Magnolia Oil & Gas Q2 net income up 158% to $299.9M; raises FY production growth view to 12-14%

Magnolia Oil & Gas Corp

Diluted EPS $1.32 vs $0.48 YoY; adjusted EPS also strong; revenue not disclosed but EBITDAX $393.4M up 102%.
Production 74.2 Mboe/d (+14% YoY), exceeding guidance; full-year 2022 production growth raised to 12-14%.
Increased quarterly dividend to $0.10/share (annualized $0.40, +43% vs prior $0.28); moving to quarterly from semi-annual.
Repurchased 4.1M shares for $102.4M in Q2; 10.1M total in 2022; $501.9M cash, no debt, undrawn $450M revolver.
D&C capex $122M was only 31% of adjusted EBITDAX; free cash flow $250.8M.

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