Magnolia Oil & Gas (MGY) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		188,161,733
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,957,921

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 275,683	$ 401,121
Accounts receivable	175,426	189,705
Drilling advances	1,066	12
Other current assets	1,691	435
Total current assets	453,866	591,273
PROPERTY, PLANT AND EQUIPMENT
Oil and natural gas properties	4,145,348	3,743,580
Other	18,598	9,774
Accumulated depreciation, depletion and amortization	(1,903,191)	(1,701,333)
Total property, plant and equipment, net	2,260,755	2,052,021
OTHER ASSETS
Deferred financing costs, net	2,939	3,836
Deferred tax assets	106,287	90,358
Other long-term assets	19,017	18,728
Total other assets	128,243	112,922
TOTAL ASSETS	2,842,864	2,756,216
CURRENT LIABILITIES
Accounts payable	226,930	193,212
Other current liabilities (Note 6)	128,029	121,675
Total current liabilities	354,959	314,887
LONG-TERM LIABILITIES
Long-term debt, net	394,131	392,839
Asset retirement obligations, net of current	157,710	148,467
Other long-term liabilities	17,708	17,355
Total long-term liabilities	569,549	558,661
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY
Additional paid-in capital	1,815,798	1,743,930
Treasury Stock, at cost, 34,683 shares and 31,333 shares in 2024 and 2023, respectively	(616,747)	(538,445)
Retained earnings	619,000	486,162
Noncontrolling interest	100,281	190,998
Total equity	1,918,356	1,882,668
TOTAL LIABILITIES AND EQUITY	2,842,864	2,756,216
Class A Common Stock
EQUITY
Common stock	23	21
Class B Common Stock
EQUITY
Common stock	$ 1	$ 2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Treasury stock (in shares)	34,683,000	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)	223,167,000	214,497,000
Common stock, shares outstanding (in shares)	188,484,000	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)	10,958,000	21,827,000
Common stock, shares outstanding (in shares)	10,958,000	21,827,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Total revenues	$ 336,725	$ 280,291	$ 656,142	$ 588,674
OPERATING EXPENSES
Lease operating expenses	44,350	36,796	90,500	79,167
Gathering, transportation and processing	8,455	10,389	16,992	23,121
Taxes other than income	19,844	15,216	37,742	34,508
Exploration expenses	402	0	427	11
Asset retirement obligations accretion	1,745	823	3,363	1,664
Depreciation, depletion and amortization	104,743	77,008	201,819	147,710
Impairment of oil and natural gas properties	0	0	0	15,735
General and administrative expenses	22,835	18,726	46,390	38,492
Total operating expenses	202,374	158,958	397,233	340,408
OPERATING INCOME	134,351	121,333	258,909	248,266
OTHER INCOME (EXPENSE)
Interest expense, net	(3,516)	(1,149)	(5,828)	(662)
Other income (expense), net	1,047	9,259	(3,267)	8,120
Total other income (expense), net	(2,469)	8,110	(9,095)	7,458
INCOME BEFORE INCOME TAXES	131,882	129,443	249,814	255,724
Income tax expense	26,769	24,847	47,104	44,452
NET INCOME	105,113	104,596	202,710	211,272
LESS: Net income attributable to noncontrolling interest	9,554	13,104	22,065	23,446
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK	$ 95,559	$ 91,492	$ 180,645	$ 187,826
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic (in shares)	184,937	189,402	183,652	190,584
Diluted (in shares)	184,965	189,567	183,694	190,875
Class A Common Stock
NET INCOME PER SHARE OF CLASS A COMMON STOCK
Basic (in dollars per share)	$ 0.51	$ 0.48	$ 0.97	$ 0.97
Diluted (in dollars per share)	$ 0.51	$ 0.48	$ 0.97	$ 0.97
Oil revenues
REVENUES
Total revenues	$ 275,331	$ 223,147	$ 534,514	$ 462,269
Natural gas revenues
REVENUES
Total revenues	18,569	20,847	39,664	48,619
Natural gas liquids revenues
REVENUES
Total revenues	$ 42,825	$ 36,297	$ 81,964	$ 77,786

