Magnolia Oil & Gas (MGY) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		180,931,251
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, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 399,317	$ 401,121
Accounts receivable	196,004	189,705
Drilling advances	1,263	12
Other current assets	951	435
Total current assets	597,535	591,273
PROPERTY, PLANT AND EQUIPMENT
Oil and natural gas properties	3,882,038	3,743,580
Other	10,323	9,774
Accumulated depreciation, depletion and amortization	(1,798,419)	(1,701,333)
Total property, plant and equipment, net	2,093,942	2,052,021
OTHER ASSETS
Deferred financing costs, net	3,388	3,836
Deferred tax assets	81,605	90,358
Other long-term assets	31,472	18,728
Total other assets	116,465	112,922
TOTAL ASSETS	2,807,942	2,756,216
CURRENT LIABILITIES
Accounts payable	219,604	193,212
Other current liabilities (Note 6)	130,407	121,675
Total current liabilities	350,011	314,887
LONG-TERM LIABILITIES
Long-term debt, net	393,480	392,839
Asset retirement obligations, net of current	148,689	148,467
Other long-term liabilities	17,978	17,355
Total long-term liabilities	560,147	558,661
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY
Additional paid-in capital	1,745,157	1,743,930
Treasury Stock, at cost, 33,683 shares and 31,333 shares in 2024 and 2023, respectively	(591,175)	(538,445)
Retained earnings	547,261	486,162
Noncontrolling interest	196,517	190,998
Total equity	1,897,784	1,882,668
TOTAL LIABILITIES AND EQUITY	2,807,942	2,756,216
Class A Common Stock
EQUITY
Common stock	22	21
Class B Common Stock
EQUITY
Common stock	$ 2	$ 2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Treasury stock (in shares)	33,683,000	31,333,000
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)	215,177,000	214,497,000
Common stock, shares outstanding (in shares)	181,494,000	183,164,000
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, 2024	Mar. 31, 2023
REVENUES
Total revenues	$ 319,417	$ 308,382
OPERATING EXPENSES
Lease operating expenses	46,150	42,371
Gathering, transportation and processing	8,537	12,732
Taxes other than income	17,898	19,292
Exploration expenses	25	11
Asset retirement obligations accretion	1,618	841
Depreciation, depletion and amortization	97,076	70,701
Impairment of oil and natural gas properties	0	15,735
General and administrative expenses	23,555	19,766
Total operating expenses	194,859	181,449
OPERATING INCOME	124,558	126,933
OTHER INCOME (EXPENSE)
Interest income (expense), net	(2,312)	487
Other expense, net	(4,313)	(1,138)
Total other expense, net	(6,625)	(651)
INCOME BEFORE INCOME TAXES	117,933	126,282
Income tax expense	20,336	19,605
NET INCOME	97,597	106,677
LESS: Net income attributable to noncontrolling interest	12,511	10,342
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK	$ 85,086	$ 96,335
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic (in shares)	182,368	191,780
Diluted (in shares)	182,424	192,054
Class A Common Stock
NET INCOME PER SHARE OF CLASS A COMMON STOCK
Basic (in dollars per share)	$ 0.46	$ 0.50
Diluted (in dollars per share)	$ 0.46	$ 0.50
Oil revenues
REVENUES
Total revenues	$ 259,182	$ 239,122
Natural gas revenues
REVENUES
Total revenues	21,095	27,771
Natural gas liquids revenues
REVENUES
Total revenues	$ 39,140	$ 41,489

