Magnolia Oil & Gas Corporation reported a total revenue of $358.5 million for the first quarter of 2026, reflecting a 2% increase from $350.3 million in the same period of 2025. The company's oil revenues rose to $257.3 million, up from $245.5 million, driven by a 4% increase in oil production. However, natural gas liquids (NGL) revenues decreased by 7% to $49.4 million, attributed to a 16% drop in average prices. Net income attributable to Class A common stock was $99.8 million, or $0.54 per diluted share, compared to $102.9 million, or $0.54 per diluted share, in the prior year.
In terms of operational performance, Magnolia's total production for the quarter was 102.6 thousand barrels of oil equivalent per day, an increase from 96.5 thousand boe/d in the previous year. The company operated two drilling rigs during the quarter, maintaining a focus on its properties in the Karnes and Giddings areas of South Texas. The total number of wells in which Magnolia held an interest was approximately 2,890 gross (1,960 net) wells as of March 31, 2026.
Strategically, Magnolia completed various bolt-on property acquisitions totaling $155 million during the first quarter of 2026, a significant increase from $24.1 million in acquisitions during the same period in 2025. The company also continued its share repurchase program, having repurchased 1.2 million shares of Class A common stock at a cost of approximately $32.1 million. As of March 31, 2026, Magnolia had repurchased a total of 48.4 million shares under the program, with 11.6 million shares remaining under its authorization.
The company’s total assets increased to $2.94 billion as of March 31, 2026, compared to $2.90 billion at the end of 2025. Current assets decreased significantly, primarily due to a reduction in cash and cash equivalents, which fell to $124.4 million from $266.8 million. Magnolia's long-term debt remained stable at $393.4 million, with no outstanding borrowings under its reserve-based revolving credit facility. The company reported a liquidity position of $574.4 million, consisting of cash and available borrowing capacity.
Looking ahead, Magnolia's management emphasized a commitment to disciplined capital allocation and maintaining low financial leverage. The company plans to continue investing in its operations while returning capital to shareholders through dividends and share repurchases. However, the outlook remains cautious due to ongoing volatility in commodity prices driven by geopolitical tensions and macroeconomic uncertainties.
About Magnolia Oil & Gas Corp
Magnolia Oil & Gas is an independent U.S. oil and natural gas company focused on acquiring, developing, and producing reserves primarily in South Texas's Eagle Ford Shale and Austin Chalk formations. It operates through Magnolia LLC, emphasizing disciplined capital allocation, steady production growth, high operating margins, and strong free cash flow to deliver shareholder value. The company leverages technological advances and maintains a conservative financial profile.
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