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Magnolia Oil & Gas dropping a rig at the end of Q1
Magnolia Oil & Gas plans to scale back its South Texas drilling activity because of the recent decline in prices. The company is currently running two rigs in Karnes County. and one in Giddings field, and will continue with those levels throughout Q1 before dropping a rig in Karnes at Q1’s end. The reduction will allow the company to stay on track with its goal to keep 2019 D&C capital within 60% of EBITDAX. Activity levels this year are expected......
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