Tearsheet

Mach Natural Resources (MNR)

Market Price (6/11/2026): $13.43 | Market Cap: $2.3 BilSector: Energy | Industry: Oil & Gas Exploration & Production

Mach Natural Resources (MNR)

Market Price (6/11/2026): $13.43
Market Cap: $2.3 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%

Low stock price volatility
Vol 12M is 28%

Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies.

Weak multi-year price returns
2Y Excs Rtn is -36%

Key risks
MNR key risks include [1] recent net losses, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%
2	Low stock price volatility Vol 12M is 28%
3	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US Oilfield Technologies.
4	Weak multi-year price returns 2Y Excs Rtn is -36%
5	Key risks MNR key risks include [1] recent net losses, Show more.

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	6/11/26	2025	2024	2023	2022
Share Price			$13.43	$11.04	$17.18	$16.49	�
Mkt Cap ($ Bil)			2.3	1.9	1.8	1.6	-
+ Debt ($ Bil)			1.2	1.2	0.8	0.8	0.1
- Cash ($ Bil)			0.1	0.0	0.1	0.2	0.0
TEV ($ Bil)			3.4	3.1	2.6	2.4
Valuation Ratios
P/S	1.5	1.5	-	1.6	1.8	2.1	-
P/EBIT	4.1	4.0	-	8.7	6.1	4.4	-
P/E	9.7	13.1	-	6.5	4.8	3.8	-
P/FCF	—	—	-	7.9	6.2	8.9	-
Sector Ratios (* = sector average)
P/S *			1.7	1.4	1.5	1.6	1.3
P/EBIT *			7.8	6.9	6.7	5.9	4.1
P/E *			10.1	10.6	10.3	8.3	5.8
P/FCF *			10.2	7.9	6.9	7.6	5.3

FYE: 12/31	Forward FYE		Now
	2027	2026	6/11/26
Share Price			$13.43
Mkt Cap ($ Bil)			2.3
+ Debt ($ Bil)			1.2
- Cash ($ Bil)			0.1
TEV ($ Bil)			3.4
Valuation Ratios
P/S	1.5	1.5	-
P/EBIT	4.1	4.0	-
P/E	9.7	13.1	-
P/FCF	—	—	-
Sector Ratios (* = sector average)
P/S *			1.7
P/EBIT *			7.8
P/E *			10.1
P/FCF *			10.2

FYE: 12/31	MNR [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$1.2 Bil	—
FY 2026 Sales	$1.5 Bil	—
FY 2027 Sales	$1.5 Bil	—
FY 2026 Sales Growth	22.1%	—
FY 2027 Sales Growth	-3.0%	7.7%
EARNINGS
LTM Net Income (GAAP) [3]	$235.0 Mil	—
FY 2026 Net Income (Non-GAAP)	$172.6 Mil	—
FY 2027 Net Income (Non-GAAP)	$233.4 Mil	—
FY 2027 Net Income Growth	35.3%	14.6%
FY 2026 EPS (Non-GAAP)	$1.31	—
FY 2027 EPS (Non-GAAP)	$1.41	—
FY 2027 EPS Growth	7.4%	—
VALUATION
FY 2026 P/S	1.5	3.3
FY 2027 P/S	1.5	—
FY 2026 P/E	13.1	20.4
FY 2027 P/E	9.7	—

[1] MNR forward figures are Financial Modeling Prep analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

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Metric	Value	Date	Source
Average Daily Net Production	94.0 thousand barrels of oil equivalent per day	9302025	Link
Gross Operated Producing Wells	12,600	9302025	Link
Total Estimated SEC Proved Reserves	337 MMBoe	12312024	Link
Net Acres	2,800,000	9302025	Link
Operated Wells Spud (Gross)	5	9302025	Link
Operated Wells Brought Online (Gross)	3	9302025	Link
Hedged Percentage of Natural Gas Production for 2026	60%	11072025	Link

Price Chart

Upcoming
8/06/2026	Earnings Release	Rev: $388 Mil (E) EPS: $0.30 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 6/1/2026

Mach Natural Resources (MNR) stock has gained about 15% since 2/28/2026 because of the following key factors:

1. Favorable Macroeconomic Environment Driven by Soaring Crude Oil Prices. Military actions in the Middle East starting February 28, 2026, and the subsequent closure of the Strait of Hormuz, led to a significant increase in crude oil prices. Brent crude front-month futures prices surged approximately 65% since February 28, 2026, to reach $118 per barrel by the end of fiscal Q1 2026, up from $61 per barrel at the start of the quarter. This created a highly beneficial pricing environment for oil and gas producers like Mach Natural Resources.

