0001698990false00016989902024-07-312024-07-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 31, 2024
Magnolia Oil & Gas Corporation
(Exact name of registrant as specified in its charter)
Delaware001-3808381-5365682
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification Number)
Nine Greenway Plaza, Suite 1300
Houston, Texas 77046
(Address of principal executive offices, including zip code)
(713) 842-9050
Registrant’s telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.0001 Per ShareMGYNew York Stock Exchange


Item 2.02    Results of Operations and Financial Condition.

On July 31, 2024, Magnolia Oil & Gas Corporation (the “Company”) issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference herein, announcing its financial and operational results for the quarter ended June 30, 2024.
The information furnished pursuant to this Item 2.02 (including Exhibit 99.1) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Item 7.01    Regulation FD Disclosure

On July 31, 2024, the Company provided information in an earnings presentation on its website, www.magnoliaoilgas.com, regarding its financial and operational results for the quarter ended June 30, 2024.
The earnings presentation, which is attached hereto as Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit
NumberDescription
99.1
99.2
104Cover Page Interactive Data File (formatted as inline XBRL)





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MAGNOLIA OIL & GAS CORPORATION
Date: July 31, 2024
By:       /s/ Timothy D. Yang
Name:  Timothy D. Yang
Title:    Executive Vice President,
             General Counsel, Corporate Secretary and Land

2
Exhibit 99.1
Magnolia Oil & Gas Corporation Announces Second Quarter 2024 Results

HOUSTON, TX, July 31, 2024 - Magnolia Oil & Gas Corporation (“Magnolia,” “we,” “our,” or the “Company”) (NYSE: MGY) today announced its financial and operational results for the second quarter of 2024.

Second Quarter 2024 Highlights:
(In millions, except per share data)
For the
Quarter Ended
June 30, 2024
For the
Quarter Ended
June 30, 2023
Percentage increase (decrease)
Net income$105.1 $104.6 — %
Adjusted net income(1)
$104.3 $97.2 7 %
Earnings per share - diluted$0.51 $0.48 6 %
Adjusted EBITDAX(1)
$246.1 $203.3 21 %
Capital expenditures - D&C$123.4 $86.1 43 %
Average daily production (Mboe/d)90.2 81.9 10 %
Cash balance as of period end$275.7 $676.6 (59)%
Diluted weighted average total shares outstanding(2)
201.2 211.4 (5)%

Second Quarter 2024 Highlights:

•Magnolia reported second quarter 2024 net income attributable to Class A Common Stock of $95.6 million, or $0.51 per diluted share. Second quarter 2024 total net income was $105.1 million and total adjusted net income(1) was $104.3 million. Diluted weighted average total shares outstanding decreased by 5% to 201.2 million(2) compared to second quarter 2023.

•Adjusted EBITDAX(1) was $246.1 million during the second quarter of 2024 and total drilling and completions (“D&C”) capital was $123.4 million, approximately 50% of adjusted EBITDAX, and in line with our earlier guidance.

•Lease operating expenses declined by 10% on a sequential quarterly basis to $5.40 per boe in the second quarter of 2024 and as part of the Company’s field-level optimization and cost reduction program announced earlier this year.

•Net cash provided by operating activities was $269.4 million during the second quarter of 2024 and the Company generated free cash flow(1) of $96.7 million. Magnolia generated operating income as a percentage of revenue of 40% during the second quarter.

•Total production in the second quarter of 2024 grew by 10% on a year-over-year basis to 90.2 thousand barrels of oil equivalent per day (“Mboe/d”) including 37.9 thousand barrels per day of oil and reinforced by strong overall well performance. Production from Giddings was 69.6 Mboe/d in the most recent quarter, providing overall growth of 21% compared to last year’s second quarter, including oil production growth of 28%.

•The Company repurchased a total of 4 million shares of its Class A and Class B Common Stock during the second quarter for $102.7 million. Magnolia has 5.9 million Class A Common shares remaining under its current repurchase authorization, which are specifically allocated toward open market share repurchases.

•As previously announced, the Board of Directors declared a cash dividend of $0.13 per share of Class A common stock, and a cash distribution of $0.13 per Class B unit, payable on September 3, 2024 to shareholders of record as of August 9, 2024.

•Magnolia returned approximately $130 million(3) to shareholders during the second quarter through a combination of share repurchases and dividends while ending the period with $275.7 million of cash on the balance sheet and an undrawn $450.0 million revolving credit facility.
(1) Adjusted net income, adjusted EBITDAX and free cash flow are non-GAAP financial measures. For reconciliations to the most comparable GAAP measures, please see “Non-GAAP Financial Measures” at the end of this press release.
(2) Weighted average total shares outstanding include diluted weighted average shares of Class A Common Stock outstanding during the period and shares of Class B Common Stock, which are anti-dilutive in the calculation of weighted average number of common shares outstanding.
(3) Excludes $2.9 million of share repurchases incurred during the first quarter, but settled during the second quarter of 2024.
1

“Magnolia exhibited strong progress from several of the initiatives outlined earlier this year as demonstrated in our second quarter results supporting the continued and consistent execution of our business plan,” said President and CEO Chris Stavros. “Total production grew 6 percent sequentially to more than 90 thousand boe per day establishing a new quarterly record for the Company with oil production growing by 11 percent year-over-year to nearly 38 thousand barrels per day, and both benefiting from the integration of newly acquired assets and continued strong well performance. Activity at our Giddings asset remains the driver of Magnolia’s overall growth with production volumes climbing by 21 percent compared to last year’s second quarter to nearly 70 thousand boe per day, including oil growth of 28 percent. We were able to achieve this growth by spending approximately half of our gross cash flow on drilling and completing wells. Our ability to generate moderate production growth with a low rate of reinvestment continues to highlight the quality of our assets.

