Magnolia Oil & Gas (MGY) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38083
Entity Registrant Name	Magnolia Oil & Gas Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5365682
Entity Address, Address Line One	Nine Greenway Plaza, Suite 1300
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77046
City Area Code	713
Local Phone Number	842-9050
Title of 12(b) Security	Class A Common Stock, par value $0.0001
Trading Symbol	MGY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001698990
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		187,488,487
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		28,710,432

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 689,539	$ 366,982
Accounts receivable	207,718	149,769
Drilling advances	1,092	615
Other current assets	611	552
Total current assets	898,960	517,918
PROPERTY, PLANT AND EQUIPMENT
Oil and natural gas properties	2,718,433	2,381,812
Other	8,554	7,036
Accumulated depreciation, depletion and amortization	(1,352,138)	(1,172,761)
Total property, plant and equipment, net	1,374,849	1,216,087
OTHER ASSETS
Deferred financing costs, net	6,090	3,701
Other long-term assets	20,737	9,036
Total other assets	26,827	12,737
TOTAL ASSETS	2,300,636	1,746,742
CURRENT LIABILITIES
Accounts payable	214,609	127,909
Other current liabilities (Note 7)	127,363	90,636
Total current liabilities	341,972	218,545
LONG-TERM LIABILITIES
Long-term debt, net	389,794	388,087
Asset retirement obligations, net of current	92,652	89,715
Other long-term liabilities	6,512	5,146
Total long-term liabilities	488,958	482,948
COMMITMENTS AND CONTINGENCIES (Note 9)
Additional paid-in capital	1,637,279	1,689,500
Treasury Stock, at cost, 21,283 shares and 14,168 shares in 2022 and 2021, respectively	(320,204)	(164,599)
Accumulated deficit	(46,069)	(708,168)
Noncontrolling interest	198,676	228,492
Total equity	1,469,706	1,045,249
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	2,300,636	1,746,742
Class A Common Stock
Common stock	21	19
Class B Common Stock
Common stock	$ 3	$ 5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Treasury stock (in shares)	21,283,000	14,168,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,300,000,000	1,300,000,000
Common stock, shares issued (in shares)	208,758,000	193,437,000
Common stock, shares outstanding (in shares)	187,474,000	179,270,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	28,710,000	49,293,000
Common stock, shares outstanding (in shares)	28,710,000	49,293,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Total revenues	$ 482,963	$ 285,042	$ 1,345,451	$ 746,198
OPERATING EXPENSES
Lease operating expenses	34,709	23,593	96,057	64,957
Gathering, transportation and processing	19,297	11,540	51,518	32,069
Taxes other than income	26,623	14,082	74,917	38,657
Exploration expenses	1,173	317	10,119	2,440
Asset retirement obligations accretion	814	1,329	2,404	4,065
Depreciation, depletion and amortization	68,972	47,993	179,331	134,268
Amortization of intangible assets	0	0	0	9,346
General and administrative expenses	19,625	14,695	55,226	59,816
Total operating expenses	171,213	113,549	469,572	345,618
OPERATING INCOME	311,750	171,493	875,879	400,580
OTHER INCOME (EXPENSE)
Interest expense, net	(5,263)	(7,474)	(21,637)	(23,519)
Loss on derivatives, net	0	(623)	0	(3,110)
Other income (expense), net	(166)	142	6,579	48
Total other expense, net	(5,429)	(7,955)	(15,058)	(26,581)
INCOME BEFORE INCOME TAXES	306,321	163,538	860,821	373,999
Income tax expense	19,358	3,631	65,333	6,428
NET INCOME	286,963	159,907	795,488	367,571
LESS: Net income attributable to noncontrolling interest	41,486	40,543	133,389	100,518
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK	$ 245,477	$ 119,364	$ 662,099	$ 267,053
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic (in shares)	188,635	174,764	186,475	172,281
Diluted (in shares)	189,074	175,683	186,967	173,280
Class A Common Stock
NET INCOME PER SHARE OF CLASS A COMMON STOCK
Basic (in dollars per share)	$ 1.29	$ 0.68	$ 3.52	$ 1.54
Diluted (in dollars per share)	$ 1.29	$ 0.67	$ 3.51	$ 1.53
Oil revenues
REVENUES
Total revenues	$ 317,243	$ 195,642	$ 912,702	$ 531,300
Natural gas revenues
REVENUES
Total revenues	100,124	43,781	242,049	112,758
Natural gas liquids revenues
REVENUES
Total revenues	$ 65,596	$ 45,619	$ 190,700	$ 102,140

