Mach Natural Resources used its Q3 2025 earnings call to send a strong message about the importance of Oklahoma to its long-term strategy. While the company has expanded into new basins through recent acquisitions, CEO Tom Ward made it clear that the Mid-Continent—and Oklahoma in particular—remains one of Mach’s most dependable growth engines.
The company highlighted three themes: operational ease, superior gas takeaway, and high-return drilling in the Deep Anadarko. Together, these factors position Oklahoma as one of the most attractive natural gas regions heading into 2026.
Oklahoma: One of the Easiest States to Drill
During the call, Tom Ward described Oklahoma in simple, definitive terms:
“The Mid-Con is a great place to work, especially in Oklahoma. It’s probably the second easiest state to drill in.”
Only Kansas ranks higher in his view, underscoring Oklahoma’s operator-friendly regulatory environment, predictable permitting, and strong oilfield services ecosystem. In an industry where execution risk, delays, and regulatory friction can destroy economics, this ease of operation is a major competitive advantage.
Gas Takeaway Capacity: A Strategic Edge Over Other Basins
In a U.S. natural gas landscape defined by bottlenecks—whether it’s the Permian’s associated gas constraints or takeaway limits in Appalachia—Mach emphasized that Oklahoma has none of those problems.
Ward noted:
“We can have gas waiting on you when you get a well done… plenty of takeaway capacity… about 3 Bcf/day of takeaway.”
The result is immediate flow, no restrictions, and no need for managed choke programs. For a company shifting increasingly toward natural gas in 2026 (targeting over 70% gas weighting by year-end), this reliability is critical.
Deep Anadarko: High-Return Gas Wells Driving Growth
The star of Oklahoma for Mach is the Deep Anadarko play, where the company is drilling some of the most economic gas wells in its portfolio:
- 3-mile laterals at ~$14 million drilling cost
- IP rates exceeding 40 MMcf/d
- PV-10 values around $15 million per well
- Rate of return projected in the 50%–60%+ range
Ward emphasized that Deep Anadarko potential has been known for years—but the economics didn’t compete with oil until recently. With strip gas prices improving and LNG demand rising, Mach is now fully leaning into the play.
This combination—excellent geology, low decline rates, and abundant takeaway—helps explain why Mach was able to cut its 2026 D&C budget by 18% while maintaining production guidance.
Why Oklahoma Matters Going Forward
Mach’s comments should resonate across the industry:
- Oklahoma offers stable regulatory conditions
- Infrastructure is already built and underutilized
- Gas economics compete with, and often beat, oil
- Deep Anadarko results are rewriting Mid-Con expectations
For service providers, drillers, midstream operators, and investors, this paints a clear picture: Oklahoma is emerging as one of the most quietly advantaged natural gas regions in North America.
Mach Natural Resources is betting heavily on Oklahoma—and based on the results they shared this quarter, that bet looks well-placed.
