# Magnolia Oil & Gas: Earnings Summaries (2023--2025)

## Q1 2023 (reported May 3, 2023)

**Key Financial Metrics**
- Revenue: $308.4M | Net income: $106.7M | EPS (diluted): $0.50
- Adjusted EBITDAX: $216.9M | Operating cash flow: $219.8M | Free cash flow: $60.6M
- D&C capex: $139.7M (below low end of guidance; highest quarter expected for the year)
- Production: 79.3 Mboe/d (+10% YoY) | Oil: 35,788 bbl/d
- Realized prices: Oil $74.24/bbl (98% WTI) | Gas $2.20/Mcf (64% HH)

**Capital Returns**
- Share repurchases: 2.4M shares for $51.3M | Dividend: $0.115/share quarterly
- Total shareholder returns: $76.4M

**Balance Sheet**
- Cash: $667.3M | Long-term debt: $391.0M | Revolver: $450M undrawn
- Diluted total shares: 213.9M

**Guidance/Outlook**
- FY2023 D&C capex reduced to $440--460M (at least 10% below prior guidance)
- FY2023 production growth: 5--7% | Q2 production ~80 Mboe/d
- Completely unhedged on all oil and gas production

**Notable Items**
- $15.7M impairment on natural gas well in St. Martin Parish, Louisiana
- Proactively negotiated lower service/materials costs amid oil field service inflation
- Two operated drilling rigs maintained; modest deferral of operated activity

---

## Q2 2023 (reported August 1, 2023)

**Key Financial Metrics**
- Revenue: $280.3M | Net income: $104.6M | EPS (diluted): $0.48
- Adjusted EBITDAX: $203.3M | Operating cash flow: $201.8M | Free cash flow: $93.3M
- D&C capex: $86.1M (42% of EBITDAX; well below $100M guidance)
- Production: 81.9 Mboe/d (+10% YoY, +3% sequential) | Oil: 34,065 bbl/d
- Realized prices: Oil $71.98/bbl (98% WTI) | Gas $1.51/Mcf (72% HH)

**Capital Returns**
- Share repurchases: 2.3M shares for $44.8M | Dividend: $0.115/share quarterly
- Total shareholder returns: $69.4M
- Board increased repurchase authorization by 10M shares (14.2M remaining)

**Balance Sheet**
- Cash: $676.6M | Long-term debt: ~$391M | Revolver: $450M undrawn

**Guidance/Outlook**
- FY2023 D&C capex lowered to $425--440M (~14% below initial budget)
- FY2023 production growth raised to 7--8% (from 5--7%)
- Completely unhedged

**Notable Items**
- Cash operating costs fell 18% sequentially to $10.33/boe; LOE down 17% to $4.87/boe
- Closed small bolt-on acquisition in Giddings (~$40M)
- Giddings production grew 30% YoY to 57.5 Mboe/d

---

## Q3 2023 (reported November 1, 2023)

**Key Financial Metrics**
- Revenue: $315.7M | Net income: $117.5M | EPS (diluted): $0.54
- Adjusted EBITDAX: $239.0M | Operating cash flow: $187.3M | Free cash flow: $127.8M
- D&C capex: $104.3M (44% of EBITDAX)
- Production: 82.7 Mboe/d (+1% sequential) | Oil: 32,867 bbl/d
- Realized prices: Oil $80.56/bbl (98% WTI) | Gas $1.88/Mcf (74% HH)

**Capital Returns**
- Share repurchases: 2.5M shares for $56.8M | Dividend: $0.115/share quarterly
- Total shareholder returns: $81.1M (63% of FCF)

**Balance Sheet**
- Cash: $618.5M | Long-term debt: ~$391M | Revolver: $450M undrawn
- Diluted total shares: 209.1M

**Guidance/Outlook**
- FY2023 D&C capex ~$430M (15% below initial budget)
- FY2023 organic production growth raised to 8%; total growth ~9% including acquisitions
- 2024 preview: similar 2-rig program, high single-digit production growth, capex <55% of EBITDAX