2. Robust Operational Cash Flow Despite Reported Net Loss. Despite reporting a net loss of $35 million in fiscal Q1 2026 (ended March 31, 2026), primarily due to a $96.9 million loss on derivative contracts, Mach Natural Resources demonstrated strong underlying operational performance by generating $194.6 million in Adjusted EBITDA during the same quarter. This indicated a healthy ability to generate cash from its core operations.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

2/28/2026 to 6/10/2026

	Return	Correlation
MNR	13.5%
Market (SPY)	6.0%	-22.4%
Sector (XLE)	4.8%	38.9%

Fundamental Drivers

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Market Drivers

11/30/2025 to 6/10/2026

	Return	Correlation
MNR	30.2%
Market (SPY)	6.8%	-7.6%
Sector (XLE)	30.7%	45.3%

Fundamental Drivers

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Market Drivers

5/31/2025 to 6/10/2026

	Return	Correlation
MNR	21.4%
Market (SPY)	24.5%	2.3%
Sector (XLE)	47.5%	49.8%

Fundamental Drivers

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Market Drivers

5/31/2023 to 6/10/2026

	Return	Correlation
MNR
Market (SPY)	80.4%	25.4%
Sector (XLE)	67.7%	46.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
MNR Return	-	-	-10%	23%	-26%	39%	14%
Peers Return	168%	49%	8%	-13%	-2%	33%	385%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
MNR Win Rate	-	-	33%	75%	50%	80%
Peers Win Rate	79%	56%	62%	42%	58%	73%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
MNR Max Drawdown	-	-	-	-23%	-31%	-15%
Peers Max Drawdown	-23%	-34%	-22%	-34%	-30%	-14%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: DVN, PR, FANG, CHRD, COP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/10/2026 (YTD)

Event	MNR	S&P 500
2025 US Tariff Shock
% Loss	-17.8%	-18.8%
% Gain to Breakeven	21.6%	23.1%
Time to Breakeven	58 days	79 days

Compare to DVN, PR, FANG, CHRD, COP

In The Past

Mach Natural Resources's stock fell -17.8% during the 2025 US Tariff Shock. Such a loss loss requires a 21.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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Event

Compare to DVN, PR, FANG, CHRD, COP

In The Past

Mach Natural Resources's stock fell -17.8% during the 2025 US Tariff Shock. Such a loss loss requires a 21.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Mach Natural Resources (MNR)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

We are 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. Our experienced management team, led by industry veteran Tom L. Ward, possesses deep operational and industry experience, particularly in Oklahoma and the Anadarko Basin. We leverage our extensive experience to identify the most attractive exploitation and development opportunities and optimize the production of current wells, efficiently drill our existing inventory of undeveloped locations and identify attractive low-risk acquisition opportunities. Our partnership agreement requires us to distribute all of our cash on hand at the end of each quarter, less reserves established by our general partner, which we refer to as “available cash.” We believe the lower decline nature of our Legacy Producing Assets (as defined below) and large inventory of horizontal drilling locations with average royalty burdens of less than 25%, coupled with our lower cash operating costs and owned midstream infrastructure, will support our ability to make cash distributions to our unitholders. We expect to maintain a conservative capital structure with the long-term goal of remaining substantially debt free. Nevertheless, our quarterly cash distributions may vary from quarter to quarter as a direct result of variations in the performance of our business, including those caused by fluctuations in commodity prices. Any such variations may be significant, and as a result, we may pay limited or even no cash distributions to our unitholders. We seek to maximize cash distributions to unitholders through a combination of the development of our existing properties, primarily using our cash flow from operating activities, and the acquisition of producing properties. Our current acreage position in the Anadarko Basin is characterized as oil-rich with considerable natural gas content, notable historical production, low decline rates and average royalty burdens of less than 25%. Through a series of acquisitions since our inception, we have accumulated an acreage position consisting of approximately 936,000 net acres, of which 99% is held by production, and over 2,000 identified horizontal drilling locations, of which more than 750 of these are located in the Oswego formation, a prolific reservoir in north-central Oklahoma. We consider our large inventory of horizontal drilling locations to be low-risk based on information gained from the large number of existing wells in the area, industry activity surrounding our acreage, and the consistent and predictable geology surrounding our positions. We believe the combination of our large inventory of low-risk drilling locations with the low decline production profile of our Legacy Producing Assets leads to a sustainable production profile. We focus on controlling costs and maintaining financial discipline, which enables us to prudently develop our assets while generating significant cash available for distribution. Our strategy is to enhance existing production and reduce costs by right-sizing field operations to cost-effectively extract oil and natural gas from producing reservoirs. Our culture of cost control and production optimization has resulted in substantially lower cash operating costs than our peers. We believe a key competitive advantage that we have over other operators is that we own an extensive portfolio of complementary midstream assets that are integrated with our upstream operations. These assets include gathering systems, processing plants and water infrastructure. Our midstream assets enhance the value of our properties by allowing us to optimize pricing, increase flow assurance and eliminate third-party costs and inefficiencies. In addition, our owned midstream systems generate third-party revenue, which effectively reduces the cost of operating our midstream assets and reduces our average breakeven costs compared to other operators. We believe the Anadarko Basin is uniquely positioned with legacy takeaway pipeline infrastructure enabling our oil, natural gas and NGLs to be easily transported to premium markets, such as Cushing, Oklahoma. Our principal executive offices are located at 14201 Wireless Way, Suite 300, Oklahoma City, Oklahoma.

