{"success":true,"data":{"pressRelease":{"id":"157689","rtpr_id":"nBw9HtGjza-20261001","ticker":"MGY","exchange":"NYSE","all_tickers":["MGY"],"title":"Magnolia Oil & Gas Provides Interim Financial and Operations Update After Closing the Acquisition of WildFire Energy","author":"Business Wire","published_at":"2026-10-01T10:00:00.288Z","article_body":"Magnolia Oil & Gas Provides Interim Financial and Operations Update After\nClosing the Acquisition of WildFire Energy\n\nSchedules Conference Call for Third Quarter 2026 Results\n\nMagnolia Oil & Gas Corporation (NYSE: MGY) announced today an interim\nfinancial and operational update following the recent completion of its\nacquisition of WildFire Energy.\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260930457654/en/\n(https://www.businesswire.com/news/home/20260930457654/en/)\n\nIncreased Working Interest in Gonzales County\n\n“We are very pleased to have closed the acquisition of WildFire Energy and\nare well on our way with integrating these attractive assets to begin\nrealizing the substantial benefits of this highly complementary\ntransaction,” stated Magnolia’s Chairman, President and CEO Chris Stavros.\n“The acquisition is an important new chapter for Magnolia in creating the\npremier Eagle Ford and Austin Chalk operator while enhancing our concentration\nof scale, adding high-quality durable resource opportunity, and providing\noperational efficiencies across a large, contiguous South Texas asset base.\nThe resulting expected improvement in free cash flow further reinforces\nMagnolia’s differentiated business model by improving our financial returns\nand expanding our capacity for the return of capital to our shareholders.\n\n“Thanks to the strong efforts, continued dedication and close alignment of\nour teams, the integration of the assets and operations is executing smoothly\nand proceeding on track. As we noted when announcing the acquisition, we\nanticipate the combined business would generate mid-single digit organic\nannual growth of 4 to 5 percent for both oil volumes and total production,\nwhich is above our peer company average growth, and with a D&C capital\nreinvestment rate of well below 55 percent of adjusted EBITDAX. We plan to\nconsistently return a substantial portion of our free cash flow to\nshareholders through our safe, sustainable and growing dividend and through\nthe execution of share repurchases of at least 1 percent of outstanding shares\nper quarter. Ample excess free cash flow will go toward reducing debt to our\ntarget of 0.5x net debt to EBITDA or below, and we have already made\nmeaningful progress on this goal. Highlighted below are several key milestones\nwe have already achieved in the short period since announcing the WildFire\nacquisition in late July.”\n\nKey Milestones Achieved\n\n\n * Sold non-core assets for total consideration of $47.5 million plus received\n616 net acres in Gonzales County increasing our working interest in a\ncontiguous block of undeveloped acreage acquired earlier this year\n\n * Ended the third quarter 2026 with approximately $1.9 billion of net debt,\nwhich is below 1.0x net debt to 2027E EBITDA at current strip prices, and more\nthan a full year ahead of our original plan\n\n * Implemented additional hedges at attractive pricing using costless collars\nwith more than half our oil production hedged through second quarter 2027.\nThese instruments protect the execution of our business model, allowing us to\ncontinue to reduce debt while retaining exposure to higher prices\n\n * Expect to realize at least one-third of estimated >$100 million annual\nrun-rate synergies by year-end 2026\n\nPortfolio Optimization\n\nDuring the third quarter, Magnolia closed the sale of non-core assets in\nDimmit and Zavala counties for total consideration of $47.5 million plus 616\nnet acres in Gonzales County (Karnes area). The acreage received in Gonzales\nCounty is inside the contiguous block of primarily undeveloped acreage\nMagnolia consolidated during the first quarter of 2026. This addition\nincreases Magnolia’s average operated working interest in this acreage to 98\npercent helping provide significant duration in the Karnes area that\ncomplements our Giddings asset position. The assets divested in Dimmit and\nZavala included approximately 1.4 Mboe/d (~84% oil) of next twelve-month\nproduction.