Company: MGY
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001698990-25-000006
Chunk: 23

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 23
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Proved Reserves

The following table presents Magnolia’s estimated net proved oil and natural gas reserves as of December 31, 2024. This table shows reserves 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 Bbl. This ratio is not reflective of the current price ratio between the two products.

December 31, 2024Oil (MMBbls)Natural Gas (Bcf)NGLs (MMBbls)Total (MMboe)Proved reservesTotal proved developed63.0 258.4 43.2 149.3 Total proved undeveloped14.2 78.4 15.1 42.4 Total proved reserves77.2 336.8 58.3 191.7 

7

Development of Proved Undeveloped Reserves

As of December 31, 2024, the proved undeveloped reserves volumes are expected to be converted to proved developed

reserves within one year. The following table summarizes the changes in Magnolia’s proved undeveloped reserves during the year ended December 31, 2024:

Total (MMboe)Proved undeveloped reserves at January 1, 202434.6 Conversions into proved developed reserves(28.8)Extensions30.6 Purchases of reserves in place2.6 Revisions of previous estimates3.4 Proved undeveloped reserves at December 31, 202442.4 

As of December 31, 2024, Magnolia’s assets contained approximately 42.4 MMboe of proved undeveloped reserves, consisting of 14.2 MMBbls of oil, 78.4 Bcf of natural gas, and 15.1 MMBbls of NGLs. The Company’s total estimated proved undeveloped reserves increased by 7.8 MMboe during the year ended December 31, 2024. Magnolia converted 28.8 MMboe of proved undeveloped reserves to proved developed reserves as a result of drilling activities completed during 2024. Extensions of 30.6 MMboe resulted from the planned drilling program. Bolt-on acquisitions resulted in a 2.6 MMboe increase. Revisions of 3.4 MMboe to proved undeveloped reserves were comprised of upward adjustments of 2.0