Full-Year 2025 Earnings Presentation March 2026 NYSE: MNR machnr.com Disclaimer and Forward-Looking Statements This presentation is being provided by Mach Natural Resources LP (the "Company" or "Mach") for informational purposes only. No persons have been authorized to make any representations regarding the information contained in this presentation, and if given or made, such representations should not be considered as authorized. None of the Company, its respective affiliates or any of its or their respec ...

Financial Data and Key Metrics Changes - The company reported production of 94,000 BOE per day, with 21% oil, 56% natural gas, and 23% NGLs [21] - Average realized prices were $64.79 per barrel of oil, $2.54 per MCF of gas, and $21.78 per barrel of NGLs [21] - Total oil and gas revenues reached $235 million, with oil contributing 50%, gas 32%, and NGLs 18% [21][22] - Adjusted EBITDA was $134 million, and operating cash flow was $106 million [24] Business Line Data and Key Metrics Changes - The company has focused on maintaining a disciplined execution strategy, only purchasing assets at discounts to PDP/PV10 [5] - The acquisition of ICAV and Savinol has allowed the company to expand into new basins and review more acquisitions in the sub-$150 million range [4][5] - The company has reduced expected CapEx by 8% for 2026 without affecting production guidance [6] Market Data and Key Metrics Changes - The company anticipates a significant increase in natural gas demand due to LNG exports, projecting 24 BCF a day of demand from 2026 to 2030 [11] - The Midcon region currently produces about 9 BCF a day of gas with takeaway capacity of approximately 12 BCF a day [20] Company Strategy and Development Direction - The company aims to maintain a debt/EBITDA ratio around one time to ensure financial stability and flexibility for future acquisitions [3] - The focus is on low-decline crude assets and natural gas projects, with a target reinvestment rate of less than 50% [7][9] - The company plans to continue drilling in the Deep Anadarko and Mancos Shale, targeting dry gas projects for 2026 [8][19] Management's Comments on Operating Environment and Future Outlook - Management believes the company is nearing the end of a cyclical downturn in crude oil, expecting to harvest higher prices for Savinol crude production [10] - There is cautious optimism regarding natural gas demand, with expectations of increased activity in 2027 and beyond [47] - The company is confident in its ability to maintain production levels while reducing costs through more efficient drilling practices [18][29] Other Important Information - The company announced a distribution of $0.27 per unit, totaling over $1.2 billion in distributions since inception [9][24] - The company ended the quarter with $54 million in cash and $295 million available under its credit facility [24] Q&A Session Summary Question: What is driving the upside in the Midcon operation? - The upside is attributed to moving deeper into gas zones and achieving competitive pricing above $4, allowing for rates of return north of 50% [26] Question: Are there takeaway constraints in the Midcon? - There are no issues with takeaway capacity, estimating 3 BCF a day of takeaway capacity [27] Question: What is the DNC cost on Deep Anadarko locations? - The DNC cost is approximately $14 million per well, with expected rates of return in the 60s [28][29] Question: How does the company plan to manage its distribution in 2026? - The company expects increasing distributions throughout 2026 as new wells come online [31] Question: What is the strategy for potential drilling partnerships? - The company is open to bringing in partners to help develop its extensive land holdings without changing its reinvestment strategy [39] Question: How is the integration of new properties going? - Integration is going well, with a focus on cost management and operational efficiency [45]