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Magnolia Oil & Gas (MGY) investor relations material
Magnolia Oil & Gas Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 production of 98.2 Mboe/d, up 9% year-over-year, with oil production at 40.0 Mbbls/d, up 5%.
Adjusted net income was $81M and adjusted EBITDAX reached $223M, reflecting strong operational performance and capital efficiency.
Free cash flow reached $107M, with 72% returned to shareholders via dividends and share repurchases.
Multiple bolt-on acquisitions closed for $40M, adding 18,000 net acres and ~500 boe/d, expanding Giddings development area by 20%.
Disciplined capital allocation prioritized reinvestment for growth and significant shareholder returns.
Financial highlights
Q2 2025 revenues were $319M, down 5% year-over-year, mainly due to a 22% drop in oil prices.
D&C capital was $95M, representing a 43% reinvestment rate and a 23% decrease year-over-year.
Ended Q2 with $252M in cash and total liquidity of ~$700M, including an undrawn $450M revolver.
Paid $29M in dividends and repurchased $49M in shares during Q2; $57.3M in dividends and $100.9M in repurchases in H1 2025.
Lease operating expenses per boe decreased to $4.88 from $5.40 year-over-year.
Outlook and guidance
Full-year 2025 production growth guidance raised to ~10%, up from prior 7–9%, with capital spending unchanged at $430–$470M.
Q3 2025 production expected at ~99 Mboe/d; D&C capital spending estimated at $115M.
Effective tax rate expected at ~21%, with minimal cash taxes for 2025 and likely 2026 due to new legislation.
Fully diluted share count for 2025 expected to be ~191M, 4% lower than 2024.
LOE expected to normalize to ~$5.25/boe in Q3, about 5% below 2024 levels.
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