Magnolia Oil & Gas Corporation · NYSE:MGY
Magnolia Oil & Gas — Q1 2026 Earnings Presentation
22 slides from Magnolia Oil & Gas's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 6, 2026 Christopher Stavros – Chairman, President & CEO Brian Corales – Senior Vice President & CFO Tom Fitter – Vice President, Investor Relations
Slide 2: Disclaimer
First Quarter 2026 Earnings Presentation Disclaimer FORWARD LOOKING STATEMENTS The information in this presentation 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
Slide 3: First Quarter 2026 Highlights & Announcements
First Quarter 2026 Earnings Presentation First Quarter 2026 Highlights & Announcements Financial Operations Corporate • Total net income of $101 MM and • Q1 2026 total production of 102.6 Mboe/d • Closed multiple bolt-on acquisitions in both operating income margin of 36% (6% YoY growth) & oil produ
Slide 4: South Texas Bolt-On Acquisitions
First Quarter 2026 Earnings Presentation South Texas Bolt-On Acquisitions Oil and Gas Property Acquisition Highlights • Acquisitions in both Karnes area and Giddings furthers Magnolia’s successful strategy of bolting on acreage with minimal production in areas we currently operate • Acquired ~6,200
Slide 5: Magnolia's Consistent Business Model
First Quarter 2026 Earnings Presentation Magnolia’s Consistent Business Model High Quality Assets Drive Low Capital Deliver Mid-Single Digit Long-Term Production Reinvestment Rate that Grows the Business Growth with Significant Free Cash Flow Limit Capital Spending to 55% of 2026E Total Production G
Slide 6: First Quarter 2026 Key Financial Metrics
First Quarter 2026 Earnings Presentation First Quarter 2026 Key Financial Metrics Metric Q1 2026 YoY % Change Total Production (Mboe/d) 102.6 6% Oil Production (Mbbls/d) 40.7 4% Revenue ($ MM) $359 2% Adjusted EBITDAX ($ MM) $253 2% Net Income ($ MM) $101 (5%) Earnings Per Share (EPS) $0.54 - D&C Ca
Slide 7: First Quarter 2026 Cash Flow Reconciliation
First Quarter 2026 Earnings Presentation First Quarter 2026 Cash Flow Reconciliation 600 500 23 31 53 400 247 128 $ In Millions 300 200 155 267 100 124 0 (1) (2) (3) (4) (5) Cash Cash Flow Changes in Dividends and Share DC&F Capital & Acquisitions Cash 12/31/2025 from Working Capital Distributions R
Slide 8: History of Significant & Consistent Share Repurchases
First Quarter 2026 Earnings Presentation History of Significant & Consistent Share Repurchases Magnolia’s Consistent Share Repurchases (1) 90 (million shares repurchased) 2.0 80 8.9 70 11.0 60 9.6 50 15.5 40 (83.7) 30 Magnolia has reduced its diluted share 25.3 count by approximately 28% 20 10 4.5 7
Slide 9: Track Record of a Safe, Sustainable and Growing Dividend
First Quarter 2026 Earnings Presentation Track Record of a Safe, Sustainable and Growing Dividend Dividend Payout Per Share CAGR Has Exceeded 15% $0.66 $0.60 Magnolia’s dividend has grown at a double-digit rate over the past 5 years $0.52 $0.46 Sustainable dividend growth supported through $0.40
Slide 10: Summary Balance Sheet
First Quarter 2026 Earnings Presentation Summary Balance Sheet (in thousands) March 31, 2026 December 31, 2025 Cash and cash equivalents $124,372 $266,785 Other current assets 195,291 175,650 Property, plant and equipment, net 2,586,479 2,424,152 Other assets 38,336 36,505 Total assets $2,944,478 $2
Slide 11: Margins and Cost Structure
First Quarter 2026 Earnings Presentation Margins and Cost Structure For the Quarters Ended $ / Boe, unless otherwise noted March 31, 2026 March 31, 2025 Revenue $38.84 $40.31 Total Cash Operating Costs: Lease Operating Expenses (1) (5.07) (5.34) Gathering, Transportation & Processing (1.97) (1.72) T
