Magnolia Oil & Gas (stock ticker: MGY) announced third quarter results today, showing pro forma net earnings of $57.9 million.

Magnolia produced an average of 55.2 MBOEPD on a pro forma basis in Q3, up 11% from Q2. The company is increasing its overall 2018 performance guidance on the strength of this growth, with projections rising from 50 MBOEPD to 53 MBOEPD. The company expects to produce 59 MBOEPD in Q4, up 7% sequentially.

The increase in production guidance was not accompanied by an increase in CapEx guidance, but Magnolia is projecting its CapEx in an unusual way. The company estimates it will spend 50% to 55% of EBITDAX in the year. So far, Magnolia has spent $284.8 million in earned $574.7 million in EBITDAX, so the compa...

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