History
Mach Natural Resources listed in October 2023, then grew fast through acquisitions in Oklahoma, the Permian and San Juan basins, funded by unit sales and bank debt.
2023-2024: Listing and the Paloma deal
Mach Natural Resources LP, an oil and gas producer, was cleared to trade on the New York Stock Exchange in October 2023, with 95,000,000 shares (units) on issue at the end of that year. It had been formed by reorganising earlier entities that were partly sponsored by Bayou City Energy Management.
Within weeks it moved to grow. In November 2023 it agreed to buy about 62,000 net acres of Anadarko Basin assets in Oklahoma from Paloma Partners IV for $815 million, with lenders committing an $825 million term loan. It also merged three inherited credit facilities into a $1.0 billion revolver with MidFirst Bank, but that lasted only about five weeks. When the Paloma purchase closed in late December for cash, Mach paid for it with a new term loan and a new revolver, and retired the November facility.
The record is then quiet until September 2024, when Mach launched an offering of about 7.85 million new common units (about 9.03 million if the underwriters used their option) to help fund planned acquisitions in the Ardmore Basin and Western Kansas. The offering closed with about $112.9 million raised after costs. Units on issue ended 2024 at 103,490,483.
2025-2026: Refinancing and the leap into new basins
In February 2025 a second unit sale raised $192.5 million after costs. Mach used it to repay a roughly $23 million super-priority credit facility and pay down the term loan. Bayou City Energy, an affiliate of Mach's general partner, bought units in the deal. Later that month Mach replaced the whole December 2023 debt package with a single $750 million revolving facility from Truist Bank, which could expand to $2 billion and ran to 2029.
In July 2025 Mach agreed to two large purchases at once: Sabinal Energy's Permian Basin assets, a new basin for the company, and IKAV's San Juan Basin assets in New Mexico and Colorado. More than half the price was to be paid in new units issued directly to the sellers. Both closed on 16 September 2025 at lower final prices than first announced: Sabinal for $486.6 million ($207.3 million cash plus 19.19 million units) and IKAV for $770.7 million ($325 million cash plus 30.6 million units), about $1.26 billion together.
Mach paid the cash by amending its Truist facility, lifting the borrowing base by $700 million and drawing a $450 million term loan. The units issued to sellers and the unit offerings help explain why units on issue rose to 168,422,811 by the end of 2025. As of the latest record in September 2025, Mach held positions in the Anadarko, Permian and San Juan basins, led by CEO Tom L. Ward.
Written from the 10 story beats below (2023 to 17 Sept 2025), which come from the company's own announcements and filings.