Kerry Mangano's questions to Mach Natural Resources LP (MNR) leadership • Q2 2025
Question
Kerry Mangano asked about the acquisition strategy, specifically whether preference was given to deals that accepted equity as partial payment and if the company had passed on other potential all-cash deals.
Answer
CEO Tom Ward stated that taking equity was a critical component and the only way the company could complete large acquisitions (over $300-$400 million) while maintaining its target leverage ratio. He confirmed they look at many deals and often submit bids with equity that are declined in favor of all-cash offers from competitors, but argued that taking MNR equity is a better long-term value proposition for sellers.