Magnolia Oil & Gas Corporation（简称“Magnolia”、“Magnolia”、“Magnolia”、“Magnolia”、“Magnolia”、“Magnolia”、“Magnolia”、“Magnolia”或“Magnolia”）公布了其2025年第四季度及全年的财务和运营业绩。

2025年第四季度及全年业绩亮点：

2025年第四季度及全年净利润分别为7140万美元和3.373亿美元，调整后净利润(1)分别为7140万美元和3.357亿美元，全年营业利润率为33%。2025年第四季度及全年稀释后加权平均流通股(2)分别为1.88亿股和1.911亿股，同比均下降4%。
2025 年第四季度调整后 EBITDAX(1) 为 2.157 亿美元，钻井和完井资本为 1.165 亿美元。2025 年全年调整后 EBITDAX 为 9.061 亿美元，钻井和完井总资本为 4.607 亿美元，再投资率为调整后 EBITDAX 的 51%。
2025年第四季度经营活动产生的净现金流为2.084亿美元，2025年全年为8.786亿美元。公司2025年第四季度自由现金流(1)为7470万美元，2025年全年为4.266亿美元。
2025年第四季度总产量较2024年第四季度增长11%，达到每日10.38万桶油当量（Mboe/d），超出此前预期，并创下新的季度纪录。2025年全年平均产量为每日9.98万桶油当量，同比增长11%，全年每股产量增长16%。第四季度石油产量增长至每日 40.7 万桶，这也是 Magnolia 的一个季度纪录，预计 2025 年全年石油产量将达到每日 39.8 万桶，同比增长约 4%。
2025年第四季度，吉丁斯油田总产量为83.6百万桶油当量/日，较上年同期增长16%，其中原油产量增长10%。吉丁斯油田产量的增长主要得益于整个油田强劲的单井产量，其中一部分来自新近勘探的区域。
2025年，Magnolia公司新增已探明开发储量4980万桶油当量，该储量来自公司钻探计划，不包括与收购和价格调整相关的储量。这些新增的已探明和已开发有机储量，使我们2025年的储量替代率达到预期产量的137%，并使得2025年已探明和已开发有机油气勘探开发成本为每桶油当量9.25美元。Magnolia
在第四季度以5340万美元的价格回购了240万股A类普通股，约占已发行股份的1.3%。2025年全年回购股份总数为890万股A类普通股，导致公司稀释后加权平均已发行股份总数(2)较上年减少4.4%。Magnolia董事会已将现有股份回购授权增加1000万股，使剩余授权总额达到1290万股A类普通股，这些股份将专门用于公开市场股份回购。
如先前公告所述，董事会宣布派发A类普通股每股0.165美元的现金股息，以及B类股份每单位0.165美元的现金分红，将于2026年3月2日支付给截至2026年2月10日登记在册的股东。此次季度股息较上一季度增长10%，年化股息率为每股0.66美元。这是Magnolia自2021年首次派发股息以来连续第五年提高股息率。提供安全、可持续且不断增长的股息是Magnolia投资理念的重要组成部分。Magnolia
通过股票回购和股息支付的方式，分别将2025年第四季度和全年产生的自由现金流的110%(3)和75%(4)返还给了公司股东。除了向股东返还大量现金外，Magnolia在2025年还完成了几项小型油气资产收购，总额达6660万美元。2025年初，我们的资产负债表上拥有2.6亿美元的现金，年底现金余额为2.668亿美元，并拥有4.5亿美元的未提取循环信贷额度。Magnolia董事长、总裁

兼首席执行官Chris Stavros表示：“Magnolia在2025年再次取得了卓越且稳定的业绩，这得益于我们资本高效的商业模式的稳步执行以及我们高质量的资产。我尤其为我们现场运营团队和休斯顿员工所展现出的坚定不移的奉献精神和专注精神感到自豪。”他们持续的辛勤工作和坚持不懈是Magnolia成功的关键因素。