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Total Stockholders’ Equity	Total Stockholders’ Equity Class A Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid In Capital	Additional Paid In Capital Class B Common Stock	Treasury Stock	Treasury Stock Class A Common Stock	Accumulated Deficit	Noncontrolling Interest	Noncontrolling Interest Class B Common Stock
Common Stock, Balance at beginning of period (in shares) at Dec. 31, 2020						168,755	85,790
Balance at beginning of period at Dec. 31, 2020	$ 839,422			$ 548,162		$ 17	$ 9	$ 1,712,544		$ (38,958)		$ (1,125,450)	$ 291,260
Treasury Stock, Balance at beginning of period (in shares) at Dec. 31, 2020										5,475
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	9,143			6,592				6,592					2,551
Changes in ownership interest adjustment	0			(7,111)				(7,111)					7,111
Common stock issued related to stock based compensation and other, net (in shares)						623
Common stock issued related to stock based compensation and other, net	(3,094)			(2,228)				(2,228)					(866)
Class A Common Stock repurchases (in shares)											5,993
Class A Common Stock repurchases		$ (73,838)			$ (73,838)						$ (73,838)
Class B Common Stock purchase and cancellation (in shares)							(13,000)
Class B Common Stock purchase and cancellation			$ (171,671)				$ (2)		$ 2					$ (171,671)
Non-compete settlement (in shares)						375
Non-compete settlement	(42,074)			(29,758)				(29,758)					(12,316)
Conversion of Class B Common Stock to Class A Common Stock (in shares)						19,874	(19,874)
Conversion of Class B Common Stock to Class A Common Stock	0					$ 2	$ (2)
Dividends declared ($0.30 per share)	(14,236)			(14,236)				(14,236)
Distributions to noncontrolling interest owners	(5,706)
Net income	367,571			267,053								267,053	100,518
Common Stock, Balance at end of period (in shares) at Sep. 30, 2021						189,627	52,916
Balance at end of period at Sep. 30, 2021	905,517			694,636		$ 19	$ 5	1,665,805		$ (112,796)		(858,397)	210,881
Treasury Stock, Balance at end of period (in shares) at Sep. 30, 2021										11,468
Common Stock, Balance at beginning of period (in shares) at Jun. 30, 2021						184,800	60,524
Balance at beginning of period at Jun. 30, 2021	842,656			623,556		$ 18	$ 6	1,684,579		$ (83,286)		(977,761)	219,100
Treasury Stock, Balance at beginning of period (in shares) at Jun. 30, 2021										9,473
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	2,910			2,180				2,180					730
Changes in ownership interest adjustment	0			(5,373)				(5,373)					5,373
Common stock issued related to stock based compensation and other, net (in shares)						219
Common stock issued related to stock based compensation and other, net	(1,794)			(1,345)				(1,345)					(449)
Class A Common Stock repurchases (in shares)											1,995
Class A Common Stock repurchases		$ (29,510)			(29,510)						$ (29,510)
Class B Common Stock purchase and cancellation (in shares)							(3,000)
Class B Common Stock purchase and cancellation			$ (49,140)											(49,140)
Conversion of Class B Common Stock to Class A Common Stock (in shares)						4,608	(4,608)
Conversion of Class B Common Stock to Class A Common Stock	0					$ 1	$ (1)
Dividends declared ($0.30 per share)	(14,236)			(14,236)				(14,236)
Distributions to noncontrolling interest owners	(5,276)
Net income	159,907			119,364								119,364	40,543
Common Stock, Balance at end of period (in shares) at Sep. 30, 2021						189,627	52,916
Balance at end of period at Sep. 30, 2021	905,517			694,636		$ 19	$ 5	1,665,805		$ (112,796)		(858,397)	210,881
Treasury Stock, Balance at end of period (in shares) at Sep. 30, 2021										11,468
Common Stock, Balance at beginning of period (in shares) at Dec. 31, 2021		179,270	49,293			193,437	49,293
Balance at beginning of period at Dec. 31, 2021	$ 1,045,249			816,757		$ 19	$ 5	1,689,500		$ (164,599)		(708,168)	228,492
Treasury Stock, Balance at beginning of period (in shares) at Dec. 31, 2021	14,168									14,168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	$ 9,864			8,353				8,353					1,511
Changes in ownership interest adjustment	0			1,013				1,013					(1,013)
Common stock issued related to stock based compensation and other, net (in shares)						688
Common stock issued related to stock based compensation and other, net	(6,290)			(5,192)				(5,192)					(1,098)
Class A Common Stock repurchases (in shares)											7,115
Class A Common Stock repurchases		$ (155,605)			(155,605)						$ (155,605)
Class B Common Stock purchase and cancellation (in shares)							(5,950)
Class B Common Stock purchase and cancellation			$ (138,753)											$ (138,753)
Conversion of Class B Common Stock to Class A Common Stock (in shares)						14,633	(14,633)
Conversion of Class B Common Stock to Class A Common Stock	0					$ 2	$ (2)
Dividends declared ($0.30 per share)	(56,395)			(56,395)				(56,395)
Distributions to noncontrolling interest owners	(23,852)
Net income	795,488			662,099								662,099	133,389
Common Stock, Balance at end of period (in shares) at Sep. 30, 2022		187,474	28,710			208,758	28,710
Balance at end of period at Sep. 30, 2022	$ 1,469,706			1,271,030		$ 21	$ 3	1,637,279		$ (320,204)		(46,069)	198,676
Treasury Stock, Balance at end of period (in shares) at Sep. 30, 2022	21,283									21,283
Common Stock, Balance at beginning of period (in shares) at Jun. 30, 2022						208,729	28,710
Balance at beginning of period at Jun. 30, 2022	$ 1,268,557			1,098,278		$ 21	$ 3	1,647,637		$ (257,837)		(291,546)	170,279
Treasury Stock, Balance at beginning of period (in shares) at Jun. 30, 2022										18,283
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	3,462			3,004				3,004					458
Changes in ownership interest adjustment	0			5,914				5,914					(5,914)
Common stock issued related to stock based compensation and other, net (in shares)						29
Common stock issued related to stock based compensation and other, net	(189)			(164)				(164)					(25)
Class A Common Stock repurchases (in shares)											3,000
Class A Common Stock repurchases		$ (62,367)			$ (62,367)						$ (62,367)
Dividends declared ($0.30 per share)	(19,112)			(19,112)				(19,112)
Distributions to noncontrolling interest owners	(7,608)												(7,608)
Net income	286,963			245,477								245,477	41,486
Common Stock, Balance at end of period (in shares) at Sep. 30, 2022		187,474	28,710			208,758	28,710
Balance at end of period at Sep. 30, 2022	$ 1,469,706			$ 1,271,030		$ 21	$ 3	$ 1,637,279		$ (320,204)		$ (46,069)	$ 198,676
Treasury Stock, Balance at end of period (in shares) at Sep. 30, 2022	21,283									21,283

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, declared (in dollars per share)	$ 0.10	$ 0.08	$ 0.30	$ 0.08

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 795,488	$ 367,571
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	179,331	134,268
Amortization of intangible assets	0	9,346
Asset retirement obligations accretion	2,404	4,065
Amortization of deferred financing costs	4,812	3,149
Unrealized loss on derivatives, net	0	277
Stock based compensation	9,864	9,143
Other	0	(85)
Changes in operating assets and liabilities:
Accounts receivable	(57,949)	(48,541)
Accounts payable	86,700	44,834
Accrued liabilities	19,443	(1,501)
Drilling advances	(477)	3,743
Other assets and liabilities, net	(10,931)	1,666
Net cash provided by operating activities	1,028,685	527,935
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions	(11,749)	(10,817)
Additions to oil and natural gas properties	(323,510)	(162,744)
Changes in working capital associated with additions to oil and natural gas properties	14,152	12,435
Other investing	(1,187)	(2,316)
Net cash used in investing activities	(322,294)	(163,442)
CASH FLOW FROM FINANCING ACTIVITIES
Non-compete settlement	0	(42,074)
Dividends paid	(56,220)	(14,103)
Cash paid for debt modification	(5,494)	(4,976)
Distributions to noncontrolling interest owners	(23,852)	(5,706)
Other financing activities	(6,377)	(3,185)
Net cash used in financing activities	(383,834)	(312,031)
NET CHANGE IN CASH AND CASH EQUIVALENTS	322,557	52,462
Cash and cash equivalents – Beginning of period	366,982	192,561
Cash and cash equivalents – End of period	689,539	245,023
Supplemental cash items:
Cash paid for income taxes	60,906	(1,128)
Cash paid for interest	26,060	26,483
Supplemental non-cash investing and financing activity:
Accruals or liabilities for capital expenditures	44,088	28,802
Supplemental non-cash lease operating activity:
Right-of-use assets obtained in exchange for operating lease obligations	3,773	4,429
Class A Common Stock
CASH FLOW FROM FINANCING ACTIVITIES
Common Stock repurchases	(153,138)	(70,316)
Class B Common Stock
CASH FLOW FROM FINANCING ACTIVITIES
Common Stock repurchases	$ (138,753)	$ (171,671)

