Magnolia Oil & Gas Corporation (NYSE: MGY) reported Q3 EPS of $0.52, $0.04 better than the analyst estimate of $0.48. Revenue for the quarter came in at $333.13 million versus the consensus estimate of $327.03 million.

Additional Guidance

Factoring in the small amount of delayed activity as well as the additional four well pad, we expect fourth quarter D&C capital to be approximately $125 million. This would bring our total capital spending for the year to approximately $470 million and in the middle of the range of our total 2024 capital budget of $450 to $480 million. The modest increase in activity should further benefit Magnolia’s overall capital efficiency and flexibility during 2025. Fourth quarter total production volumes are expected to be approximately 93 Mboe/d providing high single digit total year-over-year production growth during 2024, with this year’s growth in oil production now expected to surpass that rate.

Oil price differentials are anticipated to be approximately a $3.00 per barrel discount to Magellan East Houston and Magnolia remains completely unhedged for all its oil and natural gas production. The fully diluted share count for the fourth quarter of 2024 is expected to be approximately 197 million shares, which is approximately 5% lower than fourth quarter 2023 levels.

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