Mach Natural Resources LP reported significant financial developments for the three and nine months ended September 30, 2024, reflecting a robust performance in revenue and production, alongside strategic acquisitions.

For the third quarter of 2024, total revenue reached $255.5 million, a 46% increase from $175.4 million in the same period of 2023. This growth was driven by higher sales across oil, natural gas, and natural gas liquids (NGLs), with oil sales rising to $126.3 million (up 12%), natural gas revenue increasing to $41.5 million (up 14%), and NGL revenue surging to $41.3 million (up 141%). Net production volumes also saw a substantial increase of 66%, totaling 7,526 MBoe compared to 4,544 MBoe in Q3 2023.

For the nine-month period, total revenue was $734.7 million, a 37% increase from $534.5 million in the prior year. Oil sales for this period were $421.8 million (up 31%), natural gas sales increased to $138.1 million (up 30%), and NGL sales surged to $136.1 million (up 163%). Net production volumes for the nine months totaled 23,754 MBoe, an 80% increase from 13,204 MBoe in 2023.

Despite the revenue growth, total operating expenses for the third quarter rose significantly to $160.8 million, a 75% increase from $91.6 million in Q3 2023. This rise was attributed to higher gathering and processing expenses, lease operating expenses, and increased depreciation, depletion, amortization, and accretion costs, which doubled to $62.5 million. For the nine-month period, total operating expenses reached $502.2 million, an 81% increase from $277.2 million in 2023.

Net income for the third quarter was $67.4 million, down from $83.5 million in Q3 2023, while for the nine months, net income was $148.7 million, a decrease from $253.0 million in the prior year. The decline in net income was influenced by increased operating expenses and higher depreciation costs.

Strategically, Mach Natural Resources completed two significant acquisitions: the Paloma Acquisition for approximately $815 million in December 2023 and the Western Kansas Acquisition for $38 million in September 2024. These acquisitions are expected to enhance the company's asset base and production capabilities. The company also raised $129.8 million through a public offering in September 2024, which will support ongoing operational and acquisition activities.

As of September 30, 2024, Mach Natural Resources reported total assets of $2.33 billion, with cash and cash equivalents of $184.5 million, reflecting a solid liquidity position. The company continues to navigate market volatility and inflationary pressures while focusing on growth through strategic acquisitions and operational efficiencies.