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	Noncontrolling Interest Class B Common Stock
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	7,863			7,053				7,053				810
Changes in ownership interest adjustment	167			6,875				6,875				(6,708)
Common stock issued related to stock based compensation and other, net (in shares)						673
Common stock issued related to stock based compensation and other, net	(6,978)			(6,262)				(6,262)				(716)
Class A Common Stock repurchases (in shares)										4,650
Class A Common Stock repurchases		$ (96,092)			$ (96,092)					$ (96,092)
Dividends declared	(44,484)			(44,484)							(44,484)
Distributions to noncontrolling interest owners	(5,599)											(5,599)
Adjustment to deferred taxes	4,327			4,327				4,327
Tax impact of equity transactions	(809)			(809)				(809)
Net income	211,272			187,826							187,826	23,446
Common Stock, Balance at end of period (in shares) at Jun. 30, 2023						214,400	21,827
Balance at end of period at Jun. 30, 2023	1,809,858			1,634,489		$ 21	$ 2	1,731,059	$ (425,604)		329,011	175,369
Treasury Stock, Balance at end of period (in shares) at Jun. 30, 2023									26,334
Common Stock, Balance at beginning of period (in shares) at Mar. 31, 2023						214,355	21,827
Balance at beginning 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 beginning of period (in shares) at Mar. 31, 2023									24,084
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	4,092			3,668				3,668				424
Changes in ownership interest adjustment	167			2,936				2,936				(2,769)
Common stock issued related to stock based compensation and other, net (in shares)						45
Common stock issued related to stock based compensation and other, net	(152)			(137)				(137)				(15)
Class A Common Stock repurchases (in shares)										2,250
Class A Common Stock repurchases		$ (44,821)			(44,821)					$ (44,821)
Dividends declared	(22,117)			(22,117)							(22,117)
Distributions to noncontrolling interest owners	(3,089)											(3,089)
Adjustment to deferred taxes	4,543			4,543				4,543
Tax impact of equity transactions	(438)			(438)				(438)
Net income	104,596			91,492							91,492	13,104
Common Stock, Balance at end of period (in shares) at Jun. 30, 2023						214,400	21,827
Balance at end of period at Jun. 30, 2023	1,809,858			1,634,489		$ 21	$ 2	1,731,059	$ (425,604)		329,011	175,369
Treasury Stock, Balance at end of period (in shares) at Jun. 30, 2023									26,334
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	$ 9,454			8,607				8,607				847
Changes in ownership interest adjustment	0			29,434				29,434				(29,434)
Common stock issued related to stock based compensation and other, net (in shares)						801
Common stock issued related to stock based compensation and other, net	(7,527)			(6,720)		$ 1		(6,721)				(807)
Class A Common Stock repurchases (in shares)										3,350
Class A Common Stock repurchases		$ (78,302)			(78,302)					$ (78,302)
Class B Common Stock purchase and cancellation (in shares)							(3,000)
Class B Common Stock purchase and cancellation			$ (76,740)										$ (76,740)
Conversion of Class B Common Stock to Class A Common Stock (in shares)						7,869	(7,869)
Conversion of Class B Common Stock to Class A Common Stock			$ 0			$ 1	$ (1)
Dividends declared	(47,807)			(47,807)							(47,807)
Distributions to noncontrolling interest owners	(6,648)											(6,648)
Adjustment to deferred taxes	(2,915)			(2,915)				(2,915)
Tax impact of equity transactions	43,463			43,463				43,463
Net income	202,710			180,645							180,645	22,065
Common Stock, Balance at end of period (in shares) at Jun. 30, 2024		223,167	10,958			223,167	10,958
Balance at end of period at Jun. 30, 2024	$ 1,918,356			1,818,075		$ 23	$ 1	1,815,798	$ (616,747)		619,000	100,281
Treasury Stock, Balance at end of period (in shares) at Jun. 30, 2024	34,683								34,683
Common Stock, Balance at beginning of period (in shares) at Mar. 31, 2024						215,177	21,827
Balance at beginning 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 beginning of period (in shares) at Mar. 31, 2024									33,683
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	4,796			4,449				4,449				347
Changes in ownership interest adjustment	0			25,573				25,573				(25,573)
Common stock issued related to stock based compensation and other, net (in shares)						121
Common stock issued related to stock based compensation and other, net	(148)			(135)				(135)				(13)
Class A Common Stock repurchases (in shares)										1,000
Class A Common Stock repurchases		$ (25,939)			$ (25,939)					$ (25,939)
Class B Common Stock purchase and cancellation (in shares)							(3,000)
Class B Common Stock purchase and cancellation			$ (76,740)										$ (76,740)
Conversion of Class B Common Stock to Class A Common Stock (in shares)						7,869	(7,869)
Conversion of Class B Common Stock to Class A Common Stock			$ 0			$ 1	$ (1)
Dividends declared	(23,820)			(23,820)							(23,820)
Distributions to noncontrolling interest owners	(3,811)											(3,811)
Adjustment to deferred taxes	(2,709)			(2,709)				(2,709)
Tax impact of equity transactions	43,830			43,830				43,463	$ 367
Net income	105,113			95,559							95,559	9,554
Common Stock, Balance at end of period (in shares) at Jun. 30, 2024		223,167	10,958			223,167	10,958
Balance at end of period at Jun. 30, 2024	$ 1,918,356			$ 1,818,075		$ 23	$ 1	$ 1,815,798	$ (616,747)		$ 619,000	$ 100,281
Treasury Stock, Balance at end of period (in shares) at Jun. 30, 2024	34,683								34,683

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, declared (in dollars per share)	$ 0.13	$ 0.115	$ 0.26	$ 0.23

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 105,113	$ 202,710	$ 211,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	104,743	201,819	147,710
Exploration expenses, non-cash		1	9
Impairment of oil and natural gas properties	0	0	15,735
Asset retirement obligations accretion	1,745	3,363	1,664
Amortization of deferred financing costs		2,189	2,100
(Gain) on sale of assets		0	(3,946)
Deferred income tax expense	16,241	24,948	36,264
Loss on revaluation of contingent consideration	(1,000)	3,200	0
Stock based compensation		9,454	7,863
Other		2,921	0
Changes in operating assets and liabilities:
Accounts receivable		11,360	32,922
Accounts payable		26,727	(36,189)
Accrued liabilities		(6,111)	(4,836)
Drilling advances		(1,054)	3,472
Other assets and liabilities, net		(1,198)	7,556
Net cash provided by operating activities		480,329	421,596
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions		(150,172)	(3,357)
Additions to oil and natural gas properties		(247,063)	(225,388)
Changes in working capital associated with additions to oil and natural gas properties		10,287	(39,424)
Other investing		(498)	(88)
Net cash used in investing activities		(387,446)	(268,257)
CASH FLOW FROM FINANCING ACTIVITIES
Dividends paid		(47,830)	(44,684)
Distributions to noncontrolling interest owners		(6,206)	(5,599)
Other financing activities		(7,527)	(6,987)
Net cash used in financing activities		(218,321)	(152,212)
NET CHANGE IN CASH AND CASH EQUIVALENTS		(125,438)	1,127
Cash and cash equivalents – Beginning of period		401,121	675,441
Cash and cash equivalents – End of period	$ 275,683	275,683	676,568
Class A Common Stock
CASH FLOW FROM FINANCING ACTIVITIES
Common Stock repurchases		(80,018)	(94,942)
Class B Common Stock
CASH FLOW FROM FINANCING ACTIVITIES
Common Stock repurchases		$ (76,740)	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 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 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	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As of June 30, 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 ASU 2023-09 will have on its financial statement disclosures.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 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 $130.0 million as of June 30, 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	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions 2024 Acquisitions In April 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. The acquisition was accounted for as an asset acquisition and was funded 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 are as follows: June 30, 2024 December 31, 2023 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 394,131 $ 395,672 $ 392,839 $ 394,356 The fair value of the 2026 Senior Notes at June 30, 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 was $14.8 million and $14.3 million as of June 30, 2024 and December 31, 2023, respectively. The current portion of the liability included in “Other current liabilities” on the Company’s consolidated balance sheet as of June 30, 2024 and December 31, 2023 was $6.0 million and $6.7 million, respectively. The long-term portion of the liability included in “Other long-term liabilities” on the Company’s consolidated balance sheet as of June 30, 2024 and December 31, 2023 was $8.8 million and $7.6 million, respectively. The first tranche was settled for $2.7 million in January 2024. The Company recognized a gain of $1.0 million on the revaluation of the remaining tranches for the three months ended June 30, 2024, and a loss of $3.2 million for the six months ended June 30, 2024. Gains and losses on revaluation are included in “Other income, net” on the Company’s consolidated statements of operations. 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 June 30, 2024 or December 31, 2023.

Other Current Liabilities

Other Current Liabilities	6 Months Ended
	Jun. 30, 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) June 30, 2024 December 31, 2023 Accrued capital expenditures $ 44,417 $ 34,131 Other 83,612 87,544 Total other current liabilities $ 128,029 $ 121,675

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt The Company’s long-term debt is comprised of the following: (In thousands) June 30, 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 (5,869) (7,161) Long-term debt, net $ 394,131 $ 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 June 30, 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 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 June 30, 2024 and 2023, and $2.1 million for each of the six months ended June 30, 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 June 30, 2024 and December 31, 2023. The Company did not have any outstanding borrowings under the RBL Facility as of June 30, 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 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 June 30, 2024 and December 31, 2023. The Company recognized interest expense related to the 2026 Senior Notes of $6.7 million and $6.6 million for the three months ended June 30, 2024 and 2023, respectively, and $13.3 million and $13.2 million for the six months ended June 30, 2024 and 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision consists of the following components: Three Months Ended Six Months Ended (In thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Current: Federal $ 9,878 $ 3,405 $ 20,858 $ 7,055 State 650 581 1,298 1,133 Total current 10,528 3,986 22,156 8,188 Deferred: Federal 15,722 20,025 23,946 34,845 State 519 836 1,002 1,419 Total deferred 16,241 20,861 24,948 36,264 Income tax expense $ 26,769 $ 24,847 $ 47,104 $ 44,452 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 June 30, 2024 and 2023 was 20.3% and 19.2%, respectively, and 18.9% and 17.4% for the six months ended June 30, 2024 and 2023, 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, tax credits generated, and changes in valuation allowances. As of June 30, 2024, the Company does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. For the six months ended June 30, 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. During the six months ended June 30, 2024, the Magnolia LLC Unit Holders redeemed 7.9 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. The redemption and exchange of these Magnolia LLC Units increased Magnolia’s tax basis in Magnolia LLC. The Company recorded a deferred tax asset of $43.5 million related to this additional tax basis in Magnolia LLC Units with a corresponding increase to additional paid-in capital on the Company’s consolidated balance sheet. As of June 30, 2024, the Company’s total deferred tax assets were $111.9 million. Management assessed whether it is more-likely-than-not that it will generate sufficient taxable income to realize its deferred income tax assets, including the investment in partnership and net operating loss carryforwards. In making this determination, the Company considered all available positive and negative evidence and made certain assumptions. The Company considered, among other things, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. As of June 30, 2024, the Company recorded a valuation allowance of $5.6 million to offset the deferred tax asset created by the tax 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 June 30, 2024, the Company is in compliance with all applicable provisions of the IRA, including the excise tax on stock buybacks. The Company is currently 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	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Class A Common Stock At June 30, 2024, there were 223.2 million shares of Class A Common Stock issued and 188.5 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 June 30, 2024, there were 11.0 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 June 30, 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 34.1 million shares under the program at a cost of $603.3 million and had 5.9 million shares of Class A Common Stock remaining under its share repurchase authorization as of June 30, 2024. During the six months ended June 30, 2024, Magnolia LLC repurchased and subsequently canceled 3.0 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $76.7 million of cash consideration (the “Class B Common Stock Repurchase”). Magnolia funded the Class B Common Stock Repurchase with cash on hand. During the same period, the Magnolia LLC Unit Holders redeemed 7.9 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. 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 six months ended June 30, 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) May 13, 2024 June 3, 2024 $ 0.130 $ 26,657 $ 23,820 $ 2,837 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 June 30, 2024, Magnolia owned approximately 94.5% of the interest in Magnolia LLC and the noncontrolling interest was approximately 5.5%. 