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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.
Magnolia Oil & Gas (NYSE: MGY) declared a quarterly cash dividend of $0.13 per Class A common stock share and $0.13 per Class B unit, payable on June 3, 2024, to shareholders of record as of May 13, 2024.