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EX - 99.1 2 q32021pressrelease.htm EX - 99.1 Exhibit 99.1 Magnolia Oil & Gas Corporation Announces Third Quarter 2021 Results HOUSTON , TX , November 1 , 2021 - Magnolia Oil & Gas Corporation ( “ Magnolia , ” “ we , ” “ our , ” or the “ Company ” ) ( NYSE : MGY ) today announced its financial and operational results for the third quarter of 2021 . Third 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 September 30 , 2021 Average daily production ( Mboe / d ) Diluted weighted average total shares outstanding ( 2 ) For the Quarter Ended September 30 , 2021 $ 159.9 0.67 157.9 0.67 221.5 67.2 $ 245.0 67.4 236.0 • • • Magnolia reported third quarter 2021 net income attributable to Class A Common Stock of $ 119.4 million , or $ 0.67 per diluted share . Third quarter 2021 total net income was $ 159.9 million and adjusted net income was $ 157.9 million , or $ 0.67 per diluted share . Adjusted EBITDAX for the third quarter of 2021 was $ 221.5 million , a 14 % sequential quarterly increase driven by higher total production , stronger product prices , and lower overall operating costs and expenses . Total capital allocated to drilling and completions ( “ D & C ” ) during the third quarter was $ 67.2 million , or 30 % of adjusted EBITDAX . Net cash provided by operating activities was $ 221.9 million during the third quarter and the Company generated free cash flow of $ 143.5 million . During the third quarter of 2021 , Magnolia generated operating income as a percent of total revenue of 60 % . Total production in the third quarter of 2021 increased 4 % sequentially to 67.4 thousand barrels of oil equivalent per day ( " Mboe / d " ) and was ahead of our earlier guidance . Quarterly production in Giddings saw an 80 % increase compared to last year's third quarter . Magnolia incurred $ 78.7 million repurchasing 5 million of its shares during the third quarter of 2021. Year to date , the company has repurchased 22.6 million shares ( 3 ) resulting in a 9 % reduction in our fully diluted shares compared to the fourth quarter 2020 levels . We ended the third quarter with 8.5 million Class A Common shares remaining under the current share repurchase authorization . Magnolia had $ 245.0 million of cash on its balance sheet at the end of the third quarter , a nearly 30 % sequential increase . The Company remains undrawn on its $ 450.0 million revolving credit facility , with no debt maturities until 2026 and has no plans to increase its debt levels . Magnolia paid its first interim semi - annual dividend of $ 0.08 on September 1 , 2021 and plans to make the remaining semi- annual dividend payment in the first quarter of 2022 after announcing full - year 2021 results . ( 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 . ( 3 ) Includes 3.6 million shares related to the non - compete agreement that were settled in cash in lieu of a Class A Common Stock issuance .