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Magnolia Oil & Gas Corporation Announces 2020 Fourth Quarter and Year-End Results

HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (“Magnolia,” “we,” “our,” or the “Company”) (NYSE: MGY) today announced its financial and operational results for the fourth quarter and full year 2020.


Fourth Quarter Summary Financial Results:

 

(In millions, except per share data)

For the
Quarter Ended
December 31, 2020

Net income

$

42.0

 

Earnings per share - diluted

0.16

 

Adjusted net income(1)

39.3

 

Adjusted earnings per share(1)

0.15

 

Adjusted EBITDAX(1)

98.1

 

Capital expenditures - D&C

39.6

 

Cash balance as of December 31, 2020

$

192.6

 

Diluted weighted average total shares outstanding(2)

255.1

 

Fourth Quarter and Full Year 2020 Highlights:

  • Magnolia reported fourth quarter 2020 net income attributable to Class A Common Stock of $27.7 million, or $0.16 per share. Fourth quarter 2020 total net income was $42.0 million and adjusted net income was $39.3 million, or $0.15 per diluted share.
  • Adjusted EBITDAX for full year 2020 was $338.6 million with total drilling and completions (“D&C”) capital representing 58% of adjusted EBITDAX, and in line with our business model which is committed to capital discipline. Adjusted EBITDAX was $98.1 million during the fourth quarter of 2020.
  • D&C capital during the fourth quarter of $39.6 million represented 40% of adjusted EBITDAX, and better than our earlier guidance due to improved efficiencies at our Giddings asset as well as stronger than expected product prices.
  • Net cash provided by operating activities was $79.1 million during the fourth quarter and $310.1 million during full-year 2020 and the Company generated free cash flow(1) of $44.3 million during the fourth quarter and $87.4 million during full-year 2020.
  • Total production in the fourth quarter 2020 increased 12% sequentially to 60.6 thousand barrels of oil equivalent per day (“boe/d”), and above the high-end of our guidance range due to better-than expected performance from new wells completed in the Giddings area.
  • Production at Giddings achieved record levels in the fourth quarter with total volumes of 28.3 Mboe/d and oil production of 8.5 Mbbl/d increasing sequentially by 39% and 70%, respectively.
  • Magnolia brought online 6 new wells in the initial core development area bringing the total well count here to 20 wells. Production for the 6 new wells is outperforming the average of the earlier core area wells increasing the 90-day production rate for this 70,000-acre area by 4% to 1,621 Boe/d (52% oil).
  • During the fourth quarter, Magnolia brought 2 additional wells online that were approximately 20 miles from the initial core area. These wells, which were expected to be gassier, had average 90-day production rates of 543 Bbl/d of oil and 7.3 MMcf/d of natural gas per well.
  • During the fourth quarter, the Company purchased 2.4 million shares of its Class A Common Stock, or about 1% of the total share count, for $15.7 million as part of our ongoing share repurchase program. Repurchases during full-year 2020 totaled 4.5 million shares for $28.7 million, and our Board recently increased the repurchase authorization by 10 million shares.
  • Magnolia expects to begin paying a cash dividend during 2021.

(1)

Adjusted net income, adjusted earnings per share, adjusted EBITDAX, and free cash flow are non-GAAP financial measures. For reconciliations to the most comparable GAAP measures, please see “Non-GAAP Financial Measures” at the end of this press release.

(2)

Weighted average total shares outstanding include diluted weighted average shares of Class A Common Stock outstanding during the period and shares of Class B Common Stock, which are anti-dilutive in the calculation of weighted average number of common shares outstanding.

  • Magnolia added 30.4 MMboe of proved developed reserves, excluding acquisitions and price-related revisions, representing the reserve additions from our 2020 drilling program and replaced 135% of the 2020 production. These proved developed additions provide an organic proved developed Finding & Development (“F&D”) cost of $6.41/boe(3).
  • Magnolia ended the quarter with approximately $192.6 million of cash on its balance sheet and remains undrawn on its $450.0 million revolving credit facility. The Company has no debt maturities until 2026 and has no plans to increase its debt levels.

Magnolia ended 2020 with very strong fourth quarter operational and financial performance. Despite last year’s challenging environment, our policy of low financial leverage, commitment to capital discipline and high-quality assets allowed us to exit 2020 in better shape than when we entered,” said Magnolia Chairman, President and CEO, Steve Chazen. “We increased our quarterly production by nearly 12% sequentially while spending only 40% of our adjusted EBITDAX and, repurchasing 2.4 million Magnolia shares or roughly 1% of the outstanding shares. We achieved all this while building our year-end cash position to more than $190 million.

While we had numerous accomplishments last year, none were more meaningful than the significant strides made in advancing the Giddings assets from appraisal mode to multi-well pad development. Including the 6 new wells completed during the fourth quarter, our 90-day average production rate in our initial core development area has increased 4% to 1,621 Boe/d with an average oil rate of 846 Bbl/d. We also completed 2 additional successful wells that were 20 miles outside of this core area which may provide for additional high-return development potential over time.

Importantly, we have lowered our overall well costs in Giddings to approximately $6 million from $8.5 million during 2019 as a result of improved efficiencies and our ability to drill wells nearly twice as fast. The impact of our success in Giddings has resulted in improved capital efficiency, lower F&D costs and higher pretax margins for the overall business.

We entered 2021 in a strong financial position and with considerable operational momentum driven by our Giddings asset. Our capital spending plan for the year is expected to be no more than 60% of our Adjusted EBITDAX, and consistent with our business model. We expect that this level of spending and activity to provide full-year 2021 production growth of between 5% to 8% compared to 2020 volumes.

Most of the remaining 40% of unallocated cash flow after capital and interest expense will be dedicated to small, bolt-on property acquisitions and share repurchases. The intent of these actions is to enhance the value of the stock by improving our metrics on a per share basis. We expect to reduce our outstanding shares by roughly 1% per quarter through share repurchases, which should result in annual production per share growth of approximately 10%. In addition to these value enhancing activities, Magnolia intends to begin paying a cash dividend in mid-2021.”

Operational Update

Fourth quarter total company production averaged 60.6 Mboe/d, an increase of 12% from third quarter 2020 levels and exceeding the high end of our guidance range. The higher production outcome was a result of stronger than expected results from the 8 Giddings wells Magnolia brought online during the quarter. Giddings and Other production averaged 28.3 Mboe/d representing a 39% increase in sequential volumes. Oil production at Giddings averaged 8.5 Bbl/d, an increase of 70% sequentially. Production in the Karnes area averaged 32.3 Mboe/d during the fourth quarter of 2020, a decline of 5% sequentially, as we did not complete any operated wells during the period.

Magnolia continues to operate one rig drilling multi-well pads in our Giddings area. Total well costs associated with drilling, completion and hook up have recently declined to $6.2 million per well as operating efficiencies continue to improve. At the current pace of drilling, a single rig can drill approximately 20 to 24 wells per year as drilling days per well continue to decline.

During the fourth quarter, Magnolia brought online 8 wells, 6 of which were located in the 70,000-acre initial core area. The company has now drilled and completed a total of 20 wells in this area. The 6 new wells exceeded the average of the prior 14 wells bringing the updated 90-day average for the 20 total wells to 846 Bbl/d and 4.7 MMcf/d.

 

Initial Core Giddings Area Results 90-Day Average

 

Current

 

Previous(4)

Well Count

20

 

14

Bopd

846

 

783

Boe/d (2-Stream)

1,621

 

1,557

Magnolia also brought online a 2-well pad located approximately 20 miles outside the initial core area and were expected to be gassier than the average Giddings well in the core area. These wells had a 90-day average production rate of 543 Bbl/d of oil and 7.3 MMcf/d of natural gas per well, which were ahead of our expectations.

(3)

Organic F&D costs per boe means total costs incurred as defined by GAAP excluding property acquisition costs, exploration costs and asset retirement obligation costs divided by the summation of annual proved developed reserves, on a boe basis, attributable to extensions, revisions of previous estimates (excluding price revisions) and transfers from proved undeveloped reserves at year-end 2019.