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Organization and Nature of Operations Magnolia Oil & Gas Corporation (the “Company” or “Magnolia”) is an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid (“NGL”) reserves. The Company’s oil and natural gas properties are located primarily in Karnes County and the Giddings area in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 (the “2021 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the Notes to the Consolidated Financial Statements included in the Company’s 2021 Form 10-K. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. Certain reclassifications of prior period financial statements have been made to conform to current reporting practices. The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. The Company’s interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Company reflects a noncontrolling interest representing primarily the interest owned by the Magnolia LLC Unit Holders through their ownership of Magnolia LLC Units in the consolidated financial statements. The noncontrolling interest is presented as a component of equity. See Note for further discussion of the noncontrolling interest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As of September 30, 2022, the Company’s significant accounting policies are consistent with those discussed in Note 1—Organization and Summary of Significant Accounting Policies of its consolidated financial statements contained in the Company’s 2021 Form 10-K.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Magnolia’s revenues include the sale of crude oil, natural gas, and NGLs. The Company has concluded that disaggregating revenue by product type appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors and has reflected this disaggregation of revenue on the Company’s consolidated statements of operations for all periods presented. The Company’s receivables consist mainly of trade receivables from commodity sales and joint interest billings due from owners on properties the Company operates. Receivables from contracts with customers totaled $160.6 million as of September 30, 2022 and $125.1 million as of December 31, 2021. For further detail regarding the Company’s revenue recognition policies, please refer to Note 1—Organization and Summary of Significant Accounting Policies of the consolidated financial statements contained in the Company’s 2021 Form 10-K.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company settled all of its natural gas costless collar derivative contracts by September 30, 2021. From September 30, 2020 to September 30, 2021, Magnolia utilized natural gas costless collars to reduce its exposure to price volatility for a portion of its natural gas production volumes. The Company’s policies do not permit the use of derivative instruments for speculative purposes. Under the Company’s costless collar contracts, each collar had an established floor price and ceiling price. When the settlement price was below the floor price, the counterparty was required to make a payment to the Company and when the settlement price was above the ceiling price, the Company was required to make a payment to the counterparty. The Company elected not to designate any of its derivative instruments as hedging instruments. Accordingly, changes in the fair value of the Company’s derivative instruments were recorded immediately to earnings as “Loss on derivatives, net” on the Company’s consolidated statements of operations. The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations during the three and nine months ended September 30, 2021: Three Months Ended Nine Months Ended (In thousands) September 30, 2021 September 30, 2021 Derivative settlements, realized loss $ (2,666) $ (2,833) Unrealized gain (loss) on derivatives 2,043 (277) Loss on derivatives, net $ (623) $ (3,110) The Company had no outstanding derivative contracts in place as of September 30, 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Certain of the Company’s assets and liabilities are carried at fair value and measured either on a recurring or nonrecurring basis. The Company’s fair value measurements are based either on actual market data or assumptions that other market participants would use in pricing an asset or liability in an orderly transaction, using the valuation hierarchy prescribed by GAAP under Accounting Standards Codification (“ASC”) 820. The three levels of the fair value hierarchy under ASC 820 are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. Level 2 - Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation. Recurring Fair Value Measurements The carrying value and fair value of the financial instrument that is not carried at fair value in the Company’s consolidated balance sheets at September 30, 2022 and December 31, 2021 are as follows: September 30, 2022 December 31, 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 389,794 $ 380,508 $ 388,087 $ 411,500 The fair value of the 2026 Senior Notes at September 30, 2022 and December 31, 2021 is based on unadjusted quoted prices in an active market, which is considered a Level 1 input in the fair value hierarchy. The Company has other financial instruments consisting primarily of receivables, payables, and other current assets and liabilities that approximate fair value due to the nature of the instruments and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in business combinations and asset retirement obligations. Nonrecurring Fair Value Measurements Certain of the Company’s assets and liabilities are measured at fair value on a nonrecurring basis. Specifically, stock based compensation is not measured at fair value on an ongoing basis but is subject to fair value calculations in certain circumstances. For further detail, see Note 12—Stock Based Compensation in the Notes to the Consolidated Financial Statements. There were no other nonrecurring fair value measurements as of September 30, 2022 or December 31, 2021.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Non-Compete Agreement On July 31, 2018 (the “Closing Date”), the Company and EnerVest, separate and apart from the Business Combination, entered into the Non-Compete, which prohibited EnerVest and certain of its affiliates from competing with the Company in the Eagle Ford Shale until July 31, 2022 (“Prohibited Period End Date”). In January 2021, the Company amended the Non-Compete such that, rather than delivering an aggregate of 4.0 million shares of Class A Common Stock upon the two and one-half year and the four year anniversaries of the Closing Date, the Company would deliver (i) the cash value of approximately 2.0 million shares of Class A Common Stock and approximately 0.4 million shares of Class A Common Stock on the two and one-half year anniversary of the Closing Date and (ii) an aggregate of 1.6 million shares of Class A Common Stock on the four year anniversary of the Closing Date, in each case subject to the terms and conditions of the Non-Compete. On February 1, 2021, as consideration for compliance with the Non-Compete, the Company paid $17.2 million in cash and issued 0.4 million shares of Class A Common Stock. On June 30, 2021, the Company amended the Prohibited Period End Date to terminate on June 30, 2021 and paid $24.9 million in cash in lieu of delivering the remaining 1.6 million shares of Class A Common Stock (the “Second Non-Compete Amendment”). The Second Non-Compete Amendment resulted in the Company accelerating the amortization of the remaining intangible assets. The Company includes the amortization in “Amortization of intangible assets” on the Company’s consolidated statements of operations.

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities The following table provides detail of the Company’s other current liabilities for the periods presented: (In thousands) September 30, 2022 December 31, 2021 Accrued capital expenditures $ 44,088 $ 29,936 Other 83,275 60,700 Total other current liabilities $ 127,363 $ 90,636

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt The Company’s long-term debt is comprised of the following: (In thousands) September 30, 2022 December 31, 2021 Revolving credit facility $ — $ — Senior Notes due 2026 400,000 400,000 Total long-term debt 400,000 400,000 Less: Unamortized deferred financing cost (10,206) (11,913) Long-term debt, net $ 389,794 $ 388,087 Credit Facility In connection with the consummation of the Business Combination, the RBL Facility was entered into by and among Magnolia Operating, as borrower, Magnolia Intermediate, as its holding company, the banks, financial institutions, and other lending institutions from time to time party thereto, as lenders, the other parties from time to time party thereto, and Citibank, N.A., as administrative agent, collateral agent, issuing bank, and swingline lender. On February 16, 2022, Magnolia Operating, as borrower, amended and restated the RBL Facility (“Amended and Restated RBL Facility”) in its entirety, providing for maximum commitments in an aggregate principal amount of $1.0 billion with a letter of credit facility with a $50.0 million sublimit, with an initial borrowing base of $450.0 million. The Amended and Restated RBL Facility, maturing in February 2026, is guaranteed by certain parent companies and subsidiaries of Magnolia LLC and is collateralized by certain of Magnolia Operating’s oil and natural gas properties. Borrowings under the Amended and Restated RBL Facility bear interest, at Magnolia Operating’s option, at a rate per annum equal to either the term SOFR rate or the alternative base rate plus the applicable margin. Additionally, Magnolia Operating is required to pay a commitment fee quarterly in arrears in respect of unused commitments under the Amended and Restated RBL Facility. The applicable margin and the commitment fee rate are calculated based upon the utilization levels of the Amended and Restated RBL Facility as a percentage of unused lender commitments then in effect. The Amended and Restated RBL Facility contains certain affirmative and negative covenants customary for financings of this type, including compliance with a leverage ratio of less than 3.50 to 1.00 and a current ratio of greater than 1.00 to 1.00. As of September 30, 2022, the Company was in compliance with all covenants under the Amended and Restated RBL Facility. The Company incurred approximately $5.5 million of lender and transaction fees related to the modification of which $5.1 million were recorded as deferred financing costs and will be amortized prospectively over the remaining term of the Amended and Restated RBL Facility and $0.4 million of which were expensed and are reflected in “Interest expense, net” on the Company’s consolidated statements of operations for the nine months ended September 30, 2022. Deferred financing costs in connection with the Amended and Restated RBL Facility are amortized on a straight-line basis over a period of four years from February 2022 to February 2026 and included in “Interest expense, net” in the Company’s consolidated statements of operations. The Company recognized interest expense related to the Amended and Restated RBL Facility and the RBL Facility, as applicable, of $1.1 million and $1.0 million for the three months ended September 30, 2022 and 2021, respectively, and $4.8 million and $3.1 million for the nine months ended September 30, 2022 and 2021, respectively. The unamortized portion of the deferred financing costs is included in “Deferred financing costs, net” on the Company’s consolidated balance sheet as of September 30, 2022. The Company did not have any outstanding borrowings under the Amended and Restated RBL Facility as of September 30, 2022. 2026 Senior Notes On July 31, 2018, the Issuers issued and sold $400.0 million aggregate principal amount of 2026 Senior Notes in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 2026 Senior Notes were issued under the Indenture, dated as of July 31, 2018 (the “Indenture”), by and among the Issuers and Deutsche Bank Trust Company Americas, as trustee. The 2026 Senior Notes are guaranteed on a senior unsecured basis by the Company, Magnolia Operating, and Magnolia Intermediate and may be guaranteed by certain future subsidiaries of the Company. The 2026 Senior Notes will mature on August 1, 2026 and bear interest at the rate of 6.0% per annum. On April 5, 2021, the terms of the Indenture were amended to modify, among other things, the criteria used by the Company to make Restricted Payments (as defined in the Indenture). The amendment to the Indenture was accounted for as a debt modification. Costs incurred with third parties directly related to the modification were expensed as incurred. The Company incurred approximately $1.1 million of transaction fees in the second quarter of 2021 related to the modification which were expensed. The Company also paid $5.0 million in fees to holders of the 2026 Senior Notes, which fees are recorded as deferred financing costs and amortized using the new effective interest rate applied prospectively over the remaining term of the 2026 Senior Notes. Deferred financing costs related to the issuance of, and the amendment to the Indenture governing, the 2026 Senior Notes are amortized using the effective interest method over the term of the 2026 Senior Notes and are included in “Interest expense, net” in the Company’s consolidated statements of operations. The unamortized portion of the deferred financing costs is included as a reduction to the carrying value of the 2026 Senior Notes, which has been recorded as “Long-term debt, net” on the Company’s consolidated balance sheet as of September 30, 2022. The Company recognized interest expense related to the 2026 Senior Notes of $6.6 million and $6.5 million for the three months ended September 30, 2022 and 2021, respectively, and $19.7 million and $20.5 million for the nine months ended September 30, 2022 and 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters From time to time, the Company is or may become involved in litigation in the ordinary course of business. Certain of the Magnolia LLC Unit Holders and EnerVest Energy Institutional Fund XIV-C, L.P. (collectively the “Co-Defendants”) and the Company have been named as defendants in a lawsuit where the plaintiffs claim to be entitled to a minority working interest in certain Karnes County Assets. The litigation is in the pre-trial stage. The exposure related to this litigation is currently not reasonably estimable. The Co-Defendants retained all such liability in connection with the Business Combination. A mineral owner in a Magnolia operated well in Karnes County, Texas filed a complaint with the Texas Railroad Commission (the “Commission”) challenging the validity of the permit to drill such well by questioning the long-standing process by which the Commission granted the permit. After the Commission affirmed the granting of the permit, and after judicial review of the Commission’s order by the 53rd Judicial District Court Travis County, Texas (the “District Court”), the District Court reversed and remanded the Commission’s order. The Commission and Magnolia have appealed the District Court’s judgment to the Third Court of Appeals in Austin, Texas. At September 30, 2022, the Company does not believe the outcome of any such disputes or legal actions will have a material effect on its consolidated statements of operations, balance sheet, or cash flows. No amounts were accrued with respect to outstanding litigation at September 30, 2022 or September 30, 2021. Environmental Matters The Company, as an owner or lessee and operator of oil and natural gas properties, is subject to various federal, state, and local laws and regulations relating to discharge of materials into, and the protection of, the environment. These laws and regulations may, among other things, impose liability on a lessee under an oil and natural gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in an affected area. The Company maintains insurance coverage, which it believes is customary in the industry, although the Company is not fully insured against all environmental risks. Risks and Uncertainties The Company’s revenue, profitability, and future growth are substantially dependent upon the prevailing and future prices for oil and natural gas, which depend on numerous factors beyond the Company’s control such as overall oil and natural gas production and inventories in relevant markets, economic conditions, the global and domestic political environments, regulatory developments, and competition from other energy sources. Oil and natural gas prices historically have been volatile and may be subject to significant fluctuations in the future. Additionally, the economy has begun to experience elevated inflation levels as a result of global supply and demand imbalances. Inflationary pressures and labor shortages could result in further increases to our operating and capital costs. The coronavirus disease 2019 (“COVID-19”) pandemic and related economic repercussions have created significant volatility, uncertainty, and turmoil in the oil and natural gas industry. While oil and natural gas prices have increased since 2020, the extent of any further impact of the pandemic, including the emergence and spread of variant strains of COVID-19, on the Company’s industry and business cannot be reasonably predicted at this time. Further, Russia’s invasion of Ukraine in the first quarter of 2022, and global sanctions placed on Russia in response, have had and may continue to have a global impact on supply and demand for oil and natural gas. Magnolia continues to monitor any impacts from the Russia-Ukraine war on the global markets for its commodities.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision consists of the following components: Three Months Ended Nine Months Ended (In thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Current: Federal $ 18,009 $ 2,604 $ 60,695 $ 4,248 State 1,349 1,027 4,638 2,180 19,358 3,631 65,333 6,428 Deferred: Federal — — — — State — — — — — — — — Income tax expense $ 19,358 $ 3,631 $ 65,333 $ 6,428 The Company is subject to U.S. federal income tax, margin tax in the state of Texas, and Louisiana corporate income tax. The Company estimates its annual effective tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which it operates. The Company’s effective tax rate for the three months ended September 30, 2022 and 2021 was 6.3% and 2.2%, respectively. The Company’s effective tax rate for the nine months ended September 30, 2022 and 2021 was 7.6% and 1.7%, respectively. As a result of impairments in the first quarter of 2020, the Company established full valuation allowances on the federal and state deferred tax assets, which resulted in additional differences between the effective tax rate and the statutory rate as of September 30, 2022 and September 30, 2021. The primary differences between the annual effective tax rate and the statutory rate of 21.0% are income attributable to noncontrolling interest, state taxes, and valuation allowances. As of September 30, 2022, the Company does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. For the nine months ended September 30, 2022, no amounts were incurred for interest and penalties. Currently, the Company is not aware of any issues under review that could result in significant payments, accruals, or a material deviation from its position. The Company’s tax years since its formation remain subject to possible income tax examinations by its major taxing authorities. During the nine months ended September 30, 2022, the Magnolia LLC Unit Holders redeemed 14.6 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. The redemption and exchange of these Magnolia LLC Units created additional tax basis in Magnolia LLC. There was no net tax impact as the Company recorded a full valuation allowance. As of September 30, 2022, the Company’s net deferred tax asset was $164.9 million. Management assessed whether it is more-likely-than-not that it will generate sufficient taxable income to realize its deferred income tax assets, including the investment in partnership and net operating loss carryforwards. In making this determination, the Company considered all available positive and negative evidence and made certain assumptions. The Company considered, among other things, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. As of September 30, 2022, the Company assessed the realizability of the deferred tax assets and recorded a full valuation allowance of $164.9 million. As commodity prices have improved during 2021 and 2022, Magnolia has begun to sustain a level of increased profitability such that, net of its net operating loss, Magnolia is recognizing taxable income. As this continues, increased weight will be given to positive operating results, along with projections of future taxable income, in determining whether future taxable income will be sufficient to provide for realization of the Company’s deferred tax assets, and if so, this new evidence may result in a change in estimate of the Company’s valuation allowance in the next 12 months. On August 16, 2022, the U.S. enacted legislation referred to as the Inflation Reduction Act (“IRA”), which significantly changes U.S. corporate income tax laws and is effective for tax years beginning after December 31, 2022. These changes include, among others, a new 15% corporate alternative minimum tax on adjusted financial statement income of corporations with profits over $1 billion, a 1% excise tax on stock buybacks, and various tax incentives for energy and climate initiatives. The Company is in the process of evaluating the provisions of the IRA, but it does not currently believe the IRA will have a material impact on its reported results, cash flows or financial position when it becomes effective.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Class A Common Stock At September 30, 2022, there were 208.8 million shares of Class A Common Stock issued and 187.5 million shares of Class A Common Stock outstanding. The holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters and are entitled one vote for each share held. There is no cumulative voting with respect to the election of directors, which results in the holders of more than 50% of the Company’s outstanding common shares being able to elect all of the directors, subject to voting obligations under the Stockholder Agreement. In the event of a liquidation, dissolution, or winding up of the Company, the holders of the Class A Common Stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. The holders of the Class A Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares. Class B Common Stock At September 30, 2022, there were 28.7 million shares of Class B Common Stock issued and outstanding. Holders of Class B Common Stock vote together as a single class with holders of Class A Common Stock on all matters properly submitted to a vote of the stockholders. The holders of Class B Common Stock generally have the right to exchange all or a portion of their shares of Class B Common Stock, together with an equal number of Magnolia LLC Units, for the same number of shares of Class A Common Stock or, at Magnolia LLC’s option, an equivalent amount of cash. Upon the future redemption or exchange of Magnolia LLC Units held by any holder of Class B Common Stock, a corresponding number of shares of Class B Common Stock held by such holder of Class B Common Stock will be canceled. In the event of a liquidation, dissolution, or winding up of Magnolia LLC, the holders of the Class B Common Stock, through their ownership of Magnolia LLC Units, are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of units of Magnolia LLC, if any, having preference over the common units. The holders of the Class B Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares. Share Repurchases The Company’s board of directors has authorized a share repurchase program of up to 30.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame. As of September 30, 2022, the Company had repurchased 20.7 million shares under the program at a cost of $308.6 million. During the nine months ended September 30, 2022, the Company also repurchased 0.6 million shares of Class A Common Stock for $11.6 million from EnerVest Energy Institutional Fund XIV-C, L.P. outside of the share repurchase program. During the nine months ended September 30, 2022 Magnolia LLC repurchased and subsequently canceled 5.9 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $138.8 million of cash consideration (the “Class B Common Stock Repurchases”). During the same period, the Magnolia LLC Unit Holders redeemed 14.6 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. During the nine months ended September 30, 2021 Magnolia LLC repurchased and subsequently canceled 13.0 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $171.7 million of cash consideration (the “Class B Common Stock Repurchases”). During the same period, the Magnolia LLC Unit Holders redeemed 19.9 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. Magnolia funded the Class B Common Stock Repurchases with cash on hand. Dividends and Distributions In 2021, the Company’s board of directors announced the Company’s first dividend, payable on issued and outstanding shares of Class A Common Stock, and a corresponding distribution from Magnolia LLC to Magnolia LLC Unit Holders. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital. The dividends declared in 2022 and 2021 were recorded as a reduction of additional paid-in capital on the Company’s consolidated balance sheets as of September 30, 2022 and December 31, 2021. The distributions to the Magnolia LLC Unit Holders were recorded as a reduction of noncontrolling interest on the Company’s consolidated balance sheets as of September 30, 2022 and December 31, 2021. The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the nine months ended September 30, 2022 and the year ended December 31, 2021, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units: Record Date Payment Date Dividend/ Distribution Amount per share (1) Distributions by Magnolia LLC (2) Dividends Declared by the Company (2) Distributions to Magnolia LLC Unit Holders (In thousands, except per share amounts) August 12, 2022 September 1, 2022 $ 0.10 $ 21,983 $ 19,112 $ 2,871 February 14, 2022 March 1, 2022 $ 0.20 $ 45,851 $ 37,283 $ 8,568 August 12, 2021 September 1, 2021 $ 0.08 $ 19,078 $ 14,236 $ 4,842 (1) Per share of Class A Common Stock and per Magnolia LLC Unit. (2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date. Noncontrolling Interest Noncontrolling interest in Magnolia’s consolidated subsidiaries includes amounts attributable to Magnolia LLC Units that were issued to the Magnolia LLC Unit Holders in connection with the Business Combination. The noncontrolling interest percentage is affected by various equity transactions such as issuances and repurchases of Class A Common Stock, the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) for Class A Common Stock, or the cancellation of Class B Common Stock (and corresponding Magnolia LLC Units). As of September 30, 2022, Magnolia owned approximately 86.7% of the interest in Magnolia LLC and the noncontrolling interest was approximately 13.3%. In the first quarter of 2019, Magnolia Operating formed Highlander Oil & Gas Holdings LLC (“Highlander”) as a joint venture whereby MGY Louisiana LLC, a wholly owned subsidiary of Magnolia Operating, holds approximately 84.7% of the units of Highlander, with the remaining 15.3% attributable to noncontrolling interest.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation On October 8, 2018, the Company’s board of directors adopted the “Magnolia Oil & Gas Corporation Long Term Incentive Plan” (as amended, the “Plan”), effective as of July 17, 2018. A total of 16.8 million shares of Class A Common Stock have been authorized for issuance under the Plan as of September 30, 2022. The Company grants stock based compensation awards in the form of restricted stock units (“RSU”), performance restricted stock units (“PRSU”), and performance stock units (“PSU”) to eligible employees and directors to enhance the Company and its affiliates’ ability to attract, retain, and motivate persons who make important contributions to the Company and its affiliates by providing these individuals with equity ownership opportunities. Shares issued as a result of awards granted under the Plan are generally new shares of Class A Common Stock. Stock based compensation expense is recognized net of forfeitures within “General and administrative expenses” and “Lease operating expenses” on the consolidated statements of operations and was $3.5 million and $2.9 million for the three months ended September 30, 2022 and 2021, respectively, and $9.9 million and $9.1 million for the nine months ended September 30, 2022 and 2021, respectively. The Company has elected to account for forfeitures of awards granted under the Plan as they occur in determining compensation expense. The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the three months ended September 30, 2022. Restricted Performance Restricted Performance Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested at June 30, 2022 1,053,514 $ 11.83 1,261,957 $ 13.29 278,485 $ 6.14 Granted 14,077 22.63 7,341 23.41 — — Vested (34,404) 11.11 (2,471) 12.20 — — Forfeited (12,528) 12.56 (9,000) 13.42 — — Unvested at September 30, 2022 1,020,659 $ 11.99 1,257,827 $ 13.35 278,485 $ 6.14 The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2022. Restricted Performance Restricted Performance Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested at December 31, 2021 1,187,509 $ 8.94 968,654 $ 9.36 460,414 $ 9.20 Granted 301,296 21.00 514,306 19.21 — — Granted for performance multiple (1) — — — — 90,965 13.88 Vested (441,512) 9.89 (215,197) 9.36 (272,894) 13.88 Forfeited (26,634) 12.62 (9,936) 13.23 — — Unvested at September 30, 2022 1,020,659 $ 11.99 1,257,827 $ 13.35 278,485 $ 6.14 (1) Upon completion of the performance period for the PSUs granted in 2019, a performance multiple of 150% was applied to each of the grants resulting in additional grants of PSUs in 2022. Restricted Stock Units The Company grants service-based RSU awards to employees, which generally vest ratably over a three-year or four-year service period, and to non-employee directors, which vest in full after one year. RSUs represent the right to receive shares of Class A Common Stock at the end of the vesting period equal to the number of RSUs that vest. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Compensation expense for the service-based RSU awards is based upon the grant date market value of the award and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards. The aggregate fair value of RSUs that vested during the nine months ended September 30, 2022 and 2021 was $11.0 million and $7.0 million, respectively. Unrecognized compensation expense related to unvested RSUs as of September 30, 2022 was $8.4 million, which the Company expects to recognize over a weighted average period of 2.5 years. Performance Restricted Stock Units and Performance Stock Units The Company grants PRSUs to certain employees. Each PRSU represents the contingent right to receive one share of Class A Common Stock once the PRSU is both vested and earned. PRSUs generally vest either ratably over a three-year service period or at the end of a three-year service period, in each case, subject to the recipient’s continued employment or service through each applicable vesting date. Each PRSU is earned based on whether Magnolia’s stock price achieves a target average stock price for any 20 consecutive trading days during the five-year performance period. If PRSUs are not earned by the end of the five-year performance period (“Performance Condition”), the PRSUs will be forfeited and no shares of Class A Common Stock will be issued, even if the vesting conditions have been met. Compensation expense for the PRSU awards is based upon grant date fair market value of the award, calculated using a Monte Carlo simulation, as presented below, and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards, as applicable. The aggregate fair value of PRSU awards that vested during the nine months ended September 30, 2022 was $4.8 million. Unrecognized compensation expense related to unvested PRSUs as of September 30, 2022 was $11.0 million, which the Company expects to recognize over a weighted average period of 2.1 years. The Company grants PSUs to certain employees. Each PSU, to the extent earned, represents the contingent right to receive one share of Class A Common Stock and the awardee may earn between zero and 150% of the target number of PSUs granted based on the total shareholder return (“TSR”) of the Class A Common Stock relative to the TSR achieved by a specific industry peer group over a three-year performance period, the last day of which is also the vesting date. In addition to the TSR conditions, vesting of the PSUs is subject to the awardee’s continued employment through the date of settlement of the PSUs, which will occur within 60 days following the end of the performance period. The aggregate fair value of PSU awards that vested during the nine months ended September 30, 2022 and 2021 was $5.5 million and $4.0 million, respectively. Unrecognized compensation expense related to unvested PSUs as of September 30, 2022 was $0.2 million, which the Company expects to recognize over a weighted average period of 0.3 years. The grant date fair values of the PRSUs granted during the nine months ended September 30, 2022 and 2021, were $9.9 million and $9.5 million, respectively. Since the Performance Condition for the PRSUs granted in 2022 and 2021 were met on March 28, 2022 and March 17, 2021, respectively, the fair value of the PRSUs granted after the Performance Condition were met were based upon the grant date market value of the award. The fair values of the awards granted prior to the date the Performance Condition was met were determined using a Monte Carlo simulation, which assumptions are summarized in the table below. Nine Months Ended PRSU Grant Date Fair Value Assumptions September 30, 2022 September 30, 2021 Expected term (in years) 3.55 3.64 Expected volatility 59.58% 55.18% Risk-free interest rate 1.89% 0.56% Dividend yield 1.97% —%

