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• A smaller, more regionally focused version of ConocoPhillips, specializing exclusively in efficient oil and gas production from the Eagle Ford Shale.
• Like EOG Resources, but dedicated solely to efficient oil and gas extraction within the Eagle Ford Shale region.

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• Crude Oil: A vital liquid hydrocarbon produced and sold for energy and various refined products.
• Natural Gas: A gaseous hydrocarbon sold as fuel for heating, electricity generation, and industrial feedstock.
• Natural Gas Liquids (NGLs): A mixture of hydrocarbons like ethane, propane, and butane, extracted and sold for petrochemicals and fuel.

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Magnolia Oil & Gas (symbol: MGY) sells its crude oil, natural gas, and natural gas liquids primarily to other companies, which typically include refiners, pipeline operators, and commodity trading firms.

Based on their latest financial filings (10-K), MGY's major customers include:

• Phillips 66 Company (symbol: PSX)
• Plains All American Pipeline, L.P. (symbol: PAA)
• Shell Trading (US) Company (a subsidiary of Shell plc, symbol: SHEL)

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Christopher G. Stavros President & Chief Executive Officer

Christopher Stavros became President and Chief Executive Officer of Magnolia Oil & Gas in September 2022 and also became Chairman of the Board in July 2025. Prior to this, he served as Magnolia's Executive Vice President and Chief Financial Officer since the company's inception in March 2018. Before joining Magnolia, Mr. Stavros had a significant tenure at Occidental Petroleum Corporation, where he joined in 2005 and served as Chief Financial Officer and Senior Vice President from 2014 until his retirement in May 2017. His earlier career included roles as Vice President, Investor Relations and Treasurer at Occidental, and as a Senior Analyst at UBS with coverage of the Oil and Gas sector. He also worked at Paine Webber and Prudential Securities as an Oil and Gas Analyst. While Christopher Stavros did not found Magnolia, he was part of the initial management team as CFO, working alongside Stephen Chazen, who founded Magnolia Oil & Gas LLC which merged with a blank-check company formed by Chazen and private equity firm TPG.

Brian M. Corales Senior Vice President and Chief Financial Officer

Brian M. Corales was appointed Senior Vice President and Chief Financial Officer of Magnolia Oil & Gas in November 2022. Before this appointment, he held the position of Vice President, Investor Relations at Magnolia since November 2018. Mr. Corales is a certified public accountant and previously worked as a senior analyst at Johnson Rice & Co. His experience also includes 15 years in various positions at other investment banks, such as a director at Scotia Howard Weil, where he focused on E&P companies. He began his career in 2001 in the Assurance practice at Ernst & Young, specializing in energy companies.

Timothy D. Yang Executive Vice President, General Counsel, Corporate Secretary and Land

Timothy D. Yang joined Magnolia as Executive Vice President, General Counsel, and Corporate Secretary in September 2018, with his role expanding to include authority over Land in February 2022. Prior to joining Magnolia, Mr. Yang served as General Counsel and Corporate Secretary of Newfield Exploration Company from July 2015 to September 2018. He also held positions as Senior Vice President, Land & Legal, General Counsel, Chief Compliance Officer, and Secretary at Sabine Oil & Gas Corporation from 2013 to 2015. His legal background spans both public and private companies within the energy and investment sectors, including Invesco Ltd./AIM Investments, Pogo Producing Company, and Eagle Rock Energy.

Denise Ojeda Speer, CPL Vice President, Land & Land Administration

Denise Ojeda Speer, CPL, serves as the Vice President of Land & Land Administration at Magnolia Oil & Gas.

Marina Kitikar VP and Chief Accounting Officer

Marina Kitikar holds the position of VP and Chief Accounting Officer at Magnolia Oil & Gas.

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The key risks to Magnolia Oil & Gas's (MGY) business operations are primarily driven by external market forces and the inherent challenges of the oil and gas industry.

