Company: MGY
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001698990-25-000006
Chunk: 78

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 78
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340 Production (% of total):Oil43 %42 %Natural gas30 %31 %NGLs27 %27 %Revenues:Oil revenues$1,046,675 $958,388 Natural gas revenues90,277 102,054 Natural gas liquids revenues178,934 166,537 Total revenues$1,315,886 $1,226,979 Revenue (% of total):Oil80 %78 %Natural gas7 %8 %NGLs13 %14 %Average Price:Oil (per barrel)$74.66 $76.02 Natural gas (per Mcf)1.54 1.85 NGLs (per barrel)19.83 20.15 

Oil revenues for the year ended December 31, 2024 were $88.3 million higher than the year ended December 31, 2023. An 11% increase in oil production increased revenues for the year ended December 31, 2024 by $105.4 million compared to the same period in the prior year, partially offset by a 2% decrease in average prices which decreased revenues by $17.1 million.

Natural gas revenues for the year ended December 31, 2024 were $11.8 million lower than the year ended December 31, 2023. A 17% decrease in average prices decreased revenues for the year ended December 31, 2024 by $17.4 million compared to the same period in the prior year, partially offset by a 7% increase in natural gas production which increased revenues by $5.6 million.

37

NGL revenues for the year ended December 31, 2024 were $12.4 million higher than the year ended December 31, 2023. A 9% increase in NGL production increased revenues for the year ended December 31, 2024 by $15.0 million compared to the same period in the prior year, partially offset by a 2% decrease in average prices which decreased revenues by $2.6 million.

Operating Expenses and Other Income (Expense). The following table summarizes the Company’s operating expenses and other income (expense) for the periods indicated. 

Years Ended(In thousands, except per unit data)December 31, 2024December 31, 2023Operating Expenses:Lease operating expenses$180,881 $155,491 Gathering