Magnolia Oil & Gas : May Investor Presentation about Latest Presentation (may 2026 investor presentation)

Published: 2026-05-12 09:16:56 ET MGY

Published on 05/12/2026 at 09:16 am EDT

May 2026 Investor Presentation

Magnolia Oil & Gas Overview

Giddings

Karnes

High-quality, low-risk pure-play South Texas operator with core Eagle Ford and Austin Chalk positions acquired at attractive entry costs

Significant scale and PDP base generates material free cash flow, reduces development risk, and increases optionality

Market Statistics

Share Price as of 5/8/2026 $27.80

Market Capitalization $5.2 billion

Cash as of 3/31/2026 $124 million

Operating Statistics

Q1 2026 Net Production (Mboe/d) 102.6

Magnolia's Consistent Business Model

High Quality Assets Drive Low Capital Reinvestment Rate that Grows the Business

Limit Capital Spending to 55% of Annual Adjusted EBITDAX

Deliver Mid-Single Digit Long-Term Production

Growth with Significant Free Cash Flow

2026E Total Production Growth of ~5%

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

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

Asset Overview

Magnolia's Acquisition Strategy

Acquisitions are targeted to not simply replace the oil & gas that has already been produced but importantly, to improve the overall resource opportunity set, enhance the durability of our business model, and sustain our high returns

Magnolia's core competency is acquiring small, bolt-on oil and gas properties (including new leases, incremental working interests, and minerals) that have similar attractive operational and financial characteristics to our core assets.

Giddings Acreage Growth

~742,000

+96 K

~646,000

~562,000

+218 K

~344,000

Gross Net

Gross Net

Inception Current

We pursue asset acquisitions that leverages our accumulated technical knowledge and appraisal work, and that are extensions of areas where we currently operate. Any acquisition or bolt-on addition should:

Improve our overall business and be measured against reinvesting in the existing assets

Focus on the Eagle Ford/Austin Chalk trend, mainly in South TX where we have a competitive advantage and extensive subsurface knowledge

Provide upside optionality and development

opportunities with a relatively low cost of entry

Magnolia has successfully executed this strategy since inception, improving the overall business and value per share, and in large part through acquiring more of what it already owns

2024 - 2025 Giddings Bolt-Ons

Existing Acreage Acquired Acreage

Increased WI

South Texas Bolt-On Acquisitions

Oil and Gas Property Acquisition Highlights

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

Existing Acreage

Acquired Acreage Increased WI

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

Giddings Area Assets

~742,000 gross acres (~562,000 net acres) with high working interest (~98% operated)

240,000 net acres in development

- Active appraisal program outside of development area

Q1 2026 production averaged 83.9 Mboe/d (35% oil, 66% liquids), or ~82% of total Company production

Shallower production decline allows for a low reinvestment rate, and more stable cash flows

Core Karnes Assets

Asset Overview

Mature asset offers significant free cash flow and a

low base production decline

Acreage located in the core of the Eagle Ford offering very strong economic returns in Karnes, Gonzales and DeWitt counties

- ~26,000 net acres producing ~19 Mboe/d (61% oil,

80% liquids)1 in Q1 2026

Significant free cash flow generation supports low reinvestment rate and strong return of capital.

Financial, Capital Allocation & Risk Management Overview

Cash Flow Allocation Matches Magnolia's Business Model

Dividends &

Cash Build 8%

(7/31/2018 - 3/31/2026)

Magnolia's "recipe" is a disciplined allocation of capital, low reinvestment rate, a balanced return of capital to shareholders (dividends and share repurchases) and a strong balance sheet providing flexibility for bolt-on acquisitions

Low Leverage Drives Financial Flexibility

Magnolia has the strongest

balance sheet in the industry

1.3

1.3

1.3

1.1

1.1

0.9

1.0

0.8

0.8

0.7

0.6

0.6

0.6

0.4

0.4

0.2

0.3

(1) Source: FactSet (2026E). Net debt is calculated as the difference between cash and total principal long-term debt. Peers include: APA, AR, CHRD, COP, CRGY, DVN, EOG, EQT, EXE, FANG, MTDR, MUR, OVV, OXY, PR, RRC, and SM.

1.9

Low Reinvestment Rate with Strong Production Growth

5-Year Average Reinvestment Rate1

Production Growth Per Share1 (5-Year CAGR)

65% 17%

-5%

53%

-2%

0%

1%

2%

2%

4%

7%

7%

9%

10% 10%

11%

54%

50%

49%

46%

47%

45%

44%

41%

52%

14%

56%

56%

57%

60%

61%

12%

Magnolia's Focused Development has Provided a More Capital Efficient Program Compared to Peers

(1) Source: FactSet (2021 - 2025). Reinvestment Rate is exploration and development capital divided by operating cash flow. Production growth per share is calculated as the 5-year growth rate of annual production divided by weighted

High Pre-tax Operating Margins

Operating Margin (1) (5-Year Average)

46%

45%

42%

42%

40%

39%

36%

32%

31%

30%

30%

26%

26%

25%

49% 48%

Magnolia has consistently delivered one of the

highest operating margins relative to peers

High-quality asset base and focus on maintaining low costs support top-tier operating margins

High-margin production supports free cash flow generation and strong return of capital to shareholders

(1) Source: FactSet (2021 - 2025). Operating margin is EBIT divided by revenue by year. Peers include: APA, AR, CHRD, COP, DVN, EOG, EQT, EXE, FANG, MTDR, MUR, OVV, OXY, PR, RRC, and SM.

History of Top-Tier Return on Capital Employed

Historical ROCE

34%

Low reinvestment rate and continued business model execution

21%

- low leverage, disciplined capital spending and high pre-tax margins are critical to sustaining high returns

Sharp focus on managing costs and ongoing share repurchases has had a meaningful beneficial impact to

Magnolia's corporate returns

Sizable & Consistent Cash Return to Shareholders

~$2 Billion Returned to Shareholders

$1,913

$1,591

$1,213

$908

Inception

$467

$79

$108

$1,996

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

2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD

Share Repurchases Dividends

History of Significant & Consistent Share Repurchases

Magnolia's Consistent Share Repurchases (1)

90 (million shares repurchased)

(83.7)

7.0

25.3

15.5

9.6

11.0

8.9

80

2.0

70

60

50

40

30

20

10 4.5

0

2019 2020 2021 2022 2023 2024 2025 2026 YTD Total

Track Record of a Safe, Sustainable and Growing Dividend

Dividend Payout Per Share CAGR Has Exceeded 15%

$0.28

$0.40

$0.46

$0.52

$0.60

$0.66

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

2021 2022 2023 2024 2025 2026E

Business Risks Adequately Managed

Low Risk

Level of Risk Acceptable to Magnolia

Moderate Risk

Fully Exposed

FY2026 & Second Quarter 2026 Operating Plan & Guidance

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

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

Disclaimer

Magnolia Oil & Gas Corporation published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 13:15 UTC.