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Master limited partnership producing oil and natural gas in the Anadarko Basin across Oklahoma, Texas and Kansas.
Master limited partnership producing oil and natural gas in the Anadarko Basin across Oklahoma, Texas and Kansas.
Sells oil, gas and natural gas liquids from wells in Oklahoma, Texas and Kansas to pipelines and refiners at market-linked prices, and passes most free cash flow to unitholders as a variable distribution that moves with commodity prices. Growth has come largely from buying existing producing fields rather than drilling new ones.
Moat: none (scale). Commodity oil and gas production; the MLP structure targets high cash distributions rather than a durable moat.
Headquarters: Oklahoma City, Oklahoma, United States · Founded: 2023 · Employees: 840
Size Mach Natural Resources LP (MNR) is a United States Energy company (Integrated Oil) with a market value of $1.50B, the 1991st largest of 3,117 United States companies the cockpit tracks. Shares closed at $9.00 on 6 Nov 2026.
Performance Over six months the shares fell 34.5%, against -16.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 39.3% over the last twelve months (peer median +22.9%); the operating margin is 21.5% (peer median 20.2%).
Valuation It trades at 5.9× forward earnings against a peer median of 5.9× (7th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points above its cost of capital (5.9% WACC).
Short interest Short interest is 0.5% of the free float (15 Oct 2026).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.36B | $1.09B | $988M | $705M | $1.00B |
| Revenue growth | — | +11% | +40% | -30% | — |
| Gross profit | $349M | $311M | $351M | $330M | $615M |
| EBITDA | $651M | $547M | $581M | $439M | $678M |
| Net income | $101M | $143M | $185M | $68.5M | $517M |
| Free cash flow | $348M | $236M | $159M | -$578M | $177M |
| Capital expenditure | $847M | $904M | $346M | $1.07B | $377M |
| Total debt | $1.19B | $1.16B | $766M | $824M | $99.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mach Natural Resources LP MNR | $1.50B | -35% | +39% | 22% | 5.9× | -10.0% |
| Devon Energy DVN | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% |
| Ovintiv OVV | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MNR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.7% | -8.8% | 7th lowest of 21 |
| 6-month return | -34.5% | -16.2% | 6th lowest of 21 |
| Distance from 52-week high | -40.1% | -35.8% | 10th lowest of 21 |
| Revenue growth (TTM) | +39.3% | +22.9% | 7th highest of 20 |
| Operating margin | 21.5% | 20.2% | 10th highest of 20 |
| Forward P/E | 5.9× | 5.9× | 7th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | -10.0% | -6.6% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +2.9% | +8.9% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | -12.9 pp | -15.5 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | +1.8 pp | +1.8 pp | 11th highest of 21 |
| EV / EBITDA | 4.1× | 5.4× | 6th cheapest of 15 |
| Net debt / EBITDA | 1.8× | 0.7× | 4th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mach Natural Resources LP MNR | United States | $1.50B | -35% | +39% | 22% | 5.9× | -10.0% | +2.9% |
| Kelt Exploration KEL.TO | Canada | $1.45B | +4% | +30% | 17% | 12.4× | n/a | n/a |
| United Energy 0467.HK | Hong Kong | $1.44B | -10% | +28% | 14% | 3.6× | n/a | n/a |
| Greenfire Resources GFR.TO | Canada | $1.36B | +3% | -2% | 17% | n/a | n/a | n/a |
| Geo-Jade Petroleum 600759.SS | China | $1.33B | -54% | +42% | 30% | n/a | -0.7% | +2.8% |
| Senton Energy 001331.SZ | China | $1.75B | -24% | -24% | -1% | n/a | n/a | n/a |
| Birchcliff Energy BIR.TO | Canada | $1.29B | +3% | +10% | 20% | 13.5× | 1.9% | +5.8% |
| Kosmos Energy KOS | United States | $1.26B | -23% | +23% | 23% | 4.6× | -6.4% | +9.9% |
| BKV BKV | United States | $1.92B | -37% | +84% | -1% | 11.1× | n/a | n/a |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
| Totalenergies EP Gabon EC.PA | France | $1.14B | -5% | -13% | 25% | n/a | -10.7% | -0.6% |
| Sino Prima Gas Technology 300483.SZ | China | $1.11B | -15% | +40% | 24% | 12.5× | -8.7% | +13.3% |
| Sino Geophysical 300191.SZ | China | $1.10B | -47% | +136% | 14% | n/a | n/a | n/a |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | n/a | n/a |
| Tamboran Resources TBN | United States | $1.01B | -19% | n/a | n/a | n/a | n/a | n/a |
| Shanxi Blue Flame 000968.SZ | China | $961M | -28% | -1% | 14% | n/a | -6.8% | +7.9% |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| Saturn Oil & Gas SOIL.TO | Canada | $941M | +13% | +6% | 28% | 3.0× | -13.8% | +161.8% |
| Riley Exploration Permian REPX | United States | $913M | +24% | +23% | 39% | 4.2× | -7.1% | +164.3% |
| China Risun 1907.HK | Hong Kong | $841M | -45% | -2% | 3% | 9.0× | n/a | n/a |
| Infinity Natural Resources INR | United States | $811M | -17% | +75% | 44% | 4.5× | n/a | n/a |