\n\nStrong Progress on Reducing Debt and Strengthening the Balance Sheet\n\nMagnolia ended the third quarter with approximately $1.9 billion of net debt,\nlower than expected due to strong cash flow and proceeds received from the\nnon-core asset sale. At current strip pricing, Magnolia’s leverage is below\n1.0x net debt to 2027E EBITDA, more than a year sooner than expected at the\ntime of announcing the WildFire acquisition. Magnolia can consistently pay its\nsafe and growing dividend, repurchase at least 1 percent of its outstanding\nshares each quarter while continuing to reduce its leverage. During the third\nquarter, the Company purchased approximately 2.3 million shares after being\nrestricted for a portion of the quarter. Total shares outstanding at the end\nof the third quarter are approximately 267 million shares.\n\nProduction and Capital Outlook\n\nEstimated production for the third quarter 2026 is expected to be 116 to 118\nMboe/d (~42% oil) after factoring in the closing of WildFire and the impact of\ndivested non-core properties. D&C capital spending is expected to be in\nthe range of $155 to $165 million during the third quarter reflecting the same\nconsiderations.\n\nProduction for the fourth quarter of 2026 (the first full quarter pro forma\nfor the acquisition) is expected to be 159 to 161 Mboe/d (49% to 50% oil),\nreflecting the divested volumes. D&C capital spending is estimated to be\napproximately $235 million during the fourth quarter.\n\n2027 production is estimated to grow 4 to 5 percent for both oil and total\nproduction off a second quarter 2026 pro forma production base of\napproximately 78 Mbo/d and 158 Mboe/d after accounting for the production\nvolumes from the non-core asset sale. D&C capital spending is currently\nestimated to be in the range of $900 to $950 million during 2027 which\nincorporates a modest amount of oil field service inflation.\n\nAdditional Financial and Operational Considerations\n\nMagnolia has provided updated guidance for the fourth quarter of 2026 (the\nfirst full quarter pro forma for the acquisition) for several financial and\noperating metrics in the table below. Additionally, the Company expects to\nrealize one-time transaction and integration-related costs of approximately\n$65 to $75 million during the third quarter. Magnolia also purchased 3D\nseismic over the newly acquired acreage during the third quarter for\napproximately $14 million which will be reflected as exploration expense\nduring the period.\n Financial and Operating Metric         Q4 2026 Guidance  \n Production (Boe/d)                     159 - 161         \n Oil Percent (%)                        49% - 50%         \n D&C Capital Spending ($ millions)      ~$235             \n                                                          \n LOE (per Boe)                          $5.80 - $6.20     \n GP&T (per Boe)                         $1.80 - $2.10     \n DD&A (per Boe)                         $14.00 - $15.00   \n Production and Ad Valorem Taxes (%)    5.5% - 6.5%       \n Interest Expense ($ millions)          $35 - $40         \n Effective Tax Rate                     ~21%              \n Cash Tax Rate                          0% - 2%           \n Pre-Hedge Oil Realization (to MEH)     $(2.00)           \n\n\nOil Price Volatility Allowed for Opportunistic Short-term Hedging\n\nMagnolia implemented oil hedges during the third quarter, and supplementing\nthose inherited in the WildFire acquisition. These additional hedges are\nstructured as costless collars with attractive floor prices intended to\nprovide ample cash flow to protect the execution of our consistent business\nmodel while supporting continuous debt reduction. The updated derivative table\nis provided below:\n\nRecently Added Magnolia Hedges:\n Crude Oil Costless Collars:             Sep-26   Q4 2026    Q1 2027    Q2 2027    Q3 2027  Q4 2027  \n Notional volume (Bbls)                  900,000  3,680,000  2,700,000  2,275,000  920,000  -        \n Weighted average floor price ($/Bbl)    $72.50   $73.75     $70.83     $70.00     $70.00   -        \n Weighted average ceiling price ($/Bbl)  $98.09   $90.97     $88.68     $82.31     $80.08   -        \n\n\nHedges Inherited from WildFire Acquisition:\n Crude Oil Swaps:                Sep-26   Q4 2026    Q1 2027    Q2 2027    Q3 2027  Q4 2027  \n Notional volume (Bbls)          773,754  2,261,947  2,066,605  1,982,790  893,666  866,955  \n Weighted average price ($/Bbl)  $64.16   $63.85     $63.46     $65.02     $67.37   $66.34   \n\n\nConference Call for Third Quarter 2026 Results\n\nMagnolia will host a conference call and webcast to discuss operational and\nfinancial results for the third quarter 2026 on Thursday, November 5(th) at\n10:00 a.m. Central Time (11:00 a.m. Eastern Time).