Magnolia Oil & Gas Announces 13 Percent Dividend Increase

Magnolia Oil & Gas Corporation (NYSE: MGY) announced today that its Board of Directors has declared a cash dividend of $0.13 per share of Class A common stock, and a cash distribution of $0.13 per Class B unit, payable on March 1, 2024, to shareholders of record as of February 16, 2024. Today’s announcement represents a 13 percent increase to Magnolia’s quarterly dividend rate and would provide an annualized dividend of $0.52 per share. This is the third consecutive year that Magnolia has increased its dividend rate since initiating a dividend payment in 2021. Magnolia expects to declare its next quarterly dividend in May for payment in June.

“The increase in the dividend is supported by our record of executing on our strategy and improving the business in 2023, during which Magnolia’s total production grew 9 percent and our share repurchase activities reduced our outstanding shares 4 percent,” said Chris Stavros, Magnolia’s President and CEO. “Magnolia’s principles of maintaining low leverage with disciplined capital spending, generating modest annual production growth and sustaining high pre-tax margins delivers steady and consistent free cash flow. This strategy improves Magnolia’s dividend per share payout capacity, allowing for above average and consistent annual dividend growth that is superior to that of our peers. Importantly, Magnolia’s dividend is secure at significantly lower product prices, which will appeal to long-term investors who value dividend safety through commodity cycles. Delivering a sustainable, safe and growing dividend is a key component of Magnolia’s total shareholder return strategy.”

About Magnolia Oil & Gas

Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders by delivering steady, moderate annual production growth resulting from its disciplined and efficient philosophy toward capital spending. The Company strives to generate high pre‐tax margins and consistent free cash flow allowing for strong cash returns to our shareholders. For more information, visit www.magnoliaoilgas.com.