我们不断向金融界强调，Magnolia的首要目标是成为我们一流油气资产的最高效运营商，实现这些资产的最高回报，同时无论产品价格如何，都尽可能减少钻井和完井所需的资本投入。去年，我们再次成功实现了这些目标。我们通过稳健增长的现金分红和持续的股票回购计划，将2025年产生的自由现金流的75%返还给了股东。此外，我们还利用自身积累的地下知识和经验，在我们熟悉且运营良好的区域附近进行机会性收购，不断增强和扩大我们的资产基础。

在资本投入低于原计划的情况下，我们实现了两位数的产量增长；完成了约6700万美元的补充收购，进一步拓展了我们的资源机会；回购了4%的流通股；并于近期宣布将股息提高10%，这是我们连续第五年提高股息。Magnolia在2025年以强劲的势头收官，季度油气产量创历史新高，同比增长11%。值得注意的是，这一切都是内生增长，因为我们的资产负债表上的现金在这一年中有所增加，同时在2025年实现了18%的行业领先资本回报率。

展望2026年，Magnolia已做好充分准备，并始终秉持着我们的商业模式原则。我们高质量的资产以及持续的资本支出纪律、积极的成本管理和追求进一步提升运营效率的战略，将使我们在产品价格波动时期也能保持优势。我们一贯坚持低杠杆和不进行大宗商品套期保值的政策是我们战略的核心，这既能为我们提供下行保护，又能让我们把握产品价格上涨的机遇，并在大宗商品周期中创造价值。

运营更新
：2025年第四季度和全年公司总产量平均分别为103.8和99.8百万桶油当量/日，两个时期均同比增长11%。2025年，吉丁斯油田的产量占公司总产量的79%。与上年同期相比，吉丁斯油田2025年第四季度和全年的产量均增长了16%，与2024年第四季度相比，吉丁斯油田的石油产量增长了10%。去年，产量增长得益于Magnolia旗下所有资产持续强劲的油井表现，尤其是吉丁斯油田的油井成果尤为突出，其中一部分来自新的开发区域。

Magnolia 2025 年第四季度及全年用于钻井、完井及相关设施的资本支出分别为 1.165 亿美元和 4.607 亿美元。Magnolia 在 2025 年实施了更高效的资本计划，其钻井和完井团队在 2025 年持续提升生产效率，其中吉丁斯油田的日钻井英尺数同比增长 8%，日完井英尺数同比增长 6%。由于油井性能超出预期，公司得以将部分完井作业推迟至 2026 年，从而减少了 2025 年的资本支出。此外，随着公司持续降低油田及所有资产的运营成本，2025 年全年租赁运营费用较 2024 年下降 7% 至每桶油当量 5.12 美元。

Magnolia计划在2026年运营两台钻机和一个完井作业队，并预计全年保持这一作业水平。虽然预计今年的作业活动与2025年的运营计划类似，但预计较低的整体单井成本以及更高的运营效率将使钻井、完井和投产的井数增加，从而支持Magnolia整体高利润增长。公司目前采用两台钻机和一个完井作业队的开发计划已持续五年，推动公司总产量增长超过50%，并使我们在Giddings地区的产量翻了一番以上。

预计2026年约75%至80%的作业活动将集中在Giddings地区的多井开发平台，其余部分则集中在Karnes地区。吉丁斯油田的开发计划包括在我们核心的24万净英亩开发区内钻探多个井场。这形成了一个平衡高效的计划，从而带来更加稳定的年度业绩。Magnolia计划继续投入少量资金，用于我们在德克萨斯州南部大片油田的评估活动，旨在进一步提升我们的资源开发机会，并进一步降低我们在吉丁斯油田等大面积油田的风险。

2025年油气储量
方面，Magnolia的2025年探明储量总额较2024年底的1.917亿桶油当量增长10%，达到2.102亿桶油当量，相当于2025年产量的151%(5)。Magnolia仅将一年的未开发探明储量计入账簿，因此其2025年探明储量的79%已得到开发。已探明未开发储量代表我们计划在2026年通过资本和业务活动计划转化为已探明已开发储量的部分。

截至2025年底，Magnolia公司已探明已开发储量总计为1.666亿桶油当量（MMboe）。剔除收购、出售和价格相关调整后，公司当年新增已探明已开发储量4980万桶油当量。2025年总成本（不包括资产收购成本、勘探费用和资产报废义务）为4.607亿美元，由此计算出的有机已探明已开发储量开发成本为每桶油当量9.25美元。2023年至2025年三年期间，Magnolia公司有机已探明已开发储量开发成本平均为每桶油当量9.85美元。

