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Friday 9 October 2026 · Oil, gas and mining explorers, from their own disclosures

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MACH NATURAL RESOURCES LP

NYSE:MNR · 10 story beats from 2023 to 2025

What it holds, and what it is worth

2,910bcf gas

reserve · P90 2909.751 / P50 2909.751 / P10 2909.751

116mmbbl liquids

reserve · P90 115.575 / P50 115.575 / P10 115.575

Valued at: MACH NATURAL RESOURCES LP 100% of volumes already stated net
5 notes for review
  • company-reported total: valued at 100% (SEC reserves are already net to the company)
  • gas: no best estimate stated; P50 taken as 2909.75 from the low case
  • gas: high case not stated; set equal to P50
  • liquids: no best estimate stated; P50 taken as 115.575 from the low case
  • liquids: high case not stated; set equal to P50
50%
Probability of
3,025
mmbbl
100.0%
Value retained
$1,626,200,400.00
AUD

Leverage per instrument

NYSE:MNR
65%
$10.66 → $6.88

The story so far

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

2025118m shares · US$1.68bn market cap

  1. 17 Sept

    Both the Sabinal ($486.6M final: $207.3M cash + 19.19M units) and IKAV ($770.7M final: $325M cash + 30.6M units) acquisitions closed the same day, together about $1.26 billion. Mach funded the cash portion by amending its Truist credit facility - borrowing base raised by $700 million and a $450 million term loan drawn - entering the Permian Basin for the first time and roughly doubling down in the San Juan Basin.

    asset acquisition disposition

    118m shUS$1.68bn
  2. 10 July

    Mach agreed to two simultaneous, transformational acquisitions: Sabinal Energy's Permian Basin assets for $500 million ($200M cash + $300M in common units) - a new basin for the company - and IKAV's San Juan Basin (New Mexico/Colorado) assets for $787.2 million ($325M cash + $462.2M in units), together valued at roughly $1.29 billion, more than half paid in unregistered common units issued directly to the sellers.

    capital raising announcement

    118m shUS$1.71bn
  3. 27 Feb

    Mach replaced its entire December-2023 acquisition debt stack - the Texas Capital-led term loan and the MidFirst revolver - with a single new $750 million reserve-based revolving credit facility from Truist Bank (expandable to $2 billion, maturing 2029), funded in part by the just-closed equity offering. A simpler, cheaper capital structure than the deal financing that built it.

    debt financing

    103m shUS$1.84bn
  4. 7 Feb

    Mach closed a second follow-on unit offering, raising $192.5 million net - used to fully repay its super-priority credit facility (~$23 million) and pay down the term loan. Bayou City Energy, an affiliate of Mach's general partner, bought $5.16 million-plus units in the deal at a reduced underwriting discount, signaling continued sponsor commitment.

    material agreement

    103m shUS$1.84bn

202495.0m shares · US$1.84bn market cap

  1. 9 Sept

    The offering closed, raising approximately $112.9 million net for the planned Ardmore Basin and Western Kansas acquisitions.

    material agreement

    95.0m shUS$1.84bn
  2. 4 Sept

    Mach Natural Resources announced a public offering of approximately 9.0 million common units (up to ~10.2 million with the underwriters' option) via a new S-1, to help fund planned acquisitions in the Ardmore Basin and Western Kansas.

    capital raising announcement

    95.0m shUS$1.84bn

202395.0m shares · US$1.57bn market cap

  1. 29 Dec

    The Paloma acquisition closed for $815 million cash. Mach funded it with a new Term Loan Credit Agreement (Texas Capital Bank/Chambers Energy Management) and a new Revolving Credit Agreement (MidFirst Bank, maturing Dec. 2026), using the proceeds to repay and retire the MidFirst revolver it had just set up in November - a five-week-old bridge facility replaced by deal-specific financing.

    asset acquisition disposition

    95.0m shUS$1.57bn
  2. 21 Nov

    Mach Natural Resources consolidated three legacy revolving credit facilities (inherited from its pre-IPO predecessor entities) into a single new $1.0 billion revolver with MidFirst Bank, with an initial $600 million borrowing base and a 2027 maturity - its first post-IPO credit structure.

    debt financing

  3. 13 Nov

    Weeks after its October 2023 IPO, Mach Natural Resources agreed to buy ~62,000 net acres of Anadarko Basin oil and gas assets in Oklahoma from Paloma Partners IV (backed by EnCap Investments) for $815 million, with a syndicate committing an $825 million term loan to fund it.

    material agreement

  4. 24 Oct

    the exchange certified MACH NATURAL RESOURCES LP's securities for listing, clearing them to begin trading.

    listing compliance notice