(4)

The core Giddings area 90-day average production rate was previously disclosed in the Q2 2020 press release, filed with the SEC on exhibit 99.1 of form 8-K on August 5, 2020.

Updated Guidance

For 2021, Magnolia expects to spend approximately 50% to 60% of our adjusted EBITDAX for drilling and completing wells, which is consistent with our business model. Should product prices remain at current levels, we estimate our capital spending to be in the lower half of the expected range. The 2021 activity plan consists of operating a one rig program at Giddings, drilling multi-well pads primarily in our initial core area. In the Karnes area, we plan to complete 10 drilled but uncompleted wells (“DUCs”), most of which should be brought online during the first half of the year. Non-operated activity at Karnes is expected to increase compared to the 2020 levels. Our 2021 capital and activity plan is expected to deliver mid-single digit production growth on a year-over-year basis.

Looking at the first quarter of 2021, D&C capital should be approximately 50% of our adjusted EBITDAX, at elevated product prices. Operated activity will continue to focus on Giddings and, we expect to begin completing some of the Karnes DUCs in the latter part of the quarter. Production in the first quarter of 2021 is forecast to be relatively flat compared to fourth quarter levels, which incorporates a rough estimate of recent cold weather-related outages in the field. Oil price differentials are anticipated to be roughly a $3 per barrel discount to Magellan East Houston (“MEH”) during the first quarter.

2020 Oil and Gas Reserves Replacement and F&D Costs

Magnolia’s total proved developed reserves at year-end 2020 were 85.8 MMboe. The company added 30.4 MMboe of proved developed reserves during the year, excluding acquisitions and price related revisions and replacing 135% of 2020 production. Total costs incurred excluding property acquisition costs, exploration costs and asset retirement obligation costs were $194.9 million in 2020 resulting in organic proved developed F&D costs of $6.41 per boe.

Total 2020 proved reserves increased to 112.3 MMboe from 109.3 MMboe at year end 2019 and replaced 113% of 2020 production. Magnolia books only one year of proved undeveloped reserves and as a result, 76% of its 2020 proved reserves were developed.

Annual Report on Form 10-K

Magnolia's financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2020, which is expected to be filed with the U.S. Securities and Exchange Commission (“SEC”) on February 23, 2021.

Conference Call and Webcast

Magnolia will host an investor conference call on Tuesday, February 23, 2021 at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss these operating and financial results. Interested parties may join the webcast by visiting Magnolia's website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. A replay of the webcast will be posted on Magnolia's website following completion of the call.

About Magnolia Oil & Gas Corporation

Magnolia (MGY) 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.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Magnolia’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the length, scope and severity of the ongoing coronavirus disease 2019 (“COVID-19”) pandemic, including the effects of related public health concerns and the impact of continued actions taken by governmental authorities and other third parties in response to the pandemic and its impact on commodity prices, supply and demand considerations, and storage capacity; (ii) the outcome of any legal proceedings that may be instituted against Magnolia; (iii) Magnolia’s ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (iv) changes in applicable laws or regulations; and (v) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which is expected to be filed with the SEC on February 23, 2021. Magnolia’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

Magnolia Oil & Gas Corporation

Operating Highlights

 

 

 

 

 

 

 

For the Quarters Ended

 

For the Years Ended

 

 

December 31, 2020

 

December 31, 2019

 

December 31, 2020

 

December 31, 2019

Production:

 

 

 

 

 

 

 

 

Oil (MBbls)

 

2,646

 

 

3,251

 

 

11,610

 

 

12,867

 

Natural gas (MMcf)

 

10,168

 

 

10,689

 

 

39,429

 

 

41,272

 

Natural gas liquids (MBbls)

 

1,237

 

 

1,254

 

 

4,449

 

 

4,643

 

Total (Mboe)

 

5,577

 

 

6,287

 

 

22,631

 

 

24,389

 

 

 

 

 

 

 

 

 

 

Average daily production:

 

 

 

 

 

 

 

 

Oil (Bbls/d)

 

28,756

 

 