其他指引
Magnolia目前预计其2026年钻井和建设（D&C）总资本支出将在4.4亿至4.8亿美元之间，与去年基本持平，其中包括与2025年类似的非运营资本支出。公司目前预计，今年的资本支出计划和活动将使2026年全年总产量增长约5%。2026年第一季度的钻井和建设资本支出预计约为1.25亿美元，预计将是全年最高的季度支出水平。第一季度总产量预计约为10.2万桶油当量/日（Mboe/d），其中包括近期冬季风暴造成的约150万桶油当量/日（Mboe/d）的停产影响，目前所有停产影响均已完全恢复。

预计油价与Magellan East Houston油田的油价存在约3美元/桶的折价，Magnolia的所有石油和天然气产量均未进行套期保值。预计2026年第一季度完全稀释后的股份数量约为1.87亿股，较2025年第一季度减少4%。Magnolia的财务报表及相关附注将包含在截至2025年12月31日止年度

的10-
K表格年度报告中，该报告预计将于2026年2月12日提交给美国证券交易委员会（SEC）。Magnolia 将于2026年2月6日（星期五）美国中部时间上午10:00（东部时间上午11:00）举行投资者电话会议，讨论上述运营和财务业绩

。
感兴趣的人士可通过访问 Magnolia 的网站 www.magnoliaoilgas.com/investors/events-and-presentations 并点击网络直播链接，或拨打 1-844-701-1059 收听网络直播。电话会议结束后，网络直播的回放将发布在 Magnolia 的网站上。

Magnolia Oil & Gas Corporation (锟組agnolia,锟� 锟絯e,锟� 锟給ur,锟� or the 锟紺ompany锟�) announced its financial and operational results for the fourth quarter and full year 2025.

Fourth Quarter and Full Year 2025 Highlights:

Fourth quarter and full year 2025 total net income was $71.4 million and $337.3 million, respectively, and total adjusted net income(1) was $71.4 million and $335.7 million, respectively, and providing full year operating income margins of 33%. The diluted weighted average shares outstanding(2) for the fourth quarter and full year 2025 was 188.0 million and 191.1 million, respectively, representing a year-over-year decline of 4% for both periods.
Adjusted EBITDAX(1) was $215.7 million during the fourth quarter of 2025, with drilling and completions (锟紻&C锟�) capital of $116.5 million. Adjusted EBITDAX for the full year 2025 was $906.1 million with total D&C capital of $460.7 million, representing a reinvestment rate of 51% of adjusted EBITDAX.
Net cash provided by operating activities was $208.4 million during the fourth quarter of 2025 and $878.6 million during full year 2025. The Company generated free cash flow(1) of $74.7 million during the fourth quarter of 2025 and $426.6 million during full year 2025.
Total production in the fourth quarter of 2025 grew 11% from fourth quarter 2024 levels to 103.8 thousand barrels of oil equivalent per day (锟組boe/d锟�), exceeding our earlier guidance and establishing a new quarterly record. Full year 2025 production volumes averaged 99.8 Mboe/d representing year-over-year volume growth of 11% and full year production per share growth of 16%. Fourth quarter oil production grew to 40.7 thousand barrels of oil per day (锟組bbls/d锟�), also a quarterly record for Magnolia, leading to full year 2025 oil production of 39.8 Mbbls/d and year-over-year oil growth of approximately 4%.
Total fourth quarter 2025 production at Giddings was 83.6 Mboe/d climbing by 16% compared to the prior year period, and inclusive of oil production growth of 10%. Giddings volumes were broadly supported by strong well performance throughout the field and part of which originated from newly delineated areas.
Magnolia added 49.8 million barrels of oil equivalent (锟組Mboe锟�) of proved developed reserves in 2025, representing additions from the Company锟絪 drilling program, and which excluded reserves related to acquisitions and price-related revisions. These organic proved developed reserve additions provide a reserve replacement ratio of 137% of our 2025 production and leading to organic proved developed Finding and Development (锟紽&D锟�) costs of $9.25 per barrel of oil equivalent for 2025.
Magnolia purchased 2.4 million Class A Common shares during the fourth quarter for $53.4 million, representing approximately 1.3% of our outstanding shares. Total share repurchases during 2025 amounted to 8.9 million Class A Common shares, leading to a 4.4% reduction in the Company锟絪 diluted weighted average total shares outstanding(2) compared to the prior year. Magnolia锟絪 Board of Directors has increased the existing share repurchase authorization by an additional 10 million shares, bringing the total remaining authorization to 12.9 million Class A Common shares, which are specifically designated toward open market share repurchases.
As previously announced, the Board of Directors declared a cash dividend of $0.165 per share of Class A common stock, and a cash distribution of $0.165 per Class B unit, payable on March 2, 2026, to shareholders of record as of February 10, 2026. This quarterly dividend payment represents a 10% increase compared to the previous rate, and providing an annualized dividend rate of $0.66 per share. This is the fifth consecutive year that Magnolia has raised its dividend rate after first initiating a dividend payment in 2021. Delivering a safe, sustainable, and growing dividend is an important element of Magnolia锟絪 investment proposition.
Magnolia returned 110%(3) and 75%(4) of the free cash flow generated during the fourth quarter and full year 2025, respectively, to the Company锟絪 shareholders through a combination of share repurchases and dividends. In addition to the significant return of cash to shareholders, Magnolia completed several small bolt-on oil and gas property acquisitions during 2025 totaling $66.6 million. We started 2025 with $260.0 million of cash on our balance sheet and ended the year with $266.8 million of cash and an undrawn $450 million revolving credit facility.

