#1Magnolia Oil & Gas Corporation Investor Presentation - June 2019 MAGNOLIA OIL & GAS#2Disclaimer MAGNOLIA OIL & GAS FORWARD LOOKING STATEMENTS The information in this presentation and the oral statements made in connection therewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding Magnolia Oil & Gas Corporation's ("Magnolia," "we," "us," "our" or the "Company") financial and production guidance, strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. These risks include, but are not limited to, commodity price volatility, low prices for oil and/or natural gas, global economic conditions, inflation, increased operating costs, lack of availability of drilling and production equipment, supplies, services and qualified personnel, processing volumes and pipeline throughput, and certificates related to new technologies, geographical concentration of operations, environmental risks, weather risks, security risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating oil and natural gas reserves and in projecting future rates of production, reductions in cash flow, lack of access to capital, Magnolia's ability to satisfy future cash obligations, restrictions in existing or future debt agreements, the timing of development expenditures, managing growth and integration of acquisitions, failure to realize expected value creation from property acquisitions, and the defects and limited control over non-operated properties. Should one or more of the risks or uncertainties described in this presentation and the oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Magnolia's operations and projections can be found in its filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on February 27, 2019. Magnolia's SEC filings are available publicly on the SEC's website at www.sec.gov. NON-GAAP FINANCIAL MEASURES This presentation includes non-GAAP financial measures, including EBITDAX, adjusted EBITDAX, adjusted operating margin and adjusted net income. Magnolia believes these metrics are useful because they allow Magnolia to more effectively evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to financing methods or capital structure. Magnolia does not consider these non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. The computations of these non- GAAP measures may not be comparable to other similarly titled measures of other companies. Magnolia excludes certain items from net income in arriving at EBITDAX, adjusted EBITDAX, adjusted operating margin and adjusted net income because these amounts can vary substantially from company to company within its industry depending upon accounting methods, book values of assets and the method by which the assets were acquired. EBITDAX, Adjusted EBITDAX, adjusted operating margin and adjusted net income should not be considered as alternatives to, or more meaningful than, net income as determined in accordance with GAAP. Certain items excluded from EBITDAX, Adjusted EBITDAX, adjusted operating margin and adjusted net income are significant components in understanding and assessing a company's financial performance, and should not be construed as an inference that its results will be unaffected by unusual or non-recurring terms. As performance measures, EBITDAX, adjusted EBITDAX, adjusted operating margin and adjusted net income may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of EBITDAX, adjusted EBITDAX, adjusted operating margin, adjusted operating margin per Boe, and adjusted net income may not be comparable to similar measures of other companies in our industry. An adjusted operating margin per Boe reconciliation is shown on page 25 of the presentation, an EBITDAX and Adjusted EBITDAX reconciliation is shown on page 23 of the presentation and Adjusted Net Income reconciliation is shown on page 24. INDUSTRY AND MARKET DATA This presentation has been prepared by Magnolia and includes market data and other statistical information from sources believed by Magnolia to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on the good faith estimates of Magnolia, which are derived from its review of internal sources as well as the independent sources described above. Although Magnolia believes these sources are reliable, it has not independently verified the information and cannot guarantee its accuracy and completeness. 