Q2 2024 Mach Natural Resources LP Earnings Call Transcript
Key Points
- Mach Natural Resources LP (MNR) exceeded the high end of production guidance, averaging 89.3 MBOE per day.
- Lease operating expenses were $5.72 per BOE, below the low end of guidance, indicating effective cost control.
- The company successfully divested a small portion of its Western Anadarko acreage for $38 million, enhancing liquidity.
- Mach Natural Resources LP (MNR) declared a quarterly cash distribution of $0.9 per unit, maintaining strong returns to unitholders.
- The company reduced its CapEx guidance by 15% and adjusted lease operating expense guidance down by 3% per BOE, reflecting improved operational efficiency.
- Mach Natural Resources LP (MNR) received a very low realized price of $1.33 per Mcf for natural gas, impacting revenue.
- The company reduced its rig count, which may affect future production levels.
- Natural gas, which makes up 53% of production, had a low realized price, affecting projected distributions.
- Mach Natural Resources LP (MNR) faces increased competition in the Mid-Con area, potentially driving up acquisition costs.
- The company has a high debt level with a first lien term loan principal of approximately $804 million.
Good morning, everyone. Thank you for joining today's call to discuss Mach Natural Resources second quarter 2024 financial operational results. During this morning's call, the speakers will be making forward-looking statements that cannot be confirmed by reference to existing information, including statements regarding expectations, projections, future performance and the assumptions underlying such statements.
Please note a number of factors will cause actual results to differ materially from those forward-looking statements, including the factors identified and discussed in the press release this morning and other SEC filings. For a further discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements, please read the company's annual report on Form 10-K, which is available on the company's website or the SEC's website.
Please recognize that except as required by law, we undertake no duty to update any forward-looking statements, and you should not place undue reliance on such statements. They may refer to some non-GAAP
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