0001698990false00016989902024-05-072024-05-07

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): May 7, 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 May 7, 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 March 31, 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 May 7, 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 March 31, 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: May 7, 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 First Quarter 2024 Results

HOUSTON, TX, May 7, 2024 - Magnolia Oil & Gas Corporation (“Magnolia,” “we,” “our,” or the “Company”) (NYSE: MGY) today announced its financial and operational results for the first quarter of 2024.

First Quarter 2024 Highlights:
(In millions, except per share data)
For the
Quarter Ended
March 31, 2024
For the
Quarter Ended
March 31, 2023
Percentage increase (decrease)
Net income$97.6 $106.7 (9)%
Adjusted net income(1)
$101.0 $119.3 (15)%
Earnings per share - diluted$0.46 $0.50 (8)%
Adjusted EBITDAX(1)
$227.8 $216.9 5 %
Capital expenditures - D&C$119.0 $139.7 (15)%
Average daily production (Mboe/d)84.8 79.3 7 %
Cash balance as of period end$399.3 $667.3 (40)%
Diluted weighted average total shares outstanding(2)
204.3 213.9 (5)%

First Quarter 2024 Highlights:

•Magnolia reported first quarter 2024 net income attributable to Class A Common Stock of $85.1 million, or $0.46 per diluted share. First quarter 2024 total net income was $97.6 million and total adjusted net income(1) was $101.0 million. Diluted weighted average total shares outstanding decreased by 5% to 204.3 million(2) compared to first quarter 2023.
•Adjusted EBITDAX(1) was $227.8 million during the first quarter of 2024. Total drilling and completions (“D&C”) capital was $119.0 million and below our earlier guidance. First quarter D&C capital represented approximately 52% of adjusted EBITDAX and was 15% lower than the prior-year’s first quarter.
•Net cash provided by operating activities was $210.9 million during the first quarter of 2024 and the Company generated free cash flow(1) of $117.1 million. Magnolia generated adjusted operating income(1) as a percentage of revenue of 39% during the quarter.

•The Company has embarked on a field-level optimization and cost reduction program across our assets that is expected to deliver a 5 to 10% reduction in cash operating costs (LOE) per boe during the second half of the year compared to the first quarter 2024.
•Total production in the first quarter of 2024 grew 7% on a year-over-year basis to 84.8 thousand barrels of oil equivalent per day (“Mboe/d”) including 37.5 thousand barrels per day of oil. Production at Giddings and Other was 61.4 Mboe/d, providing overall growth of 17% compared to last year’s first quarter, including oil production growth of 16%.
•On April 30, 2024, Magnolia acquired oil and gas properties in Giddings from a private operator encompassing roughly 27,000 net acres for approximately $125 million. These assets included total production of approximately 1,000 Mboe/d (~35% oil), in addition to leasehold and royalty acres. The acquisition significantly increases Magnolia’s working interest in future high-return development areas and adds new acreage which further expands the Company’s leading position in the Giddings area.
•The Company repurchased 2.4 million of its Class A Common Stock during the first quarter for $52.4 million. Magnolia has 6.9 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 June 3, 2024 to shareholders of record as of May 13, 2024.

1

•Magnolia returned $79.2 million(3), or 68% of the Company’s free cash flow(1), to shareholders during the first quarter through a combination of share repurchases and dividends while ending the period with $399.3 million of cash on the balance sheet. The Company remains undrawn on its $450.0 million revolving credit facility, has no debt maturities until 2026 and does not currently plan to increase its bonded indebtedness.

“Magnolia’s first quarter performance delivered a solid start to 2024, continuing our strategy of disciplined capital spending, while delivering steady production growth with strong pre-tax margins and consistent free cash flow,” said President and CEO Chris Stavros. “Our growing production and continued low reinvestment rate provided free cash flow generation of roughly $117 million. We returned 68 percent of our free cash flow to our shareholders through our recently increased dividend and share repurchase program. Higher oil production of 37.5 thousand barrels per day during the quarter was driven by strong well performance and additional volumes from assets acquired last year.

