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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): October 30, 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 October 30, 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 September 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 October 30, 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 September 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: October 30, 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 Third Quarter 2024 Results

HOUSTON, TX, October 30, 2024 - Magnolia Oil & Gas Corporation (“Magnolia,” “we,” “our,” or the “Company”) (NYSE: MGY) today announced its financial and operational results for the third quarter of 2024.

Third Quarter 2024 Highlights:
(In millions, except per share data)
For the
Quarter Ended
September 30, 2024
For the
Quarter Ended
September 30, 2023
Percentage increase (decrease)
Net income$105.9 $117.5 (10)%
Adjusted net income(1)
$100.3 $117.5 (15)%
Earnings per share - diluted$0.52 $0.54 (4)%
Adjusted EBITDAX(1)
$243.6 $239.0 2 %
Capital expenditures - D&C$103.1 $104.3 (1)%
Average daily production (Mboe/d)90.7 82.7 10 %
Cash balance as of period end$276.1 $618.5 (55)%
Diluted weighted average total shares outstanding(2)
198.4 209.1 (5)%

Third Quarter 2024 Highlights:

•Magnolia reported third quarter 2024 net income attributable to Class A Common Stock of $99.8 million, or $0.52 per diluted share. Third quarter 2024 total net income was $105.9 million and total adjusted net income(1) was $100.3 million. Diluted weighted average total shares outstanding for third quarter 2024 fell by 5% to 198.4 million(2) compared to third quarter 2023.

•Adjusted EBITDAX(1) was $243.6 million during the third quarter of 2024 and total drilling and completions (“D&C”) capital was $103.1 million, or approximately 42% of adjusted EBITDAX. Capital spending for the quarter was well below our earlier guidance, and mainly the result of lower well costs, ongoing efficiencies, and a small delay in timing of activity moving into the fourth quarter.

•Lease operating expenses experienced a further sequential decline to $5.33 per barrel oil equivalent in the third quarter of 2024. This represents an 11% decline from first quarter 2024 levels and demonstrates further achievements realized from the Company’s field-level optimization and cost reduction program announced earlier this year.

•Net cash provided by operating activities was $217.9 million during the third quarter of 2024 and the Company generated free cash flow(1) of $126.1 million. Magnolia generated operating income as a percentage of revenue (pre-tax margins) of 39% during the third quarter.

•Total production volumes in the third quarter of 2024 grew by 10% on a year-over-year basis to 90.7 thousand barrels of oil equivalent per day (“Mboe/d”) including 38.9 thousand barrels of oil per day (“Mbbls/d”) and were supported by continued strong well performance. Overall, our third quarter production was impacted by multiple unplanned third-party midstream facility outages occurring in the period. Production from Giddings was 68.7 Mboe/d in the most recent quarter, providing overall growth of 12% compared to last year’s third quarter, including oil production growth of 24%.

•The Company repurchased a total of 2.5 million shares of its Class A and Class B Common Stock during the third quarter for $61.7 million. Magnolia has 3.9 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 December 2, 2024 to shareholders of record as of November 8, 2024.

•Magnolia returned approximately $87.8 million(3) to shareholders, or 70% of our free cash flow(1), during the third quarter through a combination of share repurchases and dividends while ending the period with $276.1 million of cash on the balance sheet and an undrawn $450.0 million revolving credit facility.
1

“Magnolia delivered another steady quarter of strong financial results and operational field performance,” said President and CEO Chris Stavros. “We continue to consistently execute our business model which includes disciplined capital spending, delivering moderate production growth, with high pre-tax operating margins, low leverage and significant free cash flow generation. We believe our business model and strategy provides us with a competitive advantage and the ability to serially compound value for our shareholders over time.

“During the third quarter, we continued to grow our production in a highly capitally efficient manner, yielding total volumes of 90.7 thousand barrels of oil equivalent per day and 38.9 thousand barrels per day of oil, despite some unplanned third-party midstream outages. Our team’s continued focus on driving down field-level operating costs has also helped our pre-tax margins and improved our free cash flow. I am very proud of the hard work and concerted effort shown by our operating personnel, helping to provide Magnolia with one of the lowest cost structures in the industry.

