蒙茅斯房地產投資公布2026年第二季業績 總收入4.059億美元按年增41%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______
Commission file number 001-41849
Mach Natural Resources LP
(Exact name of registrant as specified in its charter)

Delaware93-1757616
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

14201 Wireless Way, Suite 300, Oklahoma City, Oklahoma
73134
(Address of Principal Executive Offices)(Zip Code)

(405) 252-8100
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common UnitsMNRNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated fileroAccelerated filerx
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyx

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x
The registrant had 166,948,094 common units outstanding as of July 31, 2026.

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TABLE OF CONTENTS

Page

Part I - Financial Information
1

Item 1. Financial Statements
1

Consolidated Balance Sheets
1

Consolidated Statements of Operations
2

Consolidated Statements of Partners’ Capital
3

Consolidated Statements of Cash Flows
4

Notes to Consolidated Financial Statements
5

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
30

Item 3. Quantitative and Qualitative Disclosures About Market Risk
41

Item 4. Controls and Procedures
43

Part II - Other Information
44

Item 1. Legal Proceedings
44

Item 1A. Risk Factors
44

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
44

Item 3. Defaults Upon Senior Securities
44

Item 4. Mine Safety Disclosures
44

Item 5. Other Information
44

Item 6. Exhibits
44

Signatures
46

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DEFINITIONS
“Adjusted EBITDA.” Net income before (1) interest expense, net, (2) depreciation, depletion, amortization and accretion, (3) unrealized loss (gain) on derivative instruments, (4) loss on debt extinguishment (5) equity-based compensation expense and (6) (gain) loss on sale of assets, net.
“Basin.” A large natural depression on the earth’s surface in which sediments generally brought by water accumulate.
“Bbl.” One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate or NGL.
“Bbtu.” One billion Btu.
“BCE” or “Sponsor.” Investment funds managed by Bayou City Energy Management LLC and affiliates thereof.
“BCE-Mach.” BCE-Mach LLC, a Delaware limited liability company.
“BCE-Mach II.” BCE-Mach II LLC, a Delaware limited liability company.
“BCE-Mach III.” BCE-Mach III LLC, a Delaware limited liability company.
“BCE-Mach Aggregator.” BCE-Mach Aggregator LLC, a Delaware limited liability company.
“Boe.” One barrel of oil equivalent, converting natural gas to oil at the ratio of 6 Mcf of natural gas to one Bbl of oil.
“British Thermal Unit” or “Btu.” The quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.
“Completion.” The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.
“Field.” An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations. For a complete definition of field, refer to the SEC’s Regulation S-X, Rule 4-10(a)(15).
“Formation.” A layer of rock which has distinct characteristics that differs from nearby rock.
“Holdco.” Mach Natural Resources Holdco LLC, a Delaware limited liability company.
“Intermediate.” Mach Natural Resources Intermediate LLC, a Delaware limited liability company.
“Lease operating expense.” The expenses of lifting oil or natural gas from a producing formation to the surface, constituting part of the current operating expenses of a working interest, and also including labor, superintendence, supplies, repairs, short-lived assets, maintenance, allocated overhead costs, workover, ad valorem taxes, insurance and other expenses incidental to production, but excluding lease acquisition or drilling or completion expenses.
“Mach Resources.” Mach Resources LLC.
“MBbl.” One thousand barrels of crude oil, condensate or NGLs.
“MBoe.” One thousand Boe.
“MBoe/d.” One thousand Boe per day.
“Mcf.” One thousand cubic feet of natural gas.
“MMBtu.” One million Btu.
“MMcf.” One million cubic feet of natural gas.
“MMcf/d.” One million cubic feet of natural gas per day.
“Net wells.” The percentage of gross wells an owner has. An owner who has a 50% interest in 100 gross wells owns 50 net wells.
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“New Credit Agreement.” Refers to the senior secured revolving credit agreement, dated as of February 27, 2025, among the Company, the lenders party thereto, and Truist Bank as administrative agent.
“NGLs.” Hydrocarbons found in natural gas which may be extracted as liquefied petroleum gas and natural gasoline.
“NYMEX.” The New York Mercantile Exchange.
“OPEC +.” Organization of the Petroleum Exporting Countries.
“Partnership agreement.” The Amended and Restated Agreement of Limited Partnership of Mach Natural Resources LP.
“Proved reserves.” Proved oil and natural gas reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible — from a given date forward from known reservoirs, and under existing economic conditions, operating methods and government regulations — prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. For a complete definition of proved crude oil and natural gas reserves, refer to the SEC’s Regulation S-X, Rule 4-10(a)(22).
“Proved undeveloped reserves (“PUD”).” Proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion. Undrilled locations can be classified as having proved undeveloped reserves only if a development plan has been adopted indicating that such locations are scheduled to be drilled within five years unless specific circumstances justify a longer time.
“PV-10.” When used with respect to oil and natural gas reserves, PV-10 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. Calculation of PV-10 does not give effect to derivatives transactions. Our PV-10 has historically been computed on the same basis as our Standardized Measure, the most comparable measure under GAAP. PV-10 is not a financial measure calculated or presented in accordance with GAAP and generally differs from Standardized Measure, the most directly comparable GAAP financial measure, because it does not include the effects of either well abandonment costs or income taxes on future net revenues. Neither PV-10 nor Standardized Measure represents an estimate of the fair market value of our oil and natural gas properties. We and others in the industry use PV-10 as a measure to compare the relative size and value of proved reserves held by companies without regard to the specific tax characteristics of such entities.
