Magnolia Oil & Gas (MGY) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		190,146,438
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		21,826,805

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 667,284	$ 675,441
Accounts receivable	151,571	170,770
Drilling advances	157	3,484
Other current assets	1,334	1,052
Total current assets	820,346	850,747
PROPERTY, PLANT AND EQUIPMENT
Oil and natural gas properties	3,059,651	2,940,011
Other	9,305	8,991
Accumulated depreciation, depletion and amortization	(1,486,704)	(1,415,973)
Total property, plant and equipment, net	1,582,252	1,533,029
OTHER ASSETS
Deferred financing costs, net	5,193	5,636
Deferred tax assets	147,670	162,792
Other long-term assets	20,593	20,381
Total other assets	173,456	188,809
TOTAL ASSETS	2,576,054	2,572,585
CURRENT LIABILITIES
Accounts payable	190,808	202,846
Other current liabilities (Note 6)	120,436	137,427
Total current liabilities	311,244	340,273
LONG-TERM LIABILITIES
Long-term debt, net	390,982	390,383
Asset retirement obligations, net of current	96,686	95,129
Other long-term liabilities	10,065	6,609
Total long-term liabilities	497,733	492,121
COMMITMENTS AND CONTINGENCIES (Note 8)
Additional paid-in capital	1,720,487	1,719,875
Treasury Stock, at cost, 24,084 shares and 21,684 shares in 2023 and 2022, respectively	(380,783)	(329,512)
Retained earnings	259,636	185,669
Noncontrolling interest	167,714	164,136
Total equity	1,767,077	1,740,191
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	2,576,054	2,572,585
Class A Common Stock
Common stock	21	21
Class B Common Stock
Common stock	$ 2	$ 2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Treasury stock (in shares)	24,084,000	21,684,000
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)	214,355,000	213,727,000
Common stock, shares outstanding (in shares)	190,271,000	192,043,000
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)	21,827,000	21,827,000
Common stock, shares outstanding (in shares)	21,827,000	21,827,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Total revenues	$ 308,382	$ 377,839
OPERATING EXPENSES
Lease operating expenses	42,371	28,744
Gathering, transportation and processing	12,732	15,840
Taxes other than income	19,292	20,882
Exploration expenses	11	5,538
Asset retirement obligations accretion	841	789
Depreciation, depletion and amortization	70,701	53,106
Impairment of oil and natural gas properties	15,735	0
General and administrative expenses	19,766	17,070
Total operating expenses	181,449	141,969
OPERATING INCOME	126,933	235,870
OTHER INCOME (EXPENSE)
Interest income (expense), net	487	(9,357)
Other income (expense), net	(1,138)	207
Total other expense, net	(651)	(9,150)
INCOME BEFORE INCOME TAXES	126,282	226,720
Income tax expense	19,605	18,100
NET INCOME	106,677	208,620
LESS: Net income attributable to noncontrolling interest	10,342	42,581
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK	$ 96,335	$ 166,039
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic (in shares)	191,780	182,578
Diluted (in shares)	192,054	183,163
Class A Common Stock
NET INCOME PER SHARE OF CLASS A COMMON STOCK
Basic (in dollars per share)	$ 0.50	$ 0.90
Diluted (in dollars per share)	$ 0.50	$ 0.90
Oil revenues
REVENUES
Total revenues	$ 239,122	$ 262,667
Natural gas revenues
REVENUES
Total revenues	27,771	56,580
Natural gas liquids revenues
REVENUES
Total revenues	$ 41,489	$ 58,592

