Magnolia Oil & Gas Corporation · NYSE:MGY
Magnolia Oil & Gas — Q4 2025 Earnings Presentation
26 slides from Magnolia Oil & Gas's earnings presentation, Feb 6, 2026
Slide 1: Fourth Quarter & Full Year 2025 Earnings Presentation
Fourth Quarter & Full Year 2025 Earnings Presentation February 5, 2026 Christopher Stavros – Chairman, President & CEO Brian Corales – Senior Vice President & CFO Tom Fitter – Director, Investor Relations
Slide 2: Disclaimer
Fourth Quarter & Full Year 2025 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
Slide 3: Fourth Quarter and Full Year 2025 Highlights & Announcements
Fourth Quarter & Full Year 2025 Earnings Presentation Fourth Quarter and Full Year 2025 Highlights & Announcements Financial Operations Corporate • 2025 total adjusted net income of $336 MM • Full-year 2025 total production of 99.8 Mboe/d • Returned 75% of free cash flow, or ~$322 MM, and operating
Slide 4: Magnolia's Consistent Business Model
Fourth Quarter & Full Year 2025 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
Slide 5: Low Reinvestment Rate with Strong Production Growth
Fourth Quarter & Full Year 2025 Earnings 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% 48% 49% 7% 7% 46% 47% 45% 44% 4% 41% 2% 2% 1% 1% 0
Slide 6: High Pre-tax Operating Margins
Fourth Quarter & Full Year 2025 Earnings Presentation High Pre-tax Operating Margins Operating Margin (1) (5-Year Average) 49% 48% Magnolia has consistently delivered one of the 46% 45% 42% 42% 42% 40% highest operating margins relative to peers 39% 36% High-quality asset base and focus on 32% 3
Slide 7: Low Leverage Drives Financial Flexibility
Fourth Quarter & Full Year 2025 Earnings Presentation Low Leverage Drives Financial Flexibility Net Debt / EBITDA (2026E) (1) 2.2 Magnolia has the strongest 1.8 1.7 balance sheet in the industry 1.5 1.4 1.4 1.2 1.2 1.3 1.1 1.0 1.0 0.8 0.9 0.8 0.7 0.4 0.3 0.1 (1) Source: FactSet (2026E) as of 1/28/20
Slide 8: History of Top-Tier Return on Capital Employed
Fourth Quarter & Full Year 2025 Earnings 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 are critical to sustaining high returns 18%
Slide 9: Sizable & Consistent Cash Return to Shareholders
Fourth Quarter & Full Year 2025 Earnings Presentation Sizable & Consistent Cash Return to Shareholders >$1.9 Billion Returned to Shareholders Cumulative Return of Capital ($MM) $1,913 $1,591 Magnolia has a strong track record of returning capital to shareholders $1,213 Returned ~40% of current m
Slide 10: Key Financial Metrics
Fourth Quarter & Full Year 2025 Earnings Presentation Fourth Quarter & Full Year 2025 Key Financial Metrics Metric Q4 2025 YoY % Change 2025 YoY % Change Total Production (Mboe/d) 103.8 11% 99.8 11% Oil Production (Mbbls/d) 40.7 5% 39.8 4% Revenue ($ MM) $318 (3%) $1,312 0% Adjusted EBITDAX ($ MM) $
Slide 11: 2025 Cash Flow Reconciliation
Fourth Quarter & Full Year 2025 Earnings Presentation 2025 Cash Flow Reconciliation 1,200 41 67 1,000 117 205 800 906 $ In Millions 600 469 400 200 260 267 0 (2) (3) (4) (1) Cash Cash Flow Changes in Acquisitions Dividends and Share DC&F Capital Cash 12/31/2024 from Working Capital Distributions Rep
Slide 12: History of Significant & Consistent Share Repurchases
Fourth Quarter & Full Year 2025 Earnings Presentation History of Significant & Consistent Share Repurchases Magnolia’s Consistent Share Repurchases (1) 90 (million shares repurchased) 80 8.9 70 11.0 60 9.6 50 15.5 40 (81.8) 30 Magnolia has reduced its diluted share 25.3 count by approximately 27% 20
Slide 13: Track Record of a Safe, Sustainable and Growing Dividend
