Mach Natural Resources sold Western Anadarko acreage for $38 million, the company said in second-quarter earnings. (Source: Shutterstock.com/ Mach Natural Resources)
Midcontinent MLP Mach Natural Resources divested interests in the Western Anadarko for $38 million in proceeds, the company reported in second-quarter earnings Aug. 13.
Oklahoma City-based Mach sold certain acreage not attributable to the company’s proved developed reserves on June 26, regulatory filings show.
Mach was launched in 2018 by Tom Ward, who previously formed Chesapeake Energy, SandRidge Energy and Tapstone Energy. Mach is backed by capital partner Bayou City Energy.
The MLP listed its shares on the New York Stock Exchange in October 2023. Weeks later, Mach inked an $815 cash acquisition of Midcontinent assets from Paloma Partners IV LLC.
The Paloma acquisition added approximately 62,000 net acres spanning across Canadian, Grady, McClain, Caddo, Custer, Dewey, Blaine and Kingfisher counties, Oklahoma.
Mach’s net production averaged 89,300 boe/d in the second quarter, up from 89,000 boe/d in the first quarter.
In late July, SandRidge Energy announced a $144 million cash acquisition of Cherokee assets in the Western Anadarko.
RELATED
Tom Ward: Mach Looks to Other Basins as Midcon Competition Heats Up
Recommended Reading
Romito: Beware the Environmental NGO ‘Emissions Police’
2024-08-22 - Non-governmental organizations are effectively functioning as an unchecked extension of the executive branch.
Battling the Secret Army of Leakers in the Oil and Gas Field
2024-08-20 - When it comes to emissions reductions, AI and machine learning can help, but actually collecting and interpreting emissions data has often proven a daunting task.
Occlusion and Envana’s ‘Grave to Grave’ Solution for Orphan Wells
2024-07-11 - Despite no longer producing, abandoned wells pose a significant environmental problem. Occlusion and Envana look to remedy the “couple hundred thousand-well problem” with their Go2Green process for well retirement.
Over 1 Million in Texas Without Power, Freeport LNG Restart Pending After Beryl
2024-07-11 - The slow restoration of power continues hindering some companies' efforts to quickly return operations to normal, especially around Freeport, one of Texas' largest energy hubs.
US Announces Record Oil, Gas Pollution Penalty Against Marathon Oil
2024-07-11 - Marathon will pay a $64.5 million penalty, the largest ever for violations of the Clean Air Act from stationary sources, according to the Environmental Protection Agency and the Department of Justice.