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Magnolia Oil & Gas Reports Higher Q2 Production, Expands Giddings Footprint With WildFire Deal

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Magnolia Oil & Gas (MGY) reported Q2 earnings Wednesday, showing total production of 106,089 barrels of oil equivalent per day, up from 98,229 boe/d a year earlier.

Average daily oil production increased to 41,855 barrels per day for the quarter ended June 30, up from 39,990 b/d a year earlier.

Average daily natural gas production rose to 200.02 million cubic feet per day for Q2, up from 184.84 MMcf/d earlier.

Average daily natural gas liquids production climbed to 30,898 b/d for Q2, up from 27,432 b/d for the year-ago quarter.

Quarterly production totaled 9.654 million boe, compared with 8.939 million boe a year earlier.

Oil production increased to 3.809 million barrels for the quarter, up from 3.639 mmbbls, while natural gas output rose to 18.201 Bcf, up from 16.820 Bcf.

Natural gas liquids production reached 2.812 million barrels during the quarter, up from 2.496 million barrels a year earlier.

The company also reported Giddings production increased 10% over the year, while Giddings oil output grew 7% and represented 81% of total production.

Magnolia raised its standalone 2026 production growth forecast to 6% from 5% after stronger-than-expected well performance lifted Q2 oil and gas output.

The company expects Q3 production to remain near Q2 levels and plans standalone drilling and completion spending of about $115 million.

Magnolia also reiterated full-year standalone capital spending of $440 million to $480 million.

The company agreed in July to acquire WildFire Energy, a transaction that will more than double its Giddings acreage and create the largest Eagle Ford/Austin Chalk acreage position in South Texas. Magnolia expects to close the acquisition late in Q3.

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