35,337

 

 

31,722

 

 

35,252

 

Natural gas (Mcf/d)

 

110,522

 

 

116,185

 

 

107,728

 

 

113,074

 

Natural gas liquids (Bbls/d)

 

13,440

 

 

13,630

 

 

12,156

 

 

12,721

 

Total (boe/d)

 

60,617

 

 

68,331

 

 

61,833

 

 

66,819

 

 

 

 

 

 

 

 

 

 

Revenues (in thousands):

 

 

 

 

 

 

 

 

Oil revenues

 

$

106,738

 

 

$

187,972

 

 

$

417,891

 

 

$

771,981

 

Natural gas revenues

 

23,010

 

 

22,537

 

 

67,248

 

 

93,745

 

Natural gas liquids revenues

 

19,487

 

 

19,200

 

 

49,367

 

 

70,416

 

Total revenues

 

$

149,235

 

 

$

229,709

 

 

$

534,506

 

 

$

936,142

 

 

 

 

 

 

 

 

 

 

Average sales price:

 

 

 

 

 

 

 

 

Oil (per Bbl)

 

$

40.34

 

 

$

57.82

 

 

$

35.99

 

 

$

60.00

 

Natural gas (per Mcf)

 

2.26

 

 

2.11

 

 

1.71

 

 

2.27

 

Natural gas liquids (per Bbl)

 

15.75

 

 

15.31

 

 

11.10

 

 

15.17

 

Total (per boe)

 

$

26.76

 

 

$

36.54

 

 

$

23.62

 

 

$

38.38

 

 

 

 

 

 

 

 

 

 

NYMEX WTI (per Bbl)

 

$

42.67

 

 

$

56.96

 

 

$

39.40

 

 

$

57.04

 

NYMEX Henry Hub (per Mcf)

 

$

2.66

 

 

$

2.50

 

 

$

2.08

 

 

$

2.63

 

Realization to benchmark:

 

 

 

 

 

 

 

 

Oil (% of WTI)

 

95

%

 

102

%

 

91

%

 

105

%

Natural gas (% of Henry Hub)

 

85

%

 

84

%

 

82

%

 

86

%

 

 

 

 

 

 

 

 

 

Operating expenses (in thousands):

 

 

 

 

 

 

 

 

Lease operating expenses

 

$

17,917

 

 

$

23,034

 

 

$

79,192

 

 

$

93,788

 

Gathering, transportation, and processing

 

8,067

 

 

8,908

 

 

28,645

 

 

34,924

 

Taxes other than income

 

8,376

 

 

12,904

 

 

31,250

 

 

53,728

 

Depreciation, depletion and amortization

 

45,080

 

 

137,629

 

 

283,353

 

 

523,572

 

 

 

 

 

 

 

 

 

 

Operating costs per boe:

 

 

 

 

 

 

 

 

Lease operating expenses

 

$

3.21

 

 

$

3.66

 

 

$

3.50

 

 

$

3.85

 

Gathering, transportation, and processing

 

1.45

 

 

1.42

 

 

1.27

 

 

1.43

 

Taxes other than income

 

1.50

 

 

2.05

 

 

1.38

 

 

2.20

 

Depreciation, depletion and amortization

 

8.08

 

 

21.89

 

 

12.52

 

 

21.47

 

Magnolia Oil & Gas Corporation

Consolidated Statements of Operations

(In thousands, except per share data)

 

 

 

 

 

 

 

For the Quarters Ended

 

For the Years Ended

 

 

December 31,

2020

 

December 31,

2019

 

December 31,

2020

 

December 31,

2019

REVENUES

 

 

 

 

 

 

 

 

Oil revenues

 

$

106,738

 

 

 

$

187,972

 

 

 

$

417,891

 

 

 

$

771,981

 

 

Natural gas revenues

 

23,010

 

 

 

22,537

 

 

 

67,248

 

 

 

93,745

 

 

Natural gas liquids revenues

 

19,487

 

 

 

19,200

 

 

 

49,367

 

 

 

70,416

 

 

Total revenues

 

149,235

 

 

 

229,709

 

