Monmouth Real Estate (NYSE: MNR) reported Q2 Revenue for the quarter at $240 million versus the consensus estimate of $256.62 million.

2024 Operating Plan and Guidance

Today the Company provided updated guidance for 2024 that incorporates the impact of a rig-count reduction, as well as operational efficiencies achieved year-to-date.

During the second quarter, Mach lowered its operated rig count in the Oswego from two rigs to one rig. As a result, the midpoint of full-year capital expenditure guidance is reduced by 15%. Oil volumes for the third quarter 2024 and fourth quarter 2024 are expected to range between 18.6 MBbl/d to 19.9 MBbl/d. Full-year 2024 oil volumes are expected to range between 19.4 MBbl/d to 20.6 MBbl/d. The decision to reduce rig count is fully consistent with the Company\'s strategic framework that prioritizes a disciplined reinvestment rate.

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