Mach Natural Resources LP (MNR) financial statements: income statement, balance sheet and cash flow
Mach Natural Resources LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Mach Natural Resources LP reported revenue of $1.2B (+21.2% year on year) and net income of $143.0M.
Income statement
Mach Natural Resources LP income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Total revenues
$1.2B
$969.6M
$762.3M
Cost of revenue
$178.1M
$140.6M
$78.4M
Lease operating expense
$263.8M
$180.5M
$127.6M
Production taxes
$48.8M
$45.7M
$31.9M
Depreciation, depletion, amortization and accretion – oil and natural gas
$280.5M
$261.9M
$131.1M
Depreciation and amortization – other
$12.3M
$9.0M
$6.5M
General and administrative
$56.6M
$40.8M
$27.7M
Impairment of oil and gas properties
$90.4M
—
—
Total operating expenses
$930.4M
$678.6M
$403.2M
Income from operations
$244.9M
$291.0M
$359.1M
Interest expense
($72.2M)
($104.6M)
($11.2M)
Loss on debt extinguishment
($18.5M)
—
—
Other (expense) income, net
($11.2M)
($1.2M)
($1.4M)
Total other expense
($102.0M)
($105.8M)
($12.6M)
Net Income (Loss) Including Income (Loss) Related To Predecessor
$143.0M
—
—
Net income
$143.0M
$185.2M
$346.6M
Basic (dollars per share)
$1.09
$1.90
$0.72
Diluted (dollars per share)
$1.09
$1.90
$0.72
Basic (shares)
131.5M
97.6M
94.9M
Diluted (shares)
131.5M
97.7M
94.9M
Mach Natural Resources LP income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenues
$406.0M
$285.9M
$272.6M
$288.5M
Cost of revenue
$58.3M
$71.2M
$43.3M
$41.3M
Lease operating expense
$97.7M
$100.9M
$59.0M
$49.6M
Production taxes
$18.5M
$16.6M
$10.4M
$10.5M
Depreciation, depletion, amortization and accretion – oil and natural gas
$93.9M
$94.0M
$62.8M
$64.3M
Depreciation and amortization – other
$4.3M
$4.2M
$2.7M
$2.8M
General and administrative
$10.7M
$8.8M
$23.1M
$8.8M
Total operating expenses
$283.5M
$295.6M
$291.8M
$177.2M
Income from operations
$122.5M
($9.7M)
($19.2M)
$111.3M
Interest expense
($24.5M)
($24.4M)
($16.9M)
($12.1M)
Loss on debt extinguishment
$0
$0
$0
$0
Other income (expense), net
$259.0K
($912.0K)
$465.0K
($9.5M)
Total other expense
($24.3M)
($25.3M)
($16.5M)
($21.6M)
Net income
$98.2M
($35.0M)
($35.7M)
$89.7M
Basic (dollars per share)
$0.59
-$0.21
-$0.28
$0.76
Diluted (dollars per share)
$0.58
-$0.21
-$0.28
$0.76
Basic (shares)
167.5M
168.3M
126.5M
118.3M
Diluted (shares)
168.0M
168.3M
126.5M
118.4M
Balance sheet
Mach Natural Resources LP balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Cash and cash equivalents
$42.6M
$105.8M
$152.8M
Accounts receivable
$230.4M
$171.6M
$132.2M
Short-term derivative assets
$42.5M
$14.1M
$24.8M
Inventories
$43.5M
$24.3M
$31.4M
Other current assets
$18.9M
$6.4M
$2.4M
Total current assets
$378.0M
$322.1M
$343.6M
Proved oil and natural gas properties
$4.0B
$2.4B
$2.1B
Less: accumulated depreciation, depletion, amortization and impairment
($879.3M)
($520.6M)
($265.9M)
Oil and natural gas properties, net
$3.1B
$1.9B
$1.8B
Other property, plant and equipment
$230.3M
$115.5M
$105.3M
Less: accumulated depreciation
($35.5M)
($23.7M)
($15.6M)
Other property, plant and equipment, net
$194.8M
$91.8M
$89.7M
Long-term derivative assets
$12.5M
$640.0K
$15.1M
Other assets
$34.0M
$9.5M
$7.1M
Operating lease assets
$19.5M
$14.9M
$17.4M
Total assets
$3.8B
$2.3B
$2.3B
Accounts payable
$69.6M
$54.4M
$47.4M
Accrued liabilities
$115.6M
$53.5M
$44.5M
Revenue payable
$167.8M
$150.2M
$110.3M
Short-term derivative liabilities
$0
$6.2M
$0
Current portion of long-term debt
$0
$82.5M
$61.9M
Current portion of operating lease liabilities
$6.9M
$5.6M
$10.8M
Total current liabilities
$359.9M
$352.4M
$274.9M
Long-term debt
$1.1B
$668.8M
$745.1M
Asset retirement obligations
$261.9M
$101.9M
$85.1M
Long-term derivative liabilities
$3.0M
$4.9M
—
Long-term portion of operating leases
$12.6M
$9.3M
$6.7M
Other long-term liabilities
$6.5M
$1.9M
$943.0K
Total long-term liabilities
$1.4B
$786.7M
$837.9M
Partners’ capital
$2.0B
$1.2B
$1.2B
Total liabilities and partners’ capital
$3.8B
$2.3B
$2.3B
