MNR earnings analysis
What we found in MNR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In Q1 2026, Mach Natural Resources LP reported revenue of $285.9 million, a 26% increase year-over-year, driven largely by a 95% increase in production. However, the company posted a diluted EPS loss of $0.31, down from a profit of $0.14 in Q1 2025, reflecting significant unrealized losses on derivatives due to market volatility.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 26% YOY
- Revenue reached $285.93 million, up from $226.77 million in Q1 2025.
- 95% Increase in Production Volumes
- Production volumes surged to 14,179 MBoe from 7,283 MBoe, driven by acquisitions.
- Midstream Revenue Increased by 57%
- Midstream revenue grew to $9.61 million from $6.13 million due to acquisitions.
- Operating Cash Flow Rose by 19%
- Operating cash flow was $170.31 million, up from $142.52 million in Q1 2025.
- Cash Available for Distribution Increased
- Cash available for distribution was $107.35 million compared to $94.58 million in Q1 2025.
- Decreased Debt Payments
- Net cash used in financing activities decreased by $63.2 million year-over-year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Unrealized Losses on Derivatives
- The company incurred a loss of $96.9 million on oil and natural gas derivatives, up from $40.7 million last year.
- High Levels of Debt
- Total debt stood at $1.14 billion under the New Credit Agreement, raising financial stability concerns.
- Operational Challenges Amid Market Volatility
- Commodity prices remain highly volatile, impacting revenue predictability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.31
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing MNR makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever