MGY - Magnolia Oil & Gas GAAP EPS of $1.29 beats by $0.12 revenue of $482.97M beats by $40.36M
- Magnolia Oil & Gas press release ( NYSE: MGY ): Q3 GAAP EPS of $1.29 beats by $0.12 .
- Revenue of $482.97M (+69.4% Y/Y) beats by $40.36M .
- Adjusted EBITDAX was $386.0 million during the third quarter of 2022, driven by higher production and higher product prices as compared to prior year results. Total drilling and completions (“D&C”) capital during the third quarter was $114.5 million, representing just 30% of adjusted EBITDAX.
- Net cash provided by operating activities was $410.7 million during the third quarter of 2022 and the Company generated free cash flow (1) of $233.9 million. Magnolia generated operating income as a percentage of revenue of 65%.
- Total production in the third quarter of 2022 set a quarterly record for the Company, growing 21% compared to the prior-year quarter and 10% sequentially to 81.5 thousand barrels of oil equivalent per day (“Mboe/d”). Total volumes were 7% ahead of the high end of our production guidance range.
- During the third quarter, Magnolia repurchased a total of 3.0 million shares of Class A Common Stock, for $62.4 million, bringing the total Class A and Class B shares repurchased during 2022 to 13.1 million shares. At the end of the third quarter 2022, Magnolia had 9.3 million Class A Common shares remaining under its current repurchase authorization.
- As previously announced, the Board of Directors declared a cash dividend of $0.10 per share of Class A common stock, and a cash distribution of $0.10 per Class B unit, payable on December 1, 2022 to shareholders of record as of November 7, 2022. We expect our dividend to grow at least 10 percent annually and plan to revisit the dividend rate in early 2023.
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Magnolia Oil & Gas GAAP EPS of $1.29 beats by $0.12, revenue of $482.97M beats by $40.36M