“Additionally, we continue to see opportunities to bolt-on small royalty, leasehold and working interest deals in both the Giddings and Karnes areas, completing approximately $15 million during the quarter. These transactions increase our position in future high return development areas. As I have often stated, our goal at Magnolia is to improve the overall business, sustain our high-return development and increase our dividend per share payout capacity. This strategy is expected to maximize shareholder value over the long-term. Looking forward to 2025, our steadfast plan is to adhere to this same business model, providing similar discipline to allocating capital which is expected to deliver mid-single digit annual production growth in the current product price environment.”

Operational Update

Third quarter 2024 total company production volumes averaged 90.7 Mboe/d including oil production of 38.9 Mbbls/d. Production from Giddings increased 12% compared to last year’s third quarter to 68.7 Mboe/d with oil production growing 24% over the same period. Total production during the quarter was reduced by approximately 1,000 Boe/d (primarily natural gas and NGLs) resulting from multiple unplanned third-party midstream facility outages which occurred mainly during the latter part of the quarter and were resolved by the end of the quarter. Total Company production volumes benefited from continued strong well performance throughout our assets. Magnolia’s third quarter 2024 capital spending on drilling, completions and associated facilities was $103.1 million. Capital outlays were lower than our earlier guidance due lower well costs, ongoing operational efficiencies and a small amount of activity slipping into the fourth quarter.

Magnolia continues to operate two drilling rigs and one completion crew. Improvements in well costs and ongoing overall spending efficiencies have provided us with spare capacity within our capital budget, which will allow us to drill an additional four well pad in Giddings during the fourth quarter that was not part of our originally planned 2024 capital and activity. We expect this additional pad to be a DUC at year-end with anticipated completion sometime in the first half of 2025. This pad is expected to provide us with some additional operational flexibility into next year.

Additional Guidance

Factoring in the small amount of delayed activity as well as the additional four well pad, we expect fourth quarter D&C capital to be approximately $125 million. This would bring our total capital spending for the year to approximately $470 million and in the middle of the range of our total 2024 capital budget of $450 to $480 million. The modest increase in activity should further benefit Magnolia’s overall capital efficiency and flexibility during 2025. Fourth quarter total production volumes are expected to be approximately 93 Mboe/d providing high single digit total year-over-year production growth during 2024, with this year’s growth in oil production now expected to surpass that rate.

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 fourth quarter of 2024 is expected to be approximately 197 million shares, which is approximately 5% lower than fourth quarter 2023 levels.





(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) Includes $0.6 million of share repurchases incurred during the third quarter, but settled during the fourth quarter of 2024.
2

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 September 30, 2024, which is expected to be filed with the U.S. Securities and Exchange Commission (“SEC”) on October 31, 2024.

Conference Call and Webcast

Magnolia will host an investor conference call on Thursday, October 31 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 Nine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Production:
Oil (MBbls)3,579 3,024 10,447 9,345 
Natural gas (MMcf)14,644 14,406 43,375 40,839 
Natural gas liquids (MBbls)2,325 2,179 6,592 6,045 
Total (Mboe)8,345 7,604 24,269 22,196 
Average daily production:
Oil (Bbls/d)38,902 32,867 38,128 34,229 
Natural gas (Mcf/d)159,170 156,585 158,302 149,594 
Natural gas liquids (Bbls/d)25,271 23,686 24,060 22,142 
Total (boe/d)90,702 82,651 88,572 81,303 
Revenues (in thousands):
Oil revenues$265,682 $243,588 $800,195 $705,857 
Natural gas revenues22,207 27,069 61,871 75,687 
Natural gas liquids revenues45,246 45,021 127,211 122,807 
Total Revenues$333,135 $315,678 $989,277 $904,351 
Average sales price:
Oil (per Bbl)$74.23 $80.56 $76.59 $75.54 
Natural gas (per Mcf)1.52 1.88 1.43 1.85 
Natural gas liquids (per Bbl)19.46 20.66 19.30 20.32 
Total (per boe)$39.92 $41.52 $40.76 $40.74 
NYMEX WTI (per Bbl)$75.16 $82.18 $77.55 $77.37 
NYMEX Henry Hub (per MMBtu)$2.16 $2.54 $2.10 $2.69 
Realization to benchmark:
Oil (% of WTI)99 %98 %99 %98 %
Natural Gas (% of Henry Hub)70 %74 %68 %69 %
Operating expenses (in thousands):
Lease operating expenses$44,444 $35,893 $134,945 $115,060 
Gathering, transportation and processing10,676 10,297 27,668 33,419 
Taxes other than income18,269 14,823 56,011 49,331 
Depreciation, depletion and amortization107,336 81,158 309,155 228,868 
Operating costs per boe:
Lease operating expenses$5.33 $4.72 $5.56 $5.18 
Gathering, transportation and processing1.28 1.35 1.14 1.51 
Taxes other than income2.19 1.95 2.31 2.22 
Depreciation, depletion and amortization12.86 10.67 12.74 10.31 
5