Consolidated Statements of Chan

Consolidated Statements of Changes in 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	Noncontrolling Interest
Common Stock, Balance at beginning of period (in shares) at Dec. 31, 2022						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
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
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
Common Stock, Balance at beginning of period (in shares) at Dec. 31, 2023		214,497	21,827			214,497	21,827
Balance at beginning of period at Dec. 31, 2023	$ 1,882,668			1,691,670		$ 21	$ 2	1,743,930	$ (538,445)		486,162	190,998
Treasury Stock, Balance at beginning of period (in shares) at Dec. 31, 2023	31,333								31,333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	$ 4,658			4,159				4,159				499
Changes in ownership interest adjustment	0			3,862				3,862				(3,862)
Common stock issued related to stock based compensation and other, net (in shares)						680
Common stock issued related to stock based compensation and other, net	(7,379)			(6,587)		$ 1		(6,588)				(792)
Class A Common Stock repurchases (in shares)										2,350
Class A Common Stock repurchases		$ (52,363)			$ (52,363)					$ (52,363)
Dividends declared	(23,987)			(23,987)							(23,987)
Distributions to noncontrolling interest owners	(2,837)											(2,837)
Adjustment to deferred taxes	(206)			(206)				(206)
Tax impact of equity transactions	(367)			(367)					$ (367)
Net income	97,597			85,086							85,086	12,511
Common Stock, Balance at end of period (in shares) at Mar. 31, 2024		215,177	21,827			215,177	21,827
Balance at end of period at Mar. 31, 2024	$ 1,897,784			$ 1,701,267		$ 22	$ 2	$ 1,745,157	$ (591,175)		$ 547,261	$ 196,517
Treasury Stock, Balance at end of period (in shares) at Mar. 31, 2024	33,683								33,683

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, declared (in dollars per share)	$ 0.13	$ 0.115

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 97,597	$ 106,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	97,076	70,701
Exploration expenses, non-cash	1	5
Impairment of oil and natural gas properties	0	15,735
Asset retirement obligations accretion	1,618	841
Amortization of deferred financing costs	1,089	1,042
Deferred income tax expense	8,708	15,403
Loss on revaluation of contingent consideration	4,205	0
Stock based compensation	4,658	3,772
Other	2,921	0
Changes in operating assets and liabilities:
Accounts receivable	(9,341)	19,199
Accounts payable	19,424	(12,038)
Accrued liabilities	(17,246)	(9,461)
Drilling advances	(1,251)	3,327
Other assets and liabilities, net	1,473	4,620
Net cash provided by operating activities	210,932	219,823
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions	(13,359)	3,691
Deposits for acquisitions of oil and natural gas properties	(13,150)	0
Additions to oil and natural gas properties	(120,986)	(138,645)
Changes in working capital associated with additions to oil and natural gas properties	20,244	(14,977)
Other investing	(57)	(284)
Net cash used in investing activities	(127,308)	(150,215)
CASH FLOW FROM FINANCING ACTIVITIES
Class A Common Stock repurchases	(51,201)	(45,844)
Dividends paid	(24,010)	(22,578)
Distributions to noncontrolling interest owners	(2,837)	(2,510)
Other financing activities	(7,380)	(6,833)
Net cash used in financing activities	(85,428)	(77,765)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(1,804)	(8,157)
Cash and cash equivalents – Beginning of period	401,121	675,441
Cash and cash equivalents – End of period	$ 399,317	$ 667,284

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 the Karnes and Giddings areas 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, 2023 (the “2023 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 2023 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. 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, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As of March 31, 2024, 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 2023 Form 10-K. Recent Accounting Pronouncements In December 2023, the Financial Standards Accounting Board (FASB) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
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 $125.3 million as of March 31, 2024 and $124.4 million as of December 31, 2023. 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 2023 Form 10-K.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions 2024 Acquisitions On April 30, 2024, the Company acquired certain oil and gas producing properties including leasehold and mineral interests in the Giddings area for approximately $125.0 million, subject to customary purchase price adjustments. During the three months ended March 31, 2024, the Company paid a $12.5 million deposit related to this acquisition. The remaining consideration was funded at closing with cash on hand. 2023 Acquisitions In November 2023, the Company acquired certain oil and gas producing properties including leasehold and mineral interests in the Giddings area for $264.1 million, subject to customary purchase price adjustments. The seller may also receive up to a maximum of $40.0 million in additional contingent cash consideration through January 2026 based on future commodity prices. For more information regarding the contingent consideration, refer to Note 5—Fair Value Measurements . In July 2023, the Company completed the acquisition of certain oil and natural gas assets located in the Giddings area for $41.8 million. The Company accounted for the aforementioned acquisitions as asset acquisitions.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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. Fair Value of Financial Instruments 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, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 393,480 $ 393,639 $ 392,839 $ 394,356 The fair value of the 2026 Senior Notes at March 31, 2024 and December 31, 2023 is based on unadjusted quoted prices in an active market, which is considered a Level 1 input in the fair value hierarchy. Recurring Fair Value Measurements In November 2023, the Company acquired certain oil and gas producing properties including leasehold and mineral interests in the Giddings area. As part of this transaction, the seller may receive up to $40.0 million in contingent cash consideration based on future commodity prices. The contingent consideration is payable in three tranches based on average NYMEX WTI prices for (i) the period beginning July 1, 2023 through December 31, 2023, (ii) the year ending December 31, 2024, and (iii) the year ending December 31, 2025. The fair value of the contingent consideration is estimated using observable market data (NYMEX WTI forward price curve) and Monte Carlo simulation models, which are considered Level 2 inputs in the fair value hierarchy. The fair value of the contingent consideration carried at fair value within the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023 are as follows: (In thousands) March 31, 2024 December 31, 2023 Included within other current liabilities $ 6,678 $ 6,700 Included within other long-term liabilities 9,108 7,631 Total fair value $ 15,786 $ 14,331 The first tranche was settled for $2.7 million in January 2024. A loss on revaluation of the remaining tranches of $4.2 million is included in “Other income, net” on the Company’s consolidated statements of operations for the three months ended March 31, 2024. 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, 2024 or December 31, 2023.

