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Sep 30, 2024
Magnolia Q3 2024 Earnings Report
Magnolia announced its Q3 2024 financial and operational results, showcasing a steady performance.
Key Takeaways
Magnolia Oil & Gas Corporation reported a net income of $105.9 million and adjusted net income of $100.3 million for Q3 2024. The company's total production volumes grew by 10% year-over-year to 90.7 Mboe/d, with oil production at 38.9 Mbbls/d. Magnolia generated free cash flow of $126.1 million, returning approximately 70% to shareholders through share repurchases and dividends.
Magnolia reported a net income attributable to Class A Common Stock of $99.8 million, or $0.52 per diluted share.
Adjusted EBITDAX was $243.6 million, with D&C capital at $103.1 million, representing approximately 42% of adjusted EBITDAX.
Lease operating expenses decreased to $5.33 per barrel oil equivalent, an 11% decline from Q1 2024.
Total production volumes grew by 10% year-over-year to 90.7 Mboe/d, including 38.9 Mbbls/d of oil, despite midstream facility outages.
Revenue by Segment
Forward Guidance
Magnolia expects fourth quarter D&C capital to be approximately $125 million, bringing the total capital spending for the year to approximately $470 million. Fourth quarter total production volumes are expected to be approximately 93 Mboe/d.
Positive Outlook
- Expects fourth quarter D&C capital to be approximately $125 million.
- Total capital spending for the year is expected to be approximately $470 million.
- Fourth quarter total production volumes are expected to be approximately 93 Mboe/d.
- High single digit total year-over-year production growth during 2024 is expected.
- This year’s growth in oil production is now expected to surpass that rate.
Challenges Ahead
- Oil price differentials are anticipated to be approximately a $3.00 per barrel discount to Magellan East Houston.
- Magnolia remains completely unhedged for all its oil and natural gas production.
- Unspecified risks associated with forward-looking statements.
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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