Magnolia Oil & Gas sees FY24 D&C capital spending $450M-$480M

Magnolia expects its total 2024 D&C capital spending to be in the range of $450 to $480 million, which includes an estimate of non-operated capital that is about the same as 2023 levels. We expect first quarter D&C capital expenditures to be approximately $130 million and anticipate this to be the highest quarterly rate of spending for the year. Total production for the first quarter is estimated to be approximately 84 to 85 Mboe/d which incorporates several days of production and facilities downtime caused by severe winter weather conditions in mid-January. Despite this impact, our production has fully recovered and we are maintaining our guidance for high single digit production growth in 2024. Most of this growth is expected to come from our development program in our Giddings area.