MGYNYSECrude Petroleum & Natural GasUS GAAP · USD

Magnolia Oil & Gas Corp

Magnolia Oil & Gas Corp is an independent U.S. oil and natural gas producer focused on acquiring, developing, exploring, and producing crude oil, natural gas, and NGL reserves. Its core asset base is concentrated in South Texas, where it targets the Eagle Ford Shale and Austin Chalk formations and runs a capital-light, free-cash-flow-oriented operating model.

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Revenue1,312m USD
−0.3 %y/y
Operating profit (EBIT)439m USD
−14.2 %y/y
EBIT margin33.5%
−5.4 ppy/y
Net income325m USD
−11.1 %y/y
Free cash flow879m USD
−4.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2,000-1,00001,0002,000m USD2020: 541 m USD2020: EBIT -1,926 m USD20202021: 1,078 m USD2021: EBIT 603 m USD20212022: 1,694 m USD2022: EBIT 1,074 m USD20222023: 1,227 m USD2023: EBIT 534 m USD20232024: 1,316 m USD2024: EBIT 512 m USD20242025: 1,312 m USD2025: EBIT 439 m USD20251,312439
RevenueOperating profit (EBIT)
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Business

Share of revenue
Oil production55 %

Production and sale of crude oil from Magnolia's South Texas asset base.

Natural gas production25 %

Sales of produced natural gas from operated wells and acreage positions.

NGL production10 %

Sales of natural gas liquids recovered alongside oil and gas production.

Development and drilling services10 %

Capital deployment into drilling, completions, and well development on owned acreage.

Products

Reported · share of revenue
70.0%15.5%14.5%FY2025100 %
  • Oil and Condensate70.0 %
  • Natural Gas Liquids Reserves15.5 %
  • Natural Gas Reserves14.5 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Magnolia sells production into commodity markets through a relatively small number of purchasers, which is typical for upstream oil and gas producers. Its customers are mainly refiners, marketers, and other commodity buyers that take physical delivery of oil, gas, and NGL volumes from South Texas production.

Commodity purchasers

Buy Magnolia's oil, natural gas, and NGL production for resale, processing, or downstream use.

Refiners and marketers

Purchase crude oil volumes from Magnolia's producing properties and move them into downstream supply chains.

Midstream and processing counterparties

Handle gathering, transportation, and processing of produced volumes and support market access.

Strategy

Magnolia's strategy is to grow production organically while preserving high full-cycle margins and strong free cash flow. Management emphasizes disciplined capital spending within cash flow, low leverage, and returning capital through dividends and share repurchases.

Disciplined organic production growthMedium term

Supports predictable volume growth without relying on large acquisitions or aggressive leverage.

Free cash flow generationShort term

Free cash flow funds shareholder returns and reduces dependence on external capital.

Shareholder returnsShort term

Dividends and buybacks are part of the capital allocation framework and support total return.

Geography

Magnolia's operations are concentrated in the United States, with essentially all activity tied to one reportable segment in South Texas. The company’s acreage and wells are primarily in the Karnes and Giddings areas, which makes performance highly dependent on local operating conditions, infrastructure, and weather in Texas.

Risks

Magnolia is exposed to commodity price volatility, customer concentration, and operational concentration in South Texas. Its results also depend on access to rigs, labor, services, and infrastructure, while weather events, cybersecurity threats, and regulatory pressure can disrupt production and raise costs.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Customer concentration2Regional weather and infrastructure disruption3Operational and service-cost inflation4Cybersecurity and systems disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price volatilityImpact: HighLikelihood: Medium

    Revenue, margins, and cash flow move with oil, gas, and NGL prices that Magnolia cannot control.

    ExposureOilNatural gasNGL sales
  2. Customer concentrationImpact: HighLikelihood: Medium

    A small number of purchasers buy most production, so losing a major buyer could quickly reduce sales.

    Exposure: Two purchasers represented 61% of revenue attributable to assets in 2025

  3. Regional weather and infrastructure disruptionImpact: HighLikelihood: Medium

    Concentrated South Texas assets are vulnerable to hurricanes, winter storms, and transport outages.

    Exposure: Karnes and Giddings areas in Texas

  4. Operational and service-cost inflationImpact: MediumLikelihood: High

    Shortages or high costs for rigs, equipment, personnel, and oilfield services can delay development.

    Exposure: Drilling and completion program

  5. Cybersecurity and systems disruptionImpact: MediumLikelihood: Low

    The company relies on information systems and third-party infrastructure to operate wells and manage data.

    ExposureIT systemsField operationsThird-party providers
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Accounting

Judgemental items
Reserve estimates

Estimated reserves determine depletion expense and can affect impairment testing if volumes change materially.

Impact: Higher or lower reserve estimates change DD&A and asset carrying values

Income taxes and deferred tax assets

The company must estimate tax basis, temporary differences, and realizability of deferred tax assets.

Impact: Adjustments can change tax expense and balance sheet deferred tax balances

Noncontrolling interests

Magnolia LLC units held by affiliates create allocations between common shareholders and noncontrolling interests.

Impact: Affects net income attributable to Class A common stock

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Last updated: 24/09/2026

Magnolia Oil & Gas Corp (MGY) Revenue, Earnings & Financials 2025 – Clarifo