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Magnolia Oil & Gas Corporation Announces Second Quarter 2026 Results

MGY
  • Magnolia Oil & Gas reported second quarter 2026 net income of $181.8 million ($0.97 per diluted share), a 124% increase from $81.0 million in the prior-year period.
  • Adjusted net income reached $184.3 million ($0.99 per share), while adjusted EBITDAX rose 66% to $370.3 million.
  • Total average daily production increased 8% year-over-year to 106.1 thousand barrels of oil equivalent per day (Mboe/d), including 41.9 thousand barrels of oil per day (Mbbls/d).
  • The company generated $234.6 million in free cash flow, more than doubling the prior-year amount, with operating income margins reaching 50%.
  • Magnolia announced a definitive agreement to acquire WildFire Energy, which will more than double its Giddings acreage & create a dominant South Texas position, expected to close in late 2026.
  • The WildFire acquisition will be funded with approximately 50% debt & 50% equity, including $500 million in senior notes & $1.23 billion in new equity shares.
  • The Board declared a quarterly cash dividend of $0.18 per share, a 9% increase, payable on September 1, 2026, to shareholders of record on August 10, 2026.
  • The company repurchased 1.7 million shares for $49.3 million during the quarter & returned $80.1 million total to shareholders via dividends & buybacks.
  • Cash balance ended the quarter at $295.9 million, supported by an undrawn $450 million revolving credit facility.
  • Full-year 2026 production growth guidance was raised to 6% on a standalone basis, up from the previous 5% estimate.
  • Third quarter 2026 standalone drilling & completion capital spending is estimated at approximately $115 million, with full-year spending reiterated between $440 million & $480 million.
  • Magnolia expects oil price differentials in the third quarter to be approximately $3 per barrel below Magellan East Houston benchmarks.
  • The company will file its Form 10-Q for the quarter ended June 30, 2026, on August 6, 2026, & host an investor conference call on the same day.