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

For the Quarters Ended
For the Nine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
REVENUES 
Oil revenues$265,682 $243,588 $800,195 $705,857 
Natural gas revenues22,207 27,069 61,871 75,687 
Natural gas liquids revenues45,246 45,021 127,211 122,807 
Total revenues333,135 315,678 989,277 904,351 
OPERATING EXPENSES
Lease operating expenses44,444 35,893 134,945 115,060 
Gathering, transportation and processing10,676 10,297 27,668 33,419 
Taxes other than income18,269 14,823 56,011 49,331 
Exploration expenses491 5,128 918 5,139 
Asset retirement obligations accretion1,749 875 5,112 2,539 
Depreciation, depletion and amortization107,336 81,158 309,155 228,868 
Impairment of oil and natural gas properties— — — 15,735 
General and administrative expenses21,158 19,371 67,547 57,863 
Total operating expenses204,123 167,545 601,356 507,954 
OPERATING INCOME129,012 148,133 387,921 396,397 
OTHER INCOME (EXPENSE)
Interest income (expense), net(3,856)1,034 (9,683)372 
Other income (expense), net7,286 (479)4,018 7,643 
Total other income (expense), net3,430 555 (5,665)8,015 
INCOME BEFORE INCOME TAXES132,442 148,688 382,256 404,412 
Current income tax expense (benefit)(480)19,262 21,676 27,450 
Deferred income tax expense27,010 11,949 51,958 48,213 
Total income tax expense26,530 31,211 73,634 75,663 
NET INCOME105,912 117,477 308,622 328,749 
LESS: Net income attributable to noncontrolling interest6,128 15,447 28,193 38,893 
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK$99,784 $102,030 $280,429 $289,856 
NET INCOME PER COMMON SHARE
Basic$0.52 $0.54 $1.50 $1.51 
Diluted$0.52 $0.54 $1.50 $1.51 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic187,859 187,093 185,065 189,408 
Diluted187,871 187,265 185,096 189,612 
WEIGHTED AVERAGE NUMBER OF CLASS B SHARES OUTSTANDING (1)
10,544 21,827 16,174 21,827 
DILUTED WEIGHTED AVERAGE TOTAL SHARES OUTSTANDING (1)
198,415 209,092 201,270 211,439 
(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 Nine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME$105,912 $117,477 $308,622 $328,749 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization107,336 81,158 309,155 228,868 
Exploration expenses, non-cash— — 1 9 
Impairment of oil and natural gas properties— — — 15,735 
Asset retirement obligations accretion1,749 875 5,112 2,539 
Amortization of deferred financing costs1,116 1,073 3,305 3,173 
Gain on sale of assets— — — (3,946)
Deferred income tax expense27,010 11,949 51,958 48,213 
Gain on revaluation of contingent consideration(7,009)— (3,808)— 
Stock based compensation4,707 4,197 14,161 12,060 
Other— — 2,921 — 
Net change in operating assets and liabilities(22,928)(29,419)6,796 (26,493)
Net cash provided by operating activities217,893 187,310 698,223 608,907 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions(14,823)(50,456)(164,995)(53,812)
Deposits for acquisitions of oil and natural gas properties (1)
— (22,503)— (22,503)
Additions to oil and natural gas properties(104,872)(106,668)(351,935)(332,055)
Changes in working capital associated with additions to oil and natural gas properties(9,832)17,735 455 (21,688)
Other investing(40)(498)(539)(590)
Net cash used in investing activities(129,567)(162,390)(517,014)(430,648)
CASH FLOW FROM FINANCING ACTIVITIES
Class A Common Stock repurchases(48,115)(56,754)(128,133)(151,696)
Class B Common Stock purchase and cancellation(12,930)— (89,670)— 
Dividends paid(24,694)(21,796)(72,524)(66,480)
Distributions to noncontrolling interest owners(1,984)(4,347)(8,190)(9,946)
Other financing activities(147)(125)(7,674)(7,112)
Net cash used in financing activities(87,870)(83,022)(306,191)(235,234)
NET CHANGE IN CASH AND CASH EQUIVALENTS456 (58,102)(124,982)(56,975)
Cash and cash equivalents – Beginning of period275,683 676,568 401,121 675,441 
Cash and cash equivalents – End of period$276,139 $618,466 $276,139 $618,466 
(1) Associated with the acquisition of certain oil and gas producing properties including leasehold and mineral interests in the Giddings area, which closed in the fourth quarter of 2023.
7


