Magnolia Oil & Gas Corporation: Initiation Of Coverage – Continued Strong Production Growth & Other Major Drivers

Magnolia Oil & Gas Corporation reported their Second Quarter 2024 earnings with a few key
highlights indicating both challenges and achievements. In the positive spectrum, Magnolia
achieved a record total company production of approximately 90,000 barrels of oil equivalent per
day, marking a year-over-year growth of 10% and a sequential increase of 6%. This is particularly
notable in their Giddings segment, which reported a production rise of 21% compared to the
previous year, with oil production growing by 28%. Furthermore, the integration of a recent bolt-on
acquisition in Giddings has been smooth, adding 27,000 net acres to Magnolia’s development area,
which now sprawls over 200,000 net acres.