**Notable Items**
- Operating margin improved to 47% (from 43% in Q2) on higher prices and lower costs
- Announced bolt-on acquisition in Giddings expanding acreage to 500K+ net acres
- Record completed feet per day achieved during the quarter
- Completely unhedged

---

## Q4 2023 / Full Year 2023 (reported February 14, 2024)

**Key Financial Metrics (Q4)**
- Revenue: $322.6M | Net income: $113.9M | EPS (diluted): $0.53
- Adjusted EBITDAX: $240.0M | Operating cash flow: $246.9M | Free cash flow: $131.3M
- D&C capex: $91.5M (38% of EBITDAX; below $100M guidance)
- Production: 85.4 Mboe/d (+16% YoY) | Oil: 35,466 bbl/d
- Realized prices: Oil $77.39/bbl (99% WTI) | Gas $1.85/Mcf (64% HH)

**Key Financial Metrics (Full Year 2023)**
- Revenue: $1,227.0M | Net income: $442.6M | EPS: $2.04
- Adjusted EBITDAX: $899.2M | Operating cash flow: $855.8M | Free cash flow: $412.9M
- D&C capex: $421.6M (47% of EBITDAX; 17% below initial budget)
- Production: 82.3 Mboe/d (+9% YoY)

**Capital Returns**
- Q4 repurchases: 2.5M shares for $54.2M | FY repurchases: 9.6M shares
- Q4 dividend: $0.13/share (13% increase; annualized $0.52)
- FY shareholder returns: 74% of FCF ($207M repurchases + $88M dividends + $10M distributions)

**Balance Sheet**
- Cash: $401.1M | Long-term debt: ~$391M | Revolver: $450M undrawn
- Diluted total shares: 206.5M (Q4); 210.2M (FY); 5% YoY decline

**Guidance/Outlook**
- FY2024 D&C capex: $450--480M | Production growth: high single digits
- Q1 2024 capex ~$130M (highest quarter); Q1 production ~84--85 Mboe/d
- Well costs in Giddings down 20%+ from year-ago levels

**Notable Items**
- Giddings Q4 production grew 46% YoY to 63.0 Mboe/d; 71% of total company volumes
- $279M in Q4 acquisitions (Giddings bolt-ons)
- Proved reserves: 169.8 MMboe (+8% YoY); organic PD F&D cost $9.60/boe
- Third consecutive annual dividend increase
- Completely unhedged

---

## Q1 2024 (reported May 7, 2024)

**Key Financial Metrics**
- Revenue: $319.4M | Net income: $97.6M | EPS (diluted): $0.46
- Adjusted EBITDAX: $227.8M | Operating cash flow: $210.9M | Free cash flow: $117.1M
- D&C capex: $119.0M (52% of EBITDAX; 15% below prior year Q1)
- Production: 84.8 Mboe/d (+7% YoY) | Oil: 37,531 bbl/d
- Realized prices: Oil $75.89/bbl (99% WTI) | Gas $1.53/Mcf (68% HH)

**Capital Returns**
- Share repurchases: 2.4M shares for $52.4M | Dividend: $0.13/share quarterly
- Total shareholder returns: $79.2M (68% of FCF)

**Balance Sheet**
- Cash: $399.3M | Long-term debt: $393.5M | Revolver: $450M undrawn
- Diluted total shares: 204.3M (-5% YoY)

**Guidance/Outlook**
- FY2024 D&C capex reiterated at $450--480M; high single-digit production growth
- Field-level cost optimization program targeting 5--10% LOE reduction in H2 2024
- Completely unhedged

**Notable Items**
- Closed $125M bolt-on acquisition in Giddings on April 30 (27,000 net acres, ~1,000 Mboe/d)
- Giddings production: 61.4 Mboe/d (+17% YoY)
- $4.2M loss on revaluation of contingent consideration

---

## Q2 2024 (reported July 31, 2024)

**Key Financial Metrics**
- Revenue: $336.7M | Net income: $105.1M | EPS (diluted): $0.51
- Adjusted EBITDAX: $246.1M | Operating cash flow: $269.4M | Free cash flow: $96.7M
- D&C capex: $123.4M (~50% of EBITDAX)
- Production: 90.2 Mboe/d (+10% YoY; new quarterly record) | Oil: 37,943 bbl/d
- Realized prices: Oil $79.74/bbl (99% WTI) | Gas $1.24/Mcf (66% HH)

