Magnolia Oil & Gas Corporation (NYSE:MGY) Q1 2024 Earnings Call Transcript

Chris Stavros: Contracted.

Sean Mitchell: Okay. Very helpful. Thanks, guys.

Chris Stavros: Okay. Thanks.

Operator: Our next question comes from Paul Diamond with Citi. Please go ahead.

Paul Diamond: Thank you. Good morning all. Thanks for taking my call. Just a quick one on kind of the opportunity set you see all or you all still see in Giddings. How should we think about that geographically? Is that more north of Lee, more Fayette, Eastern Washington just — kind of just a generalized scale of that similar to bolt-ons or a lot more of the smaller-type opportunities still available?

Chris Stavros: Well, we have a lot to work on in the areas that you mentioned for sure. And there’s a lot of acreage in addition to that elsewhere, other counties within the Giddings field and Giddings proper. So we still will continue with some appraisal work to have a better understanding and better define some other areas that frankly has worked very well and led us to seek out new opportunities, whether for bolt-ons or just areas that we could drill with strong economics. So I think it’s still relatively early days. You can’t get to everything all at once. It’s — some of it is just going to fall into a question of how much money there is available to us in any given time period, in any given year and the plan that we have to execute. So you can’t do everything. We’ll get to it overtime, but there’s a lot that we can look at overtime.

Paul Diamond: Understood. And how do you — and how is the scale of those opportunities? Are they more like small ground game-type stuff or are they similar-sized bolt-ons the one done this quarter?

Chris Stavros: There are. I look at this and say, I mean, it would be unfair for me to say that you’re going to see something like this that we just did again, not this specific type of transaction, but there are potentially other small fill-ins, small working interests or just fill-in properties to help round out areas that we like and are working well for us.

Paul Diamond: Understood. Appreciate the clarity. I’ll leave it there.

Chris Stavros: Thanks.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.