Magnolia Q2 net income falls 65% to $104.6M; production up 10%, share buyback expanded

Magnolia Oil & Gas Corp

Net income $104.6M ($0.48 diluted EPS), down 65% and 64% YoY respectively; adjusted net income $97.2M.
Production 81.9 Mboe/d, up 10% YoY and 3% sequentially on Giddings growth; oil production up 35% there.
Adjusted EBITDAX $203.3M, down 48% YoY; D&C capex $86.1M, below $100M guidance due to lower costs.
Free cash flow $93.3M; cash balance $676.6M; repurchased 2.3M shares for $44.8M, authorization increased by 10M shares.
Bolt-on Giddings acquisition closed; operating costs improved 18% sequentially to $10.33/boe.

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 reported financial results for second quarter of 2023.

Period: second quarter of 2023
Result: reported results

Exact text from the filing

On August 1, 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 June 30, 2023.

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Magnolia Oil & Gas Corp filing history →

Source: SEC EDGAR

accession 0001698990-23-000021

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