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities, and therefore dividends and net income allocated to such awards have been deducted from earnings in computing basic and diluted net income per share under the two-class method. Diluted net income per share attributable to Class A Common Stock is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented. The components of basic and diluted net income per share attributable to Class A Common Stock are as follows: Three Months Ended Nine Months Ended (In thousands, except per share data) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Basic: Net income attributable to Class A Common Stock $ 245,477 $ 119,364 $ 662,099 $ 267,053 Less: Dividends and net income allocated to participating securities 2,297 939 6,050 1,714 Net income, net of participating securities $ 243,180 $ 118,425 $ 656,049 $ 265,339 Weighted average number of common shares outstanding during the period - basic 188,635 174,764 186,475 172,281 Net income per share of Class A Common Stock - basic $ 1.29 $ 0.68 $ 3.52 $ 1.54 Diluted: Net income attributable to Class A Common Stock $ 245,477 $ 119,364 $ 662,099 $ 267,053 Less: Dividends and net income allocated to participating securities 2,292 934 6,035 1,705 Net income, net of participating securities $ 243,185 $ 118,430 $ 656,064 $ 265,348 Weighted average number of common shares outstanding during the period - basic 188,635 174,764 186,475 172,281 Add: Dilutive effect of stock based compensation and other 439 919 492 999 Weighted average number of common shares outstanding during the period - diluted 189,074 175,683 186,967 173,280 Net income per share of Class A Common Stock - diluted $ 1.29 $ 0.67 $ 3.51 $ 1.53 For the three months ended September 30, 2022 and 2021, the Company excluded 28.7 million and 60.4 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For the nine months ended September 30, 2022 and 2021, the Company excluded 35.5 million and 68.8 million, respectively, weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units), as the effect was anti-dilutive.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsAs of September 30, 2022, no entity held more than 10% of the Company’s common stock or qualified as a principal owner of the Company, as defined in ASC 850, “Related Party Disclosures.”

