Company: MGY
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001698990-25-000006
Chunk: 128

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 128
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366,027 $388,301 $893,837 Less: Dividends and net income allocated to participating securities4,497 4,342 8,185 Net income, net of participating securities$361,530 $383,959 $885,652 Weighted average number of common shares outstanding during the period - basic186,465 188,174 187,433 Add: Dilutive effect stock based compensation and other27 181 468 Weighted average number of common shares outstanding during the period - diluted186,492 188,355 187,901 Net income per share of Class A Common Stock - diluted$1.94 $2.04 $4.71 The Company excluded 13.5 million, 21.8 million, and 32.8 million of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) for the years ended December 31, 2024, 2023, and 2022, respectively, as the effect was anti-dilutive.

14. Related Party Transactions

For the year ended December 31, 2024, there were no material related party transactions with an entity that held more than 10% of the Company’s common stock or qualified as a principal owner of the Company, as defined in ASC 850, “Related Party Disclosures.”

15. Major Customers 

For the year ended December 31, 2024, three customers, including their subsidiaries, accounted for 31%, 24%, and 12% of the Company’s combined oil, natural gas, and NGL revenue. For the year ended December 31, 2023, three customers, including their subsidiaries, accounted for 25%, 22%, and 11% of the Company’s combined oil, natural gas, and NGL revenue. For the year ended December 31, 2022, four customers, including their subsidiaries, accounted for 19%, 17%, 14%, and 11% of the Company’s combined oil, natural gas, and NGL revenue. The Company is exposed to credit risk in the event of nonpayment by counterparties. The creditworthiness of customers and other counterparties is subject to continuing review, including the use of master netting agreements, where appropriate.

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16. Supplemental Cash Flow Information

Supplemental cash flow disclosures are presented below:Years Ended(In thousands)