Mach Natural Resources LP (MNR) Earnings Call Transcripts

Mach Natural Resources LP's Latest Earnings Call - Q1 FY2026

Mach Natural Resources LP reported its Q1 2026 earnings, highlighting a strategic pivot towards oil drilling due to favorable commodity price dynamics. The company reported total revenues of $366 million, with a significant contribution from natural gas. Adjusted EBITDA was $195 million, and operating cash flow stood at $170 million. The distribution per unit was $0.64, reflecting a strong cash generation capability. Management maintained its guidance but indicated potential revisions mid-year due to shifts in drilling strategy.

Reported metrics

Guidance from management

Management maintained its guidance but indicated potential revisions mid-year due to the shift towards oil drilling and changes in completion plans in the San Juan Basin.

What management said

No, not really. So it basically keeps our oil production from declining by moving to the oil side of the business. So we might grow 1% or so a year. But really, it's maintaining oil production rather than continue to see a decline.

Sure. Just -- and Mike, just to answer your question around guidance. We think the CapEx guidance is -- as you noted, as we shift to oil, we may actually see an acceleration of production versus spending the CapEx on the gas drilling, particularly in the Mancos. So we'll look to revise guidance as we get moved to the oil program, probably mid-year it's if and when it's appropriate. But it does just as we look at the ...

What analysts pressed on

Analysts expressed concerns about the impact of the shift to oil drilling on production mix and the potential for inflation in service costs. There were also questions about the company's ability to maintain its distribution strategy given current leverage levels.

Main topics on the call

• Shift to Oil Drilling — Management announced a strategic shift towards oil drilling, particularly in the Oswego formation, due to favorable oil prices. This move is expected to stabilize oil production rather than significantly increase it. Tom...
• Financial Strength and Leverage — The company's leverage increased to 1.3x due to recent acquisitions, with a goal to reduce it back to 1x. Tom Ward expressed a preference to 'move away from and get back to 1x leverage.'
• San Juan Basin Gas Production — The San Juan Basin continues to be a significant asset, with 575,000 acres held by production and a long-term contract at $1.72 per Mcf. Management is optimistic about its long-term potential despite current low basis pr...
• Capital Expenditure and Reinvestment — Mach maintains a reinvestment rate below 50% of operating cash flow, focusing on high-return drilling opportunities. The company plans to adjust its drilling schedule in response to commodity price changes.

Read the full Mach Natural Resources LP transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 14 Mach Natural Resources LP earnings call transcripts on record, spanning December 7, 2023 to August 7, 2026. Based on this history, Mach Natural Resources LP reports quarterly. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MNR

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

14

First call

December 7, 2023

Most recent

August 7, 2026

Reporting cadence

quarterly