Company: MGY
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001698990-25-000006
Chunk: 77

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 77
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 97.2% of the interest in Magnolia LLC and the noncontrolling interest was 2.8%.

Results of Operations

Factors Affecting the Comparability of the Historical Financial Results

Magnolia’s historical financial condition and results of operations for the periods presented may not be comparable, either from period to period or going forward, as a result of the following factors:

•In November 2024, the Company amended and restated the RBL Facility, redeemed all of the 2026 Senior Notes that bore interest at 6.0% per annum, and issued the 2032 Senior Notes that bear interest at 6.875% per annum.

•In November 2023, the Company acquired certain oil and gas producing properties including leasehold and mineral interests in the Giddings area for approximately $264.1 million, subject to customary purchase price adjustments, and an additional contingent cash consideration of up to $40.0 million through January 2026 based on future commodity prices. The transaction was accounted for as an asset acquisition.

As a result of the factors listed above, the historical results of operations and period-to-period comparisons of these results and certain financial data may not be comparable or indicative of future results.

36

Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023

Oil, Natural Gas and NGL Sales Revenues. The following table provides the components of Magnolia’s revenues for the periods indicated, as well as each period’s respective average prices and production volumes. This table shows production on a boe basis in which natural gas is converted to an equivalent barrel of oil based on a ratio of six Mcf to one barrel. This ratio may not be reflective of the current price ratio between the two products.

Years Ended(In thousands, except per unit data)December 31, 2024December 31, 2023Production:Oil (MBbls)14,019 12,608 Natural gas (MMcf)58,746 55,085 NGLs (MBbls)9,024 8,266 Total (Mboe)32,834 30,054 Average daily production:Oil (Bbls/d)38,302 34,541 Natural gas (Mcf/d)160,508 150,918 NGLs (Bbls/d)24,655 22,645 Total (boe/d)89,709 82,