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Business Wire
10-07-2025
- Business
- Business Wire
Mach Natural Resources LP Announces Transformative Acquisitions in the Permian Basin and San Juan Basin
OKLAHOMA CITY--(BUSINESS WIRE)--Mach Natural Resources LP (NYSE: MNR) ('Mach' or the 'Company') today announced it has entered into two separate definitive agreements: one to acquire certain oil and gas assets from Sabinal Energy, LLC ('Sabinal'), and another to acquire entities owning oil and gas assets managed by IKAV Energy Inc (collectively 'IKAV San Juan'). The combined consideration for both transactions is approximately $1.3 billion, subject to customary terms, conditions, and closing price adjustments (collectively, the 'Transactions'). The Transactions are expected to close during the third quarter of 2025, each with an effective date of April 1, 2025. A conference call and webcast are planned for 8:00 a.m. CT, Thursday, July 10, 2025. Participation details can be found within this press release. Key Highlights Attractively Priced and Immediately Accretive to Cash Available for Distribution $1.3 billion aggregate purchase price represents a discount to PDP PV-10 Immediately accretive to cash available for distribution, while pro forma Mach maintains low leverage and a reinvestment rate below 50% Increases Scale with Permian Basin and San Juan Basin Entry Nearly doubles Mach's production, increasing from 81 Mboe/d to approximately 152 Mboe/d 1 Increases pro forma natural gas exposure from 53% to 66% Adds approximately 700,000 net acres—growing total acreage by 33% to 2.8 million acres Diversifies Asset Base Across Three Prolific Basins Establishes presence in the Permian and San Juan Basins, complementing Mach's existing Mid-Continent operations Creates a balanced production portfolio with approximately 55% exposure to the Mid-Continent and approximately 45% to the Permian and San Juan Basins Enhances capital allocation flexibility—supporting free cash flow optimization—across commodity cycles Opportunity to deploy a rig in the San Juan Dry Gas Mancos Shale in Spring 2026 based on pricing environment Enhances Strategic Growth Platform Increased scale strengthens Mach's operational reach and ability to pursue future accretive acquisitions Positions Mach as a natural consolidator in multiple basins—materially expanding the number of compelling acquisition opportunities Supports a more flexible approach to future acquisitions—which aligns with Mach's long-term commitment to value creation and unitholder returns ____________________________ 1 For pro forma production calculation, see table in the 'Pro Forma Mach' section of this press release. Expand Tom L. Ward, Chief Executive Officer of Mach, noted, 'These acquisitions are transformative for Mach. They not only strengthen our asset base but also advance the core pillars on which we've built the Company since our founding. With this step, we significantly enhance our scale and gain strategic multi-basin positioning, all while maintaining a resilient balance sheet. Most importantly, the transactions are expected to be immediately accretive to our cash available for distribution, underscoring our commitment to delivering long-term value to our unitholders.' Mark Teshoian, Co-Managing Partner of Kayne's Energy Private Equity practice, stated, 'We are excited to partner with Tom and the Mach team on this transformative transaction. Our firms share a common vision of aggregating shallow-decline, free cash flowing assets and creating value through a strong commitment to equity distributions. We believe the addition of the Sabinal assets to the Mach platform will significantly enhance its long-term success and position the Company for continued consolidation in the Permian.' Constantin von Wasserschleben, Chairman of IKAV, noted, 'We are excited to transition IKAV's San Juan assets into Mach Natural Resources and to become a significant shareholder of the Company. Mach's strong industrial logic aligns with our long-term vision for this exceptional asset and beyond. The return of a public Company to the basin underscores the deep value and long-term potential of the asset. With our outstanding local team and the strength of Mach's management team, we believe we can unlock even greater value in the basin. IKAV remains firmly committed to the belief that the world needs access to affordable and reliable energy.' Mach Chairman, Founder and Managing Partner of Bayou City Energy, William W. McMullen, commented, 'With these two transactions, we grew Mach's production by 88% and we will continue to look for consolidation opportunities given our conservative balance sheet.' William W. McMullen added, 'These acquisitions strengthen what is already the most attractive yield in the oil and gas space, and among the strongest yields available across the entire economy. We also welcome the partnerships with Kayne and IKAV as we continue to generate significant returns for all of our unitholders.' Permian Basin Entry Mach has agreed to acquire Sabinal's assets for an unadjusted purchase price