 

 

534,506

 

 

 

936,142

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Lease operating expenses

 

17,917

 

 

 

23,034

 

 

 

79,192

 

 

 

93,788

 

 

Gathering, transportation and processing

 

8,067

 

 

 

8,908

 

 

 

28,645

 

 

 

34,924

 

 

Taxes other than income

 

8,376

 

 

 

12,904

 

 

 

31,250

 

 

 

53,728

 

 

Exploration expense

 

3,744

 

 

 

2,724

 

 

 

567,333

 

 

 

12,741

 

 

Impairment of oil and natural gas properties

 

 

 

 

 

 

 

1,381,258

 

 

 

 

 

Asset retirement obligation accretion

 

1,315

 

 

 

1,416

 

 

 

5,718

 

 

 

5,512

 

 

Depreciation, depletion and amortization

 

45,080

 

 

 

137,629

 

 

 

283,353

 

 

 

523,572

 

 

Amortization of intangible assets

 

3,626

 

 

 

3,626

 

 

 

14,505

 

 

 

14,505

 

 

General and administrative expenses

 

18,445

 

 

 

16,784

 

 

 

68,918

 

 

 

69,432

 

 

Transaction related costs

 

 

 

 

 

 

 

 

 

 

438

 

 

Total operating costs and expenses

 

106,570

 

 

 

207,025

 

 

 

2,460,172

 

 

 

808,640

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS)

 

42,665

 

 

 

22,684

 

 

 

(1,925,666

)

 

 

127,502

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

Income from equity method investee

 

54

 

 

 

249

 

 

 

2,113

 

 

 

857

 

 

Interest expense, net

 

(7,353

)

 

 

(6,745

)

 

 

(28,698

)

 

 

(28,356

)

 

Gain on derivatives, net

 

2,774

 

 

 

 

 

 

565

 

 

 

 

 

Other income (expense), net

 

3,872

 

 

 

(246

)

 

 

3,363

 

 

 

(238

)

 

Total other expense, net

 

(653

)

 

 

(6,742

)

 

 

(22,657

)

 

 

(27,737

)

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

 

42,012

 

 

 

15,942

 

 

 

(1,948,323

)

 

 

99,765

 

 

Income tax expense (benefit)

 

 

 

 

2,311

 

 

 

(79,340

)

 

 

14,760

 

 

NET INCOME (LOSS)

 

42,012

 

 

 

13,631

 

 

 

(1,868,983

)

 

 

85,005

 

 

LESS: Net income (loss) attributable to noncontrolling interest

 

14,267

 

 

 

5,516

 

 

 

(660,593

)

 

 

34,809

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO MAGNOLIA

 

27,745

 

 

 

8,115

 

 

 

(1,208,390

)

 

 

50,196

 

 

LESS: Non-cash deemed dividend related to warrant exchange

 

 

 

 

 

 

 

 

 

 

2,763

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCK

 

$

27,745

 

 

 

$

8,115

 

 

 

$

(1,208,390

)

 

 

$

47,433

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK

 

 

 

 

Basic

 

$

0.17

 

 

 

$

0.05

 

 

 

$

(7.27

)

 

 

$

0.29

 

 

Diluted

 

$

0.16

 

 

 

$

0.05

 

 

 

$

(7.27

)

 

 

$

0.28

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 

 

 

 

Basic

 

164,907

 

 

 

167,331

 

 

 

166,270

 

 

 

161,886

 

 

Diluted

 

169,326

 

 

 

171,647

 

 

 

166,270

 

 

 

167,047

 

 

WEIGHTED AVERAGE NUMBER OF CLASS B SHARES OUTSTANDING(1)

 

85,790

 

 

 

90,942

 

 

 

85,790

 

 

 

91,951

 

 

(1)

Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding.