“A key objective of Magnolia’s business plan and strategy is to utilize some of the excess cash generated by the business to pursue attractive bolt-on oil and gas property acquisitions. Properties are targeted not to simply replace the oil and gas that has already been produced but importantly, to improve the future opportunity set of our overall business and enhance the sustainability of our high returns. The latest example is an acquisition from a private operator that we closed at the end of April for $125 million which includes approximately 27,000 net acres in Giddings and leverages the significant knowledge we have gained through operating in the field. While these properties come with a relatively small amount of current production, they have similar attractive operational characteristics to our core acreage position in Giddings. The acquisition further lengthens our already deep inventory of high return locations in Giddings while adding duration to our overall portfolio as well as significantly increasing our working interest in some of our existing inventory. We continue to look for bolt-on oil and gas property acquisitions utilizing our technical expertise and where we have a competitive advantage in the development of the Austin Chalk and Eagle Ford formations in South Texas.

“While I am proud of our teams’ accomplishments, we continue to seek out areas where we can improve. Our field operations team recently initiated a field-level optimization and cost reduction program throughout our assets. Part of these efforts will employ improved field management systems that will increase efficiencies and optimize processes across the field while capturing synergies from acquired assets. These and other initiatives are expected to deliver a 5 to 10 percent reduction in cash operating costs (LOE) per boe during the second half of the year compared to the first quarter. Our goal is to improve on our track record for generating high operating margins while providing additional free cash flow to either return to our shareholders or reinvest in the business.”

Operational Update

First quarter 2024 total company production volumes averaged 84.8 Mboe/d including oil production of 37.5 Mbbls/d. Production from Giddings and Other increased by 17% compared to last year’s first quarter to 61.4 Mboe/d with oil production growing 15% over the same period. Total Company production volumes benefited from continued strong well performance, in addition to some production from assets acquired last year, as well as a slightly oilier development program. First quarter 2024 capital spending on drilling, completions, and associated facilities was $119.0 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, lower well costs combined with improved operating efficiencies allow for more wells to be drilled, completed and turned in line during 2024 and help 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.

On April 30, 2024, Magnolia acquired approximately 27,000 net acres in Giddings for approximately $125 million. These oil and gas properties include both leasehold and royalty interests, as well as approximately 1,000 Mboe/d of total production (~35% oil and ~68% liquids). The acquisition covers over 80,000 gross acres, a portion of which Magnolia currently operates. The incremental acreage offers both new operated development locations in addition to increasing the working interest in many existing high-return development locations.

2

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 this year as compared to 2023, and with oil production growing at a similar rate. We expect second quarter D&C capital expenditures to be between $120 to $125 million and total production for the second quarter to be approximately 89 Mboe/d.

Magnolia plans to apply the Company’s operating expertise to its newly acquired assets which should lead to improved field operations and efficiencies allowing for lower unit operating costs that we expect to be reflected in the second half of 2024. Our lengthy experience and knowledge acquired while operating in the Giddings area gives us confidence that these initiatives should lead to higher margins on these assets and increased free cash flow for the Company.

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 second quarter of 2024 is expected to be approximately 203 million shares, which is approximately 4% lower than second 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 March 31, 2024, which is expected to be filed with the U.S. Securities and Exchange Commission (“SEC”) on May 8, 2024.

Conference Call and Webcast

Magnolia will host an investor conference call on Wednesday, May 8, 2024 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.
















(1) Adjusted net income, adjusted EBITDAX, free cash flow, and adjusted operating income 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 $2.9 million of share repurchases incurred during the first quarter, but settled during the second quarter of 2024, and excludes $1.7 million of share repurchases incurred during the fourth quarter of 2023, but settled during the first quarter of 2024.
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
 March 31, 2024March 31, 2023
Production:
Oil (MBbls)3,415 3,221 
Natural gas (MMcf)13,749 12,650 
Natural gas liquids (MBbls)2,009 1,812 
Total (Mboe)7,715 7,141 
Average daily production:
Oil (Bbls/d)37,531 35,788 
Natural gas (Mcf/d)151,086 140,552 
Natural gas liquids (Bbls/d)22,072 20,129 
Total (boe/d)84,784 79,342 
Revenues (in thousands):
Oil revenues$259,182 $239,122 
Natural gas revenues21,095 27,771 
Natural gas liquids revenues39,140 41,489 
Total Revenues$319,417 $308,382 
Average sales price:
Oil (per Bbl)$75.89 $74.24 
Natural gas (per Mcf)1.53 2.20 
Natural gas liquids (per Bbl)19.49 22.90 
Total (per boe)$41.40 $43.18 
NYMEX WTI (per Bbl)$76.97 $76.11 
NYMEX Henry Hub (per MMBtu)$2.24 $3.45 
Realization to benchmark:
Oil (% of WTI)99 %98 %
Natural Gas (% of Henry Hub)68 %64 %
Operating expenses (in thousands):
Lease operating expenses$46,150 $42,371 
Gathering, transportation and processing8,537 12,732 
Taxes other than income17,898 19,292 
Depreciation, depletion and amortization97,076 70,701 
Operating costs per boe:
Lease operating expenses$5.98 $5.93 
Gathering, transportation and processing1.11 1.78 
Taxes other than income2.32 2.70 
Depreciation, depletion and amortization12.58 9.90 
5

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

For the Quarters Ended
 March 31, 2024March 31, 2023
REVENUES 
Oil revenues$259,182 $239,122 
Natural gas revenues21,095 27,771 
Natural gas liquids revenues39,140 41,489 
Total revenues319,417 308,382 
OPERATING EXPENSES
Lease operating expenses46,150 42,371 
Gathering, transportation and processing8,537 12,732 
Taxes other than income17,898 19,292 
Exploration expenses25 11 
Asset retirement obligations accretion1,618 841 
Depreciation, depletion and amortization97,076 70,701 
Impairment of oil and natural gas properties— 15,735 
General and administrative expenses23,555 19,766 
Total operating expenses194,859 181,449 
OPERATING INCOME124,558 126,933 
OTHER INCOME (EXPENSE)
Interest income (expense), net(2,312)487 
Other expense, net(4,313)(1,138)
Total other expense, net(6,625)(651)
INCOME BEFORE INCOME TAXES117,933 126,282 
Current income tax expense11,628 4,202 
Deferred income tax expense8,708 15,403 
Total income tax expense20,336 19,605 
NET INCOME97,597 106,677 
LESS: Net income attributable to noncontrolling interest12,511 10,342 
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK$85,086 $96,335 
NET INCOME PER COMMON SHARE
Basic$0.46 $0.50 
Diluted$0.46 $0.50 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic182,368 191,780 
Diluted182,424 192,054 
WEIGHTED AVERAGE NUMBER OF CLASS B SHARES OUTSTANDING (1)
21,827 21,827 
DILUTED WEIGHTED AVERAGE TOTAL SHARES OUTSTANDING (1)
204,251 213,881 
(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
March 31, 2024March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME$97,597 $106,677 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization97,076 70,701 
Exploration expenses, non-cash1 5 
Impairment of oil and natural gas properties— 15,735 
Asset retirement obligations accretion1,618 841 
Amortization of deferred financing costs1,089 1,042 
Deferred income tax expense8,708 15,403 
Loss on revaluation of contingent consideration4,205 — 
Stock based compensation4,658 3,772 
Other2,921 — 
Net change in operating assets and liabilities(6,941)5,647 
Net cash provided by operating activities210,932 219,823 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions(13,359)3,691 
Deposits for acquisitions of oil and natural gas properties (1)
(13,150)— 
Additions to oil and natural gas properties(120,986)(138,645)
Changes in working capital associated with additions to oil and natural gas properties20,244 (14,977)
Other investing(57)(284)
Net cash used in investing activities(127,308)(150,215)
CASH FLOW FROM FINANCING ACTIVITIES
Class A Common Stock repurchases(51,201)(45,844)
Dividends paid(24,010)(22,578)
Distributions to noncontrolling interest owners(2,837)(2,510)
Other financing activities(7,380)(6,833)
Net cash used in financing activities(85,428)(77,765)
NET CHANGE IN CASH AND CASH EQUIVALENTS(1,804)(8,157)
Cash and cash equivalents – Beginning of period401,121 675,441 
Cash and cash equivalents – End of period$399,317 $667,284 
(1) Associated with the acquisitions of certain oil and gas producing properties including leasehold and mineral interests in the Giddings area, that closed in the second quarter of 2024.
7


