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Investor Presentaiton

40 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
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