Magnolia Oil & Gas Third Quarter 2023 Earnings Presentation November 2, 2023 Christopher Stavros President & CEO Brian Corales Senior Vice President & CFO Jim Johnson Vice President, Finance, IR & Treasurer
Realized Significant Cost Reductions Cost reduction initiatives implemented in early 2023 delivering strong results Reduced 2023 Capex 15% compared Annual D&C Capital Spending (MM)1 to original guidance Cost per foot (D,C&F) at…
Significant and Flexible Return of Free Cash Flow Magnolias business model delivers consistent free cash flow, strong return of capital through share repurchases and dividends and excess cash flow that provides options and flexibility…
Cash Flow Allocation Matches Magnolias Business Model Percentage of Operating Cash Flow (1) Since Inception - 7/31/18 thru 9/30/23 Cash Build and Dividends 20% Drilling & Completions 45% Share Repurchases 23%…
Third Quarter 2023 Key Financial Metrics 3Q23 total production grew 1% sequentially to 82.7 Mboe/d, with D&C capital of 104 million (44% of adjusted EBITDAX(1)) Operating income as a percentage of revenue improved from 2Q23 to 47% due…
Share Repurchase Summary Through 3Q 2023 Since the initial repurchase authorization in 3Q19, Magnolia has reduced its dilutive share count by 32.5(1) million shares of Class A common stock as well as 26.9 million shares of Class B…
Magnolia Oil & Gas Differentiated Dividend Framework Dividend Principles 15% Increase Secure & Sustainable Dividend is safe, and supported by our strong balance sheet, prudent spending and 43% Increase consistent free cash flow…
Magnolia Oil & Gas Summary Balance Sheets (in thousands) September 30, 2023 December 31, 2022 Cash 618,466 675,441 Current assets 187,282 175,306 Property, plant and equipment, net 1,682,456 1,533,029 Other assets 164,289…
3Q 2023 Capital Structure and Liquidity Overview Capital Structure Overview Capitalization & Liquidity (MM) Maintaining low financial leverage profile Capitalization Summary As of 9/30/2023 Currently have a net cash position of 218…
Magnolia Oil & Gas Margin and Cost Structure For the Quarter Ended For the Quarter Ended / Boe, unless otherwise noted September 30, 2023 September 30, 2022 Revenue 41.52 22.88/boe 64.40 Total Cash Operating Costs: Lease Operating…
Appendix
Magnolia Oil & Gas Overview High-quality, low-risk pure-play South Texas operator with a core 498,000 Net Acre Position Targeting Two of the Top Eagle Ford and Austin Chalk position acquired at an attractive entry Oil Plays in the…
Commitment to Sustainability 2023 Sustainability Report Highlights Include: Magnolia record for lowest annual flaring rate1 at 0.11%, a reduction of almost 90% since 2019 Addition of scope 2 emissions reporting; providing further…
Free Cash Flow Reconciliations For the Quarter Ended For the Quarter Ended (in thousands) September 30, 2023 September 30, 2022 Net cash provided by operating activities 187,310 410,681 Add back: Changes in operating assets and…
Adjusted EBITDAX Reconciliations For the Quarter Ended For the Quarter Ended (in thousands) September 30, 2023 September 30, 2022 Net income 117,477 286,963 Exploration expenses 5,128 1,173 Asset retirement obligations…
Magnolia Oil & Gas Operating Highlights For the Quarter Ended For the Quarter Ended September 30, 2023 September 30, 2022 Production: Oil (MBbls) 3,024 3,381 Natural gas (MMcf) 14,406 13,364 Natural gas liquids (MBbls) 2,179 1,892…
Magnolia Oil & Gas Production Results Combined Karnes Giddings & Other Combined Karnes Giddings & Other For the Quarter Ended September 30, 2023 For the Quarter Ended September 30, 2022 Production: Oil (MBbls) 3,024 1,117 1,907…
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