2#3Magnolia Oil & Gas - Overview • MAGNOLIA OIL & GAS High-quality, low-risk pure-play South Texas operator with a core Eagle Ford and Austin Chalk position acquired at an attractive entry multiple ~461,000 Net Acre Position Targeting Two of the Top Oil Plays in the U.S. Significant scale and PDP base generates material free cash flow, reduces development risk and increases optionality Asset Overview: Bell Milam ~21,500 net acres in a well-delineated, low-risk position in the core of Karnes County, representing some of the most prolific acreage in the United States with industry leading breakevens ~440,000 net acres in the Giddings Field, a re-emerging oil play with significant upside and what we believe to be substantial inventory Both assets expected to remain self funding and within cash flow Market Statistics Giddings Field Burleson Lee Bastrop Walker Austin Waller Harris Colorado Bexar Uvalde Medina Wilson Bell Vilam Madison Walker Grims Burleson Lee Washington trop Austin Harris Karnes County Gonzales D Wilson Dewitt Trading Symbol (NYSE) Share Price as of 6/4/2019 Peak per 1,000' (Boe) MGY • 1st Quintile (526 -1,911) 2nd Quintile (300-525) 3rd Quintile (177-299) $11.03 4th Quintile (94-177) 5th Quintile (<94) • Legacy Common Shares Outstanding (1) 247.6 million Kames 0 510 20 30 40 50 MilesCalhoun Source: IHS Performance Evaluator. Market Capitalization $2.7 billion Long-term Debt - Principal $400 million Industry Leading Breakevens ($/Bbl WTI) Total Enterprise Value $3.1 billion $45 $38 $39 $39 $32 $34 $35 Operating Statistics Karnes (2) Net Acreage 21,460 Giddings (3) 439,342 $28 Total 460,802 Q1 2019 Net Production (Mboe/d) 40.5 21.9 62.4 Karnes Austin Karnes Lower Chalk Eagle Ford Midland Delaware DJ Basin Eagle Ford STACK Bakken Source: RSEG. (1) Common Stock outstanding includes Class A and Class B Stock and does not give effect to the exercise of any warrants or the dilutive impact of other securities. (2) Karnes net acreage includes pending acquisitions expected to close in Q2 2019, subject to customary closing conditions. (3) Includes "other" production not located in the Giddings Field. 3#4Corporate Business Model and Strategy Magnolia Value Creation Strategy 1 Consistent organic production growth 2019 Expectations MAGNOLIA OIL & GAS Organic production growth of 10% 4Q/4Q 2 High full-cycle operating margins Targeting full cycle margins of ~50% 3 Conservative leverage profile 5 $400 million of principal debt outstanding, representing ~0.5x first quarter annualized Adjusted EBITDAX Significant free cash flow after capital expenditures Capex is expected to be <60% of our annual EBITDAX Effective reinvestment of free cash flow Increased our Karnes area net acreage position by ~50% since formation of Magnolia Oil & Gas 4#5Magnolia Oil & Gas - Q1 2019 Key Metrics Earnings and EPS (GAAP) (1) $13.0 Million $0.08/sh Total Production 62.4 Mboe/d Adjusted Net Income & Total Shares (3)(4) $23.0 Million 251.5 Million shares Adjusted EBITDAX (3) $160.1 Million MAGNOLIA OIL & GAS Oil Realizations (2) $59.07/bbl (108% of WTI) D&C Capex $139.8 Million (1) Earnings is attributed to Class A Common Stock only. (2) Based on Average WTI prices for Q1 2019. (3) Adjusted net income and Adjusted EBITDAX are non-GAAP measures. For a reconciliation to the most directly comparable GAAP measure see pages 24 and 23. (4) Weighted average total shares outstanding include diluted weighted average shares of Class A Common Stock outstanding during the period and Class B common stock, which are anti dilutive in the calculation of weighted average number of common shares outstanding. 