**Capital Returns**
- Share repurchases: 4.0M shares (Class A + B) for $102.7M | Dividend: $0.13/share
- Total shareholder returns: ~$130M

**Balance Sheet**
- Cash: $275.7M | Long-term debt: ~$394M | Revolver: $450M undrawn
- Diluted total shares: 201.2M (-5% YoY)

**Guidance/Outlook**
- FY2024 capex and production guidance reiterated
- Q3 capex ~$120M; Q3 production ~91 Mboe/d
- LOE optimization ongoing; digital field management software implemented

**Notable Items**
- LOE declined 10% sequentially to $5.40/boe from cost reduction program
- $125M Giddings acquisition fully integrated; development area now 200K+ net acres
- 3.5M Class B shares repurchased ($76.7M) in addition to Class A repurchases
- Completely unhedged

---

## Q3 2024 (reported October 30, 2024)

**Key Financial Metrics**
- Revenue: $333.1M | Net income: $105.9M | EPS (diluted): $0.52
- Adjusted EBITDAX: $243.6M | Operating cash flow: $217.9M | Free cash flow: $126.1M
- D&C capex: $103.1M (42% of EBITDAX; below guidance)
- Production: 90.7 Mboe/d (+10% YoY) | Oil: 38,902 bbl/d
- Realized prices: Oil $74.23/bbl (99% WTI) | Gas $1.52/Mcf (70% HH)

**Capital Returns**
- Share repurchases: 2.5M shares for $61.7M | Dividend: $0.13/share
- Total shareholder returns: $87.8M (70% of FCF)

**Balance Sheet**
- Cash: $276.1M | Long-term debt: ~$394M | Revolver: $450M undrawn
- Diluted total shares: 198.4M (-5% YoY)

**Guidance/Outlook**
- Q4 capex ~$125M (includes additional 4-well pad); FY total ~$470M
- Q4 production ~93 Mboe/d; high single-digit FY growth with oil growth exceeding that rate
- 2025 preview: mid-single-digit annual production growth

**Notable Items**
- LOE fell further to $5.33/boe (11% below Q1 2024)
- ~$15M in small royalty/leasehold bolt-on deals during the quarter
- Third-party midstream outages reduced production by ~1,000 boe/d
- Additional 4-well pad drilled (DUC at year-end; completions expected H1 2025)
- Completely unhedged

---

## Q4 2024 / Full Year 2024 (reported February 18, 2025)

**Key Financial Metrics (Q4)**
- Revenue: $326.6M | Net income: $88.7M | EPS (diluted): $0.44
- Adjusted EBITDAX: $235.8M | Operating cash flow: $222.6M | Free cash flow: $90.3M
- D&C capex: $131.6M (includes additional Giddings pad)
- Production: 93.1 Mboe/d (+9% YoY) | Oil: 38,821 bbl/d
- Realized prices: Oil $69.01/bbl (98% WTI) | Gas $1.85/Mcf (66% HH)

**Key Financial Metrics (Full Year 2024)**
- Revenue: $1,315.9M | Net income: $397.3M | EPS: $1.94
- Adjusted EBITDAX: $953.3M | Operating cash flow: $920.9M | Free cash flow: $430.2M
- D&C capex: $477.0M (50% of EBITDAX)
- Production: 89.7 Mboe/d (+9% YoY); oil growth +11%

**Capital Returns**
- Q4 repurchases: 2.2M shares for $55.8M | FY repurchases: 11.0M shares (7.5M A + 3.5M B)
- Dividend raised 15% to $0.15/share (annualized $0.60); fourth consecutive annual increase
- FY shareholder returns: 88% of FCF ($272.5M repurchases + $97.6M dividends + $7.8M distributions)
- Board added 10M shares to repurchase authorization (11.7M remaining)

