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MGY - Magnolia Oil & Gas - Reducing Capex As Expected
Magnolia Oil & Gas Corporation Class A
MGY Operations Update
Plan remains to spend 60% of EBITDAX,
While maintaining low leverage and providing modest growth (over time),
Expects capex to be about half of last year's spending which would be a little over $200 mm. We used a sliding capex to equate to 60% at $30, $40, and $50 oil in our cheat sheet and were at $180 mm at the $30 level in our March 12th update that can be found at www.zmansenergybrain.com.
As anticipated in our last piece, they are dropping their single operated rig at Karnes at the end