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	Treasury Stock	Treasury Stock Class A Common Stock	Retained Earnings/ (Accumulated Deficit)	Noncontrolling Interest	Noncontrolling Interest Class B Common Stock
Common Stock, Balance at beginning of period (in shares) at Dec. 31, 2021						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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	2,885			2,360				2,360				525
Changes in ownership interest adjustment	0			(595)				(595)				595
Common stock issued related to stock based compensation and other, net (in shares)						576
Common stock issued related to stock based compensation and other, net	(5,914)			(4,871)				(4,871)				(1,043)
Class A Common Stock repurchases (in shares)										2,050
Class A Common Stock repurchases		$ (44,819)			$ (44,819)					$ (44,819)
Class B Common Stock purchase and cancellation (in shares)							(3,950)
Class B Common Stock purchase and cancellation			$ (84,733)										$ (84,733)
Conversion of Class B Common Stock to Class A Common Stock (in shares)						9,749	(9,749)
Conversion of Class B Common Stock to Class A Common Stock	0					$ 1	$ (1)
Dividends declared	(37,283)			(37,283)				(37,283)
Distributions to noncontrolling interest owners	(11,637)
Net income	208,620			166,039							166,039	42,581
Common Stock, Balance at end of period (in shares) at Mar. 31, 2022						203,762	35,594
Balance at end of period at Mar. 31, 2022	1,072,368			897,588		$ 20	$ 4	1,649,111	$ (209,418)		(542,129)	174,780
Treasury Stock, Balance at end of period (in shares) at Mar. 31, 2022									16,218
Common Stock, Balance at beginning of period (in shares) at Dec. 31, 2022		213,727	21,827			213,727	21,827
Balance at beginning of period at Dec. 31, 2022	$ 1,740,191			1,576,055		$ 21	$ 2	1,719,875	$ (329,512)		185,669	164,136
Treasury Stock, Balance at beginning of period (in shares) at Dec. 31, 2022	21,684								21,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	$ 3,772			3,386				3,386				386
Changes in ownership interest adjustment	0			3,940				3,940				(3,940)
Common stock issued related to stock based compensation and other, net (in shares)						628
Common stock issued related to stock based compensation and other, net	(6,827)			(6,127)				(6,127)				(700)
Class A Common Stock repurchases (in shares)										2,400
Class A Common Stock repurchases		$ (51,271)			$ (51,271)					$ (51,271)
Dividends declared	(22,368)			(22,368)							(22,368)
Distributions to noncontrolling interest owners	(2,510)											(2,510)
Adjustment to deferred taxes	(216)			(216)				(216)
Tax impact of equity transactions	(371)			(371)				(371)
Net income	106,677			96,335							96,335	10,342
Common Stock, Balance at end of period (in shares) at Mar. 31, 2023		214,355	21,827			214,355	21,827
Balance at end of period at Mar. 31, 2023	$ 1,767,077			$ 1,599,363		$ 21	$ 2	$ 1,720,487	$ (380,783)		$ 259,636	$ 167,714
Treasury Stock, Balance at end of period (in shares) at Mar. 31, 2023	24,084								24,084

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, declared (in dollars per share)	$ 0.115	$ 0.20

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 106,677	$ 208,620
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	70,701	53,106
Exploration expenses, non-cash	5	0
Impairment of oil and natural gas properties	15,735	0
Asset retirement obligations accretion	841	789
Amortization of deferred financing costs	1,042	2,812
Deferred income tax expense	15,403	0
Stock based compensation	3,772	2,885
Changes in operating assets and liabilities:
Accounts receivable	19,199	(29,883)
Accounts payable	(12,038)	6,743
Accrued liabilities	(9,461)	(2,451)
Drilling advances	3,327	(1,901)
Other assets and liabilities, net	4,620	(1,851)
Net cash provided by operating activities	219,823	238,869
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions	3,691	(1,055)
Additions to oil and natural gas properties	(138,645)	(84,230)
Changes in working capital associated with additions to oil and natural gas properties	(14,977)	13,946
Other investing	(284)	131
Net cash used in investing activities	(150,215)	(71,208)
CASH FLOW FROM FINANCING ACTIVITIES
Dividends paid	(22,578)	(37,174)
Cash paid for debt modification	0	(5,272)
Distributions to noncontrolling interest owners	(2,510)	(11,637)
Other financing activities	(6,833)	(5,945)
Net cash used in financing activities	(77,765)	(188,247)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(8,157)	(20,586)
Cash and cash equivalents – Beginning of period	675,441	366,982
Cash and cash equivalents – End of period	667,284	346,396
Supplemental cash items:
Cash paid for income taxes	0	13,000
Cash paid for interest	12,019	12,225
Supplemental non-cash investing and financing activity:
Accruals or liabilities for capital expenditures	52,946	43,882
Supplemental non-cash lease operating activity:
Right-of-use assets obtained in exchange for operating lease obligations	6,412	404
Class A Common Stock
CASH FLOW FROM FINANCING ACTIVITIES
Common Stock repurchases	(45,844)	(43,486)
Class B Common Stock
CASH FLOW FROM FINANCING ACTIVITIES
Common Stock repurchases	$ 0	$ (84,733)

