach Natural Resources Holdco LLC (“Holdco”), and Holdco wholly owns each of the Company’s three operating subsidiaries, BCE-Mach LLC (“BCE-Mach”), BCE-Mach II LLC (“BCE-Mach II”) and BCE-Mach III LLC (collectively, the “Mach Companies”). BCE-Mach III LLC (the “Predecessor”) is the accounting predecessor to the Company for all periods prior to the Offering as discussed herein.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s operations are governed by the provisions of its partnership agreement, executed by its general partner, Mach Natural Resources GP LLC (the “General Partner”) and the limited partners. The General Partner is managed and operated by the board of directors and executive officers of the General Partner. The members of the board of directors of the General Partner are appointed by the members of the General Partner, BCE-Mach Aggregator and Mach Resources in proportion to their respective limited partnership ownership in the Company.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management has evaluated how the Company is organized and managed and identified a single reportable segment, which is the exploration and production of oil, natural gas and NGLs. Management considers the Company’s gathering, processing and marketing functions as ancillary to its oil and gas producing activities. All of the Company’s operations and assets are located in the United States, and its revenues are attributable to United States customers.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Corporate Reorganization</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 25, 2023, the Company underwent a corporate reorganization (the “Corporate Reorganization”) whereby (a) the existing owners who directly held membership interests in the Mach Companies prior to the Offering (the “Existing Owners”) contributed 100% of their membership interests in the Mach Companies for a pro rata allocation of 100% of the limited partner interests in the Company to effectuate a merger of such entities into the Company with BCE-Mach III determined as the accounting acquirer, (b) the Company contributed 100% of its membership interests in the Mach Companies to Intermediate in exchange for 100% of the membership interests in Intermediate, and (c) Intermediate contributed 100% of its membership interests in the Mach Companies to Holdco in exchange for 100% of the membership interests in Holdco.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Initial Public Offering</span></div><div style="margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 27, 2023, the Company completed the Offering of 10,000,000 common units at a price of $19.00 per unit to the public. The sale of Company’s common units resulted in gross proceeds of $190.0 million to the Company and net proceeds of $168.5 million, after deducting underwriting fees and offering expenses. The material terms of the Offering are described in the Company’s final prospectus, filed with the U.S. Securities and Exchange Commission (“SEC”) on October 26, 2023, pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended (the “Securities Act”).</span></div><div style="margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company used $102.2 million of the proceeds to pay down the existing credit facilities of its operating subsidiaries (the “Pre-IPO Credit Facilities”) and $66.3 million of the proceeds to purchase 3,750,000 common units from the existing common unit owners on a pro rata basis. After giving effect to the Offering and the transactions related thereto, the Company had 95,000,000 common units issued and outstanding.</span></div>
CY2023Q4 us-gaap Repayments Of Long Term Lines Of Credit
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CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.</span></div>
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, partners’ capital, results of operations or cash flows.</span></div>
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2024Q1 mnr Amortization Expense Per Physical Unit Of Production Average Expense During Period
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7.86
CY2023Q1 mnr Amortization Expense Per Physical Unit Of Production Average Expense During Period
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6.80
CY2024Q1 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
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CY2023Q1 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
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28500000 usd
CY2024Q1 us-gaap Impairment Of Oil And Gas Properties
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CY2023Q1 us-gaap Impairment Of Oil And Gas Properties
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CY2023Q1 us-gaap Depreciation
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CY2023Q1 us-gaap Asset Retirement Obligation Liabilities Settled
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CY2024Q1 us-gaap Asset Retirement Obligation Revision Of Estimate
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0 usd
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AssetRetirementObligationRevisionOfEstimate
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CY2023Q1 us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q1 us-gaap Oil And Gas Property Full Cost Method Gross
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CY2024Q1 us-gaap Oil And Gas Property Full Cost Method Depletion
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329560000 usd
CY2023Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
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265895000 usd
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1845163000 usd
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1831645000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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105302000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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0 usd
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5703000 usd
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3438000 usd
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CY2024Q1 us-gaap Derivative Gain Loss On Derivative Net
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-29268000 usd
CY2023Q1 us-gaap Derivative Gain Loss On Derivative Net
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13054000 usd
CY2024Q1 us-gaap Derivative Assets
DerivativeAssets
16890000 usd
CY2024Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.53
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2378.8
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
2378.8
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2378.8
CY2024Q1 us-gaap Results Of Operations Transportation Costs
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1200000 usd
CY2023Q1 us-gaap Results Of Operations Transportation Costs
ResultsOfOperationsTransportationCosts
100000 usd
CY2024Q1 us-gaap Purchase Obligation
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4400000 usd
CY2024Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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1
CY2024Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
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CY2024Q1 us-gaap Defined Contribution Plan Cost Recognized
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1000000 usd
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
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400000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
8834000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3657000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1361000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
402000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14254000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
657000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2024Q1 us-gaap Operating Lease Cost
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4073000 usd
CY2023Q1 us-gaap Operating Lease Cost
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3283000 usd
CY2024Q1 us-gaap Short Term Lease Cost
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5871000 usd
CY2023Q1 us-gaap Short Term Lease Cost
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2627000 usd
CY2024Q1 us-gaap Lease Cost
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9944000 usd
CY2023Q1 us-gaap Lease Cost
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5910000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P1Y10M20D
CY2024Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
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CY2024Q1 us-gaap Operating Lease Payments
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4112000 usd
CY2023Q1 us-gaap Operating Lease Payments
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CY2023Q4 us-gaap Partners Capital Account Units Sale Of Units
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88750000 shares
CY2023Q4 us-gaap Partners Capital Account Units Sold In Public Offering
PartnersCapitalAccountUnitsSoldInPublicOffering
10000000 shares
CY2023Q4 us-gaap Partners Capital Account Units Treasury
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3750000 shares
CY2023Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
95000000 shares
CY2024Q1 us-gaap Partners Capital Account Units
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95000000 shares
CY2024Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
90300000 usd
CY2023Q1 us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid
59000000 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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703771 shares
CY2024Q1 us-gaap Net Income Loss
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41702000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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95000000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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5000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95005000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
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0.44
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false

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mnr-20240331_cal.xml Edgar Link unprocessable
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0001628280-24-022957-index.html Edgar Link pending
0001628280-24-022957.txt Edgar Link pending
0001628280-24-022957-xbrl.zip Edgar Link pending
exhibit311-certificationof.htm Edgar Link pending
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