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Here are 1-3 brief analogies for Mach Natural Resources (MNR):

Mach Natural Resources is like Costco for oil and gas production. They own some of their own midstream infrastructure (like pipelines and processing plants) to control costs and efficiently deliver their product, similar to how Costco manages its supply chain to offer value.
Think of Mach Natural Resources as a real estate investment trust (REIT), but for oil and gas fields. They acquire, develop, and operate productive energy assets with low-decline rates and primarily focus on distributing their cash flow to unitholders, much like a REIT distributes rental income.
Mach Natural Resources operates like the Southwest Airlines of the oil and gas industry. They focus on highly efficient, low-cost operations within a specific region (the Anadarko Basin) to maximize cash generation and distributions to unitholders.

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Crude Oil: Extraction and sale of crude oil reserves from the Anadarko Basin.
Natural Gas: Production and sale of natural gas from its properties.
Natural Gas Liquids (NGLs): Extraction and sale of natural gas liquids.
Midstream Services: Operation of gathering systems, processing plants, and water infrastructure, which also generate third-party revenue.

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Mach Natural Resources (MNR) is an independent upstream oil and gas company that focuses on the acquisition, development, and production of crude oil, natural gas, and natural gas liquids (NGLs). As such, it sells these commodities to other companies, not directly to individuals.

The company's major customers are typically a diverse group of entities within the energy sector, including:

Companies that refine crude oil into various petroleum products.
Natural gas marketers, utilities, and industrial consumers who purchase natural gas.
Petrochemical companies and NGL marketers who purchase natural gas liquids.

The provided background information does not name specific customer companies that purchase Mach Natural Resources' oil, natural gas, or NGLs. The company sells its commodities to "premium markets," such as Cushing, Oklahoma for crude oil, which implies a broad range of buyers including refiners, traders, and other large industrial users.

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Tom L. Ward, Chief Executive Officer and Director

Mr. Ward has served as Chief Executive Officer of Mach Natural Resources since its founding in 2017. He is a serial entrepreneur in the energy industry, having co-founded Chesapeake Energy Corporation in 1989, where he served as President, Chief Operating Officer, and a director until 2006. Subsequently, he founded SandRidge Energy Inc. in 2006, leading it as Chairman and Chief Executive Officer until 2013, and also founded Tapstone Energy in 2013, serving as Chairman and Chief Executive Officer until 2017. Mr. Ward graduated from the University of Oklahoma in 1981 with a Bachelor of Business Administration in Petroleum Land Management.

Kevin R. White, Chief Financial Officer

Mr. White has served as Chief Financial Officer of Mach Natural Resources since March 2017. Before joining the company, he held the position of Chief Financial Officer at Petroflow Energy Corporation from June 2016 to March 2017. From January 2008 to September 2013, he was the Senior Vice President of Business Development and Investor Relations at SandRidge Energy. Additionally, Mr. White was the Executive Vice President of Corporate Development and Strategic Planning for Louis Dreyfus Natural Gas Corp. from 1993 until the company's sale in 2001. He earned a Bachelor of Science degree in Accounting in 1979 and a Master of Science degree in Accounting and his Certified Public Accountant qualification in 1980 from Oklahoma State University.

