# EDGAR Filing Document

**Accession Number:** 0001698990
**File Stem:** 0001698990-26-000007
**Filing Date:** 2026-5
**Character Count:** 65315
**Document Hash:** 6890ee1517b83e0a64b1527ef83fc1ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001698990-26-000007.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001698990-26-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260506

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Magnolia Oil & Gas Corp
- **CENTRAL INDEX KEY:** 0001698990
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 815365682
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38083
- **FILM NUMBER:** 26948144

**BUSINESS ADDRESS:**
- **STREET 1:** NINE GREENWAY PLAZA
- **STREET 2:** SUITE 1300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 713-842-9050

**MAIL ADDRESS:**
- **STREET 1:** NINE GREENWAY PLAZA
- **STREET 2:** SUITE 1300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Magnolia Oil & Gas
- **DATE OF NAME CHANGE:** 20180801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TPG Pace Energy Holdings Corp.
- **DATE OF NAME CHANGE:** 20170224

?xml version='1.0' encoding='ASCII'? mgy-20260506

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): May 6, 2026**

---

| | | |
|:---|:---|:---|
| **Magnolia Oil & Gas Corporation** | **Magnolia Oil & Gas Corporation** | **Magnolia Oil & Gas Corporation** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **Delaware** | **001-38083** | **81-5365682** |
| (State or other jurisdiction <br>of incorporation) | (Commission <br>File Number) | (I.R.S. Employer <br>Identification Number) |
|  | **Nine Greenway Plaza, Suite 1300**<br>**Houston**, **Texas 77046** |  |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |
|  | **(713) 842-9050** |  |
| **Registrant's telephone number, including area code** | **Registrant's telephone number, including area code** | **Registrant's telephone number, including area code** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to section 12(b) of the Act: | Securities registered pursuant to section 12(b) of the Act: | Securities registered pursuant to section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.0001 Per Share | MGY | New York Stock Exchange |

---

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On May 6, 2026, Magnolia Oil & Gas Corporation (the "Company") issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference herein, announcing its financial and operational results for the quarter ended March 31, 2026.

The information furnished pursuant to this Item 2.02 (including Exhibit 99.1) shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

On May 6, 2026, the Company provided information in an earnings presentation on its website, www.magnoliaoilgas.com, regarding its financial and operational results for the quarter ended March 31, 2026.

The earnings presentation, which is attached hereto as Exhibit 99.2, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

---

| | |
|:---|:---|
| **Exhibit** | |
| **Number** | **Description** |
| 99.1 | <u>[Press Release](q12026pressrelease.htm)</u> |
| 99.2 | <u>[Earnings Presentation](mgy_1q26xearningspresent.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **MAGNOLIA OIL & GAS CORPORATION** |
| Date: May 6, 2026 | By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Timothy D. Yang</u> |
|  | Name: Timothy D. Yang |
|  | Title:&nbsp;&nbsp;&nbsp;&nbsp;EVP, Chief Legal & Commercial Officer, Corporate Secretary and Land |

---

## Exhibit 99.1

**Exhibit 99.1**

**Magnolia Oil & Gas Corporation Announces First Quarter 2026 Results**

**HOUSTON, TX, May 6, 2026** - Magnolia Oil & Gas Corporation ("Magnolia," "we," "our," or the "Company") (NYSE: MGY) today announced its financial and operational results for the first quarter of 2026.

**First Quarter 2026 Highlights:**

---

| | | | |
|:---|:---|:---|:---|
| **(In millions, except per share data)** | **For the**<br>**Quarter Ended**<br>**March 31, 2026** | **For the**<br>**Quarter Ended**<br>**March 31, 2025** | **Percentage increase (decrease)** |
| Net income | $100.8 | $106.6 | (5)% |
| Earnings per share - diluted | $0.54 | $0.54 | —% |
| Adjusted EBITDAX<sup>(1)</sup> | $252.9 | $248.4 | 2% |
| Capital expenditures - D&C | $128.7 | $130.4 | (1)% |
| Average daily production (Mboe/d) | 102.6 | 96.5 | 6% |
| Average daily oil production (Mbbls/d) | 40.7 | 39.1 | 4% |
| Cash balance as of period end | $124.4 | $247.6 | (50)% |
| Diluted weighted average total shares outstanding<sup>(2)</sup> | 185.9 | 194.2 | (4)% |

---

**First Quarter 2026 Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Magnolia reported first quarter 2026 net income attributable to Class A Common Stock of $99.8 million, or $0.54 per diluted share. First quarter 2026 total net income was $100.8 million. Diluted weighted average total shares outstanding decreased by 4% to 185.9 million<sup>(2)</sup> compared to first quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDAX<sup>(1)</sup> was $252.9 million during the first quarter of 2026. Total drilling and completions ("D&C") capital was $128.7 million, representing approximately 51% of adjusted EBITDAX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash provided by operating activities was $197.6 million during the first quarter of 2026 and the Company generated free cash flow<sup>(1)</sup> of $145.6 million. Magnolia generated operating income as a percentage of revenue (pre-tax margins) of 36% during the first quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total Company production volumes in the first quarter of 2026 grew by 6% on a year-over-year basis to 102.6 thousand barrels of oil equivalent per day ("Mboe/d") and included 40.7 thousand barrels of oil per day ("Mbbls/d") which grew by 4% compared to the prior year period. Total production in Giddings grew 9% year-over-year to 83.9 Mboe/d with oil volumes increasing 8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the first quarter, Magnolia closed multiple bolt-on oil and gas property acquisitions from private operators in both the Karnes area and Giddings for approximately $155 million, encompassing roughly 6,200 net acres. These assets included total production of approximately 500 boe/d (~45% oil), with the majority of the production closing in the latter portion of the first quarter. These acquisitions significantly increase Magnolia's working interest in future high-return development areas in both the Company's asset areas and adding multiple years of development in the Karnes area at Magnolia's current development pace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company repurchased 2.0 million of its Class A and Class B Common Stock during the first quarter for $51.9 million. Magnolia has 11.6 million Class A Common shares remaining under its current share repurchase authorization, which are specifically allocated toward open market share repurchases. EnerVest, the Company's private equity shareholder, completed the sale of its remaining interest in both Magnolia's Class A and Class B Common Stock during the first quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As previously announced, the Board of Directors declared a cash dividend of $0.165 per share of Class A common stock payable on June 1, 2026 to shareholders of record as of May 12, 2026.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Magnolia returned $83.3 million<sup>(3)</sup>, or 57% of the Company's free cash flow<sup>(1)</sup>, to shareholders during the first quarter through a combination of share repurchases and dividends. Inclusive of the significant return of cash to shareholders and bolt-on acquisitions, Magnolia ended the first quarter with $124.4 million of cash on the balance sheet and an undrawn $450 million revolving credit facility.