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 27, 2022, the Company’s board of directors declared a quarterly cash dividend of $0.10 per share of Class A Common Stock, and a cash distribution of $0.10 per Magnolia LLC Unit, payable on December 1, 2022 to shareholders or members of record, as applicable, as of November 7, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 (the “2021 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the Notes to the Consolidated Financial Statements included in the Company’s 2021 Form 10-K. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations	The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations during the three and nine months ended September 30, 2021: Three Months Ended Nine Months Ended (In thousands) September 30, 2021 September 30, 2021 Derivative settlements, realized loss $ (2,666) $ (2,833) Unrealized gain (loss) on derivatives 2,043 (277) Loss on derivatives, net $ (623) $ (3,110)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Financial Instruments Not Carried at Fair Value	The carrying value and fair value of the financial instrument that is not carried at fair value in the Company’s consolidated balance sheets at September 30, 2022 and December 31, 2021 are as follows: September 30, 2022 December 31, 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 389,794 $ 380,508 $ 388,087 $ 411,500

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	The following table provides detail of the Company’s other current liabilities for the periods presented: (In thousands) September 30, 2022 December 31, 2021 Accrued capital expenditures $ 44,088 $ 29,936 Other 83,275 60,700 Total other current liabilities $ 127,363 $ 90,636

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Components of Debt	The Company’s long-term debt is comprised of the following: (In thousands) September 30, 2022 December 31, 2021 Revolving credit facility $ — $ — Senior Notes due 2026 400,000 400,000 Total long-term debt 400,000 400,000 Less: Unamortized deferred financing cost (10,206) (11,913) Long-term debt, net $ 389,794 $ 388,087

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision (Benefit)	The Company’s income tax provision consists of the following components: Three Months Ended Nine Months Ended (In thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Current: Federal $ 18,009 $ 2,604 $ 60,695 $ 4,248 State 1,349 1,027 4,638 2,180 19,358 3,631 65,333 6,428 Deferred: Federal — — — — State — — — — — — — — Income tax expense $ 19,358 $ 3,631 $ 65,333 $ 6,428

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Dividends	The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the nine months ended September 30, 2022 and the year ended December 31, 2021, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units: Record Date Payment Date Dividend/ Distribution Amount per share (1) Distributions by Magnolia LLC (2) Dividends Declared by the Company (2) Distributions to Magnolia LLC Unit Holders (In thousands, except per share amounts) August 12, 2022 September 1, 2022 $ 0.10 $ 21,983 $ 19,112 $ 2,871 February 14, 2022 March 1, 2022 $ 0.20 $ 45,851 $ 37,283 $ 8,568 August 12, 2021 September 1, 2021 $ 0.08 $ 19,078 $ 14,236 $ 4,842 (1) Per share of Class A Common Stock and per Magnolia LLC Unit. (2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
Distributions Made to Limited Liability Company (LLC) Member, by Distribution	The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the nine months ended September 30, 2022 and the year ended December 31, 2021, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units: Record Date Payment Date Dividend/ Distribution Amount per share (1) Distributions by Magnolia LLC (2) Dividends Declared by the Company (2) Distributions to Magnolia LLC Unit Holders (In thousands, except per share amounts) August 12, 2022 September 1, 2022 $ 0.10 $ 21,983 $ 19,112 $ 2,871 February 14, 2022 March 1, 2022 $ 0.20 $ 45,851 $ 37,283 $ 8,568 August 12, 2021 September 1, 2021 $ 0.08 $ 19,078 $ 14,236 $ 4,842 (1) Per share of Class A Common Stock and per Magnolia LLC Unit. (2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Unvested RSU, PSU, and PRSU Activity	The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the three months ended September 30, 2022. Restricted Performance Restricted Performance Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested at June 30, 2022 1,053,514 $ 11.83 1,261,957 $ 13.29 278,485 $ 6.14 Granted 14,077 22.63 7,341 23.41 — — Vested (34,404) 11.11 (2,471) 12.20 — — Forfeited (12,528) 12.56 (9,000) 13.42 — — Unvested at September 30, 2022 1,020,659 $ 11.99 1,257,827 $ 13.35 278,485 $ 6.14 The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2022. Restricted Performance Restricted Performance Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested at December 31, 2021 1,187,509 $ 8.94 968,654 $ 9.36 460,414 $ 9.20 Granted 301,296 21.00 514,306 19.21 — — Granted for performance multiple (1) — — — — 90,965 13.88 Vested (441,512) 9.89 (215,197) 9.36 (272,894) 13.88 Forfeited (26,634) 12.62 (9,936) 13.23 — — Unvested at September 30, 2022 1,020,659 $ 11.99 1,257,827 $ 13.35 278,485 $ 6.14 (1) Upon completion of the performance period for the PSUs granted in 2019, a performance multiple of 150% was applied to each of the grants resulting in additional grants of PSUs in 2022.
Schedule of Assumptions Used to Calculate Grant Date Fair Value of PRSUs	The fair values of the awards granted prior to the date the Performance Condition was met were determined using a Monte Carlo simulation, which assumptions are summarized in the table below. Nine Months Ended PRSU Grant Date Fair Value Assumptions September 30, 2022 September 30, 2021 Expected term (in years) 3.55 3.64 Expected volatility 59.58% 55.18% Risk-free interest rate 1.89% 0.56% Dividend yield 1.97% —%

