Magnolia Q1 2024 Earnings Report
Key Takeaways
Magnolia Oil & Gas Corporation announced its financial and operational results for the first quarter of 2024, reporting a net income of $97.6 million and adjusted EBITDAX of $227.8 million. The company's total production grew by 7% year-over-year to 84.8 Mboe/d, including 37.5 thousand barrels per day of oil. Magnolia generated free cash flow of $117.1 million and returned 68% of it to shareholders through share repurchases and dividends.
Magnolia reported first quarter 2024 net income attributable to Class A Common Stock of $85.1 million, or $0.46 per diluted share.
Adjusted EBITDAX was $227.8 million during the first quarter of 2024.
Net cash provided by operating activities was $210.9 million during the first quarter of 2024 and the Company generated free cash flow of $117.1 million.
Total production in the first quarter of 2024 grew 7% on a year-over-year basis to 84.8 thousand barrels of oil equivalent per day including 37.5 thousand barrels per day of oil.
Magnolia
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Magnolia Revenue by Segment
Forward Guidance
The Company is reiterating the Company’s full-year 2024 capital spending and production guidance, with D&C capital expected to be in the range of $450 to $480 million. We estimate this should deliver high single digit total production growth during this year as compared to 2023, and with oil production growing at a similar rate.
Positive Outlook
- D&C capital expected to be in the range of $450 to $480 million.
- High single digit total production growth is expected during this year as compared to 2023.
- Oil production is expected to grow at a similar rate.
- Second quarter D&C capital expenditures to be between $120 to $125 million
- Total production for the second quarter to be approximately 89 Mboe/d.
Revenue & Expenses
Visualization of income flow from segment revenue to net income