Magnolia Oil & Gas Q1 net income down 49% to $106.7M; cuts 2023 capex guidance

Magnolia Oil & Gas Corp

Net income $106.7M ($0.50 EPS), down 49% YoY; adjusted net income $119.3M, down 43%.
Adjusted EBITDAX $216.9M (-27% YoY); D&C capex $139.7M (+68% YoY) but below guidance.
Production 79.3 Mboe/d (+10% YoY, +8% sequential); Giddings output up 22% YoY.
2023 D&C capex guidance cut to $440-460M (at least 10% lower); production growth expected 5-7%.
Repurchased 2.4M shares for $51.3M; declared $0.115/share dividend payable June 1.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Magnolia Oil & Gas Corp updated its the quarter ended March 31, 2023 guidance (lowered).

Period: the quarter ended March 31, 2023
Guidance: lowered
Result: reported results

Exact text from the filing

On May 3, 2023, Magnolia Oil & Gas Corporation (the "Company") issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference herein, announcing its financial and operational results for the quarter ended March 31, 2023.

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Magnolia Oil & Gas Corp filing history →

Source: SEC EDGAR

accession 0001698990-23-000012

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