MNR
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Tar_Heel93
- Posts: 2
- Joined: Wed Feb 15, 2023 8:06 am
MNR
Is anyone here following MNR ? I would be interested in hearing others thoughts regarding this company and their operating strategy. Thanks.
Re: MNR
I don't follow it, but it pays a nice dividend. Thanks for mentioning it.
Mach Natural Resources LP, an independent upstream oil and gas company, focuses on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the panhandle of Texas. The company was incorporated in 2023 and is headquartered in Oklahoma City, Oklahoma.
OKLAHOMA CITY, April 01, 2024--(BUSINESS WIRE)--Mach Natural Resources LP (NYSE: MNR) ("Mach" or the "Company") today reported financial and operating results for the year-ended December 31, 2023. In addition, the Company reaffirmed its guidance for 2024.
Recent Highlights
Completed corporate combination that resulted in the Company’s 100% ownership of BCE-Mach LLC, BCE-Mach II LLC and BCE-Mach III LLC on October 25, 2023
Completed initial public offering (the "IPO") of 10,000,000 common units on October 27, 2023, at a price of $19.00 per unit to the public
Closed the acquisition of certain interests in oil and gas properties, rights and related assets from Paloma Partners IV, LLC, and its affiliated companies (collectively "Paloma") for $815 million (subject to customary closing adjustments) on December 28, 2023
Declared the Company’s first quarterly cash distribution on February 15, 2024, of $0.95 per common unit
Tom L. Ward, Mach’s Chief Executive Officer, noted, "2023 was a transformative year for Mach. We successfully completed the largest IPO for an E&P company since 2017, and we closed the acquisition of Paloma. We continue to emphasize the stated objectives of our Company:
(1) maximize distributions;
(2) disciplined acquisitions focused on accretion to distribution;
(3) maintain low leverage with the goal of less than 1x net debt / Adjusted EBITDA(1);
(4) strategic reinvestment rate of less than 50% to optimize distributions."
Our financial and operating data for the year ended December 31, 2023, includes BCE-Mach III, the accounting predecessor of Mach Natural Resources LP, for the entire period, and BCE-Mach LLC and BCE-Mach II LLC from October 25, 2023, the effective date of the acquisition as a result of the corporate combination.
Mach Natural Resources LP, an independent upstream oil and gas company, focuses on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the panhandle of Texas. The company was incorporated in 2023 and is headquartered in Oklahoma City, Oklahoma.
OKLAHOMA CITY, April 01, 2024--(BUSINESS WIRE)--Mach Natural Resources LP (NYSE: MNR) ("Mach" or the "Company") today reported financial and operating results for the year-ended December 31, 2023. In addition, the Company reaffirmed its guidance for 2024.
Recent Highlights
Completed corporate combination that resulted in the Company’s 100% ownership of BCE-Mach LLC, BCE-Mach II LLC and BCE-Mach III LLC on October 25, 2023
Completed initial public offering (the "IPO") of 10,000,000 common units on October 27, 2023, at a price of $19.00 per unit to the public
Closed the acquisition of certain interests in oil and gas properties, rights and related assets from Paloma Partners IV, LLC, and its affiliated companies (collectively "Paloma") for $815 million (subject to customary closing adjustments) on December 28, 2023
Declared the Company’s first quarterly cash distribution on February 15, 2024, of $0.95 per common unit
Tom L. Ward, Mach’s Chief Executive Officer, noted, "2023 was a transformative year for Mach. We successfully completed the largest IPO for an E&P company since 2017, and we closed the acquisition of Paloma. We continue to emphasize the stated objectives of our Company:
(1) maximize distributions;
(2) disciplined acquisitions focused on accretion to distribution;
(3) maintain low leverage with the goal of less than 1x net debt / Adjusted EBITDA(1);
(4) strategic reinvestment rate of less than 50% to optimize distributions."
Our financial and operating data for the year ended December 31, 2023, includes BCE-Mach III, the accounting predecessor of Mach Natural Resources LP, for the entire period, and BCE-Mach LLC and BCE-Mach II LLC from October 25, 2023, the effective date of the acquisition as a result of the corporate combination.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MNR
Tom Ward!!
Is that the same Tom Ward that put SD in bankruptcy and a buddy of Aubrey M of CHK?
That was a hard lesson for me and I still walk funny
============================================================================
Yep it is... Prior to that, Ward was co-founder, previously Chairman and CEO of Tapstone Energy and SandRidge Energy. Prior to that, he was co-founder, President, COO and a director of Chesapeake Energy. Aubrey was super aggressive, like a Greek tragedy in didn't end well, he moved the Seattle Sonics from Seattle to Oklahoma, DOJ went after him and Ward for price fixing NG when NG was in the 2's and that was final straw. His SUV smashed into a bridge before the DOJ could arrest him. I always felt bad for that guy. To hold leases he had to drill and the cash wasn't coming in when NG cratered. Kind of what CRK is doing now, drilling to hold leases and cash flow not there. I am super sensitive to FCF and capital discipline. The same mistakes are made over and over.
These guys destroy shareholders , walk away, then start all over again. He is a bs artist but maybe he will be smarter this time.
When SD and NG was falling , he used his overpriced stock to buy an oily Arena Resources. which I was in. That went under too after SD took them over.
Warren Buffet thinks there should be accountability when something like this happens and opines that sponsors and executives should be wiped out too.
Is that the same Tom Ward that put SD in bankruptcy and a buddy of Aubrey M of CHK?
That was a hard lesson for me and I still walk funny
============================================================================
Yep it is... Prior to that, Ward was co-founder, previously Chairman and CEO of Tapstone Energy and SandRidge Energy. Prior to that, he was co-founder, President, COO and a director of Chesapeake Energy. Aubrey was super aggressive, like a Greek tragedy in didn't end well, he moved the Seattle Sonics from Seattle to Oklahoma, DOJ went after him and Ward for price fixing NG when NG was in the 2's and that was final straw. His SUV smashed into a bridge before the DOJ could arrest him. I always felt bad for that guy. To hold leases he had to drill and the cash wasn't coming in when NG cratered. Kind of what CRK is doing now, drilling to hold leases and cash flow not there. I am super sensitive to FCF and capital discipline. The same mistakes are made over and over.
These guys destroy shareholders , walk away, then start all over again. He is a bs artist but maybe he will be smarter this time.
When SD and NG was falling , he used his overpriced stock to buy an oily Arena Resources. which I was in. That went under too after SD took them over.
Warren Buffet thinks there should be accountability when something like this happens and opines that sponsors and executives should be wiped out too.