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 and recognized a gain of $3.9 million included within “Other income, net” on the Company’s consolidated statements of operations for the three and six months ended June 30, 2023.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 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 June 30, 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 $4.8 million and $4.1 million for the three months ended June 30, 2024 and 2023, respectively, and $9.5 million and $7.9 million for the six months ended June 30, 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 six months ended June 30, 2024 and 2023 was $5.5 million and $4.6 million, respectively. The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the six months ended June 30, 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 916,995 20.70 — — 372,202 21.12 Vested (471,478) 17.88 (651,804) 11.13 (5,264) 24.18 Forfeited (31,903) 21.64 (9,510) 19.01 (19,677) 22.41 Unvested at June 30, 2024 1,488,500 $ 21.29 282,260 $ 19.31 579,961 $ 22.48 The weighted average grant date fair values of the RSUs, PRSUs, and PSUs granted during the six months ended June 30, 2023 were $22.81, $22.28, 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 six months ended June 30, 2024 and 2023 were $11.1 million and $8.3 million, respectively. Unrecognized compensation expense related to unvested RSUs as of June 30, 2024 was $26.7 million, which the Company expects to recognize over a weighted average period of 2.3 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 and settle 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 six months ended June 30, 2024 and 2023 were $15.0 million and $7.0 million, respectively. Unrecognized compensation expense related to unvested PRSUs as of June 30, 2024 was $1.4 million, which the Company expects to recognize over a weighted average period of 0.9 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 six months ended June 30, 2024 and 2023 were $0.1 million and $6.7 million, respectively. Unrecognized compensation expense related to unvested PSUs as of June 30, 2024 was $9.4 million, which the Company expects to recognize over a weighted average period of 2.3 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. Six Months Ended PSU Grant Date Fair Value Assumptions June 30, 2024 June 30, 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	6 Months Ended
	Jun. 30, 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 Six Months Ended (In thousands, except per share data) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Basic: Net income attributable to Class A Common Stock $ 95,559 $ 91,492 $ 180,645 $ 187,826 Less: Dividends and net income allocated to participating securities 1,205 1,038 2,311 2,036 Net income, net of participating securities $ 94,354 $ 90,454 $ 178,334 $ 185,790 Weighted average number of common shares outstanding during the period - basic 184,937 189,402 183,652 190,584 Net income per share of Class A Common Stock - basic $ 0.51 $ 0.48 $ 0.97 $ 0.97 Diluted: Net income attributable to Class A Common Stock $ 95,559 $ 91,492 $ 180,645 $ 187,826 Less: Dividends and net income allocated to participating securities 1,206 1,037 2,311 2,034 Net income, net of participating securities $ 94,353 $ 90,455 $ 178,334 $ 185,792 Weighted average number of common shares outstanding during the period - basic 184,937 189,402 183,652 190,584 Add: Dilutive effect of stock based compensation and other 28 165 42 291 Weighted average number of common shares outstanding during the period - diluted 184,965 189,567 183,694 190,875 Net income per share of Class A Common Stock - diluted $ 0.51 $ 0.48 $ 0.97 $ 0.97 For the three months ended June 30, 2024 and 2023, the Company excluded 16.2 million and 21.8 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For the six months ended June 30, 2024 and 2023, the Company excluded 19.0 million and 21.8 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	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions For the six months ended June 30, 2024 and 2023, there were no material 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	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow	Supplemental Cash Flow Supplemental cash flow disclosures are presented below: Six Months Ended (In thousands) June 30, 2024 June 30, 2023 Supplemental cash items: Cash paid for income taxes $ 15,114 $ 7,828 Cash paid for interest 13,175 13,175 Supplemental non-cash investing and financing activity: Accrued capital expenditures 44,417 28,500 Net liabilities assumed in connection with acquisitions 6,990 — Supplemental non-cash lease operating activity: Right-of-use assets obtained in exchange for operating lease obligations 5,893 7,673

