The GAAP net loss is entirely driven by non-cash derivative mark-to-market losses, while operating cash flow and Adjusted EBITDA remain strong. The 21% distribution increase signals management confidence in cash generation. Watch the Q1 2026 earnings call for commentary on the capital reallocation from Deep Anadarko to oil-weighted projects and the Mancos Shale well results.
Price Chart
Executive Summary
Mach Natural Resources LP reported Q1 2026 results with total revenue of $286M and a GAAP net loss of $35M, compared to net income of $15.9M in Q1 2025. The company declared a quarterly distribution of $0.64 per unit, up from $0.53 in Q4 2025, and generated Adjusted EBITDA of $195M, a 22% increase YoY. The GAAP net loss was driven by a $103.8M unrealized loss on derivatives, masking strong operational cash flow of $170M.
Key Financial Metrics
Key Facts
- Total revenue of $286M in Q1 2026 vs $388M in Q4 2025 (sequential decline, no YoY comparison provided in filing)
- GAAP net loss of $35M vs net income of $15.9M in Q1 2025, driven by $103.8M unrealized derivative loss
- Adjusted EBITDA of $195M, up 22% from $160M in Q1 2025
- Declared quarterly distribution of $0.64 per common unit, up 21% from $0.53 in Q4 2025
- Average production of 158 Mboe/d, up from 154 Mboe/d in Q4 2025
- Net cash provided by operating activities of $170M
- Reinvestment rate of 41% on $75M development costs
- Cash balance of $53M and $695M drawn on $1.0B credit facility as of March 31, 2026
Financial Impact
GAAP net loss of $35M vs consensus EPS miss of -7.5% (EPS $0.43 vs $0.47 est for Q4 2025 period); Q1 2026 GAAP net loss of $35M vs prior year net income of $15.9M
Risk Factors
- Commodity price volatility could further impact derivative valuations and GAAP earnings
- Shift in drilling program from gas to oil may not deliver expected returns
- High leverage with $695M drawn on $1.0B credit facility
- Unrealized derivative losses of $103.8M could reverse or worsen depending on price movements
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-053364 |
| Document: ea0289730-8k_mach.htm | 0001213900-26-053364 |
| Document: 0001213900-26-053364-index-headers.html | 0001213900-26-053364 |
| Document: 0001213900-26-053364-index.html | 0001213900-26-053364 |
| Document: 0001213900-26-053364.txt | 0001213900-26-053364 |
| 8-K Data (Synthetic) | 0001213900-26-053364 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 17, 2026 5w ago | Insider Cluster | $11.13 | awaiting T+60 | — | $10.70 (−3.86%) |
Jun 11, 2026 19w ago | Institutional Cluster | $13.10 $12.57 | ▲ +4.05% | ▲ +8.44% | $10.70 (+18.32%) |
May 22, 2026 22w ago | 8-K | $13.70 $12.63 | ▲ +7.81% | ▲ +10.53% | $10.70 (+21.90%) |
May 22, 2026 22w ago | 424B5 | $13.70 $12.63 | ▲ +7.81% | ▲ +10.53% | $10.70 (+21.90%) |
May 7, 2026 24w ago | 8-K | $13.75 $13.36 | ▼ −2.84% | ▼ −7.68% | $10.70 (−22.18%) |
Apr 8, 2026 28w ago | 8-K | $12.35 $12.56 | ▲ +1.70% | ▼ −9.08% | $10.70 (−13.36%) |
Apr 8, 2026 28w ago | Insider Cluster | $12.70 $12.60 | ▲ +0.79% | ▲ +11.24% | $10.70 (+15.75%) |
Mar 19, 2026 31w ago | Insider Cluster | $14.02 $13.26 | ▼ −5.42% | ▼ −19.76% | $10.70 (−23.68%) |
US Market Status
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