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerators and Denominators for Basic and Diluted Per Share Computation	The components of basic and diluted net income per share attributable to Class A Common Stock are as follows: Three Months Ended Nine Months Ended (In thousands, except per share data) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Basic: Net income attributable to Class A Common Stock $ 245,477 $ 119,364 $ 662,099 $ 267,053 Less: Dividends and net income allocated to participating securities 2,297 939 6,050 1,714 Net income, net of participating securities $ 243,180 $ 118,425 $ 656,049 $ 265,339 Weighted average number of common shares outstanding during the period - basic 188,635 174,764 186,475 172,281 Net income per share of Class A Common Stock - basic $ 1.29 $ 0.68 $ 3.52 $ 1.54 Diluted: Net income attributable to Class A Common Stock $ 245,477 $ 119,364 $ 662,099 $ 267,053 Less: Dividends and net income allocated to participating securities 2,292 934 6,035 1,705 Net income, net of participating securities $ 243,185 $ 118,430 $ 656,064 $ 265,348 Weighted average number of common shares outstanding during the period - basic 188,635 174,764 186,475 172,281 Add: Dilutive effect of stock based compensation and other 439 919 492 999 Weighted average number of common shares outstanding during the period - diluted 189,074 175,683 186,967 173,280 Net income per share of Class A Common Stock - diluted $ 1.29 $ 0.67 $ 3.51 $ 1.53

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 160.6	$ 125.1

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative settlements, realized loss		$ (2,666)		$ (2,833)
Unrealized gain (loss) on derivatives		2,043	$ 0	(277)
Loss on derivatives, net	$ 0	$ (623)	$ 0	$ (3,110)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments Not Carried at Fair Value (Details) - Fair Value, Inputs, Level 1 - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 389,794	$ 388,087
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 380,508	$ 411,500

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) shares in Millions, $ in Millions				1 Months Ended
	Jun. 30, 2021	Feb. 01, 2021	Jul. 31, 2018	Jan. 31, 2021
EnerVest
Finite-Lived Intangible Assets [Line Items]
Cash paid upon compliance of non-compete agreement milestones, milestone 1		$ 17.2
Cash paid upon compliance of non-compete agreement milestones, milestone 2	$ 24.9
EnerVest | Class A Common Stock
Finite-Lived Intangible Assets [Line Items]
Number of shares authorized for issuance based on compliance of non-compete agreement milestones (in shares)			4
Cash value of equity interest authorized for issuance upon compliance of non-compete agreement milestones, milestone 1 (in shares)				2
Number of shares authorized for issuance based on compliance of non-compete agreement milestones, milestone 1 (in shares)				0.4
Number of shares authorized for issuance based on compliance of non-compete agreement milestones, milestone 2 (in shares)	1.6			1.6
Equity interests issued upon compliance of non-compete agreement milestones, milestone 1 (in shares)		0.4
Non-Compete | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated economic life of intangible asset			2 years 6 months	2 years 6 months
Non-Compete | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated economic life of intangible asset			4 years	4 years

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accrued capital expenditures	$ 44,088	$ 29,936
Other	83,275	60,700
Total other current liabilities	$ 127,363	$ 90,636

Long-term Debt - Components of

Long-term Debt - Components of Debt (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total long-term debt	$ 400,000,000	$ 400,000,000
Less: Unamortized deferred financing cost	(10,206,000)	(11,913,000)
Long-term debt, net	389,794,000	388,087,000
Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Total long-term debt	0	0
Senior Notes | Senior Notes due 2026
Debt Instrument [Line Items]
Total long-term debt	$ 400,000,000	$ 400,000,000

Long-term Debt - Credit Facilit

Long-term Debt - Credit Facility Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Feb. 16, 2022 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Deferred financing costs, net	$ 6,090,000		$ 6,090,000			$ 3,701,000
Amortization of deferred financing costs			4,812,000	$ 3,149,000
Outstanding borrowings	400,000,000		400,000,000			400,000,000
Line of Credit | Amended and Restated RBL Facility | Magnolia Operating
Line of Credit Facility [Line Items]
Maximum commitments, aggregate principal amount					$ 1,000,000,000
Borrowing base					$ 450,000,000
Leverage ratio (less than)					3.50
Current ratio (greater than)					1
Transaction fees related to the modification					$ 5,500,000
Deferred financing costs, net					5,100,000
Amortization of deferred financing costs			$ 400,000
Line of Credit | Letter of Credit Sublimit | Magnolia Operating
Line of Credit Facility [Line Items]
Maximum commitments, aggregate principal amount					$ 50,000,000
Line of Credit | RBL Facility
Line of Credit Facility [Line Items]
Amortization period			4 years
Interest expense	1,100,000	$ 1,000,000	$ 4,800,000	$ 3,100,000
Outstanding borrowings	$ 0		$ 0			$ 0

Long-term Debt - 2026 Senior No

Long-term Debt - 2026 Senior Notes Narrative (Details) - Senior Notes - Senior Notes due 2026 - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Apr. 05, 2021	Jul. 31, 2018
Debt Instrument [Line Items]
Aggregate principal amount							$ 400,000,000
Stated interest rate							6%
Transaction fees			$ 1,100,000
Deferred financing costs incurred in connection with securing the 2026 Senior Notes						$ 5,000,000
Interest expense	$ 6,600,000	$ 6,500,000		$ 19,700,000	$ 20,500,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Amounts accrued with respect to outstanding litigation	$ 0	$ 0

Income Taxes - Components of In

Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Current:
Federal	$ 18,009	$ 2,604	$ 60,695	$ 4,248
State	1,349	1,027	4,638	2,180
Current income tax provision	19,358	3,631	65,333	6,428
Deferred:
Federal	0	0	0	0
State	0	0	0	0
Deferred income tax provision	0	0	0	0
Income tax expense	$ 19,358	$ 3,631	$ 65,333	$ 6,428

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Valuation Allowance [Line Items]
Effective tax rate	6.30%	2.20%	7.60%	1.70%
Net deferred tax asset	$ 164.9		$ 164.9
Valuation allowance	$ 164.9		$ 164.9
Class B Common Stock | Magnolia LLC Unit Holders
Valuation Allowance [Line Items]
Stock redeemed (in shares)			14.6	19.9
Magnolia LLC Units | Magnolia LLC Unit Holders
Valuation Allowance [Line Items]
Stock redeemed (in shares)			14.6	19.9

