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Magnolia Oil & Gas Q2 results tick higher

Texas-based Magnolia Oil & Gas Corp. on Aug. 6 reported an adjusted net income of $31.4 million for the second quarter, down from the adjusted net income of $23 million seen during the first quarter.

The company's GAAP net income came in at $31.3 million compared to the $22.7 million seen during the previous quarter.

Revenues for the quarter totaled $243 million, up from the $218.7 million reported during the first quarter.

Average daily production for the second quarter came in at 65,111 barrels of oil equivalent per day, up from the 62,413 boe/d seen in the first quarter.

Average sales price for the second quarter came in at $41.01/boe, up from the $38.93/boe posted for the first quarter.

Magnolia was formed in 2018 through the merger of Enervest's South Texas Division and TPG Pace Energy and TPG Capital.