Magnolia Oil & Gas Corporation (NYSE:MGY) Q3 2022 Results Conference Call November 2, 2022 11:00 AM ET

Company Participants

Christopher Stavros - President and Chief Executive Officer

Brian Corales - Chief Financial Officer

Conference Call Participants

Leo Mariani - MKM

Neal Dingmann - Truist Securities

Charles Meade - Johnson Rice

Umang Choudhary - Goldman Sachs

Tim Rezvan - KeyBanc Capital Markets

Geoff Jay - Daniel Energy Partners

Paul Diamond - Citi

Operator

Good day, and welcome to the Magnolia Oil Third Quarter 2022 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask question. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Brian Corales. Please go ahead.

Brian Corales

Thank you, Malice, and good morning, everyone. Welcome to Magnolia Oil and Gas’ third quarter earnings conference call. 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 third quarter 2022 earnings press release as well as the conference call slides from the Investors section of the Company’s website at www.magnoliaoilgas.com.

I would now turn the call over to President and CEO, Mr. Chris Stavros.

Christopher Stavros

Thanks Brian and good morning and thank you for joining us today. The most recent quarter was filled with some mixed emotions. We are humbled by our continued strong financial and operating results and performance.

Deeply saddened by the recent passing of Steve Chazen, Magnolia’s founder and former CEO. I’m incredibly grateful for Steve’s guidance and counsel, his steady leadership and importantly his friendship. While he will be deeply missed, we expect his legacy to continue to live on through Magnolia for years to come.

Despite our loss, I’m very confident that Magnolia’s best days are ahead. Magnolia’s original business model remain sound and you will saying here applies for ain’t broke, don’t fix it. There can be a tendency for leaders in transition to feel that they must put their mark on an organization in some significant way. And even if it is unnecessary, some of this is simply human nature. I promised myself that I would not do this.