中大陆 MLP Mach 自然资源公司结束了在纽约证券交易所上市的首日交易，以每单位 19 美元的价格首次公开募股后，股价下跌约 3.5%。

此次发行是今年在纽约证券交易所进行的第二次能源相关 MLP 公开发行。由鲍勃·辛普森 (Bob Simpson) 领导的 MLP TXO Partners于 1 月底上市。

Mach Resources（股票代码为 MNR）于 10 月 25 日以 19 美元的价格发行了 1000 万份。收盘时，其单位估值为 18.34 美元。

Mach Resources 由首席执行官 Tom Ward 领导，他是一位行业资深人士，曾创立或共同创立了切萨皮克能源公司和桑德里奇能源公司等三家公司。

阿纳达科盆地勘探开发公司在俄克拉荷马州西部、堪萨斯州南部和德克萨斯州狭长地带拥有约 4,500 口生产井，占地 936,000 英亩。截至 2023 年前 6 个月，Mach Resources 的石油净产量总计 3.37 MMbbl；监管文件显示，天然气产量总计约为 38.7 Bcf，而 NGL 产量总计为 2.05 MMbbl。

根据美国证券交易委员会的说法，马赫资源公司将其在该盆地的地位描述为“我们大量的低风险钻井地点库存与我们传统生产资产的低产量产量下降的结合，导致了可持续的生产状况”。 （美国证券交易委员会）备案。

总部位于休斯敦的Baker Botts律师事务所为此次 IPO 的承销商提供咨询服务，其合伙人 Douglas Getten表示，随着投资者寻求资本回报，投资者对 Mach Resources 应该有需求。根据该公司向 SEC 提交的文件，与其他 MLP 类似，Mach Resources 的设立是每个季度在扣除成本、费用和准备金后向单位持有人分配所有可用现金。

“这个更多的是关于发行版，这是一个大故事。我认为，总的来说，投资者目前对勘探与生产的兴趣是自由现金流，并希望看到资本回报。”格滕告诉哈特能源公司。

他表示，Mach Resources 的 IPO 时机非常适合勘探与生产整合正在进行的环境。

“随着较大的上市公司专业被收购，这为一些新公司进入公共领域创造了机会，”盖滕说。“从投资者的需求角度来看，如果你正在寻找那种参与增长的机会，我认为这就是他们正在寻找这样的交易的地方。”

马赫资源公司通过自身整合确立了其在阿纳达科的地位。“从 2018 年 1 月到 2023 年 9 月，我们成功执行了 16 项收购，总购买价约为 9.6 亿美元，将我们的净面积增加到 936,000，截至 6 月的 12 个月，我们的平均日净产量达到约 65 MBoe/d 2023 年 3 月 30 日，”该公司在向 SEC 提交的文件中表示。“此外，在同一时期，我们向会员分发了约 6.53 亿美元现金。”

马赫资源公司在其向美国证券交易委员会提交的文件中指出，“近年来，市场对主有限合伙企业发行的股权的需求明显低于历史水平，这可能使我们在为资本支出融资时面临以下问题更具挑战性：额外股权。

世邦魏理仕 (CBRE) 投资组合经理海因兹·霍华德 (Hinds Howard) 撰写了一份有关 MLP 的时事通讯，他表示，石油和天然气行业的 MLP 大多位于中游行业。他说，上游 MLP 极为罕见。

“从历史上看，上游资产在 MLP 结构中运作不佳，特别是如果目标是保持稳定的分配率。这是因为特定油井的石油和天然气产量下降，大宗商品价格往往波动，”霍华德告诉哈特能源公司。“他们正计划对冲部分生产，但他们似乎并没有计划对冲 100% 的生产，就像​​我们在 2006-2007 年上游 MLP 浪潮中看到的那样。

“所以，看到这家公司选择这种结构很奇怪，尽管我确信他们有他们的理由。这里包含一些中游资产，但仅足以使公司复杂化，并使可能对这样的故事感兴趣的潜在投资者群蒙上阴影。”

马赫资源公司计划将其发行的大部分净收益用于偿还信贷安排债务。

沃德也是Tapstone Energy的创始人，自 Mach Resources 公司于 2017 年成立以来一直担任这家位于俄克拉荷马城的公司的首席执行官。前俄克拉荷马州州长弗朗西斯·基廷 (Francis Keating) 在 SEC 备案中被提名为公司董事。

Midcontinent MLP Mach Natural Resources ended its first day listed on the New York Stock Exchange, trading down about 3.5% after opening its IPO at $19 per unit.

