Magnolia Oil & Gas(US:MGY)2024-10-31 18:09Financial Performance - The company reported total adjusted net income of $100 million and an operating income margin of 39%[8] - Adjusted EBITDAX was $244 million, with a 42% reinvestment rate[8] - Free cash flow reached $126 million, with D&C capital at $103 million[8] - The Q3 2024 Annualized Return on Capital Employed (ROCE) was 22%[8] Production Metrics - Total production for Q3 2024 was 90700 barrels of oil equivalent per day (Mboe/d), a 10% year-over-year (YoY) increase[8] - Oil production reached 38900 barrels per day (Mbbls/d), an 18% YoY increase[8] - Giddings production grew by 12% YoY, with oil production growth of 24% YoY[8] - Giddings Production accounted for 76% of total production[10] Capital Allocation and Balance Sheet - Approximately $88 million was returned to shareholders, representing 70% of free cash flow, including $62 million in share repurchases and $26 million in dividends[9] - The company maintained a strong balance sheet with $124 million of net debt[9] - Cash and Cash Equivalents were $276 million as of September 30, 2024[15, 29] Cost Management - Lease operating expenses (LOE) declined to $533 per barrel of oil equivalent (boe), an 11% decrease compared to Q1 2024[8]