Magnolia Oil & Gas Corporation (NYSE:MGY) Q3 2023 Earnings Call Transcript November 2, 2023 11:00 AM ET

Company Participants

Jim Johnson - VP, Finance, IR & Treasurer

Chris Stavros - President & CEO

Brian Corales - SVP & CFO

Conference Call Participants

Neal Dingmann - SunTrust

Umang Choudhary - Goldman Sachs

Charles Meade - Johnson Rice

Zach Parham - JPMorgan

Oliver Huang - Tudor, Pickering, Holt

Paul Diamond - Citi

Sean Mitchell - Simmons

Operator

Good morning, everyone, and thank you for participating in Magnolia Oil & Gas Corporation's Third Quarter 2023 Earnings Conference Call. My name is Marliese, and I will be your moderator for today's call. At this time, all participants will be placed in a listen-only mode as our call is being recorded. I will now turn the call over to Magnolia's management for their prepared remarks, which will be followed by a brief question-and-answer session. Please go ahead.

Jim Johnson

Thank you, Marliese. Good morning, everyone. Welcome to Magnolia Oil & Gas' third 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, 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 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

Thanks, Jim, and good morning, everyone. We appreciate you joining us today for a discussion on our third quarter 2023 financial and operating results. I plan to briefly speak to our latest quarter, then review some of our team's accomplishments this year and reducing costs associated with our capital program. We'll also discuss how we've allocated our free cash flow over the last three years and noting how our shareholders have benefited from the increase to our free cash flow profile through consistently strong cash returns. I'll finish up by providing some broad comments around Magnolia's 2024 capital and operating plan. Brian will then review our third quarter financial and operating results in greater detail and provide some additional guidance before we take your questions.