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Magnolia Oil & Gas (MGY) investor relations material

Magnolia Oil & Gas Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Achieved record Q3 2025 production of 100.5 Mboe/d, up 11% year-over-year, with Giddings area production up 15% and oil production at 39.4 Mbbls/d.

  • Returned $80 million to shareholders in Q3 2025 via dividends and share repurchases, representing 60% of free cash flow.

  • Maintained a robust balance sheet with $280 million in cash and only $120 million in net debt at quarter-end.

  • Continued disciplined capital allocation, focusing on maximizing free cash flow and shareholder returns through dividends and share repurchases.

  • Expanded asset base through bolt-on acquisitions and appraisal programs, particularly in Giddings and Karnes.

Financial highlights

  • Adjusted net income was $78 million ($0.41 per diluted share) for Q3 2025; net income attributable to Class A Common Stock was $75.5 million with diluted EPS of $0.40.

  • Adjusted EBITDAX reached $219 million, with free cash flow of $134 million and operating income margin of 31%.

  • Total revenues for Q3 2025 were $324.9 million, down slightly from Q3 2024.

  • D&C capital expenditures were $118 million, representing 54% of adjusted EBITDAX.

  • Ended Q3 with $280 million in cash, the highest level of the year.

Outlook and guidance

  • Full-year 2025 production growth expected at ~10%, above initial 5–7% guidance, with Q4 2025 production estimated at 101 Mboe/d.

  • 2026 program targets mid single-digit production growth with capital spending similar to 2025, maintaining two rigs and one completion crew.

  • Oil production in 2026 expected to grow 2–3% year-over-year, reaching 40,000–41,000 bbl/d.

  • Effective tax rate projected at 21% for Q4 2025, with zero cash taxes for full year 2025 due to new legislation.

  • LOE per boe expected to decline to $5.20 in Q4 2025 and be at least 5% lower for the full year versus 2024.

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Frequently asked questions

Magnolia Oil & Gas Corporation is an independent energy company focused on the acquisition, development, and production of oil and natural gas properties. Its operations are concentrated in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.

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