\n\nJoin the webcast by visiting Magnolia’s website at\nwww.magnoliaoilgas.com/investors/events-and-presentations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.magnoliaoilgas.com%2Finvestors%2Fevents-and-presentations&esheet=54613628&newsitemid=20260930457654&lan=en-US&anchor=www.magnoliaoilgas.com%2Finvestors%2Fevents-and-presentations&index=1&md5=dda76b1276ce464c4297f7efbd62edb9)\nand clicking on the webcast link or by dialing 1-844-701-1059. Materials\nrelated to Magnolia’s third quarter 2026 financial results to be discussed\nduring the webcast will be made available in the Investors section of the\nwebsite prior to the call. The company will post a replay of the webcast on\nits website following the call.\n\nAbout Magnolia Oil & Gas\n\nMagnolia (MGY) is a publicly traded oil and gas exploration and production\ncompany with operations primarily concentrated in South Texas in the core of\nthe Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on\ngenerating value for shareholders by delivering steady, moderate annual\nproduction growth resulting from its disciplined and efficient philosophy\ntoward capital spending. The Company strives to generate high pre‐tax\noperating margins and consistent free cash flow allowing for strong cash\nreturns to our shareholders. For more information, visit\nwww.magnoliaoilgas.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.magnoliaoilgas.com&esheet=54613628&newsitemid=20260930457654&lan=en-US&anchor=www.magnoliaoilgas.com&index=2&md5=ff963183ecf8713e6d45f927d25008e9)\n.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThe information in this press release includes forward-looking statements\nwithin the meaning of Section 27A of the Securities Act of 1933, as amended,\nand Section 21E of the Securities Exchange Act of 1934, as amended. All\nstatements, other than statements of present or historical fact included in\nthis press release, regarding Magnolia’s strategy, future operations,\nfinancial position, estimated revenues and losses, projected costs, prospects,\nplans and objectives of management are forward looking statements. When used\nin this press release, the words could, should, will, may, believe,\nanticipate, intend, estimate, expect, project, the negative of such terms and\nother similar expressions are intended to identify forward-looking statements,\nalthough not all forward-looking statements contain such identifying words.\nThese forward-looking statements are based on management’s current\nexpectations and assumptions about future events. Except as otherwise required\nby applicable law, Magnolia disclaims any duty to update any forward-looking\nstatements, all of which are expressly qualified by the statements in this\nsection, to reflect events or circumstances after the date of this press\nrelease. Magnolia cautions you that these forward-looking statements are\nsubject to all of the risk and uncertainties, most of which are difficult to\npredict and many of which are beyond the control of Magnolia, incident to the\ndevelopment, production, gathering and sale of oil, natural gas and natural\ngas liquids. In addition, Magnolia cautions you that the forward looking\nstatements contained in this press release are subject to the following\nfactors: (i) the market prices of oil, natural gas, NGLs, and other products\nor services; (ii) the supply and demand for oil, natural gas, NGLs, and other\nproducts or services, including impacts of actions taken by OPEC and other\nstate-controlled oil companies; (iii) the outcome of any legal proceedings\nthat may be instituted against Magnolia; (iv) Magnolia’s ability to realize\nthe anticipated benefits of its acquisitions, which may be affected by, among\nother things, competition and the ability of Magnolia to grow and manage\ngrowth profitably; (v) legislative, regulatory, or policy changes, including\nthose following the change in presidential administrations; (vi) geopolitical\nand business conditions in key regions of the world; (vii) cybersecurity\nthreats, including increased use of artificial intelligence technologies; and\n(viii) the possibility that Magnolia may be adversely affected by other\neconomic, business, and/or competitive factors, including inflation. Should\none or more of the risks or uncertainties described in this press release\noccur, or should underlying assumptions prove incorrect, actual results and\nplans could differ materially from those expressed in any