MGY - Magnolia Q4 results -- beats but plans to slow the buyback

Magnolia Oil & Gas (NYSE:MGY) reported Q4 earnings after the close Wednesday, posting adjusted earnings per share of 82c, versus Street expectations for 78c. Management also provided a 2022 outlook and shareholder return plan:  Capex - having added a 2nd rig in mid 2021, Management plans to continue with a two-rig program in 2022; the Company has budgeted $350m for 2022 capex, versus 2021 spend of $236m; additionally, Management is planning for bolt-on acquisitions in 2022. Production - the ~50% increase in capex will drive high-single-digit production growth. Shareholder returns - having reduced share count by 10% in the past year, Magnolia has ~16m shares (~9% of outstanding) remaining on the recently increased buyback program, and Management plans to buy back 1% of shares quarterly in 2022. Magnolia is a bit of a battleground stock across the Street. In 2021 the Company outperformed on shareholder returns and cash flow delivery, driving

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Magnolia Q4 results -- beats but plans to slow the buyback