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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, 2024
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 28, 2024, there were 191,036,251 shares of Class A Common Stock, $0.0001 par value per share, and 5,523,479 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 Oil & Gas Holdings LLC, Magnolia LLC, Magnolia Intermediate, Magnolia Operating, and Magnolia Oil & Gas Finance Corp.).
“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, 2024 | | December 31, 2023 |
| ASSETS | | (Unaudited) | | (Audited) |
| CURRENT ASSETS | | | | |
Cash and cash equivalents | | $ | 276,139 | | | $ | 401,121 | |
Accounts receivable | | 136,207 | | | 189,705 | |
Drilling advances | | 1,297 | | | 12 | |
Other current assets | | 1,555 | | | 435 | |
| Total current assets | | 415,198 | | | 591,273 | |
| PROPERTY, PLANT AND EQUIPMENT | | | | |
| Oil and natural gas properties | | 4,265,564 | | | 3,743,580 | |
| Other | | 18,647 | | | 9,774 | |
| Accumulated depreciation, depletion and amortization | | (2,010,535) | | | (1,701,333) | |
| Total property, plant and equipment, net | | 2,273,676 | | | 2,052,021 | |
| OTHER ASSETS | | | | |
| Deferred financing costs, net | | 2,485 | | | 3,836 | |
| Deferred tax assets | | 99,449 | | | 90,358 | |
| Other long-term assets | | 20,149 | | | 18,728 | |
| Total other assets | | 122,083 | | | 112,922 | |
| TOTAL ASSETS | | $ | 2,810,957 | | | $ | 2,756,216 | |
| LIABILITIES AND EQUITY | | | | |
| CURRENT LIABILITIES | | | | |
| Accounts payable | | $ | 164,295 | | | $ | 193,212 | |
Other current liabilities (Note 6) | | 117,228 | | | 121,675 | |
| Total current liabilities | | 281,523 | | | 314,887 | |
| LONG-TERM LIABILITIES | | | | |
| Long-term debt, net | | 394,793 | | | 392,839 | |
| Asset retirement obligations, net of current | | 159,340 | | | 148,467 | |
| Other long-term liabilities | | 14,729 | | | 17,355 | |
| Total long-term liabilities | | 568,862 | | | 558,661 | |
COMMITMENTS AND CONTINGENCIES (Note 8) | | | | |
| EQUITY | | | | |
Class A Common Stock, $0.0001 par value, 1,300,000 shares authorized, 228,117 shares issued and 191,484 shares outstanding in 2024 and 214,497 shares issued and 183,164 shares outstanding in 2023 | | 23 | | | 21 | |
Class B Common Stock, $0.0001 par value, 225,000 shares authorized, 5,523 shares issued and outstanding in 2024 and 21,827 issued and outstanding in 2023 | | 1 | | | 2 | |
| Additional paid-in capital | | 1,879,447 | | | 1,743,930 | |
Treasury Stock, at cost, 36,633 shares and 31,333 shares in 2024 and 2023, respectively | | (665,472) | | | (538,445) | |
| Retained earnings | | 694,090 | | | 486,162 | |
| Noncontrolling interest | | 52,483 | | | 190,998 | |
| Total equity | | 1,960,572 | | | 1,882,668 | |
| TOTAL LIABILITIES AND EQUITY | | $ | 2,810,957 | | | $ | 2,756,216 | |
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, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| REVENUES | | | | | | | |
| Oil revenues | $ | 265,682 | | | $ | 243,588 | | | $ | 800,195 | | | $ | 705,857 | |
| Natural gas revenues | 22,207 | | | 27,069 | | | 61,871 | | | 75,687 | |
| Natural gas liquids revenues | 45,246 | | | 45,021 | | | 127,211 | | | 122,807 | |
| Total revenues | 333,135 | | | 315,678 | | | 989,277 | | | 904,351 | |
| OPERATING EXPENSES | | | | | | | |
| Lease operating expenses | 44,444 | | | 35,893 | | | 134,945 | | | 115,060 | |
| Gathering, transportation and processing | 10,676 | | | 10,297 | | | 27,668 | | | 33,419 | |
| Taxes other than income | 18,269 | | | 14,823 | | | 56,011 | | | 49,331 | |
| Exploration expenses | 491 | | | 5,128 | | | 918 | | | 5,139 | |
| Asset retirement obligations accretion | 1,749 | | | 875 | | | 5,112 | | | 2,539 | |
| Depreciation, depletion and amortization | 107,336 | | | 81,158 | | | 309,155 | | | 228,868 | |
| Impairment of oil and natural gas properties | — | | | — | | | — | | | 15,735 | |
| General and administrative expenses | 21,158 | | | 19,371 | | | 67,547 | | | 57,863 | |
| Total operating expenses | 204,123 | | | 167,545 | | | 601,356 | | | 507,954 | |
| | | | | | | |
| OPERATING INCOME | 129,012 | | | 148,133 | | | 387,921 | | | 396,397 | |
| | | | | | | |
| OTHER INCOME (EXPENSE) | | | | | | | |
| Interest income (expense), net | (3,856) | | | 1,034 | | | (9,683) | | | 372 | |
| Other income (expense), net | 7,286 | | | (479) | | | 4,018 | | | 7,643 | |
| Total other income (expense), net | 3,430 | | | 555 | | | (5,665) | | | 8,015 | |
| | | | | | | |
| INCOME BEFORE INCOME TAXES | 132,442 | | | 148,688 | | | 382,256 | | | 404,412 | |
| Income tax expense | 26,530 | | | 31,211 | | | 73,634 | | | 75,663 | |
| NET INCOME | 105,912 | | | 117,477 | | | 308,622 | | | 328,749 | |
| LESS: Net income attributable to noncontrolling interest | 6,128 | | | 15,447 | | | 28,193 | | | 38,893 | |
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK | $ | 99,784 | | | $ | 102,030 | | | $ | 280,429 | | | $ | 289,856 | |
| | | | | | | |
| NET INCOME PER SHARE OF CLASS A COMMON STOCK | | |
| Basic | $ | 0.52 | | | $ | 0.54 | | | $ | 1.50 | | | $ | 1.51 | |
| Diluted | $ | 0.52 | | | $ | 0.54 | | | $ | 1.50 | | | $ | 1.51 | |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | | |
| Basic | 187,859 | | | 187,093 | | | 185,065 | | | 189,408 | |
| Diluted | 187,871 | | | 187,265 | | | 185,096 | | | 189,612 | |
The accompanying notes are an integral part of these consolidated financial statements.
Magnolia Oil & Gas Corporation
Consolidated Statements of Changes in Equity (Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A
Common Stock | Class B
Common Stock | Additional Paid In Capital | Treasury Stock | Retained Earnings | Total Stockholders’ Equity | Noncontrolling Interest | Total
Equity |
For the Three Months Ended September 30, 2023 | Shares | Value | Shares | Value | | Shares | Value | | | | |
| 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, net | 15 | | — | | — | | — | | (112) | | — | | — | | — | | (112) | | (13) | | (125) | |
| Class A Common Stock repurchase | — | | — | | — | | — | | — | | 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 | |
| | | | | | | | | | | |
For the Three Months Ended September 30, 2024 | | | | | | | | | | | |
| Balance, June 30, 2024 | 223,167 | | $ | 23 | | 10,958 | | $ | 1 | | $ | 1,815,798 | | 34,683 | | $ | (616,747) | | $ | 619,000 | | $ | 1,818,075 | | $ | 100,281 | | $ | 1,918,356 | |
| Stock based compensation expense, net of forfeitures | — | | — | | — | | — | | 4,487 | | — | | — | | — | | 4,487 | | 220 | | 4,707 | |
| Changes in ownership interest adjustment | — | | — | | — | | — | | 39,667 | | — | | — | | — | | 39,667 | | (39,667) | | — | |
| Common stock issued related to stock based compensation and other, net | 15 | | — | | — | | — | | (140) | | — | | — | | — | | (140) | | (7) | | (147) | |
| Class A Common Stock repurchases | — | | — | | — | | — | | — | | 1,950 | | (48,725) | | — | | (48,725) | | — | | (48,725) | |
| Class B Common Stock purchase and cancellation | — | | — | | (500) | | — | | — | | — | | — | | — | | — | | (12,930) | | (12,930) | |
| Conversion of Class B Common Stock to Class A Common Stock | 4,935 | | — | | (4,935) | | — | | — | | — | | — | | — | | — | | — | | — | |
Dividends declared ($0.13 per share) | — | | — | | — | | — | | — | | — | | — | | (24,694) | | (24,694) | | — | | (24,694) | |
| Distributions to noncontrolling interest owners | — | | — | | — | | — | | — | | — | | — | | — | | — | | (1,542) | | (1,542) | |
| Adjustment to deferred taxes | — | | — | | — | | — | | (7,918) | | — | | — | | — | | (7,918) | | — | | (7,918) | |
| Tax impact of equity transactions | — | | — | | — | | — | | 27,553 | | — | | — | | — | | 27,553 | | — | | 27,553 | |
| Net income | — | | — | | — | | — | | — | | — | | — | | 99,784 | | 99,784 | | 6,128 | | 105,912 | |
Balance, September 30, 2024 | 228,117 | | $ | 23 | | 5,523 | | $ | 1 | | $ | 1,879,447 | | 36,633 | | $ | (665,472) | | $ | 694,090 | | $ | 1,908,089 | | $ | 52,483 | | $ | 1,960,572 | |
The accompanying notes are an integral part of these consolidated financial statements.
Magnolia Oil & Gas Corporation
Consolidated Statements of Changes in Equity (Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A
Common Stock | Class B
Common Stock | Additional Paid In Capital | Treasury Stock | Retained Earnings | Total Stockholders’ Equity | Noncontrolling Interest | Total
Equity |
For the Nine Months Ended September 30, 2023 | Shares | Value | Shares | Value | | Shares | Value | | | | |
| 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, net | 688 | | — | | — | | — | | (6,374) | | — | | — | | — | | (6,374) | | (729) | | (7,103) | |
| Class A Common Stock repurchase | — | | — | | — | | — | | — | | 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 | |
| | | | | | | | | | | |
For the Nine Months Ended September 30, 2024 | | | | | | | | | | | |
| Balance, December 31, 2023 | 214,497 | | $ | 21 | | 21,827 | | $ | 2 | | $ | 1,743,930 | | 31,333 | | $ | (538,445) | | $ | 486,162 | | $ | 1,691,670 | | $ | 190,998 | | $ | 1,882,668 | |
| Stock based compensation expense, net of forfeitures | — | | — | | — | | — | | 13,095 | | — | | — | | — | | 13,095 | | 1,066 | | 14,161 | |
| Changes in ownership interest adjustment | — | | — | | — | | — | | 69,101 | | — | | — | | — | | 69,101 | | (69,101) | | — | |
| Common stock issued related to stock based compensation and other, net | 816 | | 1 | | — | | — | | (6,861) | | — | | — | | — | | (6,860) | | (813) | | (7,673) | |
| Class A Common Stock repurchases | — | | — | | — | | — | | — | | 5,300 | | (127,027) | | — | | (127,027) | | — | | (127,027) | |
| Class B Common Stock purchase and cancellation | — | | — | | (3,500) | | — | | — | | — | | — | | — | | — | | (89,670) | | (89,670) | |
| Conversion of Class B Common Stock to Class A Common Stock | 12,804 | | 1 | | (12,804) | | (1) | | — | | — | | — | | — | | — | | — | | — | |
Dividends declared ($0.39 per share) | — | | — | | — | | — | | — | | — | | — | | (72,501) | | (72,501) | | — | | (72,501) | |
| Distributions to noncontrolling interest owners | — | | — | | — | | — | | — | | — | | — | | — | | — | | (8,190) | | (8,190) | |
| Adjustment to deferred taxes | — | | — | | — | | — | | (10,834) | | — | | — | | — | | (10,834) | | — | | (10,834) | |
| Tax impact of equity transactions | — | | — | | — | | — | | 71,016 | | — | | — | | — | | 71,016 | | — | | 71,016 | |
| Net income | — | | — | | — | | — | | — | | — | | — | | 280,429 | | 280,429 | | 28,193 | | 308,622 | |
Balance, September 30, 2024 | 228,117 | | $ | 23 | | 5,523 | | $ | 1 | | $ | 1,879,447 | | 36,633 | | $ | (665,472) | | $ | 694,090 | | $ | 1,908,089 | | $ | 52,483 | | $ | 1,960,572 | |
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, 2024 | | September 30, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
| NET INCOME | | $ | 308,622 | | | $ | 328,749 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
| Depreciation, depletion and amortization | | 309,155 | | | 228,868 | |
| Exploration expenses, non-cash | | 1 | | | 9 | |
| Impairment of oil and natural gas properties | | — | | | 15,735 | |
| Asset retirement obligations accretion | | 5,112 | | | 2,539 | |
| Amortization of deferred financing costs | | 3,305 | | | 3,173 | |
| Gain on sale of assets | | — | | | (3,946) | |
| Deferred income tax expense | | 51,958 | | | 48,213 | |
| Gain on revaluation of contingent consideration | | (3,808) | | | — | |
| Stock based compensation | | 14,161 | | | 12,060 | |
| Other | | 2,921 | | | — | |
| Changes in operating assets and liabilities: | | | | |
| Accounts receivable | | 50,579 | | | (16,462) | |
| Accounts payable | | (35,915) | | | (19,082) | |
| Accrued liabilities | | (485) | | | (1,735) | |
| Drilling advances | | (1,285) | | | 3,472 | |
| Other assets and liabilities, net | | (6,098) | | | 7,314 | |
| Net cash provided by operating activities | | 698,223 | | | 608,907 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
| Acquisitions | | (164,995) | | | (53,812) | |
| Deposits for acquisitions of oil and natural gas properties | | — | | | (22,503) | |
| Additions to oil and natural gas properties | | (351,935) | | | (332,055) | |
| Changes in working capital associated with additions to oil and natural gas properties | | 455 | | | (21,688) | |
| Other investing | | (539) | | | (590) | |
| Net cash used in investing activities | | (517,014) | | | (430,648) | |
| CASH FLOW FROM FINANCING ACTIVITIES | | | | |
| Class A Common Stock repurchases | | (128,133) | | | (151,696) | |
| Class B Common Stock purchases and cancellations | | (89,670) | | | — | |
| Dividends paid | | (72,524) | | | (66,480) | |
| Distributions to noncontrolling interest owners | | (8,190) | | | (9,946) | |
| Other financing activities | | (7,674) | | | (7,112) | |
| Net cash used in financing activities | | (306,191) | | | (235,234) | |
| | | | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | | (124,982) | | | (56,975) | |
| Cash and cash equivalents – Beginning of period | | 401,121 | | | 675,441 | |
| Cash and cash equivalents – End of period | | $ | 276,139 | | | $ | 618,466 | |
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 the Karnes and Giddings areas in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow.
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 (the “2023 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2023 Form 10-K.
In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. The Company’s interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Company reflects a noncontrolling interest representing the interest owned by the Magnolia LLC Unit Holders through their ownership of Magnolia LLC Units in the consolidated financial statements. The noncontrolling interest is presented as a component of equity. See Note 10—Stockholders’ Equity for further discussion of the noncontrolling interest.
2. Summary of Significant Accounting Policies
As of September 30, 2024, the Company’s significant accounting policies are consistent with those discussed in Note 1—Organization and Summary of Significant Accounting Policies of its consolidated financial statements contained in the Company’s 2023 Form 10-K.
Recent Accounting Pronouncements
In December 2023, the Financial Standards Accounting Board (FASB) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that ASU 2023-09 will have on its financial statement disclosures.
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 $115.1 million as of September 30, 2024 and $124.4 million as of December 31, 2023. For further detail regarding the Company’s revenue recognition policies, please refer to Note 1—Organization and Summary of Significant Accounting Policies of the consolidated financial statements contained in the Company’s 2023 Form 10-K.
4. Acquisitions
2024 Acquisitions
In April 2024, the Company acquired certain oil and gas producing properties, including leasehold and mineral interests, in the Giddings area for approximately $125.0 million, subject to customary purchase price adjustments. The acquisition was accounted for as an asset acquisition and was funded with cash on hand.
