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  Economics : Break-Even

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Magnolia Oil & Gas Overview High-quality, low-risk pure-play South Texas operator with a core 471,000 Net Acre Position Targeting Two of the Top Eagle Ford and Austin Chalk position acquired at an attractive entry Oil Plays in the U.S. multiple Significant scale and PDP base generates material free cash flow, Giddings Field reduces development risk, and increases optionality Asset Overview: 23,800 net acres in a well-delineated, low-risk position in the core of Karnes County, representing some of the most prolific acreage in the United States with industry leading break-evens 450,000 net acres in the Giddings area, a re-emerging oil play with significant upside and what we believe to be substantial inventory Karnes County Both assets expected to remain self funding and within cash flow Gonzales Wilson Market Statistics Dewitt Trading Symbol (NYSE) MGY Share Price as of 5/6/2022 25.67 Common Shares Outstanding (1) 223 million Market Capitalization 5.7 billion Source: IHS Performance Evaluator. Long-term Debt Principal 400 million Industry Leading Breakevens (/Bbl WTI) Cash as of 3/31/2022 346 million 45 39 39 Total Enterprise Value 5.8 billion 32 34 35 38 28 Operating Statistics Karnes Giddings Total Net Acreage 23,793 447,415 471,208 Karnes Austin Karnes Lower Midland Delaware DJ Basin Eagle Ford STACK Bakken 1Q22 Net Production (Mboe/d) (2) 28.9 42.9 71.8 Chalk Eagle Ford Source: RSEG. (1) Common Stock outstanding includes Class A and Class B Stock. (2) Giddings includes other production not located in the Giddings Field. 13
Magnolia Oil & Gas
May 2022

Eagle Ford: 2022 Overview 37/bo PV-10 breakeven Anticipated 2022 ROR 110% at 3/62 flat Pricing assumption 0.50 0.90/bbl annual average in-basin premium to NYMEX pricing 4Q21 1Q22E FY22E Net Production (mboe/d) 92 90 100 90 100 Wells Drilled 1 15 20 45 65 Wells TILd 5 05 45 65 Rigs 0.5 23 14 22E Production Outlook 22E EBITDAX Outlook 22E Capital Plan 0 10 20 40 Miles Cost assumptions (net) 4Q21 1Q22E FY22E LOE (/boe) 6.25 5.75 6.25 GP&T (/boe) 9.29 9.00 10.00 Total Capital (accrued, mm) 34 75 85 375 475 4Q21 Earnings February 23, 2022 9
Chesapeake Energy Corp
February 2022

Sustainability: Capital Efficiency Advantage is Durable 5 Year Benchmark Maintenance Scenario 2021-2025 Benchmark Maintenance Case Cumulative FCF 5B of cumulative FCF1 with reinvestment rate 8 80% 50%, assuming flat 50/bbl WTI 5 Year Cumulative FCF Before Dividend (B) Reinvestment Rate Corporate FCF breakeven below 35/bbl WTI 6 60% throughout period 4 Holds 4Q20 oil production flat through 2025 for 2 40% 1.0 to 1.1B of annual capex 0 20% Cumulative 100MM toward GHG intensity 45/bbl, 50/bbl, 55/bbl, 2.50/HH 3.00/HH 3.00/HH reduction Total FCF Reinvestment Rate Includes capital allocation across multi-basin 2021-2025 Benchmark Maintenance Case Capital Allocation portfolio Permian and Oklahoma activity reintroduced with both Eagle Ford delivering accretive corporate returns and FCF from high-graded opportunity set Bakken Oklahoma Permian and Oklahoma comprise 20% to 30% of Resource Play capital beyond 2021 Permian 1 Cumulative FCF of approximately 5.0 billion for 5 Year Benchmark Scenario at flat 50/bbl WTI and 3.00/MMBtu comprised of approximately 10.0B to 10.5B of cumulative net cash provided by operating activities adjusted for working capital and EG LNG return of capital and other less approximately 5.0 to 5.5B of cumulative capital expenditures dividing cumulative capital expenditures by the sum of cumulative net cash provided by operating activities adjusted for working capital, EG LNG return of capital, and other is expected to equate to a reinvestment rate of approximately 50% 12
Marathon Oil Corp
May 2021

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