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

March 31, 2024December 31, 2023
Cash and cash equivalents$399,317 $401,121 
Other current assets198,218 190,152 
Property, plant and equipment, net2,093,942 2,052,021 
Other assets116,465 112,922 
Total assets$2,807,942 $2,756,216 
Current liabilities$350,011 $314,887 
Long-term debt, net393,480 392,839 
Other long-term liabilities166,667 165,822 
Common stock24 23 
Additional paid in capital1,745,157 1,743,930 
Treasury stock(591,175)(538,445)
Retained earnings547,261 486,162 
Noncontrolling interest196,517 190,998 
Total liabilities and equity$2,807,942 $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)March 31, 2024March 31, 2023
NET INCOME$97,597 $106,677 
Interest (income) expense, net2,312 (487)
Income tax expense20,336 19,605 
EBIT120,245 125,795 
Depreciation, depletion and amortization97,076 70,701 
Asset retirement obligations accretion1,618 841 
EBITDA218,939 197,337 
Exploration expenses25 11 
EBITDAX218,964 197,348 
Impairment of oil and natural gas properties— 15,735 
Non-cash stock based compensation expense4,658 3,772 
Loss on revaluation of contingent consideration4,205 — 
Adjusted EBITDAX$227,827 $216,855 


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)March 31, 2024March 31, 2023
NET INCOME$97,597 $106,677 
Adjustments:
Loss on revaluation of contingent consideration4,205 — 
Impairment of oil and natural gas properties— 15,735 
Change in estimated income tax (1)
(795)(3,089)
ADJUSTED NET INCOME$101,007 $119,323 
Diluted weighted average shares of Class A Common Stock outstanding during the period182,424 192,054 
Weighted average shares of Class B Common Stock outstanding during the period (2)
21,827 21,827 
Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities (2)
204,251 213,881 
(1) Represents corporate income taxes at an assumed annual effective tax rate of 18.9% and 19.6% for the quarters ended March 31, 2024 and 2023, respectively.
(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)March 31, 2024March 31, 2023
Revenue$41.40 $43.18 
Total cash operating costs:
Lease operating expenses (1)
(5.91)(5.87)
Gathering, transportation and processing(1.11)(1.78)
Taxes other than income(2.32)(2.70)
Exploration expenses— — 
General and administrative expenses (2)
(2.52)(2.30)
Total adjusted cash operating costs(11.86)(12.65)
Adjusted cash operating margin$29.54 $30.53 
Margin (%)71 %71 %
Non-cash costs:
Depreciation, depletion and amortization$(12.58)$(9.90)
Impairment of oil and natural gas properties— (2.20)
Asset retirement obligations accretion(0.21)(0.12)
Non-cash stock based compensation(0.60)(0.53)
Total non-cash costs(13.39)(12.75)
Operating income margin$16.15 $17.78 
Add back: Impairment of oil and natural gas properties— 2.20 
Adjusted operating income margin$16.15 $19.98 
Margin (%)39 %46 %
(1) Lease operating expenses exclude non-cash stock based compensation of $0.6 million, or $0.07 per boe, and $0.4 million, or $0.06 per boe, for the quarters ended March 31, 2024 and 2023, respectively.
(2) General and administrative expenses exclude non-cash stock based compensation of $4.1 million, or $0.53 per boe, and $3.4 million, or $0.47 per boe, for the quarters ended March 31, 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)March 31, 2024March 31, 2023
Net cash provided by operating activities$210,932 $219,823 
Add back: net change in operating assets and liabilities6,941 (5,647)
Cash flows from operations before net change in operating assets and liabilities217,873 214,176 
Additions to oil and natural gas properties(120,986)(138,645)
Changes in working capital associated with additions to oil and natural gas properties20,244 (14,977)
Free cash flow$117,131 $60,554 

12
First Quarter 2024 Earnings Presentation May 8, 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 adjusted operating income margin. 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 and adjusted operating margin 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 adjusted operating income 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. 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 adjusted operating income margin may not be comparable to similar measures of other companies in our industry. A free cash flow reconciliation is shown on page 15, adjusted EBITDAX reconciliation is shown on page 16 of the presentation, adjusted net income is shown on page 17, and adjusted cash operating costs, adjusted cash operating margin and adjusted operating income margin reconciliations are shown on page 10. 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.

