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  "documentTitle": "Mach Natural Resources | IPO Presentation Deck | 35 slides",
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  "authorName": "Mach Natural Resources",
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  "presentationDate": "2024-03-01 00:00:00",
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      "text": "Map of Mach Lease areas in Kansas, Oklahoma, and Texas, with a focus drilling area highlighted.",
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      "text": "Assets Should Provide for Stable Cash Flow with Appropriate Capex\nCoupling lower decline conventional assets with high returning unconventional drilling inventory\n<25% NTM corporate PDP decline (targeting~20%)\nNTM reinvestment rate of ~36% (1.2)",
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      "text": "Substantial Economic Inventory Offsets PDP Decline\nOver 2,000 gross horizontal drilling locations\nOver 154 wells drilled by Mach in the Focus Drilling Area since inception\nMidstream assets make well-level breakeven prices in the Oswego comparable with Midland and Delaware Basins",
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      "kind": "list",
      "text": "Opportunity to Make Accretive Acquisitions\nSubstantial private equity & distressed- investor ownership drives consolidation opportunity in the basin\nMach has opportunistically acquired 16 assets since inception",
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      "kind": "list",
      "text": "Commitment to Maintain Balance Sheet Strength Across Commodity Cycles\nPost offering, Mach will have zero net debt\nOpportunistic seasonal hedging to reduce near term commodity price risk\nStrong liquidity through free cash flow generation and planned zero net debt post offering",
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      "text": "Prioritization of Cash Distributions to Equityholders\nGenerates substantial cash flow given: low production declines coupled with low costs and highly economic inventory\nAll cash on hand(3) will be distributed at the end of each quarter, less reserves established by our general partner\nNon-economic GP with no IDRs(4)",
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      "text": "MACH\n~936,000 Net Acres (~99% HBP)\n~59 mboepd(1)\nProduction Mix(1) 53% Gas / 47% Liquids\n~$2.1bn PD PV10%(5) +\nOver 2,000 Gross Horizontal Drilling Locations\n$528mm NTM EBITDA (1,6)\n$334 NTM Estimated Cash Distribution to Members (3.6)",
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      "text": "1) For twelve month period ending June 30, 2024 (\"NTM\")\n2) Represents estimated capex spend as a percentage of Adj. EBITDA, excluding acquisitions. See pg. 26 for reconciliation\n3) Cash available for distribution as Adjusted EBITDA less net cash interest expense and development costs. Development costs includes all capital expenditures made for drilling and developing of and gas properties, other than acquisitions\n4) Incentive Distribution Rights (\"IDR\")\n5) Based on CGA's reserve report as of June 30, 2023 using SEC pricing\n6) Is a non-GAAP measure. See pg. 26 for Adj. EBITDA reconciliation",
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      "kind": "title",
      "text": "Introduction to Mach Natural Resources",
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