Magnolia Oil & Gas Corporation · NYSE:MGY
Magnolia Oil & Gas — Q1 2021 Earnings Presentation
16 slides from Magnolia Oil & Gas's earnings presentation, May 5, 2021
Slide 1: First Quarter 2021 Earnings Presentation
First Quarter 2021 Earnings Presentation May 5, 2021 Stephen Chazen – Chairman, President & CEO Christopher Stavros – Executive Vice President & CFO Brian Corales – Vice President, Investor Relations
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS The information in this presentation and the oral statements made in connection therewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities E
Slide 3: Magnolia Oil & Gas – 1Q21 Highlights
Magnolia Oil & Gas – 1Q21 Highlights • Total production in the first quarter 2021 increased 3% sequentially to 62.3 Mboe/d. • Production at Giddings achieved another record level in the first quarter with total volumes of 34.6 Mboe/d increasing 22% sequentially and 45% from prior year levels. Giddin
Slide 4: 1Q 2021 Key Metrics
Magnolia Oil & Gas – 1Q 2021 Key Metrics Adj. Net Income (1) & Adj. EPS (1) Total Production Giddings Production $93.8 million 62.3 Mboe/d 34.6 Mboe/d $0.38/share (3% sequential growth) (22% sequential growth) (45% YOY growth) Adjusted EBITDAX (1) D&C Capex Free Cash Flow (1) $150.8 Million $38.9 Mi
Slide 5: 1Q 2021 Cash Flow Summary
1Q 2021 Cash Flow Summary ($In Millions) $350 3 26 $300 40 142 $250 88 $200 $150 $100 193 178 $50 $0 Cash Cash Flow Acquisitions Changes in DC&F Capital Share Cash 12/31/20 from and Other (2) WC (3) Repurchase (4) 3/31/21 (1) Operations (1) Cash flow from operations before changes in working capital
Slide 6: Summary Balance Sheet
Magnolia Oil & Gas – Summary Balance Sheet (in thousands) March 31, 2021 December 31, 2020 Cash $178,194 $192,561 Current assets 111,024 88,965 Property, plant and equipment, net 1,147,802 1,149,527 Other assets 18,828 22,367 Total assets $1,455,848 $1,453,420 Current liabilities $125,935 $128,949 L
Slide 7: 1Q21 Capital Structure and Liquidity Overview
1Q21 Capital Structure and Liquidity Overview Capital Structure Overview Capitalization & Liquidity ($MM) • Maintaining low financial leverage profile Capitalization Summary As of 3/31/2021 ‒ Net Debt / Total Book Capitalization of 18% Cash and Cash Equivalents $178 ‒ Net Debt / Q1 Annualized adjust
Slide 8: Margin and Cost Structure
Magnolia Oil & Gas – Margin and Cost Structure For the Quarter Ended For the Quarter Ended $ / Boe, unless otherwise noted March 31, 2021 December 31, 2020 Revenue $37.06 $26.76 Total Cash Operating Costs: Lease Operating Expenses (1) (3.44) (3.19) Gathering, Transportation & Processing (1.57) (1.45
Slide 9: Appendix
Appendix
Slide 10: Overview
Magnolia Oil & Gas – Overview • High-quality, low-risk pure-play South Texas operator with a core ~460,000 Net Acre Position Targeting Two of the Top Eagle Ford and Austin Chalk position acquired at an attractive entry Oil Plays in the U.S. multiple • Significant scale and PDP base generates materia
Slide 11: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation (in thousands) For the Quarter Ended For the Quarter Ended Free Cash Flow Reconciliation March 31, 2021 March 31, 2020 Net cash provided by operating activities $118,153 $134,878 Add back: Changes in operating assets and liabilities 23,740 (17,314) Cash flows from opera
Slide 12: Reconciliation of Net Income (Loss) to Adjusted EBITDAX
Reconciliation of Net Income (Loss) to Adjusted EBITDAX (in thousands) For the Quarter Ended For the Quarter Ended Adjusted EBITDAX reconciliation to net income (loss): March 31, 2021 March 31, 2020 Net income (loss) $91,492 ($1,895,299) Exploration expense 2,062 556,427 Asset retirement obligation
Slide 13: Adjusted Net Income (Loss) Reconciliation
Adjusted Net Income (Loss) Reconciliation (in thousands) For the Quarter Ended For the Quarter Ended Adjusted Net Income (Loss) March 31, 2021 March 31, 2020 Net income (loss) $91,492 ($1,895,299) Income tax expense (benefit) $399 ($75,826) Income Before Income Taxes 91,891 (1,971,125) Adjustments:
Slide 14: Adjusted Earnings Reconciliation
Adjusted Earnings Reconciliation (in thousands) For the Quarter Ended Per Share For the Quarter Ended Per Share March 31, 2021 Diluted EPS March 31, 2020 Diluted EPS Net income (loss) attributable to Class A Common Stock $63,244 $0.37 ($1,227,010) ($7.34) Adjustments: Impairment of proved oil and na
Slide 15: Operating Highlights
Magnolia Oil & Gas – Operating Highlights For the Quarter Ended For the Quarter Ended March 31, 2021 March 31, 2020 Production: Oil (MBbls) 2,593 3,391 Natural gas (MMcf) 10,240 10,053 Natural gas liquids (MBbls) 1,304 1,155 Total (Mboe) 5,604 6,222 Average daily production: Oil (Bbls/d) 28,808 37,2
Slide 16: Production Results
Magnolia Oil & Gas – Production Results Giddings & Giddings & Combined Karnes Combined Karnes Other Other Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Production: Oil (MBbls) 2,593 1,579 1,014 3,391 2,799 592 Natural gas (MMcf) 10,240 2,923 7,317 10,053 3,836 6,217 Natural gas