“Magnolia’s field teams successfully captured some early improvements as part of our field-level optimization and cost reduction program initiated earlier this year. These efforts included the implementation of digital field management software in addition to the optimization of maintenance, workovers, and the usage of field-level equipment. These actions have already resulted in a meaningful reduction to our field-level operating costs and should help improve our operating margins and free cash flow over time. Additionally, as a result of efficiencies and lower costs for materials, we expect to achieve a reduction in our overall well costs this year, enabling more wells to be drilled, completed and turned in line during 2024 to support Magnolia’s overall high-margin growth.

“Our disciplined approach toward allocating capital and highly efficient assets provides consistently high free cash flow generation. We continued to return a sizable amount of cash to our shareholders through our dividend and share repurchase program, amounting to approximately $130 million during the second quarter, including the repurchase of 4 million shares, or 2 percent of our total outstanding shares. Some of the cash on our balance sheet was used to close the recently announced bolt-on acquisition in Giddings which added approximately 27,000 net acres primarily in our development area. This asset has been fully integrated into our Giddings development area, and will be part of our activity program next year. Our Giddings development area, facilitated by learnings from our appraisal program and recent bolt-on acquisitions, now encompasses more than 200,000 net acres.”

Operational Update

Second quarter 2024 total company production volumes averaged 90.2 Mboe/d including oil production of 37.9 Mbbls/d. Production from Giddings increased by 21% compared to last year’s second quarter to 69.6 Mboe/d with oil production growing 28% over the same period. Total Company production volumes benefited from continued strong well performance, including areas uncovered by some of our earlier appraisal work, in addition to some production from assets acquired last year. Magnolia’s second quarter 2024 capital spending on drilling, completions and associated facilities was $123.4 million.

Magnolia continues to operate two drilling rigs and one completion crew and expects to maintain this level of activity throughout the year. While this activity level is similar to the 2023 operating plan, a substantial reduction in well costs combined with improved operating efficiencies allow for more wells to be drilled, completed and turned in line during 2024 helping to support Magnolia’s overall high-margin growth. Most of this year’s development activity will consist of multi-well development pads in the Giddings area, with a proportionally smaller amount of development planned in the Karnes area, in addition to some appraisal wells on our assets. For Giddings development activity in 2024, we currently expect to drill multi-well pads with somewhat longer lateral lengths of approximately 8,500 feet as compared to last year.

Additional Guidance

We are reiterating the Company’s full-year 2024 capital spending and production guidance, with D&C capital expected to be in the range of $450 to $480 million. We estimate this should deliver high single digit total production growth during 2024 as compared to last year, and with oil production growing at a similar rate and remaining resilient through the rest of the year. We expect third quarter D&C capital expenditures to be roughly $120 million and total production for the third quarter to be approximately 91 Mboe/d. Magnolia continues to apply the Company’s operating expertise to its recently acquired assets which should lead to improved field operations and efficiencies allowing for similarly low unit operating costs during the second half of 2024. Our substantial experience and knowledge acquired while operating in the Giddings area gives us confidence that our field-level cost optimization initiatives should lead to higher margins on these assets and improved free cash flow for the Company.

2

Oil price differentials are anticipated to be approximately a $3.00 per barrel discount to Magellan East Houston and Magnolia remains completely unhedged for all its oil and natural gas production. The fully diluted share count for the third quarter of 2024 is expected to be approximately 199 million shares, which is approximately 5% lower than third quarter 2023 levels.

Quarterly Report on Form 10-Q

Magnolia's financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the three months ended June 30, 2024, which is expected to be filed with the U.S. Securities and Exchange Commission (“SEC”) on August 1, 2024.

Conference Call and Webcast

Magnolia will host an investor conference call on Thursday, August 1 at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss these operating and financial results. Interested parties may join the webcast by visiting Magnolia's website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. A replay of the webcast will be posted on Magnolia's website following completion of the call.

About Magnolia Oil & Gas Corporation

Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders by delivering steady, moderate annual production growth resulting from its disciplined and efficient philosophy toward capital spending. The Company strives to generate high pre‐tax margins and consistent free cash flow allowing for strong cash returns to our shareholders. For more information, visit www.magnoliaoilgas.com.
































3

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Magnolia’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the supply and demand for oil, natural gas, NGLs, and other products or services, including impacts of actions taken by OPEC and other state-controlled oil companies; (ii) the outcome of any legal proceedings that may be instituted against Magnolia; (iii) Magnolia’s ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (iv) changes in applicable laws or regulations; (v) geopolitical and business conditions in key regions of the world; and (vi) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors, including inflation. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Magnolia’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

Contacts for Magnolia Oil & Gas Corporation
Investors
Tom Fitter
(713) 331-4802
tfitter@mgyoil.com
Media
Art Pike
(713) 842-9057
apike@mgyoil.com
4

