Magnolia Oil & Gas (MGY) Investor presentation summary

Asset base and operating model

• South Texas pure-play with core Eagle Ford and Austin Chalk positions; >1.25 million net acres and Q4 2026 production guidance of 159–161 Mboe/d, 49%–50% oil.

• Karnes area: ~26,000 net acres producing ~20 Mboe/d in Q3 2026, 60% oil and 79% liquids; operated WI rises to ~98% after bolt-ons.

• Giddings and Karnes positions are presented as high-quality assets with low reinvestment needs, low breakevens and significant development running room.

Growth and synergies

• FY 2027 organic total and oil production growth guidance of 4%–5%; D&C capital guidance of $900–$950 million, with ~4 rigs and ~2 completion crews.

• WildFire integration is progressing smoothly; estimated annual run-rate synergies exceed $100 million by YE 2027, with at least one-third expected by YE 2026 and more than three-quarters by mid-2027.

• Strategy emphasizes moderate production growth, D&C spending capped at 55% of adjusted EBITDAX and small, accretive bolt-on acquisitions.

Financial performance and balance sheet

• Q3 2026 revenue was $47.63/boe vs. $35.14/boe YoY; adjusted cash operating margin was $28.86/boe vs. $23.78/boe, with margin of 61% vs. 68%.

• Q3 2026 adjusted EBITDAX was $392 million vs. $219 million YoY; adjusted free cash flow was $224 million vs. $134 million.

• Net debt was $1.918 billion at 9/30/2026; liquidity was $1.332 billion, net debt/Q3 annualized adjusted EBITDAX was 1.2x, and senior notes mature from 2029 onward.

• Net debt at Q3 2026 was below 1.0x 2027E EBITDA at current strip prices, more than a year ahead of the original deleveraging plan.