Oklahoma City’s Mach Natural Resources LP announced its financial and operating results for the year ended December 31 of 2023, showing total revenues of $762 million and net income of $347 million. As a result, the company intends to stick with its guidance for the remainder of the year.
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Mach Natural Resources Drilling Report
The report comes months after Mach went public and in February declared its first quarterly cash distribution of 95 cents per common unit. For the year, the firm generated $492 million in net cash from operating activities and also delivered adjusted EBITDA of $450 million.
As a result, Mach reaffirmed its guidance for 2024, a guidance where the company intends to spend $250 million to $275 million in totall capital and about 90% of it will be on drilling and completion activities. The 2024 forecast for total production is expected to range between 81.3 to 86.4 Mboe per day.
Tom L. Ward, Mach’s Chief Executive Officer, noted, “2023 was a transformative year for Mach. We successfully completed the largest IPO for an E&P company since 2017, and we closed the acquisition of Paloma. We continue to emphasize the stated objectives of our Company.”
During the year, the firm finished its corporate combinaton that reslted in its 100% ownership of BCE-Mach LLC, BCE-Mach II LLC and BCE-Mach III LLC on October 25, 2023. Its initial public offering of 10,000,000 common units was made in October 2023 at a price of $19 per unit to the public. The company also closed the $815 million acquisition of some oil and gas properties from Paloma Partners IV, LLC.
For the year, Mach averaged total net production of 50,440 barrels of crude oil equivalent (“Boe”) per day which consisted of 29% oil, 54% natural gas and 17% NGLs.
“Our strategic focus is maximizing cash distributions by keeping our reinvestment rate below 50% and evaluating acquisitions which are accretive to our distribution. We will toggle between acquiring and drilling as the market allows to maximize our distributions to unitholders,” added Ward.
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