Magnolia Oil & Gas Corporation
Operating Highlights
 
For the Quarters Ended
For the Six Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Production:
Oil (MBbls)3,453 3,100 6,868 6,321 
Natural gas (MMcf)14,982 13,784 28,731 26,433 
Natural gas liquids (MBbls)2,259 2,054 4,268 3,866 
Total (Mboe)8,209 7,451 15,924 14,592 
Average daily production:
Oil (Bbls/d)37,943 34,065 37,737 34,922 
Natural gas (Mcf/d)164,641 151,469 157,863 146,041 
Natural gas liquids (Bbls/d)24,824 22,571 23,448 21,356 
Total (boe/d)90,207 81,881 87,496 80,618 
Revenues (in thousands):
Oil revenues$275,331 $223,147 $534,514 $462,269 
Natural gas revenues18,569 20,847 39,664 48,619 
Natural gas liquids revenues42,825 36,297 81,964 77,786 
Total Revenues$336,725 $280,291 $656,142 $588,674 
Average sales price:
Oil (per Bbl)$79.74 $71.98 $77.83 $73.13 
Natural gas (per Mcf)1.24 1.51 1.38 1.84 
Natural gas liquids (per Bbl)18.96 17.67 19.21 20.12 
Total (per boe)$41.02 $37.62 $41.20 $40.34 
NYMEX WTI (per Bbl)$80.55 $73.75 $78.76 $74.91 
NYMEX Henry Hub (per MMBtu)$1.89 $2.09 $2.07 $2.77 
Realization to benchmark:
Oil (% of WTI)99 %98 %99 %98 %
Natural Gas (% of Henry Hub)66 %72 %67 %66 %
Operating expenses (in thousands):
Lease operating expenses$44,350 $36,796 $90,500 $79,167 
Gathering, transportation and processing8,455 10,389 16,992 23,121 
Taxes other than income19,844 15,216 37,742 34,508 
Depreciation, depletion and amortization104,743 77,008 201,819 147,710 
Operating costs per boe:
Lease operating expenses$5.40 $4.94 $5.68 $5.43 
Gathering, transportation and processing1.03 1.39 1.07 1.58 
Taxes other than income2.42 2.04 2.37 2.36 
Depreciation, depletion and amortization12.76 10.34 12.67 10.12 
5

Magnolia Oil & Gas Corporation
Consolidated Statements of Operations
(In thousands, except per share data)

For the Quarters Ended
For the Six Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
REVENUES 
Oil revenues$275,331 $223,147 $534,514 $462,269 
Natural gas revenues18,569 20,847 39,664 48,619 
Natural gas liquids revenues42,825 36,297 81,964 77,786 
Total revenues336,725 280,291 656,142 588,674 
OPERATING EXPENSES
Lease operating expenses44,350 36,796 90,500 79,167 
Gathering, transportation and processing8,455 10,389 16,992 23,121 
Taxes other than income19,844 15,216 37,742 34,508 
Exploration expenses402 — 427 11 
Asset retirement obligations accretion1,745 823 3,363 1,664 
Depreciation, depletion and amortization104,743 77,008 201,819 147,710 
Impairment of oil and natural gas properties— — — 15,735 
General and administrative expenses22,835 18,726 46,390 38,492 
Total operating expenses202,374 158,958 397,233 340,408 
OPERATING INCOME134,351 121,333 258,909 248,266 
OTHER INCOME (EXPENSE)
Interest expense, net(3,516)(1,149)(5,828)(662)
Other income (expense), net1,047 9,259 (3,267)8,120 
Total other income (expense), net(2,469)8,110 (9,095)7,458 
INCOME BEFORE INCOME TAXES131,882 129,443 249,814 255,724 
Current income tax expense10,528 3,986 22,156 8,188 
Deferred income tax expense16,241 20,861 24,948 36,264 
Total income tax expense26,769 24,847 47,104 44,452 
NET INCOME105,113 104,596 202,710 211,272 
LESS: Net income attributable to noncontrolling interest9,554 13,104 22,065 23,446 
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK$95,559 $91,492 $180,645 $187,826 
NET INCOME PER COMMON SHARE
Basic$0.51 $0.48 $0.97 $0.97 
Diluted$0.51 $0.48 $0.97 $0.97 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic184,937 189,402 183,652 190,584 
Diluted184,965 189,567 183,694 190,875 
WEIGHTED AVERAGE NUMBER OF CLASS B SHARES OUTSTANDING (1)
16,213 21,827 19,020 21,827 
DILUTED WEIGHTED AVERAGE TOTAL SHARES OUTSTANDING (1)
201,178 211,394 202,714 212,702 
(1) Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding.
6

Magnolia Oil & Gas Corporation
Summary Cash Flow Data
(In thousands)
For the Quarters Ended
For the Six Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME$105,113 $104,596 $202,710 $211,272 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization104,743 77,008 201,819 147,710 
Exploration expenses, non-cash— 4 1 9 
Impairment of oil and natural gas properties— — — 15,735 
Asset retirement obligations accretion1,745 823 3,363 1,664 
Amortization of deferred financing costs1,100 1,058 2,189 2,100 
(Gain) on sale of assets— (3,946)— (3,946)
Deferred income tax expense16,241 20,861 24,948 36,264 
(Gain) loss on revaluation of contingent consideration(1,005)— 3,200 — 
Stock based compensation4,796 4,092 9,454 7,863 
Other— — 2,921 — 
Net change in operating assets and liabilities36,665 (2,721)29,724 2,925 
Net cash provided by operating activities269,398 201,775 480,329 421,596 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions(123,663)(7,048)(150,172)(3,357)
Additions to oil and natural gas properties(126,077)(86,743)(247,063)(225,388)
Changes in working capital associated with additions to oil and natural gas properties(9,957)(24,447)10,287 (39,424)
Other investing(442)195 (498)(88)
Net cash used in investing activities(260,139)(118,043)(387,446)(268,257)
CASH FLOW FROM FINANCING ACTIVITIES
Class A Common Stock repurchases(28,817)(49,098)(80,018)(94,942)
Class B Common Stock purchase and cancellation(76,740)— (76,740)— 
Dividends paid(23,820)(22,106)(47,830)(44,684)
Distributions to noncontrolling interest owners(3,368)(3,089)(6,206)(5,599)
Other financing activities(148)(155)(7,527)(6,987)
Net cash used in financing activities(132,893)(74,448)(218,321)(152,212)
NET CHANGE IN CASH AND CASH EQUIVALENTS(123,634)9,284 (125,438)1,127 
Cash and cash equivalents – Beginning of period399,317 667,284 401,121 675,441 
Cash and cash equivalents – End of period$275,683 $676,568 $275,683 $676,568 

