Welcome to our dedicated page for Magnolia Oil & Gas news (Ticker: MGY), a resource for investors and traders seeking the latest updates and insights on Magnolia Oil & Gas stock.
Magnolia Oil & Gas Corporation releases updates on its role as a publicly traded oil and gas exploration and production company operating primarily in South Texas, including the Eagle Ford Shale and Austin Chalk formations. Company news typically covers quarterly and annual operating results, production volumes, commodity price realizations, drilling and completion capital, and revenue from crude oil, natural gas and NGL sales.
Recurring developments also include dividend declarations, Class A and Class B common stock repurchases, targeted asset acquisitions, capital allocation priorities, leverage policy and conference calls tied to financial results.
Magnolia Oil & Gas Corporation (NYSE: MGY) has initiated an underwritten public offering of 17,000,000 shares of its Class A common stock by certain affiliates of EnerVest, Ltd. The underwriters also have a 30-day option for an additional 2,550,000 shares. Magnolia will not sell any shares or receive proceeds from this offering. Concurrently, the company plans to buy 5,000,000 shares of Class B common stock from the Selling Stockholders at the same price as the Class A shares. The offering is backed by an effective shelf registration statement.
Magnolia Oil & Gas Corporation (NYSE: MGY) reported strong fourth quarter and full year 2020 results, with a net income of $42.0 million and adjusted net income of $39.3 million. The company's total production increased 12% sequentially to 60.6 thousand barrels of oil equivalent per day (boe/d). Magnolia achieved a record production level at Giddings and repurchased 2.4 million shares. The company plans to initiate cash dividends in 2021 and aims for 5-8% production growth in 2021. Cash reserves stand at $192.6 million with no debt maturities until 2026.
Magnolia Oil & Gas Corporation (NYSE: MGY) will host a conference call and webcast to discuss its operational and financial results for Q4 and the full year 2020 on February 23 at 10:00 a.m. CT (11:00 a.m. ET). Interested parties can join the webcast via Magnolia's website or by dialing 1-844-701-1059. Financial materials will be available before the call, and a replay will be posted afterward.
Magnolia Oil & Gas Corporation (NYSE: MGY) reported third quarter 2020 financial results, showing a net income of $13.7 million, or $0.05 per share. Production averaged 54.3 Mboe/d, impacted by delays in non-operated wells and unplanned downtime. Adjusted EBITDAX stood at $76.4 million, with drilling and completion costs at $27.4 million, 36% of adjusted EBITDAX. The company repurchased 1.2 million shares for $7 million. Magnolia ended the quarter with $148.5 million in cash and no debt maturity until 2026, while production is expected to increase 7 to 10% in Q4.
Magnolia Oil & Gas Corporation (NYSE: MGY) will host a conference call and webcast on November 6 at 10:00 a.m. CT to discuss its operational and financial results for Q3 2020. Interested parties can join the call via the company's website or by dialing 1-844-701-1059. The company emphasizes its focus on shareholder value through production growth and free cash flow. A replay of the call will be available on Magnolia's website afterward. For further details, visit their investor relations page.