of $500 million, subject to customary terms, conditions, and closing adjustments. Mach expects to fund the transaction with Sabinal with $300 million of equity consideration in the form of Mach common units, with the balance to be funded through a combination of cash on hand and borrowings under its Revolving Credit Facility. The acquired Sabinal assets include approximately 130,000 net acres. First quarter 2025 average production was approximately 11 Mboe/d, of which 98% was liquids, 2% was natural gas. San Juan Basin Entry Mach has agreed to purchase IKAV San Juan for an unadjusted purchase price of $787 million, subject to customary terms, conditions, and closing adjustments. Mach expects to fund the transaction with IKAV San Juan with $462 million of equity consideration in the form of Mach common units, with the balance to be funded through a combination of cash on hand and borrowings under its Revolving Credit Facility. IKAV San Juan's assets include approximately 570,000 net acres. First quarter 2025 average production was approximately 60 Mboe/d, of which 6% liquids, 94% was natural gas. Pro Forma Mach Pro forma Mach will operate across three distinct regions – the Mid-Continent, Permian and San Juan basins. The combined Company will have a diversified production base of approximately 152 Mboe/d2, in addition to a total of 2.8 million net acres which will support development activity for the foreseeable future. The standalone Mach figures below represent actual reported results for the three-month period ended March 31, 2025. Figures for Sabinal and IKAV San Juan represent actual results for the three-month period ended March 31, 2025. Details regarding the Transactions' impact to Mach's 2025 capital and volume guidance will be provided after closing. Standalone Mach Sabinal IKAV San Juan Pro Forma Mach Oil (MBbls/d) 20 10 - 30 NGLs (MBbls/d) 18 - 4 22 Natural Gas (MMcf/d) 258 2 336 596 Total Production (Mboe/d) 81 11 60 152 Commodity Mix 47% liquids / 53% gas 98% liquids / 2% gas 6% liquids / 94% gas 34% liquids / 66% gas Expand Financing Total consideration for the Transactions is $1.3 billion, subject to customary terms, conditions, and closing price adjustments. Mach plans to fund the Transactions through an aggregate combination of $762 million in Mach common units and $525 million from cash on hand and borrowings under its Revolving Credit Facility. Concurrently with closing, Mach expects its credit facility borrowing base and elected commitment will expand. Conference Call and Webcast Information Mach will host a conference call and webcast at 8:00 a.m. Central (9:00 a.m. Eastern) on Thursday, July 10, 2025, to discuss its announcement. Supplemental slides will be posted to the Company's website. Participants can access the conference call by dialing 877-407-2984. A webcast link to the conference call will be provided on the Company's website at A replay will also be available on the Company's website following the call. ____________________________ 2 For pro forma production calculation, see table in the 'Pro Forma Mach' section of this press release. Expand Advisors Moelis & Company and Truist Securities are serving as financial advisors and Kirkland & Ellis is serving as legal advisor on Sabinal for Mach. Moelis & Company is serving as financial advisor and Vinson & Elkins is serving as legal advisor on IKAV San Juan for Mach. Wells Fargo is serving as financial advisor and Haynes and Boone, LLP is serving as legal advisor for IKAV Energy Inc. RBC Capital Markets is serving as financial advisor and Vinson & Elkins is serving as legal advisor for Sabinal Energy, LLC. About Mach Natural Resources LP Mach Natural Resources LP 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. For more information, please visit Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release concerning future opportunities for the Company, future financial performance and condition, guidance and any other statements regarding the Company's future expectations, beliefs, plans, objectives, financial conditions, returns to unitholders assumptions or future events or performance that are not historical facts are 'forward-looking' statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words 'anticipate,' 'believe,' 'ensure,' 'expect,' 'if,' 'intend,' 'estimate,' 'probable,' 'project,' 'forecasts,' 'predict,' 'outlook,' 'aim,' 'will,' 'could,' 'should,' 'would,' 'potential,' 'may,' 'might,' 'anticipate,' 'likely' 'plan,' 'positioned,' 'strategy,' and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include statements regarding the Company's plans and expectations with respect to the Transactions and the anticipated impact of the Transactions on the Company's results of operations, financial position, growth opportunities, reserve estimates and competitive position. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current belief, based on currently available information as to the outcome and timing of future events at the time such statement was made. Such statements are subject to a number of assumptions, risk and uncertainties, many of which are beyond the control of the Company. These include, but are not limited to, the satisfaction of conditions to the closing of the Transactions, the Company's future financial condition, results of operations, strategy and plans; the ability of the Company to realize anticipated synergies related to the Transactions in the timeframe expected or at all; changes in capital markets and the ability of the Company to finance operations in the manner expected; the effects of commodity prices; and the risks of oil and gas activities. Additionally, risks and uncertainties that could cause actual results to differ materially from those anticipated also include: commodity price volatility; the impact of epidemics, outbreaks or other public health events, and the related effects on financial markets, worldwide economic activity and our operations; uncertainties about our estimated oil, natural gas and natural gas liquids reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production; the concentration of our operations in the Anadarko Basin; difficult and adverse conditions in the domestic and global capital and credit markets; lack of transportation and storage capacity as a result of oversupply, government regulations or other factors; lack of availability of drilling and production equipment and services; potential financial losses or earnings reductions resulting from our commodity price risk management program or any inability to manage our commodity risks; failure to realize expected value creation from property acquisitions and trades; access to capital and the timing of development expenditures; environmental, weather, drilling and other operating risks; regulatory changes, including potential shut-ins or production curtailments mandated by the Railroad Commission of Texas, the Oklahoma Corporation Commission and/or the Kansas Corporation Commission; competition in the oil and natural gas industry; loss of production and leasehold rights due to mechanical failure or depletion of wells and our inability to re-establish their production; our ability to service our indebtedness; any downgrades in our credit ratings that could negatively impact our cost of and ability to access capital; cost inflation; the potential for significant new tariffs and their impact on global oil, natural gas and NGL markets; political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, continued hostilities in the Middle East and other sustained military campaigns, the war in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; and risks related to our ability to expand our business, including through the recruitment and retention of qualified personnel. Please read the Company's filings with the U.S. Securities and Exchange Commission (the 'SEC'), including 'Risk Factors' in the Company's Annual Report on Form 10-K and any additional subsequent reports and other documents on file with the SEC, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. As a result, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
Yahoo
13-03-2025
- Business
- Yahoo
Mach Natural Resources LP Reports Fourth Quarter and Full Year 2024 Financial and Operating Results
OKLAHOMA CITY, March 13, 2025--(BUSINESS WIRE)--Mach Natural Resources LP (NYSE: MNR) ("Mach" or the "Company") today reported financial and operating results for the three and twelve months ended December 31, 2024. In addition, today the Company improved its available free cash flow in 2025 as a result of lowering the midpoint of its interest expense by $22 million. Fourth-Quarter 2024 Highlights Delivered total net production of 86.7 thousand barrels of oil equivalent per day ("Mboe/d") Lease operating expense of $6.17 per barrel of oil equivalent ("Boe") Reported net income and Adjusted EBITDA(1) of $37 million and $162 million, respectively Generated net cash provided by operating activities of $134 million Incurred total development costs of $60 million Successfully integrated two acquisitions of oil and gas assets located in (i) the Anadarko Basin of Kansas and Oklahoma and (ii) the Ardmore Basin of Oklahoma Full-Year 2024 Highlights Delivered total net production of 86.7 Mboe/d Lease operating expense of $5.69 Boe was below the low-end of guidance Reported net income and Adjusted EBITDA(1) of $185 million and $601 million, respectively Generated net cash provided by operating activities of $505 million Incurred total development costs of $239 million, resulting in a reinvestment rate of 47% Paid cash distributions to the Company's unitholders of $310 million, or $3.20 per unit Achieved cash return on capital invested of 25% Reported total proved reserves(3) of 337 million barrels of oil equivalent ("MMBoe") with a present value of SEC proved reserves discounted at 10% ("PV-10") of $1.9 billion (2)(3) Recent Highlights Closed a bolt-on acquisition for a purchase price of approximately $30 million with total proved reserves of 10 MMBoe and a PV-10 of approximately $64 million Completed a public offering (the "Offering") resulting in gross proceeds of $230 million including the fully exercised