2023 Acquisitions
In November 2023, the Company acquired certain oil and gas producing properties, including leasehold and mineral interests, in the Giddings area for $264.1 million, subject to customary purchase price adjustments. The seller may also receive up to a maximum of $40.0 million in additional contingent cash consideration through January 2026 based on future commodity prices. For more information regarding the contingent consideration, refer to Note 5—Fair Value Measurements.
In July 2023, the Company completed the acquisition of certain oil and natural gas assets located in the Giddings area for $41.8 million.
The Company accounted for the aforementioned acquisitions as asset acquisitions.
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.
Fair Value of Financial Instruments
The carrying value and fair value of the financial instrument that is not carried at fair value in the Company’s consolidated balance sheets at September 30, 2024 and December 31, 2023 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (In thousands) | Carrying Value | | Fair Value | | Carrying Value | | Fair Value |
| Long-term debt | $ | 394,793 | | | $ | 399,312 | | | $ | 392,839 | | | $ | 394,356 | |
The fair value of the 2026 Senior Notes at September 30, 2024 and December 31, 2023 is based on unadjusted quoted prices in an active market, which is considered a Level 1 input in the fair value hierarchy.
Recurring Fair Value Measurements
In November 2023, the Company acquired certain oil and gas producing properties, including leasehold and mineral interests, in the Giddings area. As part of this transaction, the seller may receive up to $40.0 million in contingent cash consideration based on future commodity prices. The contingent consideration is payable in three tranches based on average NYMEX WTI prices for (i) the period beginning July 1, 2023 through December 31, 2023, (ii) the year ending December 31, 2024, and (iii) the year ending December 31, 2025. The fair value of the contingent consideration is estimated using observable market data (NYMEX WTI forward price curve) and Monte Carlo simulation models, which are considered Level 2 inputs in the fair value hierarchy.
The fair value of the contingent consideration was $7.8 million and $14.3 million as of September 30, 2024 and December 31, 2023, respectively. The current portion of the liability included in “Other current liabilities” on the Company’s consolidated balance sheet as of September 30, 2024 and December 31, 2023 was $2.4 million and $6.7 million, respectively. The long-term portion of the liability included in “Other long-term liabilities” on the Company’s consolidated balance sheet as of September 30, 2024 and December 31, 2023 was $5.4 million and $7.6 million, respectively.
The first tranche was settled for $2.7 million in January 2024. The Company recognized a gain of $7.0 million on the revaluation of the remaining tranches for the three months ended September 30, 2024, and a gain of $3.8 million for the nine months ended September 30, 2024. Gains and losses on revaluation are included in “Other income (expense), net” on the Company’s consolidated statements of operations.
The Company has other financial instruments consisting primarily of receivables, payables, and other current assets and liabilities that approximate fair value due to the nature of the instruments and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in business combinations and asset retirement obligations.
Nonrecurring Fair Value Measurements
Certain of the Company’s assets and liabilities are measured at fair value on a nonrecurring basis. Specifically, stock based compensation is not measured at fair value on an ongoing basis but is subject to fair value calculations in certain circumstances. For further detail, see Note 11—Stock Based Compensation in the notes to the consolidated financial statements. There were no other material nonrecurring fair value measurements as of September 30, 2024 or December 31, 2023.
6. Other Current Liabilities
The following table provides detail of the Company’s other current liabilities for the periods presented:
| | | | | | | | | | | |
| (In thousands) | September 30, 2024 | | December 31, 2023 |
| Accrued capital expenditures | $ | 34,585 | | | $ | 34,131 | |
| Other | 82,643 | | | 87,544 | |
| Total other current liabilities | $ | 117,228 | | | $ | 121,675 | |
7. Long-term Debt
The Company’s long-term debt is comprised of the following:
| | | | | | | | | | | |
| (In thousands) | September 30, 2024 | | December 31, 2023 |
| Revolving credit facility | $ | — | | | $ | — | |
Senior Notes due 2026 | 400,000 | | | 400,000 | |
| Total long-term debt | 400,000 | | | 400,000 | |
| | | |
| Less: Unamortized deferred financing cost | (5,207) | | | (7,161) | |
| Long-term debt, net | $ | 394,793 | | | $ | 392,839 | |
Credit Facility
The original RBL Facility was entered into by and among Magnolia Operating, as borrower, Magnolia Intermediate, as its holding company, the banks, financial institutions, and other lending institutions from time to time party thereto, as lenders, the other parties from time to time party thereto, and Citibank, N.A., as administrative agent, collateral agent, issuing bank, and swingline lender. On February 16, 2022, Magnolia Operating, as borrower, amended and restated the RBL Facility in its entirety, providing for maximum commitments in an aggregate principal amount of $1.0 billion with a letter of credit facility with a $50.0 million sublimit, with a borrowing base of $450.0 million. The RBL Facility, maturing in February 2026, is guaranteed by certain parent companies and subsidiaries of Magnolia LLC and is collateralized by certain of Magnolia Operating’s oil and natural gas properties. The Company expects to opportunistically refinance the RBL Facility prior to its maturity date.
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, 2024, the Company was in compliance with all covenants under the RBL Facility.
Deferred financing costs in connection with the RBL Facility are amortized on a straight-line basis over a period of four years from February 2022 to February 2026 and included in “Interest income (expense), net” in the Company’s consolidated statements of operations. The Company recognized interest expense related to the RBL Facility of $1.1 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $3.1 million for each of the nine months ended September 30, 2024 and 2023. The unamortized portion of the deferred financing costs is included in “Deferred financing costs, net” on the Company’s consolidated balance sheets as of September 30, 2024 and December 31, 2023.
The Company did not have any outstanding borrowings under the RBL Facility as of September 30, 2024.
2026 Senior Notes
On July 31, 2018, the Issuers issued and sold $400.0 million aggregate principal amount of 2026 Senior Notes in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 2026 Senior Notes were issued under the Indenture, dated as of July 31, 2018 (the “Indenture”), by and among the Issuers and Deutsche Bank Trust Company Americas, as trustee. On April 5, 2021, the terms of the Indenture were amended to modify, among other things, the criteria used by the Company to make Restricted Payments (as defined in the Indenture). The 2026 Senior Notes are guaranteed on a senior unsecured basis by the Company, Magnolia Operating, and Magnolia Intermediate and may be guaranteed by certain future subsidiaries of the Company. The 2026 Senior Notes will mature on August 1, 2026 and bear interest at the rate of 6.0% per annum. The Company expects to opportunistically refinance the 2026 Senior Notes prior to their maturity date.
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, 2024 and December 31, 2023. The Company recognized interest expense related to the 2026 Senior Notes of $6.7 million and $6.6 million for the three months ended September 30, 2024 and 2023, respectively, and $20.0 million and $19.8 million for the nine months ended September 30, 2024 and 2023, 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 plaintiffs filed a petition for review with the Supreme Court of Texas in late 2023.
Matters that are probable of unfavorable outcome to Magnolia and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Magnolia’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. The Company does not believe the outcome of any such disputes or legal actions will have a material effect on its consolidated statements of operations, balance sheet, or cash flows after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates.
Environmental Matters
The Company, as an owner or lessee and operator of oil and natural gas properties, is subject to various federal, state, and local laws and regulations relating to discharge of materials into, and the protection of, the environment. These laws and regulations may, among other things, impose liability on a lessee under an oil and natural gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in an affected area. The Company maintains insurance coverage, which it believes is customary in the industry, although the Company is not fully insured against all environmental risks.
9. Income Taxes
The Company’s income tax provision consists of the following components:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| (In thousands) | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| Current: | | | | | | | |
| Federal | $ | (910) | | | $ | 18,221 | | | $ | 19,948 | | | $ | 25,277 | |
| State | 430 | | | 1,041 | | | 1,728 | | | 2,173 | |
| Total current | (480) | | | 19,262 | | | 21,676 | | | 27,450 | |
| Deferred: | | | | | | | |
| Federal | 26,180 | | | 12,043 | | | 50,125 | | | 46,888 | |
| State | 830 | | | (94) | | | 1,833 | | | 1,325 | |
| Total deferred | 27,010 | | | 11,949 | | | 51,958 | | | 48,213 | |
| Income tax expense | $ | 26,530 | | | $ | 31,211 | | | $ | 73,634 | | | $ | 75,663 | |
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, 2024 and 2023 was 20.0% and 21.0%, respectively, and 19.3% and 18.7% for the nine months ended September 30, 2024 and 2023, respectively. The primary differences between the annual effective tax rate and the statutory rate of 21.0% are income attributable to noncontrolling interest, state taxes, tax credits generated, and changes in valuation allowances.
As of September 30, 2024, the Company does not have any significant liabilities for uncertain tax positions during the next 12 months. For the nine months ended September 30, 2024, no significant amounts were incurred for interest and penalties. Currently, the Company is not aware of any issues under review that could result in significant payments, accruals, or a material deviation from its position.
During the nine months ended September 30, 2024, the Magnolia LLC Unit Holders redeemed 12.8 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. The redemption and exchange of these Magnolia LLC Units increased Magnolia’s tax basis in Magnolia LLC. The Company recorded a deferred tax asset of $71.0 million related to this additional tax basis in Magnolia LLC Units with a corresponding increase to additional paid-in capital on the Company’s consolidated balance sheet.
As of September 30, 2024, the Company’s total gross deferred tax assets were $105.3 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, 2024, the Company recorded a valuation allowance of $5.8 million to offset the deferred tax asset created by the tax capital loss attributable to the sale of the Company’s interest in Highlander.
On August 16, 2022, the U.S. enacted legislation referred to as the Inflation Reduction Act (“IRA”), which significantly changes U.S. corporate income tax laws and is effective for tax years beginning after December 31, 2022. These changes include, among others, a new 15% corporate alternative minimum tax on adjusted financial statement income of corporations with profits over $1 billion, a 1% excise tax on stock buybacks, and various tax incentives for energy and climate initiatives. As of September 30, 2024, the Company was in compliance with all applicable provisions of the IRA, including the excise tax on stock buybacks. The Company is currently not subject to the corporate alternative minimum tax. The stock buyback excise tax did not have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impacts of the IRA in future tax years.
10. Stockholders’ Equity
Class A Common Stock
At September 30, 2024, there were 228.1 million shares of Class A Common Stock issued and 191.5 million shares of Class A Common Stock outstanding. The holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters and are entitled one vote for each share held. There is no cumulative voting with respect to the election of directors, which results in the holders of more than 50% of the Company’s outstanding common shares being able to elect all of the directors. In the event of a liquidation, dissolution, or winding up of the Company, the holders of the Class A Common Stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. The holders of the Class A Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares.
Class B Common Stock
At September 30, 2024, there were 5.5 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, 2024, the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. In addition, the Company may repurchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit the Company to repurchase shares at times that may otherwise be prohibited under the Company’s insider trading policy. The share repurchase program does not require purchases to be made within a particular time frame. The Company had repurchased 36.1 million shares under the program at a cost of $652.0 million and had 3.9 million shares of Class A Common Stock remaining under its share repurchase authorization as of September 30, 2024.
During the nine months ended September 30, 2024, Magnolia LLC repurchased and subsequently canceled 3.5 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $89.7 million of cash consideration (the “Class B Common Stock Repurchases”). Magnolia funded the Class B Common Stock Repurchases with cash on hand. During the same period, the Magnolia LLC Unit Holders redeemed 12.8 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders.
Dividends and Distributions
The Company’s board of directors periodically declares dividends payable on issued and outstanding shares of Class A Common Stock, and a corresponding distribution from Magnolia LLC to Magnolia LLC Unit Holders. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital and distributions to the Magnolia LLC Unit Holders are recorded as a reduction of noncontrolling interest.
The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the nine months ended September 30, 2024 and the year ended December 31, 2023, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Record Date | | Payment Date | | Dividend/ Distribution Amount per share (1) | | Distributions by Magnolia LLC (2) | | Dividends Declared by the Company | | Distributions to Magnolia LLC Unit Holders |
| (In thousands, except per share amounts) |
| August 9, 2024 | | September 3, 2024 | | $ | 0.130 | | | $ | 26,119 | | | $ | 24,694 | | | $ | 1,425 | |
| May 13, 2024 | | June 3, 2024 | | $ | 0.130 | | | $ | 26,657 | | | $ | 23,820 | | | $ | 2,837 | |
| February 16, 2024 | | March 1, 2024 | | $ | 0.130 | | | $ | 26,824 | | | $ | 23,987 | | | $ | 2,837 | |
| November 9, 2023 | | December 1, 2023 | | $ | 0.115 | | | $ | 24,023 | | | $ | 21,513 | | | $ | 2,510 | |
| August 10, 2023 | | September 1, 2023 | | $ | 0.115 | | | $ | 24,321 | | | $ | 21,811 | | | $ | 2,510 | |
| May 11, 2023 | | June 1, 2023 | | $ | 0.115 | | | $ | 24,627 | | | $ | 22,117 | | | $ | 2,510 | |
| February 10, 2023 | | March 1, 2023 | | $ | 0.115 | | | $ | 24,878 | | | $ | 22,368 | | | $ | 2,510 | |
(1) Per share of Class A Common Stock and per Magnolia LLC Unit.
(2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
Noncontrolling Interest
Noncontrolling interest in Magnolia’s consolidated subsidiaries includes amounts attributable to Magnolia LLC Units that were issued to the Magnolia LLC Unit Holders. The noncontrolling interest percentage is affected by various equity transactions such as issuances and repurchases of Class A Common Stock, the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) for Class A Common Stock, or the cancellation of Class B Common Stock (and corresponding Magnolia LLC Units). As of September 30, 2024, Magnolia owned approximately 97.2% of the interest in Magnolia LLC and the noncontrolling interest was approximately 2.8%.
Highlander was a joint venture whereby MGY Louisiana LLC, a wholly owned subsidiary of Magnolia Operating, held approximately 84.7% of the units of Highlander, with the remaining 15.3% attributable to noncontrolling interest. On May 30, 2023, the Company sold its interest in Highlander and recognized a gain of $3.9 million included within “Other income (expense), net” on the Company’s consolidated statements of operations for the nine months ended September 30, 2023.
11. Stock Based Compensation
The Company’s board of directors adopted the “Magnolia Oil & Gas Corporation Long Term Incentive Plan” (as amended, the “Plan”), effective as of July 17, 2018. A total of 16.8 million shares of Class A Common Stock have been authorized for issuance under the Plan as of September 30, 2024. The Company grants stock based compensation awards in the form of restricted stock units (“RSU”), performance restricted stock units (“PRSU”), and performance stock units (“PSU”) to eligible employees and directors to enhance the Company and its affiliates’ ability to attract, retain, and motivate persons who make important contributions to the Company and its affiliates by providing these individuals with equity ownership opportunities. Shares issued as a result of awards granted under the Plan are generally new shares of Class A Common Stock.
Stock based compensation expense is recognized net of forfeitures within “General and administrative expenses” and “Lease operating expenses” on the consolidated statements of operations and was $4.7 million and $4.2 million for the three months ended September 30, 2024 and 2023, respectively, and $14.2 million and $12.1 million for the nine months ended September 30, 2024 and 2023, respectively. The Company has elected to account for forfeitures of awards granted under the Plan as they occur in determining compensation expense. The total income tax benefit recognized for stock that vested during the nine months ended September 30, 2024 and 2023 was $5.6 million and $4.7 million, respectively.
The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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, 2023 | 1,074,886 | | | $ | 20.32 | | | 943,574 | | | $ | 13.66 | | | 232,700 | | | $ | 24.69 | |
| Granted | 934,241 | | | 20.79 | | | — | | | — | | | 372,202 | | | 21.12 | |
| Vested | (489,971) | | | 17.94 | | | (654,251) | | | 11.18 | | | (5,264) | | | 24.18 | |
| Forfeited | (63,309) | | | 21.62 | | | (12,457) | | | 19.69 | | | (19,677) | | | 22.41 | |
Unvested at September 30, 2024 | 1,455,847 | | | $ | 21.36 | | | 276,866 | | | $ | 19.25 | | | 579,961 | | | $ | 22.48 | |
The weighted average grant date fair values of the RSUs, PRSUs, and PSUs granted during the nine months ended September 30, 2023 were $22.80, $22.28, and $24.69 per share, respectively.
