NYSE: MGY
Magnolia Oil & Gas CorpCIK 0001698990 · SIC 1311 · Crude Petroleum & Natural Gas
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MGY Q2 net income +133% to $181.8M on 58% oil price surge and Iran supply disruption
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Magnolia closes $500M senior notes at 6.625% to fund WildFire acquisition
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Magnolia Oil & Gas completes equity offering to fund WildFire acquisition
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Magnolia closes $1.1B equity raise, announces $500M notes offering to fund WildFire acquisition
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Magnolia prices $500M 6.625% senior notes to help fund WildFire acquisition
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Magnolia Oil & Gas prices 46.3M-share offering at $23.75 to raise $1.07B for WildFire acquisition
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Magnolia Oil & Gas files financials for $4.1B WildFire Energy acquisition
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Magnolia Oil & Gas to acquire WildFire Energy for $4.06B, raising dividend 9% to $0.18/share
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Magnolia Oil & Gas prices $1B follow-on offering at market to fund $2.65B WildFire acquisition
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| REVENUES | ||||
| Oil revenues | 373,759 | 226,345 | 631,088 | 471,879 |
| Natural gas revenues | 39,669 | 42,850 | 91,469 | 94,218 |
| Natural gas liquids revenues | 65,383 | 49,786 | 114,765 | 103,185 |
| Total revenues | 478,811 | 318,981 | 837,322 | 669,282 |
| OPERATING EXPENSES | ||||
| Lease operating expenses | 48,409 | 43,590 | 96,160 | 90,665 |
| Gathering, transportation and processing | 17,202 | 16,489 | 35,410 | 31,442 |
| Taxes other than income | 22,757 | 18,802 | 39,144 | 38,907 |
| Exploration expenses | 213 | 363 | 1,955 | 711 |
| Asset retirement obligations accretion | 1,862 | 1,563 | 3,719 | 3,119 |
| Depreciation, depletion and amortization | 116,516 | 107,082 | 229,874 | 212,935 |
| General and administrative expenses | 29,151 | 23,278 | 60,595 | 47,867 |
| Transaction related costs | 3,200 | — | 3,200 | — |
| Total operating expenses | 239,310 | 211,167 | 470,057 | 425,646 |
| OPERATING INCOME | 239,501 | 107,814 | 367,265 | 243,636 |
| OTHER EXPENSE | ||||
| Interest expense, net | (6,720) | (5,604) | (12,724) | (10,856) |
| Other income (expense), net | (379) | (244) | (415) | 971 |
| Total other expense, net | (7,099) | (5,848) | (13,139) | (9,885) |
| INCOME BEFORE INCOME TAXES | 232,402 | 101,966 | 354,126 | 233,751 |
| Income tax expense | 50,626 | 20,938 | 71,514 | 46,075 |
| NET INCOME | 181,776 | 81,028 | 282,612 | 187,676 |
| LESS: Net income attributable to noncontrolling interest | — | 2,911 | 1,011 | 6,632 |
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK | 181,776 | 78,117 | 281,601 | 181,044 |
| NET INCOME PER SHARE OF CLASS A COMMON STOCK | ||||
| Basic | 0.97 | 0.41 | 1.51 | 0.95 |
| Diluted | 0.97 | 0.41 | 1.51 | 0.95 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||||
| Basic | 184,574 | 186,518 | 183,924 | 187,579 |
| Diluted | 184,586 | 186,530 | 183,936 | 187,591 |
| COMPREHENSIVE INCOME: | ||||
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK | 181,776 | 78,117 | 281,601 | 181,044 |
| Other comprehensive income, net of tax: | ||||
| Postretirement benefits | 32 | — | 55 | — |
| COMPREHENSIVE INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK | 181,808 | 78,117 | 281,656 | 181,044 |
Consolidated Balance Sheets
(In thousands)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 (Audited) |
|---|---|---|
| CURRENT ASSETS | ||
| Cash and cash equivalents | 295,938 | 266,785 |