 
First Quarter Highlights & Announcements (1) Adjusted net income, adjusted EBITDAX, free cash flow and adjusted operating income margin are non-GAAP measures. For a reconciliation of the most comparable GAAP measure see slide 17, 16, 15 and 10. For reasons management believes this is useful to investors, refer to slide 2 “Non-GAAP Financial Measures.” (2) Includes $2.9 million of share repurchases incurred during the first quarter, but settled during the second quarter of 2024, and excludes $1.7 million of share repurchases incurred during the fourth quarter of 2023, but settled during the first quarter of 2024. OperationsFinancial Corporate Total adjusted net income(1) of $101 million and adjusted operating income margin(1) of 39% D&C capital of $119 million Reinvested 52% of adjusted EBITDAX(1) $117 million of free cash flow(1) Returned $79 million to shareholders, including: $52 million of share repurchases(2) $27 million of dividends Closed Giddings bolt-on acquisition: >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 First quarter production of 84.8 Mboe/d (7% year-over-year growth) and oil production of 37.5 MBbls/d Higher oil production driven by strong well performance and volumes from asset acquired last year Initiated a field-level optimization and cost reduction program; Expected to deliver 5% to 10% reduction in cash operating costs (LOE) per Boe in 2H 2024 3

 
Giddings Bolt-On Acquisition 4 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

 
Key Financial Metrics (1) Adjusted EBITDAX, adjusted net income and free cash flow are non-GAAP measures. For a reconciliation of the most comparable GAAP measure see slides 16, 17 and 15. (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. 5 Metric Q1 2024 YoY % Change Total Production (Mboe/d) 84.8 7% Oil Production (Mbbls/d) (% of total production) 37.5 (44%) 5% Giddings and Other Production as a % of total 72% 6% Revenue ($ MM) $319 4% Adjusted EBITDAX ($ MM) (1) $228 5% Adjusted Net Income ($ MM) (1) $101 (15%) D&C Capex ($ MM) $119 (15%) Free Cash Flow ($ MM) (1) $117 93% Cash Balance ($ MM) $399 (40%) Weighted average diluted shares outstanding (MM) (2) 204.3 (5%)

 
1Q 2024 Cash Flow Reconciliation 6 401 218 6 27 27 51 121 399 0 100 200 300 400 500 600 700 Cash 12/31/2023 Cash Flow from Operations Changes in Working Capital and Other Acquisitions Dividends and Distributions Share Repurchases D&C and Facilities Capital Cash 3/31/2024 (1) (4)(3)(2) (5) $ In M ill io n s 1 Cash flow from operations before changes in working capital 2 Comprised of $13 million of working capital changes including capital accruals offset by $7 million of other financing activities. 3 Includes $13 million of deposits for acquisitions that closed in late April 2024. 4 Includes $24 million of dividends paid to Class A shareholders and $3 million of distributions to noncontrolling interest holders. 5 Comprised of $51 million Class A Common Stock Repurchases.

 
-28% -20% -20% -6% -3% -2% -1% -1% 0% 1% 2% 7% 12% 40% 42% 64% 65% 87% 97% 178% 339% Significant Share Repurchases Since 2019 (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. (2) Source: FactSet (2019 – 2023). Peers include: APA, AR, CIVI, COP, CTRA, DVN, EOG, EQT, FANG, HES, MRO, MTDR, MUR, OVV, OXY, PR, PXD, RRC, SM and SWN. 7 5-Year Change in Diluted Shares Outstanding2 (2019 – 2023) Magnolia has reduced its diluted share count by approximately 20% Magnolia’s Consistent Share Repurchases1 (million shares repurchased by year)

 
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 substantial rate over the past four years ❑ Sustainable dividend growth supported even at low commodity prices ❑ Higher than peer average dividend growth supported by moderate volume growth and ongoing share repurchases ❑ Long-term average annual dividend growth of ~10% through commodity cycles

