MACH NATURAL RESOURCES LPMNR

MACH NATURAL RESOURCES LP Segments Disclosure

10-KFiled Mar 12, 20262 min read
Segment Information
Management has evaluated that the Company is organized and managed as a single reportable segment, which is the exploration and production of oil, natural gas and NGLs (“E&P Segment”). All of the Company’s operations and assets are located in the United States, and its revenues are attributable to United States customers.
The accounting policies of the E&P Segment are the same as those described in Note 2.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer and Director. The CODM uses consolidated net income as presented on the accompanying statements of operations to measure E&P Segment profit or loss, and to evaluate income generated from E&P Segment assets in deciding whether to reinvest profits into operational activities or to use profits for other purposes, such as debt reduction, acquisitions, or distributions to unitholders. Additionally, consolidated net income is used in assessing budget versus actual results and in benchmarking to the Company’s competitors.
The following table summarizes total revenues, significant expenses, net income, total assets and capital expenditures related to the E&P Segment for time periods presented below (in thousands):
Year Ended December 31,
202520242023
Total revenues
$1,175,390 $969,628 $762,309 
Gathering and processing
138,836 106,152 39,449 
Lease operating expense
263,793 180,513 127,602 
Production taxes
48,761 45,674 31,882 
Total significant expenses451,390 332,339 198,933 
Midstream operating expense
13,319 10,466 10,873 
Cost of product sales
25,901 24,026 28,089 
Depreciation, depletion, amortization and accretion – oil and natural gas
280,459 261,949 131,145 
Depreciation and amortization – other
12,305 9,018 6,472 
General and administrative
49,236 33,438 22,861 
General and administrative – related party
7,400 7,400 4,792 
Impairment of oil and gas properties90,430 — — 
Interest expense72,219 104,596 11,201 
Loss on debt extinguishment18,540 — — 
Other expense, net11,207 1,217 1,385 
Total expenses1,032,406 784,449 415,751 
Net income$142,984 $185,179 $346,558 
Total assets$3,777,308 $2,338,214 $887,858 
Capital expenditures, including acquisitions$1,570,276 $365,485 $1,077,686 

Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 13, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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