forward-looking\nstatements. Additional information concerning these and other factors that may\nimpact the operations and projections discussed herein can be found in\nMagnolia’s filings with the SEC, including its Annual Report on Form 10-K\nfor the fiscal year ended December 31, 2025. Magnolia’s SEC filings are\navailable publicly on the SEC’s website at www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54613628&newsitemid=20260930457654&lan=en-US&anchor=www.sec.gov&index=3&md5=8a3ec3989ca8176b027d49579a3d6cd5)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260930457654/en/\n(https://www.businesswire.com/news/home/20260930457654/en/)\n\nInvestors \n\nTom Fitter\n\n713-331-4802\n\ntfitter@mgyoil.com (mailto:tfitter@mgyoil.com)\n\nMedia \n\nChristina Kuhl\n\n713-331-4849\n\nckuhl@mgyoil.com (mailto:ckuhl@mgyoil.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw9HtGjza-20261001","title":"Magnolia Oil & Gas Provides Interim Financial and Operations Update After Closing the Acquisition of WildFire Energy","author":"Business Wire","ticker":"MGY","created":"2026-10-01T10:00:00.288Z","tickers":["MGY"],"exchange":"NYSE","article_body":"Magnolia Oil & Gas Provides Interim Financial and Operations Update After\nClosing the Acquisition of WildFire Energy\n\nSchedules Conference Call for Third Quarter 2026 Results\n\nMagnolia Oil & Gas Corporation (NYSE: MGY) announced today an interim\nfinancial and operational update following the recent completion of its\nacquisition of WildFire Energy.\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260930457654/en/\n(https://www.businesswire.com/news/home/20260930457654/en/)\n\nIncreased Working Interest in Gonzales County\n\n“We are very pleased to have closed the acquisition of WildFire Energy and\nare well on our way with integrating these attractive assets to begin\nrealizing the substantial benefits of this highly complementary\ntransaction,” stated Magnolia’s Chairman, President and CEO Chris Stavros.\n“The acquisition is an important new chapter for Magnolia in creating the\npremier Eagle Ford and Austin Chalk operator while enhancing our concentration\nof scale, adding high-quality durable resource opportunity, and providing\noperational efficiencies across a large, contiguous South Texas asset base.\nThe resulting expected improvement in free cash flow further reinforces\nMagnolia’s differentiated business model by improving our financial returns\nand expanding our capacity for the return of capital to our shareholders.\n\n“Thanks to the strong efforts, continued dedication and close alignment of\nour teams, the integration of the assets and operations is executing smoothly\nand proceeding on track. As we noted when announcing the acquisition, we\nanticipate the combined business would generate mid-single digit organic\nannual growth of 4 to 5 percent for both oil volumes and total production,\nwhich is above our peer company average growth, and with a D&C capital\nreinvestment rate of well below 55 percent of adjusted EBITDAX. We plan to\nconsistently return a substantial portion of our free cash flow to\nshareholders through our safe, sustainable and growing dividend and through\nthe execution of share repurchases of at least 1 percent of outstanding shares\nper quarter. Ample excess free cash flow will go toward reducing debt to our\ntarget of 0.5x net debt to EBITDA or below, and we have already made\nmeaningful progress on this goal. Highlighted below are several key milestones\nwe have already achieved in the short period since announcing the WildFire\nacquisition in late July.”\n\nKey Milestones Achieved\n\n\n * Sold non-core assets for total consideration of $47.5 million plus received\n616 net acres in Gonzales County increasing our working interest in a\ncontiguous block of undeveloped acreage acquired earlier this year\n\n * Ended the third quarter 2026 with approximately $1.9 billion of net debt,\nwhich is below 1.0x net debt to 2027E EBITDA at current strip prices, and more\nthan a full year ahead of our original plan\n\n * Implemented additional hedges at attractive pricing using costless collars\nwith more than half our oil production hedged through second quarter 2027.