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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number: 001-38083
Magnolia Oil & Gas Corporation
(Exact Name of Registrant as Specified in its Charter)
| | | | | | | | | | | |
| Delaware | | 81-5365682 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | | |
Nine Greenway Plaza, Suite 1300 | | 77046 |
Houston, | Texas | |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (713) 842-9050
| | | | | | | | |
| Securities registered pursuant to section 12(b) of the Act: |
| | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, par value $0.0001 | MGY | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer | | ☒ | | Accelerated filer | | ☐ |
| | | | | | |
| Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
| | | | | | |
| | | | Emerging growth company | | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2023, there were 185,223,428 shares of Class A Common Stock, $0.0001 par value per share, and 21,826,805 shares of Class B Common Stock, $0.0001 par value per share, outstanding.
GLOSSARY OF CERTAIN TERMS AND CONVENTIONS USED HEREIN
The following are definitions of certain other terms and conventions that are used in this Quarterly Report on Form 10-Q:
The “Company” or “Magnolia.” Magnolia Oil & Gas Corporation (either individually or together with its consolidated subsidiaries, as the context requires, including Magnolia Holdings, Magnolia Intermediate, Magnolia LLC, Magnolia Operating, and Magnolia Oil & Gas Finance Corp.).
“Magnolia Holdings.” Magnolia Oil & Gas Holdings LLC.
“Magnolia Intermediate.” Magnolia Oil & Gas Intermediate LLC.
“Magnolia LLC.” Magnolia Oil & Gas Parent LLC.
“Magnolia LLC Units.” Units representing limited liability company interests in Magnolia LLC.
“Magnolia Operating.” Magnolia Oil & Gas Operating LLC.
“Highlander.” Highlander Oil & Gas Holdings LLC.
“EnerVest.” EnerVest, Ltd.
“Karnes County Assets.” Certain right, title, and interest in certain oil and natural gas assets located primarily in the Karnes County portion of the Eagle Ford Shale formation in South Texas.
“Class A Common Stock.” Magnolia’s Class A Common Stock, par value $0.0001 per share.
“Class B Common Stock.” Magnolia’s Class B Common Stock, par value $0.0001 per share.
“Issuers.” Magnolia Operating and Magnolia Oil & Gas Finance Corp., a wholly owned subsidiary of Magnolia Operating, as it relates to the 2026 Senior Notes.
“Magnolia LLC Unit Holders.” EnerVest Energy Institutional Fund XIV-A, L.P., a Delaware limited partnership, EnerVest Energy Institutional Fund XIV-WIC, L.P., a Delaware limited partnership, EnerVest Energy Institutional Fund XIV-2A, L.P., a Delaware limited partnership, EnerVest Energy Institutional Fund XIV-3A, L.P., a Delaware limited partnership, and EnerVest Energy Institutional Fund XIV-C-AIV, L.P., a Delaware limited partnership.
“RBL Facility.” Senior secured reserve-based revolving credit facility, as amended February 16, 2022.
“2026 Senior Notes.” 6.0% Senior Notes due 2026.
“OPEC.” The Organization of the Petroleum Exporting Countries.
Table of Contents
| | | | | | | | | | | | | | |
| | | | Page |
| PART I. | | FINANCIAL INFORMATION | | |
| Item 1. | | Financial Statements | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Item 2. | | | | |
| Item 3. | | | | |
| Item 4. | | | | |
| | | | |
| PART II. | | OTHER INFORMATION | | |
| Item 1. | | | | |
| Item 1A. | | | | |
| Item 2. | | | | |
| Item 3. | | | | |
| Item 4. | | | | |
| Item 5. | | | | |
| Item 6. | | | | |
| | |
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
Magnolia Oil & Gas Corporation
Consolidated Balance Sheets
(In thousands)
| | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| ASSETS | | (Unaudited) | | (Audited) |
| CURRENT ASSETS | | | | |
Cash and cash equivalents | | $ | 618,466 | | | $ | 675,441 | |
Accounts receivable | | 186,763 | | | 170,770 | |
Drilling advances | | 12 | | | 3,484 | |
Other current assets | | 507 | | | 1,052 | |
| Total current assets | | 805,748 | | | 850,747 | |
| PROPERTY, PLANT AND EQUIPMENT | | | | |
| Oil and natural gas properties | | 3,278,221 | | | 2,940,011 | |
| Other | | 9,615 | | | 8,991 | |
| Accumulated depreciation, depletion and amortization | | (1,605,380) | | | (1,415,973) | |
| Total property, plant and equipment, net | | 1,682,456 | | | 1,533,029 | |
| OTHER ASSETS | | | | |
| Deferred financing costs, net | | 4,290 | | | 5,636 | |
| Deferred tax assets | | 118,628 | | | 162,792 | |
| Other long-term assets | | 41,371 | | | 20,381 | |
| Total other assets | | 164,289 | | | 188,809 | |
| TOTAL ASSETS | | $ | 2,652,493 | | | $ | 2,572,585 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | |
| CURRENT LIABILITIES | | | | |
| Accounts payable | | $ | 183,341 | | | $ | 202,846 | |
Other current liabilities (Note 6) | | 120,364 | | | 137,427 | |
| Total current liabilities | | 303,705 | | | 340,273 | |
| LONG-TERM LIABILITIES | | | | |
| Long-term debt, net | | 392,209 | | | 390,383 | |
| Asset retirement obligations, net of current | | 99,248 | | | 95,129 | |
| Other long-term liabilities | | 10,174 | | | 6,609 | |
| Total long-term liabilities | | 501,631 | | | 492,121 | |
COMMITMENTS AND CONTINGENCIES (Note 8) | | | | |
| STOCKHOLDERS’ EQUITY | | | | |
Class A Common Stock, $0.0001 par value, 1,300,000 shares authorized, 214,415 shares issued and 185,582 shares outstanding in 2023 and 213,727 shares issued and 192,043 shares outstanding in 2022 | | 21 | | | 21 | |
Class B Common Stock, $0.0001 par value, 225,000 shares authorized, 21,827 shares issued and outstanding in 2023 and 2022 | | 2 | | | 2 | |
| Additional paid-in capital | | 1,738,668 | | | 1,719,875 | |
Treasury Stock, at cost, 28,833 shares and 21,684 shares in 2023 and 2022, respectively | | (483,745) | | | (329,512) | |
| Retained earnings | | 409,230 | | | 185,669 | |
| Noncontrolling interest | | 182,981 | | | 164,136 | |
| Total equity | | 1,847,157 | | | 1,740,191 | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 2,652,493 | | | $ | 2,572,585 | |
The accompanying notes are an integral part of these consolidated financial statements.
Magnolia Oil & Gas Corporation
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 |
| REVENUES | | | | | | | |
| Oil revenues | $ | 243,588 | | | $ | 317,243 | | | $ | 705,857 | | | $ | 912,702 | |
| Natural gas revenues | 27,069 | | | 100,124 | | | 75,687 | | | 242,049 | |
| Natural gas liquids revenues | 45,021 | | | 65,596 | | | 122,807 | | | 190,700 | |
| Total revenues | 315,678 | | | 482,963 | | | 904,351 | | | 1,345,451 | |
| OPERATING EXPENSES | | | | | | | |
| Lease operating expenses | 35,893 | | | 34,709 | | | 115,060 | | | 96,057 | |
| Gathering, transportation and processing | 10,297 | | | 19,297 | | | 33,419 | | | 51,518 | |
| Taxes other than income | 14,823 | | | 26,623 | | | 49,331 | | | 74,917 | |
| Exploration expenses | 5,128 | | | 1,173 | | | 5,139 | | | 10,119 | |
| Asset retirement obligations accretion | 875 | | | 814 | | | 2,539 | | | 2,404 | |
| Depreciation, depletion and amortization | 81,158 | | | 68,972 | | | 228,868 | | | 179,331 | |
| Impairment of oil and natural gas properties | — | | | — | | | 15,735 | | | — | |
| General and administrative expenses | 19,371 | | | 19,625 | | | 57,863 | | | 55,226 | |
| Total operating expenses | 167,545 | | | 171,213 | | | 507,954 | | | 469,572 | |
| | | | | | | |
| OPERATING INCOME | 148,133 | | | 311,750 | | | 396,397 | | | 875,879 | |
| | | | | | | |
| OTHER INCOME (EXPENSE) | | | | | | | |
| Interest income (expense), net | 1,034 | | | (5,263) | | | 372 | | | (21,637) | |
| Other income (expense), net | (479) | | | (166) | | | 7,643 | | | 6,579 | |
| Total other income (expense), net | 555 | | | (5,429) | | | 8,015 | | | (15,058) | |
| | | | | | | |
| INCOME BEFORE INCOME TAXES | 148,688 | | | 306,321 | | | 404,412 | | | 860,821 | |
| Income tax expense | 31,211 | | | 19,358 | | | 75,663 | | | 65,333 | |
| NET INCOME | 117,477 | | | 286,963 | | | 328,749 | | | 795,488 | |
| LESS: Net income attributable to noncontrolling interest | 15,447 | | | 41,486 | | | 38,893 | | | 133,389 | |
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK | $ | 102,030 | | | $ | 245,477 | | | $ | 289,856 | | | $ | 662,099 | |
| | | | | | | |
| NET INCOME PER SHARE OF CLASS A COMMON STOCK | | |
| Basic | $ | 0.54 | | | $ | 1.29 | | | $ | 1.51 | | | $ | 3.52 | |
| Diluted | $ | 0.54 | | | $ | 1.29 | | | $ | 1.51 | | | $ | 3.51 | |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | | |
| Basic | 187,093 | | | 188,635 | | | 189,408 | | | 186,475 | |
| Diluted | 187,265 | | | 189,074 | | | 189,612 | | | 186,967 | |
The accompanying notes are an integral part of these consolidated financial statements.
Magnolia Oil & Gas Corporation
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A
Common Stock | Class B
Common Stock | Additional Paid In Capital | Treasury Stock | Retained Earnings/ (Accumulated Deficit) | Total Stockholders’ Equity | Noncontrolling Interest | Total
Equity |
For the Three Months Ended September 30, 2022 | Shares | Value | Shares | Value | | Shares | Value | | | | |
| Balance, June 30, 2022 | 208,729 | | $ | 21 | | 28,710 | | $ | 3 | | $ | 1,647,637 | | 18,283 | | $ | (257,837) | | $ | (291,546) | | $ | 1,098,278 | | $ | 170,279 | | $ | 1,268,557 | |
| Stock based compensation expense, net of forfeitures | — | | — | | — | | — | | 3,004 | | — | | — | | — | | 3,004 | | 458 | | 3,462 | |
| Changes in ownership interest adjustment | — | | — | | — | | — | | 5,914 | | — | | — | | — | | 5,914 | | (5,914) | | — | |
| Common stock issued related to stock based compensation and other, net | 29 | | — | | — | | — | | (164) | | — | | — | | — | | (164) | | (25) | | (189) | |
| Class A Common Stock repurchases | — | | — | | — | | — | | — | | 3,000 | | (62,367) | | — | | (62,367) | | — | | (62,367) | |
Dividends declared ($0.10 per share) | — | | — | | — | | — | | (19,112) | | — | | — | | — | | (19,112) | | — | | (19,112) | |
| Distributions to noncontrolling interest owners | — | | — | | — | | — | | — | | — | | — | | — | | — | | (7,608) | | (7,608) | |
| Net income | — | | — | | — | | — | | — | | — | | — | | 245,477 | | 245,477 | | 41,486 | | 286,963 | |
Balance, September 30, 2022 | 208,758 | | $ | 21 | | 28,710 | | $ | 3 | | $ | 1,637,279 | | 21,283 | | $ | (320,204) | | $ | (46,069) | | $ | 1,271,030 | | $ | 198,676 | | $ | 1,469,706 | |
| | | | | | | | | | | |
For the Three Months Ended September 30, 2023 | | | | | | | | | | | |
| Balance, June 30, 2023 | 214,400 | | $ | 21 | | 21,827 | | $ | 2 | | $ | 1,731,059 | | 26,334 | | $ | (425,604) | | $ | 329,011 | | $ | 1,634,489 | | $ | 175,369 | | $ | 1,809,858 | |
| Stock based compensation expense, net of forfeitures | — | | — | | — | | — | | 3,758 | | — | | — | | — | | 3,758 | | 439 | | 4,197 | |
| Changes in ownership interest adjustment | — | | — | | — | | — | | 3,914 | | — | | — | | — | | 3,914 | | (3,914) | | — | |
| Common stock issued related to stock based compensation and other, net | 15 | | — | | — | | — | | (112) | | — | | — | | — | | (112) | | (13) | | (125) | |
| Class A Common Stock repurchases | — | | — | | — | | — | | — | | 2,499 | | (56,768) | | — | | (56,768) | | — | | (56,768) | |
Dividends declared ($0.115 per share) | — | | — | | — | | — | | — | | — | | — | | (21,811) | | (21,811) | | — | | (21,811) | |
| Distributions to noncontrolling interest owners | — | | — | | — | | — | | — | | — | | — | | — | | — | | (4,347) | | (4,347) | |
| Adjustment to deferred taxes | — | | — | | — | | — | | (760) | | — | | — | | — | | (760) | | — | | (760) | |
| Tax impact of equity transactions | — | | — | | — | | — | | 809 | | — | | (1,373) | | — | | (564) | | — | | (564) | |
| Net income | — | | — | | — | | — | | — | | — | | — | | 102,030 | | 102,030 | | 15,447 | | 117,477 | |
Balance, September 30, 2023 | 214,415 | | $ | 21 | | 21,827 | | $ | 2 | | $ | 1,738,668 | | 28,833 | | $ | (483,745) | | $ | 409,230 | | $ | 1,664,176 | | $ | 182,981 | | $ | 1,847,157 | |
| | | | | | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
Magnolia Oil & Gas Corporation
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A
Common Stock | Class B
Common Stock | Additional Paid In Capital | Treasury Stock | Retained Earnings/ (Accumulated Deficit) | Total Stockholders’ Equity | Noncontrolling Interest | Total
Equity |
For the Nine Months Ended September 30, 2022 | Shares | Value | Shares | Value | | Shares | Value | | | | |
| Balance, December 31, 2021 | 193,437 | | $ | 19 | | 49,293 | | $ | 5 | | $ | 1,689,500 | | 14,168 | | $ | (164,599) | | $ | (708,168) | | $ | 816,757 | | $ | 228,492 | | $ | 1,045,249 | |
| Stock based compensation expense, net of forfeitures | — | | — | | — | | — | | 8,353 | | — | | — | | — | | 8,353 | | 1,511 | | 9,864 | |
| Changes in ownership interest adjustment | — | | — | | — | | — | | 1,013 | | — | | — | | — | | 1,013 | | (1,013) | | — | |
| Common stock issued related to stock based compensation and other, net | 688 | | — | | — | | — | | (5,192) | | — | | — | | — | | (5,192) | | (1,098) | | (6,290) | |
| Class A Common Stock repurchases | — | | — | | — | | — | | — | | 7,115 | | (155,605) | | — | | (155,605) | | — | | (155,605) | |
| Class B Common Stock purchase and cancellation | — | | — | | (5,950) | | — | | — | | — | | — | | — | | — | | (138,753) | | (138,753) | |
| Conversion of Class B Common Stock to Class A Common Stock | 14,633 | | 2 | | (14,633) | | (2) | | — | | — | | — | | — | | — | | — | | — | |
Dividends declared ($0.30 per share) | — | | — | | — | | — | | (56,395) | | — | | — | | — | | (56,395) | | — | | (56,395) | |
| Distributions to noncontrolling interest owners | — | | — | | — | | — | | — | | — | | — | | — | | — | | (23,852) | | (23,852) | |
| Net income | — | | — | | — | | — | | — | | — | | — | | 662,099 | | 662,099 | | 133,389 | | 795,488 | |
Balance, September 30, 2022 | 208,758 | | $ | 21 | | 28,710 | | $ | 3 | | $ | 1,637,279 | | 21,283 | | $ | (320,204) | | $ | (46,069) | | $ | 1,271,030 | | $ | 198,676 | | $ | 1,469,706 | |
| | | | | | | | | | | |
For the Nine Months Ended September 30, 2023 | | | | | | | | | | | |
| Balance, December 31, 2022 | 213,727 | | $ | 21 | | 21,827 | | $ | 2 | | $ | 1,719,875 | | 21,684 | | $ | (329,512) | | $ | 185,669 | | $ | 1,576,055 | | $ | 164,136 | | $ | 1,740,191 | |
| Stock based compensation expense, net of forfeitures | — | | — | | — | | — | | 10,811 | | — | | — | | — | | 10,811 | | 1,249 | | 12,060 | |
| Changes in ownership interest adjustment | — | | — | | — | | — | | 10,789 | | — | | — | | — | | 10,789 | | (10,622) | | 167 | |
| Common stock issued related to stock based compensation and other, net | 688 | | — | | — | | — | | (6,374) | | — | | — | | — | | (6,374) | | (729) | | (7,103) | |
| Class A Common Stock repurchases | — | | — | | — | | — | | — | | 7,149 | | (152,860) | | — | | (152,860) | | — | | (152,860) | |
Dividends declared ($0.345 per share) | — | | — | | — | | — | | — | | — | | — | | (66,295) | | (66,295) | | — | | (66,295) | |
| Distributions to noncontrolling interest owners | — | | — | | — | | — | | — | | — | | — | | — | | — | | (9,946) | | (9,946) | |
| Adjustment to deferred taxes | — | | — | | — | | — | | 3,567 | | — | | — | | — | | 3,567 | | — | | 3,567 | |
| Tax impact of equity transactions | — | | — | | — | | — | | — | | — | | (1,373) | | — | | (1,373) | | — | | (1,373) | |
| Net income | — | | — | | — | | — | | — | | — | | — | | 289,856 | | 289,856 | | 38,893 | | 328,749 | |
Balance, September 30, 2023 | 214,415 | | $ | 21 | | 21,827 | | $ | 2 | | $ | 1,738,668 | | 28,833 | | $ | (483,745) | | $ | 409,230 | | $ | 1,664,176 | | $ | 182,981 | | $ | 1,847,157 | |
The accompanying notes are an integral part of these consolidated financial statements.
