MGY - Magnolia Oil & Gas cuts Q4 production guidance; maintains 2023 outlook

Magnolia Oil & Gas ( NYSE: MGY ) -1.8% post-market Wednesday after saying it expects to report Q4 oil and gas production volume of 73K-74K boe/day , compared to the 78K boe/day midpoint of prior guidance, although production has since recovered with volumes currently exceeding 80K boe/day.

Magnolia ( MGY ) said the lower guidance is the result of a single large pad that was brought online later than expected during Q4, which is now fully operational and performing in line with expectations, while freezing temperatures affected both the Karnes and Giddings assets in late December, resulting in some well shut-ins and facility downtime in both areas.

The company maintained FY 2023 production guidance, with expectations of generating full-year output growth of 10% over FY 2022 levels.

Magnolia Oil & Gas is a top energy stock investment for 2023, Laurentian Research writes in an analysis newly published on Seeking Alpha .

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