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 Corporation (NYSE: MGY) announced a block trade of 7.5 million shares of Class A common stock, priced to yield gross proceeds of $183 million. The trade, set to close on November 8, 2022, does not include any shares sold by Magnolia and will not provide proceeds to the company. Additionally, Magnolia will purchase 2 million shares of its Class B common stock from the selling stockholders at the same price as the Class A shares. Post-transaction, the selling stockholders will retain 14% of Magnolia's total outstanding shares.
Magnolia Oil & Gas Corporation (NYSE: MGY) announced a proposed underwritten block trade of 7,500,000 shares of Class A common stock by affiliates of EnerVest, Ltd. Magnolia will not sell any shares nor receive proceeds from this sale. Concurrently, Magnolia plans to purchase 2,000,000 shares of its Class B common stock from the Selling Stockholders, contingent on the completion of the Offering. After the transactions, the Selling Stockholders will own approximately 14% of Magnolia's total outstanding shares. J.P. Morgan is the sole book-running manager for the Offering.
Magnolia Oil & Gas Corporation (NYSE: MGY) reported a net income of $287.0 million for Q3 2022, a 79% increase from the previous year, with earnings per share rising to $1.29. Adjusted EBITDAX reached $386.0 million, marking a 74% increase. Average daily production was a record 81.5 Mboe/d, up 21% year-over-year. The company repurchased 3.0 million shares and declared dividends of $0.10 per share. With a cash balance of $689.5 million and no debt maturities until 2026, Magnolia's strategy remains focused on moderate production growth and returning value to shareholders.
Magnolia Oil & Gas Corporation (NYSE: MGY) has announced a quarterly cash dividend of
Magnolia Oil & Gas Corporation (NYSE: MGY) announced a conference call and webcast to discuss its third quarter 2022 operational and financial results, scheduled for November 2 at 10:00 a.m. Central Time. Investors can join the webcast through Magnolia’s website. The company highlights its focus on enhancing shareholder value through production growth and strong margins, particularly in the Eagle Ford Shale and Austin Chalk formations.
Magnolia Oil & Gas Corporation (NYSE: MGY) expresses deep sorrow over the passing of former Chairman, President, and CEO Stephen Chazen. His leadership significantly influenced the oil and gas sector, focusing on creating lasting shareholder value. Chazen was known for establishing industry trends rather than following them, and he maintained a close relationship with investors. His contributions extended beyond business to humanitarian efforts in education, healthcare, and environmental causes, leaving a significant legacy within the Houston community.
Magnolia Oil & Gas Corporation (NYSE: MGY) has appointed Christopher Stavros as President and CEO, effective immediately, following Stephen Chazen's resignation due to health reasons. Stavros, who has been with Magnolia since its inception and has extensive experience in the energy sector, is expected to lead the company with a strong focus on executing its strategic plan. Dan Smith has been named Chairman of the Board, emphasizing the continuity of leadership. The transition aims to maintain Magnolia's growth trajectory in the oil and gas market.
Magnolia Oil & Gas Corporation (NYSE: MGY) reported a strong financial performance for Q2 2022, achieving a net income of $299.9 million, a 158% increase from the same quarter last year. Adjusted net income rose by 117% to $293.6 million, with earnings per share at $1.32. Average daily production improved by 14% to 74.2 Mboe/d. Magnolia repurchased 4.1 million shares and announced a quarterly dividend of $0.10 per share, representing a 43% increase from 2021. The company ended the quarter with $501.9 million in cash and aims for a production growth of 12-14% for the full year.
Magnolia Oil & Gas Corporation (NYSE: MGY) has declared a $0.10 cash dividend per share for Class A common stock and a $0.10 cash distribution per Class B unit, payable on September 1, 2022. This marks a shift to a quarterly dividend from a semi-annual schedule and represents a 43% increase from the $0.28 annualized dividend of 2021. The company aims to grow total production by over 10% this year, while reducing share count by at least 1% per quarter. Future dividends will be assessed in February based on financial results.
Magnolia Oil & Gas Corporation (NYSE: MGY) will host a conference call and webcast on August 3, 2022, at 10:00 a.m. Central Time to discuss its second quarter 2022 financial results. Interested parties can join the webcast on Magnolia’s website or by dialing 1-844-701-1059. The company will also provide materials related to the financial results in the Investors section of its website. A replay of the call will be available afterward. Magnolia focuses on oil and gas exploration and production, primarily in the Eagle Ford Shale region.
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