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  Economics : Break-Even

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Magnolia Oil & Gas Overview High-quality, low-risk pure-play South Texas operator with a core 460,000 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 440,000 net acres in the Giddings Field, 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 12/4/2020 7.41 Common Shares Outstanding (1) 251.3 million Source: IHS Performance Evaluator. Market Capitalization 1.9 billion Long-term Debt - Principal 400 million Industry Leading Breakevens (/Bbl WTI) Total Enterprise Value 2.1 billion 45 38 39 39 32 34 35 28 Operating Statistics Karnes Giddings Total Net Acreage 23,559 437,128 460,687 3Q20 Net Production (Mboe/d) (2) 33.9 20.4 54.3 Karnes Austin Karnes Lower Midland Delaware DJ Basin Eagle Ford STACK Bakken 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. 3
Magnolia Oil & Gas
December 2020

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

GULF OF MEXICO: WHY NOW Attractive Economics Deepwater Gulf Of Mexico Competes Favorably With The Best Onshore US Plays 100 Deepwater GoM Half Cycle Breakeven / bb (WTI to Henry Hub 20:1) Breakeven 80 <30/bbl WTI 60 40 20 0 Barnett Utica Marcellus SCOOP Bakken-US Haynesville Eagle Ford Delaware Midland GOM STACK Deepwater Source: RSEG Note: Half cycle breakeven includes drilling, completion and tie-in costs (excludes G&A, land acquisition costs, financing costs) Capital Markets Presentation February 25, 2019 22
Kosmos Energy
February 2020

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