7


Magnolia Oil & Gas Corporation
Summary Balance Sheet Data
(In thousands)

June 30, 2024December 31, 2023
Cash and cash equivalents$275,683 $401,121 
Other current assets178,183 190,152 
Property, plant and equipment, net2,260,755 2,052,021 
Other assets128,243 112,922 
Total assets$2,842,864 $2,756,216 
Current liabilities$354,959 $314,887 
Long-term debt, net394,131 392,839 
Other long-term liabilities175,418 165,822 
Common stock24 23 
Additional paid in capital1,815,798 1,743,930 
Treasury stock(616,747)(538,445)
Retained earnings619,000 486,162 
Noncontrolling interest100,281 190,998 
Total liabilities and equity$2,842,864 $2,756,216 


8

Magnolia Oil & Gas Corporation
Non-GAAP Financial Measures

Reconciliation of net income to adjusted EBITDAX

In this press release, we refer to adjusted EBITDAX, a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies. We define adjusted EBITDAX as net income before interest (income) expense, income taxes, depreciation, depletion and amortization, exploration expenses, and accretion of asset retirement obligations, adjusted to exclude the effect of certain items included in net income. Adjusted EBITDAX is not a measure of net income in accordance with GAAP.

Our management believes that adjusted EBITDAX is useful because it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We also believe that securities analysts, investors, and other interested parties may use adjusted EBITDAX in the evaluation of our Company. We exclude the items listed above from net income in arriving at adjusted EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of adjusted EBITDAX. Our presentation of adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of adjusted EBITDAX may not be comparable to other similarly titled measures of other companies.

The following table presents a reconciliation of net income to adjusted EBITDAX, our most directly comparable financial measure, calculated and presented in accordance with GAAP:
For the Quarters Ended
(In thousands)June 30, 2024June 30, 2023
NET INCOME$105,113 $104,596 
Interest expense, net3,516 1,149 
Income tax expense26,769 24,847 
EBIT135,398 130,592 
Depreciation, depletion and amortization104,743 77,008 
Asset retirement obligations accretion1,745 823 
EBITDA241,886 208,423 
Exploration expenses402 — 
EBITDAX242,288 208,423 
Other income adjustment (1)
(1,005)(9,193)
Non-cash stock based compensation expense4,796 4,092 
Adjusted EBITDAX$246,079 $203,322 

(1) The quarter ended June 30, 2024 includes an adjustment of $1 million related to a gain on revaluation of contingent consideration. The quarter ended June 30, 2023 includes an adjustment of $5.3 million related to an earnout payment associated with the sale of the Company’s 35% membership interest in Ironwood Eagle Ford Midstream, LLC in 2020 and an adjustment of $3.9 million related to the gain on the sale of the company’s 84.7% interest in Highlander Oil & Gas Holdings LLC.
9



Magnolia Oil & Gas Corporation
Non-GAAP Financial Measures

Reconciliation of net income to adjusted net income

Our presentation of adjusted net income is a non-GAAP measures because it excludes the effect of certain items included in net income. Management uses adjusted net income to evaluate our operating and financial performance because it eliminates the impact of certain items that management does not consider to be representative of the Company’s on-going business operations. As a performance measure, adjusted net income may be useful to investors in facilitating comparisons to others in the Company’s industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes adjusting these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted net income may not be comparable to similar measures of other companies in our industry.

For the Quarters Ended
(In thousands)June 30, 2024June 30, 2023
NET INCOME$105,113 $104,596 
Adjustments:
Other income adjustment (1)
(1,005)(9,193)
Change in estimated income tax (2)
205 1,782 
ADJUSTED NET INCOME$104,313 $97,185 
Diluted weighted average shares of Class A Common Stock outstanding during the period184,965 189,567 
Weighted average shares of Class B Common Stock outstanding during the period (3)
16,213 21,827 
Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities (3)
201,178 211,394 

(1) The quarter ended June 30, 2024 includes an adjustment of $1 million related to a gain on revaluation of contingent consideration. The quarter ended June 30, 2023 includes an adjustment of $5.3 million related to an earnout payment associated with the sale of the Company’s 35% membership interest in Ironwood Eagle Ford Midstream, LLC in 2020 and an adjustment of $3.9 million related to the gain on the sale of the Company’s 84.7% interest in Highlander Oil & Gas Holdings LLC.
(2) Represents corporate income taxes at an assumed annual effective tax rate of 20.4% and 19.4% for the quarters ended June 30, 2024 and 2023, respectively.
(3) Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding.
10


Magnolia Oil & Gas Corporation
Non-GAAP Financial Measures

Reconciliation of revenue to adjusted cash operating margin and operating income margin

Our presentation of adjusted cash operating margin and total adjusted cash operating costs are supplemental non-GAAP financial measures that are used by management. Total adjusted cash operating costs exclude the impact of non-cash activity. We define adjusted cash operating margin per boe as total revenues per boe less cash operating costs per boe. Management believes that total adjusted cash operating costs per boe and adjusted cash operating margin per boe provide relevant and useful information, which is used by our management in assessing the Company’s profitability and comparability of results to our peers.

