https://www.magnoliaoilgas.com/investor ... ec-filings
Mgy reports a miss!!!
Mgy production miss
Re: Mgy production miss
Timing differences do not have LT impact on stock valuations. MGY should have a clear path to 85,000 Boepd production in 2023. MGY does not hedge, so it does have more commodity price risk. TipRanks' valuation of $32.60 might dip to $30.00.
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HOUSTON, January 04, 2023--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) announced preliminary fourth quarter 2022 estimated oil and gas production volumes in the range of 73 to 74 Mboe per day, compared to the midpoint of the Company’s earlier guidance of 78 Mboe per day.
Two factors led to the production variance compared to previous guidance. First, a single large pad was brought online later than expected during the fourth quarter 2022. This pad is currently fully operational and performing in line with expectations. Second, freezing temperatures impacted both Magnolia’s Karnes and Giddings assets during late December, resulting in some well shut-ins and facility downtime in both areas.
Despite the impact of these items in the fourth quarter, Magnolia’s production has since recovered with volumes currently exceeding 80 Mboe per day. The Company’s 2023 guidance remains unchanged, and Magnolia expects to generate full-year 2023 production growth of 10 percent compared to last year, at current product prices.
About Magnolia Oil & Gas
Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.
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HOUSTON, January 04, 2023--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) announced preliminary fourth quarter 2022 estimated oil and gas production volumes in the range of 73 to 74 Mboe per day, compared to the midpoint of the Company’s earlier guidance of 78 Mboe per day.
Two factors led to the production variance compared to previous guidance. First, a single large pad was brought online later than expected during the fourth quarter 2022. This pad is currently fully operational and performing in line with expectations. Second, freezing temperatures impacted both Magnolia’s Karnes and Giddings assets during late December, resulting in some well shut-ins and facility downtime in both areas.
Despite the impact of these items in the fourth quarter, Magnolia’s production has since recovered with volumes currently exceeding 80 Mboe per day. The Company’s 2023 guidance remains unchanged, and Magnolia expects to generate full-year 2023 production growth of 10 percent compared to last year, at current product prices.
About Magnolia Oil & Gas
Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group