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

September 30, 2024December 31, 2023
Cash and cash equivalents$276,139 $401,121 
Other current assets139,059 190,152 
Property, plant and equipment, net2,273,676 2,052,021 
Other assets122,083 112,922 
Total assets$2,810,957 $2,756,216 
Current liabilities$281,523 $314,887 
Long-term debt, net394,793 392,839 
Other long-term liabilities174,069 165,822 
Common stock24 23 
Additional paid in capital1,879,447 1,743,930 
Treasury stock(665,472)(538,445)
Retained earnings694,090 486,162 
Noncontrolling interest52,483 190,998 
Total liabilities and equity$2,810,957 $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)September 30, 2024September 30, 2023
NET INCOME$105,912 $117,477 
Interest expense (income), net3,856 (1,034)
Income tax expense26,530 31,211 
EBIT136,298 147,654 
Depreciation, depletion and amortization107,336 81,158 
Asset retirement obligations accretion1,749 875 
EBITDA245,383 229,687 
Exploration expenses491 5,128 
EBITDAX245,874 234,815 
Non-cash gain on revaluation of contingent consideration(7,009)— 
Non-cash stock based compensation expense4,707 4,197 
Adjusted EBITDAX$243,572 $239,012 

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 measure 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)September 30, 2024September 30, 2023
NET INCOME$105,912 $117,477 
Adjustments:
Non-cash gain on revaluation of contingent consideration(7,009)— 
Change in estimated income tax (1)
1,353 — 
ADJUSTED NET INCOME$100,256 $117,477 
Diluted weighted average shares of Class A Common Stock outstanding during the period187,871 187,265 
Weighted average shares of Class B Common Stock outstanding during the period (2)
10,544 21,827 
Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities (2)
198,415 209,092 

(1) Represents corporate income taxes using an estimated annual effective tax rate of 19.3% for the quarter ended September 30, 2024.
(2) 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)September 30, 2024September 30, 2023
Revenue$39.92 $41.52 
Total cash operating costs:
Lease operating expenses (1)
(5.26)(4.65)
Gathering, transportation and processing(1.28)(1.35)
Taxes other than income(2.19)(1.95)
Exploration expenses(0.06)(0.67)
General and administrative expenses (2)
(2.04)(2.06)
Total adjusted cash operating costs(10.83)(10.68)
Adjusted cash operating margin$29.09 $30.84 
Margin (%)73 %74 %
Non-cash costs:
Depreciation, depletion and amortization$(12.86)$(10.67)
Asset retirement obligations accretion(0.21)(0.12)
Non-cash stock based compensation(0.57)(0.56)
Total non-cash costs(13.64)(11.35)
Operating income margin$15.45 $19.49 
Margin (%)39 %47 %

