Acquisitions Overview - Mach Natural Resources LP is entering into two definitive agreements to acquire oil and gas assets to enhance scale and add strategic multi-basin positioning[11] - The acquisitions include Sabinal Energy for a purchase price of $787 million, consisting of $325 million in cash and 32 million units[10] - The acquisitions include IKAV San Juan for a purchase price of $500 million, consisting of $200 million in cash and 21 million units[10] Pro Forma Impact - Pro forma Q1 2025 production increases to 152 mboe/d, up from Mach's standalone 81 mboe/d[13] - The acquisitions diversify the company's production mix, resulting in a pro forma liquids/gas ratio of 34%/66%[13] - The combined net acreage increases to 2,815,000 acres, including 130,000 net acres from Sabinal and 570,000 net acres from IKAV San Juan[13] Strategic Benefits - The transactions reinforce the company's commitment to financial strength by funding approximately 60% with common equity issued to sellers[15] - The acquisitions are accretive to the business, with assets being acquired at a discount to PDP PV-10[15] - The acquisitions reduce the company's base decline rate from 20% to 15%[17]

Company Overview - Mach Natural Resources (NYSE: MNR) reported solid Q1 2025 results, indicating strong performance in the current fiscal period [2] - The company plans to shift capital expenditures (capex) towards natural gas development, reflecting a strategic focus on this energy sector [2] Future Plans - Mach Natural Resources is potentially set to operate two rigs in the deep gas area of the Anadarko Basin by Q4 2025, which may enhance its production capabilities [2] Analyst Background - Aaron Chow, known as Elephant Analytics, has over 15 years of analytical experience and is a top-rated analyst on TipRanks, providing credibility to the analysis of Mach Natural Resources [2]

Core Insights - The article discusses various strategies for investing in dividend stocks, highlighting the balance between stable income and growth potential [1][2][3] Group 1: Dividend Stock Strategies - Traditional dividend investing focuses on established companies that provide steady payouts, appealing during market volatility [1] - An alternative approach involves seeking companies with higher growth potential, albeit with increased risk of dividend cuts [2][3] Group 2: Eagle Point Credit - Eagle Point Credit Co. Inc. (NYSE: ECC) offers a high dividend yield of 21.87% with an annual dividend of $1.68 and a significant annualized 3-year dividend growth of 13.57% [4] - The company has invested nearly $200 million in new investments in Q1, benefiting from lower debt costs and beating earnings expectations by 2 cents per share [5] - Despite a high payout ratio of -420%, analysts project nearly 11% upside potential for ECC shares, indicating possible capital appreciation [6] Group 3: Mach Natural Resources - Mach Natural Resources LP (NYSE: MNR) has a dividend yield of 24.18% and an annual dividend of $3.16, with a payout ratio of 197.50% [8] - Analysts unanimously rate MNR as a Buy, estimating over 80% upside potential, despite the stock falling nearly a third in the past year [8][9] - The company is transitioning to natural gas drilling, which may align with increasing demand for cleaner energy sources [9] Group 4: TXO Partners - TXO Partners LP (NYSE: TXO) has a dividend yield of 16.26% and a payout ratio of 580.95%, with a Buy rating and about 34% upside potential [11] - The company is expanding by acquiring property in the Elm Coulee field for approximately $350 million, which may impact its dividend schedule [12][13] - The Elm Coulee field is estimated to contain around four billion barrels of oil, presenting potential for both capital appreciation and passive income [13]

Financial Data and Key Metrics Changes - The company reduced its net debt to EBITDA ratio from 1.0 times at the end of 2024 to 0.7 times at the end of Q1 2025 [7][25]. - Projected interest expense for 2025 was lowered by $22 million due to debt refinancing, which also eliminated quarterly amortization payments of $21 million [8][25]. - Total revenues for the quarter were $253 million, with oil contributing 49%, gas 33%, and NGLs 18% [27]. Business Line Data and Key Metrics Changes - Production for the quarter averaged 81,000 BOE per day, with a breakdown of 24% oil, 53% natural gas, and 23% NGLs [27]. - The company plans to shift its drilling focus from oil to natural gas, particularly in the Deep Anadarko Basin, while maintaining overall production levels [9][10]. Market Data and Key Metrics Changes - The current market environment is challenging, with oil prices dipping into the $50s, while the company is well-positioned with a production mix of 54% natural gas, 23% NGLs, and 