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 29, 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 September 3, 2024 to shareholders or members of record, as applicable, as of August 9, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Class A Common Stock	$ 95,559	$ 91,492	$ 180,645	$ 187,826

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 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 ASU 2023-09 will have on its financial statement disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 are as follows: June 30, 2024 December 31, 2023 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 394,131 $ 395,672 $ 392,839 $ 394,356

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2024 December 31, 2023 Accrued capital expenditures $ 44,417 $ 34,131 Other 83,612 87,544 Total other current liabilities $ 128,029 $ 121,675

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Components of Debt	The Company’s long-term debt is comprised of the following: (In thousands) June 30, 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 (5,869) (7,161) Long-term debt, net $ 394,131 $ 392,839

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended (In thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Current: Federal $ 9,878 $ 3,405 $ 20,858 $ 7,055 State 650 581 1,298 1,133 Total current 10,528 3,986 22,156 8,188 Deferred: Federal 15,722 20,025 23,946 34,845 State 519 836 1,002 1,419 Total deferred 16,241 20,861 24,948 36,264 Income tax expense $ 26,769 $ 24,847 $ 47,104 $ 44,452

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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) May 13, 2024 June 3, 2024 $ 0.130 $ 26,657 $ 23,820 $ 2,837 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 six months ended June 30, 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) May 13, 2024 June 3, 2024 $ 0.130 $ 26,657 $ 23,820 $ 2,837 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)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Unvested RSU, PRSU, and PSU Activity	The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the six months ended June 30, 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 916,995 20.70 — — 372,202 21.12 Vested (471,478) 17.88 (651,804) 11.13 (5,264) 24.18 Forfeited (31,903) 21.64 (9,510) 19.01 (19,677) 22.41 Unvested at June 30, 2024 1,488,500 $ 21.29 282,260 $ 19.31 579,961 $ 22.48
Schedule of Assumptions Used to Calculate Grant Date Fair Value of PSUs	The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2024 and 2023. Six Months Ended PSU Grant Date Fair Value Assumptions June 30, 2024 June 30, 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)	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended (In thousands, except per share data) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Basic: Net income attributable to Class A Common Stock $ 95,559 $ 91,492 $ 180,645 $ 187,826 Less: Dividends and net income allocated to participating securities 1,205 1,038 2,311 2,036 Net income, net of participating securities $ 94,354 $ 90,454 $ 178,334 $ 185,790 Weighted average number of common shares outstanding during the period - basic 184,937 189,402 183,652 190,584 Net income per share of Class A Common Stock - basic $ 0.51 $ 0.48 $ 0.97 $ 0.97 Diluted: Net income attributable to Class A Common Stock $ 95,559 $ 91,492 $ 180,645 $ 187,826 Less: Dividends and net income allocated to participating securities 1,206 1,037 2,311 2,034 Net income, net of participating securities $ 94,353 $ 90,455 $ 178,334 $ 185,792 Weighted average number of common shares outstanding during the period - basic 184,937 189,402 183,652 190,584 Add: Dilutive effect of stock based compensation and other 28 165 42 291 Weighted average number of common shares outstanding during the period - diluted 184,965 189,567 183,694 190,875 Net income per share of Class A Common Stock - diluted $ 0.51 $ 0.48 $ 0.97 $ 0.97

Supplemental Cash Flow (Tables)

Supplemental Cash Flow (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Supplemental cash flow disclosures are presented below: Six Months Ended (In thousands) June 30, 2024 June 30, 2023 Supplemental cash items: Cash paid for income taxes $ 15,114 $ 7,828 Cash paid for interest 13,175 13,175 Supplemental non-cash investing and financing activity: Accrued capital expenditures 44,417 28,500 Net liabilities assumed in connection with acquisitions 6,990 — Supplemental non-cash lease operating activity: Right-of-use assets obtained in exchange for operating lease obligations 5,893 7,673

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 130	$ 124.4

Acquisitions (Details)

Acquisitions (Details) - Oil And Natural Gas Producing Properties, Giddings Area - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2024	Nov. 30, 2023	Jul. 31, 2023
Business Acquisition [Line Items]
Consideration transferred for asset	$ 125	$ 264.1	$ 41.8
Additional contingent cash consideration (up to)		$ 40

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Carrying Values and Fair Values of Financial Instruments Not Carried at Fair Value (Details) - Fair Value, Inputs, Level 1 - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 394,131	$ 392,839
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 395,672	$ 394,356

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($) tranche
Business Acquisition [Line Items]
Gain (loss) on revaluation of contingent consideration		$ 1,000	$ (3,200)	$ 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
Fair value of contingent consideration		14,800	14,800		$ 14,300
Contingent consideration, current		6,000	6,000		6,700
Contingent consideration, noncurrent		$ 8,800	$ 8,800		$ 7,600
Asset acquisition, consideration transferred, contingent consideration	$ 2,700

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued capital expenditures	$ 44,417	$ 34,131
Other	83,612	87,544
Total other current liabilities	$ 128,029	$ 121,675

Long-term Debt - Schedule of Co

Long-term Debt - Schedule of Components of Debt (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 400,000,000	$ 400,000,000
Less: Unamortized deferred financing cost	(5,869,000)	(7,161,000)
Long-term debt, net	394,131,000	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		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 16, 2022 USD ($)
Line of Credit Facility [Line Items]
Total long-term debt	$ 400,000,000		$ 400,000,000		$ 400,000,000
Line of Credit | RBL Facility
Line of Credit Facility [Line Items]
Amortization period			4 years
Interest expense	1,000,000	$ 1,000,000	$ 2,100,000	$ 2,100,000
Total long-term debt	$ 0		$ 0		$ 0
Line of Credit | 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
Line of Credit | Letter of Credit Sublimit | 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 31, 2018
Debt Instrument [Line Items]
Aggregate principal amount					$ 400,000,000
Stated interest rate					6%
Interest expense	$ 6,700,000	$ 6,600,000	$ 13,300,000	$ 13,200,000

