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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.
Magnolia
Magnolia
Magnolia Revenue by Segment
Revenue by Segment
Oil Revenues Revenue
CapyFin.comNatural Gas Revenues Revenue
CapyFin.comNatural Gas Liquids Revenues Revenue
CapyFin.com 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