23% oil projected for 2025 [9][10]. - The company expects to see double-digit growth in natural gas production in 2026 due to increased drilling activity [10]. Company Strategy and Development Direction - The company focuses on four strategic pillars: maintaining financial strength, disciplined execution, disciplined reinvestment rate, and maximizing cash distributions [4][5][17]. - The company aims to keep its reinvestment rate below 50% of operating cash flow to optimize distributions to unitholders [5][14]. - Recent acquisitions, including a $60 million deal, are aimed at enhancing cash flow and maintaining a robust drilling schedule [19][21]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather market volatility and build a stronger foundation for future growth [25][26]. - The company anticipates a balanced natural gas market in 2026, with significant production growth expected if two rigs are deployed in the Deep Anadarko [85][86]. Other Important Information - The company has distributed over $1 billion back to unitholders since its inception, with an upcoming distribution of $0.79 per unit, resulting in a 20% yield [18]. - The company has made 21 acquisitions since early 2018, spending over $2 billion, focusing on cash-flowing properties at discounted prices [20]. Q&A Session Summary Question: Can you elaborate on the recent acquisition and its impact? - Management confirmed the acquisition added significant acreage but only modest production, emphasizing the long-term value of the land [34][39]. Question: What is the current rig count and future plans? - The company is currently operating four rigs, with plans to reduce to two in June and potentially add a third rig in the Deep Anadarko by Q4, depending on cash flow [42][43]. Question: How does the company view the oil to gas ratio moving forward? - Management indicated that the decision to drill in the Oswego area is driven by the rate of return, with current conditions favoring natural gas over oil [50][51]. Question: What is the outlook for natural gas prices? - Management expressed a balanced outlook for natural gas, noting that while there are uncertainties, the market appears stable for the upcoming year [86].

Financial Data and Key Metrics Changes - The company reported an average production of 81,000 BOE per day, with a revenue of $253 million, where oil contributed 49%, gas 33%, and NGLs 18% [27][28] - The net debt to EBITDA ratio improved from 1.0 times at the end of 2024 to 0.7 times at the end of Q1 2025 [7][25] - The company generated over $94 million in cash available for distribution, resulting in a distribution of $0.79 per unit, yielding 20% [18][29] Business Line Data and Key Metrics Changes - The production mix for the quarter was 24% oil, 53% natural gas, and 23% NGLs, with lease operating expenses at $6.69 per BOE [27][22] - The company plans to shift its drilling focus from oil to natural gas, particularly in the Deep Anadarko Basin, which is expected to grow natural gas production significantly in 2026 [9][10] Market Data and Key Metrics Changes - The current market environment is challenging, with oil prices dipping into the $50s, while the company is well-positioned with a production mix of 54% natural gas, 23% NGLs, and 23% oil projected for 2025 [9][19] - The company has hedged volumes at an average price of $69.31 for oil and $3.77 for gas over the next twelve months [18] Company Strategy and Development Direction - The company focuses on four strategic pillars: maintaining financial strength, disciplined execution, disciplined reinvestment rate, and maximizing cash distributions [4][5] - The company aims to keep its reinvestment rate below 50% of operating cash flow to optimize distributions to unitholders [5][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather market volatility and emphasized the importance of maintaining a strong balance sheet [25][26] - The company anticipates a significant increase in natural gas production in 2026, driven by additional drilling in the Deep Anadarko Basin [9][10] Other Important Information - The company completed a $60 million acquisition that doubled its acreage position, primarily in the Greater Anadarko Basin, which is expected to enhance production and lower operating costs [19][38] - The company has made 21 acquisitions since early 2018, totaling over $2 billion, focusing on cash-flowing properties at discounted prices [20][21] Q&A Session Summary Question: Can you elaborate on the recent acquisition and its impact? - Management confirmed the acquisition added significant acreage in the Greater Anadarko Basin, with potential for increased production and lower lease operating expenses [38][39] Question: What is the strategy regarding the reinvestment rate and rig deployment? - Management clarified that they will adjust rig deployment based on maintaining a reinvestment rate below 50%, with plans to add rigs as cash flow allows [41][43] Question: How does the company view the oil to gas ratio moving forward? - Management indicated that the shift in development activity is driven by the current oil to gas price ratio, favoring natural gas drilling due to higher returns [50][51] Question: What are the expectations for natural gas prices and production in the coming year? - Management expressed a balanced outlook for natural gas prices, with expectations for significant growth in gas production in 2026 [84][85]