 
Summary Balance Sheet 9 (in thousands) March 31, 2024 December 31, 2023 Cash $399,317 $401,121 Current assets 198,218 190,152 Property, plant and equipment, net 2,093,942 2,052,021 Other assets 116,465 112,922 Total assets $2,807,942 $2,756,216 Current liabilities $350,011 $314,887 Long-term debt, net 393,480 392,839 Other long-term liabilities 166,667 165,822 Total equity 1,897,784 1,882,668 Total liabilities and equity $2,807,942 $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 $0.4 million, or $0.06 per boe, for the quarters ended March 31, 2024 and 2023, respectively. (2) General and administrative expenses exclude non-cash stock based compensation of $4.1 million, or $0.53 per boe, and $3.4 million, or $0.47 per boe, for the quarters ended March 31, 2024 and 2023, respectively. (3) Adjusted cash operating costs, adjusted cash operating margin and adjusted operating income margin are non-GAAP measures. For reasons management believes this is useful to investors, refer to slide 2 “Non-GAAP Financial Measures.” $ / Boe, unless otherwise noted For the Quarters Ended March 31, 2024 March 31, 2023 Revenue $41.40 $43.18 Total Cash Operating Costs: Lease Operating Expenses (1) (5.91) (5.87) Gathering, Transportation & Processing (1.11) (1.78) Taxes Other Than Income (2.32) (2.70) Exploration Expenses - - General & Administrative Expenses (2) (2.52) (2.30) Total Adjusted Cash Operating Costs (3) (11.86) (12.65) Adjusted Cash Operating Margin (3) $29.54 $30.53 Margin % 71% 71% Non-Cash Costs: Depreciation, Depletion, and Amortization (12.58) (9.90) Impairment of oil and natural gas properties - (2.20) Asset Retirement Obligations Accretion (0.21) (0.12) Non-cash stock based compensation (0.60) (0.53) Total non-cash costs (13.39) (12.75) Operating Income Margin $16.15 $17.78 Add back: impairment of oil and natural gas properties - $2.20 Adjusted Operating Income Margin (3) $16.15 $19.98 Margin % 39% 46%

 
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 Second Quarter 2024 Guidance Production ~89 Mboe/d D&C Capital Spending $120 to $125 Million Oil Differential (To Magellan East Houston) ($3) Fully Diluted Share Count ~203 million

 
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 EBITDAX1 Maintain Conservative Financial Leverage to Provide Financial Flexibility Through Cycle Strong balance sheet with zero net debt at YE 2023 provides ability for counter cyclical investing to increase per share value Deliver Mid-Single Digit Long-Term Production Growth with Significant Free Cash Flow1 2024E BOE and Oil Growth of High Single-Digits Magnolia’s Business Model & Strategy (1) Adjusted EBITDAX and Free Cash Flow are non-GAAP measures. For a reconciliation of the most comparable GAAP measure see slides 16 and 15. 13

 
Committed to Sustainability 14 (1) Gas flared as a percent of total production. (2) Number of work-related injuries and illnesses per 200,000 workhours. 2023 Sustainability Report Highlights Include: ❑ Magnolia record for lowest annual flaring rate1 at 0.11%, a reduction of almost 90% since 2019 ❑ Addition of scope 2 emissions reporting; providing further disclosure of the Company’s operations ❑ Continued production of low intensity barrels ❑ 2022 scope 1 intensity of 14.9 metric tons CO2e/Mboe, approximately 10% below 2019 levels ❑ Focused on strengthening local communities through employment opportunities and utilizing local vendors ❑ Commitment to safe operations – low total recordable incident rate and strong HSE training initiatives Flaring Intensity(1) 0.99% 0.69% 0.28% 0.11% 2019 2020 2021 2022 0.57 0.49 2021 2022 Total Recordable Incident Rate(2) (TRIR) Board Diversity and Independence 25% FEMALE 2 of 8 Board members are women. 25% MINORITIES 2 of 8 Board members identifies as a minority. 75% INDEPENDENT 6 of 8 Board members are independent.

