Disclaimer NON-GAAP FINANCIAL MEASURES As performance measures, adjusted EBITDAX, 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 ...

Financial Performance - Magnolia reported net income attributable to Class A Common Stock of $102.0 million for Q3 2023, down from $117.5 million in Q3 2022, representing a decrease of 13.1%[114]. - Total revenues for Q3 2023 were $315.7 million, a decline of 34.6% compared to $483.0 million in Q3 2022, primarily due to lower oil and natural gas prices[120]. - Total revenues for the nine months ended September 30, 2023, were $904.4 million, a decrease of 33% from $1.35 billion in the same period of 2022[1]. - Net cash provided by operating activities was $608.9 million for the nine months ended September 30, 2023, down from $1.03 billion in 2022[5]. Production and Revenue Breakdown - Average daily production for Q3 2023 was 82,651 boe/d, an increase of 1.4% from 81,529 boe/d in Q3 2022[120]. - Oil revenues accounted for 77% of total revenues in Q3 2023, down from 66% in Q3 2022, with oil production contributing 40% of total production volume[120]. - Natural gas revenues decreased by 73% to $27.1 million in Q3 2023, primarily due to a 75% drop in average price[121]. - NGL revenues were $45.0 million in Q3 2023, down 31.4% from $65.6 million in Q3 2022, with a 40% decrease in average price impacting revenues[122]. - Oil production increased by 1% to 9,345 MBbls for the nine months ended September 30, 2023, compared to 9,216 MBbls in 2022[1]. - Natural gas revenues decreased by $166.4 million, primarily due to a 71% decrease in average price, despite a 7% increase in production[2]. - NGL revenues were $122.8 million for the nine months ended September 30, 2023, down $67.9 million from the previous year, with a 45% decrease in average price[3]. Operating Expenses - Total operating expenses for Q3 2023 were $167.5 million, slightly lower than $171.2 million in Q3 2022, with lease operating expenses increasing by 3.4%[124]. - Total operating expenses increased to $508.0 million for the nine months ended September 30, 2023, compared to $469.6 million in 2022[4]. Shareholder Returns and Capital Management - The company declared cash dividends totaling $66.3 million to Class A Common Stock holders during the nine months ended September 30, 2023[115]. - Cash dividends declared for Class A Common Stock totaled $66.3 million in the nine months ended September 30, 2023, up from $56.4 million in the same period of 2022[158]. - The company repurchased 7.1 million shares for approximately $152.9 million during the nine months ended September 30, 2023, compared to 6.6 million shares for $144.0 million in the same period of 2022[155]. - As of September 30, 2023, Magnolia had repurchased 28.3 million shares at a cost of $470.8 million, with 11.7 million shares remaining under its repurchase authorization[116]. Capital Expenditures and Investments - Magnolia's capital spending is aligned with its business model, aimed at providing operational and financial flexibility in a challenging commodity environment[112]. - Total capital expenditures for Q3 2023 were $106.7 million, a decrease of 8.3% from $116.1 million in Q3 2022[154]. - The company paid $53.8 million for acquisitions during the nine months ended September 30, 2023, including a $40.0 million acquisition in the Giddings area[7]. Financial Position and Liquidity - As of September 30, 2023, the company had $618.5 million in cash and cash equivalents and $1.1 billion in total liquidity[6]. - The company anticipates its current cash balance and cash flows from operations will be sufficient to meet its cash requirements[8]. - As of September 30, 2023, the company had no borrowings outstanding under the RBL Facility, mitigating interest rate risk exposure[159]. Operational Strategy - The company operated a two-rig program during Q3 2023, with drilling rig numbers dependent on commodity prices and spending strategy[154]. - Leasehold acquisition costs for Q3 2023 were $2.4 million, compared to $1.6 million in Q3 2022[154]. - Magnolia owned approximately 89.5% of the interest in Magnolia LLC as of September 30, 2023, with a noncontrolling interest of about 10.5%[157]. Impairments - The company recognized a $15.7 million impairment related to the Highlander property during the nine months ended September 30, 2023[4]. Price Sensitivity - A $1.00 per barrel increase in the weighted average oil price would increase revenues by approximately $12.5 million annually, while a $0.10 per Mcf increase in natural gas price would increase revenues by approximately $5.4 million annually[160].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Houston, Texas 77046 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (713) 842 ...

Magnolia Oil & Gas Corporation (NYSE:MGY) Q2 2023 Earnings Conference Call August 2, 2023 11:00 AM ET Company Participants Jim Johnson - IR Chris Stavros - President and CEO Brian Corales - SVP and CFO Conference Call Participants Neal Dingmann - Truist Securities Umang Choudhary - Goldman Sachs Leo Mariani - ROTH MKM Partners Oliver Huang - TPH Zach Parham - JPMorgan Tim Rezvan - KeyBanc Capital Markets Paul Diamond - Citigroup Operator Good morning, everyone. And thank you for participating in Magno ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Houston, Texas 77046 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (713) 84 ...