Magnolia Oil & Gas Corporation
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, 2023 | | September 30, 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
| NET INCOME | | $ | 328,749 | | | $ | 795,488 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
| Depreciation, depletion and amortization | | 228,868 | | | 179,331 | |
| Exploration expenses, non-cash | | 9 | | | — | |
| Impairment of oil and natural gas properties | | 15,735 | | | — | |
| Asset retirement obligations accretion | | 2,539 | | | 2,404 | |
| Amortization of deferred financing costs | | 3,173 | | | 4,812 | |
| (Gain) on sale of assets | | (3,946) | | | — | |
| Deferred income tax expense | | 48,213 | | | — | |
| Stock based compensation | | 12,060 | | | 9,864 | |
| Changes in operating assets and liabilities: | | | | |
| Accounts receivable | | (16,462) | | | (57,949) | |
| Accounts payable | | (19,082) | | | 86,700 | |
| Accrued liabilities | | (1,735) | | | 19,443 | |
| Drilling advances | | 3,472 | | | (477) | |
| Other assets and liabilities, net | | 7,314 | | | (10,931) | |
| Net cash provided by operating activities | | 608,907 | | | 1,028,685 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
| Acquisitions | | (53,812) | | | (11,749) | |
| Deposits for acquisitions of oil and natural gas properties | | (22,503) | | | — | |
| Additions to oil and natural gas properties | | (332,055) | | | (323,510) | |
| Changes in working capital associated with additions to oil and natural gas properties | | (21,688) | | | 14,152 | |
| Other investing | | (590) | | | (1,187) | |
| Net cash used in investing activities | | (430,648) | | | (322,294) | |
| CASH FLOW FROM FINANCING ACTIVITIES | | | | |
| Class A Common Stock repurchases | | (151,696) | | | (153,138) | |
| Class B Common Stock purchases and cancellations | | — | | | (138,753) | |
| Dividends paid | | (66,480) | | | (56,220) | |
| Cash paid for debt modification | | — | | | (5,494) | |
| Distributions to noncontrolling interest owners | | (9,946) | | | (23,852) | |
| Other financing activities | | (7,112) | | | (6,377) | |
| Net cash used in financing activities | | (235,234) | | | (383,834) | |
| | | | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | | (56,975) | | | 322,557 | |
| Cash and cash equivalents – Beginning of period | | 675,441 | | | 366,982 | |
| Cash and cash equivalents – End of period | | $ | 618,466 | | | $ | 689,539 | |
| | | | |
| SUPPLEMENTAL CASH FLOW INFORMATION: | | | | |
| Supplemental cash items: | | | | |
| Cash paid for income taxes | | $ | 26,628 | | | $ | 60,906 | |
| Cash paid for interest | | 25,763 | | | 26,060 | |
| Supplemental non-cash investing and financing activity: | | | | |
| Accrued capital expenditures | | $ | 46,235 | | | $ | 44,088 | |
| Supplemental non-cash lease operating activity: | | | | |
| Right-of-use assets obtained in exchange for operating lease obligations | | $ | 12,009 | | | $ | 3,773 | |
The accompanying notes are an integral part of these consolidated financial statements.
Magnolia Oil & Gas Corporation
Notes to Consolidated Financial Statements
1. Description of Business and Basis of Presentation
Organization and Nature of Operations
Magnolia Oil & Gas Corporation (the “Company” or “Magnolia”) is an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid (“NGL”) reserves. The Company’s oil and natural gas properties are located primarily in Karnes County and the Giddings area in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow.
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 (the “2022 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the Notes to the consolidated financial statements included in the Company’s 2022 Form 10-K.
In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
Certain reclassifications of prior period financial statements have been made to conform to current reporting practices. The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. The Company’s interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Company reflects a noncontrolling interest representing primarily the interest owned by the Magnolia LLC Unit Holders through their ownership of Magnolia LLC Units in the consolidated financial statements. The noncontrolling interest is presented as a component of equity. See Note 10—Stockholders’ Equity for further discussion of the noncontrolling interest.
2. Summary of Significant Accounting Policies
As of September 30, 2023, the Company’s significant accounting policies are consistent with those discussed in Note 1—Organization and Summary of Significant Accounting Policies of its consolidated financial statements contained in the Company’s 2022 Form 10-K.
3. 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 $126.2 million as of September 30, 2023 and $138.6 million as of December 31, 2022. For further detail regarding the Company’s revenue recognition policies, please refer to Note 1—Organization and Summary of Significant Accounting Policies of the consolidated financial statements contained in the Company’s 2022 Form 10-K.
4. Acquisitions
2023 Acquisitions
On July 31, 2023, the Company completed the acquisition of certain oil and natural gas assets located in the Giddings area for approximately $40.0 million, subject to customary closing adjustments. The transaction was accounted for as an asset acquisition.
In September 2023, the Company entered into a definitive purchase agreement to acquire certain oil and gas producing properties including leasehold and mineral interests in the Giddings area for $300 million, subject to customary purchase price adjustments. The seller may also receive up to a maximum of $40 million in additional contingent cash consideration through December 2025 based on future commodity prices. During the three months ended September 30, 2023, the Company paid a $22.5 million deposit related to this acquisition. The remaining consideration will be funded with cash on hand. The transaction is expected to close in the fourth quarter of 2023 and be accounted for as an asset acquisition.
5. Fair Value Measurements
Certain of the Company’s assets and liabilities are carried at fair value and measured either on a recurring or nonrecurring basis. The Company’s fair value measurements are based either on actual market data or assumptions that other market participants would use in pricing an asset or liability in an orderly transaction, using the valuation hierarchy prescribed by GAAP under Accounting Standards Codification (“ASC”) 820.
The three levels of the fair value hierarchy under ASC 820 are as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used.
Level 2 - Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 - Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation.
Recurring Fair Value Measurements
The carrying value and fair value of the financial instrument that is not carried at fair value in the Company’s consolidated balance sheets at September 30, 2023 and December 31, 2022 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (In thousands) | Carrying Value | | Fair Value | | Carrying Value | | Fair Value |
| Long-term debt | $ | 392,209 | | | $ | 386,500 | | | $ | 390,383 | | | $ | 382,704 | |
The fair value of the 2026 Senior Notes at September 30, 2023 and December 31, 2022 is based on unadjusted quoted prices in an active market, which is considered a Level 1 input in the fair value hierarchy.
The Company has other financial instruments consisting primarily of receivables, payables, and other current assets and liabilities that approximate fair value due to the nature of the instruments and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in business combinations and asset retirement obligations.
Nonrecurring Fair Value Measurements
Certain of the Company’s assets and liabilities are measured at fair value on a nonrecurring basis. Specifically, stock based compensation is not measured at fair value on an ongoing basis but is subject to fair value calculations in certain circumstances. For further detail, see Note 11—Stock Based Compensation in the Notes to the consolidated financial statements. There were no other material nonrecurring fair value measurements as of September 30, 2023 or December 31, 2022.
6. Other Current Liabilities
The following table provides detail of the Company’s other current liabilities for the periods presented:
| | | | | | | | | | | |
| (In thousands) | September 30, 2023 | | December 31, 2022 |
| Accrued capital expenditures | $ | 46,235 | | | $ | 67,923 | |
| Other | 74,129 | | | 69,504 | |
| Total other current liabilities | $ | 120,364 | | | $ | 137,427 | |
7. Long-term Debt
The Company’s long-term debt is comprised of the following:
| | | | | | | | | | | |
| (In thousands) | September 30, 2023 | | December 31, 2022 |
| Revolving credit facility | $ | — | | | $ | — | |
Senior Notes due 2026 | 400,000 | | | 400,000 | |
| Total long-term debt | 400,000 | | | 400,000 | |
| | | |
| Less: Unamortized deferred financing cost | (7,791) | | | (9,617) | |
| Long-term debt, net | $ | 392,209 | | | $ | 390,383 | |
Credit Facility
The original RBL Facility was entered into by and among Magnolia Operating, as borrower, Magnolia Intermediate, as its holding company, the banks, financial institutions, and other lending institutions from time to time party thereto, as lenders, the other parties from time to time party thereto, and Citibank, N.A., as administrative agent, collateral agent, issuing bank, and swingline lender. On February 16, 2022, Magnolia Operating, as borrower, amended and restated the RBL Facility in its entirety, providing for maximum commitments in an aggregate principal amount of $1.0 billion with a letter of credit facility with a $50.0 million sublimit, with a borrowing base of $450.0 million. The RBL Facility, maturing in February 2026, is guaranteed by certain parent companies and subsidiaries of Magnolia LLC and is collateralized by certain of Magnolia Operating’s oil and natural gas properties.
Borrowings under the RBL Facility bear interest, at Magnolia Operating’s option, at a rate per annum equal to either the term SOFR rate or the alternative base rate plus the applicable margin. Additionally, Magnolia Operating is required to pay a commitment fee quarterly in arrears in respect of unused commitments under the RBL Facility. The applicable margin and the commitment fee rate are calculated based upon the utilization levels of the RBL Facility as a percentage of unused lender commitments then in effect.
The RBL Facility contains certain affirmative and negative covenants customary for financings of this type, including compliance with a leverage ratio of less than 3.50 to 1.00 and a current ratio of greater than 1.00 to 1.00. As of September 30, 2023, 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 and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and $3.1 million and $4.8 million for the nine months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2022, the Company incurred approximately $5.5 million of lender and transaction fees related to the modification of which $5.1 million were recorded as deferred financing costs and will be amortized prospectively over the remaining term of the RBL Facility and $0.4 million of which were expensed in the same period. The unamortized portion of the deferred financing costs is included in “Deferred financing costs, net” on the Company’s consolidated balance sheets as of September 30, 2023 and December 31, 2022.
The Company did not have any outstanding borrowings under the RBL Facility as of September 30, 2023.
2026 Senior Notes
On July 31, 2018, the Issuers issued and sold $400.0 million aggregate principal amount of 2026 Senior Notes in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 2026 Senior Notes were issued under the Indenture, dated as of July 31, 2018 (the “Indenture”), by and among the Issuers and Deutsche Bank Trust Company Americas, as
trustee. On April 5, 2021, the terms of the Indenture were amended to modify, among other things, the criteria used by the Company to make Restricted Payments (as defined in the Indenture). The 2026 Senior Notes are guaranteed on a senior unsecured basis by the Company, Magnolia Operating, and Magnolia Intermediate and may be guaranteed by certain future subsidiaries of the Company. The 2026 Senior Notes will mature on August 1, 2026 and bear interest at the rate of 6.0% per annum.
Deferred financing costs related to the issuance of, and the amendment to the Indenture governing, the 2026 Senior Notes are amortized using the effective interest method over the term of the 2026 Senior Notes and are included in “Interest 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 September 30, 2023 and December 31, 2022. The Company recognized interest expense related to the 2026 Senior Notes of $6.6 million for each of the three months ended September 30, 2023 and 2022, and $19.8 million and $19.7 million for the nine months ended September 30, 2023 and 2022, respectively.
At any time, the Issuers may redeem all or a part of the 2026 Senior Notes based on principal plus a set premium, as set forth in the Indenture, including any accrued and unpaid interest.
8. 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 plaintiff’s motion for rehearing with the Court of Appeals was denied, and if a party chooses, the parties have until November 22, 2023 to file a petition for review with the Supreme Court of Texas.
At September 30, 2023, the Company does not believe the outcome of any such disputes or legal actions will have a material effect on its consolidated statements of operations, balance sheet, or cash flows. No amounts were accrued with respect to outstanding litigation at September 30, 2023 or September 30, 2022.
Environmental Matters
The Company, as an owner or lessee and operator of oil and natural gas properties, is subject to various federal, state, and local laws and regulations relating to discharge of materials into, and the protection of, the environment. These laws and regulations may, among other things, impose liability on a lessee under an oil and natural gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in an affected area. The Company maintains insurance coverage, which it believes is customary in the industry, although the Company is not fully insured against all environmental risks.
Risks and Uncertainties
The Company’s revenue, profitability, and future growth are substantially dependent upon the prevailing and future prices for oil and natural gas, which depend on numerous factors beyond the Company’s control such as overall oil and natural gas production and inventories in relevant markets, economic conditions, the global and domestic political environments, regulatory developments, and competition from other energy sources. Oil and natural gas prices historically have been volatile and may be subject to significant fluctuations in the future. Inflationary pressures and labor shortages could result in increases to our operating and capital costs.
In recent years, the economy has experienced elevated levels of inflation as a result of global supply and demand imbalances, including impacts of the Russia-Ukraine war. Inflationary pressures have gradually declined in 2023. The Company will continue to monitor fluctuations in the market and any potential impacts on its future operating and capital costs.
9. Income Taxes
The Company’s income tax provision consists of the following components:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| (In thousands) | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 |
| Current: | | | | | | | |
| Federal | $ | 18,221 | | | $ | 18,009 | | | $ | 25,277 | | | $ | 60,695 | |
| State | 1,041 | | | 1,349 | | | 2,173 | | | 4,638 | |
| Total current | 19,262 | | | 19,358 | | | 27,450 | | | 65,333 | |
| Deferred: | | | | | | | |
| Federal | 12,043 | | | — | | | 46,888 | | | — | |
| State | (94) | | | — | | | 1,325 | | | — | |
| Total deferred | 11,949 | | | — | | | 48,213 | | | — | |
| Income tax expense | $ | 31,211 | | | $ | 19,358 | | | $ | 75,663 | | | $ | 65,333 | |
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 September 30, 2023 and 2022 was 21.0% and 6.3%, respectively, and 18.7% and 7.6% for the nine months ended September 30, 2023 and 2022, respectively. As a result of impairments in the first quarter of 2020, the Company established full valuation allowances on the federal and state deferred tax assets, which resulted in additional differences between the effective tax rate and the statutory rate as of September 30, 2022. As of December 31, 2022, the Company released the valuation allowance against net deferred tax assets. The primary differences between the annual effective tax rate and the statutory rate of 21.0% are income attributable to noncontrolling interest, state taxes, and valuation allowances.
As of September 30, 2023, the Company does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. For the nine months ended September 30, 2023, no significant amounts were incurred for interest and penalties. Currently, the Company is not aware of any issues under review that could result in significant payments, accruals, or a material deviation from its position. The Company’s tax years since its formation remain subject to possible income tax examinations by its major taxing authorities.
As of September 30, 2023, the Company’s total deferred tax assets were $118.6 million. Management assessed whether it is more-likely-than-not that it will generate sufficient taxable income to realize its deferred income tax assets, including the investment in partnership and net operating loss carryforwards. In making this determination, the Company considered all available positive and negative evidence and made certain assumptions. The Company considered, among other things, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. As of September 30, 2023, the Company recorded a valuation allowance of $3.8 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. The Company evaluated the provisions of the IRA and determined that none of the provisions have a material impact on the Company’s reported results, cash flows or financial position for the current year. The Company will continue to evaluate the impacts of the IRA in future tax years.
10. Stockholders’ Equity
Class A Common Stock
At September 30, 2023, there were 214.4 million shares of Class A Common Stock issued and 185.6 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 September 30, 2023, there were 21.8 million shares of Class B Common Stock issued and outstanding. Holders of Class B Common Stock vote together as a single class with holders of Class A Common Stock on all matters properly submitted to a vote of the stockholders. The holders of Class B Common Stock generally have the right to exchange all or a portion of their shares of Class B Common Stock, together with an equal number of Magnolia LLC Units, for the same number of shares of Class A Common Stock or, at Magnolia LLC’s option, an equivalent amount of cash. Upon the future redemption or exchange of Magnolia LLC Units held by any holder of Class B Common Stock, a corresponding number of shares of Class B Common Stock held by such holder of Class B Common Stock will be canceled. In the event of a liquidation, dissolution, or winding up of Magnolia LLC, the holders of the Class B Common Stock, through their ownership of Magnolia LLC Units, are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of units of Magnolia LLC, if any, having preference over the common units. The holders of the Class B Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares.
Share Repurchases
As of September 30, 2023, the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame. The Company had repurchased 28.3 million shares under the program at a cost of $470.8 million and had 11.7 million shares of Class A Common Stock remaining under its share repurchase authorization as of September 30, 2023.
During the nine months ended September 30, 2022, the Company repurchased 0.6 million shares of Class A Common Stock for $11.6 million from EnerVest Energy Institutional Fund XIV-C, L.P. outside of the share repurchase program.
During the nine months ended September 30, 2022 Magnolia LLC repurchased and subsequently canceled 5.9 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $138.8 million of cash consideration (the “Class B Common Stock Repurchases”). During the same period, the Magnolia LLC Unit Holders redeemed 14.6 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public.
Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. Magnolia funded the Class B Common Stock Repurchases with cash on hand.
Dividends and Distributions
The Company’s board of directors periodically declares dividends payable on issued and outstanding shares of Class A Common Stock, and a corresponding distribution from Magnolia LLC to Magnolia LLC Unit Holders. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital 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 nine months ended September 30, 2023 and the year ended December 31, 2022, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Record Date | | Payment Date | | Dividend/ Distribution Amount per share (1) | | Distributions by Magnolia LLC (2) | | Dividends Declared by the Company | | Distributions to Magnolia LLC Unit Holders |
| (In thousands, except per share amounts) |
| 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 | |
| November 7, 2022 | | December 1, 2022 | | $ | 0.100 | | | $ | 21,867 | | | $ | 18,996 | | | $ | 2,871 | |
| August 12, 2022 | | September 1, 2022 | | $ | 0.100 | | | $ | 21,983 | | | $ | 19,112 | | | $ | 2,871 | |
| February 14, 2022 | | March 1, 2022 | | $ | 0.200 | | | $ | 45,851 | | | $ | 37,283 | | | $ | 8,568 | |
(1) Per share of Class A Common Stock and per Magnolia LLC Unit.
(2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
Noncontrolling Interest
Noncontrolling interest in Magnolia’s consolidated subsidiaries includes amounts attributable to Magnolia LLC Units that were issued to the Magnolia LLC Unit Holders. The noncontrolling interest percentage is affected by various equity transactions such as issuances and repurchases of Class A Common Stock, the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) for Class A Common Stock, or the cancellation of Class B Common Stock (and corresponding Magnolia LLC Units). As of September 30, 2023, Magnolia owned approximately 89.5% of the interest in Magnolia LLC and the noncontrolling interest was approximately 10.5%.
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 on sale of $3.9 million included within “Other income, net” on the Company’s consolidated statements of operations.
11. Stock Based Compensation
On October 8, 2018, the Company’s board of directors adopted the “Magnolia Oil & Gas Corporation Long Term Incentive Plan” (as amended, the “Plan”), effective as of July 17, 2018. A total of 16.8 million shares of Class A Common Stock have been authorized for issuance under the Plan as of September 30, 2023. The Company grants stock based compensation awards in the form of restricted stock units (“RSU”), performance restricted stock units (“PRSU”), and performance stock units (“PSU”) to eligible employees and directors to enhance the Company and its affiliates’ ability to attract, retain, and motivate persons who make important contributions to the Company and its affiliates by providing these individuals with equity ownership opportunities. Shares issued as a result of awards granted under the Plan are generally new shares of Class A Common Stock.
Stock based compensation expense is recognized net of forfeitures within “General and administrative expenses” and “Lease operating expenses” on the consolidated statements of operations and was $4.2 million and $3.5 million for the three months ended September 30, 2023 and 2022, and $12.1 million and $9.9 million for the nine months ended September 30, 2023 and 2022, respectively. The Company has elected to account for forfeitures of awards granted under the Plan as they occur in determining compensation expense.