\nThese instruments protect the execution of our business model, allowing us to\ncontinue to reduce debt while retaining exposure to higher prices\n\n * Expect to realize at least one-third of estimated >$100 million annual\nrun-rate synergies by year-end 2026\n\nPortfolio Optimization\n\nDuring the third quarter, Magnolia closed the sale of non-core assets in\nDimmit and Zavala counties for total consideration of $47.5 million plus 616\nnet acres in Gonzales County (Karnes area). The acreage received in Gonzales\nCounty is inside the contiguous block of primarily undeveloped acreage\nMagnolia consolidated during the first quarter of 2026. This addition\nincreases Magnolia’s average operated working interest in this acreage to 98\npercent helping provide significant duration in the Karnes area that\ncomplements our Giddings asset position. The assets divested in Dimmit and\nZavala included approximately 1.4 Mboe/d (~84% oil) of next twelve-month\nproduction.\n\nStrong Progress on Reducing Debt and Strengthening the Balance Sheet\n\nMagnolia ended the third quarter with approximately $1.9 billion of net debt,\nlower than expected due to strong cash flow and proceeds received from the\nnon-core asset sale. At current strip pricing, Magnolia’s leverage is below\n1.0x net debt to 2027E EBITDA, more than a year sooner than expected at the\ntime of announcing the WildFire acquisition. Magnolia can consistently pay its\nsafe and growing dividend, repurchase at least 1 percent of its outstanding\nshares each quarter while continuing to reduce its leverage. During the third\nquarter, the Company purchased approximately 2.3 million shares after being\nrestricted for a portion of the quarter. Total shares outstanding at the end\nof the third quarter are approximately 267 million shares.\n\nProduction and Capital Outlook\n\nEstimated production for the third quarter 2026 is expected to be 116 to 118\nMboe/d (~42% oil) after factoring in the closing of WildFire and the impact of\ndivested non-core properties. D&C capital spending is expected to be in\nthe range of $155 to $165 million during the third quarter reflecting the same\nconsiderations.\n\nProduction for the fourth quarter of 2026 (the first full quarter pro forma\nfor the acquisition) is expected to be 159 to 161 Mboe/d (49% to 50% oil),\nreflecting the divested volumes. D&C capital spending is estimated to be\napproximately $235 million during the fourth quarter.\n\n2027 production is estimated to grow 4 to 5 percent for both oil and total\nproduction off a second quarter 2026 pro forma production base of\napproximately 78 Mbo/d and 158 Mboe/d after accounting for the production\nvolumes from the non-core asset sale. D&C capital spending is currently\nestimated to be in the range of $900 to $950 million during 2027 which\nincorporates a modest amount of oil field service inflation.\n\nAdditional Financial and Operational Considerations\n\nMagnolia has provided updated guidance for the fourth quarter of 2026 (the\nfirst full quarter pro forma for the acquisition) for several financial and\noperating metrics in the table below. Additionally, the Company expects to\nrealize one-time transaction and integration-related costs of approximately\n$65 to $75 million during the third quarter. Magnolia also purchased 3D\nseismic over the newly acquired acreage during the third quarter for\napproximately $14 million which will be reflected as exploration expense\nduring the period.\n Financial and Operating Metric         Q4 2026 Guidance  \n Production (Boe/d)                     159 - 161         \n Oil Percent (%)                        49% - 50%         \n D&C Capital Spending ($ millions)      ~$235             \n                                                          \n LOE (per Boe)                          $5.80 - $6.20     \n GP&T (per Boe)                         $1.80 - $2.10     \n DD&A (per Boe)                         $14.00 - $15.00   \n Production and Ad Valorem Taxes (%)    5.5% - 6.5%       \n Interest Expense ($ millions)          $35 - $40         \n Effective Tax Rate                     ~21%              \n Cash Tax Rate                          0% - 2%           \n Pre-Hedge Oil Realization (to MEH)     $(2.00)           \n\n\nOil Price Volatility Allowed for Opportunistic Short-term Hedging\n\nMagnolia implemented oil hedges during the third quarter, and supplementing\nthose inherited in the WildFire acquisition. These additional hedges are\nstructured as costless collars with attractive floor prices intended to\nprovide ample cash flow to protect the execution of our consistent business\nmodel while supporting continuous debt reduction. The updated derivative table\nis provided below:\n\nRecently Added Magnolia Hedges:\n Crude Oil Costless Collars:             Sep-26   Q4 2026    Q1 2027    Q2 2027    Q3 2027  Q4 2027  \n Notional volume (Bbls)                  