"Magnolia's first quarter financial and operating metrics delivered a strong start to 2026," said Chairman, President and CEO Chris Stavros. "Our consistent and disciplined business model, characterized by a low reinvestment rate, high operating margins and moderate production growth delivered over $145 million of free cash flow during the quarter. Our operations rebounded nicely after being affected by the freezing weather in January showing total year-over-year production growth of 6 percent and oil production growth of 4 percent during the quarter. Magnolia returned $83 million of this free cash flow back to shareholders through our dividend and share repurchase program in addition to closing several bolt-on oil and gas property acquisitions in areas where we operate.

"These numerous bolt-on purchases comprised approximately 6,200 net acres, encompassing acreage in both the Karnes area and in Giddings for what turned out to be a flurry of acquisition activity in the quarter. These assets were acquired for a total of $155 million and included approximately 500 boe per day of low decline production with significant undeveloped upside opportunities located in highly productive areas. In the Karnes area, the acquired acreage creates a large, contiguous block of approximately 10,000 gross acres across Karnes and Gonzales counties, increasing the working interest to 93 percent in existing Magnolia and acquired tracts and in primarily undeveloped acreage. In Giddings, we were able to increase our working interest in approximately 45,000 gross acres, along with purchasing some additional contiguous acreage, and continuing with our strategy of buying more of what we already own.

"These transactions leverage the deep technical knowledge we've gained from our drilling and completion activities in the field, while meaningfully extending our already robust inventory of high-return drilling locations, increasing our working interest in select existing assets, and adding valuable duration to our overall resource portfolio. These actions further demonstrate our ability to deploy a portion of Magnolia's excess cash flow into high-quality and targeted opportunities. Our goal in pursuing these is intended not simply to replace produced reserves, but to expand our long-term opportunity set and reinforce the sustainability of our strong financial returns. We continue to actively seek out additional asset acquisition opportunities that improve our business and where our technical experience in developing the Austin Chalk and Eagle Ford formations in south Texas provide us with a clear competitive advantage.

"Beyond the benefit of higher oil prices, Magnolia is well-positioned for success through the disciplined execution of our business model. Our high-quality assets and strategy of continued capital spending discipline, proactive cost management and pursuit of further operational efficiencies continue to serve us well during periods of product price volatility. Our capital allocation priorities, which include a low reinvestment rate, remain unchanged. We are maintaining our original activity plan of running two rigs and one completion crew, which is expected to deliver total production growth of approximately 5 percent in 2026 and within the same range of D&C capital we outlined earlier this year. Our assets continue to generate moderate annual production growth, with high pre-tax margins, allowing for a steady and consistent stream of free cash flow to be returned to shareholders. The absence of commodity hedges on all our production is expected to translate into higher earnings and free cash flow in the current quarter, adding to our significant financial flexibility."

**Operational Update**

Total Company production volumes in the first quarter of 2026 grew by 6 percent on a year-over-year basis to 102.6 Mboe/d including 40.7 Mbbls/d. First quarter Giddings total production increased by 9 percent, compared to the prior year period with Giddings oil production growing by 8 percent compared to the first quarter of 2025, and driven by continued strong well performance. Giddings production represented 82 percent of total Company volumes during the first quarter. Magnolia's first quarter 2026 capital spending on drilling, completions, and associated facilities was $128.7 million.

Magnolia plans to continue to operate two drilling rigs and one completion crew during 2026 and expects to maintain this level of activity through the remainder of the year. The Company's two operated rigs and one completion crew development program has been in place consistently for the last five years driving total Company production growth of more than 50 percent and more than doubling our production volumes in Giddings. Approximately 75 to 80 percent of the 2026 activity is expected to consist of multi-well development pads in the Giddings area with the remainder focused in the Karnes area and is expected to include some activity on recently acquired acreage. The development program at Giddings consists of drilling multi-well pads throughout our core 240,000 net acre development area. This creates a balanced and efficient program providing more consistent year-over-year results. Magnolia plans to continue to allocate a modest amount of capital toward appraisal activities

------

throughout our large acreage footprint in south Texas designed to enhance our resource opportunity set and to further de-risk our sizable acreage position particularly in Giddings.

**Additional Guidance**

We estimate our second quarter 2026 D&C capital spending to be roughly $120 to $125 million, with total capital spending for the year reiterated in the range of $440 to $480 million. This includes an estimate of non-operated capital that is similar to 2025 levels. Our total production for the second quarter is estimated to be approximately 105 Mboe/d and we are reiterating our full-year 2026 production growth guidance of approximately 5 percent.

Oil price differentials have narrowed significantly in recent weeks, which should provide us with higher oil price realizations in the second quarter and similar to the Magellan East Houston benchmark which is currently higher than the price for WTI. Magnolia remains completely unhedged for all its oil and natural gas production. The fully diluted share count for the second quarter of 2026 is expected to be approximately 185 million shares, which is approximately 4 percent lower than second quarter 2025 levels.

**Quarterly Report on Form 10-Q**

Magnolia's financial statements and related notes will be available in its Quarterly Report on Form 10-Q for the three months ended March 31, 2026, which is expected to be filed with the U.S. Securities and Exchange Commission ("SEC") on May 7, 2026.