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Current:
Federal	$ 9,878	$ 3,405	$ 20,858	$ 7,055
State	650	581	1,298	1,133
Total current	10,528	3,986	22,156	8,188
Deferred:
Federal	15,722	20,025	23,946	34,845
State	519	836	1,002	1,419
Total deferred	16,241	20,861	24,948	36,264
Income tax expense	$ 26,769	$ 24,847	$ 47,104	$ 44,452

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Valuation Allowance [Line Items]
Effective tax rate	20.30%	19.20%	18.90%	17.40%
Deferred tax assets, additional tax basis	$ 43.5		$ 43.5
Deferred tax assets	111.9		111.9
Valuation allowance	$ 5.6		$ 5.6
Magnolia LLC Units | Magnolia LLC Unit Holders
Valuation Allowance [Line Items]
Stock redeemed (in shares)			7.9
Common Class B | Magnolia LLC Unit Holders
Valuation Allowance [Line Items]
Stock redeemed (in shares)			7.9

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ in Thousands		3 Months Ended		6 Months Ended
	May 30, 2023 USD ($)	Jun. 30, 2024 USD ($) vote shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) vote shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 shares
Highlander
Class of Stock [Line Items]
Gain recognized on sale of partnership | $	$ 3,900
Highlander
Class of Stock [Line Items]
Percentage of interest owned by noncontrolling interest holders	15.30%
VIE, Primary Beneficiary | Magnolia LLC
Class of Stock [Line Items]
Percentage of interest owned				94.50%
Percentage of interest owned by noncontrolling interest holders		5.50%		5.50%
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 | $				$ 76,700
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)		223,167,000		223,167,000		214,497,000
Common stock, shares outstanding (in shares)		188,484,000		188,484,000		183,164,000
Number of votes for each share held | vote		1		1
Total cost of shares repurchased | $		$ 25,939	$ 44,821	$ 78,302	$ 96,092
Stock repurchased, cash consideration | $				$ 80,018	94,942
Class A Common Stock | Share Repurchase Program
Class of Stock [Line Items]
Number of shares authorized to be repurchased (in shares)		40,000,000		40,000,000
Number of shares repurchased (in shares)				34,100,000
Total cost of shares repurchased | $				$ 603,300
Repurchase authorization (in shares)		5,900,000		5,900,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)		10,958,000		10,958,000		21,827,000
Common stock, shares outstanding (in shares)		10,958,000		10,958,000		21,827,000
Number of votes for each share held | vote		1		1
Stock repurchased, cash consideration | $				$ 76,740	$ 0
Class B Common Stock | Magnolia LLC
Class of Stock [Line Items]
Stock repurchased and subsequently canceled (in shares)				3,000,000
Class B Common Stock | Magnolia LLC Unit Holders
Class of Stock [Line Items]
Stock redeemed (in shares)				7,900,000
Magnolia LLC Units | Magnolia LLC
Class of Stock [Line Items]
Stock repurchased and subsequently canceled (in shares)				3,000,000
Magnolia LLC Units | Magnolia LLC Unit Holders
Class of Stock [Line Items]
Stock redeemed (in shares)				7,900,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands							6 Months Ended
	Jun. 03, 2024	Mar. 01, 2024	Dec. 01, 2023	Sep. 01, 2023	Jun. 01, 2023	Mar. 01, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Dividend/ Distribution Amount per share (in dollars per share)	$ 0.130	$ 0.130	$ 0.115	$ 0.115	$ 0.115	$ 0.115
Distributions by Magnolia LLC	$ 2,837	$ 2,837	$ 2,510	$ 2,510	$ 2,510	$ 2,510
Dividends Declared by the Company							$ 47,830	$ 44,684
Class A Common Stock
Class of Stock [Line Items]
Common stock, dividends, declared (in dollars per share)	$ 0.130	$ 0.130	$ 0.115	$ 0.115	$ 0.115	$ 0.115
Dividends Declared by the Company	$ 23,820	$ 23,987	$ 21,513	$ 21,811	$ 22,117	$ 22,368
Magnolia LLC
Class of Stock [Line Items]
Distributions by Magnolia LLC	$ 26,657	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 4.8	$ 4.1	$ 9.5	$ 7.9
Income tax benefit recognized			$ 5.5	$ 4.6
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)			$ 20.70	$ 22.81
Aggregate fair value of equity instruments vested during the period			$ 11.1	$ 8.3
Unrecognized compensation expense	26.7		$ 26.7
Weighted average period over which unrecognized compensation expense is expected to be recognized			2 years 3 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]
Weighted average grant date fair value (in dollars per share)			$ 0	$ 22.28
Vesting period			3 years
Aggregate fair value of equity instruments vested during the period			$ 15	$ 7
Unrecognized compensation expense	1.4		$ 1.4
Weighted average period over which unrecognized compensation expense is expected to be recognized			10 months 24 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]
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	$ 9.4		$ 9.4
Weighted average period over which unrecognized compensation expense is expected to be recognized			2 years 3 months 18 days
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		16,800,000
Class A Common Stock | PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contingent right to receive common stock, number of shares receivable for each PSU (in shares)	1		1
Class A Common Stock | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contingent right to receive common stock, number of shares receivable for each PSU (in shares)	1		1
Class A Common Stock | PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			0%
Class A Common Stock | PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			150%

