MGY - Magnolia Oil & Gas Corporation (MGY) Q4 2023 Earnings Call Transcript
2024-02-15 17:53:03 ET
Magnolia Oil & Gas Corporation (MGY)
Q4 2023 Earnings Call Transcript
February 15, 2024, 11:00 AM ET
Company Participants
Tom Fitter - IR
Chris Stavros - President and CEO
Brian Corales - SVP and CFO
Conference Call Participants
Neal Dingmann - Truist
Leo Mariani - MKM Partners
Charles Meade - Johnson Rice
Oliver Huang - TPH & Co.
Ati Modak - Goldman Sachs
Nicholas Pope - Seaport Research
Geoff Jay - Daniel Energy Partners
Zach Parham - JPMorgan
Tim Rezvan - KeyBanc Capital Markets
Paul Diamond - Citi
Presentation
Operator
Good morning, everyone, and thank you for participating in Magnolia Oil & Gas Corporation's Fourth Quarter 2023 Earnings Conference Call. My name is Andrea and I will be your moderator for today's call. At this time, all participants will be placed in a listen-only mode as our call is being recorded. I will now turn the call over to Magnolia's management for their prepared remarks, which will be followed by a brief question-and-answer session. Please go ahead.
Tom Fitter
Thank you, Andrea, and good morning, everyone. Welcome to Magnolia Oil & Gas’s fourth quarter earnings conference call. Participating on the call today are Chris Stavros, Magnolia's President and Chief Executive Officer, and Brian Corales, Senior Vice President and Chief Financial Officer. As a reminder, today's conference call contains certain projections and other forward-looking statements within the meaning of the Federal Securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. Additional information on risk factors that could cause results to differ is available in the Company's Annual Report on form 10-K filed with the SEC. A full safe harbor can be found on Slide 2 of the conference call slide presentation with the supplemental data on our website. You can download Magnolia's fourth quarter 2023 earnings press release as well as the conference call slides from the investor section of the company's website at www.magnoliaoilgas.com.
I will now turn the call over to Mr. Chris Stavros.
Chris Stavros
Thank you, Tom, and good morning, everyone. We appreciate you joining us today for a discussion of our fourth quarter and full year 2023 financial and operating results. I plan to briefly speak to our results which closed out a strong year for Magnolia and during which we took several actions to improve our overall business. I will also discuss our business model and our core principles in the context of some of last year's accomplishments, and note how Magnolia stacks up compared to many other EMP companies on several key financial metrics. Lastly, I will provide an update on Magnolia's 2024 capital and operating plan, which follows the same principles on which the company was founded nearly six years ago. Brian will then review our fourth quarter and full year financial results in greater detail, along with some additional first quarter guidance before we take your questions.
Starting on Slide 3 of the Investor Presentation and looking at some of the highlights. Magnolia ended 2023 on a high note with fourth quarter production volumes of 85,400 barrels of oil equivalent per day, bringing full year 2023 production to 82,300 BOE per day. This represented year-over-year production growth of 16% for the fourth quarter and full year 2023 volume growth of more than 9%....
Magnolia Oil & Gas Corporation (MGY) Q4 2023 Earnings Call Transcript