The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the three months ended September 30, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Restricted
Stock Units | | Performance Restricted
Stock Units | | Performance
Stock Units |
| Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value |
| Unvested at June 30, 2023 | 1,173,407 | | | $ | 18.89 | | | 950,855 | | | $ | 13.73 | | | 232,700 | | | $ | 24.69 | |
| Granted | 24,346 | | | 22.40 | | | — | | | — | | | — | | | — | |
| Vested | (18,141) | | | 13.30 | | | (2,444) | | | 23.41 | | | — | | | — | |
| Forfeited | (7,650) | | | 23.01 | | | — | | | — | | | — | | | — | |
Unvested at September 30, 2023 | 1,171,962 | | | $ | 19.01 | | | 948,411 | | | $ | 13.70 | | | 232,700 | | | $ | 24.69 | |
The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Restricted
Stock Units | | Performance Restricted
Stock Units | | Performance
Stock Units |
| Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value |
| Unvested at December 31, 2022 | 911,286 | | | $ | 12.89 | | | 1,257,583 | | | $ | 13.36 | | | 278,486 | | | $ | 6.14 | |
| Granted | 703,751 | | | 22.80 | | | 15,524 | | | 22.28 | | | 232,700 | | | 24.69 | |
Granted for performance multiple(1) | — | | | — | | | — | | | — | | | 12,981 | | | 6.14 | |
| Vested | (394,766) | | | 11.69 | | | (317,407) | | | 12.70 | | | (291,467) | | | 6.14 | |
| Forfeited | (48,309) | | | 18.14 | | | (7,289) | | | 15.16 | | | — | | | — | |
Unvested at September 30, 2023 | 1,171,962 | | | $ | 19.01 | | | 948,411 | | | $ | 13.70 | | | 232,700 | | | $ | 24.69 | |
(1) Upon completion of the performance period for the PSUs granted in 2020, a performance multiple of 105% was applied to each of the grants resulting in additional grants of PSUs in 2023.
Restricted Stock Units
The Company grants service-based RSU awards to employees, which generally vest ratably over a three-year or four-year service period, and to non-employee directors, which vest in full after one year. Non-employee directors may elect to defer the RSU settlement date. RSUs represent the right to receive shares of Class A Common Stock at the end of the vesting period equal to the number of RSUs that vest. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Compensation expense for the service-based RSU awards is based upon the grant date market value of the award and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards. The aggregate fair value of RSUs that vested during the nine months ended September 30, 2023 and 2022 were $8.7 million and $11.0 million, respectively. Unrecognized compensation expense related to unvested RSUs as of September 30, 2023 was $16.3 million, which the Company expects to recognize over a weighted average period of 2.4 years.
Performance Restricted Stock Units and Performance Stock Units
The Company grants PRSUs to certain employees. Each PRSU represents the contingent right to receive one share of Class A Common Stock once the PRSU is both vested and earned. PRSUs generally vest either ratably over a three-year service period or at the end of a three-year service period, in each case, subject to the recipient’s continued employment or service through each applicable vesting date. Each PRSU is earned based on whether Magnolia’s stock price achieves a target average stock price for any 20 consecutive trading days during the five-year performance period. If PRSUs are not earned by the end of the five-year performance period (“Performance Condition”), the PRSUs will be forfeited and no shares of Class A Common Stock will be issued, even if the vesting conditions have been met. Compensation expense for the PRSU awards is based upon grant date fair market value of the award, calculated using a Monte Carlo simulation, as presented below, and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards, as applicable. The aggregate fair value of PRSU awards that vested during the nine months ended September 30, 2023 and 2022 were $7.1 million and $4.8 million. Unrecognized compensation expense related to unvested PRSUs as of September 30, 2023 was $4.6 million, which the Company expects to recognize over a weighted average period of 1.3 years.
The Company grants PSUs to certain employees. Each PSU, to the extent earned, represents the contingent right to receive one share of Class A Common Stock and the awardee may earn between zero and 150% of the target number of PSUs granted based on the total shareholder return (“TSR”) of the Class A Common Stock relative to the TSR achieved by a specific industry peer group over a three-year performance period, the last day of which is also the vesting date. In addition to the TSR conditions, vesting of the PSUs is subject to the awardee’s continued employment through the date of settlement of the PSUs, which will occur within 60 days following the end of the performance period. The aggregate fair value of PSU awards that vested during the nine months ended September 30, 2023 and 2022 were $6.7 million and $5.5 million, respectively. Unrecognized compensation expense related to unvested PSUs as of September 30, 2023 was $4.5 million, which the Company expects to recognize over a weighted average period of 2.3 years.
The Performance Condition for the PRSUs granted in 2022 were met on March 28, 2022, therefore the fair value of the PRSUs granted after the Performance Condition were met were based upon the grant date market value of the award. The fair values of the awards granted prior to the date the Performance Condition was met were determined using a Monte Carlo simulation. The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2023 and PRSUs in 2022.
| | | | | | | | | | | |
| Nine Months Ended |
| PSU and PRSU Grant Date Fair Value Assumptions | September 30, 2023 | | September 30, 2022 |
Expected term (in years) | 2.88 | | 3.55 |
| Expected volatility | 60.80% | | 59.58% |
| Risk-free interest rate | 4.15% | | 1.89% |
| Dividend yield | 1.93% | | 1.97% |
.
12. Earnings Per Share
The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities, and therefore dividends and net income allocated to such awards have been deducted from earnings in computing basic and diluted net income per share under the two-class method. Diluted net income per share attributable to Class A Common Stock is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented.
The components of basic and diluted net income per share attributable to Class A Common Stock are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| (In thousands, except per share data) | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 |
| Basic: | | | | | | | |
| Net income attributable to Class A Common Stock | $ | 102,030 | | | $ | 245,477 | | | $ | 289,856 | | | $ | 662,099 | |
| Less: Dividends and net income allocated to participating securities | 1,171 | | | 2,297 | | | 3,205 | | | 6,050 | |
| Net income, net of participating securities | $ | 100,859 | | | $ | 243,180 | | | $ | 286,651 | | | $ | 656,049 | |
| Weighted average number of common shares outstanding during the period - basic | 187,093 | | | 188,635 | | | 189,408 | | | 186,475 | |
Net income per share of Class A Common Stock - basic | $ | 0.54 | | | $ | 1.29 | | | $ | 1.51 | | | $ | 3.52 | |
| | | | | | | |
| Diluted: | | | | | | | |
| Net income attributable to Class A Common Stock | $ | 102,030 | | | $ | 245,477 | | | $ | 289,856 | | | $ | 662,099 | |
| Less: Dividends and net income allocated to participating securities | 1,171 | | | 2,292 | | | 3,202 | | | 6,035 | |
| Net income, net of participating securities | $ | 100,859 | | | $ | 243,185 | | | $ | 286,654 | | | $ | 656,064 | |
| Weighted average number of common shares outstanding during the period - basic | 187,093 | | | 188,635 | | | 189,408 | | | 186,475 | |
| Add: Dilutive effect of stock based compensation and other | 172 | | | 439 | | | 204 | | | 492 | |
| Weighted average number of common shares outstanding during the period - diluted | 187,265 | | | 189,074 | | | 189,612 | | | 186,967 | |
Net income per share of Class A Common Stock - diluted | $ | 0.54 | | | $ | 1.29 | | | $ | 1.51 | | | $ | 3.51 | |
| | | | | | | |
For the three months ended September 30, 2023 and 2022, the Company excluded 21.8 million and 28.7 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For the nine months ended September 30, 2023 and 2022, the Company excluded 21.8 million and 35.5 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.
13. Related Party Transactions
As of September 30, 2023, no entity held more than 10% of the Company’s common stock or qualified as a principal owner of the Company, as defined in ASC 850, “Related Party Disclosures.”
14. Subsequent Events
On October 30, 2023, the Company’s board of directors declared a quarterly cash dividend of $0.115 per share of Class A Common Stock, and a cash distribution of $0.115 per Magnolia LLC Unit, payable on December 1, 2023 to shareholders or members of record, as applicable, as of November 9, 2023.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included or incorporated by reference in this report, including, without limitation, statements regarding the Company’s future financial position, business strategy, budgets, projected revenues, projected costs, and plans and objectives of management for future operations, are forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “could,” “expect,” “intend,” “project,” “estimate,” “anticipate,” “plan,” “believe,” or “continue” or similar terminology. Although Magnolia believes that the expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, Magnolia’s assumptions about:
•legislative, regulatory, or policy changes, including those following the change in presidential administrations;
•the market prices of oil, natural gas, natural gas liquids (“NGLs”), and other products or services;
•the supply and demand for oil, natural gas, NGLs, and other products or services, including impacts of actions taken by OPEC and other state-controlled oil companies;
•production and reserve levels;
•the timing and extent of the Company’s success in discovering, developing, producing and estimating reserves;
•geopolitical and business conditions in key regions of the world;
•drilling risks;
•economic and competitive conditions;
•the availability of capital resources;
•capital expenditures and other contractual obligations;
•weather conditions;
•inflation rates;
•the availability of goods and services;
•cyber attacks;
•the occurrence of property acquisitions or divestitures;
•the integration of acquisitions; and
•the securities or capital markets and related risks such as general credit, liquidity, market, and interest-rate risks.
All of Magnolia’s forward-looking information is subject to risks and uncertainties that could cause actual results to differ materially from the results expected. Although it is not possible to identify all factors, these risks and uncertainties include the risk factors and the timing of any of those risk factors identified in the reports that we have filed and may file with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 (the “2022 Form 10-K”).
Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s unaudited consolidated financial statements and the related notes thereto.
Overview
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 NGL reserves that operates in one reportable segment located in the United States. The Company’s oil and natural gas properties are located primarily in Karnes County and the Giddings area in South Texas, where the Company primarily targets the Eagle Ford Shale and the 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. The Company’s allocation of capital prioritizes reinvesting in its business to achieve moderate and predictable annual volume growth, balanced with returning capital to its shareholders through dividends and share repurchases.
Magnolia’s business model prioritizes free cash flow, financial stability, and prudent capital allocation. The Company’s ongoing plan is to spend within cash flow on drilling and completing wells while maintaining low leverage.
Market Conditions Update
After Magnolia experienced record operating margins during 2022, natural gas and NGL prices have significantly declined and oil prices have weakened, while material and labor costs remained elevated. This has resulted in lower revenue and lower operating margins. As a result, Magnolia took actions to reduce its operating and capital spending to better reflect the current cost and commodity environment. The capital spending level is in line with the principles of Magnolia’s business model and is expected to provide the Company more operational and financial flexibility going forward.
Business Overview
As of September 30, 2023, Magnolia’s assets in South Texas included 42,451 gross (22,785 net) acres in the Karnes area, and 663,327 gross (475,543 net) acres in the Giddings area. As of September 30, 2023, Magnolia held an interest in approximately 2,307 gross (1,519 net) wells, with total production of 82.7 thousand and 81.3 thousand barrels of oil equivalent per day for the three and nine months ended September 30, 2023.
Magnolia recognized net income attributable to Class A Common Stock of $102.0 million and $289.9 million, or $0.54 and $1.51 per diluted common share, for the three and nine months ended September 30, 2023. Magnolia recognized net income of $117.5 million and $328.7 million, which includes a noncontrolling interest of $15.4 million and $38.9 million related to the Magnolia LLC Units (and corresponding shares of Class B Common Stock) held by certain affiliates of EnerVest, for the three and nine months ended September 30, 2023.
During the nine months ended September 30, 2023, the Company declared cash dividends to holders of its Class A Common Stock totaling $66.3 million.
As of September 30, 2023, the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame. The Company had repurchased 28.3 million shares under the program at a cost of $470.8 million and had 11.7 million shares of Class A Common Stock remaining under its share repurchase authorization as of September 30, 2023.
As of September 30, 2023, Magnolia owned approximately 89.5% of the interest in Magnolia LLC and the noncontrolling interest was approximately 10.5%.
Results of Operations
Three Months Ended September 30, 2023 Compared to the Three Months Ended September 30, 2022
Oil, Natural Gas and NGL Sales Revenues. The following table provides the components of Magnolia’s revenues for the periods indicated, as well as each period’s respective average realized prices and production volumes. This table shows production on a boe basis in which natural gas is converted to an equivalent barrel of oil based on a ratio of six Mcf to one barrel. This ratio may not be reflective of the current price ratio between the two products.
| | | | | | | | | | | | | | |
| | Three Months Ended |
| (In thousands, except per unit data) | | September 30, 2023 | | September 30, 2022 |
| Production: | | | | |
| Oil (MBbls) | | 3,024 | | | 3,381 | |
| Natural gas (MMcf) | | 14,406 | | | 13,364 | |
| NGLs (MBbls) | | 2,179 | | | 1,892 | |
| Total (Mboe) | | 7,604 | | | 7,500 | |
| | | | |
| Average daily production: | | | | |
| Oil (Bbls/d) | | 32,867 | | | 36,751 | |
| Natural gas (Mcf/d) | | 156,585 | | | 145,257 | |
| NGLs (Bbls/d) | | 23,686 | | | 20,568 | |
| Total (boe/d) | | 82,651 | | | 81,529 | |
| | | | |
| Revenues: | | | | |
| Oil revenues | | $ | 243,588 | | | $ | 317,243 | |
| Natural gas revenues | | 27,069 | | | 100,124 | |
| Natural gas liquids revenues | | 45,021 | | | 65,596 | |
| Total revenues | | $ | 315,678 | | | $ | 482,963 | |
| | | | |
| Average Price: | | | | |
| Oil (per barrel) | | $ | 80.56 | | | $ | 93.83 | |
| Natural gas (per Mcf) | | 1.88 | | | 7.49 | |
| NGLs (per barrel) | | 20.66 | | | 34.66 | |
Oil revenues were 77% and 66% of the Company’s total revenues for the three months ended September 30, 2023 and 2022, respectively. Oil production was 40% and 45% of total production volume for the three months ended September 30, 2023 and 2022, respectively. Oil revenues for the three months ended September 30, 2023 were $73.7 million lower than for the three months ended September 30, 2022. A 14% decrease in average price decreased third quarter 2023 revenues by $44.9 million compared to the same period in the prior year while an 11% decrease in oil production decreased revenues by $28.8 million.
Natural gas revenues were 9% and 20% of the Company’s total revenues for the three months ended September 30, 2023 and 2022, respectively. Natural gas production was 31% and 30% of total production volume for the three months ended September 30, 2023 and 2022, respectively. Natural gas revenues for the three months ended September 30, 2023 were $73.1 million lower than the three months ended September 30, 2022. A 75% decrease in average price decreased third quarter 2023 revenues by $75.0 million compared to the same period in the prior year, partially offset by an 8% increase in natural gas production which increased revenues by $1.9 million.
NGL revenues were 14% of the Company’s total revenues for each of the three months ended September 30, 2023 and 2022. NGL production was 29% and 25% of total production volume for the three months ended September 30, 2023 and 2022, respectively. NGL revenues for the three months ended September 30, 2023 were $20.6 million lower than the three months ended September 30, 2022. A 40% decrease in average price decreased third quarter 2023 revenues by $26.5 million compared to the same period in the prior year, partially offset by a 15% increase in NGL production which increased revenues by $5.9 million.
Operating Expenses and Other Income (Expense). The following table summarizes the Company’s operating expenses and other income (expense) for the periods indicated.
| | | | | | | | | | | | | | |
| | Three Months Ended |
| (In thousands, except per unit data) | | September 30, 2023 | | September 30, 2022 |
| Operating Expenses: | | | | |
| Lease operating expenses | | $ | 35,893 | | | $ | 34,709 | |
| Gathering, transportation and processing | | 10,297 | | | 19,297 | |
| Taxes other than income | | 14,823 | | | 26,623 | |
| Exploration expenses | | 5,128 | | | 1,173 | |
| Asset retirement obligations accretion | | 875 | | | 814 | |
| Depreciation, depletion and amortization | | 81,158 | | | 68,972 | |
| General and administrative expenses | | 19,371 | | | 19,625 | |
| Total operating expenses | | $ | 167,545 | | | $ | 171,213 | |
| | | | |
| Other Income (Expense): | | | | |
| Interest income (expense), net | | $ | 1,034 | | | $ | (5,263) | |
| Other expense, net | | (479) | | | (166) | |
| Total other income (expense), net | | $ | 555 | | | $ | (5,429) | |
| | | | |
| Average Operating Costs per boe: | | | | |
| Lease operating expenses | | $ | 4.72 | | | $ | 4.63 | |
| Gathering, transportation and processing | | 1.35 | | | 2.57 | |
| Taxes other than income | | 1.95 | | | 3.55 | |
| Exploration expenses | | 0.67 | | | 0.16 | |
| Asset retirement obligations accretion | | 0.12 | | | 0.11 | |
| Depreciation, depletion and amortization | | 10.67 | | | 9.20 | |
| General and administrative expenses | | 2.55 | | | 2.62 | |
Lease operating expenses are costs incurred in the operation of producing properties, including expenses for utilities, direct labor, water disposal, workover rigs, workover expenses, materials, and supplies. Lease operating expenses for the three months ended September 30, 2023 were $1.2 million, or $0.09 per boe, higher compared to the corresponding 2022 period, due to an increase in costs, including chemicals, compression, and operating and maintenance costs.
Gathering, transportation and processing costs are costs incurred to deliver oil, natural gas, and NGLs to the market. These expenses can vary based on the volume of oil, natural gas, and NGLs produced as well as the cost of commodity processing. The gathering, transportation and processing costs for the three months ended September 30, 2023 were $9.0 million, or $1.22 per boe, lower than the three months ended September 30, 2022, primarily due to lower natural gas and NGL prices which resulted in lower processing costs.
Taxes other than income is comprised of production, ad valorem, and franchise taxes. These taxes are based on rates primarily established by state and local taxing authorities. Production taxes are based on the market value of production. Ad valorem taxes are based on the fair market value of the mineral interests or business assets. Taxes other than income for the three months ended September 30, 2023 were $11.8 million, or $1.60 per boe, lower compared to the three months ended September 30, 2022, primarily due to a decrease in production taxes as a result of the decrease in oil, natural gas, and NGL revenues.
Exploration expenses are geological and geophysical costs that include seismic surveying costs, costs of expired or abandoned leases, and delay rentals. The exploration expenses for the three months ended September 30, 2023 were $4.0 million, or $0.51 per boe, higher than the three months ended September 30, 2022, due to increased spending on seismic licenses.
Depreciation, depletion and amortization (“DD&A”) during the three months ended September 30, 2023 was $12.2 million, or $1.47 per boe, higher than the three months ended September 30, 2022, due to increased production and a higher depreciable cost basis.
The Company recognized interest income, net, during the three months ended September 30, 2023 as compared to interest expense, net during the three months ended September 30, 2022. This $6.3 million change was driven by higher interest income realized during 2023 as a result of higher interest rates.
Nine Months Ended September 30, 2023 Compared to the Nine Months Ended September 30, 2022
Oil, Natural Gas and NGL Sales Revenues. The following table provides the components of Magnolia’s revenues for the periods indicated, as well as each period’s respective average realized prices and production volumes. This table shows production on a boe basis in which natural gas is converted to an equivalent barrel of oil based on a ratio of six Mcf to one barrel. This ratio may not be reflective of the current price ratio between the two products.
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| (In thousands, except per unit data) | | September 30, 2023 | | September 30, 2022 |
| Production: | | | | |
| Oil (MBbls) | | 9,345 | | | 9,216 | |
| Natural gas (MMcf) | | 40,839 | | | 38,205 | |
| NGLs (MBbls) | | 6,045 | | | 5,134 | |
| Total (Mboe) | | 22,196 | | | 20,718 | |
| | | | |
| Average daily production: | | | | |
| Oil (Bbls/d) | | 34,229 | | | 33,760 | |
| Natural gas (Mcf/d) | | 149,594 | | | 139,947 | |
| NGLs (Bbls/d) | | 22,142 | | | 18,806 | |
| Total (boe/d) | | 81,303 | | | 75,890 | |
| | | | |
| Revenues: | | | | |
| Oil revenues | | $ | 705,857 | | | $ | 912,702 | |
| Natural gas revenues | | 75,687 | | | 242,049 | |
| Natural gas liquids revenues | | 122,807 | | | 190,700 | |
| Total revenues | | $ | 904,351 | | | $ | 1,345,451 | |
| | | | |
| Average Price: | | | | |
| Oil (per barrel) | | $ | 75.54 | | | $ | 99.03 | |
| Natural gas (per Mcf) | | 1.85 | | | 6.34 | |
| NGLs (per barrel) | | 20.32 | | | 37.14 | |
Oil revenues were 78% and 68% of the Company’s total revenues for the nine months ended September 30, 2023 and 2022, respectively. Oil production was 42% and 44% of total production volume for the nine months ended September 30, 2023 and 2022, respectively. Oil revenues for the nine months ended September 30, 2023 were $206.8 million lower than for the nine months ended September 30, 2022. A 24% decrease in average price decreased revenues by $216.5 million during the nine months ended September 30, 2023 compared to the same period in the prior year, partially offset by a 1% increase in oil production which increased revenues by $9.7 million.
Natural gas revenues were 8% and 18% of the Company’s total revenues for the nine months ended September 30, 2023 and 2022, respectively. Natural gas production was 31% of total production volume for each of the nine months ended September 30, 2023 and 2022. Natural gas revenues for the nine months ended September 30, 2023 were $166.4 million lower than the nine months ended September 30, 2022. A 71% decrease in average price decreased revenues by $171.3 million during the nine months ended September 30, 2023 compared to the same period in the prior year, partially offset by a 7% increase in natural gas production which increased revenues by $4.9 million.
NGL revenues were 14% of the Company’s total revenues for each of the nine months ended September 30, 2023 and 2022. NGL production was 27% and 25% of total production volume for the nine months ended September 30, 2023 and 2022, respectively. NGL revenues for the nine months ended September 30, 2023 were $67.9 million lower than the nine months ended September 30, 2022. A 45% decrease in average price decreased revenues by $86.4 million during the nine months ended September 30, 2023
compared to the same period in the prior year, partially offset by an 18% increase in NGL production which increased revenues by $18.5 million.
Operating Expenses and Other Income (Expense). The following table summarizes the Company’s operating expenses and other income (expense) for the periods indicated.
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| (In thousands, except per unit data) | | September 30, 2023 | | September 30, 2022 |
| Operating Expenses: | | | | |
| Lease operating expenses | | $ | 115,060 | | | $ | 96,057 | |
| Gathering, transportation and processing | | 33,419 | | | 51,518 | |
| Taxes other than income | | 49,331 | | | 74,917 | |
| Exploration expenses | | 5,139 | | | 10,119 | |
| Asset retirement obligations accretion | | 2,539 | | | 2,404 | |
| Depreciation, depletion and amortization | | 228,868 | | | 179,331 | |
| Impairment of oil and natural gas properties | | 15,735 | | | — | |
| General and administrative expenses | | 57,863 | | | 55,226 | |
| Total operating expenses | | $ | 507,954 | | | $ | 469,572 | |
| | | | |
| Other Income (Expense): | | | | |
| Interest income (expense), net | | $ | 372 | | | $ | (21,637) | |
| Other income, net | | 7,643 | | | 6,579 | |
| Total other income (expense), net | | $ | 8,015 | | | $ | (15,058) | |
| | | | |
| Average Operating Costs per boe: | | | | |
| Lease operating expenses | | $ | 5.18 | | | $ | 4.64 | |
| Gathering, transportation and processing | | 1.51 | | | 2.49 | |
| Taxes other than income | | 2.22 | | | 3.62 | |
| Exploration expenses | | 0.23 | | | 0.49 | |
| Asset retirement obligations accretion | | 0.11 | | | 0.12 | |
| Depreciation, depletion and amortization | | 10.31 | | | 8.66 | |
| Impairment of oil and natural gas properties | | 0.71 | | | — | |
| General and administrative expenses | | 2.61 | | | 2.67 | |
Lease operating expenses for the nine months ended September 30, 2023 were $19.0 million, or $0.54 per boe, higher compared to the corresponding 2022 period, due to increased activity, including workover activity, and an increase in costs, including chemicals, compression, and operating and maintenance costs.
Gathering, transportation and processing costs for the nine months ended September 30, 2023 were $18.1 million, or $0.98 per boe, lower than the nine months ended September 30, 2022, primarily due to lower natural gas and NGL prices which resulted in lower processing costs.
Taxes other than income for the nine months ended September 30, 2023 were $25.6 million, or $1.40 per boe, lower compared to the nine months ended September 30, 2022, primarily due to a decrease in production taxes as a result of the decrease in oil, natural gas, and NGL revenues.
Exploration expenses for the nine months ended September 30, 2023 were $5.0 million, or $0.26 per boe, lower than the nine months ended September 30, 2022, due to decreased spending on seismic licenses.
DD&A during the nine months ended September 30, 2023 was $49.5 million, or $1.65 per boe, higher than the nine months ended September 30, 2022 due to increased production and a higher depreciable cost basis.
During the nine months ended September 30, 2023, the Company recognized a $15.7 million proved property impairment related to the Highlander property.
General and administrative expenses during the nine months ended September 30, 2023 were $2.6 million higher, but $0.06 per boe lower, than the nine months ended September 30, 2022. General and administrative expenses were higher year over year primarily due to higher corporate payroll expenses, but lower on a per boe basis because of increased production.
The Company recognized interest income, net, during the nine months ended September 30, 2023 as compared to interest expense, net during the nine months ended September 30, 2022. This $22.0 million change was driven by higher interest income realized during 2023 as a result of a higher average cash balance and higher interest rates.
Income tax expense. The following table summarizes the Company’s income tax expense for the periods indicated.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| (In thousands) | | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 |
| Current income tax expense | | $ | 19,262 | | | $ | 19,358 | | | $ | 27,450 | | | $ | 65,333 | |
| Deferred income tax expense | | 11,949 | | | — | | | 48,213 | | | — | |
| Income tax expense | | $ | 31,211 | | | $ | 19,358 | | | $ | 75,663 | | | $ | 65,333 | |
For the three months ended September 30, 2023, income tax expense was $11.9 million higher than the three months ended September 30, 2022, comprised of movements in both current and deferred income taxes. This was primarily driven by $11.9 million of deferred income tax expense recognized in 2023 which was not recognized in 2022 due to the existence of a full valuation allowance against net deferred tax assets.
For the nine months ended September 30, 2023, income tax expense was $10.3 million higher than the nine months ended September 30, 2022, comprised of movements in both current and deferred income taxes. This was primarily driven by $48.2 million of deferred income tax expense recognized in 2023 which was not recognized in 2022 due to the existence of a full valuation allowance against net deferred tax assets. This was partially offset by a $37.9 million decrease in current income tax expense due to lower taxable income primarily as a result of the decline in commodity prices.
As of December 31, 2022, the Company released the valuation allowance against net deferred tax assets. As of September 30, 2023, the Company’s total deferred tax assets were $122.5 million. The Company considered, among other things, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. As of September 30, 2023, the Company assessed the realizability of the deferred tax assets and recorded a valuation allowance of $3.8 million to offset the deferred tax asset created by the capital loss attributable to the sale of the Company’s interest in Highlander. See Note 9— Income Taxes in the Notes to the Company’s consolidated financial statements included in this Quarterly Report on Form 10-Q for further detail.
Liquidity and Capital Resources
Magnolia’s primary source of liquidity and capital has been its cash flows from operations. The Company’s primary uses of cash have been for development of the Company’s oil and natural gas properties, returning capital to shareholders, bolt-on acquisitions of oil and natural gas properties, and general working capital needs.
The Company may also utilize borrowings under other various financing sources available to it, including its RBL Facility and the issuance of equity or debt securities through public offerings or private placements, to fund Magnolia’s acquisitions and long-term liquidity needs. Magnolia’s ability to complete future offerings of equity or debt securities and the timing of these offerings will depend upon various factors, including prevailing market conditions and the Company’s financial condition. The Company anticipates its current cash balance, cash flows from operations, and its available sources of liquidity to be sufficient to meet the Company’s cash requirements.
As of September 30, 2023, the Company had $400.0 million of principal debt related to the 2026 Senior Notes outstanding and no outstanding borrowings related to the RBL Facility. As of September 30, 2023, the Company had $1.1 billion of liquidity comprised of the $450.0 million of borrowing base capacity of the RBL Facility, and $618.5 million of cash and cash equivalents.
Cash and Cash Equivalents
At September 30, 2023, Magnolia had $618.5 million of cash and cash equivalents. The Company’s cash and cash equivalents are maintained with various financial institutions in the United States. Deposits with these institutions may exceed the amount of insurance provided on such deposits. However, the Company regularly monitors the financial stability of such financial institutions and believes that the Company is not exposed to any significant default risk.
Sources and Uses of Cash and Cash Equivalents
The following table presents the sources and uses of the Company’s cash and cash equivalents for the periods presented:
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| (In thousands) | | September 30, 2023 | | September 30, 2022 |
| SOURCES OF CASH AND CASH EQUIVALENTS | | | | |
| Net cash provided by operating activities | | $ | 608,907 | | | $ | 1,028,685 | |
| | | | |
| USES OF CASH AND CASH EQUIVALENTS | | | | |
| Acquisitions | | $ | (53,812) | | | $ | (11,749) | |
| Deposits for acquisitions of oil and natural gas properties | | (22,503) | | | — | |
| Additions to oil and natural gas properties | | (332,055) | | | (323,510) | |
| Changes in working capital associated with additions to oil and natural gas properties | | (21,688) | | | 14,152 | |
| Class A Common Stock repurchases | | (151,696) | | | (153,138) | |
| Class B Common Stock purchases and cancellations | | — | | | (138,753) | |
| Dividends paid | | (66,480) | | | (56,220) | |
| Distributions to noncontrolling interest owners | | (9,946) | | | (23,852) | |
| Other | | (7,702) | | | (13,058) | |
| Net uses of cash and cash equivalents | | (665,882) | | | (706,128) | |
| | | | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | | $ | (56,975) | | | $ | 322,557 | |
Sources of Cash and Cash Equivalents
Net Cash Provided by Operating Activities
Operating cash flows are the Company’s primary source of liquidity and are impacted, in the short- and long-term, by oil and natural gas prices. The factors that determine operating cash flows are largely the same as those that affect net earnings, with the exception of certain non-cash expenses such as DD&A, stock based compensation, amortization of deferred financing costs, gain on sale of assets, impairment of oil and natural gas properties, non-cash exploration expenses, asset retirement obligations accretion, and deferred income tax expense.
Net cash provided by operating activities totaled $608.9 million and $1.0 billion for the nine months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023, cash provided by operating activities was negatively impacted by a decrease in realized oil and natural gas prices and net changes in operating assets and liabilities.
Uses of Cash and Cash Equivalents
Acquisitions
During the nine months ended September 30, 2023, the Company paid $53.8 million for acquisitions, primarily comprised of a $40.0 million acquisition in the Giddings area. In addition, Magnolia paid a $22.5 million deposit for an acquisition in the Giddings area expected to close in the fourth quarter of 2023. The remaining consideration for this acquisition will be funded with cash on hand.
Additions to Oil and Natural Gas Properties
The following table sets forth the Company’s capital expenditures for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| (In thousands) | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 |
| Drilling and completion | $ | 104,310 | | | $ | 114,468 | | | $ | 330,147 | | | $ | 319,843 | |
| Leasehold acquisition costs | 2,358 | | | 1,582 | | | 1,908 | | | 3,667 | |
| Total capital expenditures | $ | 106,668 | | | $ | 116,050 | | | $ | 332,055 | | | $ | 323,510 | |
During the third quarter of 2023, Magnolia was running a two-rig program. The number of operated drilling rigs is largely dependent on commodity prices and the Company’s strategy of maintaining spending to accommodate the Company’s business model.
Capital Requirements
As of September 30, 2023 the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame and whether the Company undertakes these additional repurchases is ultimately subject to numerous considerations, market conditions, and other factors. During the nine months ended September 30, 2023 and 2022, the Company repurchased 7.1 million and 6.6 million shares for a total cost of approximately $152.9 million and $144.0 million, respectively.
During the nine months ended September 30, 2022, the Company also repurchased 0.6 million shares of Class A Common Stock for $11.6 million from EnerVest Energy Institutional Fund XIV-C, L.P. outside of the share repurchase program.
During the nine months ended September 30, 2022, Magnolia LLC repurchased and subsequently canceled 5.9 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $138.8 million of cash consideration, respectively. As of September 30, 2023, Magnolia owned approximately 89.5% of the interest in Magnolia LLC and the noncontrolling interest was approximately 10.5%.
During the nine months ended September 30, 2023, the Company declared cash dividends to holders of its Class A Common Stock totaling $66.3 million. During the same time period, cash paid for dividends was $66.5 million, inclusive of dividends on vested non-participating securities. Additionally, $7.5 million was distributed to the Magnolia LLC Unit Holders. During the nine months ended September 30, 2022, the Company declared cash dividends to holders of its Class A Common Stock totaling $56.4 million, of which $56.2 million was paid as of September 30, 2022. Additionally, $11.4 million was distributed to the Magnolia LLC Unit Holders. The amount and frequency of future dividends is subject to the discretion of the Company’s board of directors and primarily depends on earnings, capital expenditures, debt covenants, and various other factors.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk
For variable rate debt, interest rate changes generally do not affect the fair market value of such debt, but do impact future earnings and cash flows, assuming other factors are held constant. The Company is subject to market risk exposure related to changes in interest rates on borrowings under the RBL Facility. Interest on borrowings under the RBL Facility is based on the SOFR rate or alternative base rate plus an applicable margin. At September 30, 2023, the Company had no borrowings outstanding under the RBL Facility.
Commodity Price Risk
Magnolia’s primary market risk exposure is to the prices it receives for its oil, natural gas, and NGL production. The prices the Company ultimately realizes for its oil, natural gas, and NGLs are based on a number of variables, including prevailing index prices attributable to the Company’s production and certain differentials to those index prices. Pricing for oil, natural gas, and NGLs has historically been volatile and unpredictable, and this volatility is expected to continue in the future. The prices the Company receives for production depend on factors outside of its control, including physical markets, supply and demand, financial markets, and national and international policies. A $1.00 per barrel increase (decrease) in the weighted average oil price for the nine months ended September 30, 2023 would have increased (decreased) the Company’s revenues by approximately $12.5 million on an annualized basis and a $0.10 per Mcf increase (decrease) in the weighted average natural gas price for the nine months ended September 30, 2023 would have increased (decreased) the Company’s revenues by approximately $5.4 million on an annualized basis.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15(b) under the Exchange Act, Magnolia has evaluated, under the supervision and with the participation of its management, including Magnolia’s principal executive officer and principal financial officer, the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2023. Based on such evaluation, Magnolia’s principal executive officer and principal financial officer have concluded that as of such date, the Company’s disclosure controls and procedures were effective. The Company’s disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by it in reports that it files under the Exchange Act is accumulated and communicated to management, including the Company’s principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure and is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC.
Changes in Internal Control over Financial Reporting
There were no changes in the system of internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
See Part I, Item 1, Note 8—Commitments and Contingencies to the consolidated financial statements, which is incorporated herein by reference.
From time to time, the Company is party to certain legal actions and claims arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not currently expect these matters to have a materially adverse effect on the financial position or results of operations of the Company.
Item 1A. Risk Factors
Please refer to Part I, Item 1A - Risk Factors of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 Form 10-K”), and Part I, Item 3 - Quantitative and Qualitative Disclosures About Market Risk of this Quarterly Report on Form 10-Q. Any of these factors could result in a significant or material adverse effect on Magnolia’s business, results of operations, or financial condition. There have been no material changes to the Company’s risk factors since its 2022 Form 10-K. Additional risk factors not presently known to the Company or that the Company currently deems immaterial may also impair its business, results of operations, or financial condition.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table sets forth the Company’s share repurchase activities for each period presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| Period | Number of Shares of Class A Common Stock Purchased | | Average Price Paid per Share | | Total Number of Shares of Class A Common Stock Purchased as Part of Publicly Announced Program | | Maximum Number of Shares of Class A Common Stock that May Yet Be Purchased Under the Program (1) |
| January 1, 2023 - March 31, 2023 | 2,400,000 | | | 21.36 | | | 2,400,000 | | | 6,467,105 | |
| April 1, 2023 - June 30, 2023 | 2,250,000 | | | 19.92 | | | 2,250,000 | | | 4,217,105 | |
| July 1, 2023 - July 31, 2023 | 214,600 | | | 20.79 | | | 214,600 | | | 14,002,505 | |
August 1, 2023 - August 31, 2023 | 1,275,000 | | | 22.80 | | | 1,275,000 | | | 12,727,505 | |
| September 1, 2023 - September 30, 2023 | 1,009,400 | | | 23.02 | | | 1,009,400 | | | 11,718,105 | |
| Total | 7,149,000 | | | 21.38 | | | 7,149,000 | | | 11,718,105 | |
(1)As of June 30, 2023, the Company’s board of directors had authorized a share repurchase program of up to 30.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame. On July 31, 2023, the Company’s board of directors increased the share repurchase authorization by an additional 10.0 million shares of Class A Common Stock, which increased total share repurchase authorization to 40.0 million shares.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Trading Arrangements
During the three and nine months ended September 30, 2023 no director or officer of Magnolia adopted, modified, or terminated any Rule 10b5–1 trading arrangement or any non-Rule 10b5–1 trading arrangement, as each term is defined in Item 408(a) and (c) of Regulation S-K.
Item 6. Exhibits
The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q:
| | | | | | | | |
Exhibit
Number | | Description |
| | |
| 3.1* | | |
| | |
| 3.2* | | |
| | |
| 31.1** | | |
| | |
| 31.2** | | |
| | |
| 32.1*** | | |
| | |
| 101.INS** | | XBRL Instance Document. |
| | |
| 101.SCH** | | XBRL Taxonomy Extension Schema Document. |
| | |
| 101.CAL** | | XBRL Taxonomy Extension Calculation Linkbase Document. |
| | |
| 101.DEF** | | XBRL Taxonomy Extension Definition Linkbase Document. |
| | |
| 101.LAB** | | XBRL Taxonomy Extension Label Linkbase Document. |
| | |
| 101.PRE** | | XBRL Taxonomy Extension Presentation Linkbase Document. |
| | |
| 104** | | Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101). |
* Incorporated herein by reference as indicated.
** Filed herewith.
*** Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | |
| | MAGNOLIA OIL & GAS CORPORATION |
| | | |
| Date: November 2, 2023 | | By: | /s/ Christopher Stavros |
| | | Christopher Stavros |
| | | Chief Executive Officer (Principal Executive Officer) |
| | | | | | | | | | | |
| Date: November 2, 2023 | | By: | /s/ Brian Corales |
| | | Brian Corales |
| | | Chief Financial Officer (Principal Financial Officer) |
Exhibit 31.1
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Christopher Stavros, Chief Executive Officer of Magnolia Oil & Gas Corporation, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Magnolia Oil & Gas Corporation (the "registrant");
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | | | | |
| Date: November 2, 2023 | | By: | | /s/ Christopher Stavros |
| | | | Christopher Stavros |
| | | | Chief Executive Officer
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Brian Corales, Chief Financial Officer of Magnolia Oil & Gas Corporation, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Magnolia Oil & Gas Corporation (the "registrant");
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | | | | |
| Date: November 2, 2023 | | By: | | /s/ Brian Corales |
| | | | Brian Corales |
| | | | Chief Financial Officer
(Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Magnolia Oil & Gas Corporation (the “Company”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Christopher Stavros and Brian Corales, Principal Executive Officer and Principal Financial Officer, respectively, of the Company, certify, in the capacity and on the date indicated below, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | | | | | | | |
| Date: November 2, 2023 | | By: | | /s/ Christopher Stavros |
| | | | Christopher Stavros |
| | | | Chief Executive Officer
(Principal Executive Officer ) |
| | | | | | | | | | | | | | |
| Date: November 2, 2023 | | By: | | /s/ Brian Corales |
| | | | Brian Corales |
| | | | Chief Financial Officer
(Principal Financial Officer) |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Oct. 31, 2023 |
| Entity Information [Line Items] |
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Sep. 30, 2023
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
001-38083
|
|
| Entity Registrant Name |
Magnolia Oil & Gas Corp
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
| Entity Tax Identification Number |
81-5365682
|
|
| Entity Address, Address Line One |
Nine Greenway Plaza, Suite 1300
|
|
| Entity Address, City or Town |
Houston,
|
|
| Entity Address, State or Province |
TX
|
|
| Entity Address, Postal Zip Code |
77046
|
|
| City Area Code |
713
|
|
| Local Phone Number |
842-9050
|
|
| Title of 12(b) Security |
Class A Common Stock, par value $0.0001
|
|
| Trading Symbol |
MGY
|
|
| Security Exchange Name |
NYSE
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
| Entity Small Business |
false
|
|
| Entity Emerging Growth Company |
false
|
|
| Entity Shell Company |
false
|
|
| Entity Central Index Key |
0001698990
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Document Fiscal Year Focus |
2023
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Amendment Flag |
false
|
|
| Class A Common Stock |
|
|
| Entity Information [Line Items] |
|
|
| Entity Common Stock, Shares Outstanding |
|
185,223,428
|
| Class B Common Stock |
|
|
| Entity Information [Line Items] |
|
|
| Entity Common Stock, Shares Outstanding |
|
21,826,805
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v3.23.3
Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| CURRENT ASSETS |
|
|
| Cash and cash equivalents |
$ 618,466
|
$ 675,441
|
| Accounts receivable |
186,763
|
170,770
|
| Drilling advances |
12
|
3,484
|
| Other current assets |
507
|
1,052
|
| Total current assets |
805,748
|
850,747
|
| PROPERTY, PLANT AND EQUIPMENT |
|
|
| Oil and natural gas properties |
3,278,221
|
2,940,011
|
| Other |
9,615
|
8,991
|
| Accumulated depreciation, depletion and amortization |
(1,605,380)
|
(1,415,973)
|
| Total property, plant and equipment, net |
1,682,456
|
1,533,029
|
| OTHER ASSETS |
|
|
| Deferred financing costs, net |
4,290
|
5,636
|
| Deferred tax assets |
118,628
|
162,792
|
| Other long-term assets |
41,371
|
20,381
|
| Total other assets |
164,289
|
188,809
|
| TOTAL ASSETS |
2,652,493
|
2,572,585
|
| CURRENT LIABILITIES |
|
|
| Accounts payable |
183,341
|
202,846
|
| Other current liabilities (Note 6) |
120,364
|
137,427
|
| Total current liabilities |
303,705
|
340,273
|
| LONG-TERM LIABILITIES |
|
|
| Long-term debt, net |
392,209
|
390,383
|
| Asset retirement obligations, net of current |
99,248
|
95,129
|
| Other long-term liabilities |
10,174
|
6,609
|
| Total long-term liabilities |
501,631
|
492,121
|
| COMMITMENTS AND CONTINGENCIES (Note 8) |
|
|
| Additional paid-in capital |
1,738,668
|
1,719,875
|
| Treasury Stock, at cost, 28,833 shares and 21,684 shares in 2023 and 2022, respectively |
(483,745)
|
(329,512)
|
| Retained earnings |
409,230
|
185,669
|
| Noncontrolling interest |
182,981
|
164,136
|
| Total equity |
1,847,157
|
1,740,191
|
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
2,652,493
|
2,572,585
|
| Class A Common Stock |
|
|
| Common stock |
21
|
21
|
| Class B Common Stock |
|
|
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Treasury stock (in shares) |
28,833,000
|
21,684,000
|
| Class A Common Stock |
|
|
| Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
| Common stock, shares authorized (in shares) |
1,300,000,000
|
1,300,000,000
|
| Common stock, shares issued (in shares) |
214,415,000
|
213,727,000
|
| Common stock, shares outstanding (in shares) |
185,582,000
|
192,043,000
|
| Class B Common Stock |
|
|
| Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
| Common stock, shares authorized (in shares) |
225,000,000
|
225,000,000
|
| Common stock, shares issued (in shares) |
21,827,000
|
21,827,000
|
| Common stock, shares outstanding (in shares) |
21,827,000
|
21,827,000
|
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v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| REVENUES |
|
|
|
|
| Total revenues |
$ 315,678
|
$ 482,963
|
$ 904,351
|
$ 1,345,451
|
| OPERATING EXPENSES |
|
|
|
|
| Lease operating expenses |
35,893
|
34,709
|
115,060
|
96,057
|
| Gathering, transportation and processing |
10,297
|
19,297
|
33,419
|
51,518
|
| Taxes other than income |
14,823
|
26,623
|
49,331
|
74,917
|
| Exploration expenses |
5,128
|
1,173
|
5,139
|
10,119
|
| Asset retirement obligations accretion |
875
|
814
|
2,539
|
2,404
|
| Depreciation, depletion and amortization |
81,158
|
68,972
|
228,868
|
179,331
|
| Impairment of oil and natural gas properties |
0
|
0
|
15,735
|
0
|
| General and administrative expenses |
19,371
|
19,625
|
57,863
|
55,226
|
| Total operating expenses |
167,545
|
171,213
|
507,954
|
469,572
|
| OPERATING INCOME |
148,133
|
311,750
|
396,397
|
875,879
|
| OTHER INCOME (EXPENSE) |
|
|
|
|
| Interest income (expense), net |
1,034
|
(5,263)
|
372
|
(21,637)
|
| Other income (expense), net |
(479)
|
(166)
|
7,643
|
6,579
|
| Total other income (expense), net |
555
|
(5,429)
|
8,015
|
(15,058)
|
| INCOME BEFORE INCOME TAXES |
148,688
|
306,321
|
404,412
|
860,821
|
| Income tax expense |
31,211
|
19,358
|
75,663
|
65,333
|
| NET INCOME |
117,477
|
286,963
|
328,749
|
795,488
|
| LESS: Net income attributable to noncontrolling interest |
15,447
|
41,486
|
38,893
|
133,389
|
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK |
$ 102,030
|
$ 245,477
|
$ 289,856
|
$ 662,099
|
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
|
|
|
|
| Basic (in shares) |
187,093
|
188,635
|
189,408
|
186,475
|
| Diluted (in shares) |
187,265
|
189,074
|
189,612
|
186,967
|
| Class A Common Stock |
|
|
|
|
| NET INCOME PER SHARE OF CLASS A COMMON STOCK |
|
|
|
|
| Basic (in dollars per share) |
$ 0.54
|
$ 1.29
|
$ 1.51
|
$ 3.52
|
| Diluted (in dollars per share) |
$ 0.54
|
$ 1.29
|
$ 1.51
|
$ 3.51
|
| Oil revenues |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
$ 243,588
|
$ 317,243
|
$ 705,857
|
$ 912,702
|
| Natural gas revenues |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
27,069
|
100,124
|
75,687
|
242,049
|
| Natural gas liquids revenues |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
$ 45,021
|
$ 65,596
|
$ 122,807
|
$ 190,700
|
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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| Period Type: |
|
|
v3.23.3
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
Total |
Class A Common Stock |
Class B Common Stock |
Total Stockholders’ Equity |
Total Stockholders’ Equity
Class A Common Stock
|
Common Stock
Class A Common Stock
|
Common Stock
Class B Common Stock
|
Additional Paid In Capital |
Treasury Stock |
Treasury Stock
Class A Common Stock
|
Retained Earnings/ (Accumulated Deficit) |
Noncontrolling Interest |
Noncontrolling Interest
Class B Common Stock
|
| Common Stock, Balance at beginning of period (in shares) at Dec. 31, 2021 |
|
|
|
|
|
193,437
|
49,293
|
|
|
|
|
|
|
| Balance at beginning of period at Dec. 31, 2021 |
$ 1,045,249
|
|
|
$ 816,757
|
|
$ 19
|
$ 5
|
$ 1,689,500
|
$ (164,599)
|
|
$ (708,168)
|
$ 228,492
|
|
| Treasury Stock, Balance at beginning of period (in shares) at Dec. 31, 2021 |
|
|
|
|
|
|
|
|
14,168
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock based compensation expense, net of forfeitures |
9,864
|
|
|
8,353
|
|
|
|
8,353
|
|
|
|
1,511
|
|
| Changes in ownership interest adjustment |
0
|
|
|
1,013
|
|
|
|
1,013
|
|
|
|
(1,013)
|
|
| Common stock issued related to stock based compensation and other, net (in shares) |
|
|
|
|
|
688
|
|
|
|
|
|
|
|
| Common stock issued related to stock based compensation and other, net |
(6,290)
|
|
|
(5,192)
|
|
|
|
(5,192)
|
|
|
|
(1,098)
|
|
| Class A Common Stock repurchases (in shares) |
|
|
|
|
|
|
|
|
|
7,115
|
|
|
|
| Class A Common Stock repurchases |
|
$ (155,605)
|
|
|
$ (155,605)
|
|
|
|
|
$ (155,605)
|
|
|
|
| Class B Common Stock purchase and cancellation (in shares) |
|
|
|
|
|
|
(5,950)
|
|
|
|
|
|
|
| Class B Common Stock purchase and cancellation |
|
|
$ (138,753)
|
|
|
|
|
|
|
|
|
|
$ (138,753)
|
| Conversion of Class B Common Stock to Class A Common Stock (in shares) |
|
|
|
|
|
14,633
|
14,633
|
|
|
|
|
|
|
| Conversion of Class B Common Stock to Class A Common Stock |
0
|
|
|
|
|
$ 2
|
$ (2)
|
|
|
|
|
|
|
| Dividends declared |
(56,395)
|
|
|
(56,395)
|
|
|
|
(56,395)
|
|
|
|
|
|
| Distributions to noncontrolling interest owners |
(23,852)
|
|
|
|
|
|
|
|
|
|
|
(23,852)
|
|
| Net income |
795,488
|
|
|
662,099
|
|
|
|
|
|
|
662,099
|
133,389
|
|
| Common Stock, Balance at end of period (in shares) at Sep. 30, 2022 |
|
|
|
|
|
208,758
|
28,710
|
|
|
|
|
|
|
| Balance at end of period at Sep. 30, 2022 |
1,469,706
|
|
|
1,271,030
|
|
$ 21
|
$ 3
|
1,637,279
|
$ (320,204)
|
|
(46,069)
|
198,676
|
|
| Treasury Stock, Balance at end of period (in shares) at Sep. 30, 2022 |
|
|
|
|
|
|
|
|
21,283
|
|
|
|
|
| Common Stock, Balance at beginning of period (in shares) at Jun. 30, 2022 |
|
|
|
|
|
208,729
|
28,710
|
|
|
|
|
|
|
| Balance at beginning of period at Jun. 30, 2022 |
1,268,557
|
|
|
1,098,278
|
|
$ 21
|
$ 3
|
1,647,637
|
$ (257,837)
|
|
(291,546)
|
170,279
|
|
| Treasury Stock, Balance at beginning of period (in shares) at Jun. 30, 2022 |
|
|
|
|
|
|
|
|
18,283
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock based compensation expense, net of forfeitures |
3,462
|
|
|
3,004
|
|
|
|
3,004
|
|
|
|
458
|
|
| Changes in ownership interest adjustment |
0
|
|
|
5,914
|
|
|
|
5,914
|
|
|
|
(5,914)
|
|
| Common stock issued related to stock based compensation and other, net (in shares) |
|
|
|
|
|
29
|
|
|
|
|
|
|
|
| Common stock issued related to stock based compensation and other, net |
(189)
|
|
|
(164)
|
|
|
|
(164)
|
|
|
|
(25)
|
|
| Class A Common Stock repurchases (in shares) |
|
|
|
|
|
|
|
|
|
3,000
|
|
|
|
| Class A Common Stock repurchases |
|
$ (62,367)
|
|
|
(62,367)
|
|
|
|
|
$ (62,367)
|
|
|
|
| Dividends declared |
(19,112)
|
|
|
(19,112)
|
|
|
|
(19,112)
|
|
|
|
|
|
| Distributions to noncontrolling interest owners |
(7,608)
|
|
|
|
|
|
|
|
|
|
|
(7,608)
|
|
| Net income |
286,963
|
|
|
245,477
|
|
|
|
|
|
|
245,477
|
41,486
|
|
| Common Stock, Balance at end of period (in shares) at Sep. 30, 2022 |
|
|
|
|
|
208,758
|
28,710
|
|
|
|
|
|
|
| Balance at end of period at Sep. 30, 2022 |
1,469,706
|
|
|
1,271,030
|
|
$ 21
|
$ 3
|
1,637,279
|
$ (320,204)
|
|
(46,069)
|
198,676
|
|
| Treasury Stock, Balance at end of period (in shares) at Sep. 30, 2022 |
|
|
|
|
|
|
|
|
21,283
|
|
|
|
|
| Common Stock, Balance at beginning of period (in shares) at Dec. 31, 2022 |
|
213,727
|
21,827
|
|
|
213,727
|
21,827
|
|
|
|
|
|
|
| Balance at beginning of period at Dec. 31, 2022 |
$ 1,740,191
|
|
|
1,576,055
|
|
$ 21
|
$ 2
|
1,719,875
|
$ (329,512)
|
|
185,669
|
164,136
|
|
| Treasury Stock, Balance at beginning of period (in shares) at Dec. 31, 2022 |
21,684
|
|
|
|
|
|
|
|
21,684
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock based compensation expense, net of forfeitures |
$ 12,060
|
|
|
10,811
|
|
|
|
10,811
|
|
|
|
1,249
|
|
| Changes in ownership interest adjustment |
167
|
|
|
10,789
|
|
|
|
10,789
|
|
|
|
(10,622)
|
|
| Common stock issued related to stock based compensation and other, net (in shares) |
|
|
|
|
|
688
|
|
|
|
|
|
|
|
| Common stock issued related to stock based compensation and other, net |
(7,103)
|
|
|
(6,374)
|
|
|
|
(6,374)
|
|
|
|
(729)
|
|
| Class A Common Stock repurchases (in shares) |
|
|
|
|
|
|
|
|
|
7,149
|
|
|
|
| Class A Common Stock repurchases |
|
$ (152,860)
|
|
|
(152,860)
|
|
|
|
|
$ (152,860)
|
|
|
|
| Dividends declared |
(66,295)
|
|
|
(66,295)
|
|
|
|
|
|
|
(66,295)
|
|
|
| Distributions to noncontrolling interest owners |
(9,946)
|
|
|
|
|
|
|
|
|
|
|
(9,946)
|
|
| Adjustment to deferred taxes |
3,567
|
|
|
3,567
|
|
|
|
3,567
|
|
|
|
|
|
| Tax impact of equity transactions |
(1,373)
|
|
|
(1,373)
|
|
|
|
|
$ (1,373)
|
|
|
|
|
| Net income |
328,749
|
|
|
289,856
|
|
|
|
|
|
|
289,856
|
38,893
|
|
| Common Stock, Balance at end of period (in shares) at Sep. 30, 2023 |
|
214,415
|
21,827
|
|
|
214,415
|
21,827
|
|
|
|
|
|
|
| Balance at end of period at Sep. 30, 2023 |
$ 1,847,157
|
|
|
1,664,176
|
|
$ 21
|
$ 2
|
1,738,668
|
$ (483,745)
|
|
409,230
|
182,981
|
|
| Treasury Stock, Balance at end of period (in shares) at Sep. 30, 2023 |
28,833
|
|
|
|
|
|
|
|
28,833
|
|
|
|
|
| Common Stock, Balance at beginning of period (in shares) at Jun. 30, 2023 |
|
|
|
|
|
214,400
|
21,827
|
|
|
|
|
|
|
| Balance at beginning 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 beginning of period (in shares) at Jun. 30, 2023 |
|
|
|
|
|
|
|
|
26,334
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock based compensation expense, net of forfeitures |
4,197
|
|
|
3,758
|
|
|
|
3,758
|
|
|
|
439
|
|
| Changes in ownership interest adjustment |
0
|
|
|
3,914
|
|
|
|
3,914
|
|
|
|
(3,914)
|
|
| Common stock issued related to stock based compensation and other, net (in shares) |
|
|
|
|
|
15
|
|
|
|
|
|
|
|
| Common stock issued related to stock based compensation and other, net |
(125)
|
|
|
(112)
|
|
|
|
(112)
|
|
|
|
(13)
|
|
| Class A Common Stock repurchases (in shares) |
|
|
|
|
|
|
|
|
|
2,499
|
|
|
|
| Class A Common Stock repurchases |
|
$ (56,768)
|
|
|
$ (56,768)
|
|
|
|
|
$ (56,768)
|
|
|
|
| Dividends declared |
(21,811)
|
|
|
(21,811)
|
|
|
|
|
|
|
(21,811)
|
|
|
| Distributions to noncontrolling interest owners |
(4,347)
|
|
|
|
|
|
|
|
|
|
|
(4,347)
|
|
| Adjustment to deferred taxes |
(760)
|
|
|
(760)
|
|
|
|
(760)
|
|
|
|
|
|
| Tax impact of equity transactions |
(564)
|
|
|
(564)
|
|
|
|
809
|
$ (1,373)
|
|
|
|
|
| Net income |
117,477
|
|
|
102,030
|
|
|
|
|
|
|
102,030
|
15,447
|
|
| Common Stock, Balance at end of period (in shares) at Sep. 30, 2023 |
|
214,415
|
21,827
|
|
|
214,415
|
21,827
|
|
|
|
|
|
|
| Balance at end of period at Sep. 30, 2023 |
$ 1,847,157
|
|
|
$ 1,664,176
|
|
$ 21
|
$ 2
|
$ 1,738,668
|
$ (483,745)
|
|
$ 409,230
|
$ 182,981
|
|
| Treasury Stock, Balance at end of period (in shares) at Sep. 30, 2023 |
28,833
|
|
|
|
|
|
|
|
28,833
|
|
|
|
|
| X |
- DefinitionAdjustment To Additional Paid in Capital, Deferred Taxes
| Name: |
mgy_AdjustmentToAdditionalPaidInCapitalDeferredTaxes |
| Namespace Prefix: |
mgy_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionTax Impact of Equity Transactions
| Name: |
mgy_TaxImpactOfEquityTransactions |
| Namespace Prefix: |
mgy_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481089/718-20-55-12
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-SubTopic 405
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481071/942-405-45-2
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| Period Type: |
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| X |
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| X |
- DefinitionDecrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
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| X |
- DefinitionNet Increase or Decrease in balance of noncontrolling interest in the subsidiary during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-16
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| X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| NET INCOME |
$ 328,749
|
$ 795,488
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation, depletion and amortization |
228,868
|
179,331
|
| Exploration expenses, non-cash |
9
|
0
|
| Impairment of oil and natural gas properties |
15,735
|
0
|
| Asset retirement obligations accretion |
2,539
|
2,404
|
| Amortization of deferred financing costs |
3,173
|
4,812
|
| (Gain) on sale of assets |
(3,946)
|
0
|
| Deferred income tax expense |
48,213
|
0
|
| Stock based compensation |
12,060
|
9,864
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(16,462)
|
(57,949)
|
| Accounts payable |
(19,082)
|
86,700
|
| Accrued liabilities |
(1,735)
|
19,443
|
| Drilling advances |
3,472
|
(477)
|
| Other assets and liabilities, net |
7,314
|
(10,931)
|
| Net cash provided by operating activities |
608,907
|
1,028,685
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Acquisitions |
(53,812)
|
(11,749)
|
| Deposits for acquisitions of oil and natural gas properties |
(22,503)
|
0
|
| Additions to oil and natural gas properties |
(332,055)
|
(323,510)
|
| Changes in working capital associated with additions to oil and natural gas properties |
(21,688)
|
14,152
|
| Other investing |
(590)
|
(1,187)
|
| Net cash used in investing activities |
(430,648)
|
(322,294)
|
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Dividends paid |
(66,480)
|
(56,220)
|
| Cash paid for debt modification |
0
|
(5,494)
|
| Distributions to noncontrolling interest owners |
(9,946)
|
(23,852)
|
| Other financing activities |
(7,112)
|
(6,377)
|
| Net cash used in financing activities |
(235,234)
|
(383,834)
|
| NET CHANGE IN CASH AND CASH EQUIVALENTS |
(56,975)
|
322,557
|
| Cash and cash equivalents – Beginning of period |
675,441
|
366,982
|
| Cash and cash equivalents – End of period |
618,466
|
689,539
|
| Supplemental cash items: |
|
|
| Cash paid for income taxes |
26,628
|
60,906
|
| Cash paid for interest |
25,763
|
26,060
|
| Supplemental non-cash investing and financing activity: |
|
|
| Accrued capital expenditures |
46,235
|
44,088
|
| Supplemental non-cash lease operating activity: |
|
|
| Right-of-use assets obtained in exchange for operating lease obligations |
12,009
|
3,773
|
| Class A Common Stock |
|
|
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Common Stock repurchases |
(151,696)
|
(153,138)
|
| Class B Common Stock |
|
|
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Common Stock repurchases |
$ 0
|
$ (138,753)
|
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(2)
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v3.23.3
Description of Business and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Description of Business and Basis of Presentation |
Description of Business and Basis of Presentation Organization and Nature of Operations
Magnolia Oil & Gas Corporation (the “Company” or “Magnolia”) is an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid (“NGL”) reserves. The Company’s oil and natural gas properties are located primarily in Karnes County and the Giddings area in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow.
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 (the “2022 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the Notes to the consolidated financial statements included in the Company’s 2022 Form 10-K.
In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
Certain reclassifications of prior period financial statements have been made to conform to current reporting practices. The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. The Company’s interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Company reflects a noncontrolling interest representing primarily the interest owned by the Magnolia LLC Unit Holders through their ownership of Magnolia LLC Units in the consolidated financial statements. The noncontrolling interest is presented as a component of equity. See Note 10—Stockholders’ Equity for further discussion of the noncontrolling interest.
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 1
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies As of September 30, 2023, the Company’s significant accounting policies are consistent with those discussed in Note 1—Organization and Summary of Significant Accounting Policies of its consolidated financial statements contained in the Company’s 2022 Form 10-K.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-1
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v3.23.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue Recognition |
Revenue RecognitionMagnolia’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 $126.2 million as of September 30, 2023 and $138.6 million as of December 31, 2022. For further detail regarding the Company’s revenue recognition policies, please refer to Note 1—Organization and Summary of Significant Accounting Policies of the consolidated financial statements contained in the Company’s 2022 Form 10-K.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 9
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-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
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-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
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-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
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v3.23.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Business Combination and Asset Acquisition [Abstract] |
|
| Acquisitions |
Acquisitions 2023 Acquisitions
On July 31, 2023, the Company completed the acquisition of certain oil and natural gas assets located in the Giddings area for approximately $40.0 million, subject to customary closing adjustments. The transaction was accounted for as an asset acquisition. In September 2023, the Company entered into a definitive purchase agreement to acquire certain oil and gas producing properties including leasehold and mineral interests in the Giddings area for $300 million, subject to customary purchase price adjustments. The seller may also receive up to a maximum of $40 million in additional contingent cash consideration through December 2025 based on future commodity prices. During the three months ended September 30, 2023, the Company paid a $22.5 million deposit related to this acquisition. The remaining consideration will be funded with cash on hand. The transaction is expected to close in the fourth quarter of 2023 and be accounted for as an asset acquisition.
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- DefinitionThe entire disclosure for asset acquisition. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 50
-Name Accounting Standards Codification
-Section 15
-Paragraph 3
-Publisher FASB
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v3.23.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Fair Value Measurements Certain of the Company’s assets and liabilities are carried at fair value and measured either on a recurring or nonrecurring basis. The Company’s fair value measurements are based either on actual market data or assumptions that other market participants would use in pricing an asset or liability in an orderly transaction, using the valuation hierarchy prescribed by GAAP under Accounting Standards Codification (“ASC”) 820.
The three levels of the fair value hierarchy under ASC 820 are as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used.
Level 2 - Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 - Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation.
Recurring Fair Value Measurements
The carrying value and fair value of the financial instrument that is not carried at fair value in the Company’s consolidated balance sheets at September 30, 2023 and December 31, 2022 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (In thousands) | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Long-term debt | $ | 392,209 | | | $ | 386,500 | | | $ | 390,383 | | | $ | 382,704 | |
The fair value of the 2026 Senior Notes at September 30, 2023 and December 31, 2022 is based on unadjusted quoted prices in an active market, which is considered a Level 1 input in the fair value hierarchy.
The Company has other financial instruments consisting primarily of receivables, payables, and other current assets and liabilities that approximate fair value due to the nature of the instruments and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in business combinations and asset retirement obligations.
Nonrecurring Fair Value Measurements
Certain of the Company’s assets and liabilities are measured at fair value on a nonrecurring basis. Specifically, stock based compensation is not measured at fair value on an ongoing basis but is subject to fair value calculations in certain circumstances. For further detail, see Note 11—Stock Based Compensation in the Notes to the consolidated financial statements. There were no other material nonrecurring fair value measurements as of September 30, 2023 or December 31, 2022.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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v3.23.3
Other Current Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Other Liabilities Disclosure [Abstract] |
|
| Other Current Liabilities |
Other Current Liabilities The following table provides detail of the Company’s other current liabilities for the periods presented: | | | | | | | | | | | | | (In thousands) | September 30, 2023 | | December 31, 2022 | | Accrued capital expenditures | $ | 46,235 | | | $ | 67,923 | | | Other | 74,129 | | | 69,504 | | | Total other current liabilities | $ | 120,364 | | | $ | 137,427 | |
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v3.23.3
Long-term Debt
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Long-term Debt |
Long-term Debt The Company’s long-term debt is comprised of the following: | | | | | | | | | | | | | (In thousands) | September 30, 2023 | | December 31, 2022 | | Revolving credit facility | $ | — | | | $ | — | | Senior Notes due 2026 | 400,000 | | | 400,000 | | | Total long-term debt | 400,000 | | | 400,000 | | | | | | | Less: Unamortized deferred financing cost | (7,791) | | | (9,617) | | | Long-term debt, net | $ | 392,209 | | | $ | 390,383 | |
Credit Facility
The original RBL Facility was entered into by and among Magnolia Operating, as borrower, Magnolia Intermediate, as its holding company, the banks, financial institutions, and other lending institutions from time to time party thereto, as lenders, the other parties from time to time party thereto, and Citibank, N.A., as administrative agent, collateral agent, issuing bank, and swingline lender. On February 16, 2022, Magnolia Operating, as borrower, amended and restated the RBL Facility in its entirety, providing for maximum commitments in an aggregate principal amount of $1.0 billion with a letter of credit facility with a $50.0 million sublimit, with a borrowing base of $450.0 million. The RBL Facility, maturing in February 2026, is guaranteed by certain parent companies and subsidiaries of Magnolia LLC and is collateralized by certain of Magnolia Operating’s oil and natural gas properties.
Borrowings under the RBL Facility bear interest, at Magnolia Operating’s option, at a rate per annum equal to either the term SOFR rate or the alternative base rate plus the applicable margin. Additionally, Magnolia Operating is required to pay a commitment fee quarterly in arrears in respect of unused commitments under the RBL Facility. The applicable margin and the commitment fee rate are calculated based upon the utilization levels of the RBL Facility as a percentage of unused lender commitments then in effect.
The RBL Facility contains certain affirmative and negative covenants customary for financings of this type, including compliance with a leverage ratio of less than 3.50 to 1.00 and a current ratio of greater than 1.00 to 1.00. As of September 30, 2023, 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 and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and $3.1 million and $4.8 million for the nine months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2022, the Company incurred approximately $5.5 million of lender and transaction fees related to the modification of which $5.1 million were recorded as deferred financing costs and will be amortized prospectively over the remaining term of the RBL Facility and $0.4 million of which were expensed in the same period. The unamortized portion of the deferred financing costs is included in “Deferred financing costs, net” on the Company’s consolidated balance sheets as of September 30, 2023 and December 31, 2022.
The Company did not have any outstanding borrowings under the RBL Facility as of September 30, 2023.
2026 Senior Notes
On July 31, 2018, the Issuers issued and sold $400.0 million aggregate principal amount of 2026 Senior Notes in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 2026 Senior Notes were issued under the Indenture, dated as of July 31, 2018 (the “Indenture”), by and among the Issuers and Deutsche Bank Trust Company Americas, as trustee. On April 5, 2021, the terms of the Indenture were amended to modify, among other things, the criteria used by the Company to make Restricted Payments (as defined in the Indenture). The 2026 Senior Notes are guaranteed on a senior unsecured basis by the Company, Magnolia Operating, and Magnolia Intermediate and may be guaranteed by certain future subsidiaries of the Company. The 2026 Senior Notes will mature on August 1, 2026 and bear interest at the rate of 6.0% per annum.
Deferred financing costs related to the issuance of, and the amendment to the Indenture governing, the 2026 Senior Notes are amortized using the effective interest method over the term of the 2026 Senior Notes and are included in “Interest 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 September 30, 2023 and December 31, 2022. The Company recognized interest expense related to the 2026 Senior Notes of $6.6 million for each of the three months ended September 30, 2023 and 2022, and $19.8 million and $19.7 million for the nine months ended September 30, 2023 and 2022, respectively. At any time, the Issuers may redeem all or a part of the 2026 Senior Notes based on principal plus a set premium, as set forth in the Indenture, including any accrued and unpaid interest.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Legal Matters
From time to time, the Company is or may become involved in litigation in the ordinary course of business.
Certain of the Magnolia LLC Unit Holders and EnerVest Energy Institutional Fund XIV-C, L.P. (collectively the “Co-Defendants”) and the Company have been named as defendants in a lawsuit where the plaintiffs claim to be entitled to a minority working interest in certain Karnes County Assets. The litigation is in the pre-trial stage. The exposure related to this litigation is currently not reasonably estimable. The Co-Defendants retain all such liability.
A mineral owner in a Magnolia operated well in Karnes County, Texas filed a complaint with the Texas Railroad Commission (the “Commission”) challenging the validity of the permit to drill such well by questioning the long-standing process by which the Commission granted the permit. After the Commission affirmed the granting of the permit, and after judicial review of the Commission’s order by the 53rd Judicial District Court Travis County, Texas (the “District Court”), the District Court reversed and remanded the Commission’s order. 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 plaintiff’s motion for rehearing with the Court of Appeals was denied, and if a party chooses, the parties have until November 22, 2023 to file a petition for review with the Supreme Court of Texas.
At September 30, 2023, the Company does not believe the outcome of any such disputes or legal actions will have a material effect on its consolidated statements of operations, balance sheet, or cash flows. No amounts were accrued with respect to outstanding litigation at September 30, 2023 or September 30, 2022.
Environmental Matters
The Company, as an owner or lessee and operator of oil and natural gas properties, is subject to various federal, state, and local laws and regulations relating to discharge of materials into, and the protection of, the environment. These laws and regulations may, among other things, impose liability on a lessee under an oil and natural gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in an affected area. The Company maintains insurance coverage, which it believes is customary in the industry, although the Company is not fully insured against all environmental risks.
Risks and Uncertainties
The Company’s revenue, profitability, and future growth are substantially dependent upon the prevailing and future prices for oil and natural gas, which depend on numerous factors beyond the Company’s control such as overall oil and natural gas production and inventories in relevant markets, economic conditions, the global and domestic political environments, regulatory developments, and competition from other energy sources. Oil and natural gas prices historically have been volatile and may be subject to significant fluctuations in the future. Inflationary pressures and labor shortages could result in increases to our operating and capital costs. In recent years, the economy has experienced elevated levels of inflation as a result of global supply and demand imbalances, including impacts of the Russia-Ukraine war. Inflationary pressures have gradually declined in 2023. The Company will continue to monitor fluctuations in the market and any potential impacts on its future operating and capital costs.
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes The Company’s income tax provision consists of the following components:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | (In thousands) | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 | | Current: | | | | | | | | | Federal | $ | 18,221 | | | $ | 18,009 | | | $ | 25,277 | | | $ | 60,695 | | | State | 1,041 | | | 1,349 | | | 2,173 | | | 4,638 | | | Total current | 19,262 | | | 19,358 | | | 27,450 | | | 65,333 | | | Deferred: | | | | | | | | | Federal | 12,043 | | | — | | | 46,888 | | | — | | | State | (94) | | | — | | | 1,325 | | | — | | | Total deferred | 11,949 | | | — | | | 48,213 | | | — | | | Income tax expense | $ | 31,211 | | | $ | 19,358 | | | $ | 75,663 | | | $ | 65,333 | |
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 September 30, 2023 and 2022 was 21.0% and 6.3%, respectively, and 18.7% and 7.6% for the nine months ended September 30, 2023 and 2022, respectively. As a result of impairments in the first quarter of 2020, the Company established full valuation allowances on the federal and state deferred tax assets, which resulted in additional differences between the effective tax rate and the statutory rate as of September 30, 2022. As of December 31, 2022, the Company released the valuation allowance against net deferred tax assets. The primary differences between the annual effective tax rate and the statutory rate of 21.0% are income attributable to noncontrolling interest, state taxes, and valuation allowances.
As of September 30, 2023, the Company does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. For the nine months ended September 30, 2023, no significant amounts were incurred for interest and penalties. Currently, the Company is not aware of any issues under review that could result in significant payments, accruals, or a material deviation from its position. The Company’s tax years since its formation remain subject to possible income tax examinations by its major taxing authorities.
As of September 30, 2023, the Company’s total deferred tax assets were $118.6 million. Management assessed whether it is more-likely-than-not that it will generate sufficient taxable income to realize its deferred income tax assets, including the investment in partnership and net operating loss carryforwards. In making this determination, the Company considered all available positive and negative evidence and made certain assumptions. The Company considered, among other things, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. As of September 30, 2023, the Company recorded a valuation allowance of $3.8 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. The Company evaluated the provisions of the IRA and determined that none of the provisions have a material impact on the Company’s reported results, cash flows or financial position for the current year. The Company will continue to evaluate the impacts of the IRA in future tax years.
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v3.23.3
Stockholders' Equity
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Stockholders' Equity |
Stockholders’ Equity Class A Common Stock
At September 30, 2023, there were 214.4 million shares of Class A Common Stock issued and 185.6 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 September 30, 2023, there were 21.8 million shares of Class B Common Stock issued and outstanding. Holders of Class B Common Stock vote together as a single class with holders of Class A Common Stock on all matters properly submitted to a vote of the stockholders. The holders of Class B Common Stock generally have the right to exchange all or a portion of their shares of Class B Common Stock, together with an equal number of Magnolia LLC Units, for the same number of shares of Class A Common Stock or, at Magnolia LLC’s option, an equivalent amount of cash. Upon the future redemption or exchange of Magnolia LLC Units held by any holder of Class B Common Stock, a corresponding number of shares of Class B Common Stock held by such holder of Class B Common Stock will be canceled. In the event of a liquidation, dissolution, or winding up of Magnolia LLC, the holders of the Class B Common Stock, through their ownership of Magnolia LLC Units, are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of units of Magnolia LLC, if any, having preference over the common units. The holders of the Class B Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares.
Share Repurchases
As of September 30, 2023, the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame. The Company had repurchased 28.3 million shares under the program at a cost of $470.8 million and had 11.7 million shares of Class A Common Stock remaining under its share repurchase authorization as of September 30, 2023.
During the nine months ended September 30, 2022, the Company repurchased 0.6 million shares of Class A Common Stock for $11.6 million from EnerVest Energy Institutional Fund XIV-C, L.P. outside of the share repurchase program.
During the nine months ended September 30, 2022 Magnolia LLC repurchased and subsequently canceled 5.9 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $138.8 million of cash consideration (the “Class B Common Stock Repurchases”). During the same period, the Magnolia LLC Unit Holders redeemed 14.6 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public.
Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. Magnolia funded the Class B Common Stock Repurchases with cash on hand.
Dividends and Distributions
The Company’s board of directors periodically declares dividends payable on issued and outstanding shares of Class A Common Stock, and a corresponding distribution from Magnolia LLC to Magnolia LLC Unit Holders. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital 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 nine months ended September 30, 2023 and the year ended December 31, 2022, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Record Date | | Payment Date | | Dividend/ Distribution Amount per share (1) | | Distributions by Magnolia LLC (2) | | Dividends Declared by the Company | | Distributions to Magnolia LLC Unit Holders | | (In thousands, except per share amounts) | | 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 | | | November 7, 2022 | | December 1, 2022 | | $ | 0.100 | | | $ | 21,867 | | | $ | 18,996 | | | $ | 2,871 | | | August 12, 2022 | | September 1, 2022 | | $ | 0.100 | | | $ | 21,983 | | | $ | 19,112 | | | $ | 2,871 | | | February 14, 2022 | | March 1, 2022 | | $ | 0.200 | | | $ | 45,851 | | | $ | 37,283 | | | $ | 8,568 | |
(1) Per share of Class A Common Stock and per Magnolia LLC Unit. (2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
Noncontrolling Interest
Noncontrolling interest in Magnolia’s consolidated subsidiaries includes amounts attributable to Magnolia LLC Units that were issued to the Magnolia LLC Unit Holders. The noncontrolling interest percentage is affected by various equity transactions such as issuances and repurchases of Class A Common Stock, the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) for Class A Common Stock, or the cancellation of Class B Common Stock (and corresponding Magnolia LLC Units). As of September 30, 2023, Magnolia owned approximately 89.5% of the interest in Magnolia LLC and the noncontrolling interest was approximately 10.5%.
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 on sale of $3.9 million included within “Other income, net” on the Company’s consolidated statements of operations.
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v3.23.3
Stock Based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Stock Based Compensation |
Stock Based Compensation On October 8, 2018, the Company’s board of directors adopted the “Magnolia Oil & Gas Corporation Long Term Incentive Plan” (as amended, the “Plan”), effective as of July 17, 2018. A total of 16.8 million shares of Class A Common Stock have been authorized for issuance under the Plan as of September 30, 2023. The Company grants stock based compensation awards in the form of restricted stock units (“RSU”), performance restricted stock units (“PRSU”), and performance stock units (“PSU”) to eligible employees and directors to enhance the Company and its affiliates’ ability to attract, retain, and motivate persons who make important contributions to the Company and its affiliates by providing these individuals with equity ownership opportunities. Shares issued as a result of awards granted under the Plan are generally new shares of Class A Common Stock.
Stock based compensation expense is recognized net of forfeitures within “General and administrative expenses” and “Lease operating expenses” on the consolidated statements of operations and was $4.2 million and $3.5 million for the three months ended September 30, 2023 and 2022, and $12.1 million and $9.9 million for the nine months ended September 30, 2023 and 2022, respectively. The Company has elected to account for forfeitures of awards granted under the Plan as they occur in determining compensation expense. The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the three months ended September 30, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted
Stock Units | | Performance Restricted
Stock Units | | Performance
Stock Units | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Unvested at June 30, 2023 | 1,173,407 | | | $ | 18.89 | | | 950,855 | | | $ | 13.73 | | | 232,700 | | | $ | 24.69 | | | Granted | 24,346 | | | 22.40 | | | — | | | — | | | — | | | — | | | Vested | (18,141) | | | 13.30 | | | (2,444) | | | 23.41 | | | — | | | — | | | Forfeited | (7,650) | | | 23.01 | | | — | | | — | | | — | | | — | | Unvested at September 30, 2023 | 1,171,962 | | | $ | 19.01 | | | 948,411 | | | $ | 13.70 | | | 232,700 | | | $ | 24.69 | |
The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted
Stock Units | | Performance Restricted
Stock Units | | Performance
Stock Units | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Unvested at December 31, 2022 | 911,286 | | | $ | 12.89 | | | 1,257,583 | | | $ | 13.36 | | | 278,486 | | | $ | 6.14 | | | Granted | 703,751 | | | 22.80 | | | 15,524 | | | 22.28 | | | 232,700 | | | 24.69 | | Granted for performance multiple(1) | — | | | — | | | — | | | — | | | 12,981 | | | 6.14 | | | Vested | (394,766) | | | 11.69 | | | (317,407) | | | 12.70 | | | (291,467) | | | 6.14 | | | Forfeited | (48,309) | | | 18.14 | | | (7,289) | | | 15.16 | | | — | | | — | | Unvested at September 30, 2023 | 1,171,962 | | | $ | 19.01 | | | 948,411 | | | $ | 13.70 | | | 232,700 | | | $ | 24.69 | |
(1) Upon completion of the performance period for the PSUs granted in 2020, a performance multiple of 105% was applied to each of the grants resulting in additional grants of PSUs in 2023.
Restricted Stock Units
The Company grants service-based RSU awards to employees, which generally vest ratably over a three-year or four-year service period, and to non-employee directors, which vest in full after one year. Non-employee directors may elect to defer the RSU settlement date. RSUs represent the right to receive shares of Class A Common Stock at the end of the vesting period equal to the number of RSUs that vest. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Compensation expense for the service-based RSU awards is based upon the grant date market value of the award and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards. The aggregate fair value of RSUs that vested during the nine months ended September 30, 2023 and 2022 were $8.7 million and $11.0 million, respectively. Unrecognized compensation expense related to unvested RSUs as of September 30, 2023 was $16.3 million, which the Company expects to recognize over a weighted average period of 2.4 years.
Performance Restricted Stock Units and Performance Stock Units
The Company grants PRSUs to certain employees. Each PRSU represents the contingent right to receive one share of Class A Common Stock once the PRSU is both vested and earned. PRSUs generally vest either ratably over a three-year service period or at the end of a three-year service period, in each case, subject to the recipient’s continued employment or service through each applicable vesting date. Each PRSU is earned based on whether Magnolia’s stock price achieves a target average stock price for any 20 consecutive trading days during the five-year performance period. If PRSUs are not earned by the end of the five-year performance period (“Performance Condition”), the PRSUs will be forfeited and no shares of Class A Common Stock will be issued, even if the vesting conditions have been met. Compensation expense for the PRSU awards is based upon grant date fair market value of the award, calculated using a Monte Carlo simulation, as presented below, and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards, as applicable. The aggregate fair value of PRSU awards that vested during the nine months ended September 30, 2023 and 2022 were $7.1 million and $4.8 million. Unrecognized compensation expense related to unvested PRSUs as of September 30, 2023 was $4.6 million, which the Company expects to recognize over a weighted average period of 1.3 years. The Company grants PSUs to certain employees. Each PSU, to the extent earned, represents the contingent right to receive one share of Class A Common Stock and the awardee may earn between zero and 150% of the target number of PSUs granted based on the total shareholder return (“TSR”) of the Class A Common Stock relative to the TSR achieved by a specific industry peer group over a three-year performance period, the last day of which is also the vesting date. In addition to the TSR conditions, vesting of the PSUs is subject to the awardee’s continued employment through the date of settlement of the PSUs, which will occur within 60 days following the end of the performance period. The aggregate fair value of PSU awards that vested during the nine months ended September 30, 2023 and 2022 were $6.7 million and $5.5 million, respectively. Unrecognized compensation expense related to unvested PSUs as of September 30, 2023 was $4.5 million, which the Company expects to recognize over a weighted average period of 2.3 years.
The Performance Condition for the PRSUs granted in 2022 were met on March 28, 2022, therefore the fair value of the PRSUs granted after the Performance Condition were met were based upon the grant date market value of the award. The fair values of the awards granted prior to the date the Performance Condition was met were determined using a Monte Carlo simulation. The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2023 and PRSUs in 2022. | | | | | | | | | | | | | Nine Months Ended | | PSU and PRSU Grant Date Fair Value Assumptions | September 30, 2023 | | September 30, 2022 | Expected term (in years) | 2.88 | | 3.55 | | Expected volatility | 60.80% | | 59.58% | | Risk-free interest rate | 4.15% | | 1.89% | | Dividend yield | 1.93% | | 1.97% |
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v3.23.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
Earnings Per Share The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities, and therefore dividends and net income allocated to such awards have been deducted from earnings in computing basic and diluted net income per share under the two-class method. Diluted net income per share attributable to Class A Common Stock is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented.
The components of basic and diluted net income per share attributable to Class A Common Stock are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | (In thousands, except per share data) | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 | | Basic: | | | | | | | | | Net income attributable to Class A Common Stock | $ | 102,030 | | | $ | 245,477 | | | $ | 289,856 | | | $ | 662,099 | | | Less: Dividends and net income allocated to participating securities | 1,171 | | | 2,297 | | | 3,205 | | | 6,050 | | | Net income, net of participating securities | $ | 100,859 | | | $ | 243,180 | | | $ | 286,651 | | | $ | 656,049 | | | Weighted average number of common shares outstanding during the period - basic | 187,093 | | | 188,635 | | | 189,408 | | | 186,475 | | Net income per share of Class A Common Stock - basic | $ | 0.54 | | | $ | 1.29 | | | $ | 1.51 | | | $ | 3.52 | | | | | | | | | | | Diluted: | | | | | | | | | Net income attributable to Class A Common Stock | $ | 102,030 | | | $ | 245,477 | | | $ | 289,856 | | | $ | 662,099 | | | Less: Dividends and net income allocated to participating securities | 1,171 | | | 2,292 | | | 3,202 | | | 6,035 | | | Net income, net of participating securities | $ | 100,859 | | | $ | 243,185 | | | $ | 286,654 | | | $ | 656,064 | | | Weighted average number of common shares outstanding during the period - basic | 187,093 | | | 188,635 | | | 189,408 | | | 186,475 | | | Add: Dilutive effect of stock based compensation and other | 172 | | | 439 | | | 204 | | | 492 | | | Weighted average number of common shares outstanding during the period - diluted | 187,265 | | | 189,074 | | | 189,612 | | | 186,967 | | Net income per share of Class A Common Stock - diluted | $ | 0.54 | | | $ | 1.29 | | | $ | 1.51 | | | $ | 3.51 | | | | | | | | | |
For the three months ended September 30, 2023 and 2022, the Company excluded 21.8 million and 28.7 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For the nine months ended September 30, 2023 and 2022, the Company excluded 21.8 million and 35.5 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.
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v3.23.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Party Transactions |
Related Party TransactionsAs of September 30, 2023, no entity held more than 10% of the Company’s common stock or qualified as a principal owner of the Company, as defined in ASC 850, “Related Party Disclosures.”
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent EventsOn October 30, 2023, the Company’s board of directors declared a quarterly cash dividend of $0.115 per share of Class A Common Stock, and a cash distribution of $0.115 per Magnolia LLC Unit, payable on December 1, 2023 to shareholders or members of record, as applicable, as of November 9, 2023.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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 Karnes County and the Giddings area in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow.
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 (the “2022 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the Notes to the consolidated financial statements included in the Company’s 2022 Form 10-K.
In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
|
| Reclassification |
Certain reclassifications of prior period financial statements have been made to conform to current reporting practices.
|
| 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.
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v3.23.3
Other Current Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Other Liabilities Disclosure [Abstract] |
|
| Schedule of Other Current Liabilities |
The following table provides detail of the Company’s other current liabilities for the periods presented: | | | | | | | | | | | | | (In thousands) | September 30, 2023 | | December 31, 2022 | | Accrued capital expenditures | $ | 46,235 | | | $ | 67,923 | | | Other | 74,129 | | | 69,504 | | | Total other current liabilities | $ | 120,364 | | | $ | 137,427 | |
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v3.23.3
Long-term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Components of Debt |
The Company’s long-term debt is comprised of the following: | | | | | | | | | | | | | (In thousands) | September 30, 2023 | | December 31, 2022 | | Revolving credit facility | $ | — | | | $ | — | | Senior Notes due 2026 | 400,000 | | | 400,000 | | | Total long-term debt | 400,000 | | | 400,000 | | | | | | | Less: Unamortized deferred financing cost | (7,791) | | | (9,617) | | | Long-term debt, net | $ | 392,209 | | | $ | 390,383 | |
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v3.23.3
Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Provision (Benefit) |
The Company’s income tax provision consists of the following components:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | (In thousands) | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 | | Current: | | | | | | | | | Federal | $ | 18,221 | | | $ | 18,009 | | | $ | 25,277 | | | $ | 60,695 | | | State | 1,041 | | | 1,349 | | | 2,173 | | | 4,638 | | | Total current | 19,262 | | | 19,358 | | | 27,450 | | | 65,333 | | | Deferred: | | | | | | | | | Federal | 12,043 | | | — | | | 46,888 | | | — | | | State | (94) | | | — | | | 1,325 | | | — | | | Total deferred | 11,949 | | | — | | | 48,213 | | | — | | | Income tax expense | $ | 31,211 | | | $ | 19,358 | | | $ | 75,663 | | | $ | 65,333 | |
|
| X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Schedule of Dividends |
The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the nine months ended September 30, 2023 and the year ended December 31, 2022, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Record Date | | Payment Date | | Dividend/ Distribution Amount per share (1) | | Distributions by Magnolia LLC (2) | | Dividends Declared by the Company | | Distributions to Magnolia LLC Unit Holders | | (In thousands, except per share amounts) | | 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 | | | November 7, 2022 | | December 1, 2022 | | $ | 0.100 | | | $ | 21,867 | | | $ | 18,996 | | | $ | 2,871 | | | August 12, 2022 | | September 1, 2022 | | $ | 0.100 | | | $ | 21,983 | | | $ | 19,112 | | | $ | 2,871 | | | February 14, 2022 | | March 1, 2022 | | $ | 0.200 | | | $ | 45,851 | | | $ | 37,283 | | | $ | 8,568 | |
(1) Per share of Class A Common Stock and per Magnolia LLC Unit. (2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
|
| 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 nine months ended September 30, 2023 and the year ended December 31, 2022, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Record Date | | Payment Date | | Dividend/ Distribution Amount per share (1) | | Distributions by Magnolia LLC (2) | | Dividends Declared by the Company | | Distributions to Magnolia LLC Unit Holders | | (In thousands, except per share amounts) | | 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 | | | November 7, 2022 | | December 1, 2022 | | $ | 0.100 | | | $ | 21,867 | | | $ | 18,996 | | | $ | 2,871 | | | August 12, 2022 | | September 1, 2022 | | $ | 0.100 | | | $ | 21,983 | | | $ | 19,112 | | | $ | 2,871 | | | February 14, 2022 | | March 1, 2022 | | $ | 0.200 | | | $ | 45,851 | | | $ | 37,283 | | | $ | 8,568 | |
(1) Per share of Class A Common Stock and per Magnolia LLC Unit. (2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
|
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-Paragraph 1
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v3.23.3
Stock Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Unvested RSU, PSU, and PRSU Activity |
The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the three months ended September 30, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted
Stock Units | | Performance Restricted
Stock Units | | Performance
Stock Units | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Unvested at June 30, 2023 | 1,173,407 | | | $ | 18.89 | | | 950,855 | | | $ | 13.73 | | | 232,700 | | | $ | 24.69 | | | Granted | 24,346 | | | 22.40 | | | — | | | — | | | — | | | — | | | Vested | (18,141) | | | 13.30 | | | (2,444) | | | 23.41 | | | — | | | — | | | Forfeited | (7,650) | | | 23.01 | | | — | | | — | | | — | | | — | | Unvested at September 30, 2023 | 1,171,962 | | | $ | 19.01 | | | 948,411 | | | $ | 13.70 | | | 232,700 | | | $ | 24.69 | |
The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted
Stock Units | | Performance Restricted
Stock Units | | Performance
Stock Units | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Unvested at December 31, 2022 | 911,286 | | | $ | 12.89 | | | 1,257,583 | | | $ | 13.36 | | | 278,486 | | | $ | 6.14 | | | Granted | 703,751 | | | 22.80 | | | 15,524 | | | 22.28 | | | 232,700 | | | 24.69 | | Granted for performance multiple(1) | — | | | — | | | — | | | — | | | 12,981 | | | 6.14 | | | Vested | (394,766) | | | 11.69 | | | (317,407) | | | 12.70 | | | (291,467) | | | 6.14 | | | Forfeited | (48,309) | | | 18.14 | | | (7,289) | | | 15.16 | | | — | | | — | | Unvested at September 30, 2023 | 1,171,962 | | | $ | 19.01 | | | 948,411 | | | $ | 13.70 | | | 232,700 | | | $ | 24.69 | |
(1) Upon completion of the performance period for the PSUs granted in 2020, a performance multiple of 105% was applied to each of the grants resulting in additional grants of PSUs in 2023.
