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Magnolia Oil & Gas Overview High-quality, low-risk pure-play South Texas operator with a core 478,000 Net Acre Position Targeting Two of the Top Eagle Ford and Austin Chalk position acquired at an attractive entry Oil Plays in the U.S. multiple Significant scale and PDP base generates material free cash flow, Giddings Field reduces development risk, and increases optionality Asset Overview: 23,500 net acres in a well-delineated, low-risk position in the core of Karnes County, representing some of the most prolific acreage in the United States with industry leading break-evens 450,000 net acres in the Giddings area, a re-emerging oil play with significant upside and what we believe to be substantial inventory Karnes County Both assets expected to remain self funding and within cash flow Gonzales Wilson Market Statistics Dewitt Trading Symbol (NYSE) MGY Share Price as of 10/29/2021 20.88 Common Shares Outstanding (1) 231 million Market Capitalization 4.8 billion Source: IHS Performance Evaluator. Long-term Debt Principal 400 million Industry Leading Breakevens (/Bbl WTI) Cash as of 9/30/2021 245 million 45 39 39 Total Enterprise Value 5.0 billion 32 34 35 38 28 Operating Statistics Karnes Giddings Total Net Acreage 23,513 454,687 478,200 Karnes Austin Karnes Lower Midland Delaware DJ Basin Eagle Ford STACK Bakken 3Q21 Net Production (Mboe/d) (2) 30.6 36.8 67.4 Chalk Eagle Ford Source: RSEG. (1) Common Stock outstanding includes Class A and Class B Stock. (2) Giddings Includes other production not located in the Giddings Field. 13
Magnolia Oil & Gas
November 2021

Sustainability: Capital Efficiency Advantage is Durable 5 Year Benchmark Maintenance Scenario 2021-2025 Benchmark Maintenance Case Cumulative FCF 5B of cumulative FCF1 with reinvestment rate 8 80% 50%, assuming flat 50/bbl WTI 5 Year Cumulative FCF Before Dividend (B) Reinvestment Rate Corporate FCF breakeven below 35/bbl WTI 6 60% throughout period 4 Holds 4Q20 oil production flat through 2025 for 2 40% 1.0 to 1.1B of annual capex 0 20% Cumulative 100MM toward GHG intensity 45/bbl, 50/bbl, 55/bbl, 2.50/HH 3.00/HH 3.00/HH reduction Total FCF Reinvestment Rate Includes capital allocation across multi-basin 2021-2025 Benchmark Maintenance Case Capital Allocation portfolio Permian and Oklahoma activity reintroduced with both Eagle Ford delivering accretive corporate returns and FCF from high-graded opportunity set Bakken Oklahoma Permian and Oklahoma comprise 20% to 30% of Resource Play capital beyond 2021 Permian 1 Cumulative FCF of approximately 5.0 billion for 5 Year Benchmark Scenario at flat 50/bbl WTI and 3.00/MMBtu comprised of approximately 10.0B to 10.5B of cumulative net cash provided by operating activities adjusted for working capital and EG LNG return of capital and other less approximately 5.0 to 5.5B of cumulative capital expenditures dividing cumulative capital expenditures by the sum of cumulative net cash provided by operating activities adjusted for working capital, EG LNG return of capital, and other is expected to equate to a reinvestment rate of approximately 50% 12
Marathon Oil Corp
May 2021

2020 Outlook Lowering Capital Spending Guidance Improved outlook underpinned by Delaware efficiencies 2020 CAPITAL ACTIVITY New Devon 2020e E&P capital E&P CAPITAL NEW WELLS ONLINE (MM) (Operated) Delaware Basin 1,050 (+15% YoY) 115-125 DELAWARE POWDER Powder River 350 45-55 60% RIVER 20% Eagle Ford 300 95-105(1) E&P CAPITAL +15% CAPITAL 1.70-1.85 STACK 75 (-75% YoY) 10 (VS. 2019) New Devon Total 1,700 - 1,850 BILLION (1) Average working interest for 2020 is 40-45%. Previous Guidance (1.7 - 1.9 billion) LOWERING top-end of 2020 capital guidance by 50 million Driven by improvements in Delaware costs & cycle times Low breakeven funding provides margin of safety (pg. 14) STACK EAGLE FORD Flexibility to tailor activity to market conditions 3% 17% WOLFCAMP success driving capital shift to Delaware (pg. 18) Activity targeting Wolfcamp to double in 2020 REALLOCATING CAPITAL TO DELAWARE BASIN Represents 65% of total Delaware drilling program Q4 2019 Operations Report 11
Devon Energy Corp
March 2020

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