**Conference Call and Webcast**

Magnolia will host an investor conference call on Thursday, May 7, 2026 at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss these operating and financial results. Interested parties may join the webcast by visiting Magnolia's website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. A replay of the webcast will be posted on Magnolia's website following completion of the call.

**About Magnolia Oil & Gas Corporation**

Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders by delivering steady, moderate annual production growth resulting from its disciplined and efficient philosophy toward capital spending. The Company strives to generate high pre-tax margins and consistent free cash flow allowing for strong cash returns to our shareholders. For more information, visit www.magnoliaoilgas.com.

<sup>(1)</sup> Adjusted EBITDAX, and free cash flow are non-GAAP financial measures. For reconciliations to the most comparable GAAP measures, please see "Non-GAAP Financial Measures" at the end of this press release.

<sup>(2)</sup> Weighted average total shares outstanding include diluted weighted average shares of Class A Common Stock outstanding during the period and shares of Class B Common Stock, which are anti-dilutive in the calculation of weighted average number of common shares outstanding.

<sup>(3)</sup> Excludes $1.2 million of share repurchases incurred during the fourth quarter of 2025, but settled during the first quarter of 2026.

------

**Cautionary Note Regarding Forward-Looking Statements**

The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Magnolia's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the market prices of oil, natural gas, NGLs, and other products or services; (ii) the supply and demand for oil, natural gas, NGLs, and other products or services, including impacts of actions taken by OPEC and other state-controlled oil companies; (iii) the outcome of any legal proceedings that may be instituted against Magnolia; (iv) Magnolia's ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (v) legislative, regulatory, or policy changes, including those following the change in presidential administrations; (vi) geopolitical and business conditions in key regions of the world; (vii) cybersecurity threats, including increased use of artificial intelligence technologies; and (viii) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors, including inflation. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Magnolia's SEC filings are available publicly on the SEC's website at www.sec.gov.

**Contacts for Magnolia Oil & Gas Corporation** 

---

| |
|:---|
| **Investors** |
| Tom Fitter |
| (713) 331-4802 |
| tfitter@mgyoil.com |
| **Media** |
| Art Pike |
| (713) 842-9057 |
| apike@mgyoil.com |

---

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| | | |
|:---|:---|:---|
| **Magnolia Oil & Gas Corporation** | **Magnolia Oil & Gas Corporation** | **Magnolia Oil & Gas Corporation** |
| **Operating Highlights** | **Operating Highlights** | **Operating Highlights** |
| | **For the Quarters Ended** | **For the Quarters Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Production:** | | |
| Oil (MBbls) | 3661 | 3517 |
| Natural gas (MMcf) | 17383 | 16492 |
| Natural gas liquids (MBbls) | 2673 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (Mboe) | 9231 | 8689 |
| **Average daily production:** |  |  |
| Oil (Bbls/d) | 40678 | 39078 |
| Natural gas (Mcf/d) | 193143 | 183248 |
| Natural gas liquids (Bbls/d) | 29696 | 26930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (boe/d) | 102564 | 96549 |
| **Revenues (in thousands):** |  |  |
| Oil revenues | $257329 | $245534 |
| Natural gas revenues | 51800 | 51367 |
| Natural gas liquids revenues | 49382 | 53399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Revenues | $358511 | $350300 |
| **Average sales price:** |  |  |
| Oil (per Bbl) | $70.29 | $69.81 |
| Natural gas (per Mcf) | 2.98 | 3.11 |
| Natural gas liquids (per Bbl) | 18.48 | 22.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (per boe) | $38.84 | $40.31 |
| **NYMEX WTI (per Bbl)** | $72.17 | $71.42 |
| **NYMEX Henry Hub (per MMBtu)** | $4.97 | $3.66 |
| **Realization to benchmark:** |  |  |
| Oil (% of WTI) | 97% | 98% |
| Natural Gas (% of Henry Hub) | 60% | 85% |
| **Operating expenses (in thousands):** |  |  |
| Lease operating expenses | $47751 | $47075 |
| Gathering, transportation and processing | 18207 | 14953 |
| Taxes other than income | 16387 | 20105 |
| Depreciation, depletion and amortization | 113359 | 105853 |
| **Operating costs per boe:** |  |  |
| Lease operating expenses | $5.17 | $5.42 |
| Gathering, transportation and processing | 1.97 | 1.72 |
| Taxes other than income | 1.78 | 2.31 |
| Depreciation, depletion and amortization | 12.28 | 12.18 |

---

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**Magnolia Oil & Gas Corporation**

**Consolidated Statements of Operations**

**(In thousands, except per share data)** 

---

| | | |
|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| REVENUES |  |  |
| Oil revenues | $257329 | $245534 |
| Natural gas revenues | 51800 | 51367 |
| Natural gas liquids revenues | 49382 | 53399 |
| &nbsp;&nbsp;&nbsp;Total revenues | 358511 | 350300 |
| OPERATING EXPENSES |  |  |
| Lease operating expenses | 47751 | 47075 |
| Gathering, transportation and processing | 18207 | 14953 |
| Taxes other than income | 16387 | 20105 |
| Exploration expenses | 1742 | 348 |
| Asset retirement obligations accretion | 1857 | 1556 |
| Depreciation, depletion and amortization | 113359 | 105853 |
| General and administrative expenses | 31444 | 24588 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 230747 | 214478 |
| OPERATING INCOME | 127764 | 135822 |
| OTHER EXPENSE |  |  |
| Interest expense, net | (6004) | (5252) |
| Other income (expense), net | (36) | 1215 |
| &nbsp;&nbsp;&nbsp;Total other expense, net | (6040) | (4037) |
| INCOME BEFORE INCOME TAXES | 121724 | 131785 |
| Current income tax expense | 3998 | 12795 |
| Deferred income tax expense | 16890 | 12342 |
| &nbsp;&nbsp;Total income tax expense | 20888 | 25137 |
| NET INCOME | 100836 | 106648 |
| LESS: Net income attributable to noncontrolling interest | 1011 | 3721 |
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK | $99825 | $102927 |
| NET INCOME PER COMMON SHARE | NET INCOME PER COMMON SHARE | NET INCOME PER COMMON SHARE |
| Basic | $0.54 | $0.54 |
| Diluted | $0.54 | $0.54 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
| Basic | 183267 | 188653 |
| Diluted | 183279 | 188664 |
| WEIGHTED AVERAGE NUMBER OF CLASS B SHARES OUTSTANDING <sup>(1)</sup> | 2639 | 5523 |
| DILUTED WEIGHTED AVERAGE TOTAL SHARES OUTSTANDING <sup>(1)</sup> | 185918 | 194187 |

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<sup>(1)</sup> Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding.