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended		38 Months Ended
	Sep. 30, 2022 USD ($) votePerShare shares	Sep. 30, 2021 USD ($)	Mar. 31, 2019	Sep. 30, 2022 USD ($) votePerShare shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) votePerShare shares	Dec. 31, 2021 shares
Highlander
Class of Stock [Line Items]
Percentage of interest owned by noncontrolling interest holders			15.30%
VIE, Primary Beneficiary | Magnolia LLC
Class of Stock [Line Items]
Percentage of interest owned				86.70%
Percentage of interest owned by noncontrolling interest holders	13.30%			13.30%		13.30%
MGY Louisiana LLC | Highlander
Class of Stock [Line Items]
Percentage of units held			84.70%
Magnolia LLC
Class of Stock [Line Items]
Stock repurchased, cash consideration | $				$ 138,800	$ 171,700
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	208,758,000			208,758,000		208,758,000	193,437,000
Common stock, shares outstanding (in shares)	187,474,000			187,474,000		187,474,000	179,270,000
Number of votes for each share held | votePerShare	1			1		1
Number of shares authorized to be repurchased (in shares)	30,000,000			30,000,000		30,000,000
Number of shares repurchased (in shares)						20,700,000
Total cost of shares repurchased | $	$ 62,367	$ 29,510		$ 155,605	73,838	$ 308,600
Stock repurchased, cash consideration | $				$ 153,138	70,316
Class A Common Stock | EnerVest Energy Institutional Fund XIV-C, L.P. | Affiliate of EnerVest
Class of Stock [Line Items]
Number of shares repurchased (in shares)				600,000
Total cost of shares repurchased | $				$ 11,600
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	28,710,000			28,710,000		28,710,000	49,293,000
Common stock, shares outstanding (in shares)	28,710,000			28,710,000		28,710,000	49,293,000
Number of votes for each share held | votePerShare	1			1		1
Stock repurchased, cash consideration | $				$ 138,753	$ 171,671
Class B Common Stock | Magnolia LLC
Class of Stock [Line Items]
Stock repurchased and subsequently canceled (in shares)				5,900,000	13,000,000
Class B Common Stock | Magnolia LLC Unit Holders
Class of Stock [Line Items]
Stock redeemed (in shares)				14,600,000	19,900,000
Magnolia LLC Units | Magnolia LLC
Class of Stock [Line Items]
Stock repurchased and subsequently canceled (in shares)				5,900,000	13,000,000
Magnolia LLC Units | Magnolia LLC Unit Holders
Class of Stock [Line Items]
Stock redeemed (in shares)				14,600,000	19,900,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands				9 Months Ended
	Sep. 01, 2022	Mar. 01, 2022	Sep. 01, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Dividend/ Distribution Amount per share (in dollars per share)	$ 0.10	$ 0.20	$ 0.08
Distributions by Magnolia LLC	$ 2,871	$ 8,568	$ 4,842
Dividends Declared by the Company				$ 56,220	$ 14,103
Class A Common Stock
Class of Stock [Line Items]
Common stock, dividends, declared (in dollars per share)	$ 0.10	$ 0.20	$ 0.08
Dividends Declared by the Company	$ 19,112	$ 37,283	$ 14,236
Magnolia LLC
Class of Stock [Line Items]
Distributions by Magnolia LLC	$ 21,983	$ 45,851	$ 19,078

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 3.5	$ 2.9	$ 9.9	$ 9.1
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of equity instruments vested during the period			11	7
Unrecognized compensation expense	8.4		$ 8.4
Weighted average period over which unrecognized compensation expense is expected to be recognized			2 years 6 months
RSUs | Employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
RSUs | Employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
RSUs | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Aggregate fair value of equity instruments vested during the period			$ 4.8
Unrecognized compensation expense	11		$ 11
Weighted average period over which unrecognized compensation expense is expected to be recognized			2 years 1 month 6 days
Number of consecutive trading days required to earn PRSUs			20 days
Performance period			5 years
Grant date fair value			$ 9.9	9.5
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of equity instruments vested during the period			5.5	$ 4
Unrecognized compensation expense	$ 0.2		$ 0.2
Weighted average period over which unrecognized compensation expense is expected to be recognized			3 months 18 days
Performance period			3 years
Vesting percentage			150%
Settlement date, period following performance period			60 days
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	16,800,000		16,800,000
Class A Common Stock | PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contingent right to receive common stock, number of shares receivable for each PSU (in shares)	1		1
Class A Common Stock | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contingent right to receive common stock, number of shares receivable for each PSU (in shares)	1		1
Class A Common Stock | PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			0%
Class A Common Stock | PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			150%

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Unvested RSU, PSU, and PRSU Activity (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares)	1,053,514	1,187,509
Granted (in shares)	14,077	301,296
Granted for performance multiple (in shares)		0
Vested (in shares)	(34,404)	(441,512)
Forfeited (in shares)	(12,528)	(26,634)
Unvested stock units, end of period (in shares)	1,020,659	1,020,659
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share)	$ 11.83	$ 8.94
Granted (in dollars per share)	22.63	21
Granted for performance multiple (in dollars per share)		0
Vested (in dollars per share)	11.11	9.89
Forfeited (in dollars per share)	12.56	12.62
Unvested stock units, end of period (in dollars per share)	$ 11.99	$ 11.99
Performance Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares)	1,261,957	968,654
Granted (in shares)	7,341	514,306
Granted for performance multiple (in shares)		0
Vested (in shares)	(2,471)	(215,197)
Forfeited (in shares)	(9,000)	(9,936)
Unvested stock units, end of period (in shares)	1,257,827	1,257,827
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share)	$ 13.29	$ 9.36
Granted (in dollars per share)	23.41	19.21
Granted for performance multiple (in dollars per share)		0
Vested (in dollars per share)	12.20	9.36
Forfeited (in dollars per share)	13.42	13.23
Unvested stock units, end of period (in dollars per share)	$ 13.35	$ 13.35
Performance Stock Units
Units
Unvested stock units, beginning of period (in shares)	278,485	460,414
Granted (in shares)	0	0
Granted for performance multiple (in shares)		90,965
Vested (in shares)	0	(272,894)
Forfeited (in shares)	0	0
Unvested stock units, end of period (in shares)	278,485	278,485
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share)	$ 6.14	$ 9.20
Granted (in dollars per share)	0	0
Granted for performance multiple (in dollars per share)		13.88
Vested (in dollars per share)	0	13.88
Forfeited (in dollars per share)	0	0
Unvested stock units, end of period (in dollars per share)	$ 6.14	$ 6.14
Vesting percentage		150%

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule of Assumptions Used to Calculate Grant Date Fair Value of PRSUs (Details) - PRSUs	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 6 months 18 days	3 years 7 months 20 days
Expected volatility	59.58%	55.18%
Risk-free interest rate	1.89%	0.56%
Dividend yield	1.97%	0%

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerators and Denominators for Basic and Diluted Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic:
Net income attributable to Class A Common Stock	$ 245,477	$ 119,364	$ 662,099	$ 267,053
Less: Dividends and net income allocated to participating securities	2,297	939	6,050	1,714
Net income, net of participating securities	$ 243,180	$ 118,425	$ 656,049	$ 265,339
Weighted average number of common shares outstanding during the period - basic (in shares)	188,635	174,764	186,475	172,281
Diluted:
Net income attributable to Class A Common Stock	$ 245,477	$ 119,364	$ 662,099	$ 267,053
Less: Dividends and net income allocated to participating securities	2,292	934	6,035	1,705
Net income, net of participating securities	$ 243,185	$ 118,430	$ 656,064	$ 265,348
Weighted average number of common shares outstanding during the period - basic (in shares)	188,635	174,764	186,475	172,281
Add: Dilutive effect of stock based compensation and other (in shares)	439	919	492	999
Weighted average number of common shares outstanding during the period - diluted (in shares)	189,074	175,683	186,967	173,280
Class A Common Stock
Basic:
Net income per share of Class A Common Stock - basic (in dollars per share)	$ 1.29	$ 0.68	$ 3.52	$ 1.54
Diluted:
Net income per share of Class A Common Stock - diluted (in dollars per share)	$ 1.29	$ 0.67	$ 3.51	$ 1.53

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class A Common Stock
Class of Stock [Line Items]
Shares excluded due to antidilutive effect (in shares)	28.7	60.4	35.5	68.8

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended		9 Months Ended
	Oct. 27, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Common stock, dividends, declared (in dollars per share)		$ 0.10	$ 0.08	$ 0.30	$ 0.08
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends, declared (in dollars per share)	$ 0.10
Magnolia LLC Units | Subsequent Event
Subsequent Event [Line Items]
Distribution made to LLC member, distributions declared (in dollars per share)	$ 0.10