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Accrued capital expenditures $ 54,375 $ 34,131 Other 76,032 87,544 Total other current liabilities $ 130,407 $ 121,675

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt The Company’s long-term debt is comprised of the following: (In thousands) March 31, 2024 December 31, 2023 Revolving credit facility $ — $ — Senior Notes due 2026 400,000 400,000 Total long-term debt 400,000 400,000 Less: Unamortized deferred financing cost (6,520) (7,161) Long-term debt, net $ 393,480 $ 392,839 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, 2024, the Company was in compliance with all covenants under the RBL Facility. 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 income (expense), net” in the Company’s consolidated statements of operations. The Company recognized interest expense related to the RBL Facility of $1.0 million for each of the three months ended March 31, 2024 and 2023. 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, 2024 and December 31, 2023. The Company did not have any outstanding borrowings under the RBL Facility as of March 31, 2024. 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 income (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, 2024 and December 31, 2023. The Company recognized interest expense related to the 2026 Senior Notes of $6.6 million for each of the three months ended March 31, 2024 and 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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. Upon appeal to the Third Court of Appeals in Austin, Texas (the “Court of Appeals”), the Court of Appeals reversed in part and affirmed in part the District Court’s ruling and remanded the matter to the Commission. The plaintiffs filed a petition for review with the Supreme Court of Texas in late 2023. Matters that are probable of unfavorable outcome to Magnolia and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Magnolia’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. 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 after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates. 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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, 2024 March 31, 2023 Current: Federal $ 10,981 $ 3,650 State 647 552 Total current 11,628 4,202 Deferred: Federal 8,225 14,820 State 483 583 Total deferred 8,708 15,403 Income tax expense $ 20,336 $ 19,605 The Company is subject to U.S. federal income tax and margin tax in the state of Texas. 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, 2024 and 2023 was 17.2% and 15.5%, respectively. 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 changes in valuation allowances. As of March 31, 2024, 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, 2024, 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. As of March 31, 2024, the Company’s total deferred tax assets were $87.2 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, 2024, the Company recorded a valuation allowance of $5.6 million to offset the deferred tax asset created by the capital loss attributable to the sale of the Company’s interest in Highlander. 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. As of March 31, 2024, the Company is in compliance with all applicable provisions of the IRA, including the excise tax on stock buybacks. The Company is not subject to the corporate alternative minimum tax. The stock buyback excise tax did not have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impacts of the IRA in future tax years.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Class A Common Stock At March 31, 2024, there were 215.2 million shares of Class A Common Stock issued and 181.5 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. 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, 2024, 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 As of March 31, 2024, the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. In addition, the Company may repurchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit the Company to repurchase shares at times that may otherwise be prohibited under the Company’s insider trading policy. The share repurchase program does not require purchases to be made within a particular time frame. The Company had repurchased 33.1 million shares under the program at a cost of $577.3 million and had 6.9 million shares of Class A Common Stock remaining under its share repurchase authorization as of March 31, 2024. 