Fourth Quarter & Full Year 2025 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
Slide 14: Summary Balance Sheet
Fourth Quarter & Full Year 2025 Earnings Presentation Summary Balance Sheet (in thousands) December 31, 2025 December 31, 2024 Cash and cash equivalents $266,785 $260,049 Other current assets 175,650 150,775 Property, plant and equipment, net 2,424,152 2,306,034 Other assets 36,505 103,977 Total ass
Slide 15: Margins and Cost Structure
Fourth Quarter & Full Year 2025 Earnings Presentation Margins and Cost Structure For the Quarters Ended For the Years Ended $ / Boe, unless otherwise noted December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenue $33.26 $38.13 $36.01 $40.08 Total Cash Operating Costs: Lease Op
Slide 16: Oil & Gas Reserves Detail
Fourth Quarter & Full Year 2025 Earnings Presentation Oil & Gas Reserves Detail For the Years Ended (In thousands) Three Year Total December 31, 2025 December 31, 2024 December 31, 2023 Costs incurred: Proved property acquisition costs $47,122 $68,761 $326,150 $442,033 Unproved properties acquistion
Slide 17: FY2026 & First Quarter 2026 Operating Plan & Guidance
Fourth Quarter & Full Year 2025 Earnings Presentation FY2026 & First Quarter 2026 Operating Plan & Guidance 2026E Production & Capital 2026E Capital First Quarter 2026 Guidance Production Growth Production ~20-25% Karnes ~102 Mboe/d YoY 2026 Total Growth ~5% D&C Capital ~75-80% D&C Capital Spending
Slide 18: Summary Investment Highlights
Fourth Quarter & Full Year 2025 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
Slide 19: Appendix
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Slide 20: Magnolia's Commitment to Sustainability
Fourth Quarter & Full Year 2025 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 ga
Slide 21: Free Cash Flow Reconciliations
Fourth Quarter & Full Year 2025 Earnings Presentation Free Cash Flow Reconciliations For the Quarters Ended For the Years Ended (in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net cash provided by operating activities $208,394 $222,627 $878,639 $920,850 Add bac
Slide 22: Adjusted EBITDAX Reconciliations
Fourth Quarter & Full Year 2025 Earnings Presentation Adjusted EBITDAX Reconciliations For the Quarters Ended For the Years Ended (in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income $71,371 $88,708 $337,279 $397,330 Interest expense, net 5,399 4,688 21,6
Slide 23: Adjusted Net Income Reconciliation
Fourth Quarter & Full Year 2025 Earnings Presentation Adjusted Net Income Reconciliation For the Quarters Ended For the Years Ended (in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income $71,371 $88,708 $337,279 $397,330 Adjustments: Gain on revaluation of
Slide 24: Capital Structure & Liquidity Overview
Fourth Quarter & Full Year 2025 Earnings Presentation Capital Structure & Liquidity Overview Capital Structure Overview Capitalization & Liquidity ($MM) Capitalization Summary As of 12/31/2025 Maintaining low financial leverage profile ‒ Currently have a net debt(1) position of $133 MM Cash and Ca
Slide 25: Return on Capital Employed
Fourth Quarter & Full Year 2025 Earnings Presentation Return on Capital Employed For the Quarters Ended For the Years Ended (in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 Operating income $94,081 $124,067 $
Slide 26: Oil & Gas Production Results
Fourth Quarter & Full Year 2025 Earnings Presentation Oil & Gas Production Results Combined Karnes Giddings Combined Karnes Giddings For the Quarter Ended December 31, 2025 For the Quarter Ended December 31, 2024 Production: Oil (MBbls) 3,747 1,106 2,641 3,572 1,163 2,409 Natural gas (MMcf) 18,089 2