Magnolia Oil & Gas Corp Stock Price, News & Analysis

Magnolia Oil & Gas Corporation (NYSE: MGY) announced a proposed underwritten block trade of 7,500,000 shares of Class A common stock by affiliates of EnerVest, Ltd. Magnolia will not sell any shares nor receive proceeds from this sale. Concurrently, Magnolia plans to purchase 2,000,000 shares of its Class B common stock from the Selling Stockholders, contingent on the completion of the Offering. After the transactions, the Selling Stockholders will own approximately 14% of Magnolia's total outstanding shares. J.P. Morgan is the sole book-running manager for the Offering.

Magnolia Oil & Gas Corporation (NYSE: MGY) reported a net income of $287.0 million for Q3 2022, a 79% increase from the previous year, with earnings per share rising to $1.29. Adjusted EBITDAX reached $386.0 million, marking a 74% increase. Average daily production was a record 81.5 Mboe/d, up 21% year-over-year. The company repurchased 3.0 million shares and declared dividends of $0.10 per share. With a cash balance of $689.5 million and no debt maturities until 2026, Magnolia's strategy remains focused on moderate production growth and returning value to shareholders.

Magnolia Oil & Gas Corporation (NYSE: MGY) has announced a quarterly cash dividend of $0.10 per share for Class A common stock and $0.10 per Class B unit. This dividend is payable on December 1, 2022, to shareholders recorded by November 7, 2022. Magnolia operates mainly in South Texas, focusing on the Eagle Ford Shale and Austin Chalk formations, aiming to generate shareholder value through production growth and free cash flow.

Magnolia Oil & Gas Corporation (NYSE: MGY) announced a conference call and webcast to discuss its third quarter 2022 operational and financial results, scheduled for November 2 at 10:00 a.m. Central Time. Investors can join the webcast through Magnolia’s website. The company highlights its focus on enhancing shareholder value through production growth and strong margins, particularly in the Eagle Ford Shale and Austin Chalk formations.

Magnolia Oil & Gas Corporation (NYSE: MGY) expresses deep sorrow over the passing of former Chairman, President, and CEO Stephen Chazen. His leadership significantly influenced the oil and gas sector, focusing on creating lasting shareholder value. Chazen was known for establishing industry trends rather than following them, and he maintained a close relationship with investors. His contributions extended beyond business to humanitarian efforts in education, healthcare, and environmental causes, leaving a significant legacy within the Houston community.

Magnolia Oil & Gas Corporation (NYSE: MGY) has appointed Christopher Stavros as President and CEO, effective immediately, following Stephen Chazen's resignation due to health reasons. Stavros, who has been with Magnolia since its inception and has extensive experience in the energy sector, is expected to lead the company with a strong focus on executing its strategic plan. Dan Smith has been named Chairman of the Board, emphasizing the continuity of leadership. The transition aims to maintain Magnolia's growth trajectory in the oil and gas market.

Magnolia Oil & Gas Corporation (NYSE: MGY) reported a strong financial performance for Q2 2022, achieving a net income of $299.9 million, a 158% increase from the same quarter last year. Adjusted net income rose by 117% to $293.6 million, with earnings per share at $1.32. Average daily production improved by 14% to 74.2 Mboe/d. Magnolia repurchased 4.1 million shares and announced a quarterly dividend of $0.10 per share, representing a 43% increase from 2021. The company ended the quarter with $501.9 million in cash and aims for a production growth of 12-14% for the full year.

Magnolia Oil & Gas Corporation (NYSE: MGY) has declared a $0.10 cash dividend per share for Class A common stock and a $0.10 cash distribution per Class B unit, payable on September 1, 2022. This marks a shift to a quarterly dividend from a semi-annual schedule and represents a 43% increase from the $0.28 annualized dividend of 2021. The company aims to grow total production by over 10% this year, while reducing share count by at least 1% per quarter. Future dividends will be assessed in February based on financial results.

Magnolia Oil & Gas Corporation (NYSE: MGY) will host a conference call and webcast on August 3, 2022, at 10:00 a.m. Central Time to discuss its second quarter 2022 financial results. Interested parties can join the webcast on Magnolia’s website or by dialing 1-844-701-1059. The company will also provide materials related to the financial results in the Investors section of its website. A replay of the call will be available afterward. Magnolia focuses on oil and gas exploration and production, primarily in the Eagle Ford Shale region.