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Mar 31, 2024
Magnolia Q1 2024 Earnings Report
Magnolia reported a solid start to 2024 with disciplined capital spending, steady production growth, strong pre-tax margins, and consistent free cash flow.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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