Mach Natural Resources LP (NYSE: MNR) (“Mach” or the “Company”)
today announced that it has closed the acquisition (the
“Acquisition”) of certain interests in oil and gas properties,
rights and related assets located in certain counties in Oklahoma
from Paloma Partners IV, LLC, a privately-held Delaware limited
liability company backed by EnCap Investments L.P., and its
affiliated companies (the “Sellers”).
In conjunction with the closing of the Acquisition, Mach entered
into an $825 million term loan credit agreement (the “Term Loan
Facility”) to fund the purchase price, from a group led by Chambers
Energy Management and EOC Partners, and including Mercuria
Investments US, Inc., funds managed by Farallon Capital Management
LLC, Macquarie Group, and Texas Capital Bank, among other financial
institutions as participants, with Texas Capital Bank acting as the
administrative agent. Mach also entered into a $75 million super
priority revolving credit facility (the “Revolving Credit
Facility”) led by MidFirst Bank. In connection with closing of the
Acquisition, Mach used proceeds from the Term Loan Facility and
cash on hand to repay the existing amounts outstanding under the
previously outstanding revolving credit agreement and such
agreement was terminated. As of closing of the Acquisition, the
Revolving Credit Facility was undrawn.
Advisors
Kirkland & Ellis served as legal advisor for Mach.
Vinson & Elkins served as legal advisor and RBC Richardson
Barr served as financial advisor for the Sellers.
Latham & Watkins served as legal advisor for the term loan
arranger.
About Mach Natural Resources LP
Mach Natural Resources LP 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.
Forward-Looking Statements and Cautionary Statements
Certain statements in this press release concerning future
opportunities for the Company, future financial performance and
condition, guidance and any other statements regarding the
Company’s future expectations, beliefs, plans, objectives,
financial conditions, returns to shareholders assumptions or future
events or performance that are not historical facts are
“forward-looking” statements based on assumptions currently
believed to be valid. Forward-looking statements are all statements
other than statements of historical facts. The words “anticipate,”
“believe,” “ensure,” “expect,” “if,” “intend,” “estimate,”
“probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,”
“will,” “could,” “should,” “would,” “potential,” “may,” “might,”
“anticipate,” “likely” “plan,” “positioned,” “strategy,” and
similar expressions or other words of similar meaning, and the
negatives thereof, are intended to identify forward-looking
statements. Specific forward-looking statements include statements
regarding the Company’s plans and expectations with respect to the
Acquisition and the anticipated impact of the Acquisition on the
Company’s results of operations, financial position, growth
opportunities, reserve estimates and competitive position. The
forward-looking statements are intended to be subject to the safe
harbor provided by Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of
1995.
These forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from those anticipated, including, but not limited to, the
Company’s future financial condition, results of operations,
strategy and plans; the ability of the Company to realize
anticipated synergies related to the Acquisition in the timeframe
expected or at all; changes in capital markets and the ability of
the Company to finance operations in the manner expected; the
effects of commodity prices; and the risks of oil and gas
activities. Additionally, risks and uncertainties that could cause
actual results to differ materially from those anticipated also
include: commodity price volatility; the impact of epidemics,
outbreaks or other public health events, and the related effects on
financial markets, worldwide economic activity and our operations;
the impact of COVID-19, and governmental measures related thereto,
on global demand for oil and natural gas and on the operations of
our business; uncertainties about our estimated oil, natural gas
and NGL reserves, including the impact of commodity price declines
on the economic producibility of such reserves, and in projecting
future rates of production; the concentration of our operations in
the Anadarko Basin; difficult and adverse conditions in the
domestic and global capital and credit markets; lack of
transportation and storage capacity as a result of oversupply,
government regulations or other factors; lack of availability of
drilling and production equipment and services; potential financial
losses or earnings reductions resulting from our commodity price
risk management program or any inability to manage our commodity
risks; failure to realize expected value creation from property
acquisitions and trades; access to capital and the timing of
development expenditures; environmental, weather, drilling and
other operating risks; regulatory changes, including potential
shut-ins or production curtailments mandated by the Railroad
Commission of Texas; competition in the oil and natural gas
industry; loss of production and leasehold rights due to mechanical
failure or depletion of wells and our inability to re-establish
their production; our ability to service our indebtedness; any
downgrades in our credit ratings that could negatively impact our
cost of and ability to access capital; cost inflation; political
and economic conditions and events in foreign oil and natural gas
producing countries, including embargoes, continued hostilities in
the Middle East and other sustained military campaigns, the war in
Ukraine and associated economic sanctions on Russia, conditions in
South America, Central America, China and Russia, and acts of
terrorism or sabotage; evolving cybersecurity risks such as those
involving unauthorized access, denial-of-service attacks, malicious
software, data privacy breaches by employees, insiders or other
with authorized access, cyber or phishing-attacks, ransomware,
social engineering, physical breaches or other actions; and risks
related to our ability to expand our business, including through
the recruitment and retention of qualified personnel. Expectations
regarding business outlook, including changes in revenue, pricing,
capital expenditures, cash flow generation, strategies for our
operations, oil and natural gas market conditions, legal, economic
and regulatory conditions, and environmental matters are only
forecasts regarding these matters.
Additional information concerning other risk factors is also
contained in the Company’s recently filed registration statement on
Form S-1, as amended, which was originally filed with the U.S.
Securities and Exchange Commission (the “SEC”) on September 22,
2023, which is on file with the SEC, and in other documents the
Company files with the SEC. All forward-looking statements speak
only as of the date they are made and are based on information
available at that time. The Company does not assume any obligation
to update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements
were made or to reflect the occurrence of unanticipated events
except as required by federal securities laws. As forward-looking
statements involve significant risks and uncertainties, caution
should be exercised against placing undue reliance on such
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20231228178680/en/
Mach Natural Resources LP Investor Relations Contact:
ir@machresources.com
Grafico Azioni Mach Natural Resources (NYSE:MNR)
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