Michael E. Reel, General Counsel and Secretary

Mr. Reel joined Mach Natural Resources in July 2017 and serves as General Counsel and Secretary. His prior experience includes serving as Senior Counsel for Accelerate Resources and as internal counsel for White Star Petroleum, LLC, American Energy Partners, LP, and Chesapeake Energy Corporation. Mr. Reel holds a Bachelor of Science degree in Political Science from Oklahoma State University, obtained in 2008, and a Juris Doctorate from Oklahoma City University School of Law, received in 2011.

Rick Hughes, EVP, Operations

Mr. Hughes brings over 30 years of experience in the oil and gas industry to his role as Executive Vice President of Operations. He previously held a position at SandRidge Energy.

Nasser Riaz, Chief Information Officer

Mr. Riaz has over 27 years of experience in the industry, serving as the Chief Information Officer for Mach Natural Resources.

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Key Risks for Mach Natural Resources (MNR)

Fluctuations in Commodity Prices: Mach Natural Resources' quarterly cash distributions, a key aspect of its business model, are directly influenced by variations in commodity prices (oil, natural gas, and NGLs). Significant fluctuations can lead to reduced or even no cash distributions to unitholders, directly impacting investor returns and the company's financial performance.
Variations in Business Performance: Beyond commodity price changes, the company's ability to make cash distributions also depends on the overall performance of its business. This encompasses operational efficiency, successful development of existing properties, and the effectiveness of its cost control measures. Any significant variations in these operational aspects could negatively impact cash flow and, consequently, the distributions to unitholders.

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Here are 3-5 expected drivers of future revenue growth for Mach Natural Resources (MNR) over the next 2-3 years: 1. **Strategic Acquisitions:** Mach Natural Resources has a stated strategy of pursuing accretive acquisitions of producing properties. This approach has significantly contributed to its growth, with the company completing $1.3 billion in asset purchases in 2025 that nearly doubled its production and expanded its operational footprint into the Permian and San Juan Basins. The company plans to continue executing acquisitions that are accretive to its distributions and purchased at a discount to PDP PV10, with meaningful upside in undrilled locations. 2. **Increased Production from Existing Assets:** The company plans to grow revenue through the disciplined development of its extensive inventory of existing properties. Mach Natural Resources possesses approximately 936,000 net acres with over 2,000 identified horizontal drilling locations in the Anadarko Basin alone. The company's 2026 guidance projects total production to range between 150 MBoe/d to 157 MBoe/d, which reflects ongoing development and optimization efforts. 3. **Expansion of Natural Gas Production:** Mach Natural Resources is strategically shifting its focus towards increasing natural gas drilling, particularly in the Deep Anadarko and San Juan basins. This strategic pivot is expected to drive double-digit gas growth in 2026, with natural gas anticipated to comprise approximately 71% of the company's 2026 production volumes. 4. **Favorable Commodity Prices, particularly Natural Gas:** As the company increases its natural gas production and exposure, favorable natural gas prices will directly impact revenue growth. Approximately 50% of the company's natural gas volumes are unhedged, positioning Mach Natural Resources to benefit from potential strength in natural gas prices. The company's revenue is sensitive to fluctuations in commodity prices, making sustained or increasing natural gas prices a key driver.

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Share Issuance

Mach Natural Resources LP announced a secondary public offering of 9,000,000 common units by selling unitholders at a price of $13.05 per common unit, with the company not receiving any proceeds from this offering, which closed on April 8, 2026.
The selling unitholders granted the underwriters a 30-day option to purchase up to an additional 1,350,000 common units.
Tom L. Ward, CEO of Mach Natural Resources, and affiliated entities, purchased 153,256 common units in the April 2026 offering at the public offering price of $13.05 per unit.

Inbound Investments

Kayne Anderson Capital Advisors, L.P. reported beneficial ownership of 15,517,713 common units of Mach Natural Resources LP, representing 9.23% of the class.