“Recompletion.” The process of re-entering an existing wellbore that is either producing or not producing and completing reservoirs in an attempt to establish or increase existing production.
“Reservoir.” A porous and permeable underground formation containing a natural accumulation of producible oil and/or natural gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs.
“Revolving Credit Agreement.” Refers to the senior secured revolving credit agreement, dated as of December 28, 2023, among the Company, the lenders party thereto, and MidFirst Bank as administrative agent.
“Standardized Measure.” Standardized Measure is our standardized measure of discounted future net cash flows, which is prepared using assumptions required by the Financial Accounting Standards Board. Such assumptions include the use of 12-month average prices for oil and gas, based on the first-day-of-the-month price for each month in the period, and year end costs for estimated future development and production expenditures to produce year-end estimated proved reserves. Discounted future net cash flows are calculated using a 10% rate. No provision is included for federal income taxes since our future net cash flows are not subject to taxation. However, our operations are subject to the Texas franchise tax. Estimated well abandonment costs, net of salvage values, are deducted from the standardized measure using year-end costs and discounted at the 10% rate. The standardized measure does not represent management’s estimate of our future cash flows or the value of proved oil and natural gas reserves. Probable and possible reserves, which may become proved in the future, are excluded from the calculations. Furthermore, prices used to determine the standardized measure are influenced by supply and demand as effected by recent economic conditions as well as other factors and may not be the most representative in estimating future revenues or reserve data.
“Term Loan Credit Agreement.” Refers to the senior secured term loan credit agreement, dated as of December 28, 2023, among the Company, the lenders party thereto, Texas Capital Bank, as agent, and Chambers Energy Management, LP, as the arranger.
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“Wellbore.” The hole drilled by the bit that is equipped for oil and natural gas production on a completed well. Also called well or borehole.
“Working interest.” The right granted to the lessee of a property to explore for and to produce and own oil and natural gas or other minerals. The working interest owners bear the exploration, development, and operating costs on either a cash, penalty, or carried basis.
“Workover.” Operations on a producing well to restore or increase production.
“WTI.” West Texas Intermediate.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information in this Quarterly Report on Form 10-Q contains or incorporates by reference information that includes or is based upon “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this Quarterly Report 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 Quarterly Report, 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. When considering forward-looking statements, you should keep in mind the risk factors included in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this Quarterly Report. All forward-looking statements speak only as of the date of this Quarterly Report.
Forward-looking statements may include statements about:
•our business strategy;
•our estimated proved reserves;
•our ability to distribute cash available for distribution and achieve or maintain certain financial and operational metrics;
•our drilling prospects, inventories, projects and programs;
•general economic conditions;
•actions taken by OPEC + as it pertains to the global supply and demand of, and prices for, oil, natural gas and NGLs;
•our ability to replace the reserves we produce through drilling and property acquisitions;
•our financial strategy, leverage, liquidity and capital required for our development program;
•our pending legal or environmental matters;
•our realized oil and natural gas prices;
•the timing and amount of our future production of natural gas;
•our hedging strategy and results;
•our competition and government regulations;
•our ability to obtain permits and governmental approvals;
•our marketing of natural gas;
•our leasehold or business acquisitions;
•our costs of developing our properties;
•credit markets;
•our decline rates of our oil and natural gas properties;
•uncertainty regarding our future operating results; and
•our plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.
We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development and production of oil, natural gas and NGL. We disclose important factors that could cause our actual results to differ materially from our expectations as described under “Risk Factors” included in Part I, Item 1A in our Annual Report for the year ended December 31, 2025. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:
•commodity price volatility;
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•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 NGL reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production;
•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.
Reserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, our reserve and PV-10 estimates may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered.
Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.
All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.
Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.
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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MACH NATURAL RESOURCES LP
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)