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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, 2022 (the “2022 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 2022 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	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As of March 31, 2023, 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 2022 Form 10-K.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
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 $123.2 million as of March 31, 2023 and $138.6 million as of December 31, 2022. 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 2022 Form 10-K.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	AcquisitionsDuring the three months ended December 31, 2022, the Company completed various leasehold, mineral rights, and property acquisitions of certain oil and natural gas assets, which had downward purchase price adjustments during the three months ended March 31, 2023. The transactions were accounted for as asset acquisitions.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 are as follows: March 31, 2023 December 31, 2022 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 390,982 $ 386,376 $ 390,383 $ 382,704 The fair value of the 2026 Senior Notes at March 31, 2023 and December 31, 2022 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 11—Stock Based Compensation in the Notes to the consolidated financial statements. There were no other material nonrecurring fair value measurements as of March 31, 2023 or December 31, 2022.

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
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) March 31, 2023 December 31, 2022 Accrued capital expenditures $ 52,946 $ 67,923 Other 67,490 69,504 Total other current liabilities $ 120,436 $ 137,427

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt The Company’s long-term debt is comprised of the following: (In thousands) March 31, 2023 December 31, 2022 Revolving credit facility $ — $ — Senior Notes due 2026 400,000 400,000 Total long-term debt 400,000 400,000 Less: Unamortized deferred financing cost (9,018) (9,617) Long-term debt, net $ 390,982 $ 390,383 Credit Facility The original 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 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 a borrowing base of $450.0 million. The 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 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 RBL Facility. The applicable margin and the commitment fee rate are calculated based upon the utilization levels of the RBL Facility as a percentage of unused lender commitments then in effect. The 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 March 31, 2023, the Company was in compliance with all covenants under the 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 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 three months ended March 31, 2022. Deferred financing costs in connection with the 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 RBL Facility of $1.0 million and $2.8 million for the three months ended March 31, 2023 and 2022, respectively. The unamortized portion of the deferred financing costs is included in “Deferred financing costs, net” on the Company’s consolidated balance sheets as of March 31, 2023 and December 31, 2022. The Company did not have any outstanding borrowings under the RBL Facility as of March 31, 2023. 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. 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 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. 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 sheets as of March 31, 2023 and December 31, 2022. The Company recognized interest expense related to the 2026 Senior Notes of $6.6 million for each of the three months ended March 31, 2023 and 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 retain all such liability. 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 March 31, 2023, 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 March 31, 2023 or March 31, 2022. 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 is experiencing 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. 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	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision consists of the following components: Three Months Ended (In thousands) March 31, 2023 March 31, 2022 Current: Federal $ 3,650 $ 16,784 State 552 1,316 Total current 4,202 18,100 Deferred: Federal 14,820 — State 583 — Total deferred 15,403 — Income tax expense $ 19,605 $ 18,100 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 March 31, 2023 and 2022 was 15.5% and 8.0%, 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 March 31, 2022. During the year ended December 31, 2022, the Company released the valuation allowance against net deferred tax assets. For the three months ended March 31, 2023, the primary differences between the annual effective tax rate and the statutory rate of 21.0% are income attributable to noncontrolling interest and state taxes. For the three months ended March 31, 2022, the difference between the effective tax rate and the statutory rate was also driven by valuation allowances. As of March 31, 2023, the Company does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. For the three months ended March 31, 2023, no significant 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. As of March 31, 2023, the Company’s total deferred tax assets were $147.7 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 March 31, 2023, Magnolia has no valuation allowance as the Company concluded that it is more likely than not that it will be able to realize all of its deferred tax assets. 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 evaluated the provisions of the IRA, and determined that none of the provisions have a material impact on the Company’s reported results, cash flows or financial position for the current year. The Company will continue to evaluate the impacts of the IRA in future tax years.