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**Magnolia Oil & Gas Corporation**

**Summary Cash Flow Data**

**(In thousands)** 

---

| | | |
|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| CASH FLOWS FROM OPERATING ACTIVITIES | CASH FLOWS FROM OPERATING ACTIVITIES | CASH FLOWS FROM OPERATING ACTIVITIES |
| NET INCOME | $100836 | $106648 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 113359 | 105853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations accretion | 1857 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 546 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 16890 | 12342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on revaluation of contingent consideration |  | (1352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation | 12220 | 6550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 843 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in operating assets and liabilities | (48935) | (7992) |
| Net cash provided by operating activities | 197616 | 224490 |
| CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | (154990) | (24144) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to oil and natural gas properties | (128427) | (131168) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital associated with additions to oil and natural gas properties | 27447 | 9210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing | 8352 | 30 |
| Net cash used in investing activities | (247618) | (146072) |
| CASH FLOW FROM FINANCING ACTIVITIES | CASH FLOW FROM FINANCING ACTIVITIES | CASH FLOW FROM FINANCING ACTIVITIES |
| &nbsp;&nbsp;&nbsp;Class A Common Stock repurchases | (33277) | (52393) |
| &nbsp;&nbsp;&nbsp;Class B Common Stock purchases and cancellations | (19793) |  |
| &nbsp;&nbsp;&nbsp;Dividends paid | (30473) | (28911) |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interest owners | (911) | (829) |
| &nbsp;&nbsp;&nbsp;Other financing activities | (7957) | (8776) |
| Net cash used in financing activities | (92411) | (90909) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (142413) | (12491) |
| Cash and cash equivalents – Beginning of period | 266785 | 260049 |
| Cash and cash equivalents – End of period | $124372 | $247558 |

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**Magnolia Oil & Gas Corporation**

**Summary Balance Sheet Data**

**(In thousands)** 

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $124372 | $266785 |
| Other current assets | 195291 | 175650 |
| Property, plant and equipment, net | 2586479 | 2424152 |
| Other assets | 38336 | 36505 |
| **Total assets** | $2944478 | $2903092 |
| Current liabilities | $290530 | $288030 |
| Long-term debt, net | 393442 | 393251 |
| Other long-term liabilities | 224625 | 222638 |
| Stockholders' equity | 2035881 | 1939958 |
| Noncontrolling interest |  | 59215 |
| **Total liabilities and equity** | $2944478 | $2903092 |

---

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**Magnolia Oil & Gas Corporation** 

**Non-GAAP Financial Measures** 

***Reconciliation of net income to adjusted EBITDAX***

In this press release, we refer to adjusted EBITDAX, a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies. We define adjusted EBITDAX as net income before interest expense, income taxes, depreciation, depletion and amortization, exploration expenses, and accretion of asset retirement obligations, adjusted to exclude the effect of certain items included in net income. Adjusted EBITDAX is not a measure of net income in accordance with GAAP.

Our management believes that adjusted EBITDAX is useful because it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We also believe that securities analysts, investors, and other interested parties may use adjusted EBITDAX in the evaluation of our Company. We exclude the items listed above from net income in arriving at adjusted EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from adjusted EBITDAX are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of adjusted EBITDAX. Our presentation of adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of adjusted EBITDAX may not be comparable to other similarly titled measures of other companies.

The following table presents a reconciliation of net income to adjusted EBITDAX, our most directly comparable financial measure, calculated and presented in accordance with GAAP:

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| | | |
|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** |
| **(In thousands)** | **March 31, 2026** | **March 31, 2025** |
| NET INCOME | $100836 | $106648 |
| Interest expense, net | 6004 | 5252 |
| Income tax expense | 20888 | 25137 |
| **EBIT** | **127728** | **137037** |
| Depreciation, depletion and amortization | 113359 | 105853 |
| Asset retirement obligations accretion | 1857 | 1556 |
| **EBITDA** | **242944** | **244446** |
| Exploration expenses | 1742 | 348 |
| **EBITDAX** | **244686** | **244794** |
| Non-cash stock based compensation expense | 8168 | 4946 |
| Gain on revaluation of contingent consideration |  | (1352) |
| **Adjusted EBITDAX** | $**252854** | $**248388** |

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**Magnolia Oil & Gas Corporation** 

**Non-GAAP Financial Measures** 

***Reconciliation of net income to adjusted net income***

Our presentation of adjusted net income is a non-GAAP measures because it excludes the effect of certain items included in net income. Management uses adjusted net income to evaluate our operating and financial performance because it eliminates the impact of certain items that management does not consider to be representative of the Company's on-going business operations. As a performance measure, adjusted net income may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes adjusting these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted net income may not be comparable to similar measures of other companies in our industry.

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| | | |
|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** |
| **(In thousands)** | **March 31, 2026** | **March 31, 2025** |
| NET INCOME | $100836 | $106648 |
| Adjustments: |  |  |
| &nbsp;&nbsp;Gain on revaluation of contingent consideration |  | (1352) |
| &nbsp;&nbsp;Change in estimated income tax <sup>(1)</sup> |  | 274 |
| ADJUSTED NET INCOME | $100836 | $105570 |
| Diluted weighted average shares of Class A Common Stock outstanding during the period | 183279 | 188664 |
| Weighted average shares of Class B Common Stock outstanding during the period <sup>(2)</sup> | 2639 | 5523 |
| Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities <sup>(2)</sup> | 185918 | 194187 |

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<sup>(1)</sup> Represents corporate income taxes at an assumed annual effective tax rate of 20.3% for the quarter ended March 31, 2025.