Outbound Investments

In 2025, Mach Natural Resources acquired the IKAV Companies for approximately $759.6 million, paid with $349.8 million in cash and 30.6 million common units valued at around $409.9 million.
Mach Natural Resources also acquired the Sabinal Assets for approximately $448.0 million in 2025, which included $194.1 million in cash and 19.0 million common units valued at about $253.9 million.
These acquisitions expanded Mach's operations to include the Permian Basin and San Juan Basin.

Capital Expenditures

Mach Natural Resources incurred total development costs of $252 million in 2025, reflecting a reinvestment rate of 47% of operating cash flow.
For 2026, the company plans to invest between $315 million and $360 million in total capital for development, maintaining its target reinvestment rate of no more than 50% of operating cash flow.
In the fourth quarter of 2025, total development costs were $77 million, with $68 million allocated to upstream capital and $9 million to other capital, including midstream and land.

Interactive Breakdown

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Peer Comparisons

Peers to compare with:

Financials

	MNR	DVN	PR	FANG	CHRD	COP	Median
Name	Mach Nat.	Devon En.	Permian .	Diamondb.	Chord En.	ConocoPh.
Mkt Price	-	46.60	19.73	196.55	138.25	119.92	119.92
Mkt Cap	-	28.7	16.0	55.6	7.8	146.8	28.7
Rev LTM	1,235	16,543	5,077	15,108	5,328	58,188	10,218
Op Inc LTM	274	3,116	1,814	4,724	731	10,511	2,465
FCF LTM	256	2,423	339	-785	501	5,853	420
FCF 3Y Avg	248	1,505	463	-1,393	795	7,602	629
CFO LTM	535	6,424	3,525	8,231	1,891	17,976	4,974
CFO 3Y Avg	509	6,611	3,203	7,165	1,999	19,592	4,907

Growth & Margins

	MNR	DVN	PR	FANG	CHRD	COP	Median
Name	Mach Nat.	Devon En.	Permian .	Diamondb.	Chord En.	ConocoPh.
Rev Chg LTM	29.0%	-1.5%	-1.1%	17.7%	-1.0%	1.3%	0.2%
Rev Chg 3Y Avg	-	-3.8%	30.7%	20.4%	11.9%	-7.2%	11.9%
Rev Chg Q	26.1%	-14.5%	0.8%	4.4%	37.1%	-4.6%	2.6%
QoQ Delta Rev Chg LTM	5.0%	-3.8%	0.2%	1.2%	9.2%	-1.3%	0.7%
Op Inc Chg LTM	-0.5%	-28.7%	-17.2%	-4.3%	-36.2%	-22.5%	-19.8%
Op Inc Chg 3Y Avg	-	-25.0%	12.5%	-6.4%	-22.2%	-21.9%	-21.9%
Op Mgn LTM	22.2%	18.8%	35.7%	31.3%	13.7%	18.1%	20.5%
Op Mgn 3Y Avg	30.7%	24.9%	41.7%	41.2%	21.6%	22.6%	27.8%
QoQ Delta Op Mgn LTM	-6.3%	-3.6%	-1.0%	-1.4%	-1.3%	-1.2%	-1.3%
CFO/Rev LTM	43.3%	38.8%	69.4%	54.5%	35.5%	30.9%	41.1%
CFO/Rev 3Y Avg	52.1%	41.1%	68.5%	59.9%	40.7%	34.4%	46.6%
FCF/Rev LTM	20.7%	14.6%	6.7%	-5.2%	9.4%	10.1%	9.7%
FCF/Rev 3Y Avg	25.2%	9.7%	10.1%	-8.2%	16.4%	13.4%	11.7%

Valuation

	MNR	DVN	PR	FANG	CHRD	COP	Median
Name	Mach Nat.	Devon En.	Permian .	Diamondb.	Chord En.	ConocoPh.
Mkt Cap	-	28.7	16.0	55.6	7.8	146.8	28.7
P/S	-	1.7	3.2	3.7	1.5	2.5	2.5
P/Op Inc	-	9.2	8.8	11.8	10.7	14.0	10.7
P/EBIT	-	8.3	13.1	125.2	57.8	11.5	13.1
P/E	-	12.7	24.7	195.7	-117.4	20.0	20.0
P/CFO	-	4.5	4.5	6.8	4.1	8.2	4.5
Total Yield	-	10.0%	7.0%	2.6%	3.0%	7.7%	7.0%
Dividend Yield	-	2.1%	3.0%	2.1%	3.9%	2.7%	2.7%
FCF Yield 3Y Avg	-	4.6%	-	-2.5%	11.1%	5.2%	4.9%
D/E	-	0.3	0.2	0.3	0.2	0.2	0.2
Net D/E	-	0.2	0.2	0.2	0.2	0.1	0.2