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Class A Common Stock At March 31, 2023, there were 214.4 million shares of Class A Common Stock issued and 190.3 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 March 31, 2023, there were 21.8 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 March 31, 2023, the Company had repurchased 23.5 million shares under the program at a cost of $369.2 million and had 6.5 million shares of Class A Common Stock remaining under its current repurchase authorization . During the three months ended March 31, 2022, the Company 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 three months ended March 31, 2022 Magnolia LLC repurchased and subsequently canceled 3.9 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $84.7 million of cash consideration (the “Class B Common Stock Repurchases”). During the same period, the Magnolia LLC Unit Holders redeemed 9.7 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 The Company’s board of directors periodically declares dividends 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 distributions to the Magnolia LLC Unit Holders were recorded as a reduction of noncontrolling interest on the Company’s consolidated balance sheets as of March 31, 2023 and December 31, 2022. The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the three months ended March 31, 2023 and the year ended December 31, 2022, 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) February 10, 2023 March 1, 2023 $ 0.115 $ 24,878 $ 22,368 $ 2,510 November 7, 2022 December 1, 2022 $ 0.100 $ 21,867 $ 18,996 $ 2,871 August 12, 2022 September 1, 2022 $ 0.100 $ 21,983 $ 19,112 $ 2,871 February 14, 2022 March 1, 2022 $ 0.200 $ 45,851 $ 37,283 $ 8,568 (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. 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 March 31, 2023, Magnolia owned approximately 89.7% of the interest in Magnolia LLC and the noncontrolling interest was approximately 10.3%. Highlander Oil & Gas Holdings LLC (“Highlander”) is 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	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023. 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 $3.8 million and $2.9 million for the three months ended March 31, 2023 and 2022, 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 March 31, 2023. 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, 2022 911,286 $ 12.89 1,257,583 $ 13.36 278,486 $ 6.14 Granted 615,678 23.06 5,752 22.96 232,700 24.69 Granted for performance multiple (1) — — — — 12,981 6.14 Vested (324,216) 10.40 (314,963) 12.63 (291,467) 6.14 Forfeited (16,036) 16.84 (2,143) 17.59 — — Unvested at March 31, 2023 1,186,712 $ 18.79 946,229 $ 13.65 232,700 $ 24.69 (1) Upon completion of the performance period for the PSUs granted in 2020, a performance multiple of 105% was applied to each of the grants resulting in additional grants of PSUs in 2023. 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. Non-employee directors may elect to defer the RSU settlement date. 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 three months ended March 31, 2023 and 2022 were $7.2 million and $7.9 million, respectively. Unrecognized compensation expense related to unvested RSUs as of March 31, 2023 was $19.4 million, which the Company expects to recognize over a weighted average period of 2.8 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 three months ended March 31, 2023 and 2022 were $7.0 million and $4.8 million. Unrecognized compensation expense related to unvested PRSUs as of March 31, 2023 was $7.4 million, which the Company expects to recognize over a weighted average period of 1.7 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 three months ended March 31, 2023 and 2022 were $6.7 million and $5.5 million, respectively. Unrecognized compensation expense related to unvested PSUs as of March 31, 2023 was $5.5 million, which the Company expects to recognize over a weighted average period of 2.8 years. The Performance Condition for the PRSUs granted in 2022 were met on March 28, 2022, therefore 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. The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2023 and PRSUs in 2022. Three Months Ended PSU and PRSU Grant Date Fair Value Assumptions March 31, 2023 March 31, 2022 Expected term (in years) 2.88 3.55 Expected volatility 60.80% 59.58% Risk-free interest rate 4.15% 1.89% Dividend yield 1.93% 1.97% .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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 (In thousands, except per share data) March 31, 2023 March 31, 2022 Basic: Net income attributable to Class A Common Stock $ 96,335 $ 166,039 Less: Dividends and net income allocated to participating securities 997 1,416 Net income, net of participating securities $ 95,338 $ 164,623 Weighted average number of common shares outstanding during the period - basic 191,780 182,578 Net income per share of Class A Common Stock - basic $ 0.50 $ 0.90 Diluted: Net income attributable to Class A Common Stock $ 96,335 $ 166,039 Less: Dividends and net income allocated to participating securities 996 1,413 Net income, net of participating securities $ 95,339 $ 164,626 Weighted average number of common shares outstanding during the period - basic 191,780 182,578 Add: Dilutive effect of stock based compensation and other 274 585 Weighted average number of common shares outstanding during the period - diluted 192,054 183,163 Net income per share of Class A Common Stock - diluted $ 0.50 $ 0.90 For the three months ended March 31, 2023 and 2022, the Company excluded 21.8 million and 44.3 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsAs of March 31, 2023, 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	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 1, 2023, the Company’s board of directors declared a quarterly cash dividend of $0.115 per share of Class A Common Stock, and a cash distribution of $0.115 per Magnolia LLC Unit, payable on June 1, 2023 to shareholders or members of record, as applicable, as of May 11, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022 (the “2022 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 2022 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 are as follows: March 31, 2023 December 31, 2022 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 390,982 $ 386,376 $ 390,383 $ 382,704

