MNR - Mach Natural Resources Makes Progress With Cost Reductions

2024-07-03 21:35:12 ET

Summary

• Mach is now projected to generate $3.19 per unit in 2024 free cash flow.
• Mach's production is declining, but due to stronger natural gas prices, it should be able to deliver a similar amount of free cash flow in 2025 based on current strip.
• Mach has made progress in reducing both its operating costs and D&C costs.
• Costs with its Paloma assets have been better than expected.

Mach Natural Resources ( MNR ) reported Q1 2024 results that were generally in-line with expectations. Mach's oil production was slightly below the midpoint of its guidance, with winter weather reducing oil production by close to 650 barrels per day. Mach's natural gas production exceeded expectations, and it also has seen some positive results around reducing its D&C costs and operating costs....

For further details see: