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Magnolia Oil & Gas Reports Q3 2024 Results
Company Announcements

Magnolia Oil & Gas Reports Q3 2024 Results

Magnolia Oil & Gas ( (MGY) ) has released its Q3 earnings. Here is a breakdown of the information Magnolia Oil & Gas presented to its investors.

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Magnolia Oil & Gas Corporation, a publicly traded company specializing in oil and gas exploration and production, primarily operates in the Eagle Ford Shale and Austin Chalk formations in South Texas.

Magnolia Oil & Gas reported its third-quarter 2024 financial results, highlighting a 10% increase in average daily production year-over-year and a robust operational performance despite challenges from midstream facility outages.

The company’s net income for the third quarter was $105.9 million, a 10% decrease from the previous year, while adjusted EBITDAX saw a slight increase to $243.6 million. Magnolia managed to reduce lease operating expenses and reported a 10% growth in production volumes, driven by strong well performance. Despite a decrease in cash balance by 55% from the previous year, Magnolia returned $87.8 million to shareholders through dividends and share repurchases.

Magnolia’s strategic focus on disciplined capital spending and operational efficiency resulted in capital expenditures of $103.1 million, aligning with its long-term strategy of moderate production growth. The company plans to maintain its current approach into 2025, projecting mid-single-digit annual production growth.

Looking forward, Magnolia Oil & Gas anticipates continued growth and operational efficiency, aiming to maximize shareholder value through disciplined capital allocation and strategic market positioning.

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