Financial Data and Key Metrics Changes - The company reported an average production of 81,000 BOE per day, with a revenue of $253 million, where oil contributed 49%, gas 33%, and NGLs 18% [25][26] - The net debt to EBITDA ratio improved from 1.0 times at the end of 2024 to 0.7 times at the end of Q1 2025 [6][23] - Projected interest expense for 2025 is expected to decrease by $22 million due to debt refinancing [6] Business Line Data and Key Metrics Changes - The production mix for the quarter was 24% oil, 53% natural gas, and 23% NGLs [25] - The company plans to shift its drilling focus towards natural gas, with a projected increase in natural gas production while keeping overall barrel oil equivalent flat [7][8] Market Data and Key Metrics Changes - Oil prices have recently dipped into the $50 range, impacting the company's strategy to focus on natural gas drilling [7] - The company maintains a strong position in the natural gas market, with a volume mix of 54% natural gas projected for 2025 [7] Company Strategy and Development Direction - The company emphasizes four strategic pillars: maintaining financial strength, disciplined execution, disciplined reinvestment rate, and maximizing cash distributions [3][4] - The company aims to keep its reinvestment rate below 50% of operating cash flow to optimize distributions to unitholders [4][12] - The recent acquisition of XTO assets is expected to enhance the company's drilling opportunities and production capabilities [10][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging market environment but believes the company is well-positioned to navigate through commodity cycles [7][23] - The company anticipates double-digit growth in natural gas production in 2026, driven by increased drilling activity in the Deep Anadarko Basin [7][8] Other Important Information - The company has distributed over $1 billion back to unitholders since inception, with a current distribution of $0.79 per unit, resulting in a 20% yield [16] - The company has made 21 acquisitions since early 2018, spending over $2 billion, focusing on cash-flowing properties at discounted prices [18] Q&A Session Summary Question: Can you elaborate on the recent acquisition and its impact? - The acquisition adds significant acreage but only produces about 1,600 BOE per day. It includes 1 million acres across various regions, primarily in the Greater Anadarko Basin [32][34] Question: What is the strategy regarding the reinvestment rate and rig deployment? - The company plans to maintain a reinvestment rate below 50%. Currently, two rigs will be operational, with a potential third rig added later in the year depending on cash flow [40][42] Question: How does the company view the oil to gas ratio in future development? - The company will prioritize gas drilling when gas prices are favorable compared to oil, with a focus on maintaining high rates of return [48][49] Question: What are the expectations for natural gas prices and production in 2026? - The company expects significant growth in gas production in 2026, with a projected increase of over 20% in gas volumes while oil production may decrease slightly [65]

Company Performance - Mach Natural Resources LP (MNR) reported quarterly earnings of $0.68 per share, missing the Zacks Consensus Estimate of $0.69 per share, and down from $0.79 per share a year ago, representing an earnings surprise of -1.45% [1] - The company posted revenues of $226.77 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 12.39%, compared to year-ago revenues of $239.16 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Performance - Mach Natural Resources LP shares have lost about 22.5% since the beginning of the year, while the S&P 500 has declined by -4.3% [3] - The current consensus EPS estimate for the coming quarter is $0.63 on revenues of $247.12 million, and for the current fiscal year, it is $2.60 on revenues of $1.01 billion [7] Industry Outlook - The Zacks Industry Rank for Oil and Gas - Exploration and Production - United States is currently in the bottom 34% of over 250 Zacks industries, indicating potential challenges for companies in this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the industry outlook can significantly impact stock performance [5][8]