June 30,
2026December 31,
2025
ASSETS
Current assets:

Cash and cash equivalents
$41,187 $42,633 
Accounts receivable – joint interest and other, net58,272 70,167 
Accounts receivable – oil, gas, and NGL sales
157,027 160,249 
Short-term derivative assets
976 42,506 
Inventories
42,373 43,511 
Other current assets
16,825 18,886 
Total current assets
316,660 377,952 
Oil and natural gas properties, using the full cost method:

Proved oil and natural gas properties
4,166,040 4,017,896 
Less: accumulated depreciation, depletion and amortization
(1,055,045)(879,253)
Oil and natural gas properties, net
3,110,995 3,138,643 
Other property, plant and equipment
239,833 230,265 
Less: accumulated depreciation
(43,864)(35,511)
Other property, plant and equipment, net
195,969 194,754 
Long-term derivative assets
227 12,492 
Other assets
30,119 34,001 
Operating lease assets
21,282 19,466 
Total assets
$3,675,252 $3,777,308 
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:

Accounts payable
$81,722 $68,706 
Accounts payable – related party
212 915 
Accrued liabilities
92,962 115,565 
Revenue payable
172,542 167,829 
Short-term derivative liabilities
5,435 — 
Current portion of operating lease liabilities
8,857 6,906 
Total current liabilities
361,730 359,921 
Long-term debt
1,169,989 1,144,056 
Asset retirement obligations
273,719 261,856 
Long-term derivative liabilities
5,812 2,962 
Long-term portion of operating leases
12,530 12,645 
Other long-term liabilities
7,731 6,479 
Total long-term liabilities
1,469,781 1,427,998 
Commitments and contingencies (Note 10)

Partners’ capital:

Partners’ capital1,843,741 1,989,389 
Total liabilities and partners’ capital
$3,675,252 $3,777,308 

The accompanying notes are an integral part of these financial statements.
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MACH NATURAL RESOURCES LP
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per common unit data)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenue

Oil, natural gas, and NGL sales
$366,852 $219,412 $732,398 $472,138 
Gain (loss) on oil and natural gas derivatives
23,485 55,579 (73,414)14,886 
Midstream revenue
9,384 6,257 18,993 12,387 
Product sales
6,234 7,269 13,903 15,874 
Total revenues
405,955 288,517 691,880 515,285 

Operating expenses

Gathering and processing
47,968 31,784 107,239 59,945 
Lease operating expense
97,724 49,566 198,656 98,318 
Production taxes
18,538 10,496 35,105 23,270 
Midstream operating expense
4,954 3,200 10,110 6,170 
Cost of product sales
5,402 6,274 12,186 14,261 
Depreciation, depletion, amortization and accretion – oil and natural gas
93,887 64,340 187,891 125,525 
Depreciation and amortization – other
4,342 2,758 8,511 5,158 
General and administrative
8,821 6,952 15,722 15,969 
General and administrative – related party
1,850 1,850 3,700 3,700 
Total operating expenses
283,486 177,220 579,120 352,316 
Income from operations
122,469 111,297 112,760 162,969 

Other (expense) income

Interest expense
(24,515)(12,140)(48,932)(30,034)
Loss on debt extinguishment
— — — (18,540)
Other income (expense), net
259 (9,496)(653)(8,848)
Total other expense
(24,256)(21,636)(49,585)(57,422)
Net income
$98,213 $89,661 $63,175 $105,547 
Net income per common unit:
Basic$0.59 $0.76 $0.38 $0.92 
Diluted$0.58 $0.76 $0.38 $0.92 
Weighted average common units outstanding:
Basic167,544 118,336 167,928 115,248 
Diluted168,026 118,389 168,241 115,313 

The accompanying notes are an integral part of these financial statements.
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MACH NATURAL RESOURCES LP
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (UNAUDITED)
(in thousands)