As a performance measure, total adjusted cash operating costs and adjusted cash operating margin may be useful to investors in facilitating comparisons to others in the Company’s industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted cash operating margin may not be comparable to similar measures of other companies in our industry.

For the Quarters Ended
(in $/boe)June 30, 2024June 30, 2023
Revenue$41.02 $37.62 
Total cash operating costs:
Lease operating expenses (1)
(5.33)(4.87)
Gathering, transportation and processing(1.03)(1.39)
Taxes other than income(2.42)(2.04)
Exploration expenses(0.05)— 
General and administrative expenses (2)
(2.27)(2.03)
Total adjusted cash operating costs(11.10)(10.33)
Adjusted cash operating margin$29.92 $27.29 
Margin (%)73 %73 %
Non-cash costs:
Depreciation, depletion and amortization$(12.76)$(10.34)
Asset retirement obligations accretion(0.21)(0.11)
Non-cash stock based compensation(0.58)(0.55)
Total non-cash costs(13.55)(11.00)
Operating income margin$16.37 $16.29 
Margin (%)40 %43 %

(1) Lease operating expenses exclude non-cash stock based compensation of $0.6 million, or $0.07 per boe, and $0.5 million, or $0.07 per boe, for the quarters ended June 30, 2024 and 2023, respectively.
(2) General and administrative expenses exclude non-cash stock based compensation of $4.2 million, or $0.51 per boe, and $3.6 million, or $0.48 per boe, for the quarters ended June 30, 2024 and 2023, respectively.


11


Magnolia Oil & Gas Corporation
Non-GAAP Financial Measures

Reconciliation of net cash provided by operating activities to free cash flow

Free cash flow is a non-GAAP financial measure. Free cash flow is defined as cash flows from operations before net change in operating assets and liabilities less additions to oil and natural gas properties and changes in working capital associated with additions to oil and natural gas properties. Management believes free cash flow is useful for investors and widely accepted by those following the oil and gas industry as financial indicators of a company’s ability to generate cash to internally fund drilling and completion activities, fund acquisitions, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies and are frequently included in published research when providing investment recommendations. Free cash flow is used by management as an additional measure of liquidity. Free cash flow is not a measure of financial performance under GAAP and should not be considered an alternative to cash flows from operating, investing, or financing activities.

For the Quarters Ended
(In thousands)June 30, 2024June 30, 2023
Net cash provided by operating activities$269,398 $201,775 
Add back: net change in operating assets and liabilities(36,665)2,721 
Cash flows from operations before net change in operating assets and liabilities232,733 204,496 
Additions to oil and natural gas properties(126,077)(86,743)
Changes in working capital associated with additions to oil and natural gas properties(9,957)(24,447)
Free cash flow$96,699 $93,306 

12
Second Quarter 2024 Earnings Presentation August 1, 2024 Christopher Stavros – President & CEO Brian Corales – Senior Vice President & CFO Tom Fitter – Director, Investor Relations

 
Disclaimer 2 12% FORWARD LOOKING STATEMENTS The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Magnolia’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the supply and demand for oil, natural gas, NGLs, and other products or services, including impacts of actions taken by OPEC and other state-controlled oil companies; (ii) the outcome of any legal proceedings that may be instituted against Magnolia; (iii) Magnolia’s ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (iv) changes in applicable laws or regulations; (v) geopolitical and business conditions in key regions of the world; and (vi) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors, including inflation. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Magnolia’s SEC filings are available publicly on the SEC’s website at www.sec.gov. NON-GAAP FINANCIAL MEASURES This presentation includes non-GAAP financial measures, including adjusted net income, free cash flow, adjusted EBITDAX, adjusted cash operating costs, adjusted cash operating margin and return on capital employed. Magnolia believes these metrics are useful because they allow Magnolia to more effectively evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to accounting methods or capital structure. Magnolia does not consider these non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. The computations of these non-GAAP measures may not be comparable to other similarly titled measures of other companies. Adjusted net income and adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income as determined in accordance with GAAP. Certain items excluded from free cash flow, adjusted net income, adjusted EBITDAX, adjusted cash operating costs, adjusted cash operating margin, adjusted operating margin and return on capital employed are significant components in understanding and assessing a company’s financial performance and should not be construed as an inference that its results will be unaffected by unusual or non-recurring terms. As performance measures, adjusted net income, adjusted EBITDAX, adjusted cash operating costs, adjusted cash operating margin and return on capital employed may be useful to investors in facilitating comparisons to others in the Company’s industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. As a liquidity measure, management believes free cash flow is useful for investors and widely accepted by those following the oil and gas industry as financial indicators of a company’s ability to generate cash to internally fund drilling and completion activities, fund acquisitions, and service debt. Our presentation of adjusted net income, adjusted EBITDAX, free cash flow, adjusted cash operating costs, adjusted cash operating margin and return on capital employed may not be comparable to similar measures of other companies in our industry. A free cash flow reconciliation is shown on page 16, adjusted EBITDAX reconciliation is shown on page 17 of the presentation, adjusted net income is shown on page 18, adjusted cash operating costs and adjusted cash operating margin reconciliations are shown on page 10 and return on capital employed is shown on page 19. INDUSTRY AND MARKET DATA This presentation has been prepared by Magnolia and includes market data and other statistical information from sources believed by Magnolia to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on the good faith estimates of Magnolia, which are derived from its review of internal sources as well as the independent sources described above. Although Magnolia believes these sources are reliable, it has not independently verified the information and cannot guarantee its accuracy and completeness.