| Trade receivables | 159,465 | 116,530 |
| Joint interest receivables | 29,742 | 33,952 |
| Income tax receivable | — | 24,291 |
| Other current assets | 3,443 | 877 |
| Total current assets | 488,588 | 442,435 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| Oil and natural gas properties | 5,359,857 | 4,957,292 |
| Other | 23,056 | 20,618 |
| Accumulated depreciation, depletion and amortization | (2,783,748) | (2,553,758) |
| Total property, plant and equipment, net | 2,599,165 | 2,424,152 |
| OTHER ASSETS | ||
| Other long-term assets | 52,831 | 36,505 |
| TOTAL ASSETS | 3,140,584 | 2,903,092 |
| LIABILITIES AND EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable | 173,062 | 177,568 |
| Other current liabilities (Note 6) | 135,489 | 110,462 |
| Total current liabilities | 308,551 | 288,030 |
| LONG-TERM LIABILITIES | ||
| Long-term debt, net | 393,636 | 393,251 |
| Asset retirement obligations, net of current | 189,293 | 186,038 |
| Deferred tax liabilities | 65,109 | 20,674 |
| Other long-term liabilities | 37,118 | 15,926 |
| Total long-term liabilities | 685,156 | 615,889 |
| COMMITMENTS AND CONTINGENCIES (Note 8) | ||
| EQUITY | ||
| Class A Common Stock, $0.0001 par value, 1,300,000 shares authorized, 234,341 shares issued and 183,703 shares outstanding in 2026 and 228,908 shares issued and 181,230 shares outstanding in 2025 | 24 | 23 |
| Class B Common Stock, $0.0001 par value, 225,000 shares authorized, 0 shares issued and outstanding in 2026 and 5,523 shares issued and outstanding in 2025 | — | 1 |
| Additional paid-in capital | 1,971,371 | 1,903,459 |
| Treasury Stock, at cost, 50,638 shares and 47,678 shares in 2026 and 2025, respectively | (1,010,065) | (928,662) |
| Retained earnings | 1,187,102 | 966,747 |
| Accumulated other comprehensive loss | (1,555) | (1,610) |
| Noncontrolling interest | — | 59,215 |
| Total equity | 2,146,877 | 1,999,173 |
| TOTAL LIABILITIES AND EQUITY | 3,140,584 | 2,903,092 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| NET INCOME | 282,612 | 187,676 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, depletion and amortization | 229,874 | 212,935 |
| Asset retirement obligations accretion | 3,719 | 3,119 |
| Amortization of deferred financing costs | 1,099 | 1,072 |
| Deferred income tax expense | 65,086 | 29,153 |
| Gain on revaluation of contingent consideration | — | (4,004) |
| Stock based compensation | 21,885 | 13,852 |
| Other | 4,261 | 2,875 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (38,724) | (13,732) |
| Accounts payable | (4,593) | (15,525) |
| Accrued liabilities | (4,228) | 13,248 |
| Other assets and liabilities, net | 20,651 | (7,481) |
| Net cash provided by operating activities | 581,642 | 423,188 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisitions | (156,209) | (39,653) |
| Additions to oil and natural gas properties | (253,557) | (231,455) |
| Changes in working capital associated with additions to oil and natural gas properties | 25,208 | 2,770 |
| Other investing | 6,578 | 5,771 |
| Net cash used in investing activities | (377,980) | (262,567) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Class A Common Stock repurchases | (82,606) | (100,932) |
| Class B Common Stock purchases and cancellations | (19,793) | — |
| Dividends paid | (61,246) | (57,261) |
| Distributions to noncontrolling interest owners | (911) | (1,842) |
| Other financing activities | (9,953) | (8,874) |
| Net cash used in financing activities | (174,509) | (168,909) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 29,153 | (8,288) |
| Cash and cash equivalents Beginning of period | 266,785 | 260,049 |
| Cash and cash equivalents End of period | 295,938 | 251,761 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