Investor Presentaiton

Magnolia 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

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