900,000  3,680,000  2,700,000  2,275,000  920,000  -        \n Weighted average floor price ($/Bbl)    $72.50   $73.75     $70.83     $70.00     $70.00   -        \n Weighted average ceiling price ($/Bbl)  $98.09   $90.97     $88.68     $82.31     $80.08   -        \n\n\nHedges Inherited from WildFire Acquisition:\n Crude Oil Swaps:                Sep-26   Q4 2026    Q1 2027    Q2 2027    Q3 2027  Q4 2027  \n Notional volume (Bbls)          773,754  2,261,947  2,066,605  1,982,790  893,666  866,955  \n Weighted average price ($/Bbl)  $64.16   $63.85     $63.46     $65.02     $67.37   $66.34   \n\n\nConference Call for Third Quarter 2026 Results\n\nMagnolia will host a conference call and webcast to discuss operational and\nfinancial results for the third quarter 2026 on Thursday, November 5(th) at\n10:00 a.m. Central Time (11:00 a.m. Eastern Time).\n\nJoin the webcast by visiting Magnolia’s website at\nwww.magnoliaoilgas.com/investors/events-and-presentations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.magnoliaoilgas.com%2Finvestors%2Fevents-and-presentations&esheet=54613628&newsitemid=20260930457654&lan=en-US&anchor=www.magnoliaoilgas.com%2Finvestors%2Fevents-and-presentations&index=1&md5=dda76b1276ce464c4297f7efbd62edb9)\nand clicking on the webcast link or by dialing 1-844-701-1059. Materials\nrelated to Magnolia’s third quarter 2026 financial results to be discussed\nduring the webcast will be made available in the Investors section of the\nwebsite prior to the call. The company will post a replay of the webcast on\nits website following the call.\n\nAbout Magnolia Oil & Gas\n\nMagnolia (MGY) is a publicly traded oil and gas exploration and production\ncompany with operations primarily concentrated in South Texas in the core of\nthe Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on\ngenerating value for shareholders by delivering steady, moderate annual\nproduction growth resulting from its disciplined and efficient philosophy\ntoward capital spending. The Company strives to generate high pre‐tax\noperating margins and consistent free cash flow allowing for strong cash\nreturns to our shareholders. For more information, visit\nwww.magnoliaoilgas.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.magnoliaoilgas.com&esheet=54613628&newsitemid=20260930457654&lan=en-US&anchor=www.magnoliaoilgas.com&index=2&md5=ff963183ecf8713e6d45f927d25008e9)\n.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThe information in this press release includes forward-looking statements\nwithin the meaning of Section 27A of the Securities Act of 1933, as amended,\nand Section 21E of the Securities Exchange Act of 1934, as amended. All\nstatements, other than statements of present or historical fact included in\nthis press release, regarding Magnolia’s strategy, future operations,\nfinancial position, estimated revenues and losses, projected costs, prospects,\nplans and objectives of management are forward looking statements. When used\nin this press release, the words could, should, will, may, believe,\nanticipate, intend, estimate, expect, project, the negative of such terms and\nother similar expressions are intended to identify forward-looking statements,\nalthough not all forward-looking statements contain such identifying words.\nThese forward-looking statements are based on management’s current\nexpectations and assumptions about future events. Except as otherwise required\nby applicable law, Magnolia disclaims any duty to update any forward-looking\nstatements, all of which are expressly qualified by the statements in this\nsection, to reflect events or circumstances after the date of this press\nrelease. Magnolia cautions you that these forward-looking statements are\nsubject to all of the risk and uncertainties, most of which are difficult to\npredict and many of which are beyond the control of Magnolia, incident to the\ndevelopment, production, gathering and sale of oil, natural gas and natural\ngas liquids. In addition, Magnolia cautions you that the forward looking\nstatements contained in this press release are subject to the following\nfactors: (i) the market prices of oil, natural gas, NGLs, and other products\nor services; (ii) the supply and demand for oil, natural gas, NGLs, and other\nproducts or services, including impacts of actions taken by OPEC and other\nstate-controlled oil companies; (iii) the outcome of any legal proceedings\nthat may be instituted against Magnolia; (iv) Magnolia’s ability to realize\nthe anticipated benefits of its acquisitions, which