 
Second Quarter Highlights & Announcements (1) Excludes $2.9 million of share repurchases incurred during the first quarter, but settled during the second quarter of 2024. OperationsFinancial Corporate Total adjusted net income of $104 million and operating income margin of 40% Adjusted EBITDAX of $246 million with a 50% reinvestment rate D&C capital of $123 million and free cash flow of $97 million Returned ~$130 million to shareholders, including: $103 million of share repurchases(1) and $27 million of dividends As previously announced, closed Giddings bolt-on acquisition during the second quarter which included: >27,000 net acres and ~1,000 Boe/d (~35% oil) for $125 million New acreage + increased working interest/minerals in existing development areas Low PDP with significant, high-return development opportunities Q2 2024 production of 90.2 Mboe/d (10% year-over-year growth) and oil production of 37.9 Mbbls/d Giddings production growth of 21% year-over- year and oil production growth of 28% Field-level optimization and cost reduction program delivered savings ahead of schedule with 2Q 2024 LOE of $5.40 per Boe, a 10% sequential decline 3 Giddings development area increased to >200,000 net acres from additional appraisal and recent bolt-on acquisition

 
History of Top-Tier Return on Capital Employed 4 ❑ High-quality asset base and continued business model execution - low leverage, disciplined capital spending and high pre-tax margins are critical to sustaining high returns ❑ Focus on cost reductions and ongoing share repurchases has had a tangible beneficial impact on Magnolia’s corporate returns 18% 25% 23% 2019 - 2023 2023 1H 2024 5-Year Average Annualized Historical ROCE

 
Key Financial Metrics (1) Weighted average total shares outstanding include diluted weighted average shares of Class A Common Stock outstanding during the period and shares of Class B Common Stock, which are anti-dilutive in the calculation of weighted average number of common shares outstanding. 5 Metric Q2 2024 YoY % Change Total Production (Mboe/d) 90.2 10% Oil Production (Mbbls/d) 37.9 11% Giddings Production as a % of total 77% 7% Revenue ($ MM) $337 20% Adjusted EBITDAX ($ MM) $246 21% Adjusted Net Income ($ MM) $104 7% D&C Capex ($ MM) $123 43% D&C Capital % of Adjusted EBITDAX 50% 8% Free Cash Flow ($ MM) $97 4% Cash Balance ($ MM) $276 (59%) Weighted average diluted shares outstanding (MM) (1) 201.2 (5%)

 
399 233 27 27 106 124 126 276 0 100 200 300 400 500 600 700 Cash 3/31/2024 Cash Flow from Operations Changes in Working Capital and Other Dividends and Distributions Share Repurchases Acquisitions D&C and Facilities Capital Cash 6/30/2024 (1) (3)(2) 2Q 2024 Cash Flow Reconciliation 6 $ In M ill io n s (1) Cash flow from operations before changes in working capital. (2) Comprised of $27 million of working capital changes including capital accruals. (3) Comprised of $29 million Class A Stock Repurchases and $77 million of Class B Common Stock Repurchase and cancellation.

 
History of Significant & Consistent Share Repurchases (1) Class A share reduction includes 3.6 million non-compete shares that were paid in lieu of stock in 2021. Includes both Class A and Class B share repurchases. 7 Magnolia has reduced its diluted share count by approximately 22% Magnolia’s Consistent Share Repurchases1 (million shares repurchased)

 
Safe, Sustainable and Growing Dividend 8 $0.28 $0.40 $0.46 $0.52 2021 2022 2023 2024E Annualized Dividend Payout Per Share ❑ Magnolia’s dividend has grown at a double-digit rate over the past 4 years ❑ Sustainable dividend growth supported even at lower product prices ❑ Dividend per share payout capacity is enhanced by moderate production growth and ongoing share repurchases, leading to higher than peer average dividend growth ❑ Long-term average annual dividend growth of ~10% through commodity cycles

 
Summary Balance Sheet 9 (in thousands) June 30, 2024 December 31, 2023 Cash $275,683 $401,121 Current assets 178,183 190,152 Property, plant and equipment, net 2,260,755 2,052,021 Other assets 128,243 112,922 Total assets $2,842,864 $2,756,216 Current liabilities $354,959 $314,887 Long-term debt, net 394,131 392,839 Other long-term liabilities 175,418 165,822 Total equity 1,918,356 1,882,668 Total liabilities and equity $2,842,864 $2,756,216

 
Margin and Cost Structure 10 (1) Lease operating expenses exclude non-cash stock based compensation of $0.6 million, or $0.07 per boe, and $0.5 million, or $0.07 per boe, for the quarters ended June 30, 2024 and 2023, respectively. (2) General and administrative expenses exclude non-cash stock based compensation of $4.2 million, or $0.51 per boe, and $3.6 million, or $0.48 per boe, for the quarters ended June 30, 2024 and 2023, respectively. $ / Boe, unless otherwise noted For the Quarters Ended June 30, 2024 June 30, 2023 Revenue $41.02 $37.62 Total Cash Operating Costs: Lease Operating Expenses (1) (5.33) (4.87) Gathering, Transportation & Processing (1.03) (1.39) Taxes Other Than Income (2.42) (2.04) Exploration Expenses (0.05) - General & Administrative Expenses (2) (2.27) (2.03) Total Adjusted Cash Operating Costs (11.10) (10.33) Adjusted Cash Operating Margin $29.92 $27.29 Margin % 73% 73% Non-Cash Costs: Depreciation, Depletion, and Amortization (12.76) (10.34) Asset Retirement Obligations Accretion (0.21) (0.11) Non-cash stock based compensation (0.58) (0.55) Total non-cash costs (13.55) (11.00) Operating Income Margin $16.37 $16.29 Margin % 40% 43%

