Mach 自然资源有限合伙公司 2025年季度报告

FORM10-Q (Mark One)xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedSeptember 30, 2025 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______ to ______ Commission file number001-41849 Mach Natural Resources LP Delaware93-1757616 (State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) 14201 Wireless Way,Suite 300,Oklahoma City,Oklahoma73134(Address of Principal Executive Offices)(Zip Code) (405)252-8100Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports);and (2) has been subject to such filing requirements for the past 90 days.YesxNo☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during thepreceding 12 months (or for such shorter period that the registrant was required to submit and post such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smallerreporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2of the Exchange Act. (Check one): Accelerated filerxSmaller reporting companyoEmerging growth companyx Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesoNox The registrant had168,422,811common units outstanding as of October30, 2025. TABLE OF CONTENTS Part I - Financial InformationItem 1. Financial StatementsConsolidated Balance SheetsConsolidated Statements of OperationsConsolidated Statements of Partners’ CapitalConsolidated Statements of Cash FlowsNotes to Consolidated Financial StatementsItem 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPart II - Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. ExhibitsSignatures Table of Contents DEFINITIONS “Adjusted EBITDA.” Net income before (1) interest expense, net, (2) depreciation, depletion, amortization and accretion, (3)unrealized loss (gain) on derivative instruments, (4) loss on debt extinguishment (5) equity-based compensation expense and (6) (gain)loss on sale of assets, net. “Basin.” A large natural depression on the earth’s surface in which sediments generally brought by water accumulate. “Bbl.” One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate or NGL. “Bbtu.” One billion Btu. “BCE” or “Sponsor.” Investment funds managed by Bayou City Energy Management LLC and affiliates thereof. “BCE-Mach.” BCE-Mach LLC, a Delaware limited liability company. “BCE-Mach II.” BCE-Mach II LLC, a Delaware limited liability company. “BCE-Mach III.” BCE-Mach III LLC, a Delaware limited liability company. “BCE-Mach Aggregator.” BCE-Mach Aggregator LLC, a Delaware limited liability company. “Boe.” One barrel of oil equivalent, converting natural gas to oil at the ratio of 6 Mcf of natural gas to one Bbl of oil. “British Thermal Unit” or “Btu.” The quantity of heat required to raise the temperature of one pound of water by one degreeFahrenheit. “Completion.” The process of treating a drilled well followed by the installation of permanent equipment for the production of naturalgas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency. “Field.” An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geologicalstructural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and theunderground productive formations. For a complete definition of field, refer to the SEC’s Regulation S-X, Rule 4-10(a)(15). “Formation.” A layer of rock which has distinct characteristics that differs from nearby rock.