(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 September 30, 2024 and 2023, respectively.
(2) General and administrative expenses exclude non-cash stock based compensation of $4.1 million, or $0.50 per boe, and $3.7 million, or $0.49 per boe, for the quarters ended September 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)September 30, 2024September 30, 2023
Net cash provided by operating activities$217,893 $187,310 
Add back: net change in operating assets and liabilities22,928 29,419 
Cash flows from operations before net change in operating assets and liabilities240,821 216,729 
Additions to oil and natural gas properties(104,872)(106,668)
Changes in working capital associated with additions to oil and natural gas properties(9,832)17,735 
Free cash flow$126,117 $127,796 
12
Third Quarter 2024 Earnings Presentation October 30, 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 14, adjusted EBITDAX reconciliation is shown on page 15 of the presentation, adjusted net income is shown on page 16, adjusted cash operating costs and adjusted cash operating margin reconciliations are shown on page 9 and ROCE is shown on page 18. 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. Third Quarter 2024 Earnings Presentation

 
Third Quarter Highlights & Announcements (1) Includes $0.6 million of share repurchases incurred during the third quarter, but settled during the fourth quarter of 2024. OperationsFinancial Corporate Total adjusted net income of $100 million and operating income margin of 39% Adjusted EBITDAX of $244 million with a 42% reinvestment rate D&C capital of $103 million and free cash flow of $126 million Q324 Annualized Return on Capital Employed (ROCE) of 22% Added ~$15 million of small royalty, leasehold and working interest deals in both Giddings and Karnes Returned ~$88 million to shareholders (70% of free cash flow), including: $62 million of share repurchases(1) and dividends of $26 million Maintained best-in-class balance sheet with $124 million of net debt Q324 production of 90.7 Mboe/d (10% YoY growth) and oil production of 38.9 Mbbls/d (18% YoY growth) Giddings production growth of 12% YoY and oil production growth of 24% YoY Continued benefit of field-level optimization & cost reduction program – Q324 LOE declining to $5.33 per boe, down 11% vs. Q124 3 Continuing to execute a differentiated business model focused on enhancing per share value Third Quarter 2024 Earnings Presentation

 
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. 4 Metric Q3 2024 YoY % Change Total Production (Mboe/d) 90.7 10% Oil Production (Mbbls/d) 38.9 18% Giddings Production as a % of total 76% 2% Revenue ($ MM) $333 6% Adjusted EBITDAX ($ MM) $244 2% Adjusted Net Income ($ MM) $100 (15%) D&C Capex ($ MM) $103 (1%) D&C Capital % of Adjusted EBITDAX 42% (2%) Annualized Return on Capital Employed (ROCE) 22% (5%) Free Cash Flow ($ MM) $126 (1%) Cash Balance ($ MM) $276 (55%) Diluted weighted average shares outstanding (MM) (1) 198.4 (5%) Third Quarter 2024 Earnings Presentation

 
276 241 33 105 15 27 61 276 0 100 200 300 400 500 600 Cash 6/30/2024 Cash Flow from Operations Changes in Working Capital and Other DC&F Capital & Leasehold Acquisitions Dividends and Distributions Share Repurchases Cash 9/30/2024 (1) (3)(2) (4) 3Q 2024 Cash Flow Reconciliation 5 $ In M ill io n s (1) Cash flow from operations before changes in working capital. (2) Comprised of $33 million of working capital changes including capital accruals. (3) Includes $25 million of dividends paid to Class A shareholders and $2 million of distributions to noncontrolling interest holders. (4) Comprised of $48 million Class A Stock Repurchases and $13 million of Class B Common Stock Repurchase and cancellation. Third Quarter 2024 Earnings Presentation

