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  "documentTitle": "Mach Natural Resources | IPO Presentation Deck | 35 slides",
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      "text": "Management and Board Alignment: Amassed large acreage position in Mid-Continent since 2018 while maintaining a conservative capital structure; Post-IPO business plan aligns with how management and Bayou City built the business: opportunistic acquisitions and a focus on maximizing cash distributions to equity holders.",
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      "text": "Attractive Distribution Policy and Structure: All cash on hand will be distributed at the end of each quarter, less reserves established by our general partner; Distribution strategy aligns well with Master Limited Partnership structure which avoids double taxation.",
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      "text": "Cash Generation Vehicle: Estimated NTM cash available for distribution of $334mm with a reinvestment rate of 36%.",
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      "text": "Strong Balance Sheet: Upon consummation of the IPO, Mach will have zero net debt; Low leverage is a key tenet of financial strategy so any future debt issuance or incurrence will be done conservatively and generally in connection with acquisitions.",
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      "text": "Proactive Hedging Philosophy: Mach's hedging philosophy is centered around minimalizing volatility and maximizing available cash for distribution; Beginning October 2023, the Company has oil hedges totaling 1,521 mbl through June 2024 at an average price of $83.15/bbl and maintains no natural gas hedges.",
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      "text": "Disciplined Investment Approach: Mach's development plan mitigates PDP production declines while minimizing capital spend; Company uses conservative approach to spacing, well design, and drillable locations to optimize assets.",
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      "text": "For twelve month period ending June 30th, 2024 (\"NTM\")",
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      "text": "Represents estimated capex spend as a percentage of Adjusted EBITDA, excluding acquisitions. See pg. 26 for Adj. EBITDA reconciliation",
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