And Now for Some Good News
If you’ve worked in the oil and gas industry long enough, you know that sometimes it’s just better to shut off all the noise and keep plowing ahead. The sky may be heavy but it’s far from falling. If anything, troubled times like these add another definition to the term Energy Strong—which we are and will continue to be. Those of us at Reese Energy Consulting look for the diamonds behind the coal when writing our LinkedIn and blog posts to share the positive news about our industry—news that tends to get regularly overlooked. Check out Houston-based Magnolia Oil & Gas, a two-year startup that’s demonstrating not all E&Ps are over-leveraged, cash poor and victims of commodity prices. Magnolia recently announced its 4Q and full-year 2019 earnings results, which included generating $647 million from its operating activities in the Eagle Ford and Austin Chalk in South Texas, $222.9 million of free cash flow, a repurchase of 7 million shares for $79.4 million, and 66.8 MBOED. And there are others like Magnolia across the energy spectrum with stories REC will continue to share. Thanks for reading.