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
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) March 31, 2023 December 31, 2022 Accrued capital expenditures $ 52,946 $ 67,923 Other 67,490 69,504 Total other current liabilities $ 120,436 $ 137,427

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Components of Debt	The Company’s long-term debt is comprised of the following: (In thousands) March 31, 2023 December 31, 2022 Revolving credit facility $ — $ — Senior Notes due 2026 400,000 400,000 Total long-term debt 400,000 400,000 Less: Unamortized deferred financing cost (9,018) (9,617) Long-term debt, net $ 390,982 $ 390,383

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
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 (In thousands) March 31, 2023 March 31, 2022 Current: Federal $ 3,650 $ 16,784 State 552 1,316 Total current 4,202 18,100 Deferred: Federal 14,820 — State 583 — Total deferred 15,403 — Income tax expense $ 19,605 $ 18,100

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and the year ended December 31, 2022, 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) February 10, 2023 March 1, 2023 $ 0.115 $ 24,878 $ 22,368 $ 2,510 November 7, 2022 December 1, 2022 $ 0.100 $ 21,867 $ 18,996 $ 2,871 August 12, 2022 September 1, 2022 $ 0.100 $ 21,983 $ 19,112 $ 2,871 February 14, 2022 March 1, 2022 $ 0.200 $ 45,851 $ 37,283 $ 8,568 (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 three months ended March 31, 2023 and the year ended December 31, 2022, 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) February 10, 2023 March 1, 2023 $ 0.115 $ 24,878 $ 22,368 $ 2,510 November 7, 2022 December 1, 2022 $ 0.100 $ 21,867 $ 18,996 $ 2,871 August 12, 2022 September 1, 2022 $ 0.100 $ 21,983 $ 19,112 $ 2,871 February 14, 2022 March 1, 2022 $ 0.200 $ 45,851 $ 37,283 $ 8,568 (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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023. 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, 2022 911,286 $ 12.89 1,257,583 $ 13.36 278,486 $ 6.14 Granted 615,678 23.06 5,752 22.96 232,700 24.69 Granted for performance multiple (1) — — — — 12,981 6.14 Vested (324,216) 10.40 (314,963) 12.63 (291,467) 6.14 Forfeited (16,036) 16.84 (2,143) 17.59 — — Unvested at March 31, 2023 1,186,712 $ 18.79 946,229 $ 13.65 232,700 $ 24.69 (1) Upon completion of the performance period for the PSUs granted in 2020, a performance multiple of 105% was applied to each of the grants resulting in additional grants of PSUs in 2023.
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. The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2023 and PRSUs in 2022. Three Months Ended PSU and PRSU Grant Date Fair Value Assumptions March 31, 2023 March 31, 2022 Expected term (in years) 2.88 3.55 Expected volatility 60.80% 59.58% Risk-free interest rate 4.15% 1.89% Dividend yield 1.93% 1.97% .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 (In thousands, except per share data) March 31, 2023 March 31, 2022 Basic: Net income attributable to Class A Common Stock $ 96,335 $ 166,039 Less: Dividends and net income allocated to participating securities 997 1,416 Net income, net of participating securities $ 95,338 $ 164,623 Weighted average number of common shares outstanding during the period - basic 191,780 182,578 Net income per share of Class A Common Stock - basic $ 0.50 $ 0.90 Diluted: Net income attributable to Class A Common Stock $ 96,335 $ 166,039 Less: Dividends and net income allocated to participating securities 996 1,413 Net income, net of participating securities $ 95,339 $ 164,626 Weighted average number of common shares outstanding during the period - basic 191,780 182,578 Add: Dilutive effect of stock based compensation and other 274 585 Weighted average number of common shares outstanding during the period - diluted 192,054 183,163 Net income per share of Class A Common Stock - diluted $ 0.50 $ 0.90

