Magnolia Oil & Gas Corporation · NYSE:MGY
Magnolia Oil & Gas — Q3 2026 Earnings Presentation
24 slides from Magnolia Oil & Gas's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation November 4, 2026 Christopher Stavros – Chairman, President & CEO Brian Corales – Senior Vice President & CFO Tom Fitter – Vice President, Investor Relations
Slide 2: Disclaimer
Third 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: Third Quarter 2026 Highlights & Announcements
Third Quarter 2026 Earnings Presentation Third Quarter 2026 Highlights & Announcements Financial Operations Corporate • Q3 2026 adjusted net income of $166 • Q3 2026 total production of 117.3 Mboe/d • Closed acquisition of WildFire Energy MM and an adjusted operating income (17% YoY growth) & oil pr
Slide 4: Key Milestones Achieved Post-WildFire Acquisition Announcement
Third Quarter 2026 Earnings Presentation Key Milestones Achieved Post-WildFire Acquisition Announcement Key Milestones Achieved Portfolio Optimization 1 • Sold non-core assets for total consideration of $47.5 million plus received 616 net acres in Gonzales County increasing our working interest in a
Slide 5: Significant Synergy Capture & Unmatched Resource Base
Third Quarter 2026 Earnings Presentation Significant Synergy Capture & Unmatched Resource Base Unmatched Eagle Ford & Austin Chalk Acreage Position of Complementary Assets & Operations Lead >1.25 Million Net Acres to Significant Synergy Capture ($ MM) $20 >$100 MM Annual $20 $60 D&C and Field Corpor
Slide 6: Magnolia's Differentiated & Proven Business Model
Third Quarter 2026 Earnings Presentation Magnolia’s Differentiated & Proven Business Model Differentiated & Proven Business Model Capital Allocation Priorities ✓ Maintain Conservative Leverage 1) D&C Capital of <=55% of Adjusted EBITDAX – Focus on Steady Reduction of Debt from WildFire Acquisition –
Slide 7: Third Quarter 2026 Key Financial Metrics
Third Quarter 2026 Earnings Presentation Third Quarter 2026 Key Financial Metrics Metric Q3 2026 YoY % Change Total Production (Mboe/d) 117.3 17% Oil Production (Mbbls/d) 49.1 24% Revenue ($ MM) $514 58% Adjusted EBITDAX ($ MM) $392 79% Adjusted Net Income ($ MM) $166 114% D&C Capex ($ MM) $147 24%
Slide 8: Third Quarter 2026 Cash Flow Reconciliation
Third Quarter 2026 Earnings Presentation Third Quarter 2026 Cash Flow Reconciliation 3,000 37 33 43 60 323 151 2,500 2,000 911 $ In Millions 1,500 2,555 1,000 1,226 500 296 17 0 (2) (3) (5) (6) (7) (1) (4) (8) Cash Issuance of Debt, net of Cash Flow Divestitures Changes in Dividends Share D&C and Ac
Slide 9: History of Significant & Consistent Share Repurchases
Third Quarter 2026 Earnings Presentation History of Significant & Consistent Share Repurchases 90 Magnolia’s Consistent Share Repurchases (1) (million shares repurchased) 6.0 80 8.9 70 11.0 60 MM of Shares 9.6 50 15.5 (87.8) 40 30 25.3 • Increased share repurchase authorization by 15 MM shares 20 •
Slide 10: Track Record of a Safe, Sustainable and Growing Dividend
Third Quarter 2026 Earnings Presentation Track Record of a Safe, Sustainable and Growing Dividend Annualized 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 $0.60 ❑ Increased quarterly dividend by a cumulative 2
Slide 11: Capital Structure & Liquidity Overview
Third Quarter 2026 Earnings Presentation Capital Structure & Liquidity Overview Capital Structure Overview Capitalization & Liquidity ($MM) Capitalization Summary As of 9/30/2026 ▪ Maintaining low financial leverage profile ‒ Currently have a net debt(1) position of $1,918 MM Cash and Cash Equivalen
Slide 12: Margins and Cost Structure
Third Quarter 2026 Earnings Presentation Margins and Cost Structure For the Quarters Ended $ / Boe, unless otherwise noted September 30, 2026 September 30, 2025 Revenue $47.63 $35.14 Total Cash Operating Costs: Lease Operating Expenses (1) (5.12) (5.16) Gathering, Transportation & Processing (1.82)