over-allotment option Proceeds from the Offering were used to partially pay down the Company's term loan, lowering our pro forma net-debt-to-Adjusted-EBITDA ratio from 1.0x at December 31, 2024 to 0.8x Entered into a new revolving credit facility with an initial borrowing base of $750 million Repaid in full and terminated the Company's term loan credit agreement and senior secured revolving credit agreement Declared a quarterly cash distribution of $0.50 per unit for the fourth quarter of 2024 Full-Year 2025 Outlook Plan to invest $260 million to $280 million of total capital for development Forecast full year total net production ranging from 79 MBoe/d to 83 MBoe/d Tom L. Ward, Chief Executive Officer commented, "Everything we do at Mach is calibrated for one purpose: to maximize distributions while maintaining a disciplined reinvestment rate. With this as our measure of success, we are pleased with our 2024 results. We paid $3.20 per unit in distributions and achieved a 24% total shareholder return. With our 5-year CROCI(4) at 32%, we are confident that our return-of-capital strategy positions Mach well to deliver an industry-leading distribution again in 2025." Tom L. Ward continued, "Post year-end, we closed a bolt-on acquisition, executed another successful equity offering, and improved our cost of borrowing by refinancing our term loan with a new revolving credit facility. The combined effect of these three transactions highlights our ongoing ability to generate accretion to our distribution while protecting our strong balance sheet. As we progress into 2025, our four-pillar strategy will continue to guide our decisions, ensuring we are disciplined in our reinvestment and focused on returns." Financial Results Mach reported total revenue and net income of $235 million and $37 million in the fourth quarter of 2024, respectively. For the full year 2024, Mach reported total revenue and net income of $970 million and $185 million, respectively. During the fourth quarter, the average realized price was $70.06 per barrel of oil, $2.31 per thousand cubic feet of natural gas, and $25.82 per barrel of natural gas liquids ("NGLs"). These prices exclude the effects of derivatives. As of December 31, 2024, Mach had a cash balance of $106 million and a pro forma net-debt-to-Adjusted-EBITDA ratio of 1.0x. Operational Results During the fourth quarter of 2024, Mach achieved average oil equivalent production of 86.7 Mboe/d, which consisted of 24% oil, 52% natural gas, and 24% NGLs. Also, for the fourth quarter of 2024, Mach's production revenues from oil, natural gas, and NGLs sales totaled $241 million, comprised of 56% oil, 24% natural gas, and 20% NGLs. The Company spud 11 gross (9 net) operated wells and brought online 10 gross (8 net) operated wells in the fourth quarter of 2024. As of December 31, 2024, the Company had 6 gross (5 net) operated wells in various stages of drilling and completion. Mach's lease operating expense in the fourth quarter of 2024 was $49 million, or $6.17 per Boe. Mach incurred $27 million, or $3.36 per Boe, of gathering and processing expenses in the fourth quarter of 2024. Furthermore, during the fourth quarter of 2024, production taxes as a percentage of oil, natural gas, and NGL sales were approximately 4.9%, midstream operating profit was approximately $4 million, general and administrative expenses—excluding equity-based compensation of $2 million—was $8 million, and interest expense was $24 million. In the fourth quarter of 2024, Mach's total development costs were $60 million, including $56 million of upstream capital and $4 million of other capital (including midstream and land). Year-End SEC Reserves At December 31, 2024, Mach's total estimated SEC proved reserves(3) were 337 MMBoe, comprised of 53% natural gas, 27% NGLs and 20% oil. The PV-10(2) was $1.9 billion at December 31, 2024. Distributions The Company's quarterly cash distribution for the fourth quarter of 2024 of $0.50 per unit was announced February 13, 2025. The quarterly cash distribution is to be paid on March 13, 2025, to the Company's unitholders of record as of the close of trading on February 27, 2025. 2025 Outlook Mach previously announced its 2025 outlook on November 12, 2024. Today the Company reaffirmed the operational portion of its outlook and lowered the interest expense midpoint by $22 million. In 2025, the Company plans to spend $260 million to $280 million in total capital for development, while upholding Mach's targeted reinvestment rate of no more than 50% of operating cash flow. The 2025 forecast for total production is expected to range between 79 MBoe/d to 83 MBoe/d. Additional details of Mach's forward-looking guidance are available on the Company's website at Conference Call and Webcast Information Mach will host a conference call and webcast at 8:00 a.m. Central (9:00 a.m. Eastern) on Friday, March 14, 2025, to discuss its fourth quarter 2024 results. Supplemental slides will be posted to the Company's website. Participants can access the conference call by dialing 877-407-2984. A webcast link to the conference call will be provided on the Company's website at A replay will also be available on the Company's website following the call. 1 Adjusted EBITDA is a non-GAAP measure. Mach has defined this measure and provided reconciliations of this non-GAAP measure to its most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP") at the conclusion of this press release under "Non-GAAP Financial Measures and Disclosures." 