Investor Presentaiton

Q1 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

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