Common UnitsPartners’ Capital
Balance at December 31, 2024103,490 $1,199,046 
Net income— 15,886 
Distributions to unitholders— (59,729)
Equity compensation— 2,112 
Vesting of phantom units, net of units withheld for withholding taxes6 (69)
Common units issued in the public offering, net of underwriting fees and offering expenses14,839 221,115 
Balance at March 31, 2025118,335 $1,378,361 
Net income— $89,661 
Distributions to unitholders— (94,359)
Equity compensation— 2,103 
Vesting of phantom units, net of units withheld for withholding taxes1 (15)
Common units issued in the public offering, net of underwriting fees and offering expenses— (56)
Balance at June 30, 2025118,336 $1,375,695 

Balance at December 31, 2025168,207 $1,989,389 
Net income— (35,038)
Distributions to unitholders— (90,217)
Equity compensation— 3,549 
Vesting of phantom units, net of units withheld for withholding taxes12 (118)
Common units cancelled in IKAV acquisition final settlement (Note 3)(1,422)(19,047)
Balance at March 31, 2026166,797 $1,848,518 
Net income— $98,213 
Distributions to unitholders— (108,057)
Equity compensation— 3,413 
Vesting of phantom units, net of units withheld for withholding taxes5 (37)
Common units issued in the at-the-market offering, net of expenses129 1,691 
Balance at June 30, 2026166,931 $1,843,741 

The accompanying notes are an integral part of these financial statements.
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MACH NATURAL RESOURCES LP
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)

Six Months Ended June 30,
20262025
Cash flows from operating activities
Net income$63,175 $105,547 
Adjustments to reconcile net income to cash provided by operating activities
Depreciation, depletion, amortization and accretion196,402 130,683 
Loss (gain) on derivative instruments73,414 (14,886)
Loss on debt extinguishment— 18,540 
Cash (payments) receipts on settlement of derivative contracts, net(3,912)9,821 
Debt issuance costs amortization3,374 2,363 
Equity based compensation6,962 4,215 
Adjustments to expected credit losses618 125 
(Gain) on sale of assets(175)(167)
Settlement of asset retirement obligations(416)(287)
Changes in operating assets and liabilities (decreasing) increasing cash:
Accounts receivable10,174 28,679 
Revenue payable3,157 (10,314)
Accounts payable and accrued liabilities(27,191)10,653 
Inventories, other assets and other liabilities(1,615)(12,312)
Net cash provided by operating activities323,967 272,660 

Cash flows from investing activities
Capital expenditures for oil and natural gas properties(145,816)(110,118)
Capital expenditures for other property and equipment(9,598)(3,793)
Acquisition of assets(2,728)(101,375)
Proceeds from sales of oil and natural gas properties2,089 2,678 
Proceeds from sales of other property and equipment47 217 
Net cash used in investing activities(156,006)(212,391)

Cash flows from financing activities
Proceeds from issuance of common units, net of expenses1,691 221,060 
Repayments of borrowings on term note— (763,125)
Payments of debt extinguishment costs— (7,741)
Proceeds from borrowings on credit facilities270,000 693,000 
Repayments of borrowings on credit facilities(245,000)(128,000)
Debt issuance costs— (14,695)
Distributions to unitholders(195,943)(152,683)
Withholding taxes paid on vesting of phantom units(155)(84)
Net cash used in financing activities(169,407)(152,268)
Net (decrease) in cash and cash equivalents(1,446)(91,999)
Cash and cash equivalents, beginning of period42,633 105,776 
Cash and cash equivalents, end of period$41,187 $13,777 

The accompanying notes are an integral part of these financial statements.
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MACH NATURAL RESOURCES LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.Organization and Nature of Business

Mach Natural Resources LP (the “Company”) is a Delaware limited partnership that was formed for the purpose of effectuating an initial public offering (the “Offering”) that closed in October 2023. The Company’s common units representing limited partnership interests (the “common units”) are listed on The New York Stock Exchange under the symbol “MNR.” The Company is an independent upstream oil and gas company focused on the acquisition, development and production of oil, natural gas and natural gas liquid (“NGL”) reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas and the panhandle of Texas; the San Juan Basin region of New Mexico and Colorado; and the Permian Basin region of West Texas.
The Company is a holding partnership whose sole material asset consists of membership interests in Mach Natural Resources Intermediate LLC (“Intermediate”), which owns each of the Company’s operating subsidiaries.
The Company’s operations are governed by the provisions of its partnership agreement, executed by its general partner, Mach Natural Resources GP LLC (the “General Partner”) and