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EX - 99.1 2 q12021 pressrelease.htm EX - 99.1 Magnolia Oil & Gas Corporation Announces First Quarter 2021 Results HOUSTON , TX , May 4 , 2021 - Magnolia Oil & Gas Corporation ( " Magnolia , ” “ we , ” “ our , ” or the “ Company ” ) ( NYSE : MGY ) today announced its financial and operational results for the first quarter of 2021 . First Quarter 2021 Highlights : ( In millions , except per share data ) Net income Earnings per share - diluted Adjusted net income ( 1 ) Adjusted earnings per share ( 1 ) Adjusted EBITDAX ( 1 ) Capital expenditures - D & C Cash balance as of March 31 , 2021 For the Quarter Ended March 31 , 2021 $ 91.5 0.37 93.8 0.38 150.8 38.9 $ 178.2 62.3 249.9 Average daily production ( Mboe / d ) Diluted weighted average total shares outstanding ( 2 ) • Magnolia reported first quarter 2021 net income attributable to Class A Common Stock of $ 63.2 million , or $ 0.37 per diluted share . First quarter 2021 total net income was $ 91.5 million and adjusted net income was $ 93.8 million , or $ 0.38 per diluted share . Adjusted EBITDAX for the first quarter of 2021 was $ 150.8 million , a 54 % sequential quarterly increase driven by both higher overall production and stronger product prices . Total capital allocated to drilling and completions ( " D & C " ) during the first quarter was $ 38.9 million , or 26 % of adjusted EBITDAX . Net cash provided by operating activities was $ 118.2 million and the Company generated free cash flow ( ¹ ) of $ 100.0 million during the first quarter . During the first quarter of 2021 , we generated operating income as a percent of revenue of 48 % , compared to 29 % during fourth quarter 2020 . Total production in the first quarter of 2021 increased 3 % sequentially to 62.3 thousand barrels of oil equivalent per day ( " Mboe / d " ) . Production at Giddings achieved another record level in the first quarter with total volumes of 34.6 Mboe / d increasing 22 % sequentially and 45 % from prior year levels . Giddings oil production of 11.3 Mbbl / d increased by 32 % sequentially and 73 % over the same period last year . Magnolia spent $ 88 million reducing its shares during the first quarter of 2021. As a result , the fully diluted share count is expected to decline by approximately 4 % to 245 million diluted shares in the second quarter of 2021 from 255 million shares in the fourth quarter of 2020. Magnolia ended the first quarter with 12.6 million Class A Common shares remaining under the current share repurchase authorization . Magnolia had approximately $ 178.2 million of cash on its balance sheet at the end of the first quarter of 2021 and remains undrawn on its $ 450.0 million revolving credit facility . The Company has no debt maturities until 2026 and has no plans to increase its debt levels . As stated earlier this year , Magnolia expects to begin paying a semi - annual cash dividend during the third quarter of 2021 . ( ¹ ) Adjusted net income , adjusted earnings per share , adjusted EBITDAX , and free cash flow are non - GAAP financial measures . For reconciliations to the most comparable GAAP measures , please see " Non - GAAP Financial Measures " at the end of this press release . ( 2 ) Weighted average total shares outstanding include diluted weighted average shares of Class A Common Stock outstanding during the period and shares of Class B Common Stock , which are anti - dilutive in the calculation of weighted average number of common shares outstanding .