1. Commodity Price Volatility: The most significant risk facing Magnolia Oil & Gas is the volatility of oil, natural gas, and natural gas liquids (NGLs) prices. As the company operates with a fully unhedged production profile, it is directly exposed to price swings, which can lead to substantial fluctuations in revenue, cash flow, and overall profitability. Lower commodity prices can reduce the company's borrowing capacity, force the curtailment or shutdown of wells, and negatively impact the value of its proved reserves.
2. Drilling and Production Risks: Magnolia Oil & Gas engages in high-risk activities associated with drilling for and producing oil and natural gas. These operations are subject to numerous uncertainties, including the possibility that drilling efforts may not yield commercially viable production. The company also faces risks related to the timely development of its proved undeveloped reserves, which may take longer or require higher capital expenditures than anticipated. Furthermore, operational setbacks, such as the inability to secure drilling rigs or the impact of severe weather events, could adversely affect production volumes and increase costs.
3. Capital and Financing Risks: Magnolia's ability to fund its operations, development activities, and meet expenditure obligations is subject to various financial and corporate risks. There is a risk that the company may be unable to obtain necessary capital or financing on favorable terms, which could hinder its ability to grow production and reserves. Additionally, sustained periods of low commodity prices could lead to material write-downs of its properties or impairment of proved reserve values, significantly impacting its financial condition and results of operations.

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Magnolia Oil & Gas (symbol: MGY) primarily focuses on the acquisition, development, exploration, and production of crude oil, natural gas, and natural gas liquids (NGL) reserves in South Texas, specifically within the Eagle Ford Shale and Austin Chalk formations.

The addressable market size for their main products or services is as follows:

• Natural Gas: The U.S. natural gas market was valued at USD 454.5 billion in 2024 and is projected to increase to USD 577.9 billion by 2032, advancing at a Compound Annual Growth Rate (CAGR) of 3.2% from 2025–2032. This market size is for the U.S. region.
• Crude Oil: null
• Natural Gas Liquids (NGLs): null

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• Production Growth from the Giddings Asset: Magnolia Oil & Gas has consistently highlighted strong well performance and increased its full-year production growth guidance, primarily driven by outperformance in its Giddings asset. The company achieved record quarterly production rates and expects continued strong well performance to drive total production growth.
• Strategic Acreage Acquisitions: Magnolia has been actively engaged in bolt-on acquisitions, expanding its Giddings development area. For example, in late June/early July 2025, the company closed multiple bolt-on acquisitions adding over 18,000 net acres, further contributing to its production capabilities.
• Commodity Price Exposure (Unhedged Production): Magnolia Oil & Gas maintains an unhedged position for its oil and natural gas production. This means that future increases in oil and natural gas prices would directly translate to higher revenue.
• Operational Efficiency and Cost Control: While not a direct driver of *revenue growth*, the company's focus on achieving record production efficiency and reducing operational costs effectively enhances the net revenue and profitability per barrel of oil equivalent (BOE). Management commentary frequently references disciplined capital spending and efficiency improvements in their operations.

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Share Repurchases

• Magnolia Oil & Gas repurchased $51.4 million of its Class A Common Stock during the third quarter of 2025.
• As of the third quarter of 2025, the company had 5.2 million Class A Common shares remaining under its current share repurchase authorization.
• Year-to-date through the third quarter of 2025, Magnolia repurchased $152.2 million of Class A shares.

Share Issuance

• The company's diluted weighted average total shares outstanding decreased by 4% to 190.3 million in the third quarter of 2025 compared to the third quarter of 2024.
• Magnolia's diluted weighted average share count for the fourth quarter of 2025 is projected to be approximately 189 million shares, representing a 4% reduction from fourth quarter 2024 levels.

Outbound Investments

• In late June and early July 2025, Magnolia completed multiple oil and gas property acquisitions from small private operators for approximately $40 million, covering roughly 18,000 net acres.
• Year-to-date 2025, bolt-on acquisitions totaled $64.4 million.

Capital Expenditures

• Magnolia's total drilling and completions (D&C) capital spending for the full year 2025 is expected to be in the range of $430 million to $470 million, with an estimated total near the midpoint of approximately $450 million.
• The primary focus of 2025 capital expenditures is on multi-well development pads in the Giddings area (75-80% of activity), with the remaining 20-25% allocated to Karnes, alongside modest appraisal activities.
• For 2026, the company anticipates capital spending to be at similar levels to 2025, aiming for mid-single-digit total production growth.