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) announced the pricing of a block trade of 7,500,000 shares of its Class A common stock, generating total gross proceeds of $122.85 million for the Selling Stockholders, EnerVest, Ltd. The closing date is expected around September 28, 2021. Concurrently, Magnolia will purchase 3,000,000 shares of its Class B common stock. Post-transaction, the Selling Stockholders will own approximately 31.5% of Magnolia's total outstanding shares.
Magnolia Oil & Gas Corporation (NYSE: MGY) announced a proposed underwritten block trade of 7,500,000 shares of Class A common stock, managed by J.P. Morgan Securities LLC. Magnolia will not sell any shares in this offering and will not receive proceeds from it. Concurrently, the company plans to purchase 3,000,000 shares of its Class B common stock from Selling Stockholders, contingent upon the completion of the offering. Post-transaction, the Selling Stockholders will hold approximately 31.5% of Magnolia's outstanding shares.
Magnolia Oil & Gas Corporation (NYSE: MGY) reported strong financial results for Q2 2021, with a net income of $116.2 million and adjusted earnings per share of $0.56. Production averaged 64.9 Mboe/d, an increase of 4% sequentially, while oil production rose 11% to 31.9 MBbl/d. Free cash flow was $134 million, supporting a share repurchase initiative reducing shares by 7%. Magnolia ended Q2 with $190.3 million in cash and plans a semi-annual dividend of $0.08 per share, demonstrating confidence in its operational strategy and asset quality.
Magnolia Oil & Gas (NYSE: MGY) declared a semi-annual cash dividend of $0.08 per share of Class A common stock and Class B units, payable on September 1, 2021 to shareholders on record as of August 12, 2021. The company assures that this level of dividend is sustainable even with oil prices being at half their previous levels. The remaining annual dividend part will be announced in February alongside the full-year 2021 financial results, reflecting their long-term pricing outlook.
Magnolia Oil & Gas Corporation (NYSE: MGY) will hold a conference call and webcast on August 3 at 10:00 a.m. Central Time to discuss its Q2 2021 operational and financial results. Investors can join via the company’s website or by calling 1-844-701-1059. Relevant materials related to the financial results will be available in advance on the website. Magnolia operates primarily in South Texas, focusing on the Eagle Ford Shale and Austin Chalk formations, aiming to generate value through production growth, strong margins, and free cash flow.
Magnolia Oil & Gas Corporation (NYSE: MGY) reported strong first quarter 2021 results with a net income of $91.5 million, translating to an earnings per share of $0.37. Adjusted net income reached $93.8 million, an increase in adjusted EBITDAX to $150.8 million, reflecting a 54% sequential rise. Average daily production climbed 3% to 62.3 Mboe/d, driven by record outputs from the Giddings area. The company anticipates a production growth of 6-9% for the full year, plans to repurchase shares, and will initiate a semi-annual dividend by Q3 2021.
Magnolia Oil & Gas Corporation (NYSE: MGY) will hold a conference call and webcast on May 5 at 10:00 a.m. CT to discuss its Q1 2021 operational and financial results. Interested parties can join the call by visiting Magnolia's website or by calling 1-844-701-1059. Financial materials related to the results will be available prior to the call, and a replay will be posted afterward. Magnolia focuses on oil and gas exploration and production in South Texas, specifically targeting the Eagle Ford Shale and Austin Chalk formations.
Magnolia Oil & Gas Corporation (NYSE: MGY) announced a public offering of 17 million shares of Class A common stock, priced to generate approximately $178.5 million for the Selling Stockholders. The offering will close on March 5, 2021, and underwriters hold a 30-day option for an additional 2.55 million shares. Concurrently, Magnolia will purchase 5 million shares of Class B common stock from the Selling Stockholders. Notably, Magnolia will not sell any shares or receive proceeds from this offering, which is made under an effective SEC registration statement.
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.