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Unvested RSU, PSU, and PRSU Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares)	1,074,886
Granted (in shares)	916,995
Vested (in shares)	(471,478)
Forfeited (in shares)	(31,903)
Unvested stock units, end of period (in shares)	1,488,500
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share)	$ 20.32
Granted (in dollars per share)	20.70	$ 22.81
Vested (in dollars per share)	17.88
Forfeited (in dollars per share)	21.64
Unvested stock units, end of period (in dollars per share)	$ 21.29
Performance Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares)	943,574
Granted (in shares)	0
Vested (in shares)	(651,804)
Forfeited (in shares)	(9,510)
Unvested stock units, end of period (in shares)	282,260
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share)	$ 13.66
Granted (in dollars per share)	0	22.28
Vested (in dollars per share)	11.13
Forfeited (in dollars per share)	19.01
Unvested stock units, end of period (in dollars per share)	$ 19.31
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 PSUs (Details) - PSUs	6 Months Ended
	Jun. 30, 2024	Jun. 30, 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 - Schedule o

Earnings Per Share - Schedule of 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic:
Net income attributable to Class A Common Stock	$ 95,559	$ 91,492	$ 180,645	$ 187,826
Less: Dividends and net income allocated to participating securities	1,205	1,038	2,311	2,036
Net income, net of participating securities	$ 94,354	$ 90,454	$ 178,334	$ 185,790
Weighted average number of common shares outstanding during the period - basic (in shares)	184,937	189,402	183,652	190,584
Diluted:
Net income attributable to Class A Common Stock	$ 95,559	$ 91,492	$ 180,645	$ 187,826
Less: Dividends and net income allocated to participating securities	1,206	1,037	2,311	2,034
Net income, net of participating securities	$ 94,353	$ 90,455	$ 178,334	$ 185,792
Weighted average number of common shares outstanding during the period - basic (in shares)	184,937	189,402	183,652	190,584
Add: Dilutive effect of stock based compensation and other (in shares)	28	165	42	291
Weighted average number of common shares outstanding during the period - diluted (in shares)	184,965	189,567	183,694	190,875
Class A Common Stock
Basic:
Net income per share of Class A Common Stock - basic (in dollars per share)	$ 0.51	$ 0.48	$ 0.97	$ 0.97
Diluted:
Net income per share of Class A Common Stock - diluted (in dollars per share)	$ 0.51	$ 0.48	$ 0.97	$ 0.97

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class A Common Stock
Class of Stock [Line Items]
Shares excluded due to antidilutive effect (in shares)	16.2	21.8	19	21.8

Supplemental Cash Flow (Details

Supplemental Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental cash items:
Cash paid for income taxes	$ 15,114	$ 7,828
Cash paid for interest	13,175	13,175
Supplemental non-cash investing and financing activity:
Accrued capital expenditures	44,417	28,500
Net liabilities assumed in connection with acquisitions	6,990	0
Supplemental non-cash lease operating activity:
Right-of-use assets obtained in exchange for operating lease obligations	$ 5,893	$ 7,673

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended		6 Months Ended
	Jul. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Common stock, dividends, declared (in dollars per share)		$ 0.13	$ 0.115	$ 0.26	$ 0.23
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