Slide 13: Fourth Quarter & FY 2027 Operating Plan & Guidance
Third Quarter 2026 Earnings Presentation Fourth Quarter & FY 2027 Operating Plan & Guidance FY 2027 Guidance 2027E Capital Fourth Quarter 2026 Guidance ~10-12% Production Growth Karnes Production FY 2027 Organic Total & Oil Growth 159 - 161 Mboe/d (49% to 50% oil) 4% – 5% ~88-90% D&C Capital Spendin
Slide 14: Summary Investment Highlights
Third 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 Ford
Slide 15: Appendix
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Slide 16: Sizable & Consistent Cash Return to Shareholders
Third Quarter 2026 Earnings Presentation Sizable & Consistent Cash Return to Shareholders ~$2.2 Billion Returned to Shareholders Cumulative Return of Capital ($MM) $2,180 $1,913 ❑ Magnolia has a strong track record of returning capital to shareholders $1,591 ❑ Returned >30% of current market cap $1,
Slide 17: Summary Balance Sheet
Third Quarter 2026 Earnings Presentation Summary Balance Sheet (in thousands) September 30, 2026 December 31, 2025 Cash and cash equivalents $17,493 $266,785 Other current assets 363,522 175,650 Property, plant and equipment, net 6,923,181 2,424,152 Other assets 72,686 36,505 Total assets $7,376,882
Slide 18: Oil Derivative Positions
Third Quarter 2026 Earnings Presentation Oil Derivative Positions Added Magnolia Hedges Crude Oil Costless Collars (MEH) Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Notional Volume (Bbls) 3,680,000 2,700,000 2,275,000 920,000 - Weighted Average Floor Price ($/Bbl) $73.75 $70.83 $70.00 $70.00 - Weighted
Slide 19: Adjusted Free Cash Flow Reconciliations
Third Quarter 2026 Earnings Presentation Adjusted Free Cash Flow Reconciliations For the Quarters Ended (in thousands) September 30, 2026 September 30, 2025 Net cash provided by operating activities $368,979 $247,054 Add back: net change in operating assets and liabilities (46,257) 256 Cash flows fr
Slide 20: Adjusted EBITDAX Reconciliations
Third Quarter 2026 Earnings Presentation Adjusted EBITDAX Reconciliations For the Quarters Ended (in thousands) September 30, 2026 September 30, 2025 Net income $80,475 $78,233 Interest expense, net 8,542 5,362 Income tax expense 23,790 17,208 EBIT $112,807 $100,803 Depreciation, depletion and amort
Slide 21: Adjusted Net Income Reconciliation
Third Quarter 2026 Earnings Presentation Adjusted Net Income Reconciliation For the Quarters Ended (in thousands) September 30, 2026 September 30, 2025 Net income $80,475 $78,233 Adjustments: Transaction and integration related costs 68,743 - Unrealized loss on derivatives, net 39,874 - Gain on reva
Slide 22: Return on Capital Employed
Third Quarter 2026 Earnings Presentation Return on Capital Employed For the Quarters Ended (in thousands) September 30, 2026 September 30, 2025 Operating income $154,599 $101,464 Add Back: Transaction & Integration Costs $68,743 - Adjusted operating income (A) $223,342 $101,464 Debt - beginning of p
Slide 23: Oil & Gas Production Results
Third Quarter 2026 Earnings Presentation Oil & Gas Production Results Combined Karnes Giddings Combined Karnes Giddings For the Quarter Ended September 30, 2026 For the Quarter Ended September 30, 2025 Production: Oil (MBbls) 4,516 1,090 3,426 3,628 1,164 2,464 Natural gas (MMcf) 19,425 2,217 17,208
Slide 24: Magnolia's Commitment to Sustainability
Third Quarter 2026 Earnings Presentation Magnolia’s Commitment to Sustainability Safeguarding Supporting Employees and Governing with Integrity the Environment Communities • 24-percent reduction in gross Scope 1 • $309 million in royalty, lease, and surface • 50-percent refreshment rate with 4 green