Restricted Stock Units
The Company grants service-based RSU awards to employees, which generally vest and settle ratably over a three-year or four-year service period, and to non-employee directors, which vest in full after one year. Non-employee directors may elect to defer the RSU settlement date. RSUs represent the right to receive shares of Class A Common Stock at the end of the vesting period equal to the number of RSUs that vest. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Compensation expense for the service-based RSU awards is based upon the grant date market value of the award and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards. The aggregate fair value of RSUs that vested during the nine months ended September 30, 2024 and 2023 were $11.5 million and $8.7 million, respectively. Unrecognized compensation expense related to unvested RSUs as of September 30, 2024 was $23.4 million, which the Company expects to recognize over a weighted average period of 2.1 years.
Performance Restricted Stock Units and Performance Stock Units
The Company grants PRSUs to certain employees. Each PRSU represents the contingent right to receive one share of Class A Common Stock once the PRSU is both vested and earned. PRSUs generally vest and settle either ratably over a three-year service period or at the end of a three-year service period, in each case, subject to the recipient’s continued employment or service through each applicable vesting date. Each PRSU is earned based on whether Magnolia’s stock price achieves a target average stock price for any 20 consecutive trading days during the five-year performance period (“Performance Condition”). If PRSUs are not earned by the end of the five-year performance period, the PRSUs will be forfeited and no shares of Class A Common Stock will be issued, even if the vesting conditions have been met. Compensation expense for the PRSU awards is based upon grant date fair market value of the award, calculated using a Monte Carlo simulation, as presented below, and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards, as applicable. The aggregate fair value of PRSUs that vested during the nine months ended September 30, 2024 and 2023 were $15.1 million and $7.1 million, respectively. Unrecognized compensation expense related to unvested PRSUs as of September 30, 2024 was $0.8 million, which the Company expects to recognize over a weighted average period of 0.7 years.
The Company grants PSUs to certain employees. Each PSU, to the extent earned, represents the contingent right to receive one share of Class A Common Stock and the awardee may earn between zero and 150% of the target number of PSUs granted based on the total shareholder return (“TSR”) of the Class A Common Stock relative to the TSR achieved by a specific industry peer group over a three-year performance period. In addition to the TSR conditions, vesting of the PSUs is subject to the awardee’s continued employment through the date of settlement of the PSUs, which will occur within 60 days following the end of the performance period. The aggregate fair value of PSUs that vested during the nine months ended September 30, 2024 and 2023 were $0.1 million and $6.7 million, respectively. Unrecognized compensation expense related to unvested PSUs as of September 30, 2024 was $8.3 million, which the Company expects to recognize over a weighted average period of 2.1 years.
The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2024 and 2023.
| | | | | | | | | | | |
| Nine Months Ended |
| PSU Grant Date Fair Value Assumptions | September 30, 2024 | | September 30, 2023 |
Expected term (in years) | 2.88 | | 2.88 |
| Expected volatility | 45.09% | | 60.80% |
| Risk-free interest rate | 4.35% | | 4.15% |
| Dividend yield | 2.48% | | 1.93% |
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, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| Basic: | | | | | | | |
| Net income attributable to Class A Common Stock | $ | 99,784 | | | $ | 102,030 | | | $ | 280,429 | | | $ | 289,856 | |
| Less: Dividends and net income allocated to participating securities | 1,219 | | | 1,171 | | | 3,533 | | | 3,205 | |
| Net income, net of participating securities | $ | 98,565 | | | $ | 100,859 | | | $ | 276,896 | | | $ | 286,651 | |
| Weighted average number of common shares outstanding during the period - basic | 187,859 | | | 187,093 | | | 185,065 | | | 189,408 | |
Net income per share of Class A Common Stock - basic | $ | 0.52 | | | $ | 0.54 | | | $ | 1.50 | | | $ | 1.51 | |
| | | | | | | |
| Diluted: | | | | | | | |
| Net income attributable to Class A Common Stock | $ | 99,784 | | | $ | 102,030 | | | $ | 280,429 | | | $ | 289,856 | |
| Less: Dividends and net income allocated to participating securities | 1,219 | | | 1,171 | | | 3,532 | | | 3,202 | |
| Net income, net of participating securities | $ | 98,565 | | | $ | 100,859 | | | $ | 276,897 | | | $ | 286,654 | |
| Weighted average number of common shares outstanding during the period - basic | 187,859 | | | 187,093 | | | 185,065 | | | 189,408 | |
| Add: Dilutive effect of stock based compensation and other | 12 | | | 172 | | | 31 | | | 204 | |
| Weighted average number of common shares outstanding during the period - diluted | 187,871 | | | 187,265 | | | 185,096 | | | 189,612 | |
Net income per share of Class A Common Stock - diluted | $ | 0.52 | | | $ | 0.54 | | | $ | 1.50 | | | $ | 1.51 | |
For the three months ended September 30, 2024 and 2023, the Company excluded 10.5 million and 21.8 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For the nine months ended September 30, 2024 and 2023, the Company excluded 16.2 million and 21.8 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive.
13. Related Party Transactions
For the nine months ended September 30, 2024 and 2023, there were no material related party transactions with an entity that held more than 10% of the Company’s common stock or qualified as a principal owner of the Company, as defined in ASC 850, “Related Party Disclosures.”
14. Supplemental Cash Flow
Supplemental cash flow disclosures are presented below:
| | | | | | | | | | | |
| Nine Months Ended |
| (In thousands) | September 30, 2024 | | September 30, 2023 |
| Supplemental cash items: | | | |
| Cash paid for income taxes | $ | 17,202 | | | $ | 26,628 | |
| Cash paid for interest | 25,781 | | | 25,763 | |
| Supplemental non-cash investing and financing activity: | | | |
| Accrued capital expenditures | 34,585 | | | 46,235 | |
| Net liabilities assumed in connection with acquisitions | 6,997 | | | — | |
| Supplemental non-cash lease operating activity: | | | |
| Right-of-use assets obtained in exchange for operating lease obligations | 10,008 | | | 12,009 | |
15. Subsequent Events
On October 28, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.13 per share of Class A Common Stock, and Magnolia LLC declared a cash distribution of $0.13 per Magnolia LLC Unit to each holder of Magnolia LLC Units, each payable on December 2, 2024 to shareholders or members of record, as applicable, as of November 8, 2024.
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 the Company has 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, 2023 (the “2023 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 the Karnes and Giddings areas in South Texas, where the Company 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 and remains balanced with returning capital to its shareholders through dividends and share repurchases.
Magnolia’s business model prioritizes prudent and disciplined capital allocation, free cash flow, and financial stability. The Company’s ongoing plan is to spend within cash flow on drilling and completing wells while maintaining low financial leverage. The Company’s gradual and measured approach toward the development of the Giddings area has created operating efficiencies leading to higher production.
Market Conditions Update
Commodity prices experienced significant volatility in recent years, impacted by the Russia-Ukraine war, actions taken by OPEC, and the continued instability and conflict in the Middle East. Global conflict and supply chain disruptions drove high oil and natural gas prices in 2022. Beginning in 2023, due to the easing of global geopolitically driven supply fears along with record high US production, natural gas and NGL prices significantly declined and oil prices weakened. While material and labor costs have flattened, this decline in prices has resulted in lower operating margins. In 2024, despite continued commodity price volatility, lower well costs combined with improved operating efficiencies are allowing for more wells to be drilled, completed, and turned in line helping to support Magnolia's overall high-margin growth from a disciplined capital program.
Business Overview
As of September 30, 2024, Magnolia’s assets in South Texas included 77,278 gross (55,286 net) acres in the Karnes area, and 748,547 gross (554,871 net) acres in the Giddings area. As of September 30, 2024, Magnolia held an interest in approximately 2,647 gross (1,798 net) wells, with total production of 90.7 thousand and 88.6 thousand barrels of oil equivalent per day for the three and nine months ended September 30, 2024, respectively.
Magnolia recognized net income attributable to Class A Common Stock of $99.8 million and $280.4 million, or $0.52 and $1.50 per diluted common share, for the three and nine months ended September 30, 2024, respectively. Magnolia recognized net income of $105.9 million and $308.6 million, which includes a noncontrolling interest of $6.1 million and $28.2 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, 2024, respectively.
During the nine months ended September 30, 2024, the Company declared cash dividends to holders of its Class A Common Stock totaling $72.5 million.
As of September 30, 2024, the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame. The Company had repurchased 36.1 million shares under the program at a cost of $652.0 million and had 3.9 million shares of Class A Common Stock remaining under its share repurchase authorization as of September 30, 2024.
As of September 30, 2024, Magnolia owned approximately 97.2% of the interest in Magnolia LLC and the noncontrolling interest was approximately 2.8%.
Results of Operations
Factors Affecting the Comparability of the Historical Financial Results
Magnolia’s historical financial condition and results of operations for the periods presented may not be comparable, either from period to period or going forward, as a result of the Company’s acquisition in November 2023 of certain oil and gas producing properties including leasehold and mineral interests in the Giddings area for approximately $264.1 million, subject to customary purchase price adjustments, and an additional contingent cash consideration of up to $40.0 million through January 2026 based on future commodity prices.
As a result of the factors listed above, the historical results of operations and period-to-period comparisons of these results and certain financial data may not be comparable or indicative of future results.
Three and Nine Months Ended September 30, 2024 Compared to the Three and Nine Months Ended September 30, 2023
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 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 | | Nine Months Ended |
| (In thousands, except per unit data) | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| Production: | | | | | | | | |
| Oil (MBbls) | | 3,579 | | | 3,024 | | | 10,447 | | | 9,345 | |
| Natural gas (MMcf) | | 14,644 | | | 14,406 | | | 43,375 | | | 40,839 | |
| NGLs (MBbls) | | 2,325 | | | 2,179 | | | 6,592 | | | 6,045 | |
| Total (Mboe) | | 8,345 | | | 7,604 | | | 24,269 | | | 22,196 | |
| | | | | | | | |
| Average daily production: | | | | | | | | |
| Oil (Bbls/d) | | 38,902 | | | 32,867 | | | 38,128 | | | 34,229 | |
| Natural gas (Mcf/d) | | 159,170 | | | 156,585 | | | 158,302 | | | 149,594 | |
| NGLs (Bbls/d) | | 25,271 | | | 23,686 | | | 24,060 | | | 22,142 | |
| Total (boe/d) | | 90,702 | | | 82,651 | | | 88,572 | | | 81,303 | |
| | | | | | | | |
| Production (% of total): | | | | | | | | |
| Oil | | 43 | % | | 40 | % | | 43 | % | | 42 | % |
| Natural gas | | 29 | % | | 31 | % | | 30 | % | | 31 | % |
| NGLs | | 28 | % | | 29 | % | | 27 | % | | 27 | % |
| | | | | | | | |
| Revenues: | | | | | | | | |
| Oil revenues | | $ | 265,682 | | | $ | 243,588 | | | $ | 800,195 | | | $ | 705,857 | |
| Natural gas revenues | | 22,207 | | | 27,069 | | | 61,871 | | | 75,687 | |
| Natural gas liquids revenues | | 45,246 | | | 45,021 | | | 127,211 | | | 122,807 | |
| Total revenues | | $ | 333,135 | | | $ | 315,678 | | | $ | 989,277 | | | $ | 904,351 | |
| | | | | | | | |
| Revenues (% of total): | | | | | | | | |
| Oil | | 80 | % | | 77 | % | | 81 | % | | 78 | % |
| Natural gas | | 7 | % | | 9 | % | | 6 | % | | 8 | % |
| NGLs | | 13 | % | | 14 | % | | 13 | % | | 14 | % |
| | | | | | | | |
| Average Price: | | | | | | | | |
| Oil (per barrel) | | $ | 74.23 | | | $ | 80.56 | | | $ | 76.59 | | | $ | 75.54 | |
| Natural gas (per Mcf) | | 1.52 | | | 1.88 | | | 1.43 | | | 1.85 | |
| NGLs (per barrel) | | 19.46 | | | 20.66 | | | 19.30 | | | 20.32 | |
Oil revenues for the three months ended September 30, 2024 were $22.1 million higher than for the three months ended September 30, 2023 caused by an 18% increase in oil production that increased revenues by $41.2 million, partially offset by an 8% decrease in average prices that decreased revenues by $19.1 million. Oil revenues for the nine months ended September 30, 2024 were $94.3 million higher than for the nine months ended September 30, 2023 caused by a 12% increase in oil production that increased revenues by $84.4 million and a 1% increase in average prices that increased revenues by $9.9 million.
Natural gas revenues for the three months ended September 30, 2024 were $4.9 million lower than the three months ended September 30, 2023 caused by a 19% decrease in average prices that decreased revenues by $5.3 million, partially offset by a 2% increase in natural gas production which increased revenues by $0.4 million. Natural gas revenues for the nine months ended September 30, 2024 were $13.8 million lower than the nine months ended September 30, 2023 caused by a 23% decrease in average prices that decreased revenues by $17.4 million, partially offset by a 6% increase in natural gas production which increased revenues by $3.6 million. The realized revenue pricing included the impact of gas plant fees that were netted from revenue.
NGL revenues for the three months ended September 30, 2024 were $0.2 million higher than the three months ended September 30, 2023 caused by a 7% increase in NGL production that increased revenues by $2.8 million, partially offset by a 6% decrease in average prices that decreased revenues by $2.6 million. NGL revenues for the nine months ended September 30, 2024 were $4.4 million higher than the nine months ended September 30, 2023 caused by a 9% increase in NGL production which increased revenues by $10.6 million, partially offset by a 5% decrease in average prices that decreased revenues by $6.2 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 | | Nine Months Ended |
| (In thousands, except per unit data) | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| Operating Expenses: | | | | | | | | |
| Lease operating expenses | | $ | 44,444 | | | $ | 35,893 | | | $ | 134,945 | | | $ | 115,060 | |
| Gathering, transportation and processing | | 10,676 | | | 10,297 | | | 27,668 | | | 33,419 | |
| Taxes other than income | | 18,269 | | | 14,823 | | | 56,011 | | | 49,331 | |
| Exploration expenses | | 491 | | | 5,128 | | | 918 | | | 5,139 | |
| Asset retirement obligations accretion | | 1,749 | | | 875 | | | 5,112 | | | 2,539 | |
| Depreciation, depletion and amortization | | 107,336 | | | 81,158 | | | 309,155 | | | 228,868 | |
| Impairment of oil and natural gas properties | | — | | | — | | | — | | | 15,735 | |
| General and administrative expenses | | 21,158 | | | 19,371 | | | 67,547 | | | 57,863 | |
| Total operating expenses | | $ | 204,123 | | | $ | 167,545 | | | $ | 601,356 | | | $ | 507,954 | |
| | | | | | | | |
| Other Income (Expense): | | | | | | | | |
| Interest income (expense), net | | $ | (3,856) | | | $ | 1,034 | | | $ | (9,683) | | | $ | 372 | |
| Other income (expense), net | | 7,286 | | | (479) | | | 4,018 | | | 7,643 | |
| Total other income (expense), net | | $ | 3,430 | | | $ | 555 | | | $ | (5,665) | | | $ | 8,015 | |
| | | | | | | | |
| Average Operating Costs per boe: | | | | | | | | |
| Lease operating expenses | | $ | 5.33 | | | $ | 4.72 | | | $ | 5.56 | | | $ | 5.18 | |
| Gathering, transportation and processing | | 1.28 | | | 1.35 | | | 1.14 | | | 1.51 | |
| Taxes other than income | | 2.19 | | | 1.95 | | | 2.31 | | | 2.22 | |
| Exploration expenses | | 0.06 | | | 0.67 | | | 0.04 | | | 0.23 | |
| Asset retirement obligations accretion | | 0.21 | | | 0.12 | | | 0.21 | | | 0.11 | |
| Depreciation, depletion and amortization | | 12.86 | | | 10.67 | | | 12.74 | | | 10.31 | |
| Impairment of oil and natural gas properties | | — | | | — | | | — | | | 0.71 | |
| General and administrative expenses | | 2.54 | | | 2.55 | | | 2.78 | | | 2.61 | |
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, 2024 were $8.6 million, or $0.61 per boe, higher compared to the corresponding 2023 period. Lease operating expenses for the nine months ended September 30, 2024 were $19.9 million, or $0.38 per boe, higher compared to the corresponding 2023
period. The increases in both periods were due to an increase in chemicals, compression, operating and maintenance costs and payroll expense associated with higher well count and higher workover activity.
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 Company is also party to a number of percent-of-proceeds arrangements that track closely to natural gas and NGL pricing and affect the cost of commodity processing. The gathering, transportation and processing costs for the three months ended September 30, 2024 were $0.4 million higher, but $0.07 per boe lower, than the three months ended September 30, 2023. Gathering, transportation and processing costs for the nine months ended September 30, 2024 were $5.8 million, or $0.37 per boe, lower than the nine months ended September 30, 2023. The changes in both periods were primarily due to a change in volumes sold under a percent-of-proceeds arrangement, lower natural gas and NGL pricing, and other contractual changes. Costs decreased on a per boe basis due to increased production.
Taxes other than income include 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, 2024 were $3.4 million, or $0.24 per boe, higher compared to the three months ended September 30, 2023. Taxes other than income for the nine months ended September 30, 2024 were $6.7 million, or $0.09 per boe, higher compared to the nine months ended September 30, 2023. The increase in both periods was primarily due to an increase in production taxes as a result of the increase in oil and NGL revenues, which was partially offset by the decrease in natural gas revenues.
Depreciation, depletion and amortization (“DD&A”) during the three months ended September 30, 2024 was $26.2 million, or $2.19 per boe, higher compared to the three months ended September 30, 2023. DD&A for the nine months ended September 30, 2024 was $80.3 million, or $2.43 per boe, higher compared to the nine months ended September 30, 2023. The increase in both periods was due to increased production and a higher depreciable cost basis.
General and administrative expenses during the three months ended September 30, 2024 were $1.8 million higher, but $0.01 per boe lower, compared to the three months ended September 30, 2023. General and administrative expenses during the nine months ended September 30, 2024 were $9.7 million, or $0.17 per boe, higher when compared to the nine months ended September 30, 2023. The increase in both periods was primarily driven by increased corporate payroll expenses and other non-recurring costs.
The Company recognized interest expense, net, during the three and nine months ended September 30, 2024 as compared to interest income, net during the three and nine months ended September 30, 2023. The change from interest income, net to interest expense, net, for both periods was driven by lower interest income realized during 2024 as a result of lower cash balances.
Other income, net, during the three months ended September 30, 2024 was $7.3 million compared to other expense, net, of $0.5 million during the three months ended September 30, 2023. The other income in 2024 was due to a gain on revaluation of the contingent consideration liability associated with the acquisition of certain oil and gas properties in the Giddings area acquired during 2023. Other income, net, during the nine months ended September 30, 2024 was $3.6 million lower than the nine months ended September 30, 2023, primarily driven by the gain on sale of the Company’s 84.7% interest in Highlander and an earnout payment associated with the sale of the Company’s 35% membership interest in Ironwood Eagle Ford Midstream LLC in the prior year.
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, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| Current income tax expense (benefit) | | $ | (480) | | | $ | 19,262 | | | $ | 21,676 | | | $ | 27,450 | |
| Deferred income tax expense | | 27,010 | | | 11,949 | | | 51,958 | | | 48,213 | |
| Income tax expense | | $ | 26,530 | | | $ | 31,211 | | | $ | 73,634 | | | $ | 75,663 | |
Income tax expense during the three and nine months ended September 30, 2024 was $4.7 million and $2.0 million lower than the three and nine months ended September 30, 2023, respectively. The decrease in tax expense was primarily a result of a decrease in income before income taxes, and additional tax credits, partially offset by an increase in controlling interest. 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, 2024, 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, 2024, the Company had $726.1 million of liquidity comprised of the $450.0 million of borrowing base capacity of the RBL Facility, and $276.1 million of cash and cash equivalents.
Cash and Cash Equivalents
At September 30, 2024, Magnolia had $276.1 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, 2024 | | September 30, 2023 |
| SOURCES OF CASH AND CASH EQUIVALENTS | | | | |
| Net cash provided by operating activities | | $ | 698,223 | | | $ | 608,907 | |
| | | | |
| USES OF CASH AND CASH EQUIVALENTS | | | | |
| Acquisitions | | $ | (164,995) | | | $ | (53,812) | |
| Deposits for acquisitions of oil and natural gas properties | | $ | — | | | $ | (22,503) | |
| Additions to oil and natural gas properties | | (351,935) | | | (332,055) | |
| Changes in working capital associated with additions to oil and natural gas properties | | 455 | | | (21,688) | |
| Class A Common Stock repurchases | | (128,133) | | | (151,696) | |
| Class B Common Stock purchases and cancellations | | (89,670) | | | — | |
| Dividends paid | | (72,524) | | | (66,480) | |
| Distributions to noncontrolling interest owners | | (8,190) | | | (9,946) | |
| Other | | (8,213) | | | (7,702) | |
| Net uses of cash and cash equivalents | | (823,205) | | | (665,882) | |
| | | | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | | $ | (124,982) | | | $ | (56,975) | |
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-term 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, revaluation of contingent consideration, impairment of oil and natural gas properties, asset retirement obligations accretion, and deferred taxes.
Net cash provided by operating activities totaled $698.2 million and $608.9 million for the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024, cash provided by operating activities was positively impacted by the timing of collections and an increase in production and realized oil prices, partially offset by a decrease in realized natural gas and NGL prices.
Uses of Cash and Cash Equivalents
Acquisitions
During the nine months ended September 30, 2024, the Company paid $165.0 million for acquisitions, primarily comprised of a $125.0 million acquisition in the Giddings area. The acquisitions were 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, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| Drilling and completion | $ | 103,057 | | | $ | 104,310 | | | $ | 345,406 | | | $ | 330,147 | |
| Leasehold acquisition costs | 1,815 | | | 2,358 | | | 6,529 | | | 1,908 | |
| Total capital expenditures | $ | 104,872 | | | $ | 106,668 | | | $ | 351,935 | | | $ | 332,055 | |
During the third quarter of 2024, 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. The Company’s ongoing plan is to continue to spend within cash flow on drilling and completing wells while maintaining low financial leverage.
Capital Requirements
As of September 30, 2024 the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. 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, 2024 and 2023, the Company repurchased 5.3 million and 7.1 million shares for a total cost of approximately $127.0 million and $152.9 million, respectively.
During the nine months ended September 30, 2024, Magnolia LLC repurchased and subsequently canceled 3.5 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $89.7 million of cash consideration. As of September 30, 2024, Magnolia owned approximately 97.2% of the interest in Magnolia LLC and the noncontrolling interest was approximately 2.8%.
During the nine months ended September 30, 2024, the Company declared and paid cash dividends to holders of its Class A Common Stock totaling $72.5 million. Additionally, $7.1 million was distributed to the Magnolia LLC Unit Holders. 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. 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, 2024, 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, 2024 would have increased (decreased) the Company’s revenues by approximately $13.9 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, 2024 would have increased (decreased) the Company’s revenues by approximately $5.8 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, 2024. 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, 2024 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, 2023 (“2023 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 2023 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, 2024 - March 31, 2024 | 2,350,000 | | | $ | 22.28 | | | 2,350,000 | | | 6,868,105 | |
| April 1, 2024 - June 30, 2024 | 1,000,000 | | | 25.94 | | | 1,000,000 | | | 5,868,105 | |
| July 1, 2024 - July 31, 2024 | 549,757 | | | 26.26 | | | 549,757 | | | 5,318,348 | |
| August 1, 2024 - August 31, 2024 | 913,793 | | | 24.72 | | | 913,793 | | | 4,404,555 | |
September 1, 2024 - September 30, 2024 | 486,450 | | | 24.05 | | | 486,450 | | | 3,918,105 | |
| Total | 5,300,000 | | | $ | 23.97 | | | 5,300,000 | | | 3,918,105 | |
(1)The Company’s board of directors has 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.
During the nine months ended September 30, 2024, outside of the share repurchase program, Magnolia LLC repurchased and subsequently canceled a total of 3.5 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for cash consideration of $89.7 million at an average price of $25.62 per share. There is no public market for the Class B Common Stock. For further detail, see Note 10—Stockholders’ Equity in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Trading Arrangements
During the three months ended September 30, 2024, 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.
Officer Departure
Effective October 28, 2024, the employment of Mr. Steve F. Millican, the Company’s Senior Vice President, Operations, ended.
Director Resignation
On October 28, 2024, John B. Walker, a non-employee member of the Company’s board of directors, notified the Company of his intent to resign from the Board, effective October 31, 2024. Mr. John B. Walker’s decision was not the result of any dispute or disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Item 6. Exhibits
The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q:
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Exhibit
Number | | Description |
| | |
| 3.1* | | |
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| 3.2* | | |
| | |
| 31.1** | | |
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| 31.2** | | |
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| 32.1*** | | |
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| 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: October 31, 2024 | | By: | /s/ Christopher Stavros |
| | | Christopher Stavros |
| | | Chief Executive Officer (Principal Executive Officer) |
| | | | | | | | | | | |
| Date: October 31, 2024 | | 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: October 31, 2024 | | 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: October 31, 2024 | | 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, 2024, 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: October 31, 2024 | | By: | | /s/ Christopher Stavros |
| | | | Christopher Stavros |
| | | | Chief Executive Officer
(Principal Executive Officer ) |
| | | | | | | | | | | | | | |
| Date: October 31, 2024 | | By: | | /s/ Brian Corales |
| | | | Brian Corales |
| | | | Chief Financial Officer
(Principal Financial Officer) |
v3.24.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Oct. 28, 2024 |
| Entity Information [Line Items] |
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Sep. 30, 2024
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
001-38083
|
|
| Entity Registrant Name |
Magnolia Oil & Gas Corp
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
| Entity Tax Identification Number |
81-5365682
|
|
| Entity Address, Address Line One |
Nine Greenway Plaza, Suite 1300
|
|
| Entity Address, City or Town |
Houston,
|
|
| Entity Address, State or Province |
TX
|
|
| Entity Address, Postal Zip Code |
77046
|
|
| City Area Code |
713
|
|
| Local Phone Number |
842-9050
|
|
| Title of 12(b) Security |
Class A Common Stock, par value $0.0001
|
|
| Trading Symbol |
MGY
|
|
| Security Exchange Name |
NYSE
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
| Entity Small Business |
false
|
|
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false
|
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false
|
|
| Entity Central Index Key |
0001698990
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Document Fiscal Year Focus |
2024
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Amendment Flag |
false
|
|
| Class A Common Stock |
|
|
| Entity Information [Line Items] |
|
|
| Entity Common Stock, Shares Outstanding |
|
191,036,251
|
| Class B Common Stock |
|
|
| Entity Information [Line Items] |
|
|
| Entity Common Stock, Shares Outstanding |
|
5,523,479
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v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| CURRENT ASSETS |
|
|
| Cash and cash equivalents |
$ 276,139
|
$ 401,121
|
| Accounts receivable |
136,207
|
189,705
|
| Drilling advances |
1,297
|
12
|
| Other current assets |
1,555
|
435
|
| Total current assets |
415,198
|
591,273
|
| PROPERTY, PLANT AND EQUIPMENT |
|
|
| Oil and natural gas properties |
4,265,564
|
3,743,580
|
| Other |
18,647
|
9,774
|
| Accumulated depreciation, depletion and amortization |
(2,010,535)
|
(1,701,333)
|
| Total property, plant and equipment, net |
2,273,676
|
2,052,021
|
| OTHER ASSETS |
|
|
| Deferred financing costs, net |
2,485
|
3,836
|
| Deferred tax assets |
99,449
|
90,358
|
| Other long-term assets |
20,149
|
18,728
|
| Total other assets |
122,083
|
112,922
|
| TOTAL ASSETS |
2,810,957
|
2,756,216
|
| CURRENT LIABILITIES |
|
|
| Accounts payable |
164,295
|
193,212
|
| Other current liabilities (Note 6) |
117,228
|
121,675
|
| Total current liabilities |
281,523
|
314,887
|
| LONG-TERM LIABILITIES |
|
|
| Long-term debt, net |
394,793
|
392,839
|
| Asset retirement obligations, net of current |
159,340
|
148,467
|
| Other long-term liabilities |
14,729
|
17,355
|
| Total long-term liabilities |
568,862
|
558,661
|
| COMMITMENTS AND CONTINGENCIES (Note 8) |
|
|
| EQUITY |
|
|
| Additional paid-in capital |
1,879,447
|
1,743,930
|
| Treasury Stock, at cost, 36,633 shares and 31,333 shares in 2024 and 2023, respectively |
(665,472)
|
(538,445)
|
| Retained earnings |
694,090
|
486,162
|
| Noncontrolling interest |
52,483
|
190,998
|
| Total equity |
1,960,572
|
1,882,668
|
| TOTAL LIABILITIES AND EQUITY |
2,810,957
|
2,756,216
|
| Class A Common Stock |
|
|
| EQUITY |
|
|
| Common stock |
23
|
21
|
| Class B Common Stock |
|
|
| EQUITY |
|
|
| Common stock |
$ 1
|
$ 2
|
| X |
- DefinitionAssets, Noncurrent, Excluding Oil And Gas Property, Successful Effort Method, Net
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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v3.24.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Treasury stock (in shares) |
36,633,000
|
31,333,000
|
| Class A Common Stock |
|
|
| Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
| Common stock, shares authorized (in shares) |
1,300,000,000
|
1,300,000,000
|
| Common stock, shares issued (in shares) |
228,117,000
|
214,497,000
|
| Common stock, shares outstanding (in shares) |
191,484,000
|
183,164,000
|
| Class B Common Stock |
|
|
| Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
| Common stock, shares authorized (in shares) |
225,000,000
|
225,000,000
|
| Common stock, shares issued (in shares) |
5,523,000
|
21,827,000
|
| Common stock, shares outstanding (in shares) |
5,523,000
|
21,827,000
|
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v3.24.3
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| REVENUES |
|
|
|
|
| Total revenues |
$ 333,135
|
$ 315,678
|
$ 989,277
|
$ 904,351
|
| OPERATING EXPENSES |
|
|
|
|
| Lease operating expenses |
44,444
|
35,893
|
134,945
|
115,060
|
| Gathering, transportation and processing |
10,676
|
10,297
|
27,668
|
33,419
|
| Taxes other than income |
18,269
|
14,823
|
56,011
|
49,331
|
| Exploration expenses |
491
|
5,128
|
918
|
5,139
|
| Asset retirement obligations accretion |
1,749
|
875
|
5,112
|
2,539
|
| Depreciation, depletion and amortization |
107,336
|
81,158
|
309,155
|
228,868
|
| Impairment of oil and natural gas properties |
0
|
0
|
0
|
15,735
|
| General and administrative expenses |
21,158
|
19,371
|
67,547
|
57,863
|
| Total operating expenses |
204,123
|
167,545
|
601,356
|
507,954
|
| OPERATING INCOME |
129,012
|
148,133
|
387,921
|
396,397
|
| OTHER INCOME (EXPENSE) |
|
|
|
|
| Interest income (expense), net |
(3,856)
|
1,034
|
(9,683)
|
372
|
| Other income (expense), net |
7,286
|
(479)
|
4,018
|
7,643
|
| Total other income (expense), net |
3,430
|
555
|
(5,665)
|
8,015
|
| INCOME BEFORE INCOME TAXES |
132,442
|
148,688
|
382,256
|
404,412
|
| Income tax expense |
26,530
|
31,211
|
73,634
|
75,663
|
| NET INCOME |
105,912
|
117,477
|
308,622
|
328,749
|
| LESS: Net income attributable to noncontrolling interest |
6,128
|
15,447
|
28,193
|
38,893
|
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK |
$ 99,784
|
$ 102,030
|
$ 280,429
|
$ 289,856
|
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
|
|
|
|
| Basic (in shares) |
187,859
|
187,093
|
185,065
|
189,408
|
| Diluted (in shares) |
187,871
|
187,265
|
185,096
|
189,612
|
| Class A Common Stock |
|
|
|
|
| NET INCOME PER SHARE OF CLASS A COMMON STOCK |
|
|
|
|
| Basic (in dollars per share) |
$ 0.52
|
$ 0.54
|
$ 1.50
|
$ 1.51
|
| Diluted (in dollars per share) |
$ 0.52
|
$ 0.54
|
$ 1.50
|
$ 1.51
|
| Oil revenues |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
$ 265,682
|
$ 243,588
|
$ 800,195
|
$ 705,857
|
| Natural gas revenues |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
22,207
|
27,069
|
61,871
|
75,687
|
| Natural gas liquids revenues |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
$ 45,246
|
$ 45,021
|
$ 127,211
|
$ 122,807
|
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section S99
-Paragraph 2
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-Topic 220
-SubTopic 10
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-Section S99
-Paragraph 2
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 16
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
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-Paragraph 10
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v3.24.3
Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
Total |
Class A Common Stock |
Class B Common Stock |
Total Stockholders’ Equity |
Total Stockholders’ Equity
Class A Common Stock
|
Common Stock
Class A Common Stock
|
Common Stock
Class B Common Stock
|
Additional Paid In Capital |
Treasury Stock |
Treasury Stock
Class A Common Stock
|
Retained Earnings |
Noncontrolling Interest |
Noncontrolling Interest
Class B Common Stock
|
| Common stock, beginning balance (in shares) at Dec. 31, 2022 |
|
|
|
|
|
213,727
|
21,827
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 1,740,191
|
|
|
$ 1,576,055
|
|
$ 21
|
$ 2
|
$ 1,719,875
|
$ (329,512)
|
|
$ 185,669
|
$ 164,136
|
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2022 |
|
|
|
|
|
|
|
|
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, ending balance (in shares) at Sep. 30, 2023 |
|
|
|
|
|
214,415
|
21,827
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
1,847,157
|
|
|
1,664,176
|
|
$ 21
|
$ 2
|
1,738,668
|
$ (483,745)
|
|
409,230
|
182,981
|
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2023 |
|
|
|
|
|
|
|
|
28,833
|
|
|
|
|
| Common stock, beginning balance (in shares) at Jun. 30, 2023 |
|
|
|
|
|
214,400
|
21,827
|
|
|
|
|
|
|
| Beginning balance at Jun. 30, 2023 |
1,809,858
|
|
|
1,634,489
|
|
$ 21
|
$ 2
|
1,731,059
|
$ (425,604)
|
|
329,011
|
175,369
|
|
| Treasury stock, beginning balance (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, ending balance (in shares) at Sep. 30, 2023 |
|
|
|
|
|
214,415
|
21,827
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
1,847,157
|
|
|
1,664,176
|
|
$ 21
|
$ 2
|
1,738,668
|
$ (483,745)
|
|
409,230
|
182,981
|
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2023 |
|
|
|
|
|
|
|
|
28,833
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared |
(21,513)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, ending balance (in shares) at Dec. 31, 2023 |
|
214,497
|
21,827
|
|
|
214,497
|
21,827
|
|
|
|
|
|
|
| Ending balance at Dec. 31, 2023 |
$ 1,882,668
|
|
|
1,691,670
|
|
$ 21
|
$ 2
|
1,743,930
|
$ (538,445)
|
|
486,162
|
190,998
|
|
| Treasury stock, ending balance (in shares) at Dec. 31, 2023 |
31,333
|
|
|
|
|
|
|
|
31,333
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock based compensation expense, net of forfeitures |
$ 14,161
|
|
|
13,095
|
|
|
|
13,095
|
|
|
|
1,066
|
|
| Changes in ownership interest adjustment |
0
|
|
|
69,101
|
|
|
|
69,101
|
|
|
|
(69,101)
|
|
| Common stock issued related to stock based compensation and other, net (in shares) |
|
|
|
|
|
816
|
|
|
|
|
|
|
|
| Common stock issued related to stock based compensation and other, net |
(7,673)
|
|
|
(6,860)
|
|
$ 1
|
|
(6,861)
|
|
|
|
(813)
|
|
| Class A common stock repurchases (in shares) |
|
|
|
|
|
|
|
|
|
5,300
|
|
|
|
| Class A Common Stock repurchases |
|
$ (127,027)
|
|
|
(127,027)
|
|
|
|
|
$ (127,027)
|
|
|
|
| Class B common stock purchase and cancellation (in shares) |
|
|
|
|
|
|
(3,500)
|
|
|
|
|
|
|
| Class B Common Stock purchase and cancellation |
|
|
$ (89,670)
|
|
|
|
|
|
|
|
|
|
$ (89,670)
|
| Conversion of class B common stock to class A common stock (in shares) |
|
|
|
|
|
12,804
|
(12,804)
|
|
|
|
|
|
|
| Conversion of Class B Common Stock to Class A Common Stock |
|
|
$ 0
|
|
|
$ 1
|
$ (1)
|
|
|
|
|
|
|
| Dividends declared |
(72,501)
|
|
|
(72,501)
|
|
|
|
|
|
|
(72,501)
|
|
|
| Distributions to noncontrolling interest owners |
(8,190)
|
|
|
|
|
|
|
|
|
|
|
(8,190)
|
|
| Adjustment to deferred taxes |
(10,834)
|
|
|
(10,834)
|
|
|
|
(10,834)
|
|
|
|
|
|
| Tax impact of equity transactions |
71,016
|
|
|
71,016
|
|
|
|
71,016
|
|
|
|
|
|
| Net income |
308,622
|
|
|
280,429
|
|
|
|
|
|
|
280,429
|
28,193
|
|
| Common stock, ending balance (in shares) at Sep. 30, 2024 |
|
228,117
|
5,523
|
|
|
228,117
|
5,523
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 1,960,572
|
|
|
1,908,089
|
|
$ 23
|
$ 1
|
1,879,447
|
$ (665,472)
|
|
694,090
|
52,483
|
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2024 |
36,633
|
|
|
|
|
|
|
|
36,633
|
|
|
|
|
| Common stock, beginning balance (in shares) at Jun. 30, 2024 |
|
|
|
|
|
223,167
|
10,958
|
|
|
|
|
|
|
| Beginning balance at Jun. 30, 2024 |
$ 1,918,356
|
|
|
1,818,075
|
|
$ 23
|
$ 1
|
1,815,798
|
$ (616,747)
|
|
619,000
|
100,281
|
|
| Treasury stock, beginning balance (in shares) at Jun. 30, 2024 |
|
|
|
|
|
|
|
|
34,683
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock based compensation expense, net of forfeitures |
4,707
|
|
|
4,487
|
|
|
|
4,487
|
|
|
|
220
|
|
| Changes in ownership interest adjustment |
0
|
|
|
39,667
|
|
|
|
39,667
|
|
|
|
(39,667)
|
|
| 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 |
(147)
|
|
|
(140)
|
|
|
|
(140)
|
|
|
|
(7)
|
|
| Class A common stock repurchases (in shares) |
|
|
|
|
|
|
|
|
|
1,950
|
|
|
|
| Class A Common Stock repurchases |
|
$ (48,725)
|
|
|
$ (48,725)
|
|
|
|
|
$ (48,725)
|
|
|
|
| Class B common stock purchase and cancellation (in shares) |
|
|
|
|
|
|
(500)
|
|
|
|
|
|
|
| Class B Common Stock purchase and cancellation |
|
|
$ (12,930)
|
|
|
|
|
|
|
|
|
|
$ (12,930)
|
| Conversion of class B common stock to class A common stock (in shares) |
|
|
|
|
|
4,935
|
(4,935)
|
|
|
|
|
|
|
| Dividends declared |
(24,694)
|
|
|
(24,694)
|
|
|
|
|
|
|
(24,694)
|
|
|
| Distributions to noncontrolling interest owners |
(1,542)
|
|
|
|
|
|
|
|
|
|
|
(1,542)
|
|
| Adjustment to deferred taxes |
(7,918)
|
|
|
(7,918)
|
|
|
|
(7,918)
|
|
|
|
|
|
| Tax impact of equity transactions |
27,553
|
|
|
27,553
|
|
|
|
27,553
|
|
|
|
|
|
| Net income |
105,912
|
|
|
99,784
|
|
|
|
|
|
|
99,784
|
6,128
|
|
| Common stock, ending balance (in shares) at Sep. 30, 2024 |
|
228,117
|
5,523
|
|
|
228,117
|
5,523
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 1,960,572
|
|
|
$ 1,908,089
|
|
$ 23
|
$ 1
|
$ 1,879,447
|
$ (665,472)
|
|
$ 694,090
|
$ 52,483
|
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2024 |
36,633
|
|
|
|
|
|
|
|
36,633
|
|
|
|
|
| X |
- DefinitionAdjustment To Additional Paid In Capital, Deferred Taxes
| Name: |
mgy_AdjustmentToAdditionalPaidInCapitalDeferredTaxes |
| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionIncrease (Decrease) In Ownership Interest Adjustment
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| Namespace Prefix: |
mgy_ |
| Data Type: |
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| 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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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: 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 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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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 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/exampleRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section S99
-Paragraph 1
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Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| NET INCOME |
$ 308,622
|
$ 328,749
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation, depletion and amortization |
309,155
|
228,868
|
| Exploration expenses, non-cash |
1
|
9
|
| Impairment of oil and natural gas properties |
0
|
15,735
|
| Asset retirement obligations accretion |
5,112
|
2,539
|
| Amortization of deferred financing costs |
3,305
|
3,173
|
| Gain on sale of assets |
0
|
(3,946)
|
| Deferred income tax expense |
51,958
|
48,213
|
| Gain on revaluation of contingent consideration |
(3,808)
|
0
|
| Stock based compensation |
14,161
|
12,060
|
| Other |
2,921
|
0
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
50,579
|
(16,462)
|
| Accounts payable |
(35,915)
|
(19,082)
|
| Accrued liabilities |
(485)
|
(1,735)
|
| Drilling advances |
(1,285)
|
3,472
|
| Other assets and liabilities, net |
(6,098)
|
7,314
|
| Net cash provided by operating activities |
698,223
|
608,907
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Acquisitions |
(164,995)
|
(53,812)
|
| Deposits for acquisitions of oil and natural gas properties |
0
|
(22,503)
|
| Additions to oil and natural gas properties |
(351,935)
|
(332,055)
|
| Changes in working capital associated with additions to oil and natural gas properties |
455
|
(21,688)
|
| Other investing |
(539)
|
(590)
|
| Net cash used in investing activities |
(517,014)
|
(430,648)
|
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Dividends paid |
(72,524)
|
(66,480)
|
| Distributions to noncontrolling interest owners |
(8,190)
|
(9,946)
|
| Other financing activities |
(7,674)
|
(7,112)
|
| Net cash used in financing activities |
(306,191)
|
(235,234)
|
| NET CHANGE IN CASH AND CASH EQUIVALENTS |
(124,982)
|
(56,975)
|
| Cash and cash equivalents – Beginning of period |
401,121
|
675,441
|
| Cash and cash equivalents – End of period |
276,139
|
618,466
|
| Class A Common Stock |
|
|
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Common stock repurchases |
(128,133)
|
(151,696)
|
| Class B Common Stock |
|
|
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Common stock repurchases |
$ (89,670)
|
$ 0
|
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-Section 45
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v3.24.3
Description of Business and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Description of Business and Basis of Presentation |
Description of Business and Basis of Presentation Organization and Nature of Operations
Magnolia Oil & Gas Corporation (the “Company” or “Magnolia”) is an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid (“NGL”) reserves. The Company’s oil and natural gas properties are located primarily in the Karnes and Giddings areas in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow.
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 (the “2023 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2023 Form 10-K.
In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. The Company’s interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Company reflects a noncontrolling interest representing the interest owned by the Magnolia LLC Unit Holders through their ownership of Magnolia LLC Units in the consolidated financial statements. The noncontrolling interest is presented as a component of equity. See Note 10—Stockholders’ Equity for further discussion of the noncontrolling interest.
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v3.24.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies As of September 30, 2024, the Company’s significant accounting policies are consistent with those discussed in Note 1—Organization and Summary of Significant Accounting Policies of its consolidated financial statements contained in the Company’s 2023 Form 10-K.
Recent Accounting Pronouncements
In December 2023, the Financial Standards Accounting Board (FASB) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that ASU 2023-09 will have on its financial statement disclosures.
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v3.24.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue Recognition |
Revenue Recognition Magnolia’s revenues include the sale of crude oil, natural gas, and NGLs. The Company has concluded that disaggregating revenue by product type appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors and has reflected this disaggregation of revenue on the Company’s consolidated statements of operations for all periods presented. The Company’s receivables consist mainly of trade receivables from commodity sales and joint interest billings due from owners on properties the Company operates. Receivables from contracts with customers totaled $115.1 million as of September 30, 2024 and $124.4 million as of December 31, 2023. For further detail regarding the Company’s revenue recognition policies, please refer to Note 1—Organization and Summary of Significant Accounting Policies of the consolidated financial statements contained in the Company’s 2023 Form 10-K.
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-Section 50
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-Section 50
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v3.24.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
| Acquisitions |
Acquisitions 2024 Acquisitions
In April 2024, the Company acquired certain oil and gas producing properties, including leasehold and mineral interests, in the Giddings area for approximately $125.0 million, subject to customary purchase price adjustments. The acquisition was accounted for as an asset acquisition and was funded with cash on hand.
2023 Acquisitions
In November 2023, the Company acquired certain oil and gas producing properties, including leasehold and mineral interests, in the Giddings area for $264.1 million, subject to customary purchase price adjustments. The seller may also receive up to a maximum of $40.0 million in additional contingent cash consideration through January 2026 based on future commodity prices. For more information regarding the contingent consideration, refer to Note 5—Fair Value Measurements.
In July 2023, the Company completed the acquisition of certain oil and natural gas assets located in the Giddings area for $41.8 million.
The Company accounted for the aforementioned acquisitions as asset acquisitions.
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v3.24.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Fair Value Measurements Certain of the Company’s assets and liabilities are carried at fair value and measured either on a recurring or nonrecurring basis. The Company’s fair value measurements are based either on actual market data or assumptions that other market participants would use in pricing an asset or liability in an orderly transaction, using the valuation hierarchy prescribed by GAAP under Accounting Standards Codification (“ASC”) 820.
The three levels of the fair value hierarchy under ASC 820 are as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used.
Level 2 - Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 - Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation.
Fair Value of Financial Instruments
The carrying value and fair value of the financial instrument that is not carried at fair value in the Company’s consolidated balance sheets at September 30, 2024 and December 31, 2023 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (In thousands) | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Long-term debt | $ | 394,793 | | | $ | 399,312 | | | $ | 392,839 | | | $ | 394,356 | |
The fair value of the 2026 Senior Notes at September 30, 2024 and December 31, 2023 is based on unadjusted quoted prices in an active market, which is considered a Level 1 input in the fair value hierarchy. Recurring Fair Value Measurements
In November 2023, the Company acquired certain oil and gas producing properties, including leasehold and mineral interests, in the Giddings area. As part of this transaction, the seller may receive up to $40.0 million in contingent cash consideration based on future commodity prices. The contingent consideration is payable in three tranches based on average NYMEX WTI prices for (i) the period beginning July 1, 2023 through December 31, 2023, (ii) the year ending December 31, 2024, and (iii) the year ending December 31, 2025. The fair value of the contingent consideration is estimated using observable market data (NYMEX WTI forward price curve) and Monte Carlo simulation models, which are considered Level 2 inputs in the fair value hierarchy. The fair value of the contingent consideration was $7.8 million and $14.3 million as of September 30, 2024 and December 31, 2023, respectively. The current portion of the liability included in “Other current liabilities” on the Company’s consolidated balance sheet as of September 30, 2024 and December 31, 2023 was $2.4 million and $6.7 million, respectively. The long-term portion of the liability included in “Other long-term liabilities” on the Company’s consolidated balance sheet as of September 30, 2024 and December 31, 2023 was $5.4 million and $7.6 million, respectively.
The first tranche was settled for $2.7 million in January 2024. The Company recognized a gain of $7.0 million on the revaluation of the remaining tranches for the three months ended September 30, 2024, and a gain of $3.8 million for the nine months ended September 30, 2024. Gains and losses on revaluation are included in “Other income (expense), net” on the Company’s consolidated statements of operations.
The Company has other financial instruments consisting primarily of receivables, payables, and other current assets and liabilities that approximate fair value due to the nature of the instruments and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in business combinations and asset retirement obligations.
Nonrecurring Fair Value Measurements
Certain of the Company’s assets and liabilities are measured at fair value on a nonrecurring basis. Specifically, stock based compensation is not measured at fair value on an ongoing basis but is subject to fair value calculations in certain circumstances. For further detail, see Note 11—Stock Based Compensation in the notes to the consolidated financial statements. There were no other material nonrecurring fair value measurements as of September 30, 2024 or December 31, 2023.
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v3.24.3
Other Current Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Other Liabilities Disclosure [Abstract] |
|
| Other Current Liabilities |
Other Current Liabilities The following table provides detail of the Company’s other current liabilities for the periods presented: | | | | | | | | | | | | | (In thousands) | September 30, 2024 | | December 31, 2023 | | Accrued capital expenditures | $ | 34,585 | | | $ | 34,131 | | | Other | 82,643 | | | 87,544 | | | Total other current liabilities | $ | 117,228 | | | $ | 121,675 | |
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v3.24.3
Long-term Debt
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Long-term Debt |
Long-term Debt The Company’s long-term debt is comprised of the following: | | | | | | | | | | | | | (In thousands) | September 30, 2024 | | December 31, 2023 | | Revolving credit facility | $ | — | | | $ | — | | Senior Notes due 2026 | 400,000 | | | 400,000 | | | Total long-term debt | 400,000 | | | 400,000 | | | | | | | Less: Unamortized deferred financing cost | (5,207) | | | (7,161) | | | Long-term debt, net | $ | 394,793 | | | $ | 392,839 | |
Credit Facility
The original RBL Facility was entered into by and among Magnolia Operating, as borrower, Magnolia Intermediate, as its holding company, the banks, financial institutions, and other lending institutions from time to time party thereto, as lenders, the other parties from time to time party thereto, and Citibank, N.A., as administrative agent, collateral agent, issuing bank, and swingline lender. On February 16, 2022, Magnolia Operating, as borrower, amended and restated the RBL Facility in its entirety, providing for maximum commitments in an aggregate principal amount of $1.0 billion with a letter of credit facility with a $50.0 million sublimit, with a borrowing base of $450.0 million. The RBL Facility, maturing in February 2026, is guaranteed by certain parent companies and subsidiaries of Magnolia LLC and is collateralized by certain of Magnolia Operating’s oil and natural gas properties. The Company expects to opportunistically refinance the RBL Facility prior to its maturity date.
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, 2024, the Company was in compliance with all covenants under the RBL Facility.
Deferred financing costs in connection with the RBL Facility are amortized on a straight-line basis over a period of four years from February 2022 to February 2026 and included in “Interest income (expense), net” in the Company’s consolidated statements of operations. The Company recognized interest expense related to the RBL Facility of $1.1 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $3.1 million for each of the nine months ended September 30, 2024 and 2023. The unamortized portion of the deferred financing costs is included in “Deferred financing costs, net” on the Company’s consolidated balance sheets as of September 30, 2024 and December 31, 2023.
The Company did not have any outstanding borrowings under the RBL Facility as of September 30, 2024.
2026 Senior Notes
On July 31, 2018, the Issuers issued and sold $400.0 million aggregate principal amount of 2026 Senior Notes in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 2026 Senior Notes were issued under the Indenture, dated as of July 31, 2018 (the “Indenture”), by and among the Issuers and Deutsche Bank Trust Company Americas, as trustee. On April 5, 2021, the terms of the Indenture were amended to modify, among other things, the criteria used by the Company to make Restricted Payments (as defined in the Indenture). The 2026 Senior Notes are guaranteed on a senior unsecured basis by the Company, Magnolia Operating, and Magnolia Intermediate and may be guaranteed by certain future subsidiaries of the Company. The 2026 Senior Notes will mature on August 1, 2026 and bear interest at the rate of 6.0% per annum. The Company expects to opportunistically refinance the 2026 Senior Notes prior to their maturity date.
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, 2024 and December 31, 2023. The Company recognized interest expense related to the 2026 Senior Notes of $6.7 million and $6.6 million for the three months ended September 30, 2024 and 2023, respectively, and $20.0 million and $19.8 million for the nine months ended September 30, 2024 and 2023, 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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v3.24.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Legal Matters
From time to time, the Company is or may become involved in litigation in the ordinary course of business.
Certain of the Magnolia LLC Unit Holders and EnerVest Energy Institutional Fund XIV-C, L.P. (collectively the “Co-Defendants”) and the Company have been named as defendants in a lawsuit where the plaintiffs claim to be entitled to a minority working interest in certain Karnes County Assets. The litigation is in the pre-trial stage. The exposure related to this litigation is currently not reasonably estimable. The Co-Defendants retain all such liability.
A mineral owner in a Magnolia operated well in Karnes County, Texas filed a complaint with the Texas Railroad Commission (the “Commission”) challenging the validity of the permit to drill such well by questioning the long-standing process by which the Commission granted the permit. After the Commission affirmed the granting of the permit, and after judicial review of the Commission’s order by the 53rd Judicial District Court Travis County, Texas (the “District Court”), the District Court reversed and remanded the Commission’s order. Upon appeal to the Third Court of Appeals in Austin, Texas (the “Court of Appeals”), the Court of Appeals reversed in part and affirmed in part the District Court’s ruling and remanded the matter to the Commission. The plaintiffs filed a petition for review with the Supreme Court of Texas in late 2023. Matters that are probable of unfavorable outcome to Magnolia and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Magnolia’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. The Company does not believe the outcome of any such disputes or legal actions will have a material effect on its consolidated statements of operations, balance sheet, or cash flows after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates.
Environmental Matters
The Company, as an owner or lessee and operator of oil and natural gas properties, is subject to various federal, state, and local laws and regulations relating to discharge of materials into, and the protection of, the environment. These laws and regulations may, among other things, impose liability on a lessee under an oil and natural gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in an affected area. The Company maintains insurance coverage, which it believes is customary in the industry, although the Company is not fully insured against all environmental risks.
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | Current: | | | | | | | | | Federal | $ | (910) | | | $ | 18,221 | | | $ | 19,948 | | | $ | 25,277 | | | State | 430 | | | 1,041 | | | 1,728 | | | 2,173 | | | Total current | (480) | | | 19,262 | | | 21,676 | | | 27,450 | | | Deferred: | | | | | | | | | Federal | 26,180 | | | 12,043 | | | 50,125 | | | 46,888 | | | State | 830 | | | (94) | | | 1,833 | | | 1,325 | | | Total deferred | 27,010 | | | 11,949 | | | 51,958 | | | 48,213 | | | Income tax expense | $ | 26,530 | | | $ | 31,211 | | | $ | 73,634 | | | $ | 75,663 | |
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, 2024 and 2023 was 20.0% and 21.0%, respectively, and 19.3% and 18.7% for the nine months ended September 30, 2024 and 2023, respectively. The primary differences between the annual effective tax rate and the statutory rate of 21.0% are income attributable to noncontrolling interest, state taxes, tax credits generated, and changes in valuation allowances.
As of September 30, 2024, the Company does not have any significant liabilities for uncertain tax positions during the next 12 months. For the nine months ended September 30, 2024, no significant amounts were incurred for interest and penalties. Currently, the Company is not aware of any issues under review that could result in significant payments, accruals, or a material deviation from its position.
During the nine months ended September 30, 2024, the Magnolia LLC Unit Holders redeemed 12.8 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. The redemption and exchange of these Magnolia LLC Units increased Magnolia’s tax basis in Magnolia LLC. The Company recorded a deferred tax asset of $71.0 million related to this additional tax basis in Magnolia LLC Units with a corresponding increase to additional paid-in capital on the Company’s consolidated balance sheet.
As of September 30, 2024, the Company’s total gross deferred tax assets were $105.3 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, 2024, the Company recorded a valuation allowance of $5.8 million to offset the deferred tax asset created by the tax capital loss attributable to the sale of the Company’s interest in Highlander. On August 16, 2022, the U.S. enacted legislation referred to as the Inflation Reduction Act (“IRA”), which significantly changes U.S. corporate income tax laws and is effective for tax years beginning after December 31, 2022. These changes include, among others, a new 15% corporate alternative minimum tax on adjusted financial statement income of corporations with profits over $1 billion, a 1% excise tax on stock buybacks, and various tax incentives for energy and climate initiatives. As of September 30, 2024, the Company was in compliance with all applicable provisions of the IRA, including the excise tax on stock buybacks. The Company is currently not subject to the corporate alternative minimum tax. The stock buyback excise tax did not have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impacts of the IRA in future tax years.
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v3.24.3
Stockholders' Equity
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Stockholders' Equity |
Stockholders’ Equity Class A Common Stock
At September 30, 2024, there were 228.1 million shares of Class A Common Stock issued and 191.5 million shares of Class A Common Stock outstanding. The holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters and are entitled one vote for each share held. There is no cumulative voting with respect to the election of directors, which results in the holders of more than 50% of the Company’s outstanding common shares being able to elect all of the directors. In the event of a liquidation, dissolution, or winding up of the Company, the holders of the Class A Common Stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. The holders of the Class A Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares.
Class B Common Stock
At September 30, 2024, there were 5.5 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, 2024, the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. In addition, the Company may repurchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit the Company to repurchase shares at times that may otherwise be prohibited under the Company’s insider trading policy. The share repurchase program does not require purchases to be made within a particular time frame. The Company had repurchased 36.1 million shares under the program at a cost of $652.0 million and had 3.9 million shares of Class A Common Stock remaining under its share repurchase authorization as of September 30, 2024.
During the nine months ended September 30, 2024, Magnolia LLC repurchased and subsequently canceled 3.5 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $89.7 million of cash consideration (the “Class B Common Stock Repurchases”). Magnolia funded the Class B Common Stock Repurchases with cash on hand. During the same period, the Magnolia LLC Unit Holders redeemed 12.8 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders.
Dividends and Distributions
The Company’s board of directors periodically declares dividends payable on issued and outstanding shares of Class A Common Stock, and a corresponding distribution from Magnolia LLC to Magnolia LLC Unit Holders. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital and distributions to the Magnolia LLC Unit Holders are recorded as a reduction of noncontrolling interest. The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the nine months ended September 30, 2024 and the year ended December 31, 2023, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Record Date | | Payment Date | | Dividend/ Distribution Amount per share (1) | | Distributions by Magnolia LLC (2) | | Dividends Declared by the Company | | Distributions to Magnolia LLC Unit Holders | | (In thousands, except per share amounts) | | August 9, 2024 | | September 3, 2024 | | $ | 0.130 | | | $ | 26,119 | | | $ | 24,694 | | | $ | 1,425 | | | May 13, 2024 | | June 3, 2024 | | $ | 0.130 | | | $ | 26,657 | | | $ | 23,820 | | | $ | 2,837 | | | February 16, 2024 | | March 1, 2024 | | $ | 0.130 | | | $ | 26,824 | | | $ | 23,987 | | | $ | 2,837 | | | November 9, 2023 | | December 1, 2023 | | $ | 0.115 | | | $ | 24,023 | | | $ | 21,513 | | | $ | 2,510 | | | August 10, 2023 | | September 1, 2023 | | $ | 0.115 | | | $ | 24,321 | | | $ | 21,811 | | | $ | 2,510 | | | May 11, 2023 | | June 1, 2023 | | $ | 0.115 | | | $ | 24,627 | | | $ | 22,117 | | | $ | 2,510 | | | February 10, 2023 | | March 1, 2023 | | $ | 0.115 | | | $ | 24,878 | | | $ | 22,368 | | | $ | 2,510 | |
(1) Per share of Class A Common Stock and per Magnolia LLC Unit. (2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
Noncontrolling Interest
Noncontrolling interest in Magnolia’s consolidated subsidiaries includes amounts attributable to Magnolia LLC Units that were issued to the Magnolia LLC Unit Holders. The noncontrolling interest percentage is affected by various equity transactions such as issuances and repurchases of Class A Common Stock, the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) for Class A Common Stock, or the cancellation of Class B Common Stock (and corresponding Magnolia LLC Units). As of September 30, 2024, Magnolia owned approximately 97.2% of the interest in Magnolia LLC and the noncontrolling interest was approximately 2.8%.
Highlander was a joint venture whereby MGY Louisiana LLC, a wholly owned subsidiary of Magnolia Operating, held approximately 84.7% of the units of Highlander, with the remaining 15.3% attributable to noncontrolling interest. On May 30, 2023, the Company sold its interest in Highlander and recognized a gain of $3.9 million included within “Other income (expense), net” on the Company’s consolidated statements of operations for the nine months ended September 30, 2023.
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v3.24.3
Stock Based Compensation
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9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
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| Stock Based Compensation |
Stock Based Compensation The Company’s board of directors adopted the “Magnolia Oil & Gas Corporation Long Term Incentive Plan” (as amended, the “Plan”), effective as of July 17, 2018. A total of 16.8 million shares of Class A Common Stock have been authorized for issuance under the Plan as of September 30, 2024. The Company grants stock based compensation awards in the form of restricted stock units (“RSU”), performance restricted stock units (“PRSU”), and performance stock units (“PSU”) to eligible employees and directors to enhance the Company and its affiliates’ ability to attract, retain, and motivate persons who make important contributions to the Company and its affiliates by providing these individuals with equity ownership opportunities. Shares issued as a result of awards granted under the Plan are generally new shares of Class A Common Stock.
Stock based compensation expense is recognized net of forfeitures within “General and administrative expenses” and “Lease operating expenses” on the consolidated statements of operations and was $4.7 million and $4.2 million for the three months ended September 30, 2024 and 2023, respectively, and $14.2 million and $12.1 million for the nine months ended September 30, 2024 and 2023, respectively. The Company has elected to account for forfeitures of awards granted under the Plan as they occur in determining compensation expense. The total income tax benefit recognized for stock that vested during the nine months ended September 30, 2024 and 2023 was $5.6 million and $4.7 million, respectively. The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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, 2023 | 1,074,886 | | | $ | 20.32 | | | 943,574 | | | $ | 13.66 | | | 232,700 | | | $ | 24.69 | | | Granted | 934,241 | | | 20.79 | | | — | | | — | | | 372,202 | | | 21.12 | | | Vested | (489,971) | | | 17.94 | | | (654,251) | | | 11.18 | | | (5,264) | | | 24.18 | | | Forfeited | (63,309) | | | 21.62 | | | (12,457) | | | 19.69 | | | (19,677) | | | 22.41 | | Unvested at September 30, 2024 | 1,455,847 | | | $ | 21.36 | | | 276,866 | | | $ | 19.25 | | | 579,961 | | | $ | 22.48 | |
The weighted average grant date fair values of the RSUs, PRSUs, and PSUs granted during the nine months ended September 30, 2023 were $22.80, $22.28, and $24.69 per share, respectively.
Restricted Stock Units
The Company grants service-based RSU awards to employees, which generally vest and settle ratably over a three-year or four-year service period, and to non-employee directors, which vest in full after one year. Non-employee directors may elect to defer the RSU settlement date. RSUs represent the right to receive shares of Class A Common Stock at the end of the vesting period equal to the number of RSUs that vest. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Compensation expense for the service-based RSU awards is based upon the grant date market value of the award and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards. The aggregate fair value of RSUs that vested during the nine months ended September 30, 2024 and 2023 were $11.5 million and $8.7 million, respectively. Unrecognized compensation expense related to unvested RSUs as of September 30, 2024 was $23.4 million, which the Company expects to recognize over a weighted average period of 2.1 years.
