Filing Flows › Mach Natural Resources LP (MNR) › Q2 2026 › vs Q2 2025
Mach Natural Resources LP (MNR) Q2 2026 vs Q2 2025 (year over year)
Mach Natural Resources LP's revenue rose $117M (+41%) from $289M in Q2 2025 to $406M in Q2 2026. The biggest changes: Gross oil, natural gas, and NGL sales +$148M (+67%); Gain (loss) on oil and natural gas derivatives −$32.1M (-58%); Midstream revenue +$3.1M (+50%). Operating margin 30.2% against 38.6% (-8.4 pts).
Mach Natural Resources LP, Q2 2026: revenue $406M (+41% year over year), operating margin 30.2%, net earnings $98.2M, operating cash flow $154M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 30.2% | 38.6% | -8.4 pts |
| Net margin | 24.2% | 31.1% | -6.9 pts |
| Free cash flow margin | 15.6% | 24.4% | -8.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Oil | $197M | $111M | $85.9M | +77% |
| Natural gas | $110M | $69.2M | $40.5M | +58% |
| NGL | $61.6M | $39.9M | $21.6M | +54% |
| Gross oil, natural gas, and NGL sales | $368M | $220M | $148M | +67% |
| Gain (loss) on oil and natural gas derivatives | $23.5M | $55.6M | −$32.1M | -58% |
| Midstream revenue | $9.4M | $6.3M | $3.1M | +50% |
| Product sales | $6.2M | $7.3M | −$1.0M | -14% |
| Revenue | $406M | $289M | $117M | +41% |
| Operating profit | $122M | $111M | $11.2M | +10% |
| Costs & expenses | $283M | $177M | $106M | +60% |
| Pre-tax earnings | $98.2M | $89.7M | $8.6M | +10% |
| Other expense, net | $24.3M | $21.6M | $2.6M | +12% |
| Net earnings | $98.2M | $89.7M | $8.6M | +10% |
| Depreciation & amortization | $98.2M | $67.1M | $31.1M | +46% |
| Share-based compensation | $3.4M | $2.1M | $1.3M | +62% |
| Working capital & other | $46.2M | $28.7M | $17.5M | +61% |
| Operating cash flow | $154M | $130M | $23.5M | +18% |
| Free cash flow (OCF − capex) | $63.1M | $70.3M | −$7.2M | -10% |
| Capital expenditures | $90.5M | $59.8M | $30.7M | +51% |
Questions
How much did Mach Natural Resources LP's revenue grow year over year in Q2 2026?
Mach Natural Resources LP's revenue rose $117M (+41%) from $289M in Q2 2025 to $406M in Q2 2026.
What drove Mach Natural Resources LP's revenue change in Q2 2026?
Gross oil, natural gas, and NGL sales +$148M (+67%); Gain (loss) on oil and natural gas derivatives −$32.1M (-58%); Midstream revenue +$3.1M (+50%).