Magnolia (MGY) Q1 Earnings Beat Estimates, Revenues Rise Y/Y

Magnolia Oil & Gas Corporation (MGY) reported first-quarter 2024 adjusted net income of 49 cents per share, which beat the Zacks Consensus Estimate of 44 cents. The outperformance can be primarily attributed to a healthy increase in production volumes and higher oil prices year over year. However, the bottom line deteriorated from the year-ago quarter’s level of 56 cents due to higher year-over-year operating expenses.Total revenues came in at $319.4 million, which beat the Zacks Consensus Estimate of$308 ...