Magnolia Oil & Gas Corporation (NYSE:MGY) Q1 2023 Earnings Conference Call May 4, 2023 11:00 AM ET
Company Participants
Jim Johnson - Investor Relations
Chris Stavros - President and Chief Executive Officer
Brian Corales - Senior Vice President and Chief Financial Officer
Conference Call Participants
Neal Dingmann - Truist
Umang Choudhary - Goldman Sachs
Geoff Jay - Daniel Energy Partners
Paul Diamond - Citi
Operator
Good day, and welcome to the Magnolia Oil & Gas First Quarter 2023 Conference Call. [Operator Instructions] Please note that this event is being recorded. I’d like to turn the conference over to Mr. Jim Johnson. Please go ahead.
Jim Johnson
Thank you, and good morning, everyone. Welcome to Magnolia Oil & Gas’ First Quarter Earnings Conference Call. Participating on the call today are Chris Stavros, Magnolia’s President and Chief Executive Officer; and Brian Corales, Senior Vice President and Chief Financial Officer.
As a reminder, today’s conference call contains certain projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. Additional information on risk factors that could cause results to differ is available in the company’s annual report on Form 10-K filed with the SEC.
A full safe harbor can be found on Slide 2 of the conference call slide presentation with the supplemental data on our website. You can download Magnolia’s first quarter 2023 earnings press release as well as the conference call slides from the Investors section of the company’s website at www.magnoliaoilgas.com.
I will now turn the call over to Mr. Chris Stavros.
Chris Stavros
Thank you, and good morning, everyone. We appreciate you joining us today for a discussion of our first quarter 2023 results. I will make some brief comments about the latest quarter, talk about where we stand currently and address some actions that we are taking around our capital spending and how this will impact our outlook for the rest of the year. Brian will then review our first quarter financial results in more detail and provide some additional guidance before we take your questions.
Our first quarter results delivered a solid start to the year, supported by strong well performance in both the Karnes and Giddings areas. Steady activity and ongoing operating efficiencies at Giddings provided production growth of 10% versus last year’s first quarter. Additional D&C efficiencies realized in our Giddings assets have helped to partly mitigate the higher costs.