5#6Q1 2019 Cash Flow Reconciliation ($ in millions) $350 $300 $250 $154 $200 $150 $100 $50 $136 $4 $38 $52 $128 MAGNOLIA OIL & GAS $76 50 $0 (2) (3) Cash 12/31/18 Cash Flow from Operations Other (1) Changes in Working Capital Acquisitions D&C and Facilities Capital Cash 3/31/19 (1) Represents cash flow from operations before changes in working capital. (2) Represents cash received in final settlement of EnerVest Acquisition. (3) Acquisitions include leasehold acquisitions and are net of partner contributions. 6#7Cash Flow Reconciliation Since Magnolia's Inception MAGNOLIA OIL & GAS ($ in millions) $700 $600 $500 $400 $300 $200 $100 $485 $23 $34 $198 $270 $116 $76 $0 Opening Cash at Inception Cash Flow from Operations After Transaction Costs (2) Other Changes in Working Capital Acquisitions (3) D&C and Facilities Capital Cash 3/31/19 (1) (1) Represents cash remaining after cash held in Trust ($656 MM) and proceeds from debt ($400 MM) and equity ($355 MM) issuances were used to pay for the EnerVest acquisition ($1.2 Bn), deferred underwriting comp ($23 MM), debt issuance costs ($23 MM), repayment of the Sponsor Loan ($1 MM), and transaction costs ($31 MM) on July 31st. (2) Includes payment to settle Giddings earnout ($26 MM), offset by cash received in final settlement of EnerVest Acquisition. (3) Acquisitions include leasehold acquisitions and are net of partner contributions. 7#8Achieving Key Objectives Through Steady Growth Production Growth (1) MAGNOLIA OIL & GAS Karnes Net Acreage Additions Since Inception (1) 58.9 ~20% YoY Growth 3-5% Q/Q Growth 62.4 61.9 >70 Mboe/d 490 1,850 14,450 550 4,130 Production from our 2019 acquisitions is expected to contribute ~4 Mboe/d to Q3 2019 production After completing the acquisitions expected to close in Q2 2019, Magnolia expects to have added over 7,000 net acres to its Karnes position, representing approximately a 50% increase over original amount Q3 2018 Successor Q4 2018A Q1 2019A Q2 2019E Q3 2019E (2) (1) Includes pending acquisitions expected to close in Q2 2019, subject to customary closing conditions. (2) Q3 2018 Successor Period is July 31, 2018 through September 30, 2018. 21,460 At Close Q3 2018 Q4 2018 Q1 2019 Est. Q2 2019 Pro Forma 8#9Asset Overview MAGNOLIA OIL & GAS#10Karnes County - Core Eagle Ford and Austin Chalk MAGNOLIA OIL & GAS • • Key Asset Highlights World-class acreage footprint located in the core of the Eagle Ford, substantially de-risked - 21,460 net acres, 64% operated, 97% HBP, 40.5 Mboe/d Q1 2019 production (67% oil, 82% liquids) EOG represented ~85% of non-operated activity in 2018 Steady production growth while generating substantial free cash flow - Full field development allows for operational efficiencies and improved performance Well known, repeatable acreage position targeting multiple benches and represents some of the best economics in North America Premier Position in the Core of the Eagle Ford Wilson Magnolia Acreage IP90 Boe/1,000' < 40 40-60 66-80 80 100 100 120 > 120 Karnes 5 10 Miles Source: IHS Performance Evaluator. - Breakevens between $28 - $32 per barrel (1) (1) Source: RSEG Industry Leading Breakevens ($/Bbl WTI) (1) $45 $32 $34 $35 $38 $39 $39 $28 Karnes Austin Chalk Karnes Lower Eagle Ford Midland Delaware DJ Basin Eagle Ford STACK Bakken Source: RSEG. 10#11Located in an Attractive Neighborhood Bexar Atascosa ☐ B Wilson onzales MAGNOLIA OIL & GAS De Witt Eagle Ford - Karnes Trough Area Fluid Windows Magnolia BP Oil EOG Wet Gas MRO Dry Gas COP Core position in Karnes County Oil Window adjacent to EOG and Marathon with $28 to $32/barrel breakevens (¹) and typically less than 1-year new well paybacks (1) Source: RSEG 11#12Daily Production (Boe/d) Karnes County Results Show Superior Economics • Results in Karnes County are some the best in North America MAGNOLIA OIL & GAS • . Karnes Eagle Ford and Austin Chalk type curves produce 216,000 and 332,000 barrels of oil, respectively, in their first 12 months of production supporting paybacks in less than 6 months Liquids heavy commodity mix with Eagle Ford wells producing 74% oil (86% liquids) (2) and Austin Chalk wells producing 63% oil (80% liquids) (2) Karnes has some of the highest U.S. IPS... ...with significant early cumulative production... 