Tom Ward-led (Chesapeake/SandRidge co-founder) upstream MLP concentrated in the Anadarko/Mid-Continent, pursuing a conventional, low-decline, cash-return model rather than growth. Transformative 2025 M&A — Sabinal Energy (western Anadarko), IKAV (San Juan gas), and Flatrock (Ardmore) — lifted total proved reserves 109% to 705 MMboe and pushed Q4 2025 production to ~154 Mboe/d (~17% oil, 68% gas, 15% NGL).
FY2025: revenue ~$1.18B, adjusted EBITDA ~$593M, net income ~$143M, operating cash flow $507M against $252M capex. Distributed $1.94/unit (~15% yield), the highest among E&P peers. Balance sheet carries ~$705M drawn on a $1.0B RBL (net debt ~$662M, ~1.1x EBITDA) with $43M cash; PV-10 of proved reserves ~$3.1B. Flags: variable distribution is prices-dependent, gas-heavy reserve base, and acquisition-driven leverage/integration exposure.
Its EV/EBITDA of 5.6x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 11.6% is higher than the 6.5% median, and at $4.75/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Mach Natural Resources LP scores 58/100, strongest on growth (82/100). Sub-scores: value 74, quality 48, growth 82, risk 62 (higher = riskier).
Mach Natural Resources LP holds approximately 0.7 billion boe of proved (1P) reserves with FY2025 production of about 115 thousand boe/d (31% liquids), a reserve life of roughly 16.8 years. Break-even: ~$45 (WTI FCF breakeven) — Low-decline conventional Mid-Continent base plus disciplined ~47% reinvestment rate keeps corporate free-cash-flow breakeven in the mid-$40s WTI; below that the variable distribution absorbs the shortfall rather than the balance sheet.
Using Mach Natural Resources LP's SEC-disclosed after-tax standardized measure of proved reserves ($3.1bn) less net debt ($1.1bn) gives an equity-NAV floor of about $2.0bn — the current market capitalisation sits +11% versus that floor. Disclosed pre-tax PV-10: $3.1bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Anadarko Basin core | United States | Oil & Gas | Legacy low-decline conventional acreage across OK, TX Panhandle, KS |
| Sabinal Energy assets | United States | Oil & Gas | 2025 acquisition, western Anadarko oil-weighted |
| IKAV / San Juan Basin | United States | Gas | 2025 acquisition, mature low-decline gas |
| Flatrock / Ardmore Basin | United States | Oil & Gas | 2025 acquisition, southern Oklahoma |
| Marietta Basin | United States | Oil | Conventional oil in southern OK |
| Mississippian / Woodford stacked pay | United States | Gas | Multi-zone Mid-Continent gas |
| Owned gathering & SWD infrastructure | United States | Infrastructure | Midstream/water assets reduce operating cost |
| Oswego / Meramec conventional oil | United States | Oil | Shallow conventional oil targets |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 72 | 84 | 88 | 81 | 115 |
| Proved reserves (bnboe) | 0.14 | 0.18 | 0.20 | 0.34 | 0.70 |
| Revenue ($bn) | 0.4 | 0.9 | 0.8 | 1.0 | 1.2 |
| EBITDA ($bn) | 0.3 | 0.6 | 0.5 | 0.6 | 0.6 |
| Net income ($bn) | 0.1 | 0.4 | 0.1 | 0.2 | 0.1 |
| Free cash flow ($bn) | 0.1 | 0.3 | 0.2 | 0.3 | 0.3 |
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✓ FY2025 figures verified against primary sources: