Investor Presentaiton

Magnolia 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

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