<sup>(2)</sup> Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding.

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**Magnolia Oil & Gas Corporation**

**Non-GAAP Financial Measures**

***Reconciliation of revenue to adjusted cash operating margin and operating income margin***

Our presentation of adjusted cash operating margin and total adjusted cash operating costs are supplemental non-GAAP financial measures that are used by management. Total adjusted cash operating costs exclude the impact of non-cash activity. We define adjusted cash operating margin per boe as total revenues per boe less cash operating costs per boe. Management believes that total adjusted cash operating costs per boe and adjusted cash operating margin per boe provide relevant and useful information, which is used by our management in assessing the Company's profitability and comparability of results to our peers.

As a performance measure, total adjusted cash operating costs and adjusted cash operating margin may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted cash operating margin may not be comparable to similar measures of other companies in our industry.

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| | | |
|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** |
| **(in $/boe)** | **March 31, 2026** | **March 31, 2025** |
| **Revenue** | $38.84 | $40.31 |
| &nbsp;&nbsp;**Total cash operating costs:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease operating expenses <sup>(1)</sup> | (5.07) | (5.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gathering, transportation and processing | (1.97) | (1.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income | (1.78) | (2.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses <sup>(2)</sup> | (0.12) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses <sup>(3)</sup> | (2.63) | (2.34) |
| &nbsp;&nbsp;**Total adjusted cash operating costs** | (11.57) | (11.74) |
| **Adjusted cash operating margin** | $27.27 | $28.57 |
| **Margin (%)** | 70% | 71% |
| &nbsp;&nbsp;**Non-cash costs:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | $(12.28) | $(12.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations accretion | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash stock based compensation | (0.88) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash exploration expenses | (0.07) | (0.01) |
| &nbsp;&nbsp;**Total non-cash costs** | (13.43) | (12.94) |
| **Operating income margin** | $**13.84** | $**15.63** |
| **Margin (%)** | 36% | 39% |

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<sup>(1)</sup> Lease operating expenses exclude non-cash stock based compensation of $0.9 million, or $0.10 per boe, and $0.7 million, or $0.08 per boe, for the quarters ended March 31, 2026 and 2025, respectively.

<sup>(2)</sup> Exploration expenses exclude non-cash exploration activity of $0.6 million, or $0.07 per boe, and $0.1 million, or $0.01 per boe for the quarters ended March 31, 2026 and 2025, respectively.

<sup>(3)</sup> General and administrative expenses exclude non-cash stock based compensation of $7.2 million, or $0.78 per boe, and $4.3 million, or $0.49 per boe, for the quarters ended March 31, 2026 and 2025, respectively.

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**Magnolia Oil & Gas Corporation**

**Non-GAAP Financial Measures**

***Reconciliation of net cash provided by operating activities to free cash flow***

Free cash flow is a non-GAAP financial measure. Free cash flow is defined as cash flows from operations before net change in operating assets and liabilities less additions to oil and natural gas properties and changes in working capital associated with additions to oil and natural gas properties. Management believes free cash flow is useful for investors and widely accepted by those following the oil and gas industry as financial indicators of a company's ability to generate cash to internally fund drilling and completion activities, fund acquisitions, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies and are frequently included in published research when providing investment recommendations. Free cash flow is used by management as an additional measure of liquidity. Free cash flow is not a measure of financial performance under GAAP and should not be considered an alternative to cash flows from operating, investing, or financing activities.

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| | | |
|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** |
| **(In thousands)** | **March 31, 2026** | **March 31, 2025** |
| Net cash provided by operating activities | $197616 | $224490 |
| Add back: net change in operating assets and liabilities | 48935 | 7992 |
| Cash flows from operations before net change in operating assets and liabilities | 246551 | 232482 |
| Additions to oil and natural gas properties | (128427) | (131168) |
| Changes in working capital associated with additions to oil and natural gas properties | 27447 | 9210 |
| Free cash flow | $145571 | $110524 |

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## Exhibit 99.2

![](mgy_1q26xearningspresent001.jpg)

First Quarter 2026 Earnings Presentation May 6, 2026 Christopher Stavros – Chairman, President & CEO Brian Corales – Senior Vice President & CFO Tom Fitter – Vice President, Investor Relations

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![](mgy_1q26xearningspresent002.jpg)

Disclaimer FORWARD LOOKING STATEMENTS The information in this presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding Magnolia's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this presentation, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this presentation are subject to the following factors: (i) the market prices of oil, natural gas, NGLs, and other products or services; (ii) the supply and demand for oil, natural gas, NGLs, and other products or services, including impacts of actions taken by OPEC and other state-controlled oil companies; (iii) the outcome of any legal proceedings that may be instituted against Magnolia; (iv) Magnolia's ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (v) legislative, regulatory, or policy changes, including those following the change in presidential administrations; (vi) geopolitical and business conditions in key regions of the world; (vii) cybersecurity threats, including increased use of artificial intelligence technologies; and (viii) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors, including inflation. Should one or more of the risks or uncertainties described in this presentation occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Magnolia's SEC filings are available publicly on the SEC's website at www.sec.gov. NON-GAAP FINANCIAL MEASURES This presentation includes non-GAAP financial measures, including adjusted net income, free cash flow, adjusted EBITDAX, adjusted cash operating costs, adjusted cash operating margin and return on capital employed. Magnolia believes these metrics are useful because they allow Magnolia to more effectively evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to accounting methods or capital structure. Magnolia does not consider these non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. The computations of these non-GAAP measures may not be comparable to other similarly titled measures of other companies. Adjusted net income and adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income as determined in accordance with GAAP. Certain items excluded from free cash flow, adjusted net income, adjusted EBITDAX, adjusted cash operating costs, adjusted cash operating margin, adjusted operating margin and return on capital employed are significant components in understanding and assessing a company's financial performance and should not be construed as an inference that its results will be unaffected by unusual or non-recurring terms. As performance measures, adjusted net income, adjusted EBITDAX, adjusted cash operating costs, adjusted cash operating margin and return on capital employed may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. As a liquidity measure, management believes free cash flow is useful for investors and widely accepted by those following the oil and gas industry as financial indicators of a company's ability to generate cash to internally fund drilling and completion activities, fund acquisitions, and service debt. Our presentation of adjusted net income, adjusted EBITDAX, free cash flow, adjusted cash operating costs, adjusted cash operating margin and return on capital employed may not be comparable to similar measures of other companies in our industry. Reconciliations of non-GAAP measures included herein to the nearest corresponding GAAP measure are included in this presentation. INDUSTRY AND MARKET DATA This presentation has been prepared by Magnolia and includes market data and other statistical information from sources believed by Magnolia to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on the good faith estimates of Magnolia, which are derived from its review of internal sources as well as the independent sources described above. Although Magnolia believes these sources are reliable, it has not independently verified the information and cannot guarantee its accuracy and completeness. First Quarter 2026 Earnings Presentation 2