3,000 2,500 2,000 1,500 1,000 Cum. Production (Mboe) 800 600 400 Cum. Cash Flow ($MM) ...resulting in best in class paybacks $15 $10 $5 5-Month Payout(3) 6-Month Payout(3) 200 Oil(2) Liquids (2) ($5) 500 MGY LEF 74% 86% 19-Month Payout(3) MGY AC 63% 80% RSEG WC 46% 73% 0 0 ($10) 0 4 8 12 16 20 24 0 4 8 12 16 20 24 0 4 8 12 16 20 20 Months Months Months MGY Lower EF MGY Austin Chalk Note: Magnolia type curves normalized to 5,000' laterals. Projections based on flat $58 WTI and $2.75 Henry Hub pricing. (1) Source: RSEG, Delaware North Reeves Wolfcamp A curve. (2) Commodity percentage splits represent first 24 months of production. (3) All payout figures include assumed 2-month spud to sales delay. RSEG Delaware Wolfcamp (1) 12 24 24#13Giddings Field - Redeveloping as an Emerging Play • • Giddings Asset Overview Emerging, high-growth asset with extensive inventory potential and significant development flexibility ~439,342 net acres, ~98% HBP and ~87% operated, ~20 Mboe/d Q1 2019 production (26% oil, 56% liquids) HBP nature of asset allows for systematic delineation and optimization of play while staying within asset cash flow Modern high-intensity completions have resulted in a step- change improvement in well performance The first four wells we have drilled had average IP30s of 1,596 boe/d and average IP90s of 1,827 boe/d We could have at least 1,000 locations based on conservative spacing assumptions Bell Williamson Milam ravis Lee Bastrop Caldwell Magnolia Acreage Lease Map Robertson Burleson Brazos 1 Vashington MAGNOLIA OIL & GAS Madison Crimes Walker Montgomery Waller Harris Austin Fayette 9 7 Colorado 0 5 10 F20 30 Miles Actual Well Payouts (1) (Months) 4 4 Lili Marlene 2H Broussard-Liebscher 1H WELL NAME 9 1 Winkelman 1H 8 McMahan 2 Neva 2 ••*•GAWN Selected Recent Well Results (2)(3) OPERATOR WILD HORSE FIRST PROD LAT LENGTH IP30 (BOE/D) % OIL IP30/1,000 Q4 2017 4,765 1,863 32% 391 Broussard-Liebscher 1H MAGNOLIA Q12018 5,243 1,776 57% 339 Lili Marlene 2H MAGNOLIA Q12018 5,355 1,789 66% 334 Neva 2 McMahan 2 MAGNOLIA MAGNOLIA Q3 2017 4,715 1,439 31% 305 Q4 2017 4,774 1,381 33% 293 Breitkruez 1H GEOSOUTHERN Q4 2017 5,604 765 71% 137 Freis 1H Kristoff 1H Loughnane 1H GEOSOUTHERN GEOSOUTHERN GEOSOUTHERN Q12018 5,940 781 61% 132 Q4 2017 Q2 2017 6,084 603 57% 99 5,646 463 68% 82 With significant scale and HBP position, Giddings offers a unique opportunity to develop an emerging play while remaining within cash flow (1) Payout from first production. (2) Recent Giddings area Austin Chalk well results with >30% oil cut. (3) Production results for selected wells not intended to be representative of potential production from wells we intend to drill in the future. 13#14Financial Overview MAGNOLIA OIL & GAS#15Magnolia Oil & Gas - Financial Policy MAGNOLIA OIL & GAS Conservative Financial Statements with Low Financial Leverage (<= 1.0x EBITDAX) Capital Spending Plan Targeted at 50-60% of annual EBITDAX (Plan expected to deliver 10%+ of annual production growth and consistently generate free cash flow) Acquisitions generally expected to be smaller bolt-ons in the vicinity of current assets and with similar financial characteristics MAGNOLIA OIL & GAS CORPORATION No Commodity Hedging Return-focused, long-term value creation through execution on (i) debt reduction, (ii) accretive bolt-on acquisitions, and (iii) share repurchases. 