Performance Restricted Stock Units and Performance Stock Units
The Company grants PRSUs to certain employees. Each PRSU represents the contingent right to receive one share of Class A Common Stock once the PRSU is both vested and earned. PRSUs generally vest and settle either ratably over a three-year service period or at the end of a three-year service period, in each case, subject to the recipient’s continued employment or service through each applicable vesting date. Each PRSU is earned based on whether Magnolia’s stock price achieves a target average stock price for any 20 consecutive trading days during the five-year performance period (“Performance Condition”). If PRSUs are not earned by the end of the five-year performance period, the PRSUs will be forfeited and no shares of Class A Common Stock will be issued, even if the vesting conditions have been met. Compensation expense for the PRSU awards is based upon grant date fair market value of the award, calculated using a Monte Carlo simulation, as presented below, and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards, as applicable. The aggregate fair value of PRSUs that vested during the nine months ended September 30, 2024 and 2023 were $15.1 million and $7.1 million, respectively. Unrecognized compensation expense related to unvested PRSUs as of September 30, 2024 was $0.8 million, which the Company expects to recognize over a weighted average period of 0.7 years.
The Company grants PSUs to certain employees. Each PSU, to the extent earned, represents the contingent right to receive one share of Class A Common Stock and the awardee may earn between zero and 150% of the target number of PSUs granted based on the total shareholder return (“TSR”) of the Class A Common Stock relative to the TSR achieved by a specific industry peer group over a three-year performance period. In addition to the TSR conditions, vesting of the PSUs is subject to the awardee’s continued employment through the date of settlement of the PSUs, which will occur within 60 days following the end of the performance period. The aggregate fair value of PSUs that vested during the nine months ended September 30, 2024 and 2023 were $0.1 million and $6.7 million, respectively. Unrecognized compensation expense related to unvested PSUs as of September 30, 2024 was $8.3 million, which the Company expects to recognize over a weighted average period of 2.1 years. The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2024 and 2023. | | | | | | | | | | | | | Nine Months Ended | | PSU Grant Date Fair Value Assumptions | September 30, 2024 | | September 30, 2023 | Expected term (in years) | 2.88 | | 2.88 | | Expected volatility | 45.09% | | 60.80% | | Risk-free interest rate | 4.35% | | 4.15% | | Dividend yield | 2.48% | | 1.93% |
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v3.24.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
Earnings Per Share The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities, and therefore dividends and net income allocated to such awards have been deducted from earnings in computing basic and diluted net income per share under the two-class method. Diluted net income per share attributable to Class A Common Stock is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented.
The components of basic and diluted net income per share attributable to Class A Common Stock are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | (In thousands, except per share data) | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | Basic: | | | | | | | | | Net income attributable to Class A Common Stock | $ | 99,784 | | | $ | 102,030 | | | $ | 280,429 | | | $ | 289,856 | | | Less: Dividends and net income allocated to participating securities | 1,219 | | | 1,171 | | | 3,533 | | | 3,205 | | | Net income, net of participating securities | $ | 98,565 | | | $ | 100,859 | | | $ | 276,896 | | | $ | 286,651 | | | Weighted average number of common shares outstanding during the period - basic | 187,859 | | | 187,093 | | | 185,065 | | | 189,408 | | Net income per share of Class A Common Stock - basic | $ | 0.52 | | | $ | 0.54 | | | $ | 1.50 | | | $ | 1.51 | | | | | | | | | | | Diluted: | | | | | | | | | Net income attributable to Class A Common Stock | $ | 99,784 | | | $ | 102,030 | | | $ | 280,429 | | | $ | 289,856 | | | Less: Dividends and net income allocated to participating securities | 1,219 | | | 1,171 | | | 3,532 | | | 3,202 | | | Net income, net of participating securities | $ | 98,565 | | | $ | 100,859 | | | $ | 276,897 | | | $ | 286,654 | | | Weighted average number of common shares outstanding during the period - basic | 187,859 | | | 187,093 | | | 185,065 | | | 189,408 | | | Add: Dilutive effect of stock based compensation and other | 12 | | | 172 | | | 31 | | | 204 | | | Weighted average number of common shares outstanding during the period - diluted | 187,871 | | | 187,265 | | | 185,096 | | | 189,612 | | Net income per share of Class A Common Stock - diluted | $ | 0.52 | | | $ | 0.54 | | | $ | 1.50 | | | $ | 1.51 | |
For the three months ended September 30, 2024 and 2023, the Company excluded 10.5 million and 21.8 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For the nine months ended September 30, 2024 and 2023, the Company excluded 16.2 million and 21.8 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive.
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v3.24.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Party Transactions |
Related Party Transactions For the nine months ended September 30, 2024 and 2023, there were no material related party transactions with an entity that held more than 10% of the Company’s common stock or qualified as a principal owner of the Company, as defined in ASC 850, “Related Party Disclosures.”
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v3.24.3
Supplemental Cash Flow
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Supplemental Cash Flow Elements [Abstract] |
|
| Supplemental Cash Flow |
Supplemental Cash Flow Supplemental cash flow disclosures are presented below:
| | | | | | | | | | | | | Nine Months Ended | | (In thousands) | September 30, 2024 | | September 30, 2023 | | Supplemental cash items: | | | | | Cash paid for income taxes | $ | 17,202 | | | $ | 26,628 | | | Cash paid for interest | 25,781 | | | 25,763 | | | Supplemental non-cash investing and financing activity: | | | | | Accrued capital expenditures | 34,585 | | | 46,235 | | | Net liabilities assumed in connection with acquisitions | 6,997 | | | — | | | Supplemental non-cash lease operating activity: | | | | | Right-of-use assets obtained in exchange for operating lease obligations | 10,008 | | | 12,009 | |
|
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Events On October 28, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.13 per share of Class A Common Stock, and Magnolia LLC declared a cash distribution of $0.13 per Magnolia LLC Unit to each holder of Magnolia LLC Units, each payable on December 2, 2024 to shareholders or members of record, as applicable, as of November 8, 2024.
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v3.24.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Organization and Nature of Operations and Basis of Presentation |
Organization and Nature of Operations
Magnolia Oil & Gas Corporation (the “Company” or “Magnolia”) is an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid (“NGL”) reserves. The Company’s oil and natural gas properties are located primarily in the Karnes and Giddings areas in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow.
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 (the “2023 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2023 Form 10-K.
In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
|
| Consolidation |
The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. The Company’s interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Company reflects a noncontrolling interest representing the interest owned by the Magnolia LLC Unit Holders through their ownership of Magnolia LLC Units in the consolidated financial statements. The noncontrolling interest is presented as a component of equity.
|
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In December 2023, the Financial Standards Accounting Board (FASB) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that ASU 2023-09 will have on its financial statement disclosures.
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v3.24.3
Other Current Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Other Liabilities Disclosure [Abstract] |
|
| Schedule of Other Current Liabilities |
The following table provides detail of the Company’s other current liabilities for the periods presented: | | | | | | | | | | | | | (In thousands) | September 30, 2024 | | December 31, 2023 | | Accrued capital expenditures | $ | 34,585 | | | $ | 34,131 | | | Other | 82,643 | | | 87,544 | | | Total other current liabilities | $ | 117,228 | | | $ | 121,675 | |
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v3.24.3
Long-term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-Term Debt |
The Company’s long-term debt is comprised of the following: | | | | | | | | | | | | | (In thousands) | September 30, 2024 | | December 31, 2023 | | Revolving credit facility | $ | — | | | $ | — | | Senior Notes due 2026 | 400,000 | | | 400,000 | | | Total long-term debt | 400,000 | | | 400,000 | | | | | | | Less: Unamortized deferred financing cost | (5,207) | | | (7,161) | | | Long-term debt, net | $ | 394,793 | | | $ | 392,839 | |
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-Name Accounting Standards Codification
-Section S99
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v3.24.3
Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income Tax Provision |
The Company’s income tax provision consists of the following components:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | (In thousands) | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | Current: | | | | | | | | | Federal | $ | (910) | | | $ | 18,221 | | | $ | 19,948 | | | $ | 25,277 | | | State | 430 | | | 1,041 | | | 1,728 | | | 2,173 | | | Total current | (480) | | | 19,262 | | | 21,676 | | | 27,450 | | | Deferred: | | | | | | | | | Federal | 26,180 | | | 12,043 | | | 50,125 | | | 46,888 | | | State | 830 | | | (94) | | | 1,833 | | | 1,325 | | | Total deferred | 27,010 | | | 11,949 | | | 51,958 | | | 48,213 | | | Income tax expense | $ | 26,530 | | | $ | 31,211 | | | $ | 73,634 | | | $ | 75,663 | |
|
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v3.24.3
Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of Cash Dividends Declared |
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, 2024 and the year ended December 31, 2023, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Record Date | | Payment Date | | Dividend/ Distribution Amount per share (1) | | Distributions by Magnolia LLC (2) | | Dividends Declared by the Company | | Distributions to Magnolia LLC Unit Holders | | (In thousands, except per share amounts) | | August 9, 2024 | | September 3, 2024 | | $ | 0.130 | | | $ | 26,119 | | | $ | 24,694 | | | $ | 1,425 | | | May 13, 2024 | | June 3, 2024 | | $ | 0.130 | | | $ | 26,657 | | | $ | 23,820 | | | $ | 2,837 | | | February 16, 2024 | | March 1, 2024 | | $ | 0.130 | | | $ | 26,824 | | | $ | 23,987 | | | $ | 2,837 | | | November 9, 2023 | | December 1, 2023 | | $ | 0.115 | | | $ | 24,023 | | | $ | 21,513 | | | $ | 2,510 | | | August 10, 2023 | | September 1, 2023 | | $ | 0.115 | | | $ | 24,321 | | | $ | 21,811 | | | $ | 2,510 | | | May 11, 2023 | | June 1, 2023 | | $ | 0.115 | | | $ | 24,627 | | | $ | 22,117 | | | $ | 2,510 | | | February 10, 2023 | | March 1, 2023 | | $ | 0.115 | | | $ | 24,878 | | | $ | 22,368 | | | $ | 2,510 | |
(1) Per share of Class A Common Stock and per Magnolia LLC Unit. (2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
|
| Schedule of Distributions Declared |
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, 2024 and the year ended December 31, 2023, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Record Date | | Payment Date | | Dividend/ Distribution Amount per share (1) | | Distributions by Magnolia LLC (2) | | Dividends Declared by the Company | | Distributions to Magnolia LLC Unit Holders | | (In thousands, except per share amounts) | | August 9, 2024 | | September 3, 2024 | | $ | 0.130 | | | $ | 26,119 | | | $ | 24,694 | | | $ | 1,425 | | | May 13, 2024 | | June 3, 2024 | | $ | 0.130 | | | $ | 26,657 | | | $ | 23,820 | | | $ | 2,837 | | | February 16, 2024 | | March 1, 2024 | | $ | 0.130 | | | $ | 26,824 | | | $ | 23,987 | | | $ | 2,837 | | | November 9, 2023 | | December 1, 2023 | | $ | 0.115 | | | $ | 24,023 | | | $ | 21,513 | | | $ | 2,510 | | | August 10, 2023 | | September 1, 2023 | | $ | 0.115 | | | $ | 24,321 | | | $ | 21,811 | | | $ | 2,510 | | | May 11, 2023 | | June 1, 2023 | | $ | 0.115 | | | $ | 24,627 | | | $ | 22,117 | | | $ | 2,510 | | | February 10, 2023 | | March 1, 2023 | | $ | 0.115 | | | $ | 24,878 | | | $ | 22,368 | | | $ | 2,510 | |
(1) Per share of Class A Common Stock and per Magnolia LLC Unit. (2) Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
|
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v3.24.3
Stock Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Unvested RSU, PRSU, and PSU Activity |
The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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, 2023 | 1,074,886 | | | $ | 20.32 | | | 943,574 | | | $ | 13.66 | | | 232,700 | | | $ | 24.69 | | | Granted | 934,241 | | | 20.79 | | | — | | | — | | | 372,202 | | | 21.12 | | | Vested | (489,971) | | | 17.94 | | | (654,251) | | | 11.18 | | | (5,264) | | | 24.18 | | | Forfeited | (63,309) | | | 21.62 | | | (12,457) | | | 19.69 | | | (19,677) | | | 22.41 | | Unvested at September 30, 2024 | 1,455,847 | | | $ | 21.36 | | | 276,866 | | | $ | 19.25 | | | 579,961 | | | $ | 22.48 | |
|
| Schedule of Assumptions Used to Calculate Grant Date Fair Value of PSUs |
The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2024 and 2023. | | | | | | | | | | | | | Nine Months Ended | | PSU Grant Date Fair Value Assumptions | September 30, 2024 | | September 30, 2023 | Expected term (in years) | 2.88 | | 2.88 | | Expected volatility | 45.09% | | 60.80% | | Risk-free interest rate | 4.35% | | 4.15% | | Dividend yield | 2.48% | | 1.93% |
|
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-Topic 820
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v3.24.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Components of Basic and Diluted Net Income Per Share Attributable to Class A Common Stock |
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, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | Basic: | | | | | | | | | Net income attributable to Class A Common Stock | $ | 99,784 | | | $ | 102,030 | | | $ | 280,429 | | | $ | 289,856 | | | Less: Dividends and net income allocated to participating securities | 1,219 | | | 1,171 | | | 3,533 | | | 3,205 | | | Net income, net of participating securities | $ | 98,565 | | | $ | 100,859 | | | $ | 276,896 | | | $ | 286,651 | | | Weighted average number of common shares outstanding during the period - basic | 187,859 | | | 187,093 | | | 185,065 | | | 189,408 | | Net income per share of Class A Common Stock - basic | $ | 0.52 | | | $ | 0.54 | | | $ | 1.50 | | | $ | 1.51 | | | | | | | | | | | Diluted: | | | | | | | | | Net income attributable to Class A Common Stock | $ | 99,784 | | | $ | 102,030 | | | $ | 280,429 | | | $ | 289,856 | | | Less: Dividends and net income allocated to participating securities | 1,219 | | | 1,171 | | | 3,532 | | | 3,202 | | | Net income, net of participating securities | $ | 98,565 | | | $ | 100,859 | | | $ | 276,897 | | | $ | 286,654 | | | Weighted average number of common shares outstanding during the period - basic | 187,859 | | | 187,093 | | | 185,065 | | | 189,408 | | | Add: Dilutive effect of stock based compensation and other | 12 | | | 172 | | | 31 | | | 204 | | | Weighted average number of common shares outstanding during the period - diluted | 187,871 | | | 187,265 | | | 185,096 | | | 189,612 | | Net income per share of Class A Common Stock - diluted | $ | 0.52 | | | $ | 0.54 | | | $ | 1.50 | | | $ | 1.51 | |
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v3.24.3
Supplemental Cash Flow (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Supplemental Cash Flow Elements [Abstract] |
|
| Schedule of Supplemental Cash Flow Disclosures |
Supplemental cash flow disclosures are presented below:
| | | | | | | | | | | | | Nine Months Ended | | (In thousands) | September 30, 2024 | | September 30, 2023 | | Supplemental cash items: | | | | | Cash paid for income taxes | $ | 17,202 | | | $ | 26,628 | | | Cash paid for interest | 25,781 | | | 25,763 | | | Supplemental non-cash investing and financing activity: | | | | | Accrued capital expenditures | 34,585 | | | 46,235 | | | Net liabilities assumed in connection with acquisitions | 6,997 | | | — | | | Supplemental non-cash lease operating activity: | | | | | Right-of-use assets obtained in exchange for operating lease obligations | 10,008 | | | 12,009 | |
