Mach Natural Resources LP Reports 2023 Results and Year-End Reserves -April 01,

Mach Natural Resources LP (NYSE: MNR) (“Mach” or the “Company”) today reported financial and operating results for the year-ended December 31, 2023. In addition, the Company reaffirmed its guidance for 2024.

Recent Highlights

• Completed corporate combination that resulted in the Company’s 100% ownership of BCE-Mach LLC, BCE-Mach II LLC and BCE-Mach III LLC on October 25, 2023

• Completed initial public offering (the “IPO”) of 10,000,000 common units on October 27, 2023, at a price of $19.00 per unit to the public

• Closed the acquisition of certain interests in oil and gas properties, rights and related assets from Paloma Partners IV, LLC, and its affiliated companies (collectively “Paloma”) for $815 million (subject to customary closing adjustments) on December 28, 2023

• Declared the Company’s first quarterly cash distribution on February 15, 2024, of $0.95 per common unit

Tom L. Ward, Mach’s Chief Executive Officer, noted, “2023 was a transformative year for Mach. We successfully completed the largest IPO for an E&P company since 2017, and we closed the acquisition of Paloma. We continue to emphasize the stated objectives of our Company:

(1) maximize distributions;

(2) disciplined acquisitions focused on accretion to distribution;

(3) maintain low leverage with the goal of less than 1x net debt / Adjusted EBITDA⁽¹⁾;

(4) strategic reinvestment rate of less than 50% to optimize distributions.”

Our financial and operating data for the year ended December 31, 2023, includes BCE-Mach III, the accounting predecessor of Mach Natural Resources LP, for the entire period, and BCE-Mach LLC and BCE-Mach II LLC from October 25, 2023, the effective date of the acquisition as a result of the corporate combination.

Full-Year 2023 Highlights

• Averaged total net production of 50,440 barrels of crude oil equivalent (“Boe”) per day which consisted of 29% oil, 54% natural gas and 17% NGLs

• Reported average realized prices (excluding the impact of realized derivative settlements) of $77.57 per barrel of crude oil, $24.52 per barrel of NGLs and $2.52 per Mcf of natural gas

• Generated total revenues and net income of $762 million and $347 million, respectively

• Generated net cash provided by operating activities of $492 million

• Delivered Adjusted EBITDA⁽¹⁾ of $450 million

Year-End 2023 Estimated Proved Reserves

The Company’s year-end 2023 proved reserves estimates are based on evaluations prepared by Cawley, Gillespie & Associates Inc., our independent reserve engineer. The following table provides a summary of the Company’s estimated proved reserves and related PV-10⁽²⁾ of proved reserves as of December 31, 2023, using SEC pricing.

Distributions

The Company’s first quarterly cash distribution as a public company was announced February 15, 2024, and was distributed on March 14, 2024.

2024 Guidance

Mach previously announced its operational and financial outlook for 2024 on February 15, 2024. The Company today announced that it is reaffirming its 2024 guidance. In 2024, the Company plans to spend $250 million to $275 million in total capital, approximately 90% of which is associated with drilling and completion activities. The 2024 forecast for total production is expected to range between 81.3 to 86.4 Mboe per day.