 
2024 Operating Plan 11 2024 Production & Capital Annual BOE and Oil Growth High Single-Digit 2024 Budget $450 - $480 Million (DC&F) 2024 Operating Plan ~2 Rigs / ~1 Completion Crew 2024 Capital ~20% Karnes ~80% Giddings Third Quarter 2024 Guidance Production ~91 Mboe/d D&C Capital Spending ~$120 Million Oil Differential (To Magellan East Houston) ($3) Bbl Fully Diluted Share Count ~199 million

 
Why Own Magnolia? 12 Business model creates an Oil & Gas company that appeals to “Generalist” investors High Quality Assets Drive Low Capital Reinvestment Rate that Provides Growth to the Business • Limit Capital Spending to 55% of Annual Adjusted EBITDAX (below peer reinvestment rates for above average growth) Mid-Single Digit Long-Term Production Growth with Significant Free Cash Flow • 2024E BOE and Oil Growth of High Single-Digits; Long-term mid-single digit growth Generate strong, consistent free cash flow and return a significant portion to investors • Annual long-term dividend per share growth rate of ~10% and share repurchases of at least 1% per quarter Maintain Conservative Financial Leverage to Provide Financial Flexibility Through Cycle • One of the lowest leverage companies in the E&P space Generate high pretax operating margins • Focus on costs and margins

 
Appendix

 
Return Substantial Portion of Our Free Cash Flow to Shareholders and Allocate Some Excess Cash Toward Small, Bolt-on Acquisitions that Improve the Business Long-term dividend per share compound annual growth rate of ~10% and share repurchases of at least 1% per quarter High Quality Assets Drive Low Capital Reinvestment Rate that Provides Growth to the Business Limit Capital Spending to 55% of Annual Adjusted EBITDAX Maintain Conservative Financial Leverage to Provide Financial Flexibility Through Cycle Strong balance sheet provides ability for counter cyclical investing to increase per share value Deliver Mid-Single Digit Long-Term Production Growth with Significant Free Cash Flow 2024E BOE and Oil Growth of High Single-Digits Magnolia’s Business Model & Strategy 14

 
Giddings Bolt-On Acquisition 15 April Acquisition Highlights ❑ Acquired >27,000 net acres in Giddings (>80,000 gross) from a private operator for ~$125 million; closed on April 30th ❑ Includes ~1,000 BOEPD (~35% oil, ~68% liquids) ❑ Primarily in Fayette, Washington and Lee counties ❑ Low PDP assets are within our existing acreage footprint; in a highly productive area we know well ❑ Significantly increases Magnolia’s development opportunities through: ❑ Increased working interest in future high-return development locations (adds on average ~13% WI to existing overlapping leases) ❑ New locations with high working interest added to already deep inventory (~70% of net acreage are new leases) ❑ Additional royalty interest Existing Acreage Acquired Acreage Increased WI

 
Free Cash Flow Reconciliations 16 (in thousands) For the Quarters Ended June 30, 2024 June 30, 2023 Net cash provided by operating activities $269,398 $201,775 Add back: net change in operating assets and liabilities (36,665) 2,721 Cash flows from operations before net change in operating assets and liabilities $232,733 $204,496 Additions to oil and natural gas properties (126,077) (86,743) Changes in working capital associated with additions to oil and natural gas properties (9,957) (24,447) Free cash flow $96,699 $93,306

 
Adjusted EBITDAX Reconciliations 17 (in thousands) For the Quarters Ended June 30, 2024 June 30, 2023 Net income $105,113 $104,596 Interest expense, net 3,516 1,149 Income tax expense 26,769 24,847 EBIT $135,398 $130,592 Depreciation, depletion and amortization 104,743 77,008 Asset retirement obligations accretion 1,745 823 EBITDA $241,886 $208,423 Exploration expenses 402 - EBITDAX $242,288 $208,423 Other income adjustment(1) (1,005) (9,193) Non-cash stock based compensation expense 4,796 4,092 Adjusted EBITDAX $246,079 $203,322 (1) The quarter ended June 30, 2024 includes an adjustment of $1 million related to a gain on revaluation of contingent consideration. The quarter ended June 30, 2023 includes an adjustment of $5.3 million related to an earnout payment associated with the sale of the Company’s 35% membership interest in Ironwood Eagle Ford Midstream, LLC in 2020 and an adjustment of $3.9 million related to the gain on the sale of the company’s 84.7% interest in Highlander Oil & Gas Holdings LLC.

