Mach Natural Resources plans to debut its shares in an initial public offering (IPO) on the New York Stock Exchange under the ticker symbol “MNR,” according to a September 22 regulatory filing with the US Securities and Exchange Commission (SEC).
In the filing, the Oklahoma-based company did not state how many shares it would sell or list a price per share.
It intends to use the proceeds of the IPO to repay its credit facilities, according to the filing.
The company is focused on acquiring and developing oil, natural gas, and natural gas liquids in the Anadarko Basin region of Western Oklahoma, Southern Kansas and the panhandle of Texas.
For the 12 months ended June 30, 2023, it achieved revenue of $894.1 million and a net income of $463.7 million.
Its average net daily production for the same period was 65,000 barrels of oil equivalent per day.
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