Magnolia Oil & Gas(US:MGY)2023-02-15 16:16Financial Performance - Magnolia's revenue for the year 2022 was $1694 million, a 57% increase year-over-year[39] - Adjusted EBITDAX for 2022 reached $1345 million, up 62% compared to the previous year[39] - Adjusted net income for 2022 was $978 million, a 69% increase year-over-year[39] - Free cash flow for 2022 amounted to $823 million, representing a 48% increase from the prior year[39] - The company's cash balance as of the end of 2022 stood at $675 million, an 84% increase year-over-year[39] Production and Operations - Total production in 2022 averaged 75400 barrels of oil equivalent per day (Mboe/d), a 14% increase year-over-year[39] - Giddings and Other Production accounted for 59% of total production in 2022, a 5% increase year-over-year[39] - The company's net debt to Q4 annualized adjusted EBITDAX ratio was -03x, indicating a net cash position[32] Capital Allocation - Magnolia repurchased 24 million shares during the fourth quarter of 2022[6, 42] - In 2022, the company repurchased 155 million shares[6] - The company plans to continue to opportunistically repurchase at least 1% of the total shares outstanding each quarter[19] - The quarterly dividend rate of $0115 per share is a 15% increase from 2022[23]