Magnolia Oil & Gas Corp - Class A

Magnolia Oil & Gas Corporation (NYSE: MGY) is an oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. The company operates across two main areas: the Giddings field, which represents approximately 81% of total production, and the Karnes area in the core of the Eagle Ford. Magnolia's business model emphasizes disciplined capital allocation, limiting capital spending to 55% or less of adjusted EBITDAX, while delivering moderate annual production growth, high pre-tax operating margins, and consistent free cash flow. The company is in the process of acquiring WildFire Energy for $4.06 billion, which will more than double its Giddings acreage to over 1.25 million net acres and add approximately 53 Mboe/d of production (~70% oil), creating a combined pro forma production base of approximately 159 Mboe/d. Magnolia sells oil, natural gas, and natural gas liquids, with oil representing approximately 40% of production on a standalone basis. The company benefits from proximity to Gulf Coast markets, which provide premium pricing for its products, with oil realizations at 106% of WTI in the most recent quarter. Magnolia maintains a conservative financial policy with a focus on returning capital to shareholders through share repurchases and a growing dividend, having returned over $2 billion to shareholders since inception. Updated Aug 5, 2026