 
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. 6 Magnolia has reduced its diluted share count by approximately 23% Magnolia’s Consistent Share Repurchases1 (million shares repurchased) Third Quarter 2024 Earnings Presentation

 
Track Record of a Safe, Sustainable and Growing Dividend 7 $0.28 $0.40 $0.46 $0.52 2021 2022 2023 2024 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 Third Quarter 2024 Earnings Presentation

 
Summary Balance Sheet 8 (in thousands) September 30, 2024 December 31, 2023 Cash $276,139 $401,121 Current assets 139,059 190,152 Property, plant and equipment, net 2,273,676 2,052,021 Other assets 122,083 112,922 Total assets $2,810,957 $2,756,216 Current liabilities $281,523 $314,887 Long-term debt, net 394,793 392,839 Other long-term liabilities 174,069 165,822 Total equity 1,960,572 1,882,668 Total liabilities and equity $2,810,957 $2,756,216 Third Quarter 2024 Earnings Presentation

 
Margin and Cost Structure 9 (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 September 30, 2024 and 2023, respectively. (2) General and administrative expenses exclude non-cash stock based compensation of $4.1 million, or $0.50 per boe, and $3.7 million, or $0.49 per boe, for the quarters ended September 30, 2024 and 2023, respectively. $ / Boe, unless otherwise noted For the Quarters Ended September 30, 2024 September 30, 2023 Revenue $39.92 $41.52 Total Cash Operating Costs: Lease Operating Expenses (1) (5.26) (4.65) Gathering, Transportation & Processing (1.28) (1.35) Taxes Other Than Income (2.19) (1.95) Exploration Expenses (0.06) (0.67) General & Administrative Expenses (2) (2.04) (2.06) Total Adjusted Cash Operating Costs (10.83) (10.68) Adjusted Cash Operating Margin $29.09 $30.84 Margin % 73% 74% Non-Cash Costs: Depreciation, Depletion, and Amortization (12.86) (10.67) Asset Retirement Obligations Accretion (0.21) (0.12) Non-cash stock based compensation (0.57) (0.56) Total non-cash costs (13.64) (11.35) Operating Income Margin $15.45 $19.49 Margin % 39% 47% Third Quarter 2024 Earnings Presentation

 
2024 Operating Plan & Guidance 10 2024E Production & Capital Annual BOE and Oil Growth High Single-Digit YoY Total Growth; YoY Oil Growth Rate in Excess of Total Growth 2024E Capital Original Budget: $450 - $480 Million Current Estimate: ~$470 Million (D,C&F) 2024 Operating Plan ~2 Rigs / ~1 Completion Crew 2024E Capital ~20% Karnes ~80% Giddings Fourth Quarter 2024 Guidance Production ~93 Mboe/d D&C Capital Spending ~$125 Million Oil Differential (To Magellan East Houston) ($3) Bbl Fully Diluted Share Count ~197 million Third Quarter 2024 Earnings Presentation

 
Why Own Magnolia? 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 Total BOE Growth of High Single-Digits & 2024E Oil Growth Exceeding BOE Growth; Long-term Mid-Single Digit Growth Generate strong, consistent free cash flow and return a significant portion to investors • Annual long-term per share dividend 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 Third Quarter 2024 Earnings Presentation 11

 
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 2024E Oil Growth Exceeding BOE Growth Magnolia’s Business Model & Strategy 13 Third Quarter 2024 Earnings Presentation

 
Free Cash Flow Reconciliations 14 (in thousands) For the Quarters Ended September 30, 2024 September 30, 2023 Net cash provided by operating activities $217,893 $187,310 Add back: net change in operating assets and liabilities 22,928 29,419 Cash flows from operations before net change in operating assets and liabilities $240,821 $216,729 Additions to oil and natural gas properties (104,872) (106,668) Changes in working capital associated with additions to oil and natural gas properties (9,832) 17,735 Free cash flow $126,117 $127,796 Third Quarter 2024 Earnings Presentation