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 123.2	$ 138.6

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	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 390,982	$ 390,383
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 386,376	$ 382,704

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued capital expenditures	$ 52,946	$ 67,923
Other	67,490	69,504
Total other current liabilities	$ 120,436	$ 137,427

Long-term Debt - Components of

Long-term Debt - Components of Debt (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 400,000,000	$ 400,000,000
Less: Unamortized deferred financing cost	(9,018,000)	(9,617,000)
Long-term debt, net	390,982,000	390,383,000
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
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Feb. 16, 2022 USD ($)
Line of Credit Facility [Line Items]
Deferred financing costs, net	$ 5,193,000		$ 5,636,000
Amortization of deferred financing costs	1,042,000	$ 2,812,000
Outstanding borrowings	$ 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	$ 1,000,000	$ 2,800,000
Outstanding borrowings	$ 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
	Mar. 31, 2023	Mar. 31, 2022	Jul. 31, 2018
Debt Instrument [Line Items]
Aggregate principal amount			$ 400,000,000
Stated interest rate			6%
Interest expense	$ 6,600,000	$ 6,600,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
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
	Mar. 31, 2023	Mar. 31, 2022
Current:
Federal	$ 3,650	$ 16,784
State	552	1,316
Total current	4,202	18,100
Deferred:
Federal	14,820	0
State	583	0
Total deferred	15,403	0
Income tax expense	$ 19,605	$ 18,100

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	15.50%	8%
Net deferred tax asset	$ 147.7

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ in Thousands	3 Months Ended		44 Months Ended
	Mar. 31, 2023 USD ($) vote shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2023 USD ($) vote shares	Dec. 31, 2022 shares
Highlander
Class of Stock [Line Items]
Percentage of interest owned by noncontrolling interest holders	15.30%		15.30%
VIE, Primary Beneficiary | Magnolia LLC
Class of Stock [Line Items]
Percentage of interest owned	89.70%
Percentage of interest owned by noncontrolling interest holders	10.30%		10.30%
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 | $		$ 84,700
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	214,355,000		214,355,000	213,727,000
Common stock, shares outstanding (in shares)	190,271,000		190,271,000	192,043,000
Number of votes for each share held | vote	1		1
Number of shares authorized to be repurchased (in shares)	30,000,000		30,000,000
Number of shares repurchased (in shares)			23,500,000
Total cost of shares repurchased | $	$ 51,271	44,819	$ 369,200
Repurchase authorization	6,500,000		6,500,000
Stock repurchased, cash consideration | $	$ 45,844	$ 43,486
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)	21,827,000		21,827,000	21,827,000
Common stock, shares outstanding (in shares)	21,827,000		21,827,000	21,827,000
Number of votes for each share held | vote	1		1
Stock repurchased, cash consideration | $	$ 0	$ 84,733
Class B Common Stock | Magnolia LLC
Class of Stock [Line Items]
Stock repurchased and subsequently canceled (in shares)		3,900,000
Class B Common Stock | Magnolia LLC Unit Holders
Class of Stock [Line Items]
Stock redeemed (in shares)		9,700,000
Magnolia LLC Units | Magnolia LLC
Class of Stock [Line Items]
Stock repurchased and subsequently canceled (in shares)		3,900,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended
	Mar. 01, 2023	Dec. 01, 2022	Sep. 01, 2022	Mar. 01, 2022	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Dividend/ Distribution Amount per share (in dollars per share)	$ 0.115	$ 0.100	$ 0.100	$ 0.200
Distributions by Magnolia LLC	$ 2,510	$ 2,871	$ 2,871	$ 8,568
Dividends Declared by the Company					$ 22,578	$ 37,174
Class A Common Stock
Class of Stock [Line Items]
Common stock, dividends, declared (in dollars per share)	$ 0.115	$ 0.100	$ 0.100	$ 0.200
Dividends Declared by the Company	$ 22,368	$ 18,996	$ 19,112	$ 37,283
Magnolia LLC
Class of Stock [Line Items]
Distributions by Magnolia LLC	$ 24,878	$ 21,867	$ 21,983	$ 45,851

