Company: MGY
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001698990-25-000006
Chunk: 130

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 130
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 the Company’s oil and natural gas production, exploration, and development activities:

 Years Ended(In thousands)December 31, 2024December 31, 2023December 31, 2022Acquisition costs: Proved properties$68,761 $326,150 $53,781 Unproved properties101,791 68,177 37,994 Exploration and development costs490,564 471,238 477,995 Total $661,116 $865,565 $569,770 

Oil and Natural Gas Reserve Quantities

The Company’s proved reserves volumes as of December 31, 2024 are based on evaluations prepared by the independent petroleum engineering firm of Miller and Lents, in accordance with Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers and definitions and guidelines established by the SEC. Miller and Lents employed all methods, procedures and assumptions considered necessary in utilizing the data provided to prepare the December 31, 2024 reserve report, which was completed on January 15, 2025. There are numerous uncertainties inherent in estimating quantities of proved oil and natural gas reserves. Oil and natural gas reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be precisely measured and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing, and production subsequent to the date of the estimate may justify revision of such estimate. Accordingly, reserve estimates are often different from the quantities of oil and natural gas that are ultimately recovered.

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The following table summarizes the average price during the 12-month period, determined as the unweighted arithmetic average of the first-day-of-the-month price for the years ended December 31, 2024, 2023, and 2022. The following prices, as adjusted for transportation, quality, and basis differentials, were used in the calculation of the Standardized Measure of discounted future net cash flows:

 Years Ended December 31, 2024December 31, 2023December 31, 2022Oil (per Bbl)$74.87 $77.97 $93.42 Natural gas (per Mcf)1.42 1.59 5.90 NGLs (per Bbl)20.72 20.75 34.41