Magnolia Oil & Gas Corporation · NYSE:MGY
Magnolia Oil & Gas — Q2 2026 Earnings Presentation
21 slides from Magnolia Oil & Gas's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation August 5, 2026 Christopher Stavros – Chairman, President & CEO Brian Corales – Senior Vice President & CFO Tom Fitter – Vice President, Investor Relations
Slide 2: Disclaimer
Second 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. Al
Slide 3: Second Quarter 2026 Highlights & Announcements
Second Quarter 2026 Earnings Presentation Second Quarter 2026 Highlights & Announcements Financial Operations Corporate • Q2 2026 Total adjusted net income of • Q2 2026 total production of 106.1 Mboe/d • Announced definitive agreement to acquire $184 MM and an adjusted operating (8% YoY growth) & oi
Slide 4: Highly Accretive Acquisition Creates the Premier Eagle Ford/Austin Chalk Position
Second Quarter 2026 Earnings Presentation Highly Accretive Acquisition Creates the Premier Eagle Ford/Austin Chalk Position WildFire Total Consideration $4.06 B Strong Strategic Fit With Highly Contiguous Acreage in Giddings Equity1 Cash & Debt2 $2.08 B (~51%) $1.98 B (~49%) ➢ Adds Significant Acrea
Slide 5: Magnolia's Differentiated & Proven Business Model
Second Quarter 2026 Earnings Presentation Magnolia’s Differentiated & Proven Business Model Differentiated & Proven Business Model Capital Allocation Priorities ✓ Maintain Conservative Leverage 1) D&C Capital of <=55% of Adjusted EBITDAX – Focus on Steady Reduction of Debt from WildFire Acquisition
Slide 6: Second Quarter 2026 Key Financial Metrics
Second Quarter 2026 Earnings Presentation Second Quarter 2026 Key Financial Metrics Metric Q2 2026 YoY % Change Total Production (Mboe/d) 106.1 8% Oil Production (Mbbls/d) 41.9 5% Revenue ($ MM) $479 50% Adjusted EBITDAX ($ MM) $370 66% Adjusted Net Income ($ MM) $184 128% D&C Capex ($ MM) $125 31%
Slide 7: Second Quarter 2026 Cash Flow Reconciliation
Second Quarter 2026 Earnings Presentation Second Quarter 2026 Cash Flow Reconciliation 600 15 500 31 49 400 125 $ In Millions 300 362 200 296 100 124 0 (1) (2) (3) Cash Cash Flow Changes in Dividends Share Repurchases DC&F Capital & Cash 3/31/2026 from Working Capital and Leasehold 6/30/2026 Operati
Slide 8: History of Significant & Consistent Share Repurchases
Second Quarter 2026 Earnings Presentation History of Significant & Consistent Share Repurchases 90 Magnolia’s Consistent Share Repurchases (1) (million shares repurchased) 3.7 80 8.9 70 11.0 60 9.6 50 15.5 (85.5) 40 30 25.3 20 10 4.5 7.0 0 2019 2020 2021 2022 2023 2024 2025 2026 YTD Total (1) Class
Slide 9: Track Record of a Safe, Sustainable and Growing Dividend
Second Quarter 2026 Earnings Presentation Track Record of a Safe, Sustainable and Growing Dividend Dividend Payout Per Share CAGR Has Exceeded 15% $0.72 ❑ Magnolia’s dividend has grown at a double-digit rate over the past 5 years $0.66 $0.60 ❑ Increased quarterly dividend 9% to $0.18 /share from $0.
Slide 10: Summary Balance Sheet
Second Quarter 2026 Earnings Presentation Summary Balance Sheet (in thousands) June 30, 2026 December 31, 2025 Cash and cash equivalents $295,938 $266,785 Other current assets 192,650 175,650 Property, plant and equipment, net 2,599,165 2,424,152 Other assets 52,831 36,505 Total Assets $3,140,584 $2
Slide 11: Margins and Cost Structure
Second Quarter 2026 Earnings Presentation Margins and Cost Structure For the Quarters Ended $ / Boe, unless otherwise noted June 30, 2026 June 30, 2025 Revenue $49.60 $35.68 Total Cash Operating Costs: Lease Operating Expenses (1) (4.92) (4.78) Gathering, Transportation & Processing (1.78) (1.84) Ta
Slide 12: Third Quarter & FY 2026 Operating Plan & Guidance (MGY Standalone)
Second Quarter 2026 Earnings Presentation Third Quarter & FY 2026 Operating Plan & Guidance (MGY Standalone) MGY Standalone FY2026 Guidance 2026E Capital MGY Standalone Q3 2026 Guidance Production Growth Production ~20-25% Full-Year 2026 Total Growth increased to 6% Karnes Similar to Q2 2026 (~106.1
Slide 13: Summary Investment Highlights
Second Quarter 2026 Earnings Presentation Summary Investment Highlights High Quality Assets Positioned for Success • Dominant position in the Giddings area with low capital reinvestment rate, low breakevens and unmatched running room • Coveted position in the Karnes area in the core of the Eagle For
Slide 14: Appendix
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Slide 15: Sizable & Consistent Cash Return to Shareholders
Second Quarter 2026 Earnings Presentation Sizable & Consistent Cash Return to Shareholders >$2 Billion Returned to Shareholders Cumulative Return of Capital ($MM) $2,077 $1,913 ❑ Magnolia has a strong track record of returning capital to shareholders $1,591 ❑ Returned ~35% of current market cap $1,2
Slide 16: Free Cash Flow Reconciliations
Second Quarter 2026 Earnings Presentation Free Cash Flow Reconciliations For the Quarters Ended (in thousands) June 30, 2026 June 30, 2025 Net cash provided by operating activities $384,026 $198,701 Add back: net change in operating assets and liabilities (22,040) 15,500 Cash flows from operations b
Slide 17: Adjusted EBITDAX Reconciliations
Second Quarter 2026 Earnings Presentation Adjusted EBITDAX Reconciliations For the Quarters Ended (in thousands) June 30, 2026 June 30, 2025 Net income $181,776 $81,028 Interest expense, net 6,720 5,604 Income tax expense 50,626 20,938 EBIT $239,122 $107,570 Depreciation, depletion and amortization
Slide 18: Adjusted Net Income Reconciliation
Second Quarter 2026 Earnings Presentation Adjusted Net Income Reconciliation For the Quarters Ended (in thousands) June 30, 2026 June 30, 2025 Net income $181,776 $81,028 Adjustments: Transaction related costs 3,200 - Other income adjustment(1) - (130) Change in estimated income tax(2) (672) 26 Adju
Slide 19: Return on Capital Employed
Second Quarter 2026 Earnings Presentation Return on Capital Employed For the Quarter Ended (in thousands) June 30, 2026 Operating income $239,501 Operating income (A) $239,501 Debt - beginning of period 393,442 Stockholders' Equity - beginning of period 2,035,881 Capital employed - beginning of peri
Slide 20: Oil & Gas Production Results
Second Quarter 2026 Earnings Presentation Oil & Gas Production Results Combined Karnes Giddings Combined Karnes Giddings For the Quarter Ended June 30, 2026 For the Quarter Ended June 30, 2025 Production: Oil (MBbls) 3,809 1,167 2,642 3,639 1,175 2,464 Natural gas (MMcf) 18,201 2,435 15,766 16,820 2
Slide 21: Magnolia's Commitment to Sustainability
Second Quarter 2026 Earnings Presentation Magnolia’s Commitment to Sustainability Safeguarding Supporting Employees and Governing with Integrity the Environment Communities • 24-percent reduction in gross • $309 million in royalty, lease, and • 50-percent refreshment rate with 4 Scope 1 greenhouse g