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v3.24.3
Fair Value Measurements - Narrative (Details)
$ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
Jan. 31, 2024
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Nov. 30, 2023
USD ($)
tranche
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
| Gain on revaluation of contingent consideration |
|
$ 7,000
|
$ 3,808
|
$ 0
|
|
|
| Oil and Natural Gas Producing Properties, Giddings Area |
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
| Additional contingent cash consideration (up to) |
|
|
|
|
|
$ 40,000
|
| Contingent consideration payable, number of tranches | tranche |
|
|
|
|
|
3
|
| Fair value of contingent consideration |
|
7,800
|
7,800
|
|
$ 14,300
|
|
| Contingent consideration, current |
|
2,400
|
2,400
|
|
6,700
|
|
| Contingent consideration, noncurrent |
|
$ 5,400
|
$ 5,400
|
|
$ 7,600
|
|
| Asset acquisition, consideration transferred, contingent consideration |
$ 2,700
|
|
|
|
|
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v3.24.3
Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
| Total long-term debt |
$ 400,000,000
|
$ 400,000,000
|
| Less: Unamortized deferred financing cost |
(5,207,000)
|
(7,161,000)
|
| Long-term debt, net |
394,793,000
|
392,839,000
|
| Line of Credit | Revolving credit facility |
|
|
| Debt Instrument [Line Items] |
|
|
| Total long-term debt |
0
|
0
|
| Senior Notes | Senior Notes due 2026 |
|
|
| Debt Instrument [Line Items] |
|
|
| Total long-term debt |
$ 400,000,000
|
$ 400,000,000
|
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v3.24.3
Long-term Debt - Credit Facility (Narrative) (Details)
|
3 Months Ended |
9 Months Ended |
|
|
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Feb. 16, 2022
USD ($)
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
| Total long-term debt |
$ 400,000,000
|
|
$ 400,000,000
|
|
$ 400,000,000
|
|
| Line of Credit | RBL Facility |
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
| Amortization period |
|
|
4 years
|
|
|
|
| Interest expense |
1,100,000
|
$ 1,000,000
|
$ 3,100,000
|
$ 3,100,000
|
|
|
| Total long-term debt |
$ 0
|
|
$ 0
|
|
$ 0
|
|
| Line of Credit | RBL Facility | Magnolia Operating |
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
| Maximum commitments, aggregate principal amount |
|
|
|
|
|
$ 1,000,000,000
|
| Borrowing base |
|
|
|
|
|
$ 450,000,000
|
| Leverage ratio (less than) |
|
|
|
|
|
3.50
|
| Current ratio (greater than) |
|
|
|
|
|
1.00
|
| Line of Credit | Letter of Credit Sublimit | Magnolia Operating |
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
| Maximum commitments, aggregate principal amount |
|
|
|
|
|
$ 50,000,000
|
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v3.24.3
Long-term Debt - 2026 Senior Notes (Narrative) (Details) - Senior Notes - Senior Notes due 2026 - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jul. 31, 2018 |
| Debt Instrument [Line Items] |
|
|
|
|
|
| Aggregate principal amount |
|
|
|
|
$ 400,000,000.0
|
| Stated interest rate |
|
|
|
|
6.00%
|
| Interest expense |
$ 6,700,000
|
$ 6,600,000
|
$ 20,000,000.0
|
$ 19,800,000
|
|
| X |
- DefinitionFace (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Current: |
|
|
|
|
| Federal |
$ (910)
|
$ 18,221
|
$ 19,948
|
$ 25,277
|
| State |
430
|
1,041
|
1,728
|
2,173
|
| Total current |
(480)
|
19,262
|
21,676
|
27,450
|
| Deferred: |
|
|
|
|
| Federal |
26,180
|
12,043
|
50,125
|
46,888
|
| State |
830
|
(94)
|
1,833
|
1,325
|
| Total deferred |
27,010
|
11,949
|
51,958
|
48,213
|
| Income tax expense |
$ 26,530
|
$ 31,211
|
$ 73,634
|
$ 75,663
|
| X |
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v3.24.3
Stockholders' Equity - Narrative (Details)
$ in Thousands |
|
3 Months Ended |
9 Months Ended |
|
|
May 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
vote
shares
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
vote
shares
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
shares
|
| Highlander |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Gain recognized on sale of partnership | $ |
$ 3,900
|
|
|
|
|
|
| Highlander |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Percentage of interest owned by noncontrolling interest holders |
15.30%
|
|
|
|
|
|
| VIE, Primary Beneficiary | Magnolia LLC |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Percentage of interest owned |
|
|
|
97.20%
|
|
|
| Percentage of interest owned by noncontrolling interest holders |
|
2.80%
|
|
2.80%
|
|
|
| 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 | $ |
|
|
|
$ 89,700
|
|
|
| Class A Common Stock |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Common stock, shares issued (in shares) |
|
228,117,000
|
|
228,117,000
|
|
214,497,000
|
| Common stock, shares outstanding (in shares) |
|
191,484,000
|
|
191,484,000
|
|
183,164,000
|
| Number of votes for each share held | vote |
|
1
|
|
1
|
|
|
| Total cost of shares repurchased | $ |
|
$ 48,725
|
$ 56,768
|
$ 127,027
|
$ 152,860
|
|
| Stock repurchased, cash consideration | $ |
|
|
|
$ 128,133
|
151,696
|
|
| Class A Common Stock | Share Repurchase Program |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Number of shares authorized to be repurchased (in shares) |
|
40,000,000.0
|
|
40,000,000.0
|
|
|
| Number of shares repurchased (in shares) |
|
|
|
36,100,000
|
|
|
| Total cost of shares repurchased | $ |
|
|
|
$ 652,000
|
|
|
| Repurchase authorization (in shares) |
|
3,900,000
|
|
3,900,000
|
|
|
| Class B Common Stock |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Common stock, shares issued (in shares) |
|
5,523,000
|
|
5,523,000
|
|
21,827,000
|
| Common stock, shares outstanding (in shares) |
|
5,523,000
|
|
5,523,000
|
|
21,827,000
|
| Number of votes for each share held | vote |
|
1
|
|
1
|
|
|
| Stock repurchased, cash consideration | $ |
|
|
|
$ 89,670
|
$ 0
|
|
| Class B Common Stock | Magnolia LLC |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Stock repurchased and subsequently canceled (in shares) |
|
|
|
3,500,000
|
|
|
| Class B Common Stock | Magnolia LLC Unit Holders |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Stock redeemed (in shares) |
|
|
|
12,800,000
|
|
|
| Magnolia LLC Units | Magnolia LLC |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Stock repurchased and subsequently canceled (in shares) |
|
|
|
3,500,000
|
|
|
| Magnolia LLC Units | Magnolia LLC Unit Holders |
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
| Stock redeemed (in shares) |
|
|
|
12,800,000
|
|
|
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v3.24.3
Stockholders' Equity - Schedule of Cash Dividends Declared and Distributions Declared (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
| Dividend/Distribution amount per share (in dollars per share) |
$ 0.130
|
$ 0.130
|
$ 0.130
|
$ 0.115
|
$ 0.115
|
$ 0.115
|
$ 0.115
|
|
|
| Distributions by Magnolia LLC |
$ 26,119
|
$ 26,657
|
$ 26,824
|
$ 24,023
|
$ 24,321
|
$ 24,627
|
$ 24,878
|
|
|
| Dividends Declared by the Company |
24,694
|
23,820
|
23,987
|
21,513
|
21,811
|
22,117
|
22,368
|
$ 72,501
|
$ 66,295
|
| Distributions to Magnolia LLC Unit Holders |
$ 1,425
|
$ 2,837
|
$ 2,837
|
$ 2,510
|
$ 2,510
|
$ 2,510
|
$ 2,510
|
|
|
| Class A Common Stock |
|
|
|
|
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
| Common stock, dividends, declared (in dollars per share) |
$ 0.130
|
$ 0.130
|
$ 0.130
|
$ 0.115
|
$ 0.115
|
$ 0.115
|
$ 0.115
|
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-Section 45
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-Topic 942
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v3.24.3
Stock Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock based compensation expense |
$ 4.7
|
$ 4.2
|
$ 14.2
|
$ 12.1
|
| Income tax benefit recognized |
|
|
$ 5.6
|
$ 4.7
|
| RSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Weighted average grant date fair value (in dollars per share) |
|
|
$ 20.79
|
$ 22.80
|
| Aggregate fair value of equity instruments vested during the period |
|
|
$ 11.5
|
$ 8.7
|
| Unrecognized compensation expense |
23.4
|
|
$ 23.4
|
|
| Weighted average period over which unrecognized compensation expense is expected to be recognized |
|
|
2 years 1 month 6 days
|
|
| RSUs | Employees | Minimum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
3 years
|
|
| RSUs | Employees | Maximum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
4 years
|
|
| RSUs | Directors |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting period |
|
|
1 year
|
|
| PRSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Weighted average grant date fair value (in dollars per share) |
|
|
$ 0
|
$ 22.28
|
| Vesting period |
|
|
3 years
|
|
| Aggregate fair value of equity instruments vested during the period |
|
|
$ 15.1
|
$ 7.1
|
| Unrecognized compensation expense |
0.8
|
|
$ 0.8
|
|
| Weighted average period over which unrecognized compensation expense is expected to be recognized |
|
|
8 months 12 days
|
|
| Number of consecutive trading days required to earn PRSUs |
|
|
20 days
|
|
| Performance period |
|
|
5 years
|
|
| PSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Weighted average grant date fair value (in dollars per share) |
|
|
$ 21.12
|
$ 24.69
|
| Aggregate fair value of equity instruments vested during the period |
|
|
$ 0.1
|
$ 6.7
|
| Unrecognized compensation expense |
$ 8.3
|
|
$ 8.3
|
|
| Weighted average period over which unrecognized compensation expense is expected to be recognized |
|
|
2 years 1 month 6 days
|
|
| Performance period |
|
|
3 years
|
|
| Settlement date, period following performance period |
|
|
60 days
|
|
| Class A Common Stock |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Shares authorized for issuance (in shares) |
16,800,000
|
|
16,800,000
|
|
| Class A Common Stock | PRSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Contingent right to receive common stock, number of shares receivable for each PSU (in shares) |
1
|
|
1
|
|
| Class A Common Stock | PSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Contingent right to receive common stock, number of shares receivable for each PSU (in shares) |
1
|
|
1
|
|
| Class A Common Stock | PSUs | Minimum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting percentage |
|
|
0.00%
|
|
| Class A Common Stock | PSUs | Maximum |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Vesting percentage |
|
|
150.00%
|
|
| X |
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v3.24.3
Stock Based Compensation - Schedule of Unvested RSU, PRSU, and PSU Activity (Details) - $ / shares
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Restricted Stock Units |
|
|
| Units |
|
|
| Unvested stock units, beginning of period (in shares) |
1,074,886
|
|
| Granted (in shares) |
934,241
|
|
| Vested (in shares) |
(489,971)
|
|
| Forfeited (in shares) |
(63,309)
|
|
| Unvested stock units, end of period (in shares) |
1,455,847
|
|
| Weighted Average Grant Date Fair Value |
|
|
| Unvested stock units, beginning of period (in dollars per share) |
$ 20.32
|
|
| Granted (in dollars per share) |
20.79
|
$ 22.80
|
| Vested (in dollars per share) |
17.94
|
|
| Forfeited (in dollars per share) |
21.62
|
|
| Unvested stock units, end of period (in dollars per share) |
$ 21.36
|
|
| Performance Restricted Stock Units |
|
|
| Units |
|
|
| Unvested stock units, beginning of period (in shares) |
943,574
|
|
| Granted (in shares) |
0
|
|
| Vested (in shares) |
(654,251)
|
|
| Forfeited (in shares) |
(12,457)
|
|
| Unvested stock units, end of period (in shares) |
276,866
|
|
| Weighted Average Grant Date Fair Value |
|
|
| Unvested stock units, beginning of period (in dollars per share) |
$ 13.66
|
|
| Granted (in dollars per share) |
0
|
22.28
|
| Vested (in dollars per share) |
11.18
|
|
| Forfeited (in dollars per share) |
19.69
|
|
| Unvested stock units, end of period (in dollars per share) |
$ 19.25
|
|
| Performance Stock Units |
|
|
| Units |
|
|
| Unvested stock units, beginning of period (in shares) |
232,700
|
|
| Granted (in shares) |
372,202
|
|
| Vested (in shares) |
(5,264)
|
|
| Forfeited (in shares) |
(19,677)
|
|
| Unvested stock units, end of period (in shares) |
579,961
|
|
| Weighted Average Grant Date Fair Value |
|
|
| Unvested stock units, beginning of period (in dollars per share) |
$ 24.69
|
|
| Granted (in dollars per share) |
21.12
|
$ 24.69
|
| Vested (in dollars per share) |
24.18
|
|
| Forfeited (in dollars per share) |
22.41
|
|
| Unvested stock units, end of period (in dollars per share) |
$ 22.48
|
|
| X |
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
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-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
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-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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-Section 50
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-Topic 718
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-Publisher FASB
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
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v3.24.3
| 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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-Topic 718
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-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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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 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Earnings Per Share - Schedule of Components of Basic and Diluted Net Income Per Share Attributable to Class A Common Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Basic: |
|
|
|
|
| Net income attributable to Class A Common Stock |
$ 99,784
|
$ 102,030
|
$ 280,429
|
$ 289,856
|
| Less: Dividends and net income allocated to participating securities |
1,219
|
1,171
|
3,533
|
3,205
|
| Net income, net of participating securities |
$ 98,565
|
$ 100,859
|
$ 276,896
|
$ 286,651
|
| Weighted average number of common shares outstanding during the period - basic (in shares) |
187,859
|
187,093
|
185,065
|
189,408
|
| Diluted: |
|
|
|
|
| Net income attributable to Class A Common Stock |
$ 99,784
|
$ 102,030
|
$ 280,429
|
$ 289,856
|
| Less: Dividends and net income allocated to participating securities |
1,219
|
1,171
|
3,532
|
3,202
|
| Net income, net of participating securities |
$ 98,565
|
$ 100,859
|
$ 276,897
|
$ 286,654
|
| Weighted average number of common shares outstanding during the period - basic (in shares) |
187,859
|
187,093
|
185,065
|
189,408
|
| Add: Dilutive effect of stock based compensation and other (in shares) |
12
|
172
|
31
|
204
|
| Weighted average number of common shares outstanding during the period - diluted (in shares) |
187,871
|
187,265
|
185,096
|
189,612
|
| Class A Common Stock |
|
|
|
|
| Basic: |
|
|
|
|
| Net income per share of class A common stock - basic (in dollars per share) |
$ 0.52
|
$ 0.54
|
$ 1.50
|
$ 1.51
|
| Diluted: |
|
|
|
|
| Net income per share of class A common stock - diluted (in dollars per share) |
$ 0.52
|
$ 0.54
|
$ 1.50
|
$ 1.51
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 260
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
| X |
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-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Section 45
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Supplemental Cash Flow (Details) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Supplemental cash items: |
|
|
| Cash paid for income taxes |
$ 17,202
|
$ 26,628
|
| Cash paid for interest |
25,781
|
25,763
|
| Supplemental non-cash investing and financing activity: |
|
|
| Accrued capital expenditures |
34,585
|
46,235
|
| Net liabilities assumed in connection with acquisitions |
6,997
|
0
|
| Supplemental non-cash lease operating activity: |
|
|
| Right-of-use assets obtained in exchange for operating lease obligations |
$ 10,008
|
$ 12,009
|
| X |
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 842
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-Section 55
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-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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v3.24.3
Subsequent Events (Details) - $ / shares
|
|
3 Months Ended |
9 Months Ended |
Oct. 28, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Subsequent Event [Line Items] |
|
|
|
|
|
| Common stock, dividends, declared (in dollars per share) |
|
$ 0.13
|
$ 0.115
|
$ 0.39
|
$ 0.345
|
| Subsequent Event | Class A Common Stock |
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
| Common stock, dividends, declared (in dollars per share) |
$ 0.13
|
|
|
|
|
| Subsequent Event | Magnolia LLC Units |
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
| Distribution made to LLC member, distributions declared (in dollars per share) |
$ 0.13
|
|
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