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MGY - Magnolia Misses Sticks To Discplined Strategy And Highlights Success At Giddings
Magnolia Oil & Gas Corporation Class A
This is a Z4 Pre Call Note
MGY Reports Miss on 4Q19 Volumes; Costs Were Good, Maintains Guidance Approach While Guiding Below Street
The 4Q19 Numbers:
Oil differential: 101.5% of WTI (coming more into line with WTI as expected)
NGL realization: 27% of WTI (better than expected; 3Q was 22%),
Field operating costs of $7.13 per BOE were solid, lowest level of 2019.
Spending in 4Q was lower than expected (maybe due to non-operated activity will falling off into year end, not sure) with them spending $72.2 mm, or just 42% of EBITDA. Full year