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MGY - Magnolia Oil & Gas: High Margin Free Cash Flow Story Continues
Magnolia Oil & Gas Corporation Class A
This is a pre-quarter update note. For our original piece on Magnolia Oil & Gas (MGY), please click here.
4Q18 and the view ahead:
Volumes Beat But Were Slightly Gassy Versus the Street. Magnolia beat on volumes (better than expected well performance) but were gassier than Street expectations resulting in modest misses on the revenue and EBITDA lines for the quarter.
Magnolia realized 110% of Nymex for oil in the quarter (a $5.85 premium to our daily average 4Q WTI price).
Capex Guidance Methodology Maintained. The company maintained their target Capex vs. EBITDA ratio