Mach Natural Resources LP balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$41.2M
$52.7M
$53.6M
$13.8M
Accounts receivable
$215.3M
$229.3M
$213.5M
$146.9M
Short-term derivative assets
$976.0K
$0
$33.6M
$16.5M
Inventories
$42.4M
$42.5M
$49.4M
$25.8M
Other current assets
$16.8M
$18.0M
$25.0M
$6.1M
Total current assets
$316.7M
$342.4M
$375.1M
$209.2M
Proved oil and natural gas properties
$4.2B
$4.1B
$3.9B
$2.6B
Less: accumulated depreciation, depletion and amortization
($1.1B)
($967.2M)
($793.0M)
($641.9M)
Oil and natural gas properties, net
$3.1B
$3.1B
$3.1B
$2.0B
Other property, plant and equipment
$239.8M
$235.0M
$240.9M
$125.5M
Less: accumulated depreciation
($43.9M)
($39.7M)
($31.3M)
($28.7M)
Other property, plant and equipment, net
$196.0M
$195.3M
$209.6M
$96.8M
Long-term derivative assets
$227.0K
$741.0K
$8.4M
$3.2M
Other assets
$30.1M
$30.4M
$39.4M
$30.4M
Operating lease assets
$21.3M
$20.0M
$21.0M
$15.5M
Total assets
$3.7B
$3.7B
$3.8B
$2.3B
Accounts payable
$81.9M
$84.9M
$87.1M
$50.3M
Accrued liabilities
$93.0M
$106.8M
$121.0M
$64.1M
Revenue payable
$172.5M
$171.3M
$160.2M
$141.2M
Short-term derivative liabilities
$5.4M
$40.9M
$0
$5.4M
Current portion of operating lease liabilities
$8.9M
$7.5M
$6.7M
$5.3M
Total current liabilities
$361.7M
$411.4M
$375.1M
$266.3M
Long-term debt
$1.2B
$1.1B
$1.1B
$565.0M
Asset retirement obligations
$273.7M
$267.7M
$256.2M
$110.2M
Long-term derivative liabilities
$5.8M
$11.6M
$4.1M
$4.5M
Long-term portion of operating leases
$12.5M
$12.6M
$14.3M
$10.3M
Other long-term liabilities
$7.7M
$7.0M
$15.0M
$2.1M
Total long-term liabilities
$1.5B
$1.4B
$1.4B
$692.1M
Partners’ capital
$1.8B
$1.8B
$2.0B
$1.4B
Total liabilities and partners’ capital
$3.7B
$3.7B
$3.8B
$2.3B
Cash flow statement
Mach Natural Resources LP cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Net income subsequent to the Corporate Reorganization
$143.0M
—
—
Depreciation, depletion, amortization and accretion
$292.8M
$271.0M
$137.6M
(Gain) loss on derivative instruments
($81.3M)
$18.9M
($57.3M)
Cash receipts on settlement of derivative contracts, net
$48.6M
$17.3M
$4.4M
Debt issuance costs and discount amortization
$5.2M
$7.4M
$1.9M
Impairment of oil and gas properties
$90.4M
—
—
Loss on debt extinguishment
$18.5M
—
—
Equity based compensation
$9.4M
$6.5M
$3.4M
Credit losses
$5.2M
$2.2M
$1.7M
Gain on sale of assets
($298.0K)
($686.0K)
($1.0K)
Settlement of asset retirement obligations
($1.0M)
($881.0K)
($537.0K)
Accounts receivable
($7.9M)
($46.9M)
—
Revenue payable
($1.0M)
$39.9M
$19.0M
Accounts payable and accrued liabilities
$5.9M
$3.3M
$5.7M
Inventories and other assets
($20.5M)
$2.1M
—
Net cash provided by operating activities
$507.0M
$505.3M
$491.7M
Capital expenditures for oil and natural gas properties
($262.2M)
($209.4M)
($302.4M)
Capital expenditures for other property and equipment
($8.3M)
($11.0M)
($12.4M)
Acquisition of assets
($633.4M)
($126.0M)
($754.8M)
Cash acquired from the acquisition of businesses
$0
$0
$39.2M
Proceeds from sales of oil and natural gas properties
$4.2M
$39.1M
$3.3M
Proceeds from sales of other property and equipment
$503.0K
$942.0K
$36.0K
Net cash (used in) investing activities
($899.2M)
($306.3M)
($1.0B)
Proceeds from borrowings on term loan
$450.0M
$0
—
Repayments of borrowings on term loan
($763.1M)
($61.9M)
—
Proceeds from Initial Public Offering and additional public offerings, net of offering costs
$221.1M
$128.9M
$168.5M
Purchases of units from exchanging members
$0
$0
($66.3M)
Payments of debt extinguishment costs
($7.7M)
—
—
Proceeds from borrowings on credit facility
$1.1B
—
$68.0M
Repayments of borrowings on credit facility
($404.1M)
$0
($235.0M)
Debt issuance costs
($25.1M)
($1.5M)
($6.1M)
Contributions from members
$0
$0
$20.0M
Distributions to members
$0
$0
($101.3M)
Distributions to unitholders
($244.5M)
($309.8M)
—
Withholding taxes paid on vesting of phantom units
($1.6M)
($1.6M)
—
Net cash provided by (used in) financing activities
$329.1M
($246.0M)
$658.8M
Net (decrease) increase in cash and cash equivalents