锟組agnolia delivered another year of exceptional and consistent performance in 2025, marked by the steady execution of our capital-efficient business model and our high quality assets,锟� said Chairman, President, and CEO Chris Stavros. 锟絀 am especially proud of the unwavering dedication and focus shown by both our operating teams in the field and our Houston staff. Their continued hard work and perseverance is a significant factor behind Magnolia锟絪 success.

锟絎e continually remind the financial community that Magnolia锟絪 primary goals and objectives are to be the most efficient operator of our best-in-class oil and gas assets, to generate the highest returns on those assets, and while employing the least amount of capital for drilling and completing wells, no matter the product prices. Last year was another example of our successful delivery on these goals. We returned 75 percent of the free cash flow generated during 2025 to our shareholders through our secure and growing cash dividend and our ongoing share repurchase program. And, we continued to enhance and expand our asset base through opportunistic bolt-on acquisitions stemming from our accumulated subsurface knowledge and experience, near areas where we operate and understand well.

锟絎e achieved double-digit production growth with less capital than originally planned, completed approximately $67 million of bolt-on acquisitions furthering our resource opportunity set, repurchased 4 percent of our outstanding shares, and recently announced a 10 percent increase in our dividend 锟� our fifth consecutive annual increase. Magnolia ended 2025 on a strong note, with record quarterly oil and gas volumes, resulting in 11 percent year-over-year production growth. Notably, this was all accomplished organically, as our cash on the balance sheet increased during the year, while generating a sector leading return on capital employed of 18 percent during 2025.

锟紸s we enter 2026, Magnolia is well-positioned and consistently guided by the principles of our business model. Our high-quality assets and strategy of continued capital spending discipline, proactive cost management and pursuit of further operational efficiencies should serve us well during periods of product price volatility. Our consistent policy of low leverage and lack of commodity hedges is central to our strategy, providing us with downside protection while allowing for upside to product prices and the ability to generate value through commodity cycles.锟�

Operational Update
Fourth quarter and full-year 2025 total company production averaged 103.8 and 99.8 Mboe/d, representing a 11 percent year over year increase for both periods. Giddings production represented 79 percent of total company volumes during 2025. Fourth quarter and full-year 2025 production from Giddings both increased by 16 percent, compared to the prior year periods with Giddings oil production growing by 10 percent compared to fourth quarter 2024. Last year锟絪 production volume growth benefited from continued strong well performance throughout Magnolia锟絪 assets with exceptional well results in Giddings, part of which originated from a new development area.