Returns

	MNR	DVN	PR	FANG	CHRD	COP	Median
Name	Mach Nat.	Devon En.	Permian .	Diamondb.	Chord En.	ConocoPh.
1M Rtn	5.3%	-0.3%	-2.1%	0.8%	-0.4%	3.8%	0.2%
3M Rtn	10.3%	2.7%	2.8%	11.9%	12.9%	3.2%	6.8%
6M Rtn	27.3%	22.7%	41.1%	24.0%	39.6%	25.8%	26.5%
12M Rtn	18.6%	42.8%	41.1%	38.5%	45.4%	35.9%	39.8%
3Y Rtn	-	4.2%	41.1%	65.8%	7.3%	27.4%	27.4%
1M Excs Rtn	7.2%	1.7%	-0.1%	2.7%	1.5%	5.7%	2.2%
3M Excs Rtn	3.1%	-4.5%	-4.4%	4.6%	5.7%	-4.0%	-0.5%
6M Excs Rtn	18.9%	19.3%	35.0%	20.1%	38.7%	24.9%	22.5%
12M Excs Rtn	-0.5%	25.4%	20.1%	20.9%	27.5%	19.7%	20.5%
3Y Excs Rtn	-	-62.6%	-28.9%	-1.7%	-59.0%	-40.4%	-40.4%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021
Filing Date	5/7/2026	3/12/2026	3/13/2025	4/1/2024	9/22/2023	4/1/2024
Key Financials
Total Revenue	1,235	1,175	970	762	937	392
Gross Profit	329	392	332	387	548	216
EBITDA	498	508	561	495	610	181
Operating Income	274	335	291	359	522	155
Net Income	235	286	370	415	517	138
EPS	0.77	1.09	1.90	0.72	5.44	1.46
Growth Rates
Total Revenue Growth	29.0%	21.2%	27.2%	-18.7%	138.8%	-
EBITDA Growth	-4.7%	-9.4%	13.2%	-18.8%	237.7%	-
Operating Income Growth	-0.5%	15.3%	-19.0%	-31.2%	236.1%	-
Net Income Growth	-31.8%	-22.8%	-10.8%	-19.7%	273.5%	-
Margins
Gross Margin	26.6%	33.4%	34.2%	50.7%	58.4%	55.1%
EBITDA Margin	40.4%	43.2%	57.8%	65.0%	65.1%	46.0%
Operating Income Margin	22.2%	28.5%	30.0%	47.1%	55.7%	39.6%
Net Income Margin	19.0%	24.3%	38.2%	54.4%	55.1%	35.3%
Cash & Debt
Total Cash	53	43	106	153	29	59
Total Debt	1,155	1,164	766	824	100	86
Net Debt / (Cash)	1,102	1,121	660	672	70	27
Cash Flows & CapEx
Net Cash from Operations	535	507	505	492	554	198
Total CapEx	-279	-271	-220	-315	-243	-41
Free Cash from Operations	256	236	285	177	311	157
Returns to Shareholders
Dividends	274	244	310	101	275	146
Share Repurchases	-0	-0	-0	66	-0	-0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/7/2026	3/12/2026	11/6/2025	8/7/2025	5/8/2025	3/13/2025	11/12/2024	8/13/2024	5/13/2024	4/1/2024	12/7/2023	9/22/2023
Key Financials Quarterly
Total Revenue	286	388	273	289	227	235	256	240	239	228	175	167
Ebitda	88	195	47	169	97	131	160	135	135	143	119	110
Operating Income	-10	101	71	111	52	59	95	70	67	102	84	80
Net Income	-35	216	-36	90	16	222	67	40	42	162	83	78
EPS	-0.21	0.50	-0.28	0.76	0.14	0.35	0.70	0.42	0.44	-1.94	0.88	0.82
Key Financials TTM
Total Revenue TTM	1,235	1,175	1,023	1,006	957	970	963	882	809	762	773	893
Ebitda TTM	498	508	444	557	523	561	572	531	506	495	506	589
Operating Income TTM	274	335	293	316	275	291	334	323	333	359	381	473
Net Income TTM	235	286	292	395	345	370	311	327	365	415	375	464
Growth Rates Quarterly
Total Revenue Growth	26.1%	65.0%	6.7%	20.2%	-5.2%	3.1%	45.7%	43.8%	24.4%	-4.4%	-40.7%	-
EBITDA Growth	-10.1%	48.9%	-70.7%	25.5%	-28.1%	-8.2%	34.8%	22.7%	8.9%	-6.9%	-41.1%	-
Operating Income Growth	-118.8%	72.9%	-24.8%	57.9%	-23.2%	-42.5%	13.1%	-12.1%	-28.0%	-18.0%	-52.1%	-
Net Income Growth	-320.6%	-2.5%	-152.9%	126.9%	-61.9%	36.8%	-19.2%	-49.2%	-54.5%	32.9%	-51.5%	-
Margins Quarterly
EBITDA Margin	30.6%	50.3%	17.2%	58.5%	42.9%	55.7%	62.5%	56.1%	56.6%	62.6%	67.6%	65.7%
Operating Income Margin	-3.4%	26.1%	26.1%	38.6%	22.8%	24.9%	37.1%	29.4%	28.1%	44.7%	47.7%	48.0%
Net Income Margin	-12.3%	55.8%	-13.1%	31.1%	7.0%	94.4%	26.4%	16.5%	17.4%	71.1%	47.6%	46.6%
Cash & Debt
Total Cash	53	43	54	14	8	106	185	145	151	153	59	84
Total Debt	1,155	1,164	1,165	581	474	766	781	802	822	824	104	86
Net Debt / (Cash)	1,102	1,121	1,111	567	466	660	597	658	670	672	45	3
Cash Flows Quarterly
FCF from Operations	170	129	106	130	143	134	111	117	144	110	107	128
Cash Flows TTM
FCF from Operations TTM	535	507	512	517	504	505	481	477	489	492	537	601
Returns to Shareholders Quarterly
Dividends	89	47	45	93	59	63	86	71	90	0	27	16
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-3.5%	36.1%	25.6%	78.5%	44.4%	35.5%	63.5%	42.9%	40.1%	60.7%	41.2%	30.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	24.9%	29.9%	26.3%	55.8%	59.1%	44.1%	56.0%	49.2%	49.7%	53.5%	47.0%	45.1%

