Magnolia Oil & Gas Corporation (MGY) reported first-quarter 2024 adjusted net income of 49 cents per share, which beat the Zacks Consensus Estimate of 44 cents. The outperformance can be primarily attributed to a healthy increase in production volumes and higher oil prices year over year. However, the bottom line deteriorated from the year-ago quarter’s level of 56 cents due to higher year-over-year operating expenses.Total revenues came in at $319.4 million, which beat the Zacks Consensus Estimate of $308 ...

Magnolia Oil & Gas Corporation (NYSE:MGY) Q1 2024 Earnings Conference Call May 8, 2024 11:00 AM ET Company Participants Tom Fitter - IR Chris Stavros - President and CEO Brian Corales - SVP and CFO Conference Call Participants Neal Dingmann - Truist Leo Mariani - ROTH MKM Charles Meade - Johnson Rice Oliver Huang - Tudor Pickering Holton Company Zach Parham - JPMorgan Noah Hungness - Bank of America Ati Modak - Goldman Sachs Hanwen Chang - Wells Fargo Sean Mitchell - Daniel Energy Partners Paul Diamond - Ci ...

Financial Performance - For the three months ended March 31, 2024, Magnolia reported net income of $97.6 million, or $0.46 per diluted common share, compared to $85.1 million for the same period in 2023 [106]. - Oil revenues increased to $259.2 million for the three months ended March 31, 2024, up from $239.1 million in the same period of 2023, reflecting a 8.4% increase [112]. - Natural gas revenues decreased to $21.1 million for the three months ended March 31, 2024, down from $27.8 million in the same period of 2023, a decline of 24.5% [114]. - NGL revenues were $39.1 million for the three months ended March 31, 2024, compared to $41.5 million in the same period of 2023, a decrease of 5.8% [115]. - Total operating expenses for the three months ended March 31, 2024 were $194.9 million, an increase from $181.4 million in the same period of 2023, representing a 7.4% rise [117]. - For the three months ended March 31, 2024, income tax expense was $20.3 million, a $0.7 million increase compared to $19.6 million for the same period in 2023, driven by a $7.4 million increase in current income tax expense [126]. - Net cash provided by operating activities was $210.9 million for the three months ended March 31, 2024, compared to $219.8 million for the same period in 2023, impacted by timing of collections and a decrease in realized natural gas and NGL prices [133]. - The company had $3.2 million higher other expenses for the three months ended March 31, 2024, primarily due to the loss on revaluation of contingent consideration liability from an acquisition [124]. Production and Capital Expenditures - Total production for the three months ended March 31, 2024 was 84.8 thousand barrels of oil equivalent per day, an increase from 79.3 thousand boe/d in the same period of 2023, representing a 6.2% growth [105]. - The average price of oil per barrel increased to $75.89 for the three months ended March 31, 2024, compared to $74.24 in the same period of 2023, a 2.2% increase [112]. - Total capital expenditures for the three months ended March 31, 2024, were $120.986 million, down from $138.645 million in the same period of 2023 [135]. Shareholder Returns and Debt - Magnolia's board of directors authorized a share repurchase program of up to 40.0 million shares, with 33.1 million shares repurchased at a cost of $577.3 million as of March 31, 2024 [107]. - The company repurchased 2.4 million shares of Class A Common Stock at a total cost of approximately $52.4 million during the three months ended March 31, 2024 [136]. - Cash dividends declared for the three months ended March 31, 2024, totaled $24.0 million, compared to $22.4 million for the same period in 2023 [138]. - As of March 31, 2024, the company had $400.0 million of principal debt related to the 2026 Senior Notes and $849.3 million of liquidity, which includes $450.0 million of borrowing base capacity and $399.3 million of cash and cash equivalents [129]. Strategic Initiatives - The company acquired oil and gas properties in the Giddings area for approximately $264.1 million in November 2023, with additional contingent cash consideration of up to $40.0 million based on future commodity prices [109]. - Magnolia's capital allocation strategy focuses on reinvesting in its business for moderate and predictable annual volume growth while returning capital to shareholders through dividends and share repurchases [102]. - A $1.00 per barrel increase in the weighted average oil price would have increased the company's revenues by approximately $13.7 million on an annualized basis for the three months ended March 31, 2024 [140]. - The company anticipates its current cash balance and cash flows from operations will be sufficient to meet its cash requirements [128]. - Magnolia's ongoing plan is to continue spending within cash flow on drilling and completing wells while maintaining low financial leverage [135].

Magnolia Oil & Gas Corp (MGY) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.36%. A quarter ago, it was expected that this company would post earnings of $0.54 per share when it actually produced earnings of $0.50, delivering a surprise of -7.41%.Over the last four quarters, the c ...

Exhibit 99.1 "A key objective of Magnolia's business plan and strategy is to utilize some of the excess cash generated by the business to pursue attractive bolt-on oil and gas property acquisitions. Properties are targeted not to simply replace the oil and gas that has already been produced but importantly, to improve the future opportunity set of our overall business and enhance the sustainability of our high returns. The latest example is an acquisition from a private operator that we closed at the end of ...

Magnolia Oil & Gas Corporation (NYSE:MGY) Q4 2023 Earnings Call Transcript February 15, 2024 11:00 AM ET Company Participants Tom Fitter - IR Chris Stavros - President and CEO Brian Corales - SVP and CFO Conference Call Participants Neal Dingmann - Truist Leo Mariani - MKM Partners Charles Meade - Johnson Rice Oliver Huang - TPH & Co. Ati Modak - Goldman Sachs Nicholas Pope - Seaport Research Geoff Jay - Daniel Energy Partners Zach Parham - JPMorgan Tim Rezvan - KeyBanc Capital Markets Paul Diamond - Citi O ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2023 OR Nine Greenway Plaza, Suite 1300 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-38083 Magnolia Oil & Gas Corporation (Exact Name of Registrant as Specified in its Ch ...

(1) Source: FactSet (2021 – 2023E) as of 2/9/2024. Return on capital employed (ROCE) is EBIT divided by total assets minus current liabilities. Peers include: APA, AR, CHRD, CIVI, COP, CTRA, DVN, EOG, EQT, FANG, HES, MRO, MTDR, MUR, OVV, OXY, PR, PXD, RRC, SM and SWN. ❑ Focus on cost reductions in 2023 and ongoing share repurchases has had a tangible beneficial impact on corporate returns Net Debt / EBITDA (2023E) (1) Magnolia has one of the best balance sheets in the industry -0.1 0.0 Strong Operating Marg ...

Magnolia Oil & Gas Corporation (NYSE:MGY) Q3 2023 Earnings Call Transcript November 2, 2023 11:00 AM ET Company Participants Jim Johnson - VP, Finance, IR & Treasurer Chris Stavros - President & CEO Brian Corales - SVP & CFO Conference Call Participants Neal Dingmann - SunTrust Umang Choudhary - Goldman Sachs Charles Meade - Johnson Rice Zach Parham - JPMorgan Oliver Huang - Tudor, Pickering, Holt Paul Diamond - Citi Sean Mitchell - Simmons Operator Good morning, everyone, and thank you for participating in ...

Disclaimer NON-GAAP FINANCIAL MEASURES As performance measures, adjusted EBITDAX, adjusted cash operating costs and adjusted cash operating margin may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes excluding these items facilitates investors and analysts ...