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![](mgy_1q26xearningspresent003.jpg)

First Quarter 2026 Highlights & Announcements OperationsFinancial Corporate • Total net income of $101 MM and operating income margin of 36% • Adjusted EBITDAX of $253 MM with a 51% capital reinvestment rate • D&C capital of $129 MM and free cash flow (FCF) of $146 MM • Returned ~$83 MM to shareholders (57% of free cash flow), including: $52 MM of share repurchases (2 MM shares) and dividends of $31 MM • Closed multiple bolt-on acquisitions in both the Karnes area and Giddings adding ~6,200 net acres and ~500 Boe/d (~45% oil) for ~$155 MM • Unhedged production profile captures full benefit of higher commodity prices • Final private equity shareholder sale has simplified our capital structure with no Class B shares outstanding as of 3/31/26 • Q1 2026 total production of 102.6 Mboe/d (6% YoY growth) & oil production of 40.7 Mbbls/d (4% YoY growth) • Giddings YoY total production growth of 9% and oil production growth of 8% YoY • 2-rig, 1-completion crew operational cadence (same activity rate since 2021) driving continued production growth (>50% growth since at same activity rate) First Quarter 2026 Earnings Presentation 3 Continuing to execute a differentiated business model focused on enhancing per share value

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![](mgy_1q26xearningspresent004.jpg)

South Texas Bolt-On Acquisitions • Acquisitions in both Karnes area and Giddings furthers Magnolia's successful strategy of bolting on acreage with minimal production in areas we currently operate • Acquired ~6,200 net acres in the Karnes area (Karnes and Gonzales counties) and Giddings for ~$155 MM in cash – Includes ~500 BOEPD (~45% oil) of low decline PDP – Within existing acreage footprint in a highly productive area • Includes working interest and additional royalty interest • Adds multiple years of development locations in the Karnes area at Magnolia's development pace – Working interest (WI) in area increases to ~93% (increases WI to existing Magnolia tracts and acquired tracts) with an average NRI ~80% – Creates a largely contiguous ~10,000 gross acre bloc of primarily undeveloped acreage in Karnes and Gonzales counties that allows for longer lateral development – Includes additional economic royalty interests Oil and Gas Property Acquisition Highlights 4 Existing Acreage Acquired Acreage Increased WI First Quarter 2026 Earnings Presentation

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![](mgy_1q26xearningspresent005.jpg)

Magnolia's Consistent Business Model Return Substantial Portion of Our Free Cash Flow to Shareholders Allocating Some Excess Cash To Bolt-on Acquisitions that Improve the Business Long-term dividend per share compound annual growth rate of ~10% and share repurchases of at least 1% per quarter High Quality Assets Drive Low Capital Reinvestment Rate that Grows the Business Limit Capital Spending to 55% of Annual Adjusted EBITDAX Maintain Conservative Financial Leverage to Provide Financial Flexibility Through Cycle Strong balance sheet, with minimal net debt, provides ability for counter cyclical investing to increase per share value Deliver Mid-Single Digit Long-Term Production Growth with Significant Free Cash Flow 2026E Total Production Growth of ~5% First Quarter 2026 Earnings Presentation 5

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![](mgy_1q26xearningspresent006.jpg)

First Quarter 2026 Key Financial Metrics (1) Q1 2026 ROCE annualized. (2) Weighted average total shares outstanding include diluted weighted average shares of Class A Common Stock outstanding during the period and shares of Class B Common Stock, which are anti-dilutive in the calculation of weighted average number of common shares outstanding. First Quarter 2026 Earnings Presentation 6 Metric Q1 2026 YoY % Change Total Production (Mboe/d) 102.6 6% Oil Production (Mbbls/d) 40.7 4% Revenue ($ MM) $359 2% Adjusted EBITDAX ($ MM) $253 2% Net Income ($ MM) $101 (5%) Earnings Per Share (EPS) $0.54 - D&C Capex ($ MM) $129 (1%) D&C Capital % of Adjusted EBITDAX 51% (2%) Return on Capital Employed (ROCE) (1) 21% (2%) Free Cash Flow ($ MM) $146 32% Cash Balance ($ MM) $124 (50%) Diluted Weighted Average Shares Outstanding (MM)(2) 185.9 (4%)

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![](mgy_1q26xearningspresent007.jpg)

267 247 23 31 53 128 155 124 0 100 200 300 400 500 600 Cash 12/31/2025 Cash Flow from Operations Changes in Working Capital and Other Dividends and Distributions Share Repurchases DC&F Capital & Leasehold Acquisitions Cash 3/31/2026 (1) (2) (3) (4) (5) First Quarter 2026 Cash Flow Reconciliation First Quarter 2026 Earnings Presentation (1) Cash flow from operations before changes in working capital. (2) Comprised of ($21) million of working capital changes including capital accruals and ($2) million in other investing and financing activities. (3) Includes $30 million of dividends paid to Class A shareholders and $1 million of distributions to noncontrolling interest holders. (4) Comprised of $33 million Class A Common Stock repurchases and $20 million of Class B Common Stock Repurchase and cancellation. (5) Incurred DC&F and leasehold capital of $128 million. 7 $ In M ill io ns

