Magnolia Oil & Gas Corp - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.07%.
Did MGY Beat Earnings? Q4 2025 Results
Magnolia Oil & Gas delivered a modest beat across both top and bottom lines in the fourth quarter of 2025, reporting earnings of $0.37 per diluted share against a consensus estimate of $0.36, a 1.84% positive surprise, while revenue of $317.63 million edged past the $313.74 million estimate by 1.24%. The clearest story of the quarter, however, was one of volume offsetting price: total production reached a quarterly record of 103.8 Mboe/d, up 11% year-over-year, yet realized oil prices of $57.54 per barrel fell sharply from $69.01 in the year-ago period, pulling total revenue down 2.8% and net income 20% lower to $71.37 million. The Giddings area, which now accounts for 79% of company volumes, drove the production outperformance with 16% year-over-year growth. Looking ahead, Magnolia guided 2026 D&C capital of $440 to $480 million alongside approximately 5% production growth, while remaining entirely unhedged, a posture CEO Chris Stavros framed as deliberate capital discipline suited for a volatile commodity environment.
- Record quarterly total production of 103.8 Mboe/d, up 11% year-over-year
- Giddings production growth of 16% year-over-year in Q4
- 8% improvement in drilling feet per day and 6% increase in completed feet per day in Giddings
- Lease operating expenses declined 7% to $5.12/boe for full year 2025
- Capital-efficient program with D&C capital below original plan due to strong well performance
- Organic proved developed F&D costs of $9.25/boe
“Magnolia delivered another year of exceptional and consistent performance in 2025, marked by the steady execution of our capital-efficient business model and our high quality assets. I am especially proud of the unwavering dedication and focus shown by both our operating teams in the field and our Houston staff. Their continued hard work and perseverance is a significant factor behind Magnolia's success.”
Magnolia Oil & Gas CEO, on the earnings call
Forward Guidance & Outlook
Magnolia expects 2026 D&C capital spending of $440–$480 million, comparable to 2025, with approximately 5% total production growth. The company plans to operate two drilling rigs and one completion crew throughout the year, with 75–80% of activity in Giddings and the remainder in Karnes. Q1 2026 D&C capital is estimated at approximately $125 million (the highest quarterly rate for the year) with production of approximately 102 Mboe/d, which includes a 1.5 Mboe/d winter storm impact that has been fully restored. Oil price differentials are expected at approximately $3/bbl discount to Magellan East Houston. The fully diluted share count for Q1 2026 is expected to be approximately 187 million shares, a 4% reduction from Q1 2025. The company remains completely unhedged for all oil and natural gas production.
MGY YoY Financials
MGY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.