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 and distributions to the Magnolia LLC Unit Holders are recorded as a reduction of noncontrolling interest. 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, 2024 and the year ended December 31, 2023, 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 Distributions to Magnolia LLC Unit Holders (In thousands, except per share amounts) February 16, 2024 March 1, 2024 $ 0.130 $ 26,824 $ 23,987 $ 2,837 November 9, 2023 December 1, 2023 $ 0.115 $ 24,023 $ 21,513 $ 2,510 August 10, 2023 September 1, 2023 $ 0.115 $ 24,321 $ 21,811 $ 2,510 May 11, 2023 June 1, 2023 $ 0.115 $ 24,627 $ 22,117 $ 2,510 February 10, 2023 March 1, 2023 $ 0.115 $ 24,878 $ 22,368 $ 2,510 (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, 2024, Magnolia owned approximately 89.3% of the interest in Magnolia LLC and the noncontrolling interest was approximately 10.7%. Highlander was a joint venture whereby MGY Louisiana LLC, a wholly owned subsidiary of Magnolia Operating, held approximately 84.7% of the units of Highlander, with the remaining 15.3% attributable to noncontrolling interest. On May 30, 2023, the Company sold its interest in Highlander.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation 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, 2024. 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 $4.7 million and $3.8 million for the three months ended March 31, 2024 and 2023, respectively. The Company has elected to account for forfeitures of awards granted under the Plan as they occur in determining compensation expense. The total income tax benefit recognized for stock that vested during the three months ended March 31, 2024 and 2023 was $4.8 million and $4.4 million, respectively. The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the three months ended March 31, 2024. 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, 2023 1,074,886 $ 20.32 943,574 $ 13.66 232,700 $ 24.69 Granted 857,361 20.36 — — 372,202 21.12 Vested (348,110) 18.94 (648,548) 11.08 (5,264) 24.18 Forfeited (14,140) 22.09 (9,036) 18.95 (19,677) 22.41 Unvested at March 31, 2024 1,569,997 $ 20.62 285,990 $ 19.34 579,961 $ 22.48 The weighted average grant date fair values of the RSUs, PRSUs, and PSUs granted during the three months ended March 31, 2023 were $23.06, $22.96, and $24.69 per share, respectively. Restricted Stock Units The Company grants service-based RSU awards to employees, which generally vest and settle 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, 2024 and 2023 were $7.9 million and $7.2 million, respectively. Unrecognized compensation expense related to unvested RSUs as of March 31, 2024 was $28.8 million, which the Company expects to recognize over a weighted average period of 2.6 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 (“Performance Condition”). If PRSUs are not earned by the end of the five-year performance period, 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 PRSUs that vested during the three months ended March 31, 2024 and 2023 were $14.9 million and $7.0 million, respectively. Unrecognized compensation expense related to unvested PRSUs as of March 31, 2024 was $1.8 million, which the Company expects to recognize over a weighted average period of 1.1 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. 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 PSUs that vested during the three months ended March 31, 2024 and 2023 were $0.1 million and $6.7 million, respectively. Unrecognized compensation expense related to unvested PSUs as of March 31, 2024 was $10.6 million, which the Company expects to recognize over a weighted average period of 2.5 years. The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2024 and 2023. Three Months Ended PSU Grant Date Fair Value Assumptions March 31, 2024 March 31, 2023 Expected term (in years) 2.88 2.88 Expected volatility 45.09% 60.80% Risk-free interest rate 4.35% 4.15% Dividend yield 2.48% 1.93%

