Mach Natural Resources LP (MNR)
NYSE:MNR
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Earnings Data
Report Date
Aug 18, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.4Last Year’s EPS
0.76Same Quarter Last Year
Moderate Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational and financial performance: robust adjusted EBITDA and operating cash flow, low LOE and G&A per BOE, high historical IRRs, attractive acreage and well results (San Juan and Deep Anadarko outperformance), and tactical drilling shifts to capture higher oil returns. Management is disciplined on reinvestment (<50%) and distributions, and liquidity remains adequate. Key negatives are elevated leverage (~1.3x versus historical ≤1.0x), weak gas basis in the San Juan that depresses realized gas prices and makes near-term monetizations less attractive, and rising service cost inflation. Management has clear plans to prioritize high-return oil drilling and to reduce leverage over time. Overall, positives (strong cash generation, cost discipline, high returns, and operational optionality) outweigh the manageable financial and market headwinds.Company Guidance
Production and Commodity Mix
Q1 production of 158,000 BOE/d comprised of 16% oil, 70% natural gas, and 14% NGLs.
Improved Oil Realizations
Average realized oil price of $69.73 per barrel, up 20% versus Q4; gas realized $2.74/Mcf and NGLs $23.75/bbl.
Strong Revenue and Profitability Metrics
Reported oil & gas revenues of $366 million; total revenues including hedges and midstream reported $286 million; adjusted EBITDA of $195 million and operating cash flow of $170 million.
Disciplined CapEx and Cash Returns
Development CapEx of $75 million (≈40% of operating cash flow after interest). Generated $107 million of cash available for distribution and declared a distribution (reported in the call as $64 per unit). Company targets reinvestment rate below 50% to prioritize distributions.
Low Operating Costs
Lease operating expense of $101 million, or $7.12 per BOE, and cash G&A of ~$5 million, or $0.37 per BOE.
High Historical Drilling Returns and Inventory
Average IRR of approximately 50% on the company’s drilling program since 2018; invested over $1.3 billion in assets acquired at distressed valuations; company reports free-cash-flow breakeven as best-in-class for both oil and gas.
San Juan and Deep Anadarko Well Performance
San Juan 2025 program: five wells produced >14 Bcf and continue to produce over 60 MMcf/d. Deep Anadarko: five wells with >90 days production averaged >12 MMcf/day 90-day cumulative versus a 15 Bcf type curve projected at 10.6 MMcf/day, indicating outperformance.
Hedging / Contracted Volumes and Breakeven
Approximately 65% of San Juan volumes are under a volumetric production contract at $1.72 through 2030; company cites gas drilling breakeven around $1.72/Mcf.
Liquidity and Financial Flexibility
Ended the quarter with $53 million of cash and $305 million of availability under the credit facility, supporting operations and optionality.
Operational Flexibility and Tactical Rig Moves
Shifted drilling focus to oil-weighted programs (Oswego beginning May 1, Clear Fork/Red Fork and Ardmore plans) to improve returns; plan to add three oil-weighted rigs by deferring some dry gas programs, helping keep reinvestment under 50%.
Capital Efficiency and Corporate Returns
Company reports cash return on capital invested (CROCI) >20% each year since inception and averaged ~35% over the last five years; reported average yield of ~15% since 2024.
MNR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MNR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 07, 2026 | $13.18 | $13.75 | +4.32% |
Mar 12, 2026 | $13.43 | $13.69 | +1.94% |
Nov 06, 2025 | $11.35 | $10.91 | -3.89% |
Aug 07, 2025 | $13.53 | $13.24 | -2.16% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Mach Natural Resources LP (MNR) report earnings?
Mach Natural Resources LP (MNR) is schdueled to report earning on Aug 18, 2026, Before Open (Confirmed).
What is Mach Natural Resources LP (MNR) earnings time?
Mach Natural Resources LP (MNR) earnings time is at Aug 18, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is MNR EPS forecast?
MNR EPS forecast for the fiscal quarter 2026 (Q2) is 0.4.