Investor Presentaiton

Corporate 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

View entire presentation