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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, 2024 March 31, 2023 Basic: Net income attributable to Class A Common Stock $ 85,086 $ 96,335 Less: Dividends and net income allocated to participating securities 1,101 997 Net income, net of participating securities $ 83,985 $ 95,338 Weighted average number of common shares outstanding during the period - basic 182,368 191,780 Net income per share of Class A Common Stock - basic $ 0.46 $ 0.50 Diluted: Net income attributable to Class A Common Stock $ 85,086 $ 96,335 Less: Dividends and net income allocated to participating securities 1,101 996 Net income, net of participating securities $ 83,985 $ 95,339 Weighted average number of common shares outstanding during the period - basic 182,368 191,780 Add: Dilutive effect of stock based compensation and other 56 274 Weighted average number of common shares outstanding during the period - diluted 182,424 192,054 Net income per share of Class A Common Stock - diluted $ 0.46 $ 0.50 For each of the three months ended March 31, 2024 and 2023, the Company excluded 21.8 million 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, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions For the three months ended March 31, 2024 and 2023, there were no related party transactions with an entity that 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.”

Supplemental Cash Flow

Supplemental Cash Flow	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow	Supplemental Cash Flow Supplemental cash flow disclosures are presented below: Three Months Ended (In thousands) March 31, 2024 March 31, 2023 Supplemental cash items: Cash paid for income taxes $ — $ — Cash paid for interest 12,588 12,019 Supplemental non-cash investing and financing activity: Accrued capital expenditures 54,375 52,946 Liabilities assumed in connection with acquisitions 6,968 — Supplemental non-cash lease operating activity: Right-of-use assets obtained in exchange for operating lease obligations 2,440 6,412

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 2, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.13 per share of Class A Common Stock, and Magnolia LLC declared a cash distribution of $0.13 per Magnolia LLC Unit to each holder of Magnolia LLC Units, each payable on June 3, 2024 to shareholders or members of record, as applicable, as of May 13, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to Class A Common Stock	$ 85,086	$ 96,335

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Organization and Nature of Operations 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 the Karnes and Giddings areas 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, 2023 (the “2023 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 2023 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.
Consolidation	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Standards Accounting Board (FASB) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 393,480 $ 393,639 $ 392,839 $ 394,356
Asset Acquisition, Contingent Consideration	The fair value of the contingent consideration carried at fair value within the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023 are as follows: (In thousands) March 31, 2024 December 31, 2023 Included within other current liabilities $ 6,678 $ 6,700 Included within other long-term liabilities 9,108 7,631 Total fair value $ 15,786 $ 14,331

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Accrued capital expenditures $ 54,375 $ 34,131 Other 76,032 87,544 Total other current liabilities $ 130,407 $ 121,675

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Components of Debt	The Company’s long-term debt is comprised of the following: (In thousands) March 31, 2024 December 31, 2023 Revolving credit facility $ — $ — Senior Notes due 2026 400,000 400,000 Total long-term debt 400,000 400,000 Less: Unamortized deferred financing cost (6,520) (7,161) Long-term debt, net $ 393,480 $ 392,839

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Components of Income Tax Provision (Benefit)	The Company’s income tax provision consists of the following components: Three Months Ended (In thousands) March 31, 2024 March 31, 2023 Current: Federal $ 10,981 $ 3,650 State 647 552 Total current 11,628 4,202 Deferred: Federal 8,225 14,820 State 483 583 Total deferred 8,708 15,403 Income tax expense $ 20,336 $ 19,605