**Balance Sheet**
- Cash: $260.0M | Long-term debt: ~$393M | Revolver: $450M undrawn
- Diluted total shares: 196.2M (Q4); 200.0M (FY); -5% YoY

**Guidance/Outlook**
- FY2025 D&C capex: $460--490M | Production growth: 5--7%
- Q1 2025 capex ~$135M (highest quarter); Q1 production ~94 Mboe/d

**Notable Items**
- Proved reserves: 191.7 MMboe (+13%); organic PD F&D cost $10.77/boe
- LOE declined 10% to $5.36/boe in Q4 vs. Q1 (field optimization program)
- Refinanced debt: issued $400M new senior notes maturing 2032; redeemed $404M prior notes ($8.8M extinguishment loss)
- Drilling efficiency: +7% drilling feet per day YoY
- Completely unhedged

---

## Q1 2025 (reported April 30, 2025)

**Key Financial Metrics**
- Revenue: $350.3M | Net income: $106.6M | EPS (diluted): $0.54
- Adjusted EBITDAX: $248.4M | Operating cash flow: $224.5M | Free cash flow: $110.5M
- D&C capex: $130.4M (53% of EBITDAX; below guidance; expected highest quarter of 2025)
- Production: 96.5 Mboe/d (+14% YoY; new record) | Oil: 39,078 bbl/d
- Realized prices: Oil $69.81/bbl (98% WTI) | Gas $3.11/Mcf (85% HH)

**Capital Returns**
- Share repurchases: 2.2M shares for $52.0M | Dividend: $0.15/share
- Total shareholder returns: $81.7M (74% of FCF)

**Balance Sheet**
- Cash: $247.6M | Long-term debt: $392.7M | Revolver: $450M undrawn
- Diluted total shares: 194.2M (-5% YoY); Class B shares down to 5,523K

**Guidance/Outlook**
- FY2025 production growth raised to 7--9% (from 5--7%)
- FY2025 D&C capex reduced to $430--470M (from $460--490M; ~5% cut)
- Q2 capex ~$110M; Q2 production ~97 Mboe/d (roughly flat sequential)
- Completely unhedged

**Notable Items**
- Better-than-expected well performance and shallower declines in Giddings
- Gas-weighted pads in newer Giddings area brought online during winter for seasonal pricing
- Giddings production: 76.7 Mboe/d (+25% YoY); 79% of total company volumes
- Management highlighted macro uncertainty (tariffs, financial market volatility)
- Proactive cost reductions over prior two years position company for weaker price scenarios

---

## Q2 2025 (reported July 30, 2025)

**Key Financial Metrics**
- Revenue: $319.0M | Net income: $81.0M | EPS (diluted): $0.41
- Adjusted EBITDAX: $223.2M | Operating cash flow: $198.7M | Free cash flow: $107.5M
- D&C capex: $95.2M (43% of EBITDAX; below guidance)
- Production: 98.2 Mboe/d (+9% YoY; new record) | Oil: 39,990 bbl/d (record)
- Realized prices: Oil $62.20/bbl (98% WTI) | Gas $2.55/Mcf (74% HH)

**Capital Returns**
- Share repurchases: 2.2M shares for $48.7M | Dividend: $0.15/share
- Total shareholder returns: $77.9M (72% of FCF)

**Balance Sheet**
- Cash: $251.8M | Long-term debt: ~$393M | Revolver: $450M undrawn
- Diluted total shares: 192.1M (-5% YoY)

**Guidance/Outlook**
- FY2025 production growth raised again to ~10% (from 7--9%)
- FY2025 D&C capex maintained at $430--470M; several completions deferred into 2026
- Q3 capex ~$115M; Q3 production ~99 Mboe/d
- LOE expected to normalize to ~$5.25/boe in Q3 (5% below 2024)

**Notable Items**
- LOE fell sharply to $4.88/boe (lower workovers)
- Multiple bolt-on acquisitions closed late June/early July for ~$40M (18,000 net acres)
- Giddings development area expanded 20% to 240,000 net acres (75% from appraisal, 25% acquisitions)
- Total Giddings position: 750K+ gross / 550K+ net acres
- Chris Stavros title expanded to Chairman, President, and CEO
- Completely unhedged