Business Overview - Magnolia Oil & Gas focuses on return-driven value creation through debt reduction, share repurchases, dividends, and accretive bolt-on acquisitions[1] - Magnolia operates in South Texas, primarily targeting the Eagle Ford and Austin Chalk formations[11] - The company has a net acreage position of approximately 482,000 acres, including ~23,300 acres in Karnes County and ~460,000 acres in the Giddings area[20] Financial Strategy - Magnolia limits its drilling and completion (D&C) capital spending to 55% of annual Adjusted EBITDAX to generate significant free cash flow[15] - The company had $400 million of principal debt outstanding and $675 million in cash as of December 31, 2022[25] - Magnolia's operating income margins were 63% during 2022[23] Shareholder Returns - Magnolia increased its dividend by 15% in 2023 to $0.46 per share annually[25] - Since Q3 2019, Magnolia has repurchased 52.3 million shares of its stock, representing approximately 20% of the diluted shares outstanding as of the authorization date[25, 34] - Magnolia plans to continue to opportunistically repurchase at least 1% of the total shares outstanding each quarter[35] Asset Development - Since inception, Magnolia has closed ~$456 million in bolt-on acquisitions, increasing its Karnes net acreage position by ~40% and Giddings by 33%[5] - 4Q22 production at Giddings has increased 23% YOY[43] - Magnolia has successfully transitioned 70,000 acres in the Giddings Field to development[64]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-38083 Magnolia Oil & Gas Corporation (Exact Name of Registrant as Specified in its Charter) | Delaware | 81-5365682 | ...

Financial Data and Key Metrics Changes - The company achieved record production in 2022, leading to a pre-tax operating margin of 63% and record net income [6][16] - Free cash flow reached a record $823 million, with 54% returned to shareholders through share repurchases and dividends [11][45] - The cash balance nearly doubled to $675 million by the end of 2022, after spending approximately $90 million on acquisitions [12][45] Business Line Data and Key Metrics Changes - Production volumes grew by 14% year-over-year to 75,400 barrels of oil equivalent per day, with fourth quarter production increasing by 6% [17][44] - The Giddings development accounted for over half of the company's overall production and proved reserves, driving significant financial performance [6][11] Market Data and Key Metrics Changes - The company experienced strong product price realizations, contributing to overall financial success [44] - The total adjusted cash operating costs increased to $12.15 per BOE in Q4 2022, primarily due to higher production taxes and oilfield service costs [20][44] Company Strategy and Development Direction - The company plans to maintain disciplined capital spending while achieving moderate annual production growth and generating significant free cash flow [10][40] - There is a focus on small accretive bolt-on acquisitions to enhance the existing asset base and improve drilling economics [14][41] - The company aims for annualized dividend growth of at least 10%, supported by production growth and share repurchase strategies [19][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational execution and cost efficiencies to offset higher oilfield service costs [12][39] - The company anticipates production growth of approximately 10% in 2023, with a focus on the Giddings asset [39][49] - Management noted that inflationary pressures on service costs are beginning to flatten, which may improve operational efficiencies [13][49] Other Important Information - The company repurchased over 15 million shares in 2022, reducing the diluted share count by 8% compared to 2021 [11][18] - A 15% increase in the quarterly dividend was announced, reflecting strong operational and financial performance [46][38] Q&A Session Summary Question: Can you discuss the acquisitions made in Q4? - Management indicated that the acquisitions included acreage and working interests, primarily outside the core Giddings area, which will support ongoing operations [24][41] Question: What is the outlook for production growth in 2023? - Management expects production volumes to be between 80,000 and 82,000 BOE per day in Q1 2023, with continued growth anticipated throughout the year [22][39] Question: How do you view the current pricing environment and its impact on acquisitions? - Management acknowledged the current soft pricing environment but remains open to pursuing bolt-on deals if the right opportunities arise [60][89] Question: Can you provide more details on the performance of the Giddings pad? - Management confirmed that the Giddings pad has been performing better than expected, contributing significantly to production [72][126] Question: What is the company's approach to share repurchases versus dividends? - Management reiterated the commitment to a steady share repurchase program while also considering dividend growth, especially as excess cash becomes available [94][108]

Financial Performance - Magnolia's revenue for the year 2022 was $1694 million, a 57% increase year-over-year[39] - Adjusted EBITDAX for 2022 reached $1345 million, up 62% compared to the previous year[39] - Adjusted net income for 2022 was $978 million, a 69% increase year-over-year[39] - Free cash flow for 2022 amounted to $823 million, representing a 48% increase from the prior year[39] - The company's cash balance as of the end of 2022 stood at $675 million, an 84% increase year-over-year[39] Production and Operations - Total production in 2022 averaged 75400 barrels of oil equivalent per day (Mboe/d), a 14% increase year-over-year[39] - Giddings and Other Production accounted for 59% of total production in 2022, a 5% increase year-over-year[39] - The company's net debt to Q4 annualized adjusted EBITDAX ratio was -03x, indicating a net cash position[32] Capital Allocation - Magnolia repurchased 24 million shares during the fourth quarter of 2022[6, 42] - In 2022, the company repurchased 155 million shares[6] - The company plans to continue to opportunistically repurchase at least 1% of the total shares outstanding each quarter[19] - The quarterly dividend rate of $0115 per share is a 15% increase from 2022[23]

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-38083 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Magnolia Oil & Gas Corporation (Exact Name of Registrant as Specified in its Charter) Delaware ...