Magnolia Oil & Gas Guides Q4 Hydrocarbon Production 159K-161Kboe/d After Closing Acquisition Of WildFire Energy

Production and Capital Outlook Estimated production for the third quarter 2026 is expected to be 116 to 118 Mboe/d (~42% oil) after factoring in the closing of WildFire and the impact of divested non-core properties. D&C capital spending is expected to be in the range of $155 to $165 million during the third quarter reflecting the same considerations. Production for the fourth quarter of 2026 (the first full quarter pro forma for the acquisition) is expected to be 159 to 161 Mboe/d (49% to 50% oil), reflecting the divested volumes. D&C capital spending is estimated to be approximately $235 million during the fourth quarter.

2027 production is estimated to grow 4 to 5 percent for both oil and total production off a second quarter 2026 pro forma production base of approximately 78 Mbo/d and 158 Mboe/d after accounting for the production volumes from the non-core asset sale. D&C capital spending is currently estimated to be in the range of $900 to $950 million during 2027 which incorporates a modest amount of oil field service inflation. Additional Financial and Operational Considerations Magnolia has provided updated guidance for the fourth quarter of 2026 (the first full quarter pro forma for the acquisition) for several financial and operating metrics in the table below.

Additionally, the Company expects to realize one-time transaction and integration-related costs of approximately $65 to $75 million during the third quarter. Magnolia also purchased 3D seismic over the newly acquired acreage during the third quarter for approximately $14 million which will be reflected as exploration expense during the period. 0x net debt to 2027E EBITDA at current strip prices, and more than a full year ahead of our original plan Implemented additional hedges at attractive pricing using costless collars with more than half our oil production hedged through second quarter 2027. 5 million plus 616 net acres in Gonzales County (Karnes area).

The acreage received in Gonzales County is inside the contiguous block of primarily undeveloped acreage Magnolia consolidated during the first quarter of 2026. This addition increases Magnolia’s average operated working interest in this acreage to 98 percent helping provide significant duration in the Karnes area that complements our Giddings asset position. 4 Mboe/d (~84% oil) of next twelve-month production. 9 billion of net debt, lower than expected due to strong cash flow and proceeds received from the non-core asset sale.

0x net debt to 2027E EBITDA, more than a year sooner than expected at the time of announcing the WildFire acquisition. Magnolia can consistently pay its safe and growing dividend, repurchase at least 1 percent of its outstanding shares each quarter while continuing to reduce its leverage. 3 million shares after being restricted for a portion of the quarter. Total shares outstanding at the end of the third quarter are approximately 267 million shares.