Magnolia Oil & Gas (MGY) Investor presentation summary

WildFire acquisition

• Closed Sep. 10, 2026, after being announced July 20; total consideration of $4.06B, comprising ~51% equity and ~49% cash and debt.

• Added ~810,000 net acres in the Eagle Ford and Austin Chalk; pro forma net Giddings acreage reached ~1.252 million, including ~120,000 acres of overlapping ownership in different formations.

• Q2 2026 pro forma production was 159 Mboe/d with ~50% oil; WildFire added ~37 MBOPD of oil production.

• Annual run-rate synergies targeted above $100MM by YE2027, with at least one-third expected by YE2026; estimated synergy PV-10 is ~$700MM.

Operating plan and guidance

• Q4 2026 production guidance is 159-161 Mboe/d at 49%-50% oil; D&C capital is ~$235MM and the oil differential to Magellan East Houston is ($2)/bbl.

• FY2027 organic total and oil production growth guidance is 4%-5%; D&C capital guidance is $900-$950MM, with a plan for ~4 rigs and ~2 completion crews.

• FY2027 capital allocation is 10%-12% to Karnes and 88%-90% to Giddings.

• Karnes held ~26,000 net acres producing ~20 Mboe/d in Q2 2026, at 62% oil and 78% liquids; operated working interest rises to ~98% with ~80% average NRI.

Capital allocation and balance sheet

• Capital priorities cap D&C spending at 55% of adjusted EBITDAX, followed by dividend growth, share repurchases, debt reduction to ≤0.5x net debt/EBITDA and small bolt-on acquisitions.

• Net debt was ~$1.9B at Sep. 30, 2026; at current strip prices, leverage was below 1.0x net debt to 2027E EBITDA, more than a year ahead of the original WildFire acquisition plan.

• Since inception through June 30, 2026, operating cash flow allocation was 48% to D&C, 24% to share repurchases, 18% to acquisitions and 10% to dividends and cash build.

• Returned ~$2.2B to shareholders, equivalent to ~35% of current market capitalization over the past eight years.

• Added costless-collar hedges covering more than half of oil production through Q2 2027, supporting debt reduction while retaining exposure to higher prices.