[Overview and Highlights](index=1&type=section&id=First%20Quarter%202025%20Highlights) Mach Natural Resources reported strong Q1 2025 results, including a **$60 million** asset acquisition and a **$0.79** per unit distribution - Acquired certain oil and gas assets in Oklahoma, Kansas, and Wyoming from XTO Energy for an unadjusted purchase price of **$60 million**[3](index=3&type=chunk) - CEO Tom L. Ward highlighted the company's ability to generate strong cash returns, reduce leverage, and strategically pivot its drilling program toward natural gas while maintaining a reinvestment rate under **50%**[3](index=3&type=chunk) - Declared a quarterly cash distribution of **$0.79** per common unit[1](index=1&type=chunk)[5](index=5&type=chunk) [Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Mach generated **$227 million** in Q1 2025 total revenue and **$16 million** net income, maintaining a strong balance sheet Q1 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Total Revenue | $227 million | | Net Income | $16 million | | Adjusted EBITDA | $160 million | | Net Cash from Operating Activities | $143 million | | Total Development Costs | $52 million | | Reinvestment Rate | 37% | Q1 2025 Average Realized Prices (Ex-Derivatives) | Commodity | Price | | :--- | :--- | | Oil | $70.75 / bbl | | Natural Gas | $3.56 / Mcf | | NGLs | $27.33 / bbl | - As of March 31, 2025, the company had a cash balance of **$8 million**, **$285 million** in remaining availability under its Revolving Credit Facility, and a pro forma net-debt-to-Adjusted-EBITDA ratio of **0.7x**[6](index=6&type=chunk) [Operational Performance](index=2&type=section&id=First%20Quarter%202025%20Operational%20Results) Q1 2025 average net production was **80.9 Mboe/d**, with natural gas at **53%**, and **$253 million** in production revenues Q1 2025 Production & Revenue Mix | Metric | Oil | Natural Gas | NGLs | Total | | :--- | :--- | :--- | :--- | :--- | | **Production Mix** | 24% | 53% | 23% | 80.9 Mboe/d | | **Revenue Mix** | 49% | 33% | 18% | $253 million | Q1 2025 Operating Costs per Boe | Expense Category | Cost per Boe | | :--- | :--- | | Lease Operating Expense (LOE) | $6.69 | | Gathering and Processing | $3.87 | - In Q1 2025, the company spud **8 gross (6.5 net)** operated wells and brought **10 gross (8.9 net)** operated wells online[8](index=8&type=chunk) [Unitholder Distributions](index=2&type=section&id=Distributions) The board declared a quarterly cash distribution of **$0.79** per common unit for Q1 2025, payable on June 5, 2025 - A quarterly cash distribution of **$0.79** per common unit was declared for Q1 2025[11](index=11&type=chunk) - The distribution will be paid on June 5, 2025, to unitholders of record on May 22, 2025[11](index=11&type=chunk) [2025 Outlook](index=2&type=section&id=2025%20Outlook) The company reiterated its full-year 2025 outlook, with further details available on its website - The company reiterated its full-year 2025 outlook, with further details available on the company's website[12](index=12&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Disclosures) The company uses Adjusted EBITDA, a non-GAAP measure, to evaluate operating performance, with reconciliation to net income provided - The company uses Adjusted EBITDA as a supplemental non-GAAP measure to evaluate operating performance, consistent with its management and external analysts' practices[14](index=14&type=chunk)[18](index=18&type=chunk) - Adjusted EBITDA is defined as net income before interest expense, DD&A, unrealized loss (gain) on derivative instruments, loss on debt extinguishment, equity-based compensation expense, and (gain) loss on sale of assets[17](index=17&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA](index=4&type=section&id=Reconciliation%20of%20GAAP%20Financial%20Measure%20to%20Adjusted%20EBITDA) Reconciliation of Net Income to Adjusted EBITDA ($ in thousands) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **Net income** | **$15,886** | **$41,702** | | Interest expense, net | 17,417 | 25,072 | | Depreciation, depletion, amortization and accretion | 63,585 | 67,470 | | Unrealized loss on derivative instruments | 42,340 | 33,223 | | Loss on debt extinguishment | 18,540 | — | | Equity-based compensation expense | 2,112 | 1,182 | | Gain on sale of assets | (29) | (11) | | **Adjusted EBITDA** | **$159,851** | **$168,638** | [Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This report contains forward-looking statements subject to risks including commodity price volatility, regulatory changes, and cybersecurity threats - The report includes forward-looking statements that are not guarantees of future performance and are subject to significant risks and uncertainties[21](index=21&type=chunk)[22](index=22&type=chunk) - Key risk factors mentioned include commodity price volatility, concentration of operations in the Anadarko Basin, capital market conditions, regulatory changes, competition, and cybersecurity threats[21](index=21&type=chunk)

