Magnolia Oil & Gas Corporation (MGY) Earnings
Magnolia Oil & Gas Corporation is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $0.82. MGY has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +4.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.51 | $0.54 | +5.9% | $359M | +2.5% |
| Feb 5, 2026 | $0.36 | $0.37 | +2.8% | $318M | +2.5% |
| Oct 29, 2025 | $0.41 | $0.41 | +0.0% | $325M | +0.9% |
| Jul 30, 2025 | $0.40 | $0.43 | +7.5% | $319M | +0.1% |
| Apr 30, 2025 | $0.53 | $0.55 | +3.8% | $350M | +2.3% |
| Feb 18, 2025 | $0.46 | $0.49 | +6.5% | $327M | -0.2% |
| Oct 30, 2024 | $0.48 | $0.53 | +10.4% | $333M | +0.7% |
| Jul 31, 2024 | $0.53 | $0.56 | +5.7% | $337M | +0.1% |
| Feb 14, 2024 | $0.53 | $0.52 | -1.9% | $323M | -1.0% |
| Nov 1, 2023 | $0.53 | $0.54 | +1.9% | $316M | -0.6% |
| Aug 1, 2023 | $0.42 | $0.51 | +21.4% | $280M | -4.4% |
| May 3, 2023 | $0.54 | $0.50 | -7.4% | $308M | -5.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Chris Stavros mentioned that the first quarter provided a strong start to the year with consistent performance across financial and operating metrics. The company had disciplined business model with low reinvestment rate, high operating margins, and moderate production growth. There were active acquisitions in old bond oil and gas property, closing several deals during the quarter in Carnes and Giddings areas. Magnolia's 2026 capital and operating plan is well positioned during product price volatility, driving incremental free cash flow and improving financial flexibility. Brian Corrales reviewed first quarter results, including income, adjusted EBITDAX, production volumes, cash flow, and dividend and share repurchase details
Guidance
First quarter DNC capital are expected to be between $120 and $125 million. Reiterating full-year budget of $440 to $480 million. Reiterating full year 2026 outlook for total production growth of approximately 5%. Total production for the second quarter is estimated to be approximately 105,000 barrels a day. Anticipating oil prices for the second quarter to be similar to Magellan East Houston benchmark pricing. Fully diluted share count for the second quarter of 2026 is expected to be 185 million shares, 4% lower than second quarter 2025 levels. Effective tax rate expected to be approximately 21% and cash taxes for 2026 in mid-single-digit range
Segment performance
For the first quarter of 2026, total company production volumes grew by 6% year-over-year to 102.6 thousand barrels of oil equivalent per day, with oil production growing by 4% and averaging 40.7 thousand barrels per day. Giddings production currently accounts for approximately 82% of Magnolia's total company volumes. First quarter net income was approximately $101 million, or 54 cents per diluted share, with adjusted EBITDAX coming in at $253 million. Journey and completion capital for the period was roughly $129 million, providing a reinvestment rate of 51% of our adjusted EBITDAX. Magnolia generated approximately $146 million of free cash flow during the first quarter
Risks & headwinds
The call mentioned that forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Additional information on risk factors that could cause results to differ is available in the company's annual report of Form 10-K filed with the SEC
Analyst Q&A
Q: Neil Dingman from William Blair asked about the Carnes bolt-on acquisition, including development scheme and well costs.
A: Chris Stavros responded on pad size and improved economics.
Q: Philip Jungworth from BMO asked about development scheme in Carnes bolt-on and upper limit on transaction size.
A: Chris Stavros talked about development scheme and transaction size depending on fit with business model.
Q: Peyton Dorn from UBS asked about accelerating workovers and royalty acreage.
A: Chris Stavros mentioned considering workovers and Brian Corrales touched on royalty acreage.
Q: Carlos Escalante from Wolf Research asked about deal motivation and natural gas dynamics.
A: Chris Stavros and Brian Corrales discussed deal being in process and natural gas market dynamics.
Q: Neil Mehta from Goldman Sachs asked about share repurchase and dividend growth.
A: Chris Stavros talked about share repurchase and dividend growth being part of business model