2 PV-10 is a non-GAAP financial measure and represents the present value of estimated future cash inflows from proved oil and gas reserves, less future development and production costs, discounted at 10% per annum to reflect the timing of future cash flows. For more information on PV-10 and Standardized Measure, see "Non-GAAP Financial Measures and Disclosures" at the conclusion of this press release. 3 Mach's estimated net proved reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC regulations. The unweighted arithmetic average first-day-of-the-month prices for the prior 12 months were $78.22 per barrel for oil and $2.64 per MMBtu for natural gas at December 31, 2024. These base prices were adjusted for differentials on a per-property basis, which may include local basis differentials, fuel costs and shrinkage. 4 CROCI is a non-GAAP financial measure. For more information on CROCI, see "Non-GAAP Financial Measures and Disclosures" at the conclusion of this press release. About Mach Natural Resources LP Mach Natural Resources LP 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. For more information, please visit Non-GAAP Financial Measures and Disclosures This press release includes non-GAAP financial measures. Pursuant to regulatory disclosure requirements, Mach is required to reconcile non-GAAP financial measures to the related GAAP information (GAAP refers to generally accepted accounting principles). Reconciliations of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures, along with other financial and operational disclosures, are also within the supplemental tables that are available on the Company's website at and in the related Form 10-K filed with the Securities and Exchange Commission (the "SEC"). Adjusted EBITDA(1) We include in this press release the supplemental non-GAAP financial performance measure Adjusted EBITDA and provide our calculation of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, our most directly comparable financial measures calculated and presented in accordance with GAAP. We define Adjusted EBITDA as net income before (1) interest expense, net, (2) depreciation, depletion, amortization and accretion, (3) unrealized (gain) loss on derivative instruments, (4) equity-based compensation expense, (5) credit losses, and (6) (gain) loss on sale of assets. Adjusted EBITDA is used as a supplemental financial performance measure by our management and by external users of our financial statements, such as industry analysts, investors, lenders, rating agencies and others, to more effectively evaluate our operating performance and our results of operation from period to period and against our peers without regard to financing methods, capital structure or historical cost basis. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as indicators of our operating performance. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our results will be unaffected by unusual items. Our computations of Adjusted EBITDA may not be identical to other similarly titled measures of other companies. Reconciliation of GAAP Financial Measures to Adjusted EBITDA Three MonthsEndedDecember 31, Twelve MonthsEndedDecember 31, ($ in thousands) 2024 2024 Net Income Reconciliation to Adjusted EBITDA: Net income $ 36,517 $ 185,179 Interest expense, net 23,629 100,179 Depreciation, depletion, amortization and accretion 69,859 270,967 Unrealized (gain) loss on derivative instruments 30,330 36,311 Equity-based compensation expense 1,782 6,531 Credit losses 350 2,240 (Gain) Loss on sale of assets (337 ) (686 ) Adjusted EBITDA $ 162,130 $ 600,721 PV-10 and Standardized Measure (2) Certain of our oil and natural gas reserve disclosures included in this Annual Report are presented on a PV-10 basis. PV-10 is a non-GAAP financial measure and represents the estimated present value of the future cash flows less future development and production costs from our proved reserves before income taxes, discounted using a 10% discount rate. PV-10 of proved reserves generally differs from the standardized measure of discounted future net cash flows from production of proved oil and natural gas reserves (the "Standardized Measure"), the most directly comparable GAAP financial measure, because it does not include the effects of future income taxes, as is required under GAAP in computing the Standardized Measure. The Company is a limited partnership treated as a partnership for federal and state income tax purposes, and accordingly is not subject to entity level taxation. However, the Company does pay franchise taxes in the state of Texas, which are represented as income taxes in the calculation of the Company's Standardized Measure. The impact of these