Magnolia Oil & Gas reports Q3 EPS 40c, consensus 42c

Reports Q3 revenue $324.94M, consensus $322.96M. “When we ask some of our larger shareholders why they are invested in Magnolia, a common reply is, ‘because you do what you say you’re going to do.’ Since our founding more than seven years ago, Magnolia has consistently executed around the principles of its differentiated business model which includes our strong balance sheet and discipline capital spending philosophy designed to maximize free cash flow generation from our high-quality assets,” said Chairman, President and CEO Chris Stavros. “We often remind the financial community that Magnolia’s primary goals and objectives are to be the most efficient operator of best-in-class oil and gas assets, generate the highest returns on those assets, while employing the least amount of capital for drilling and completing wells. A substantial portion of our free cash flow is returned to investors through our secure and growing cash dividend and ongoing share repurchases, and we continue to enhance and expand our asset base through bolt-on acquisitions near areas where we operate and understand well.”