Mach Natural Resources has announced its plans to launch an initial public offering (IPO) for a total of 10 million shares. The expected price range per share is between $19 and $21. The company, headquartered in Oklahoma City, has filed the necessary paperwork with the Securities and Exchange Commission, aiming to be listed on the New York Stock Exchange under the ticker MNR.
Focus Areas: Oil and Natural Gas
Mach Natural Resources primarily operates in Western Oklahoma, Southern Kansas, and the Texas panhandle, with a strong focus on acquiring, developing, and producing oil and natural gas resources in these regions.
Financial Outlook
At the midpoint of the estimated price range, Mach anticipates generating net proceeds of $181 million. If underwriters decide to purchase additional units, this figure could reach $208.9 million. The company intends to allocate these funds towards paying off its credit facilities.
In 2022, Mach achieved impressive financial results, boasting pro forma revenue of $1.2 billion. Its profit for the same year amounted to $639.1 million, equivalent to $6.68 per share.
Production Capacity
Mach has demonstrated its production capabilities, averaging 65,000 barrels of oil equivalent per day in the fiscal year ending June 30.
Underwriters
Stifel, Nicolaus & Co., Raymond James & Associates, Janney Montgomery Scott, Stephens, and Johnson Rice & Co. have been designated as the underwriters for the offering.