Part I - Financial Information [Financial Statements](index=9&type=section&id=Item%201.%20Financial%20Statements) Unaudited statements show lower net income from a debt extinguishment loss, while a refinancing reshaped the balance sheet Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $7,790 | $105,776 | | Total current assets | $195,673 | $322,096 | | Oil and natural gas properties, net | $1,914,895 | $1,899,357 | | **Total assets** | **$2,242,102** | **$2,338,214** | | **Liabilities & Equity** | | | | Total current liabilities | $281,853 | $352,421 | | Long-term debt | $460,000 | $668,778 | | **Total liabilities** | **$863,741** | **$1,139,168** | | Partners' capital | $1,378,361 | $1,199,046 | | **Total liabilities and partners' capital** | **$2,242,102** | **$2,338,214** | Statement of Operations Summary (in thousands, except per unit data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $226,768 | $239,155 | | Income from operations | $51,672 | $67,244 | | Loss on debt extinguishment | ($18,540) | $0 | | **Net income** | **$15,886** | **$41,702** | | Basic EPS | $0.14 | $0.44 | | Diluted EPS | $0.14 | $0.44 | - In Q1 2025, the company issued 14.8 million common units in a public offering, raising **net proceeds of $221.1 million**[42](index=42&type=chunk) - Distributions to unitholders in Q1 2025 amounted to **$59.7 million**, compared to $90.9 million in Q1 2024[42](index=42&type=chunk) - Financing activities in Q1 2025 included **proceeds from an offering of $221.6 million**, **repayment of a $763.1 million term note**, and **proceeds from new credit facilities of $533.0 million**[45](index=45&type=chunk) - On January 31, 2025, the company closed the **Flycatcher Acquisition for consideration of $29.8 million in cash**, funded by borrowings on its Revolving Credit Agreement[102](index=102&type=chunk)[103](index=103&type=chunk) - On February 27, 2025, the company entered a **new $750 million senior secured revolving credit facility**, using the proceeds to repay and terminate its existing Term Loan and Revolving Credit Agreement, resulting in a **debt extinguishment loss of $18.5 million**[115](index=115&type=chunk)[122](index=122&type=chunk) - In February 2025, the company completed a public offering of common units, resulting in **net proceeds of $221.1 million**, which were used to repay debt[164](index=164&type=chunk) - Subsequent to the quarter end, on April 30, 2025, the company closed the **XTO Acquisition for $60.0 million**, funded by borrowings and cash on hand[178](index=178&type=chunk) Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $142,519 | $143,953 | | Net cash used in investing activities | ($78,010) | ($54,720) | | Net cash used in financing activities | ($162,495) | ($90,725) | | **Net decrease in cash** | **($97,986)** | **($1,492)** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses flat revenues offset by higher gas prices, rising operating costs, and liquidity from a new credit facility - The company's business is focused on the acquisition, development, and production of oil, natural gas, and NGLs in the **Anadarko Basin**, complemented by its own midstream assets[184](index=184&type=chunk)[185](index=185&type=chunk) - Management expects **continued commodity price volatility** influenced by the war in Ukraine, conflict in the Middle East, interest rate uncertainty, and global economic conditions[186](index=186&type=chunk) - As of March 31, 2025, the company had **$460.0 million outstanding** on its new revolving credit facility, with **$285.0 million of remaining availability**[209](index=209&type=chunk) - The **2025 capital budget is set between $260.0 million and $280.0 million**, primarily for drilling Oswego, Woodford, Red Fork, and Mississippian wells[212](index=212&type=chunk)[213](index=213&type=chunk) - In Q1 2025, capital expenditures included **$42.8 million for drilling and completions**, **$8.2 million for workovers**, and **$26.3 million for acquisitions**[213](index=213&type=chunk) - Adjusted EBITDA is defined as net income adjusted for interest, DD&A, unrealized derivative gains/losses, debt extinguishment loss, equity-based compensation, and asset sale gains/losses[226](index=226&type=chunk) Revenue and Production Comparison (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total oil, gas, and NGL sales ($ thousands) | $252,726 | $255,240 | (1%) | | Total Production (MBoe) | 7,283 | 8,098 | (10%) | | Average Oil Price ($/Bbl) | $70.75 | $77.17 | (8%) | | Average Natural Gas Price ($/Mcf) | $3.56 | $2.35 | 51% | Operating Expense Comparison (Q1 2025 vs Q1 2024) | Expense ($ thousands) | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Gathering and processing | $28,161 | $31,942 | (12%) | | Lease operating expense | $48,752 | $40,760 | 20% | | Production taxes | $12,774 | $12,752 | 0% | | DD&A – oil and natural gas | $61,185 | $65,372 | (6%) | Reconciliation of Net Income to Non-GAAP Measures (in thousands) | Measure | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $15,886 | $41,702 | | **Adjusted EBITDA** | **$159,851** | **$168,638** | | **Cash available for distribution** | **$94,576** | **$67,011** | [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include commodity prices, counterparty credit, and interest rates from variable-rate debt - The company uses commodity derivative instruments, primarily swaps, to hedge price risk associated with a portion of its anticipated production[236](index=236&type=chunk) - As of March 31, 2025, the company had **$460.0 million of variable-rate debt outstanding**, and a **1% (100 basis points) change in the interest rate would impact annual interest expense by approximately $4.6 million**[240](index=240&type=chunk)[241](index=241&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective as of March 31, 2025 - The CEO and CFO concluded that as of March 31, 2025, the company's **disclosure controls and procedures were effective**[243](index=243&type=chunk) - **No changes occurred during Q1 2025** that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[245](index=245&type=chunk) Part II - Other Information [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal matters and has accrued $1.5 million for potential liabilities - The company is involved in ordinary course litigation such as title disputes, royalty disputes, and contract claims[246](index=246&type=chunk) - The company is **not aware of any environmental claims** existing as of March 31, 2025, that would materially impact its financial position[248](index=248&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported compared to the most recent Annual Report on Form 10-K - **No material changes** to the Company's "Risk Factors" were disclosed in this report compared to the Annual Report for the year ended December 31, 2024[249](index=249&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or specific use of proceeds during the period - None[250](index=250&type=chunk) [Defaults Upon Senior Securities](index=46&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities - None[251](index=251&type=chunk) [Mine Safety Disclosures](index=46&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company provided no mine safety disclosures for the period - None[252](index=252&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the first quarter of 2025 - **No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement** during the three months ended March 31, 2025[253](index=253&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) Filed exhibits include the new Revolving Credit Agreement, partnership agreements, and required CEO/CFO certifications - Key exhibits filed include the **Revolving Credit Agreement dated February 27, 2025**, and various CEO/CFO certifications[254](index=254&type=chunk)[255](index=255&type=chunk)

Core Insights - Mach Natural Resources LP (MNR) is positioned to potentially continue its earnings-beat streak in upcoming reports, particularly within the Zacks Oil and Gas - Exploration and Production - United States industry [1] - The company has a history of beating earnings estimates, with an average surprise of 29.78% over the last two quarters [1] Earnings Performance - For the last reported quarter, Mach Natural Resources LP achieved earnings of $0.62 per share, exceeding the Zacks Consensus Estimate of $0.44 per share, resulting in a surprise of 40.91% [2] - In the previous quarter, the company was expected to report earnings of $0.59 per share but delivered $0.70 per share, leading to a surprise of 18.64% [2] Earnings Estimates and Predictions - Estimates for Mach Natural Resources LP have been trending higher, influenced by its history of earnings surprises [4] - The company currently has a positive Earnings ESP (Expected Surprise Prediction) of +7.49%, indicating a bullish outlook from analysts regarding its earnings prospects [7] - The combination of a positive Earnings ESP and a Zacks Rank 3 (Hold) suggests a strong possibility of another earnings beat [7] Statistical Insights - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of producing a positive surprise [5] - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [6]