NYSE$MGY
Magnolia Oil & Gas Corp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Magnolia announced its Q3 2024 financial and operational results, showcasing a steady performance.
Magnolia Oil & Gas Corporation reported a net income of $105.9 million and adjusted net income of $100.3 million for Q3 2024. The company's total production volumes grew by 10% year-over-year to 90.7 Mboe/d, with oil production at 38.9 Mbbls/d. Magnolia generated free cash flow of $126.1 million, returning approximately 70% to shareholders through share repurchases and dividends.
- Magnolia reported a net income attributable to Class A Common Stock of $99.8 million, or $0.52 per diluted share.
- Adjusted EBITDAX was $243.6 million, with D&C capital at $103.1 million, representing approximately 42% of adjusted EBITDAX.
- Lease operating expenses decreased to $5.33 per barrel oil equivalent, an 11% decline from Q1 2024.
- Total production volumes grew by 10% year-over-year to 90.7 Mboe/d, including 38.9 Mbbls/d of oil, despite midstream facility outages.
Headline financials
Revenue & EPS history
Magnolia · Revenue · Quarterly
$333M
Revenue by segment
Magnolia · $316M total across 3 segments · Q3 2023
- Oil revenues$244M—77.2%
- NGL revenues$45M—14.3%
- Natural gas revenues$27.1M—8.6%
Forward guidance
Magnolia expects fourth quarter D&C capital to be approximately $125 million, bringing the total capital spending for the year to approximately $470 million. Fourth quarter total production volumes are expected to be approximately 93 Mboe/d.
Tailwinds
- Expects fourth quarter D&C capital to be approximately $125 million.
- Total capital spending for the year is expected to be approximately $470 million.
- Fourth quarter total production volumes are expected to be approximately 93 Mboe/d.
- High single digit total year-over-year production growth during 2024 is expected.
- This year’s growth in oil production is now expected to surpass that rate.
Headwinds
- Oil price differentials are anticipated to be approximately a $3.00 per barrel discount to Magellan East Houston.
- Magnolia remains completely unhedged for all its oil and natural gas production.
- Unspecified risks associated with forward-looking statements.
- Potential impacts from supply and demand for oil, natural gas, and NGLs.
- Geopolitical and business conditions in key regions of the world may adversely affect Magnolia.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
+0.7%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+2.7%
Avg return
30 days after
51%
18 / 35 earnings
Positive
+15.1%
Q4 2020
Best reaction
-13.2%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.1% | -0.1% | -4.0% | |
| Q4 2025 | +3.1% | +2.9% | +11.5% | |
| Q3 2025 | -2.6% | -4.7% | +0.6% | |
| Q1 2025 | +2.7% | +1.3% | +4.7% | |
| Q4 2024 | +1.5% | +0.5% | +5.2% | |
| Q3 2024 | -0.1% | +1.7% | +9.6% | |
| Q2 2024 | -4.0% | -11.6% | -3.7% | |
| Q1 2024 | +0.8% | +0.8% | -5.1% | |
| Q4 2023 | +5.1% | +5.3% | +17.3% | |
| Q3 2023 | +2.7% | -1.1% | -2.4% | |
| Q2 2023 | -0.4% | +3.7% | +2.9% | |
| Q1 2023 | -5.2% | -0.3% | +2.0% | |
| Q4 2022 | -2.1% | -8.0% | -13.4% | |
| Q3 2022 | -2.7% | +2.4% | -0.2% | |
| Q2 2022 | -2.7% | -6.5% | -5.0% | |
| Q1 2022 | -13.2% | -7.6% | +14.5% | |
| Q4 2021 | +3.0% | +2.0% | +15.4% | |
| Q3 2021 | -1.1% | -0.9% | -13.1% | |
| Q2 2021 | +0.6% | +3.4% | +11.1% | |
| Q1 2021 | +5.6% | +7.9% | +24.7% | |
| Q4 2020 | +15.1% | +19.3% | +7.0% | |
| Q3 2020 | +0.7% | +24.4% | +79.0% | |
| Q2 2020 | -0.2% | +8.0% | -0.3% | |
| Q1 2020 | +8.6% | +9.6% | +31.5% | |
| Q2 2019 | -4.7% | +2.4% | -44.6% | |
| Q4 2019 | -3.5% | -11.3% | -56.6% | |
| Q3 2019 | +10.2% | +16.3% | +11.3% | |
| Q1 2019 | -1.8% | -3.7% | -17.2% | |
| Q4 2018 | +0.3% | +4.3% | -2.1% | |
| Q3 2018 | +3.5% | +10.7% | -2.6% | |
| Q2 2018 | +1.3% | +4.8% | +13.8% | |
| Q1 2018 | +2.3% | +3.5% | +4.2% | |
| Q4 2017 | -0.1% | -0.1% | +0.5% | |
| Q3 2017 | +0.0% | -0.1% | -0.1% | |
| Q2 2017 | +0.0% | -1.8% | -0.3% | |
| Q1 2017 | — | — | — |
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