15#16MAGNOLIA OIL & GAS Business Risks Adequately Managed Risk Factor Level of Risk Generally Acceptable to Magnolia Geologic/Exploratory Low Moderate Fully Exposed Political Cost Risk ✓ Reinvestment Commodity Financial 16#17Q1 2019 Capital Structure and Liquidity Overview Capital Structure Overview MAGNOLIA OIL & GAS Capitalization & Liquidity ($MM) • Maintaining low financial leverage profile Capitalization Summary As of 3/31/2019 - Net Debt/Total Book Capitalization of 12% Cash and Cash Equivalents $76 - Net Debt/ Q1 annualized Adjusted EBITDAX of 0.5x Revolving Credit Facility $0 • Liquidity as of 3/31/2019 of $626 MM, including fully undrawn credit facility (1) 6.00% Senior Notes Due 2026 $400 • No debt maturities until senior unsecure notes mature in 2026 Debt Maturity Schedule ($MM) Credit Facility Borrowings (as of 3/31/19) $550 Borrowing Base Total Debt Outstanding Total Shareholder's Equity (2) $400 $2,717 6.00% Senior Unsecured Net Debt/Q1 Annualized Adjusted EBITDAX 0.5x Notes $400 Net Debt/Total Book Capitalization 12% Liquidity Summary Cash and Cash Equivalents Credit Facility Availability $0 2018 2019 2020 2021 2022 2023 2024 2025 2026 Liquidity (1) (1) Liquidity defined as cash and cash equivalents plus availability under revolving credit facility. (2) Total Shareholders' Equity includes noncontrolling interest. As of 3/31/2019 $76 $550 $626 17#18Magnolia Oil & Gas - Summary Balance Sheet MAGNOLIA OIL & GAS (in thousands) March 31, 2019 Cash $76,307 Current assets 126,938 December 31, 2018 $135,758 156,601 Property, plant and equipment, net 3,168,544 3,073,204 Other assets Total assets 66,184 67,960 $3,437,973 $3,433,523 Current liabilities $184,460 $197,361 Long-term debt, net 388,928 388,635 Other long-term liabilities 148,008 139,572 Total stockholders' equity 2,716,577 2,707,955 Total liabilities and equity $3,437,973 $3,433,523 18#19Cash Flow Priorities to Maximize Shareholder Returns MAGNOLIA OIL & GAS Debt Reduction Accretive Bolt-On Acquisitions Return- focused Value Creation Share Repurchases With a targeted goal of always being free cash flow positive, Magnolia intends to be a prudent steward of shareholder's capital 19#2040 Summary Investment Highlights MAGNOLIA OIL & GAS • • • • MAGNOLIA OIL & GAS CORPORATION High Quality Assets Positioned for Success Coveted position in core of Karnes County with industry leading breakevens between $28 - $32 per barrel (1) Emerging position in the Giddings Field with results that continue to improve and provides potential upside Positive Free Cash Flow and Leading Margins One of the select upstream independents generating substantial free cash flow after capital expenditures Leading free cash flow yield at a wide range of commodity prices versus the vast majority of the E&P group. Multiple Levers of Growth • Steady organic growth through proven drilling program while remaining well within cash flow Clean balance sheet and strong free cash flow enables Magnolia to pursue accretive acquisitions Strong Balance Sheet, Financial Flexibility & Conservative Financial Policy Conservative leverage profile with only $400 million of principal total debt outstanding(2) Substantial liquidity of $626 million (2) (1) Source: RSEG. (2) Debt and liquidity as of 3/31/2019. 