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 3.8	$ 2.9
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of equity instruments vested during the period	7.2	7.9
Unrecognized compensation expense	$ 19.4
Weighted average period over which unrecognized compensation expense is expected to be recognized	2 years 9 months 18 days
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	$ 7	4.8
Unrecognized compensation expense	$ 7.4
Weighted average period over which unrecognized compensation expense is expected to be recognized	1 year 8 months 12 days
Number of consecutive trading days required to earn PRSUs	20 days
Performance period	5 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of equity instruments vested during the period	$ 6.7	$ 5.5
Unrecognized compensation expense	$ 5.5
Weighted average period over which unrecognized compensation expense is expected to be recognized	2 years 9 months 18 days
Performance period	3 years
Vesting percentage	105%
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
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
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
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)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares) | shares	911,286
Granted (in shares) | shares	615,678
Granted for performance multiple (in shares) | shares	0
Vested (in shares) | shares	(324,216)
Forfeited (in shares) | shares	(16,036)
Unvested stock units, end of period (in shares) | shares	1,186,712
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share) | $ / shares	$ 12.89
Granted (in dollars per share) | $ / shares	23.06
Granted for performance multiple (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	10.40
Forfeited (in dollars per share) | $ / shares	16.84
Unvested stock units, end of period (in dollars per share) | $ / shares	$ 18.79
Performance Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares) | shares	1,257,583
Granted (in shares) | shares	5,752
Granted for performance multiple (in shares) | shares	0
Vested (in shares) | shares	(314,963)
Forfeited (in shares) | shares	(2,143)
Unvested stock units, end of period (in shares) | shares	946,229
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share) | $ / shares	$ 13.36
Granted (in dollars per share) | $ / shares	22.96
Granted for performance multiple (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	12.63
Forfeited (in dollars per share) | $ / shares	17.59
Unvested stock units, end of period (in dollars per share) | $ / shares	$ 13.65
Performance Stock Units
Units
Unvested stock units, beginning of period (in shares) | shares	278,486
Granted (in shares) | shares	232,700
Granted for performance multiple (in shares) | shares	12,981
Vested (in shares) | shares	(291,467)
Forfeited (in shares) | shares	0
Unvested stock units, end of period (in shares) | shares	232,700
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share) | $ / shares	$ 6.14
Granted (in dollars per share) | $ / shares	24.69
Granted for performance multiple (in dollars per share) | $ / shares	6.14
Vested (in dollars per share) | $ / shares	6.14
Forfeited (in dollars per share) | $ / shares	0
Unvested stock units, end of period (in dollars per share) | $ / shares	$ 24.69
Vesting percentage	105%

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule of Assumptions Used to Calculate Grant Date Fair Value of PRSUs (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years 10 months 17 days
Expected volatility	60.80%
Risk-free interest rate	4.15%
Dividend yield	1.93%
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		3 years 6 months 18 days
Expected volatility		59.58%
Risk-free interest rate		1.89%
Dividend yield		1.97%

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
	Mar. 31, 2023	Mar. 31, 2022
Basic:
Net income attributable to Class A Common Stock	$ 96,335	$ 166,039
Less: Dividends and net income allocated to participating securities	997	1,416
Net income, net of participating securities	$ 95,338	$ 164,623
Weighted average number of common shares outstanding during the period - basic (in shares)	191,780	182,578
Diluted:
Net income attributable to Class A Common Stock	$ 96,335	$ 166,039
Less: Dividends and net income allocated to participating securities	996	1,413
Net income, net of participating securities	$ 95,339	$ 164,626
Weighted average number of common shares outstanding during the period - basic (in shares)	191,780	182,578
Add: Dilutive effect of stock based compensation and other (in shares)	274	585
Weighted average number of common shares outstanding during the period - diluted (in shares)	192,054	183,163
Class A Common Stock
Basic:
Net income per share of Class A Common Stock - basic (in dollars per share)	$ 0.50	$ 0.90
Diluted:
Net income per share of Class A Common Stock - diluted (in dollars per share)	$ 0.50	$ 0.90

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class A Common Stock
Class of Stock [Line Items]
Shares excluded due to antidilutive effect (in shares)	21.8	44.3

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended
	May 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Common stock, dividends, declared (in dollars per share)		$ 0.115	$ 0.20
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends, declared (in dollars per share)	$ 0.115
Magnolia LLC Units | Subsequent Event
Subsequent Event [Line Items]
Distribution made to LLC member, distributions declared (in dollars per share)	$ 0.115