Slide 12: FY2026 & Second Quarter 2026 Operating Plan & Guidance
First Quarter 2026 Earnings Presentation FY2026 & Second Quarter 2026 Operating Plan & Guidance 2026E Production & Capital 2026E Capital Second Quarter 2026 Guidance Production Growth Production ~20-25% Karnes ~105 Mboe/d YoY 2026 Total Growth ~5% D&C Capital ~75-80% D&C Capital Spending Giddings FY
Slide 13: Summary Investment Highlights
First Quarter 2026 Earnings Presentation Summary Investment Highlights High Quality Assets Positioned for Success • Leading position in the Giddings area with low capital reinvestment rate, low breakevens and substantial running room Giddings • Coveted position in the Karnes area in the core of the
Slide 14: Appendix
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Slide 15: Sizable & Consistent Cash Return to Shareholders
First Quarter 2026 Earnings Presentation Sizable & Consistent Cash Return to Shareholders ~$2 Billion Returned to Shareholders Cumulative Return of Capital ($MM) $1,996 $1,913 Magnolia has a strong track record of $1,591 returning capital to shareholders $1,213 Returned ~35% of current market ca
Slide 16: Free Cash Flow Reconciliations
First Quarter 2026 Earnings Presentation Free Cash Flow Reconciliations For the Quarters Ended (in thousands) March 31, 2026 March 31, 2025 Net cash provided by operating activities $197,616 $224,490 Add back: net change in operating assets and liabilities 48,935 7,992 Cash flows from operations bef
Slide 17: Adjusted EBITDAX Reconciliations
First Quarter 2026 Earnings Presentation Adjusted EBITDAX Reconciliations For the Quarters Ended (in thousands) March 31, 2026 March 31, 2025 Net income $100,836 $106,648 Interest expense, net 6,004 5,252 Income tax expense 20,888 25,137 EBIT $127,728 $137,037 Depreciation, depletion and amortizatio
Slide 18: Adjusted Net Income Reconciliation
First Quarter 2026 Earnings Presentation Adjusted Net Income Reconciliation For the Quarters Ended (in thousands) March 31, 2026 March 31, 2025 Net income $100,836 $106,648 Adjustments: Gain on revaluation of contingent consideration - (1,352) Change in estimated income tax(1) - 274 Adjusted Net Inc
Slide 19: Capital Structure & Liquidity Overview
First Quarter 2026 Earnings Presentation Capital Structure & Liquidity Overview Capital Structure Overview Capitalization & Liquidity ($MM) Capitalization Summary As of 3/31/2026 Maintaining low financial leverage profile ‒ Currently have a net debt(1) position of $276 MM Cash and Cash Equivalents
Slide 20: Return on Capital Employed
First Quarter 2026 Earnings Presentation Return on Capital Employed For the Quarter Ended (in thousands) March 31, 2026 Operating income $127,764 Operating income (A) $127,764 Debt - beginning of period 393,251 Stockholders' Equity - beginning of period 1,999,173 Capital employed - beginning of peri
Slide 21: Oil & Gas Production Results
First Quarter 2026 Earnings Presentation Oil & Gas Production Results Combined Karnes Giddings Combined Karnes Giddings For the Quarter Ended March 31, 2026 For the Quarter Ended March 31, 2025 Production: Oil (MBbls) 3,661 1,026 2,635 3,517 1,072 2,445 Natural gas (MMcf) 17,383 2,045 15,338 16,492
Slide 22: Magnolia's Commitment to Sustainability
First Quarter 2026 Earnings Presentation Magnolia’s Commitment to Sustainability Safeguarding Supporting Employees Governing with the Environment and Communities Integrity 21-percent reduction in gross $304 million in royalty, lease, and 50-percent refreshment rate Scope 1 greenhouse gas surface pay