Magnolia Q1 net income $97.6M (-9% YoY); acquires Giddings acreage for $125M

Magnolia Oil & Gas Corp

Diluted EPS $0.46 (down 8% YoY); adjusted net income $101.0M (down 15%).
Production 84.8 Mboe/d (+7% YoY); oil output 37.5 Mbbl/d; Giddings production up 17%.
Free cash flow $117.1M; returned 68% via buybacks ($52.4M) and $0.13 dividend.
Acquired ~27,000 net acres in Giddings for $125M on April 30; adds ~1,000 boe/d.
FY 2024 D&C capex reaffirmed $450-480M; Q2 production guided ~89 Mboe/d.

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 0.95

Magnolia Oil & Gas Corp reported first quarter of 2024 results: net income $97.6 million, EPS $0.46 per diluted share.

Period: first quarter of 2024
Net income: $97.6 million
EPS: $0.46 per diluted share
Result: reported results

Exact text from the filing

Magnolia Oil & Gas Corporation (“Magnolia,” “we,” “our,” or the “Company”) (NYSE: MGY) today announced its financial and operational results for the first quarter of 2024.

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Magnolia Oil & Gas Corp filing history →

Source: SEC EDGAR

accession 0001698990-24-000018

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