 
Adjusted EBITDAX Reconciliations 15 (in thousands) For the Quarters Ended September 30, 2024 September 30, 2023 Net income $105,912 $117,477 Interest (income) expense, net 3,856 (1,034) Income tax expense 26,530 31,211 EBIT $136,298 $147,654 Depreciation, depletion and amortization 107,336 81,158 Asset retirement obligations accretion 1,749 875 EBITDA $245,383 $229,687 Exploration expenses 491 5,128 EBITDAX $245,874 $234,815 Non-cash gain on revaluation of contingent consideration (7,009) - Non-cash stock based compensation expense 4,707 4,197 Adjusted EBITDAX $243,572 $239,012 Third Quarter 2024 Earnings Presentation

 
Adjusted Net Income Reconciliation 16 (in thousands) For the Quarters Ended September 30, 2024 September 30, 2023 Net income $105,912 $117,477 Adjustments: Non-cash gain on revaluation of contingent consideration (7,009) - Change in estimated income tax(1) 1,353 - Adjusted Net Income $100,256 $117,477 (in thousands) For the Quarters Ended Total Share Count September 30, 2024 September 30, 2023 Diluted weighted average shares of Class A Common Stock outstanding during the period 187,871 187,265 Weighted average shares of Class B Common Stock outstanding during the period (2) 10,544 21,827 Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities (2) 198,415 209,092 (1) Represents corporate income taxes using an estimated annual effective tax rate of 19.3% for the quarter ended September 30, 2024. (2) 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. Third Quarter 2024 Earnings Presentation

 
Q3 2024 Capital Structure & Liquidity Overview 17 Capitalization & Liquidity ($ million) $400 $450 2024 2025 2026 Debt Maturity Schedule ($ million) Borrowing Base $0 Credit Facility Borrowings (as of 9/30/24) 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) / Q3 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 9/30/2024 Cash and Cash Equivalents $276 Revolving Credit Facility $0 6.00% Senior Notes Due 2026 $400 Total Principal Debt Outstanding $400 Total Equity (3) $1,961 Net Debt / Q3 Annualized Adjusted EBITDAX 0.1x Net Debt / Total Book Capitalization 5% Liquidity Summary As of 9/30/2024 Cash and Cash Equivalents $276 Credit Facility Availability $450 Liquidity (2) $726 Third Quarter 2024 Earnings Presentation

 
Return on Capital Employed 18 (in thousands) For the Quarters Ended September 30, 2024 September 30, 2023 Operating Income (A) $129,012 $148,133 Debt - beginning of period 394,131 391,590 Stockholders' Equity - beginning of period 1,918,356 1,809,858 Capital Employed - beginning of period $2,312,487 $2,201,448 Debt - end of period 394,793 392,209 Stockholders' Equity - end of period 1,960,572 1,847,157 Capital Employed - end of period $2,355,365 $2,239,366 Average Capital Employed (B) $2,333,926 $2,220,407 Return on Average Capital Employed (A/B) 5.5% 6.7% Annualized Average Return on Capital Employed 22.1% 26.7% Third Quarter 2024 Earnings Presentation

 
Production Results 19 Combined Karnes Giddings Combined Karnes Giddings For the Quarter Ended September 30, 2024 For the Quarter Ended September 30, 2023 Production: Oil (MBbls) 3,579 1,225 2,354 3,024 1,117 1,907 Natural gas (MMcf) 14,644 2,474 12,170 14,406 2,713 11,693 Natural gas liquids (MBbls) 2,325 383 1,942 2,179 408 1,771 Total (Mboe) 8,345 2,020 6,325 7,604 1,978 5,626 Average Daily Production Volume: Oil (MBbls/d) 38.9 13.3 25.6 32.9 12.1 20.8 Natural gas (MMcf/d) 159.2 26.9 132.3 156.6 29.5 127.1 Natural gas liquids (MBbls/d) 25.3 4.2 21.1 23.7 4.4 19.3 Total (MBoe/d) 90.7 22.0 68.7 82.7 21.5 61.2 Third Quarter 2024 Earnings Presentation

 
v3.24.3
Cover
Oct. 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 30, 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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