may be affected by, among\nother things, competition and the ability of Magnolia to grow and manage\ngrowth profitably; (v) legislative, regulatory, or policy changes, including\nthose following the change in presidential administrations; (vi) geopolitical\nand business conditions in key regions of the world; (vii) cybersecurity\nthreats, including increased use of artificial intelligence technologies; and\n(viii) the possibility that Magnolia may be adversely affected by other\neconomic, business, and/or competitive factors, including inflation. Should\none or more of the risks or uncertainties described in this press release\noccur, or should underlying assumptions prove incorrect, actual results and\nplans could differ materially from those expressed in any forward-looking\nstatements. Additional information concerning these and other factors that may\nimpact the operations and projections discussed herein can be found in\nMagnolia’s filings with the SEC, including its Annual Report on Form 10-K\nfor the fiscal year ended December 31, 2025. Magnolia’s SEC filings are\navailable publicly on the SEC’s website at www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54613628&newsitemid=20260930457654&lan=en-US&anchor=www.sec.gov&index=3&md5=8a3ec3989ca8176b027d49579a3d6cd5)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260930457654/en/\n(https://www.businesswire.com/news/home/20260930457654/en/)\n\nInvestors \n\nTom Fitter\n\n713-331-4802\n\ntfitter@mgyoil.com (mailto:tfitter@mgyoil.com)\n\nMedia \n\nChristina Kuhl\n\n713-331-4849\n\nckuhl@mgyoil.com (mailto:ckuhl@mgyoil.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-01T10:00:00.571432136Z","server_sent_at_ms":1790848800571},"received_at":"2026-10-01T10:00:00.703Z","source_url":"https://www.businesswire.com/news/home/20260930457654/en/"},"analysis":{"id":"146351","press_release_id":"157689","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":["one-time transaction and integration costs of $65-75 million hitting Q3","divested volumes removed ~1.4 Mboe/d (~84% oil) of next twelve-month production","~$1.9 billion net debt remains even after asset sale"],"eventType":"operations_update","narrative":"Magnolia Oil & Gas closed its WildFire Energy acquisition and provided an interim update showing integration on track, with at least one-third of an estimated >$100 million annual synergy target expected by year-end 2026.\n\nThe company ended Q3 with roughly $1.9 billion of net debt — below 1.0x net debt to 2027E EBITDA at strip prices — a full year ahead of its original deleveraging plan, aided by a $47.5 million non-core asset sale in Dimmit and Zavala counties.\n\nPro forma guidance calls for Q4 2026 production of 159-161 Mboe/d (~49-50% oil) with ~$235 million of D&C capex, and 2027 production growth of 4-5% on $900-950 million of D&C spending.\n\nManagement reiterated its capital-return framework: a growing dividend, buybacks of at least 1% of shares per quarter (2.3 million shares repurchased in Q3), and continued debt reduction toward 0.5x net leverage.\n\nQ3 2026 results will be discussed on a conference call November 5, 2026.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"WildFire integration ahead of plan: sub-1.0x leverage a year early plus $100M synergies crystallizing."},"keyFigures":{"guidance":"Q4 2026 production 159-161 Mboe/d (49-50% oil); D&C capex ~$235M Q4 2026 and $900-950M for 2027; 2027 production growth 4-5% oil and total","customDimensions":{"leverage":"below 1.0x net debt to 2027E EBITDA","net_debt":"$1.9 billion","annual_synergies":">$100 million run-rate, at least one-third realized by YE2026","q3_d_and_c_capex":"$155-165 million","seismic_purchase":"$14 million","q3_2026_production":"116-118 Mboe/d (~42% oil)","shares_outstanding":"~267 million","divested_production":"~1.4 Mboe/d (~84% oil)","shares_repurchased_q3":"~2.3 million","working_interest_gonzales":"98 percent","one_time_integration_costs":"$65-75 million"}},"quotedText":"we anticipate the combined business would generate mid-single digit organic annual growth of 4 to 5 percent for both oil volumes and total production","namedEntities":{"people":[{"name":"Chris Stavros","role":"Chairman, President and CEO"},{"name":"Tom Fitter","role":"Investor Relations contact"},{"name":"Christina Kuhl","role":"Media contact"}],"products":[],"companies":[{"name":"Magnolia Oil & Gas Corporation","ticker":"MGY","relationship":"filer"},{"name":"WildFire Energy","relationship":"acquired company"}],"dollarAmounts":[{"amount":"$47.5 