Magnolia Oil & Gas (MGY) Q4 Results - Feb 15

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

Magnolia Oil & Gas (MGY) Q4 Results - Feb 15

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Magnolia reported fourth quarter and full-year 2022 net income attributable to Class A Common Stock of $231.7 million, or $1.20 per diluted share, and $893.8 million or $4.71 per diluted share, respectively. Fourth quarter and full-year 2022 total net income was $254.8 million and $1,050.2 million, respectively.

My Q4 forecast was $166.8 million net income, $0.77 per share.

Magnolia's Q4 production of 73.8 million Boepd was above my forecast of 73.5 million Boepd.

I will update my forecast/valuation model and it will be posted to the EPG website today.

The Company's pristine balance sheet makes MGY a Screaming Takeover Target:
"Magnolia returned 58% and 54% of the free cash flow generated during the fourth quarter and the full year 2022, respectively, to its shareholders through a combination of share repurchases and dividends. Along with the significant return of cash to shareholders, Magnolia ended the year with $675.4 million of cash on its balance sheet. The Company remains undrawn on its $450.0 million revolving credit facility, with no debt maturities until 2026 and does not plan to increase bonded indebtedness."
Dan Steffens
Energy Prospectus Group
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