20#21Appendix MAGNOLIA OIL & GAS#22Magnolia Oil & Gas - Operating Highlights For the Quarter Ended March 31, 2019 For the Quarter Ended December 31, 2018 Production: Oil (MBbls) Natural Gas (MMcf) NGLS (MBbls) Total (Mboe) 2,906 9,763 1,084 5,617 3,054 8,795 1,179 5,699 Revenues (in thousands): Oil Sales $171,654 $198,891 Natural Gas Sales 27,375 29,565 NGL Sales 19,645 26,599 Total Revenues $218,674 $255,055 Average Sales Price: Oil (per Bbl) $59.07 Natural Gas (per Mcf) 2.80 $65.12 NGL (per Bbl) 18.12 Total (per Boe) $38.93 3.36 22.56 $44.75 NYMEX WTI ($/Bbl) $54.90 $59.08 NYMEX Henry Hub($/Mcf) 3.15 3.64 Realization to benchmark (1): Oil (per Bbl) 108% 110% Natural Gas (per Mcf) 89% 92% Operating Expenses (in thousands): Lease Operating Expenses $21,518 $19,737 Gathering, Transportation and Processing 9,315 9,092 Taxes Other Than Income 14,401 13,819 Depreciation, Depletion and Amortization 115,946 111,989 Operating Costs (per Boe): Lease Operating Expenses $3.83 $3.46 Gathering, Transportation and Processing 1.66 1.60 Taxes Other Than Income 2.56 2.42 Depreciation, Depletion and Amortization 20.64 19.65 (1) Benchmarks are the NYMEX WTI and NYMEX HH average prices for oil and natural gas, respectively. MAGNOLIA OIL & GAS 22#23Reconciliation of Net Income to EBITDAX & Adjusted EBITDAX MAGNOLIA OIL & GAS (in thousands) Adjusted EBITDAX reconciliation to net income: Net income (1) Exploration expense For the Quarter Ended March 31, 2019 $22,713 For the Quarter Ended December 31, 2018 $57,808 661 2,476 Asset retirement obligation accretion 1,328 1,276 Depreciation, depletion and amortization 115,946 111,989 Amortization of intangible assets 3,626 3,626 Interest expense 7,416 7,494 Income tax expense 3,775 7,918 EBITDAX $157,280 $190,772 Non-cash stock based compensation expense $2,432 $1,851 Transaction related costs (2) Adjusted EBITDAX (3) 353 2,241 $160,065 $194,864 (1) Includes net income attributable to noncontrolling interest. (2) Transaction related costs incurred related to the execution of our business combination with EnerVest, Ltd. and its affiliates and the Harvest acquisition, including legal fees, advisory fees, consulting fees, accounting fees, employee placement fees, and other transaction and facilitation costs. (3) Adjusted EBITDAX is a non-GAAP measure. For reasons management believes this is useful to investors, refer to slide 2 "Non-GAAP Financial Measures." 23#24Adjusted Net Income Reconciliation (in thousands) Adjusted Net Income Net income (1) Adjustments for certain items affecting comparability: Transaction costs Tax impact of adjustments Adjusted net income (2) (in thousands) Total Share Count Diluted weighted average of Class A Common Stock outstanding during the period MAGNOLIA OIL & GAS For the Quarter Ended March 31, 2019 $22,713 For the Quarter Ended December 31, 2018 $57,808 353 2,241 (74) $22,992 (471) $59,578 For the Quarter Ended March 31, 2019 158,140 For the Quarter Ended December 31, 2018 158,998 Weighted average shares of Class B Common Stock, outstanding during the period (3) 93,312 93,189 Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities 251,452 252,187 (1) Includes net income attributable to noncontrolling interest. (2) Adjusted Net Income is a non-GAAP measure. For reasons management believes this is useful to investors, refer to slide 2 "Non-GAAP Financial Measures." (3) Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding. 24#25Magnolia Oil & Gas - Margins $/ Boe, unless otherwise noted Revenue Less: Lease Operating Expenses Less: Gathering, Transportation & Processing Less: Taxes Other Than Income Less: Exploration Expense Less: General & Administrative Expense Less: Transaction Related Expense Cash Operating Margin Margin % MAGNOLIA OIL & GAS For the Quarter Ended March 31, 2019 For the Quarter Ended December 31, 2018 $38.93 $44.75 (3.83) (3.46) (1.66) (1.60) (2.56) (2.42) (0.44) (0.12) (2.88) (3.25) (0.06) (0.39) $27.50 $33.51 71% 75% Less: Asset Retirement Obligations Accretion (0.24) (0.22) Less: Depreciation, Depletion, and Amortization (20.64) (19.65) Less: Amortization on Intangible Assets (0.65) (0.64) Operating Margin $5.97 $13.00 Margin % 15% 29% Add: Transaction Related Expense Adjusted Operating Margin Margin % (1) 0.06 0.39 $6.03 $13.39 15% 30% (1) Adjusted Operating Margin is a non-GAAP measure. For reasons management believes this is useful to investors, refer to slide 2 "Non-GAAP Financial Measures." 25