Magnolia Oil & Gas Corporation

Summary Cash Flow Data

(In thousands)

 

 

 

 

 

 

 

For the Quarters Ended

 

For the Years Ended

 

 

December 31,

2020

 

December 31,

2019

 

December 31,

2020

 

December 31,

2019

CASH FLOWS FROM OPERATING ACTIVITIES

NET INCOME (LOSS)

 

$

42,012

 

 

 

$

13,631

 

 

 

$

(1,868,983

)

 

 

$

85,005

 

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

45,080

 

 

 

137,629

 

 

 

283,353

 

 

 

523,572

 

 

Amortization of intangible assets

 

3,626

 

 

 

3,626

 

 

 

14,505

 

 

 

14,505

 

 

Exploration expense, non-cash

 

2,370

 

 

 

618

 

 

 

563,999

 

 

 

1,154

 

 

Impairment of oil and natural gas properties

 

 

 

 

 

 

 

1,381,258

 

 

 

 

 

Asset retirement obligation accretion

 

1,315

 

 

 

1,416

 

 

 

5,718

 

 

 

5,512

 

 

Amortization of deferred financing costs

 

918

 

 

 

897

 

 

 

3,628

 

 

 

3,541

 

 

Unrealized (gain) on derivatives, net

 

(2,485

)

 

 

 

 

 

(277

)

 

 

 

 

(Gain) on sale of equity method investment

 

(5,071

)

 

 

 

 

 

(5,071

)

 

 

 

 

Deferred taxes

 

 

 

 

2,496

 

 

 

(77,834

)

 

 

14,261

 

 

Stock based compensation

 

1,158

 

 

 

2,713

 

 

 

10,029

 

 

 

11,089

 

 

Other

 

1,332

 

 

 

(156

)

 

 

(728

)

 

 

(668

)

 

Net change in operating assets and liabilities

 

(11,133

)

 

 

(3,863

)

 

 

524

 

 

 

(10,352

)

 

Net cash provided by operating activities

 

79,122

 

 

 

159,007

 

 

 

310,121

 

 

 

647,619

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Acquisition of EnerVest properties

 

 

 

 

 

 

 

 

 

 

4,250

 

 

Acquisitions, other

 

 

 

 

 

 

 

(73,702

)

 

 

(93,221

)

 

Proceeds from sale of equity method investment

 

27,074

 

 

 

 

 

27,074

 

 

 

 

 

Additions to oil and natural gas properties

 

(40,532

)

 

 

(73,657

)

 

 

(197,858

)

 

 

(425,124

)

 

Changes in working capital associated with additions to oil and natural gas properties

 

(5,382

)

 

 

3,481

 

 

 

(24,354

)

 

 

(9,911

)

 

Other investing

 

(307

)

 

 

6

 

 

 

(1,148

)

 

 

(242

)

 

Net cash used in investing activities

 

(19,147

)

 

 

(70,170

)

 

 

(269,988

)

 

 

(524,248

)

 

 

 

 

 

 

 

 

 

 

CASH FLOW FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Contributions from noncontrolling interest owners

 

 

 

 

 

 

 

 

 

 

7,301

 

 

Distributions to noncontrolling interest owners

 

(85

)

 

 

(708

)

 

 

(680

)

 

 

(1,424

)

 

Class A Common Stock repurchase

 

(15,718

)

 

 

(555

)

 

 

(28,681

)

 

 

(10,277

)

 

Class B Common Stock repurchase

 

 

 

 

(69,093

)

 

 

 

 

 

(69,093

)

 

Other financing activities

 

(144

)

 

 

(337

)

 

 

(844

)

 

 

(3,003

)

 

Net cash used in financing activities

 

(15,947

)

 

 

(70,693

)

 

 

(30,205

)

 

 

(76,496

)

 

 

 

 

 

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

44,028

 

 

 

18,144

 

 

 

9,928

 

 

 

46,875

 

 

Cash and cash equivalents – Beginning of period

 

148,533

 

 

 

164,489

 

 

 

182,633

 

 

 

135,758

 

 

Cash and cash equivalents – End of period

 

$

192,561

 

 

 

$

182,633

 

 

 

$

192,561

 

 

 

$

182,633

 

 


Contacts

Contacts for Magnolia Oil & Gas Corporation
Investors
Brian Corales
(713) 842-9036
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Media
Art Pike
(713) 842-9057
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