Segment Financials

Net Income by Segment

$ Mil	2025	2024	2023	2022
Exploration and production of oil, natural gas and NGLs (E&P Segment)		347
Total		347

Assets by Segment

$ Mil	2025	2024	2023	2022
Exploration and production of oil, natural gas and NGLs (E&P Segment)	2,338	2,305
Total	2,338	2,305

Price Behavior

Price Behavior

Market Price	$14.14
Market Cap ($ Bil)	2.4
First Trading Date	10/25/2023
Distance from 52W High	-0.9%
	50 Days	200 Days
DMA Price	$13.05	$11.81
DMA Trend	indeterminate	up
Distance from DMA	8.3%	19.7%
	3M	1YR
Volatility	35.7%	28.5%
Downside Capture	-148.26	-32.16
Upside Capture	-45.22	-1.87
Correlation (SPY)	-22.3%	1.9%

MNR Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.64	-0.48	-0.52	-0.18	0.05	-0.08
Up Beta	-1.59	0.13	-0.28	-0.38	-0.21	0.10
Down Beta	-0.09	0.62	0.16	0.37	0.74	-0.03
Up Capture	29%	-29%	-31%	5%	2%	7%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	9	24	37	66	126	328
Down Capture	-168%	-284%	-164%	-96%	-41%	49%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	6	11	20	52	115	307

