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Jun 30, 2024
Magnolia Q2 2024 Earnings Report
Magnolia reported strong Q2 2024 results with increased production and shareholder returns.
Key Takeaways
Magnolia Oil & Gas Corporation announced strong second quarter 2024 results, with total production reaching a new quarterly record of 90.2 Mboe/d, driven by a 21% increase in Giddings production. The company returned approximately $130 million to shareholders through share repurchases and dividends and closed the quarter with $275.7 million in cash.
Net income attributable to Class A Common Stock was $95.6 million, or $0.51 per diluted share.
Adjusted EBITDAX was $246.1 million, with D&C capital at $123.4 million, about 50% of adjusted EBITDAX.
Total production grew by 10% year-over-year to 90.2 Mboe/d, with oil production at 37.9 thousand barrels per day.
The company repurchased 4 million shares for $102.7 million and declared a cash dividend of $0.13 per share.
Revenue by Segment
Forward Guidance
Magnolia is reiterating its full-year 2024 capital spending and production guidance, with D&C capital expected to be in the range of $450 to $480 million. The company estimates this should deliver high single digit total production growth during 2024 as compared to last year, and with oil production growing at a similar rate and remaining resilient through the rest of the year. We expect third quarter D&C capital expenditures to be roughly $120 million and total production for the third quarter to be approximately 91 Mboe/d.
Positive Outlook
- D&C capital expected to be in the range of $450 to $480 million for full year 2024.
- High single digit total production growth expected during 2024 as compared to last year.
- Oil production is expected to grow at a similar rate and remain resilient through the rest of the year.
- Third quarter D&C capital expenditures are expected to be roughly $120 million.
- Total production for the third quarter is expected to be approximately 91 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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