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and the year ended December 31, 2023, 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 Distributions to Magnolia LLC Unit Holders (In thousands, except per share amounts) February 16, 2024 March 1, 2024 $ 0.130 $ 26,824 $ 23,987 $ 2,837 November 9, 2023 December 1, 2023 $ 0.115 $ 24,023 $ 21,513 $ 2,510 August 10, 2023 September 1, 2023 $ 0.115 $ 24,321 $ 21,811 $ 2,510 May 11, 2023 June 1, 2023 $ 0.115 $ 24,627 $ 22,117 $ 2,510 February 10, 2023 March 1, 2023 $ 0.115 $ 24,878 $ 22,368 $ 2,510 (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.
Schedule of 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, 2024 and the year ended December 31, 2023, 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 Distributions to Magnolia LLC Unit Holders (In thousands, except per share amounts) February 16, 2024 March 1, 2024 $ 0.130 $ 26,824 $ 23,987 $ 2,837 November 9, 2023 December 1, 2023 $ 0.115 $ 24,023 $ 21,513 $ 2,510 August 10, 2023 September 1, 2023 $ 0.115 $ 24,321 $ 21,811 $ 2,510 May 11, 2023 June 1, 2023 $ 0.115 $ 24,627 $ 22,117 $ 2,510 February 10, 2023 March 1, 2023 $ 0.115 $ 24,878 $ 22,368 $ 2,510 (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, 2024
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, 2024. 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, 2023 1,074,886 $ 20.32 943,574 $ 13.66 232,700 $ 24.69 Granted 857,361 20.36 — — 372,202 21.12 Vested (348,110) 18.94 (648,548) 11.08 (5,264) 24.18 Forfeited (14,140) 22.09 (9,036) 18.95 (19,677) 22.41 Unvested at March 31, 2024 1,569,997 $ 20.62 285,990 $ 19.34 579,961 $ 22.48
Schedule of Assumptions Used to Calculate Grant Date Fair Value of PRSUs	The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2024 and 2023. Three Months Ended PSU Grant Date Fair Value Assumptions March 31, 2024 March 31, 2023 Expected term (in years) 2.88 2.88 Expected volatility 45.09% 60.80% Risk-free interest rate 4.35% 4.15% Dividend yield 2.48% 1.93%

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
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, 2024 March 31, 2023 Basic: Net income attributable to Class A Common Stock $ 85,086 $ 96,335 Less: Dividends and net income allocated to participating securities 1,101 997 Net income, net of participating securities $ 83,985 $ 95,338 Weighted average number of common shares outstanding during the period - basic 182,368 191,780 Net income per share of Class A Common Stock - basic $ 0.46 $ 0.50 Diluted: Net income attributable to Class A Common Stock $ 85,086 $ 96,335 Less: Dividends and net income allocated to participating securities 1,101 996 Net income, net of participating securities $ 83,985 $ 95,339 Weighted average number of common shares outstanding during the period - basic 182,368 191,780 Add: Dilutive effect of stock based compensation and other 56 274 Weighted average number of common shares outstanding during the period - diluted 182,424 192,054 Net income per share of Class A Common Stock - diluted $ 0.46 $ 0.50

Supplemental Cash Flow (Tables)

Supplemental Cash Flow (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Supplemental cash flow disclosures are presented below: Three Months Ended (In thousands) March 31, 2024 March 31, 2023 Supplemental cash items: Cash paid for income taxes $ — $ — Cash paid for interest 12,588 12,019 Supplemental non-cash investing and financing activity: Accrued capital expenditures 54,375 52,946 Liabilities assumed in connection with acquisitions 6,968 — Supplemental non-cash lease operating activity: Right-of-use assets obtained in exchange for operating lease obligations 2,440 6,412

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 125.3	$ 124.4

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended
	Apr. 30, 2024	Nov. 30, 2023	Jul. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Deposits for acquisitions of oil and natural gas properties				$ 13,150	$ 0
Oil And Natural Gas Producing Properties, Giddings Area
Business Acquisition [Line Items]
Consideration transferred for asset		$ 264,100	$ 41,800
Deposits for acquisitions of oil and natural gas properties				$ 12,500
Additional contingent cash consideration (up to)		$ 40,000
Oil And Natural Gas Producing Properties, Giddings Area | Subsequent Event
Business Acquisition [Line Items]
Consideration transferred for asset	$ 125,000

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, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 393,480	$ 392,839
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 393,639	$ 394,356

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Nov. 30, 2023 USD ($) tranche
Business Acquisition [Line Items]
Loss on revaluation of contingent consideration		$ 4,205	$ 0
Oil And Natural Gas Producing Properties, Giddings Area
Business Acquisition [Line Items]
Additional contingent cash consideration (up to)				$ 40,000
Contingent consideration payable, number of tranches | tranche				3
Asset acquisition, consideration transferred, contingent consideration	$ 2,700

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Consideration Carried at Fair Valued Estimated (Details) - Oil And Natural Gas Producing Properties, Giddings Area - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Asset Acquisition, Contingent Consideration [Line Items]
Included within other current liabilities	$ 6,678	$ 6,700
Included within other long-term liabilities	9,108	7,631
Total fair value	$ 15,786	$ 14,331

