Welcome to our dedicated page for Magnolia Oil & Gas Corporation news (Ticker: MGY), a resource for investors and traders seeking the latest updates and insights on Magnolia Oil & Gas Corporation stock.
Magnolia Oil & Gas Corporation (Symbol: MGY) is a leading independent oil and natural gas company based in Houston, Texas. The company focuses on the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids (NGLs) in the United States, particularly in South Texas. Magnolia's primary properties are located in Karnes County and the Giddings Field, targeting the prolific Eagle Ford Shale and Austin Chalk formations.
As of December 31, 2019, Magnolia Oil & Gas Corporation boasts a substantial leasehold position of 450,854 net acres, which includes 22,088 net acres in Karnes, Gonzales, DeWitt, and Atascosa counties and 428,766 net acres in the Giddings Field. The company operates approximately 1,141 net wells with a combined production capacity of 66.8 thousand barrels of oil equivalent per day.
The company's strategic objective is to generate long-term stock market value through consistent organic production growth, high full-cycle operating margins, and an efficient capital program with short economic paybacks. Magnolia's commitment to operational efficiency and innovation has enabled it to maintain robust financial health and steadily increase its production capabilities.
Recent achievements include the successful development of new wells in the Eagle Ford Shale and Austin Chalk formations, leading to an increase in production and reserves. Magnolia Oil & Gas Corporation continues to explore strategic partnerships and acquisitions to bolster its growth and maintain its competitive edge in the industry.
Magnolia's operational excellence, combined with its strategic location in one of the most resource-rich areas of the United States, makes it a significant player in the oil and gas sector. The company remains dedicated to maximizing shareholder value through sustainable and profitable operations.
Magnolia Oil & Gas Operating has announced the pricing of a $400 million private offering of 6.875% senior unsecured notes due 2032. The Notes Offering is expected to close on November 26, 2024, subject to customary conditions. The company plans to use the proceeds to repurchase and redeem its outstanding 6.00% Senior Notes due 2026. The notes will be offered exclusively to qualified institutional buyers and non-U.S. persons under Rule 144A and Regulation S. Magnolia (MGY) operates primarily in South Texas, focusing on the Eagle Ford Shale and Austin Chalk formations, with a strategy centered on steady production growth and consistent free cash flow generation.
Magnolia Oil & Gas Operating and its subsidiary announced plans to offer $400 million in senior unsecured notes due 2032 through a private placement to eligible purchasers. The proceeds will be used to repurchase and redeem the outstanding 6.00% Senior Notes due 2026. The notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. Magnolia (MGY) operates primarily in South Texas, focusing on the Eagle Ford Shale and Austin Chalk formations, with a strategy centered on delivering steady production growth and consistent free cash flow.
Magnolia Oil & Gas (NYSE: MGY) reported Q3 2024 financial results with net income of $105.9 million ($0.52 per diluted share), down 10% year-over-year. Total production increased 10% to 90.7 thousand barrels of oil equivalent per day, with oil production at 38.9 thousand barrels per day. The company generated free cash flow of $126.1 million and maintained strong operational efficiency with reduced lease operating expenses. Magnolia returned 70% of free cash flow to shareholders through $61.7 million in share repurchases and dividends. The company ended the quarter with $276.1 million cash balance and expects Q4 production of approximately 93 Mboe/d.
Magnolia Oil & Gas (NYSE: MGY) has declared a quarterly cash dividend of $0.13 per share for both Class A common stock and Class B units. The dividend will be paid on December 2, 2024, to shareholders of record as of November 8, 2024.
Magnolia Oil & Gas (NYSE: MGY) has announced a conference call and webcast to discuss its third quarter 2024 operational and financial results. The event is scheduled for Thursday, October 31 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Interested parties can join the webcast through the company's website or by dialing 1-844-701-1059.
Materials related to Magnolia's Q3 2024 financial results will be available in the Investors section of the website prior to the call. A replay of the webcast will be posted on the company's website following the event. This announcement indicates Magnolia's commitment to transparency and shareholder communication regarding its quarterly performance.
Magnolia Oil & Gas (NYSE: MGY) reported strong Q2 2024 results, with net income of $105.1 million and adjusted EBITDAX of $246.1 million, up 21% year-over-year. Total production increased by 10% to 90.2 Mboe/d, with Giddings production growing 21% to 69.6 Mboe/d. The company maintained a disciplined capital allocation approach, spending $123.4 million on drilling and completions, about 50% of adjusted EBITDAX. Magnolia generated $96.7 million in free cash flow and returned approximately $130 million to shareholders through share repurchases and dividends. The company reaffirmed its full-year 2024 guidance, expecting high single-digit production growth with D&C capital between $450-$480 million.
Magnolia Oil & Gas (NYSE: MGY) has announced a quarterly cash dividend of $0.13 per share for its Class A common stock and a cash distribution of $0.13 per Class B unit. The dividend will be payable on September 3, 2024 to shareholders of record as of August 9, 2024. This announcement demonstrates the company's commitment to returning value to shareholders and maintaining a consistent dividend policy.
Magnolia Oil & Gas (NYSE: MGY) has announced a conference call and webcast to discuss its operational and financial results for the second quarter of 2024. The event will take place on Thursday, August 1, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Interested parties can join the webcast by visiting Magnolia's investor relations website or by dialing 1-844-701-1059. All related materials will be available in the Investors section of the company's website before the call, and a replay of the webcast will be posted afterward.
Magnolia Oil & Gas (NYSE: MGY) announced that EnerVest affiliates will sell 12,000,000 shares of Magnolia's Class A common stock in an unregistered secondary block trade. Magnolia will not sell any of its shares or receive proceeds from this trade. Additionally, Magnolia agreed to purchase 3,000,000 shares of its Class B common stock from EnerVest at the same price received in the block trade. This purchase is contingent upon the completion of the block trade. Post-transaction, EnerVest will hold approximately 7.6% of Magnolia’s total outstanding shares.
Magnolia Oil & Gas announced its financial and operational results for the first quarter of 2024, reporting net income of $97.6 million, adjusted net income of $101.0 million, and earnings per share of $0.46. The company saw a 7% increase in average daily production, with total drilling and completions capital at $119.0 million, lower than previous guidance.
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