taxes was approximately $1 million. We believe that the presentation of a pre-tax PV-10 value provides relevant and useful information because it is widely used by investors and analysts as a basis for comparing the relative size and value of our proved reserves to other oil and natural gas companies. Because many factors that are unique to each individual company may impact the amount and timing of future income taxes, the use of PV-10 value provides greater comparability when evaluating oil and natural gas companies. The PV-10 value is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of proved oil and gas reserves. However, the definition of PV-10 value as defined above may differ significantly from the definitions used by other companies to compute similar measures. As a result, the PV-10 value as defined may not be comparable to similar measures provided by other companies. Investors should be cautioned that neither PV-10 nor Standardized Measure of proved reserves represents an estimate of the fair market value of our proved reserves. We and others in the industry use PV-10 as a measure to compare the relative size and value of estimated reserves held by companies without regard to the specific tax characteristics of such entities. Cash Return on Capital Invested ("CROCI") (4) CROCI is defined as cash flow from operations plus interest expense, divided by the average of both the prior and current year's total current assets less cash and cash equivalents less total current liabilities plus the current portion of long-term debt plus proved oil and natural gas properties plus other property, plant and equipment plus other assets. CROCI is presented based on our management's belief that this non-GAAP measure is useful information to investors when evaluating our profitability and the efficiency with which management has employed capital over time. CROCI is not a measure of financial performance under GAAP and should not be considered an alternative to net income, as defined by GAAP. Cautionary Note Regarding Forward-Looking Statements This release contains statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. All statements, other than statements of historical fact included in this release regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this release, words such as "may," "assume," "forecast," "could," "should," "will," "plan," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget" and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current belief, based on currently available information as to the outcome and timing of future events at the time such statement was made. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These include, but are not limited to, commodity price volatility; the impact of epidemics, outbreaks or other public health events, and the related effects on financial markets, worldwide economic activity and our operations; uncertainties about our estimated oil, natural gas and natural gas liquids reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production; the concentration of our operations in the Anadarko Basin; difficult and adverse conditions in the domestic and global capital and credit markets; lack of transportation and storage capacity as a result of oversupply, government regulations or other factors; lack of availability of drilling and production equipment and services; potential financial losses or earnings reductions resulting from our commodity price risk management program or any inability to manage our commodity risks; failure to realize expected value creation from property acquisitions and trades; access to capital and the timing of development expenditures; environmental, weather, drilling and other operating risks; regulatory changes, including potential shut-ins or production curtailments mandated by the Railroad Commission of Texas, the Oklahoma Corporation Commission and/or the Kansas Corporation Commission; competition in the oil and natural gas industry; loss of production and leasehold rights due to mechanical failure or depletion of wells and our inability to re-establish their production; our ability to service our indebtedness; any downgrades in our credit ratings that could negatively impact our cost of and ability to access capital; cost inflation; political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, continued hostilities in the Middle East and other sustained military campaigns, the war in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing attacks, ransomware, social engineering, physical breaches or other actions; and risks related to our ability to expand our business, including through the recruitment and retention of qualified personnel. Please read the Company's filings with the SEC, including "Risk Factors" in the Company's Annual Report on Form 10-K, which is on file with the SEC, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. As a result, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. View source version on Contacts FOR FURTHER INFORMATION, PLEASE CONTACT: Mach Natural Resources LPInvestor Relations Contact: ir@