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![](mgy_1q26xearningspresent008.jpg)

(1) Class A share reduction includes 3.6 million non-compete shares that were paid in lieu of stock in 2021. Includes both Class A and Class B share repurchases. History of Significant & Consistent Share Repurchases 7.0 4.5 25.3 15.5 9.6 11.0 8.9 2.0 (83.7) 2019 2020 2021 2022 2023 2024 2025 2026 YTD Total 0 10 20 30 40 50 60 70 80 90 First Quarter 2026 Earnings Presentation 8 Magnolia has reduced its diluted share count by approximately 28% Magnolia's Consistent Share Repurchases (1) (million shares repurchased)

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![](mgy_1q26xearningspresent009.jpg)

Track Record of a Safe, Sustainable and Growing Dividend  Magnolia's dividend has grown at a double-digit rate over the past 5 years  Sustainable dividend growth supported through product price cycles  Dividend per share payout capacity is enhanced by moderate production growth and ongoing share repurchases, leading to higher than peer average dividend growth First Quarter 2026 Earnings Presentation 9 $0.28 $0.40 $0.46 $0.52 $0.60 $0.66 2021 2022 2023 2024 2025 2026E Dividend Payout Per Share CAGR Has Exceeded 15%

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![](mgy_1q26xearningspresent010.jpg)

Summary Balance Sheet First Quarter 2026 Earnings Presentation 10 (in thousands) March 31, 2026 December 31, 2025 Cash and cash equivalents $124,372 $266,785 Other current assets 195,291 175,650 Property, plant and equipment, net 2,586,479 2,424,152 Other assets 38,336 36,505 Total assets $2,944,478 $2,903,092 Current liabilities $290,530 $288,030 Long-term debt, net 393,442 393,251 Other long-term liabilities 224,625 222,638 Total equity 2,035,881 1,999,173 Total liabilities and equity $2,944,478 $2,903,092

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![](mgy_1q26xearningspresent011.jpg)

Margins and Cost Structure First Quarter 2026 Earnings Presentation 11 $/ Boe, unless otherwise noted For the Quarters Ended March 31, 2026 March 31, 2025 Revenue $38.84 $40.31 Total Cash Operating Costs: Lease Operating Expenses (1) (5.07) (5.34) Gathering, Transportation & Processing (1.97) (1.72) Taxes Other Than Income (1.78) (2.31) Exploration Expenses (2) (0.12) (0.03) General & Administrative Expenses (3) (2.63) (2.34) Total Adjusted Cash Operating Costs (11.57) (11.74) Adjusted Cash Operating Margin $27.27 $28.57 Margin % 70% 71% Non-Cash Costs: Depreciation, Depletion, and Amortization (12.28) (12.18) Asset Retirement Obligations Accretion (0.20) (0.18) Non-Cash Stock Based Compensation (0.88) (0.57) Non-Cash Exploration Expenses (0.07) (0.01) Total Non-Cash Costs (13.43) (12.94) Operating Income Margin $13.84 $15.63 Margin % 36% 39% (1) Lease operating expenses exclude non-cash stock based compensation of $0.9 million, or $0.10 per boe, and $0.7 million, or $0.08 per boe, for the quarters ended March 31, 2026 and 2025, respectively. (2) Exploration expenses exclude non-cash exploration activity of $0.6 million, or $0.07 per boe, and $0.1 million, or $0.01 per boe for the quarters ended March 31, 2026 and 2025, respectively. (3) General and administrative expenses exclude non-cash stock based compensation of $7.2 million, or $0.78 per boe, and $4.3 million, or $0.49 per boe, for the quarters ended March 31, 2026 and 2025, respectively.

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![](mgy_1q26xearningspresent012.jpg)

FY2026 & Second Quarter 2026 Operating Plan & Guidance First Quarter 2026 Earnings Presentation 2026E Production & Capital Production Growth YoY 2026 Total Growth ~5% D&C Capital FY 2026 Capital $440 - $480 Million 2026 Operating Plan ~2 Rigs / ~1 Completion Crew 2026E Capital ~20-25% Karnes ~75-80% Giddings Second Quarter 2026 Guidance Production ~105 Mboe/d D&C Capital Spending ~$120 to $125 Million Oil Differential (To Magellan East Houston) Similar to MEH Benchmark Prices Fully Diluted Share Count ~185 million 12

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![](mgy_1q26xearningspresent013.jpg)

Summary Investment Highlights First Quarter 2026 Earnings Presentation (1) Liquidity defined as cash plus availability under revolving credit facility as of 3/31/2026. 13 Giddings Karnes High Quality Assets Positioned for Success • Leading position in the Giddings area with low capital reinvestment rate, low breakevens and substantial running room • Coveted position in the Karnes area in the core of the Eagle Ford • Generate consistent, ongoing annual free cash flow and since Magnolia's inception • Strong operating margins through the commodity cycle Positive Free Cash Flow and Industry Leading Margins Multiple Levers of Growth Strong Balance Sheet & Conservative Financial Policy • Steady organic growth through proven drilling program while remaining well within cash flow • Clean balance sheet with low debt and strong free cash flow enables Magnolia to pursue accretive bolt-on acquisitions • Conservative leverage profile with only $400 million of total debt outstanding, $276 million of net debt and $124 million of cash • Substantial liquidity of $574 million1

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![](mgy_1q26xearningspresent014.jpg)

Appendix

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![](mgy_1q26xearningspresent015.jpg)

2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Sizable & Consistent Cash Return to Shareholders  Magnolia has a strong track record of returning capital to shareholders  Returned ~35% of current market cap over the past eight years  Focus on compounding per share value through share count reduction and safe, sustainable dividend growth First Quarter 2026 Earnings Presentation Inception Cumulative Return of Capital ($MM) $79 $108 $467 $908 $1,213 ~$2 Billion Returned to Shareholders Share Repurchases Dividends $1,591 $1,913 15 $1,996

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![](mgy_1q26xearningspresent016.jpg)