Magnolia锟絪 fourth quarter and full year 2025 capital spending on drilling, completions and associated facilities was $116.5 million and $460.7 million, respectively. Magnolia delivered a more capital efficient program during 2025, with our drilling and completions team continuing to generate productivity gains in 2025 which included an 8 percent year-over-year improvement in drilling feet per day and a 6 percent increase in completed feet per day in Giddings. The Company also spent less capital during 2025 because of stronger than expected well performance allowing us to defer several completions into 2026. Additionally, lease operating expenses declined by 7 percent to $5.12 per boe during the full year 2025 compared to 2024 levels as the Company continues to drive down operating costs in the field and across our assets.

Magnolia plans to operate two drilling rigs and one completion crew during 2026 and expects to maintain this level of activity throughout year. While this year锟絪 activity is expected to have similar characteristics to the 2025 operating plan, lower anticipated overall well costs combined with improved operating efficiencies is expected to allow for more wells to be drilled, completed and turned in line lending support to Magnolia锟絪 overall high-margin growth. The Company锟絪 current development program utilizing two operated rigs and one completion crew has been consistently in place for the last five years, driving total Company production growth by greater than 50 percent and more than doubling our production volumes in Giddings.

Approximately 75 to 80 percent of our 2026 activity is expected to consist of multi-well development pads in the Giddings area with the remainder focused on the Karnes area. The development program at Giddings consists of drilling multi-well pads throughout our core 240,000 net acre development area. This creates a balanced and efficient program providing more consistent year-over-year results. Magnolia plans to continue to allocate a modest amount of capital toward appraisal activities throughout our large acreage footprint in south Texas designed to further enhance our resource opportunity set and to further de-risk our sizable acreage position particularly in Giddings.

2025 Oil and Gas Reserves
Magnolia锟絪 total 2025 proved reserves increased 10 percent to 210.2 MMboe from 191.7 MMboe at year end 2024 replacing 151 percent(5) of our 2025 production. Magnolia books only one year of proved undeveloped reserves and as a result 79 percent of its 2025 proved reserves were developed. The proved undeveloped reserves represent what we plan to convert to the proved developed category during 2026 as part of our capital and activity program.

Magnolia锟絪 total proved developed reserves at year end 2025 were 166.6 MMboe. Excluding acquisitions, sales, and price-related revisions, the Company added 49.8 MMboe of proved developed reserves during the year. Total costs incurred excluding property acquisition costs, exploration expenses and asset retirement obligations were $460.7 million in 2025 resulting in organic proved developed F&D costs of $9.25 per boe. During the three-year period from 2023 to 2025, Magnolia锟絪 organic proved developed F&D costs averaged $9.85 per boe.

Additional Guidance
Magnolia currently estimates its total 2026 D&C capital spending to be in the range of $440 to $480 million and that is comparable to last year, which includes an estimate of non-operated capital that is similar to 2025. The Company currently expects this year锟絪 capital spending program and activity to deliver full-year total production growth of approximately 5 percent for 2026. First quarter 2026 D&C capital spending is estimated at approximately $125 million and is expected to be the highest quarterly rate of spending for the year. Total production for the first quarter is estimated to be approximately 102 Mboe/d which includes approximately 1.5 Mboe/d of downtime impact resulting from the recent winter storm, all of which has been fully restored.

Oil price differentials are anticipated to be approximately a $3 per barrel discount to Magellan East Houston and Magnolia remains completely unhedged for all its oil and natural gas production. The fully diluted share count for the first quarter of 2026 is expected to be approximately 187 million shares, which is 4 percent reduction from first quarter 2025 levels.

Annual Report on Form 10-K
Magnolia's financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2025, which is expected to be filed with the U.S. Securities and Exchange Commission (锟絊EC锟�) on February 12, 2026.

Conference Call and Webcast
Magnolia will host an investor conference call on Friday, February 6, 2026 at 10:00 am Central (11:00 am Eastern) to discuss these operating and financial results. Interested parties may join the webcast by visiting Magnolia's website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. A replay of the webcast will be posted on Magnolia's website following completion of the call.