Magnolia Oil & Gas Corporation · NYSE:MGY
Magnolia Oil & Gas — Investor Presentation (March 2026)
30 slides from Magnolia Oil & Gas's investor presentation, March 2026
Slide 1: March 2026 Investor Presentation
March 2026 Investor Presentation
Slide 2: Disclaimer
March 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 stateme
Slide 3: Magnolia Oil & Gas Overview
March 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,
Slide 4: Magnolia's Consistent Business Model
March 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: Giddings Area Assets
March 2026 Investor Presentation Giddings Area Assets Texas Asset Overview • ~739,000 gross acres (~558,000 net acres) with high working interest (~98% operated) • 240,000 net acres in development – Active appraisal program outside of development area • Q4 2025 production averaged 83.6 Mboe/d (34% o
Slide 7: Magnolia's Acquisition Strategy
March 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,
Slide 8: Core Karnes Assets
March 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 – ~22,000 net acre
Slide 9: Financial, Capital Allocation & Risk Management Overview
Financial, Capital Allocation & Risk Management Overview
Slide 10: Cash Flow Allocation Matches Magnolia's Business Model
March 2026 Investor Presentation Cash Flow Allocation Matches Magnolia’s Business Model Dividends & Allocation of Operating Cash Flow – Since Inception Cash Build (7/31/2018 – 12/31/2025) 10% Magnolia’s “recipe” is a disciplined allocation of capital, low reinvestment rate, a balanced return Share R
Slide 11: Low Leverage Drives Financial Flexibility
March 2026 Investor 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 1/28/2026. Net debt is calcu
Slide 12: Low Reinvestment Rate with Strong Production Growth
March 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% 48% 49% 7% 7% 46% 47% 45% 44% 4% 41% 2% 2% 1% 1% 0% -2% -5% Magnolia’s
Slide 13: High Pre-tax Operating Margins
March 2026 Investor 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% 31% 30% 30% maintainin
Slide 14: History of Top-Tier Return on Capital Employed
March 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 are critical to sustaining high returns 18% Sharp focus on managi
Slide 15: Sizable & Consistent Cash Return to Shareholders
March 2026 Investor 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 market cap $908 over t
Slide 16: History of Significant & Consistent Share Repurchases
March 2026 Investor 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 10 4.5 7.0 0 2019 20
Slide 17: Track Record of a Safe, Sustainable and Growing Dividend
March 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
Slide 18: Business Risks Adequately Managed
March 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 18
Slide 19: FY2026 & First Quarter 2026 Operating Plan & Guidance
March 2026 Investor 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 Giddings FY 2026 Capi
Slide 20: Magnolia's Commitment to Sustainability
March 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
Slide 21: Summary Investment Highlights
March 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 Fo
Slide 22: Appendix
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Slide 23: 2025 Cash Flow Reconciliation
March 2026 Investor 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 Repurchases & Leasehold
Slide 24: Summary Balance Sheet
March 2026 Investor 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 assets $2,903,092 $2,820
Slide 25: Capital Structure & Liquidity Overview
March 2026 Investor Presentation Capital Structure & Liquidity Overview Capital Structure Overview Capitalization & Liquidity ($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 Cash Equivalents $267 ‒
Slide 26: Margins and Cost Structure
March 2026 Investor 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 Operating Expenses (1)
Slide 27: Free Cash Flow Reconciliations
March 2026 Investor 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 back: net change in oper
Slide 28: Adjusted EBITDAX Reconciliations
March 2026 Investor 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 21,617 14,371 Income tax
Slide 29: Adjusted Net Income Reconciliation
March 2026 Investor 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 contingent considerat
Slide 30: Return on Capital Employed
March 2026 Investor 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 $439,181 $511,988 $534
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