The offering was the second energy-related MLP public offering on the NYSE this year. TXO Partners, an MLP led by Bob Simpson, went public in late January.

Mach Resources, trading under the ticker symbol MNR, offered 10 million units on Oct. 25 at $19. At the close of markets, its units were valued at $18.34.

Mach Resources is led by CEO Tom Ward, an industry veteran who has founded or co-founded three companies including Chesapeake Energy and SandRidge Energy Inc.

The Anadarko Basin E&P has about 4,500 producing wells on 936,000 net acres in western Oklahoma, southern Kansas and the panhandle of Texas. Mach Resources’ net oil production totaled 3.37 MMbbl through the first six months of 2023; natural gas output totaled about 38.7 Bcf, while NGL production totaled 2.05 MMbbl, regulatory filings show.

Mach Resources described its position in the basin as a “ combination of our large inventory of low-risk drilling locations with the low decline production profile of our Legacy Producing Assets leads to a sustainable production profile,” according to a Securities and Exchange Commission (SEC) filing.

Douglas Getten, partner at Baker Botts, the Houston-based law firm that advised the underwriters of the IPO, said there should be investor demand for Mach Resources as investors look for capital returns.  Mach Resources, similar to other MLPs, is set up to distribute all available cash to unitholders each quarter after costs, expenses and reserves, according to the company’s SEC filing.

“This one’s more about distributions, and that’s a big story. I think, in general, the investor interest with E&Ps right now is free cash flow and wanting to see a return of capital,” Getten told Hart Energy.

He said the Mach Resources IPO timing is well suited in an environment in which E&P consolidation is underway.

“It creates an opportunity for some new companies to enter the public sphere as the larger public company majors are acquired,” Getten said. “From a demand perspective as an investor, if you’re looking for that kind of opportunity to participate in some growth, I think this is where they’re looking on deals like this.”

Mach Resources built its position in the Anadarko through consolidation of its own. “From January 2018 through September 2023, we have successfully executed 16 acquisitions for an aggregate purchase price of approximately $960 million, increasing our net acreage to 936,000, and our average net daily production to approximately 65 MBoe/d for the 12 months ended June 30, 2023,” the company said in its SEC filings. “Additionally, during the same period, we distributed approximately $653 million in cash to our members.”

Mach Resources notes in its SEC filing that “the market demand for equity issued by master limited partnerships has been significantly lower in recent years than it has been historically, which may make it more challenging for us to finance our capital expenditures with the issues of additional equity.

Hinds Howard, a CBRE portfolio manager who writes a newsletter on MLPs, said the oil and gas industry’s MLPs are mostly in the midstream sector. An upstream MLP is extremely rare, he said.

“Historically, upstream assets have not worked well in the MLP structure, especially if the goal is to maintain a steady distribution rate. This is because oil and natural gas production from a given oil well declines, and commodity prices tend to be volatile,” Howard told Hart Energy. “Mach is planning to hedge some production, but it doesn’t appear they plan to hedge 100% of production like we saw in the 2006-2007 wave of upstream MLPs.

“So, it’s odd to see this company choosing this structure, although I’m sure they have their reasons. There are some midstream assets included in the mix here, but only enough to complicate the company and cloud the potential investor base who might be interested in such a story.”

Mach Resources plans to use the bulk of the net proceeds from its offering to repay credit facility debt.

Ward, who also founded Tapstone Energy, has been CEO of Mach Resources since the Oklahoma City-based company’s founding in 2017. Former Oklahoma Gov. Francis Keating is nominated as a company director in the SEC filing.