---

## Q3 2025 (earnings call October 30, 2025)

**Key Financial Metrics**
- Adjusted EBITDAX: $219M | Free cash flow: $134M
- D&C capex: ~$118M (54% of EBITDAX)
- Production: 100.5 Mboe/d (new record; +11% YoY)
- Operating margin: 31% | Adjusted cash operating costs: $11.36/boe

**Capital Returns**
- Share repurchases: 2.1M+ shares | Dividend: $0.15/share (15% increase YoY)
- Total shareholder returns: $80M (60% of FCF)

**Balance Sheet**
- Cash: $280M (highest in 2025) | Total liquidity: ~$730M
- Senior notes: $400M maturing 2032

**Guidance/Outlook**
- FY2025 production growth raised to ~10% (vs. original 5--7%)
- Q4 production ~101 Mboe/d (new record expected); Q4 capex ~$110M
- 2026 outlook: 2 rigs + 1 crew; capex ~55% of EBITDAX; mid-single-digit production growth
- $65M in bolt-on acquisitions completed YTD 2025

**Notable Items**
- Deferred well completions into 2026 supporting ~5% capex reduction in 2025
- Q4 LOE guidance: $5.20/boe
- Expected effective tax rate: 21% (FY2025); zero cash taxes projected (new legislation)
- Ongoing cost reductions: water handling, chemical management, crew optimization
- Completely unhedged; no plans to hedge

---

## Q4 2025 / Full Year 2025 (reported February 5, 2026)

**Key Financial Metrics (Q4)**
- Revenue: $317.6M | Net income: $71.4M | EPS (diluted): $0.37
- Adjusted EBITDAX: $215.7M | Operating cash flow: $208.4M | Free cash flow: $74.7M
- D&C capex: $116.5M
- Production: 103.8 Mboe/d (+11% YoY; new record) | Oil: 40,730 bbl/d (record)
- Realized prices: Oil $57.54/bbl (97% WTI) | Gas $2.92/Mcf (82% HH)

**Key Financial Metrics (Full Year 2025)**
- Revenue: $1,311.8M | Net income: $337.3M | EPS: $1.73
- Adjusted EBITDAX: $906.1M | Operating cash flow: $878.6M | Free cash flow: $426.6M
- D&C capex: $460.7M (51% of EBITDAX)
- Production: 99.8 Mboe/d (+11% YoY); oil: 39,810 bbl/d (+4%); production/share growth +16%

**Capital Returns**
- Q4 repurchases: 2.4M shares for $53.4M | FY repurchases: 8.9M shares ($205.5M)
- Dividend raised 10% to $0.165/share (annualized $0.66); fifth consecutive annual increase
- FY shareholder returns: 75% of FCF ($205.5M repurchases + $113.1M dividends + $3.3M distributions)
- Board added 10M shares to repurchase authorization (12.9M remaining)

**Balance Sheet**
- Cash: $266.8M | Long-term debt: ~$394M (senior notes maturing 2032) | Revolver: $450M undrawn
- Diluted total shares: 188.0M (Q4); 191.1M (FY); -4% YoY

**Guidance/Outlook**
- FY2026 D&C capex: $440--480M (~comparable to 2025)
- FY2026 production growth: ~5%
- Q1 2026 capex ~$125M; Q1 production ~102 Mboe/d (includes ~1.5 Mboe/d winter storm impact)
- Two rigs + one completion crew (fifth consecutive year)

**Notable Items**
- Proved reserves: 210.2 MMboe (+10%); organic PD F&D cost $9.25/boe (3-yr avg $9.85)
- LOE declined 7% to $5.12/boe FY2025 vs. FY2024; Q4 LOE lowest at $4.96/boe
- Drilling efficiency: +8% drilling ft/day, +6% completed ft/day YoY
- $66.6M in bolt-on acquisitions during 2025
- Return on capital employed: 18% (sector-leading)
- Cash balance increased during the year despite significant shareholder returns and acquisitions
- Completely unhedged; no commodity hedges