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home / news releases / MGY - Magnolia Oil & Gas: Working To Reduce LOE After Solid Q1 2024 Results

MGY - Magnolia Oil & Gas: Working To Reduce LOE After Solid Q1 2024 Results

Magnolia Oil & Gas Corporation Class A

2024-05-29 11:12:36 ET

Summary

  • Magnolia Oil & Gas Corporation met its production guidance for Q1 2024 while spending $11 million less than budgeted for D&C capex.
  • It is dealing with some increases in lease operating expense, which it is aiming to reduce by 2H 2024.
  • Magnolia is currently projected to generate $460 million in 2024 free cash flow.
  • EnerVest's ownership is down to 7.6%, reducing the potential impact from future sales.
  • Magnolia made a $125 million Giddings acquisition, primarily for future development opportunities.

Magnolia Oil & Gas Corporation ( MGY ) delivered Q1 2024 production that was in line with expectations, while spending $11 million less on D&C capex than budgeted. This capital efficiency is a positive for the company, although its lease operating expense increased by 16% from Q4 2023 to Q1 2024, and it is working on reducing that by the second half of the year....

For further details see:

Magnolia Oil & Gas: Working To Reduce LOE After Solid Q1 2024 Results
Stock Information
Company Name: Magnolia Oil & Gas Corporation Class A
Stock Symbol: MGY
Market: NYSE
Website: magnoliaoilgas.com
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