 
Adjusted Net Income Reconciliation 18 (1) The quarter ended June 30, 2024 includes an adjustment of $1 million related to a gain on revaluation of contingent consideration. The quarter ended June 30, 2023 includes an adjustment of $5.3 million related to an earnout payment associated with the sale of the Company’s 35% membership interest in Ironwood Eagle Ford Midstream, LLC in 2020 and an adjustment of $3.9 million related to the gain on the sale of the Company’s 84.7% interest in Highlander Oil & Gas Holdings LLC. (2) Represents corporate income taxes at an assumed annual effective tax rate of 20.4% and 19.4% for the quarters ended June 30, 2024 and 2023, respectively. (3) Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding. (in thousands) For the Quarters Ended June 30, 2024 June 30, 2023 Net income $105,113 $104,596 Adjustments: Other income adjustment(1) (1,005) (9,193) Change in estimated income tax(2) 205 1,782 Adjusted Net Income $104,313 $97,185 (in thousands) For the Quarters Ended Total Share Count June 30, 2024 June 30, 2023 Diluted weighted average shares of Class A Common Stock outstanding during the period 184,965 189,567 Weighted average shares of Class B Common Stock outstanding during the period (3) 16,213 21,827 Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities (3) 201,178 211,394

 
Return on Capital Employed 19 (1) Costs incurred during the transition period related to the termination of the Services Agreement with EnerVest Operating L.L.C. included within “General and administrative expenses” on the Company's consolidated statements of operations. (in thousands) Six Months Ended 5-Year Average For the Years Ended June 30, 2024 2019 - 2023 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 Operating income (loss) $258,909 $82,540 $534,485 $1,073,785 $602,594 ($1,925,666) $127,501 Adjustments: Impairment of oil and natural gas properties - 392,198 15,735 - - 1,945,257 - Service agreement transition costs(1) - 2,238 - - 11,189 - - Transaction costs 88 - - - - 438 Adjusted Operating Income (A) $258,909 $477,064 $550,219 $1,073,785 $613,783 $19,591 $127,939 Debt - beginning of period 392,839 388,635 390,383 388,087 391,115 389,835 388,635 Total equity - beginning of period 1,882,669 2,707,955 1,740,192 1,045,249 839,421 2,728,528 2,707,955 Capital employed - beginning of period $2,275,508 $3,096,590 $2,130,575 $1,433,336 $1,230,536 $3,118,363 $3,096,590 Debt - end of period 394,131 392,839 392,839 390,383 388,087 391,115 389,835 Total equity - end of period 1,918,356 1,882,669 1,882,669 1,740,192 1,045,249 839,421 2,728,528 Capital employed - end of period $2,312,487 $2,275,508 $2,275,508 $2,130,575 $1,433,336 $1,230,536 $3,118,363 Average Capital Employed (B) $2,293,998 $2,686,049 $2,203,042 $1,781,956 $1,331,936 $2,174,450 $3,107,477 Return on Average Capital Employed (A/B) 11% 18% 25% 60% 46% 1% 4%

 
Q2 2024 Capital Structure & Liquidity Overview 20 Capitalization & Liquidity ($ million) $400 $450 2024 2025 2026 Debt Maturity Schedule ($ million) Borrowing Base $0 Credit Facility Borrowings (as of 6/30/24) 6.00% Senior Unsecured Notes (1) Net cash and net debt are calculated as the difference between cash and total long-term debt, excluding unamortized deferred financing cost. (2) Liquidity defined as cash plus availability under revolving credit facility. (3) Total Equity includes noncontrolling interest. Capital Structure Overview ▪ Maintain low financial leverage profile ‒ Currently have a net debt(1) position of $124 million ‒ Net Debt(1) / Q2 annualized adjusted EBITDAX of 0.1x ▪ Current Liquidity of $726 million, including fully undrawn credit facility (2) ▪ No debt maturities until senior unsecured notes mature in 2026 Capitalization Summary As of 6/30/2024 Cash and Cash Equivalents $276 Revolving Credit Facility $0 6.00% Senior Notes Due 2026 $400 Total Principal Debt Outstanding $400 Total Equity (3) $1,918 Net Debt / Q2 Annualized Adjusted EBITDAX 0.1x Net Debt / Total Book Capitalization 5% Liquidity Summary As of 6/30/2024 Cash and Cash Equivalents $276 Credit Facility Availability $450 Liquidity (2) $726

 
Production Results 21 Combined Karnes Giddings Combined Karnes Giddings For the Quarter Ended June 30, 2024 For the Quarter Ended June 30, 2023 Production: Oil (MBbls) 3,453 1,092 2,361 3,100 1,260 1,840 Natural gas (MMcf) 14,982 2,467 12,515 13,784 2,977 10,807 Natural gas liquids (MBbls) 2,259 376 1,883 2,054 466 1,588 Total (Mboe) 8,209 1,879 6,330 7,451 2,222 5,229 Average Daily Production Volume: Oil (MBbls/d) 37.9 12.0 25.9 34.1 13.9 20.2 Natural gas (MMcf/d) 164.6 27.1 137.5 151.5 32.7 118.8 Natural gas liquids (MBbls/d) 24.8 4.1 20.7 22.6 5.1 17.5 Total (MBoe/d) 90.2 20.6 69.6 81.9 24.4 57.5

 
v3.24.2
Cover
Jul. 31, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 31, 2024
Entity Registrant Name Magnolia Oil & Gas Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-38083
Entity Tax Identification Number 81-5365682
Entity Address, City or Town Houston
Entity Address, Postal Zip Code 77046
Entity Address, State or Province TX
Local Phone Number 842-9050
City Area Code 713
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Class A Common Stock, par value $0.0001 Per Share
Trading Symbol MGY
Security Exchange Name NYSE
Entity Central Index Key 0001698990
Amendment Flag false
Entity Address, Address Line One Nine Greenway Plaza, Suite 1300
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