Magnolia Oil & Gas Corporation · NYSE:MGY
Magnolia Oil & Gas — Investor Presentation (May 2026)
31 slides from Magnolia Oil & Gas's investor presentation, May 2026
Slide 1: May 2026 Investor Presentation
May 2026 Investor Presentation
Slide 2: Disclaimer
May 2026 Investor 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 statement
Slide 3: Magnolia Oil & Gas Overview
May 2026 Investor Presentation Magnolia Oil & Gas Overview • High-quality, low-risk pure-play South Texas operator with core Eagle Ford and Austin Chalk positions acquired at attractive entry costs Texas • Significant scale and PDP base generates material free cash flow, reduces development risk, an
Slide 4: Magnolia’s Consistent Business Model
May 2026 Investor 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 Growth of ~
Slide 5: Asset Overview
Asset Overview
Slide 6: Magnolia’s Acquisition Strategy
May 2026 Investor Presentation 2024 – 2025 Giddings Bolt-Ons Magnolia’s Acquisition Strategy Acquisitions are targeted to not simply replace the oil & gas that has already been produced but importantly, to improve the overall resource opportunity set, enhance the durability of our business model, an
Slide 7: South Texas Bolt-On Acquisitions
May 2026 Investor 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 net acres
Slide 8: Giddings Area Assets
May 2026 Investor Presentation Giddings Area Assets Texas Asset Overview • ~742,000 gross acres (~562,000 net acres) with high working interest (~98% operated) • 240,000 net acres in development – Active appraisal program outside of development area • Q1 2026 production averaged 83.9 Mboe/d (35% oil
Slide 9: Core Karnes Assets
May 2026 Investor Presentation Core Karnes Assets Texas Asset Overview • Mature asset offers significant free cash flow and a low base production decline • Acreage located in the core of the Eagle Ford offering very strong economic returns in Karnes, Gonzales and DeWitt counties – ~26,000 net acres
Slide 10: Financial, Capital Allocation & Risk Management Overview
Financial, Capital Allocation & Risk Management Overview
Slide 11: Cash Flow Allocation Matches Magnolia’s Business Model
May 2026 Investor Presentation Cash Flow Allocation Matches Magnolia’s Business Model Dividends & Allocation of Operating Cash Flow – Since Inception Cash Build 8% (7/31/2018 – 3/31/2026) Magnolia’s “recipe” is a disciplined allocation of Share Repurchases 25% capital, low reinvestment rate, a balan
Slide 12: Low Leverage Drives Financial Flexibility
May 2026 Investor Presentation Low Leverage Drives Financial Flexibility Net Debt / EBITDA (2026E) (1) 1.9 Magnolia has the strongest balance sheet in the industry 1.3 1.3 1.3 1.1 1.1 1.0 0.9 0.8 0.8 0.7 0.6 0.6 0.6 0.4 0.4 0.2 0.3 (1) Source: FactSet (2026E). Net debt is calculated as the differenc
Slide 13: Low Reinvestment Rate with Strong Production Growth
May 2026 Investor Presentation Low Reinvestment Rate with Strong Production Growth 5-Year Average Reinvestment Rate1 Production Growth Per Share1 (5-Year CAGR) 65% 17% 61% 60% 14% 57% 56% 56% 12% 54% 11% 52% 53% 10% 10% 9% 50% 49% 7% 7% 46% 47% 45% 44% 4% 41% 2% 2% 1% 0% -2% -5% Magnolia’s Focused D
Slide 14: High Pre-tax Operating Margins
May 2026 Investor Presentation High Pre-tax Operating Margins Operating Margin (1) (5-Year Average) 49% 48% 46% 45% ❑ Magnolia has consistently delivered one of the 42% 42% 40% highest operating margins relative to peers 39% 36% ❑ High-quality asset base and focus on 32% 31% 30% 30% maintaining low
Slide 15: History of Top-Tier Return on Capital Employed
May 2026 Investor Presentation History of Top-Tier Return on Capital Employed Historical ROCE 34% ❑ Low reinvestment rate and continued business model execution - low leverage, disciplined capital spending and high pre-tax margins 21% are critical to sustaining high returns ❑ Sharp focus on managing
Slide 16: Sizable & Consistent Cash Return to Shareholders
May 2026 Investor 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 cap over the
Slide 17: History of Significant & Consistent Share Repurchases
May 2026 Investor 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 7.0 0 2019
Slide 18: Track Record of a Safe, Sustainable and Growing Dividend
May 2026 Investor 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 product p
Slide 19: Business Risks Adequately Managed
May 2026 Investor Presentation Business Risks Adequately Managed Level of Risk Acceptable to Magnolia Low Risk Moderate Risk Fully Exposed Risk Factor Geologic/Exploratory Political Cost Risk Reinvestment Commodity Financial 19
Slide 20: FY2026 & Second Quarter 2026 Operating Plan & Guidance
May 2026 Investor 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 2026 Capi
Slide 21: Magnolia’s Commitment to Sustainability
May 2026 Investor 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 payments to T
Slide 22: Summary Investment Highlights
May 2026 Investor 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 Eagle Ford
Slide 23: Appendix
Appendix
Slide 24: First Quarter 2026 Cash Flow Reconciliation
May 2026 Investor Presentation First Quarter 2026 Cash Flow Reconciliation 600 500 23 31 53 400 247 $ In Millions 128 300 200 155 267 100 124 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 Repurchases
Slide 25: Summary Balance Sheet
May 2026 Investor 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 $2,903,092 C
Slide 26: Capital Structure & Liquidity Overview
May 2026 Investor Presentation Capital Structure & Liquidity Overview Capital Structure Overview Capitalization & Liquidity ($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 $124 ‒ Ne
Slide 27: Margins and Cost Structure
May 2026 Investor 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) Taxes Other
Slide 28: Free Cash Flow Reconciliations
May 2026 Investor 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 before net ch
Slide 29: Adjusted EBITDAX Reconciliations
May 2026 Investor 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 amortization 113,359
Slide 30: Adjusted Net Income Reconciliation
May 2026 Investor 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 Income $100,8
Slide 31: Return on Capital Employed
May 2026 Investor Presentation Return on Capital Employed For the Quarter For the Years Ended Ended (in thousands) March 31, 2026 December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 Operating income $127,764 $439,181 $511,988 $534,485 $1,073,786 $602,594 Less: I
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