million","context":"non-core asset sale consideration (Dimmit and Zavala counties)"},{"amount":"$1.9 billion","context":"net debt at end of Q3 2026"},{"amount":">$100 million","context":"annual run-rate synergies from WildFire acquisition"},{"amount":"$65 to $75 million","context":"one-time transaction and integration costs in Q3"},{"amount":"$14 million","context":"3D seismic purchase over acquired acreage"},{"amount":"$155 to $165 million","context":"Q3 2026 D&C capital spending"},{"amount":"$235 million","context":"Q4 2026 D&C capital spending"},{"amount":"$900 to $950 million","context":"2027 D&C capital spending estimate"}]},"materialImpact":{"score":3,"reasoning":"Interim update confirms WildFire acquisition closed and integration on track, with deleveraging ahead of plan (~$1.9B net debt, sub-1.0x 2027E leverage), $47.5M non-core asset sale, and detailed Q4/2027 pro forma guidance. Material but not an earnings or binary event."},"tickerRelevance":{"others":[],"primary":"MGY"},"globalImportance":38,"audienceRelevance":30,"eventTypeSecondary":["m_and_a","guidance_update"],"importanceComponents":{"tickerTier":"mid-cap E&P","eventGravity":"interim post-M&A update with guidance","eventGravityNote":"positive deleveraging progress and synergy confirmation, but not an earnings print","retailFavoriteBoost":"low-moderate"}},"event_type":"operations_update","event_type_secondary":["m_and_a","guidance_update"],"sentiment":"bullish","material_impact_score":3,"narrative":"Magnolia Oil & Gas closed its WildFire Energy acquisition and provided an interim update showing integration on track, with at least one-third of an estimated >$100 million annual synergy target expected by year-end 2026.\n\nThe company ended Q3 with roughly $1.9 billion of net debt — below 1.0x net debt to 2027E EBITDA at strip prices — a full year ahead of its original deleveraging plan, aided by a $47.5 million non-core asset sale in Dimmit and Zavala counties.\n\nPro forma guidance calls for Q4 2026 production of 159-161 Mboe/d (~49-50% oil) with ~$235 million of D&C capex, and 2027 production growth of 4-5% on $900-950 million of D&C spending.\n\nManagement reiterated its capital-return framework: a growing dividend, buybacks of at least 1% of shares per quarter (2.3 million shares repurchased in Q3), and continued debt reduction toward 0.5x net leverage.\n\nQ3 2026 results will be discussed on a conference call November 5, 2026.","key_figures":{"guidance":"Q4 2026 production 159-161 Mboe/d (49-50% oil); D&C capex ~$235M Q4 2026 and $900-950M for 2027; 2027 production growth 4-5% oil and total","customDimensions":{"leverage":"below 1.0x net debt to 2027E EBITDA","net_debt":"$1.9 billion","annual_synergies":">$100 million run-rate, at least one-third realized by YE2026","q3_d_and_c_capex":"$155-165 million","seismic_purchase":"$14 million","q3_2026_production":"116-118 Mboe/d (~42% oil)","shares_outstanding":"~267 million","divested_production":"~1.4 Mboe/d (~84% oil)","shares_repurchased_q3":"~2.3 million","working_interest_gonzales":"98 percent","one_time_integration_costs":"$65-75 million"}},"named_entities":{"people":[{"name":"Chris Stavros","role":"Chairman, President and CEO"},{"name":"Tom Fitter","role":"Investor Relations contact"},{"name":"Christina Kuhl","role":"Media contact"}],"products":[],"companies":[{"name":"Magnolia Oil & Gas Corporation","ticker":"MGY","relationship":"filer"},{"name":"WildFire Energy","relationship":"acquired company"}],"dollarAmounts":[{"amount":"$47.5 million","context":"non-core asset sale consideration (Dimmit and Zavala counties)"},{"amount":"$1.9 billion","context":"net debt at end of Q3 2026"},{"amount":">$100 million","context":"annual run-rate synergies from WildFire acquisition"},{"amount":"$65 to $75 million","context":"one-time transaction and integration costs in Q3"},{"amount":"$14 million","context":"3D seismic purchase over acquired acreage"},{"amount":"$155 to $165 million","context":"Q3 2026 D&C capital spending"},{"amount":"$235 million","context":"Q4 2026 D&C capital spending"},{"amount":"$900 to $950 million","context":"2027 D&C capital spending estimate"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-01T10:00:09.306Z","global_importance":38,"audience_relevance":30,"importance_components":{"tickerTier":"mid-cap E&P","eventGravity":"interim post-M&A update with guidance","eventGravityNote":"positive deleveraging progress and synergy confirmation, but not an earnings print","retailFavoriteBoost":"low-moderate"}},"durationMs":8545,"modelName":"glm-5.3-flashx"}}