Free Cash Flow Reconciliations First Quarter 2026 Earnings Presentation 16 (in thousands) For the Quarters Ended March 31, 2026 March 31, 2025 Net cash provided by operating activities $197,616 $224,490 Add back: net change in operating assets and liabilities 48,935 7,992 Cash flows from operations before net change in operating assets and liabilities $246,551 $232,482 Additions to oil and natural gas properties (128,427) (131,168) Changes in working capital associated with additions to oil and natural gas properties 27,447 9,210 Free cash flow $145,571 $110,524

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![](mgy_1q26xearningspresent017.jpg)

Adjusted EBITDAX Reconciliations First Quarter 2026 Earnings Presentation 17 (in thousands) For the Quarters Ended March 31, 2026 March 31, 2025 Net income $100,836 $106,648 Interest expense, net 6,004 5,252 Income tax expense 20,888 25,137 EBIT $127,728 $137,037 Depreciation, depletion and amortization 113,359 105,853 Asset retirement obligations accretion 1,857 1,556 EBITDA $242,944 $244,446 Exploration expenses 1,742 348 EBITDAX $244,686 $244,794 Non-cash stock-based compensation expense 8,168 4,946 Gain on revaluation of contingent consideration - (1,352) Adjusted EBITDAX $252,854 $248,388

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![](mgy_1q26xearningspresent018.jpg)

Adjusted Net Income Reconciliation First Quarter 2026 Earnings Presentation 18 (1) Represents corporate income taxes at an assumed annual effective tax rate of 20.3% for the quarter ended March 31, 2025. (2) Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding. (in thousands) For the Quarters Ended March 31, 2026 March 31, 2025 Net income $100,836 $106,648 Adjustments: Gain on revaluation of contingent consideration - (1,352) Change in estimated income tax(1) - 274 Adjusted Net Income $100,836 $105,570 (in thousands) For the Quarters Ended Total Share Count March 31, 2026 March 31, 2025 Diluted weighted average shares of Class A Common Stock outstanding during the period 183,279 188,664 Weighted average shares of Class B Common Stock outstanding during the period (2) 2,639 5,523 Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities (2) 185,918 194,187

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![](mgy_1q26xearningspresent019.jpg)

Capital Structure & Liquidity Overview $400 $450 2025 2026 2027 2028 2029 2030 2031 2032 First Quarter 2026 Earnings Presentation (1) Net debt is calculated as the difference between cash and total long-term debt, excluding unamortized deferred financing cost. (2) Liquidity defined as cash plus availability under revolving credit facility. (3) Total Equity includes noncontrolling interest. 19 Capitalization & Liquidity ($MM) Debt Maturity Schedule ($MM) Credit Facility (Undrawn as of 3/31/26) 6.875% Senior Unsecured Notes Capital Structure Overview  Maintaining low financial leverage profile ‒ Currently have a net debt(1) position of $276 MM ‒ Net debt(1) / Q1 annualized adjusted EBITDAX of 0.3x  Current Liquidity of $574 million, including fully undrawn credit facility(2)  No debt maturities until senior unsecured notes mature in 2032 Capitalization Summary As of 3/31/2026 Cash and Cash Equivalents $124 Revolving Credit Facility $0 6.875% Senior Notes Due 2032 $400 Total Principal Debt Outstanding $400 Total Equity (3) $2,036 Net Debt / Q1 Annualized Adjusted EBITDAX 0.3x Net Debt / Total Book Capitalization 11% Liquidity Summary As of 3/31/2026 Cash and Cash Equivalents $124 Credit Facility Availability $450 Liquidity (2) $574

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Return on Capital Employed First Quarter 2026 Earnings Presentation 20 (in thousands) For the Quarter Ended March 31, 2026 Operating income $127,764 Operating income (A) $127,764 Debt - beginning of period 393,251 Stockholders' Equity - beginning of period 1,999,173 Capital employed - beginning of period 2,392,424 Debt - end of period 393,442 Total equity - end of period 2,035,881 Capital employed - end of period 2,429,323 Average capital employed (B) $2,410,874 Return on average capital employed (A/B) 5.3% Annualized return on capital employed 21.2%

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Oil & Gas Production Results First Quarter 2026 Earnings Presentation 21 Combined Karnes Giddings Combined Karnes Giddings For the Quarter Ended March 31, 2026 For the Quarter Ended March 31, 2025 Production: Oil (MBbls) 3,661 1,026 2,635 3,517 1,072 2,445 Natural gas (MMcf) 17,383 2,045 15,338 16,492 2,273 14,219 Natural gas liquids (MBbls) 2,673 314 2,359 2,424 339 2,085 Total (Mboe) 9,231 1,681 7,550 8,689 1,789 6,900 Average Daily Production Volume: Oil (MBbls/d) 40.7 11.4 29.3 39.1 11.9 27.2 Natural gas (MMcf/d) 193.1 22.7 170.4 183.2 25.2 158.0 Natural gas liquids (MBbls/d) 29.7 3.5 26.2 26.9 3.7 23.2 Total (MBoe/d) 102.6 18.7 83.9 96.5 19.8 76.7

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Magnolia's Commitment to Sustainability Review our 2025 Sustainability Report at https://www.magnoliaoilgas.com/sustainability. First Quarter 2026 Earnings Presentation Safeguarding the Environment 21-percent reduction in gross Scope 1 greenhouse gas intensity rate since 2020, despite production growth 68-percent reduction in gas flared as a percent of total production since 2020 39,000 truckloads of water removed from local roads in 2024 through new infrastructure Supporting Employees and Communities $304 million in royalty, lease, and surface payments to Texas residents; $107 million in tax payments to Texas communities $521 million in payments made to local vendors and service providers Recognized as Top Workplace in Houston Chronicle Top Workplaces Survey Governing with Integrity 50-percent refreshment rate with 4 directors with 5 or fewer years of tenure on Board of Directors 3 new directors with specific oil & gas industry and executive leadership experience 98 percent of shareholders approved say-on-pay proposal at 2025 Annual Meeting 22

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