Company anticipates 8% organic production growth and 9% growth with recent acquisition
- Magnolia Oil & Gas expects full-year production to increase at the high end of previous guidance
- 2023 organic production growth expected to be 8%
- Including recent acquisition in Giddings, total 2023 production growth expected to be approximately 9%
- Total oil and gas production for Q4 expected to be approximately 85 Mboe/d
- Third quarter production volumes averaged 82.7 Mboe/d, representing 1% sequential growth
- Production from Giddings and Other increased by 28% compared to last year’s third quarter
Magnolia Oil & Gas is projecting significant production growth for 2023. The company expects its full-year production to increase at the high end of its previous guidance, with organic production growth anticipated to be 8%. Additionally, including the recently announced acquisition in Giddings, Texas, total production growth for 2023 is expected to be approximately 9%. In the fourth quarter, total oil and gas production is estimated to reach around 85 Mboe/d, taking into account the partial period of production from the Giddings acquisition. The company’s third quarter saw a 1% sequential growth in production volumes, averaging 82.7 Mboe/d. Notably, production from Giddings and Other increased by 28% compared to the same period last year, with oil production growing by 23%.
Factuality Level: 8
Factuality Justification: The article provides factual information about Magnolia Oil & Gas’ expected full-year production growth and its recent acquisition in Giddings, Texas. The statements from the company regarding their outlook and third-quarter performance are also included. The article does not contain any irrelevant or misleading information, sensationalism, redundancy, or opinion masquerading as fact. It provides clear and concise information about the company’s production and growth.
Noise Level: 3
Noise Justification: The article provides information about Magnolia Oil & Gas’ expected increase in production and its recent acquisition in Giddings, Texas. However, it lacks context and analysis, and there is no evidence or data provided to support the claims made. The article also does not provide any actionable insights or solutions. Overall, it contains mostly repetitive information and lacks depth.
Financial Relevance: Yes
Financial Markets Impacted: The news article provides information about Magnolia Oil & Gas and its expected increase in production. This could impact the oil and gas industry and potentially affect the company’s stock price and the overall market sentiment towards the sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article primarily focuses on Magnolia Oil & Gas’ production outlook and does not mention any extreme events or their impact.
Public Companies: Magnolia Oil & Gas (N/A)
Key People: Mary de Wet (Author)
www.marketwatch.com 