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued capital expenditures	$ 54,375	$ 34,131
Other	76,032	87,544
Total other current liabilities	$ 130,407	$ 121,675

Long-term Debt - Components of

Long-term Debt - Components of Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 400,000,000	$ 400,000,000
Less: Unamortized deferred financing cost	(6,520,000)	(7,161,000)
Long-term debt, net	393,480,000	392,839,000
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, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 16, 2022 USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 400,000,000		$ 400,000,000
Revolving credit facility | Line of Credit
Line of Credit Facility [Line Items]
Amortization period	4 years
Interest expense	$ 1,000,000	$ 1,000,000
Outstanding borrowings	$ 0		$ 0
Revolving credit facility | Line of Credit | 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
Letter of Credit Sublimit | Line of Credit | Magnolia Operating
Line of Credit Facility [Line Items]
Maximum commitments, aggregate principal amount				$ 50,000,000

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, 2024	Mar. 31, 2023	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

Income Taxes - Components of In

Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Current:
Federal	$ 10,981	$ 3,650
State	647	552
Total current	11,628	4,202
Deferred:
Federal	8,225	14,820
State	483	583
Total deferred	8,708	15,403
Income tax expense	$ 20,336	$ 19,605

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	17.20%	15.50%
Deferred tax assets	$ 87.2
Valuation allowance	$ 5.6

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ in Thousands		3 Months Ended
	May 30, 2023	Mar. 31, 2024 USD ($) vote shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 shares
Highlander
Class of Stock [Line Items]
Percentage of interest owned by noncontrolling interest holders	15.30%
Variable Interest Entity, Primary Beneficiary | Magnolia LLC
Class of Stock [Line Items]
Percentage of interest owned		89.30%
Percentage of interest owned by noncontrolling interest holders		10.70%
MGY Louisiana LLC | Highlander
Class of Stock [Line Items]
Percentage of units held	84.70%
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)		215,177,000		214,497,000
Common stock, shares outstanding (in shares)		181,494,000		183,164,000
Number of votes for each share held | vote		1
Total cost of shares repurchased | $		$ 52,363	$ 51,271
Class A Common Stock | Share Repurchase Program
Class of Stock [Line Items]
Number of shares authorized to be repurchased (in shares)		40,000,000
Class A Common Stock repurchases (in shares)		33,100,000
Total cost of shares repurchased | $		$ 577,300
Repurchase authorization (in shares)		6,900,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)		21,827,000		21,827,000
Common stock, shares outstanding (in shares)		21,827,000		21,827,000
Number of votes for each share held | vote		1

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended
	Mar. 01, 2024	Dec. 01, 2023	Sep. 01, 2023	Jun. 01, 2023	Mar. 01, 2023	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Dividend/ Distribution Amount per share (in dollars per share)	$ 0.130	$ 0.115	$ 0.115	$ 0.115	$ 0.115
Distributions by Magnolia LLC	$ 2,837	$ 2,510	$ 2,510	$ 2,510	$ 2,510
Dividends Declared by the Company						$ 24,010	$ 22,578
Class A Common Stock
Class of Stock [Line Items]
Common stock, dividends, declared (in dollars per share)	$ 0.130	$ 0.115	$ 0.115	$ 0.115	$ 0.115
Dividends Declared by the Company	$ 23,987	$ 21,513	$ 21,811	$ 22,117	$ 22,368
Magnolia LLC
Class of Stock [Line Items]
Distributions by Magnolia LLC	$ 26,824	$ 24,023	$ 24,321	$ 24,627	$ 24,878