|
| Schedule of Assumptions Used to Calculate Grant Date Fair Value of PRSUs |
The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2023 and PRSUs in 2022. | | | | | | | | | | | | | Nine Months Ended | | PSU and PRSU Grant Date Fair Value Assumptions | September 30, 2023 | | September 30, 2022 | Expected term (in years) | 2.88 | | 3.55 | | Expected volatility | 60.80% | | 59.58% | | Risk-free interest rate | 4.15% | | 1.89% | | Dividend yield | 1.93% | | 1.97% |
|
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v3.23.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Reconciliation of Numerators and Denominators for Basic and Diluted Per Share Computation |
The components of basic and diluted net income per share attributable to Class A Common Stock are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | (In thousands, except per share data) | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 | | Basic: | | | | | | | | | Net income attributable to Class A Common Stock | $ | 102,030 | | | $ | 245,477 | | | $ | 289,856 | | | $ | 662,099 | | | Less: Dividends and net income allocated to participating securities | 1,171 | | | 2,297 | | | 3,205 | | | 6,050 | | | Net income, net of participating securities | $ | 100,859 | | | $ | 243,180 | | | $ | 286,651 | | | $ | 656,049 | | | Weighted average number of common shares outstanding during the period - basic | 187,093 | | | 188,635 | | | 189,408 | | | 186,475 | | Net income per share of Class A Common Stock - basic | $ | 0.54 | | | $ | 1.29 | | | $ | 1.51 | | | $ | 3.52 | | | | | | | | | | | Diluted: | | | | | | | | | Net income attributable to Class A Common Stock | $ | 102,030 | | | $ | 245,477 | | | $ | 289,856 | | | $ | 662,099 | | | Less: Dividends and net income allocated to participating securities | 1,171 | | | 2,292 | | | 3,202 | | | 6,035 | | | Net income, net of participating securities | $ | 100,859 | | | $ | 243,185 | | | $ | 286,654 | | | $ | 656,064 | | | Weighted average number of common shares outstanding during the period - basic | 187,093 | | | 188,635 | | | 189,408 | | | 186,475 | | | Add: Dilutive effect of stock based compensation and other | 172 | | | 439 | | | 204 | | | 492 | | | Weighted average number of common shares outstanding during the period - diluted | 187,265 | | | 189,074 | | | 189,612 | | | 186,967 | | Net income per share of Class A Common Stock - diluted | $ | 0.54 | | | $ | 1.29 | | | $ | 1.51 | | | $ | 3.51 | | | | | | | | | |
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v3.23.3
Acquisitions (Details) - USD ($)
$ in Thousands |
|
3 Months Ended |
9 Months Ended |
Jul. 31, 2023 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Asset Acquisition [Line Items] |
|
|
|
|
|
| Deposits related to acquisition |
|
|
|
$ 22,503
|
$ 0
|
| Oil And Natural Gas Producing Properties, Giddings Area |
|
|
|
|
|
| Asset Acquisition [Line Items] |
|
|
|
|
|
| Consideration transferred for asset |
$ 40,000
|
|
|
|
|
| Deposits related to acquisition |
|
|
$ 22,500
|
|
|
| Oil And Natural Gas Producing Properties, Giddings Area | Forecast |
|
|
|
|
|
| Asset Acquisition [Line Items] |
|
|
|
|
|
| Consideration transferred for asset |
|
$ 300,000
|
|
|
|
| Additional contingent cash consideration |
|
$ 40,000
|
|
|
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v3.23.3
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments Not Carried at Fair Value (Details) - Fair Value, Inputs, Level 1 - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Carrying Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Long-term debt |
$ 392,209
|
$ 390,383
|
| Fair Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Long-term debt |
$ 386,500
|
$ 382,704
|
| X |
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v3.23.3
Long-term Debt - Components of Debt (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Debt Instrument [Line Items] |
|
|
| Total long-term debt |
$ 400,000,000
|
$ 400,000,000
|
| Less: Unamortized deferred financing cost |
(7,791,000)
|
(9,617,000)
|
| Long-term debt, net |
392,209,000
|
390,383,000
|
| Line of Credit | Revolving credit facility |
|
|
| Debt Instrument [Line Items] |
|
|
| Total long-term debt |
0
|
0
|
| Senior Notes | Senior Notes due 2026 |
|
|
| Debt Instrument [Line Items] |
|
|
| Total long-term debt |
$ 400,000,000
|
$ 400,000,000
|
| X |
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v3.23.3
Long-term Debt - Credit Facility Narrative (Details)
|
3 Months Ended |
9 Months Ended |
|
|
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Feb. 16, 2022
USD ($)
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
| Deferred financing costs, net |
$ 4,290,000
|
|
$ 4,290,000
|
|
$ 5,636,000
|
|
| Amortization of deferred financing costs |
|
|
3,173,000
|
$ 4,812,000
|
|
|
| Total long-term debt |
400,000,000
|
|
$ 400,000,000
|
|
400,000,000
|
|
| Line of Credit | Amended and Restated RBL Facility | Magnolia Operating |
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
| Maximum commitments, aggregate principal amount |
|
|
|
|
|
$ 1,000,000,000
|
| Borrowing base |
|
|
|
|
|
$ 450,000,000
|
| Leverage ratio (less than) |
|
|
|
|
|
3.50
|
| Current ratio (greater than) |
|
|
|
|
|
1.00
|
| Transaction fees related to the modification |
|
$ 5,500,000
|
|
5,500,000
|
|
|
| Deferred financing costs, net |
|
5,100,000
|
|
5,100,000
|
|
|
| Amortization of deferred financing costs |
|
|
|
400,000
|
|
|
| Line of Credit | Letter of Credit Sublimit | Magnolia Operating |
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
| Maximum commitments, aggregate principal amount |
|
|
|
|
|
$ 50,000,000
|
| Line of Credit | RBL Facility |
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
| Amortization period |
|
|
4 years
|
|
|
|
| Interest expense |
1,000,000
|
$ 1,100,000
|
$ 3,100,000
|
$ 4,800,000
|
|
|
| Total long-term debt |
$ 0
|
|
$ 0
|
|
$ 0
|
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|
|
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v3.23.3
Long-term Debt - 2026 Senior Notes Narrative (Details) - Senior Notes - Senior Notes due 2026 - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jul. 31, 2018 |
| Debt Instrument [Line Items] |
|
|
|
|
|
| Aggregate principal amount |
|
|
|
|
$ 400,000,000
|
| Stated interest rate |
|
|
|
|
6.00%
|
| Interest expense |
$ 6,600,000
|
$ 6,600,000
|
$ 19,800,000
|
$ 19,700,000
|
|
| X |
- DefinitionFace (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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v3.23.3
Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Current: |
|
|
|
|
| Federal |
$ 18,221
|
$ 18,009
|
$ 25,277
|
$ 60,695
|
| State |
1,041
|
1,349
|
2,173
|
4,638
|
| Total current |
19,262
|
19,358
|
27,450
|
65,333
|
| Deferred: |
|
|
|
|
| Federal |
12,043
|
0
|
46,888
|
0
|
| State |
(94)
|
0
|
1,325
|
0
|
| Total deferred |
11,949
|
0
|
48,213
|
0
|
| Income tax expense |
$ 31,211
|
$ 19,358
|
$ 75,663
|
$ 65,333
|
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Income Taxes - Narrative (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
|
| Effective tax rate |
21.00%
|
6.30%
|
18.70%
|
7.60%
|
|
| Deferred tax assets |
$ 118,628
|
|
$ 118,628
|
|
$ 162,792
|
| Valuation allowance |
$ 3,800
|
|
$ 3,800
|
|
|
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v3.23.3
Stockholders' Equity - Narrative (Details)
$ in Thousands |
|
3 Months Ended |
5 Months Ended |
9 Months Ended |
|
|
May 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
vote
shares
|
Sep. 30, 2022
USD ($)
|
May 30, 2023 |
Sep. 30, 2023
USD ($)
vote
shares
|
Sep. 30, 2022
USD ($)
shares
|
Dec. 31, 2022
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%
|
|
|
15.30%
|
|
|
|
| VIE, Primary Beneficiary | Magnolia LLC |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Percentage of interest owned |
|
|
|
|
89.50%
|
|
|
| Percentage of interest owned by noncontrolling interest holders |
|
10.50%
|
|
|
10.50%
|
|
|
| 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 | $ |
|
|
|
|
|
$ 138,800
|
|
| Class A Common Stock |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Common stock, shares issued (in shares) |
|
214,415,000
|
|
|
214,415,000
|
|
213,727,000
|
| Common stock, shares outstanding (in shares) |
|
185,582,000
|
|
|
185,582,000
|
|
192,043,000
|
| Number of votes for each share held | vote |
|
1
|
|
|
1
|
|
|
| Total cost of shares repurchased | $ |
|
$ 56,768
|
$ 62,367
|
|
$ 152,860
|
155,605
|
|
| Stock repurchased, cash consideration | $ |
|
|
|
|
$ 151,696
|
$ 153,138
|
|
| Class A Common Stock | EnerVest Energy Institutional Fund XIV-C, L.P. | Affiliate of EnerVest |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Number of shares repurchased (in shares) |
|
|
|
|
|
600,000
|
|
| Total cost of shares repurchased | $ |
|
|
|
|
|
$ 11,600
|
|
| Class 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) |
|
|
|
|
28,300,000
|
|
|
| Total cost of shares repurchased | $ |
|
|
|
|
$ 470,800
|
|
|
| Repurchase authorization |
|
11,700,000
|
|
|
11,700,000
|
|
|
| Class B Common Stock |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Common stock, shares issued (in shares) |
|
21,827,000
|
|
|
21,827,000
|
|
21,827,000
|
| Common stock, shares outstanding (in shares) |
|
21,827,000
|
|
|
21,827,000
|
|
21,827,000
|
| Number of votes for each share held | vote |
|
1
|
|
|
1
|
|
|
| Stock repurchased, cash consideration | $ |
|
|
|
|
$ 0
|
$ 138,753
|
|
| Class B Common Stock | Magnolia LLC |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Stock repurchased and subsequently canceled (in shares) |
|
|
|
|
|
5,900,000
|
|
| Class B Common Stock | Magnolia LLC Unit Holders |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Stock redeemed (in shares) |
|
|
|
|
|
14,600,000
|
|
| Magnolia LLC Units | Magnolia LLC |
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
| Stock repurchased and subsequently canceled (in shares) |
|
|
|
|
|
5,900,000
|
|
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v3.23.3
Stockholders' Equity - Schedule of Dividends and Distributions (Details) - USD ($)
$ / shares in Units, $ in Thousands |
|
|
|
|
|
|
9 Months Ended |
Sep. 01, 2023 |
Jun. 01, 2023 |
Mar. 01, 2023 |
Dec. 01, 2022 |
Sep. 01, 2022 |
Mar. 01, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Dividend/ Distribution Amount per share (in dollars per share) |
$ 0.115
|
$ 0.115
|
$ 0.115
|
$ 0.100
|
$ 0.100
|
$ 0.200
|
|
|
| Distributions by Magnolia LLC |
$ 2,510
|
$ 2,510
|
$ 2,510
|
$ 2,871
|
$ 2,871
|
$ 8,568
|
|
|
| Dividends Declared by the Company |
|
|
|
|
|
|
$ 66,480
|
$ 56,220
|
| Class A Common Stock |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Common stock, dividends, declared (in dollars per share) |
$ 0.115
|
$ 0.115
|
$ 0.115
|
$ 0.100
|
$ 0.100
|
$ 0.200
|
|
|
| Dividends Declared by the Company |
$ 21,811
|
$ 22,117
|
$ 22,368
|
$ 18,996
|
$ 19,112
|
$ 37,283
|
|
|
| Magnolia LLC |
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
| Distributions by Magnolia LLC |
$ 24,321
|
$ 24,627
|
$ 24,878
|
$ 21,867
|
$ 21,983
|
$ 45,851
|
|
|
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v3.23.3
Stock Based Compensation - Narrative (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock based compensation expense |
$ 4.2
|
$ 3.5
|
$ 12.1
|
$ 9.9
|
| RSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Aggregate fair value of equity instruments vested during the period |
|
|
8.7
|
11.0
|
| Unrecognized compensation expense |
16.3
|
|
$ 16.3
|
|
| Weighted average period over which unrecognized compensation expense is expected to be recognized |
|
|
2 years 4 months 24 days
|
|
| RSUs | Employees | Minimum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
3 years
|
|
| RSUs | Employees | Maximum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
4 years
|
|
| RSUs | Directors |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
1 year
|
|
| PRSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
3 years
|
|
| Aggregate fair value of equity instruments vested during the period |
|
|
$ 7.1
|
4.8
|
| Unrecognized compensation expense |
4.6
|
|
$ 4.6
|
|
| Weighted average period over which unrecognized compensation expense is expected to be recognized |
|
|
1 year 3 months 18 days
|
|
| Number of consecutive trading days required to earn PRSUs |
|
|
20 days
|
|
| Performance period |
|
|
5 years
|
|
| PSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Aggregate fair value of equity instruments vested during the period |
|
|
$ 6.7
|
$ 5.5
|
| Unrecognized compensation expense |
$ 4.5
|
|
$ 4.5
|
|
| Weighted average period over which unrecognized compensation expense is expected to be recognized |
|
|
2 years 3 months 18 days
|
|
| Performance period |
|
|
3 years
|
|
| Vesting percentage |
|
|
105.00%
|
|
| 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 |
|
|
0.00%
|
|
| Class A Common Stock | PSUs | Maximum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting percentage |
|
|
150.00%
|
|
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Stock Based Compensation - Schedule of Unvested RSU, PSU, and PRSU Activity (Details) - $ / shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2023 |
| Restricted Stock Units |
|
|
| Units |
|
|
| Unvested stock units, beginning of period (in shares) |
1,173,407
|
911,286
|
| Granted (in shares) |
24,346
|
703,751
|
| Granted for performance multiple (in shares) |
|
0
|
| Vested (in shares) |
(18,141)
|
(394,766)
|
| Forfeited (in shares) |
(7,650)
|
(48,309)
|
| Unvested stock units, end of period (in shares) |
1,171,962
|
1,171,962
|
| Weighted Average Grant Date Fair Value |
|
|
| Unvested stock units, beginning of period (in dollars per share) |
$ 18.89
|
$ 12.89
|
| Granted (in dollars per share) |
22.40
|
22.80
|
| Granted for performance multiple (in dollars per share) |
|
0
|
| Vested (in dollars per share) |
13.30
|
11.69
|
| Forfeited (in dollars per share) |
23.01
|
18.14
|
| Unvested stock units, end of period (in dollars per share) |
$ 19.01
|
$ 19.01
|
| Performance Restricted Stock Units |
|
|
| Units |
|
|
| Unvested stock units, beginning of period (in shares) |
950,855
|
1,257,583
|
| Granted (in shares) |
0
|
15,524
|
| Granted for performance multiple (in shares) |
|
0
|
| Vested (in shares) |
(2,444)
|
(317,407)
|
| Forfeited (in shares) |
0
|
(7,289)
|
| Unvested stock units, end of period (in shares) |
948,411
|
948,411
|
| Weighted Average Grant Date Fair Value |
|
|
| Unvested stock units, beginning of period (in dollars per share) |
$ 13.73
|
$ 13.36
|
| Granted (in dollars per share) |
0
|
22.28
|
| Granted for performance multiple (in dollars per share) |
|
0
|
| Vested (in dollars per share) |
23.41
|
12.70
|
| Forfeited (in dollars per share) |
0
|
15.16
|
| Unvested stock units, end of period (in dollars per share) |
$ 13.70
|
$ 13.70
|
| Performance Stock Units |
|
|
| Units |
|
|
| Unvested stock units, beginning of period (in shares) |
232,700
|
278,486
|
| Granted (in shares) |
0
|
232,700
|
| Granted for performance multiple (in shares) |
|
12,981
|
| Vested (in shares) |
0
|
(291,467)
|
| Forfeited (in shares) |
0
|
0
|
| Unvested stock units, end of period (in shares) |
232,700
|
232,700
|
| Weighted Average Grant Date Fair Value |
|
|
| Unvested stock units, beginning of period (in dollars per share) |
$ 24.69
|
$ 6.14
|
| Granted (in dollars per share) |
0
|
24.69
|
| Granted for performance multiple (in dollars per share) |
|
6.14
|
| Vested (in dollars per share) |
0
|
6.14
|
| Forfeited (in dollars per share) |
0
|
0
|
| Unvested stock units, end of period (in dollars per share) |
$ 24.69
|
$ 24.69
|
| Vesting percentage |
|
105.00%
|
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-Topic 718
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-Section 50
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| X |
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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v3.23.3
| X |
- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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v3.23.3
Earnings Per Share - Reconciliation of Numerators and Denominators for Basic and Diluted Per Share Computation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Basic: |
|
|
|
|
| Net income attributable to Class A Common Stock |
$ 102,030
|
$ 245,477
|
$ 289,856
|
$ 662,099
|
| Less: Dividends and net income allocated to participating securities |
1,171
|
2,297
|
3,205
|
6,050
|
| Net income, net of participating securities |
$ 100,859
|
$ 243,180
|
$ 286,651
|
$ 656,049
|
| Weighted average number of common shares outstanding during the period - basic (in shares) |
187,093
|
188,635
|
189,408
|
186,475
|
| Diluted: |
|
|
|
|
| Net income attributable to Class A Common Stock |
$ 102,030
|
$ 245,477
|
$ 289,856
|
$ 662,099
|
| Less: Dividends and net income allocated to participating securities |
1,171
|
2,292
|
3,202
|
6,035
|
| Net income, net of participating securities |
$ 100,859
|
$ 243,185
|
$ 286,654
|
$ 656,064
|
| Weighted average number of common shares outstanding during the period - basic (in shares) |
187,093
|
188,635
|
189,408
|
186,475
|
| Add: Dilutive effect of stock based compensation and other (in shares) |
172
|
439
|
204
|
492
|
| Weighted average number of common shares outstanding during the period - diluted (in shares) |
187,265
|
189,074
|
189,612
|
186,967
|
| Class A Common Stock |
|
|
|
|
| Basic: |
|
|
|
|
| Net income per share of Class A Common Stock - basic (in dollars per share) |
$ 0.54
|
$ 1.29
|
$ 1.51
|
$ 3.52
|
| Diluted: |
|
|
|
|
| Net income per share of Class A Common Stock - diluted (in dollars per share) |
$ 0.54
|
$ 1.29
|
$ 1.51
|
$ 3.51
|
| X |
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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v3.23.3
Subsequent Events (Details) - $ / shares
|
|
3 Months Ended |
9 Months Ended |
Oct. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Subsequent Event [Line Items] |
|
|
|
|
|
| Common stock, dividends, declared (in dollars per share) |
|
$ 0.115
|
$ 0.10
|
$ 0.345
|
$ 0.30
|
| Subsequent Event | Class A Common Stock |
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
| Common stock, dividends, declared (in dollars per share) |
$ 0.115
|
|
|
|
|
| Subsequent Event | Magnolia LLC Units |
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
| Distribution made to LLC member, distributions declared (in dollars per share) |
$ 0.115
|
|
|
|
|
| X |
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-SubTopic 30
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-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-2
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-SubTopic 10
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-Section 50
-Paragraph 2
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Magnolia Oil and Gas (NYSE:MGY)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Magnolia Oil and Gas (NYSE:MGY)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024
