HOUSTON - Mach Natural Resources LP, an emerging player in the energy sector, revealed a Q3 net income of $94 million and an Adjusted EBITDA of $140 million from post-merger operations. These figures represent a significant uptick following the company's recent activities, including the acquisition of assets from Paloma Partners IV.
The acquisition, with a contract effective from September 1, is expected to close on December 29. This strategic move is set to bolster Mach's reserves by 75 million barrels of oil equivalent (Boe) of proven developed producing (PDP) and increase daily production by approximately 32,000 Boe.
Mach's CEO Tom L. Ward expressed satisfaction with the quarter's performance, attributing the success to strong cash flow and controlled costs. The company reported average daily sales volumes at 66,280 Boe. Oil prices were noted at $80.88 per barrel, natural gas liquids (NGLs) at $23.47 per barrel, and natural gas at $2.36 per thousand cubic feet (Mcf).
Pre-merger financials from BCE-Mach III LLC showed assets exceeding $1 billion with cash equivalents rising to $58.7 million as of the end of September. Post-IPO activities have included using proceeds for debt reduction and repurchasing units from existing stakeholders.
Looking ahead, Mach Natural Resources plans to declare its inaugural quarterly cash distribution in mid-February based on fourth-quarter performance, with payments scheduled for mid-March. The company also anticipates releasing comprehensive guidance for the full year of 2024 in February.
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