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 4.7	$ 3.8
Income tax benefit recognized	$ 4.8	$ 4.4
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 20.36	$ 23.06
Aggregate fair value of equity instruments vested during the period	$ 7.9	$ 7.2
Unrecognized compensation expense	$ 28.8
Weighted average period over which unrecognized compensation expense is expected to be recognized	2 years 7 months 6 days
RSUs | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
RSUs | Minimum | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
RSUs | Maximum | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 0	$ 22.96
Vesting period	3 years
Aggregate fair value of equity instruments vested during the period	$ 14.9	$ 7
Unrecognized compensation expense	$ 1.8
Weighted average period over which unrecognized compensation expense is expected to be recognized	1 year 1 month 6 days
Number of consecutive trading days required to earn PRSUs	20 days
Performance period	5 years
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 21.12	$ 24.69
Aggregate fair value of equity instruments vested during the period	$ 0.1	$ 6.7
Unrecognized compensation expense	$ 10.6
Weighted average period over which unrecognized compensation expense is expected to be recognized	2 years 6 months
Performance period	3 years
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 | PSU
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 | PSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0%
Class A Common Stock | PSU | 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
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares)	1,074,886
Granted (in shares)	857,361
Vested (in shares)	(348,110)
Forfeited (in shares)	(14,140)
Unvested stock units, end of period (in shares)	1,569,997
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share)	$ 20.32
Granted (in dollars per share)	20.36	$ 23.06
Vested (in dollars per share)	18.94
Forfeited (in dollars per share)	22.09
Unvested stock units, end of period (in dollars per share)	$ 20.62
Performance Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares)	943,574
Granted (in shares)	0
Vested (in shares)	(648,548)
Forfeited (in shares)	(9,036)
Unvested stock units, end of period (in shares)	285,990
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share)	$ 13.66
Granted (in dollars per share)	0	22.96
Vested (in dollars per share)	11.08
Forfeited (in dollars per share)	18.95
Unvested stock units, end of period (in dollars per share)	$ 19.34
Performance Stock Units
Units
Unvested stock units, beginning of period (in shares)	232,700
Granted (in shares)	372,202
Vested (in shares)	(5,264)
Forfeited (in shares)	(19,677)
Unvested stock units, end of period (in shares)	579,961
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share)	$ 24.69
Granted (in dollars per share)	21.12	$ 24.69
Vested (in dollars per share)	24.18
Forfeited (in dollars per share)	22.41
Unvested stock units, end of period (in dollars per share)	$ 22.48

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule of Assumptions Used to Calculate Grant Date Fair Value of PSU (Details) - PSU	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years 10 months 17 days	2 years 10 months 17 days
Expected volatility	45.09%	60.80%
Risk-free interest rate	4.35%	4.15%
Dividend yield	2.48%	1.93%

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, 2024	Mar. 31, 2023
Basic:
Net income attributable to Class A Common Stock	$ 85,086	$ 96,335
Less: Dividends and net income allocated to participating securities	1,101	997
Net income, net of participating securities	$ 83,985	$ 95,338
Weighted average number of common shares outstanding during the period - basic (in shares)	182,368	191,780
Diluted:
Net income attributable to Class A Common Stock	$ 85,086	$ 96,335
Less: Dividends and net income allocated to participating securities	1,101	996
Net income, net of participating securities	$ 83,985	$ 95,339
Weighted average number of common shares outstanding during the period - basic (in shares)	182,368	191,780
Add: Dilutive effect of stock based compensation and other (in shares)	56	274
Weighted average number of common shares outstanding during the period - diluted (in shares)	182,424	192,054
Class A Common Stock
Basic:
Net income per share of Class A Common Stock - basic (in dollars per share)	$ 0.46	$ 0.50
Diluted:
Net income per share of Class A Common Stock - diluted (in dollars per share)	$ 0.46	$ 0.50

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class A Common Stock
Class of Stock [Line Items]
Shares excluded due to antidilutive effect (in shares)	21.8	21.8

Supplemental Cash Flow (Details

Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Cash paid for income taxes	$ 0	$ 0
Cash paid for interest	12,588	12,019
Supplemental non-cash investing and financing activity:
Accrued capital expenditures	54,375	52,946
Liabilities assumed in connection with acquisitions	6,968	0
Supplemental non-cash lease operating activity:
Right-of-use assets obtained in exchange for operating lease obligations	$ 2,440	$ 6,412

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended
	May 02, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Common stock, dividends, declared (in dollars per share)		$ 0.13	$ 0.115
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Common stock, dividends, declared (in dollars per share)	$ 0.13
Subsequent Event | Magnolia LLC Units
Subsequent Event [Line Items]
Distribution made to LLC member, distributions declared (in dollars per share)	$ 0.13