 
Free Cash Flow Reconciliations 15 (1) Free cash flow is a non-GAAP measure. For reasons management believes this is useful to investors, refer to slide 2 “Non-GAAP Financial Measures.” (in thousands) For the Quarters Ended March 31, 2024 March 31, 2023 Net cash provided by operating activities $210,932 $219,823 Add back: net change in operating assets and liabilities 6,941 (5,647) Cash flows from operations before net change in operating assets and liabilities $217,873 $214,176 Additions to oil and natural gas properties (120,986) (138,645) Changes in working capital associated with additions to oil and natural gas properties 20,244 (14,977) Free cash flow(1) $117,131 $60,554

 
Adjusted EBITDAX Reconciliations 16 (1) Adjusted EBITDAX is a non-GAAP measure. For reasons management believes these are useful to investors, refer to slide 2 “Non-GAAP Financial Measures”. (in thousands) For the Quarters Ended March 31, 2024 March 31, 2023 Net income $97,597 $106,677 Interest (income) expense, net 2,312 (487) Income tax expense 20,336 19,605 EBIT $120,245 $125,795 Depreciation, depletion and amortization 97,076 70,701 Asset retirement obligations accretion 1,618 841 EBITDA $218,939 $197,337 Exploration expenses 25 11 EBITDAX $218,964 $197,348 Impairment of oil and natural gas properties - 15,735 Non-cash stock based compensation expense 4,658 3,772 Loss on revaluation of contingent consideration 4,205 - Adjusted EBITDAX (1) $227,827 $216,855

 
Adjusted Net Income Reconciliation 17 (1) Represents corporate income taxes at an assumed annual effective tax rate of 18.9% and 19.6% for the quarters ended March 31, 2024 and 2023, respectively. (2) Adjusted Net Income is a non-GAAP measure. For reasons management believes this is useful to investors, refer to slide 2 “Non-GAAP Financial Measure”. (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 March 31, 2024 March 31, 2023 Net income $97,597 $106,677 Adjustments: Loss on revaluation of contingent consideration 4,205 - Impairment of oil and natural gas properties - 15,735 Change in estimated income tax(1) (795) (3,089) Adjusted Net Income (2) $101,007 $119,323 (in thousands) For the Quarters Ended Total Share Count March 31, 2024 March 31, 2023 Diluted weighted average shares of Class A Common Stock outstanding during the period 182,424 192,054 Weighted average shares of Class B Common Stock outstanding during the period (3) 21,827 21,827 Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities (3) 204,251 213,881

 
First Quarter 2024 Capital Structure and Liquidity Overview 18 Capitalization & Liquidity ($ million) $400 $450 2024 2025 2026 Debt Maturity Schedule ($ million) Borrowing Base $0 Credit Facility Borrowings (as of 3/31/24) 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 ▪ Maintaining low financial leverage profile ‒ Currently have a net debt(1) position of $1 million ‒ Net Debt(1) / Q1 annualized adjusted EBITDAX of 0.0x ▪ Current Liquidity of $849 million, including fully undrawn credit facility (2) ▪ No debt maturities until senior unsecured notes mature in 2026 Capitalization Summary As of 3/31/2024 Cash and Cash Equivalents $399 Revolving Credit Facility $0 6.00% Senior Notes Due 2026 $400 Total Principal Debt Outstanding $400 Total Equity (3) $1,898 Net Debt / Q1 Annualized Adjusted EBITDAX 0.0x Net Debt / Total Book Capitalization 0% Liquidity Summary As of 3/31/2024 Cash and Cash Equivalents $399 Credit Facility Availability $450 Liquidity (2) $849

 
Production Results 19 Combined Karnes Giddings & Other Combined Karnes Giddings & Other For the Quarter Ended March 31, 2024 For the Quarter Ended March 31, 2023 Production: Oil (MBbls) 3,415 1,298 2,117 3,221 1,409 1,812 Natural gas (MMcf) 13,749 2,596 11,153 12,650 3,238 9,412 Natural gas liquids (MBbls) 2,009 396 1,613 1,812 487 1,325 Total (Mboe) 7,715 2,126 5,589 7,141 2,436 4,705 Average Daily Production Volume: Oil (MBbls/d) 37.5 14.3 23.2 35.8 15.7 20.1 Natural gas (MMcf/d) 151.1 28.5 122.6 140.6 36.0 104.6 Natural gas liquids (MBbls/d) 22.1 4.3 17.8 20.1 5.4 14.7 Total (MBoe/d) 84.8 23.4 61.4 79.3 27.0 52.3

 
v3.24.1.u1
Cover
May 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 07, 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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