Magnolia Q1 net income $208.6M, EPS $0.90; raises 2022 capex to $400M, production growth >10%

Magnolia Oil & Gas Corp

Net income $208.6M ($0.90 diluted EPS) vs $91.5M ($0.37) in Q1 2021; total net income up 128%.
Adjusted EBITDAX $298.4M, free cash flow $197.9M; D&C capex $83.4M (28% of adj. EBITDAX).
Production 71.8 Mboe/d (+15% YoY), Giddings up 24% with oil production +31%.
Repurchased 6.0M shares for $129.6M; cash $346.4M, no borrowings on $450M credit facility.
2022 D&C capex guidance raised to $400M from $350M; production growth expected >10% (previously high single-digit).

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