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Magnolia Oil & Gas (MGY)
NYSE:MGY
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Earnings Data
Report Date
Feb 12, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.48Last Year’s EPS
$0.5Same Quarter Last Year
Based on 8 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 30, 2024
|% Change Since: -10.01%
|Next Earnings Date:Feb 12, 2025
Earnings Call Sentiment|Positive
The earnings call reflects a strong quarter for Magnolia Oil & Gas with significant oil production growth, efficiency in capital spending, and effective cost management. These positives are somewhat tempered by challenges with midstream facility outages and a decrease in revenue per BOE due to lower oil prices. However, the overall sentiment remains positive given the company's strategic focus on shareholder returns and successful acquisitions.Company Guidance
During the third quarter 2024 earnings call for Magnolia Oil & Gas Corporation (MGY), the management provided guidance on several key metrics. The company achieved a total production of approximately 91,000 barrels of oil equivalent per day, with oil production nearing 39,000 barrels per day, reflecting an 18% increase from the previous year. Total capital expenditure for drilling and completions was $103 million, significantly below the $120 million guidance, representing 42% of the adjusted EBITDAX of $244 million. The company generated $126 million in free cash flow, returning 70% of it to shareholders. Looking forward, Magnolia anticipates high single-digit year-over-year total production growth for 2024, with oil production expected to exceed the BOE rate of growth. Additionally, the company plans to maintain a low reinvestment rate while focusing on potential bolt-on acquisitions to enhance its asset portfolio.Strong Oil Production Growth
Total company oil production during the third quarter was nearly 39,000 barrels per day, representing growth of 18% from year-ago levels. The Giddings area saw a 24% increase in oil production year-over-year.
Efficiency in Capital Spending
Drilling and completion costs were $103 million, below the capital guidance of $120 million, due to ongoing efficiencies. This represented just 42% of the adjusted EBITDAX of $244 million.
Improved Operational Efficiency
Field level operating costs were reduced to $5.33 per BOE, an 11% decline compared to the first quarter of 2024.
Shareholder Returns
Returned $88 million or 70% of free cash flow to shareholders through dividends and share repurchases.
Successful Small Acquisitions
Completed several small acquisitions totaling $15 million, enhancing the value of future development locations.
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MGY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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MGY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 30, 2024 | $25.44 | $25.16 | -1.10% |
| Jul 31, 2024 | $26.96 | $25.28 | -6.23% |
| May 07, 2024 | $25.41 | $25.49 | +0.31% |
| Feb 14, 2024 | $19.99 | $21.05 | +5.30% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Magnolia Oil & Gas (MGY) report earnings?
Magnolia Oil & Gas (MGY) is schdueled to report earning on Feb 12, 2025, TBA Not Confirmed.
What is Magnolia Oil & Gas (MGY) earnings time?
Magnolia Oil & Gas (MGY) earnings time is at Feb 12, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MGY EPS forecast?
MGY EPS forecast for the fiscal quarter 2024 (Q4) is $0.48.
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