Company: MGY
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001698990-25-000006
Chunk: 24

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 24
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 MMboe for infill drilling in the Karnes area and 1.8 MMboe for improved performance in the Giddings area that were partially offset by a 0.4 MMboe downward adjustment for optimizing development activity in the Giddings area.

During the year ended December 31, 2024, Magnolia incurred costs of approximately $271.6 million to convert the reserves associated with 38 of its net proved undeveloped locations to 28.8 MMboe of proved developed reserves.

Drilling Statistics

The following table describes new development wells drilled within Magnolia’s assets during the years ended December 31, 2024, 2023, and 2022. The information should not be considered indicative of future performance, nor should it be assumed that there is necessarily any correlation among the number of productive wells drilled, quantities of reserves found, or economic value. A dry well is a well that proves to be incapable of producing either oil or natural gas in sufficient quantities to justify completion as an oil and natural gas well. A productive well is an exploratory, development, or extension well that is not a dry well. Productive wells include producing wells and wells mechanically capable of production. Completion refers to the installation of permanent equipment for production of oil or natural gas, or, in the case of a dry well, the reporting to the appropriate authority that the well has been abandoned. As of December 31, 2024, 63 gross (23 net) development wells were in the process of being drilled, being completed, or awaiting completion operations. During 2024, Magnolia operated two rigs.

8

Years EndedDecember 31, 2024December 31, 2023December 31, 2022Net exploratory wellsProductive— — — Dry— — — Total— — — Net development wellsProductive53 45 50 Dry— — — Total53 45 50 Net total wellsProductive53 45 50 Dry— — — Total53 45 50 

Productive Oil and Natural Gas Wells

Productive wells consist of exploratory, development, or extension wells that are not dry wells. Productive wells include producing wells and wells mechanically capable of production. Gross wells are the total number of productive wells in which Magnolia owns a working interest, and net wells are the sum of the fractional working interests of gross wells. The following table