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MNR
MNR	20.6%	28.5%	0.69	-
Sector ETF (XLE)	44.1%	20.6%	1.67	49.3%
Equity (SPY)	22.5%	12.2%	1.37	1.7%
Gold (GLD)	22.3%	27.2%	0.72	1.0%
Commodities (DBC)	34.8%	19.0%	1.44	39.4%
Real Estate (VNQ)	12.9%	13.5%	0.65	8.8%
Bitcoin (BTCUSD)	-44.1%	42.1%	-1.26	8.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MNR
MNR	2.7%	28.9%	0.18	-
Sector ETF (XLE)	20.4%	26.0%	0.71	46.4%
Equity (SPY)	13.2%	17.1%	0.60	25.4%
Gold (GLD)	16.4%	18.2%	0.73	4.8%
Commodities (DBC)	9.1%	19.4%	0.36	33.3%
Real Estate (VNQ)	2.9%	18.8%	0.05	16.5%
Bitcoin (BTCUSD)	9.5%	54.6%	0.37	8.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MNR
MNR	1.3%	28.9%	0.18	-
Sector ETF (XLE)	10.1%	29.6%	0.38	46.4%
Equity (SPY)	15.0%	17.9%	0.72	25.4%
Gold (GLD)	12.4%	16.1%	0.64	4.8%
Commodities (DBC)	7.0%	18.0%	0.31	33.3%
Real Estate (VNQ)	5.7%	20.7%	0.24	16.5%
Bitcoin (BTCUSD)	60.8%	66.8%	1.00	8.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	5292026
Short Interest: Shares Quantity	0.6 Mil
Short Interest: % Change Since 5152026	-32.4%
Average Daily Volume	0.5 Mil
Days-to-Cover Short Interest	1.2 days
Basic Shares Quantity	168.3 Mil
Short % of Basic Shares	0.4%

Returns Analyses

null

Earnings Returns History

Updated 6/11/2026

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	-3.9%	-1.2%	3.5%
8/7/2025	-2.2%	-2.1%	-4.2%
5/8/2025	3.7%	3.9%	5.4%
3/13/2025	2.2%	5.7%	-8.1%
11/12/2024	0.4%	0.4%	-2.1%
8/13/2024	3.6%	9.0%	-7.8%
5/14/2024	0.0%	2.7%	0.2%
12/7/2023	-1.6%	-3.6%	-5.7%
SUMMARY STATS
# Positive	5	5	3
# Negative	3	3	5
Median Positive	2.2%	3.9%	3.5%
Median Negative	-2.2%	-2.1%	-5.7%
Max Positive	3.7%	9.0%	5.4%
Max Negative	-3.9%	-3.6%	-8.1%

	Forward Returns
11/6/2025	-3.9%	-1.2%	3.5%
8/7/2025	-2.2%	-2.1%	-4.2%
5/8/2025	3.7%	3.9%	5.4%
3/13/2025	2.2%	5.7%	-8.1%
11/12/2024	0.4%	0.4%	-2.1%
8/13/2024	3.6%	9.0%	-7.8%
5/14/2024	0.0%	2.7%	0.2%
12/7/2023	-1.6%	-3.6%	-5.7%
SUMMARY STATS
# Positive	5	5	3
# Negative	3	3	5
Median Positive	2.2%	3.9%	3.5%
Median Negative	-2.2%	-2.1%	-5.7%
Max Positive	3.7%	9.0%	5.4%
Max Negative	-3.9%	-3.6%	-8.1%

SEC Filings

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Report Date	Filing Date	Filing
03/31/2026	05/07/2026	10-Q
12/31/2025	03/12/2026	10-K
09/30/2025	11/06/2025	10-Q
06/30/2025	08/07/2025	10-Q
03/31/2025	05/08/2025	10-Q
12/31/2024	03/13/2025	10-K
09/30/2024	11/12/2024	10-Q
06/30/2024	08/13/2024	10-Q
03/31/2024	05/13/2024	10-Q
12/31/2023	04/01/2024	10-K
09/30/2023	12/07/2023	10-Q
06/30/2023	09/22/2023	S-1

Recent Forward Guidance

Updated 6/10/2026

Latest: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Updated null

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MNR Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

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INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing MNR?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What MNR Makes & Who Pays

TTM figures based on

MNR Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

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1	TradingView	Morningstar
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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Core Cache Last Updated: 6/10/2026

Mach Natural Resources (MNR)

Market Price (6/11/2026): $13.43 | Market Cap: $2.3 BilSector: Energy | Industry: Oil & Gas Exploration & Production

Mach Natural Resources (MNR)

Market Price (6/11/2026): $13.43Market Cap: $2.3 BilSector: EnergyIndustry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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In The Past

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null

CONVICTION RATIONALE

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CORE TENSION

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Market Price (6/11/2026): $13.43
Market Cap: $2.3 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production