Mach Natural Resources LP, a US oil and gas production company in the Anadarko Basin, announced terms for its IPO on Monday.
The Oklahoma City, OK-based company plans to raise $200 million by offering 10 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Mach Natural Resources LP would command a market value of $1.9 billion. Mach plans to issue a quarterly dividend.
Mach Natural Resources is an independent upstream oil and gas company focused on the acquisition, development, and production of oil, natural gas, and NGL reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the panhandle of Texas. Through a series of acquisitions, the company has accumulated approximately 936,000 net acres, of which 99% is held by production, and over 2,000 identified horizontal drilling locations. The company's assets consist of approximately 4,500 gross operated proved developed producing wells, and for the twelve months ended June 30, 2023, its average net daily production was approximately 65 MBoe/d.
Mach Natural Resources LP was founded in 2017 and booked $1.2 billion in revenue for the 12 months ended June 30, 2023. It plans to list on the NYSE under the symbol MNR. Stifel and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of October 23, 2023.
