Magnolia Oil & Gas Corporation (NYSE:MGY) announced today that its Board of Directors raised the Company's share repurchase authorization by an additional 10 million shares of Class A common stock. Including this additional authority, Magnolia currently has approximately 15.8 million shares available for repurchase under the authorization which pertains only to open market purchases for shares of Class A common stock. Any purchases by Magnolia of Class B units from EnerVest are approved separately by Magnolia's board with these units cancelled upon execution.

During 2021, Magnolia reduced its total diluted shares outstanding by 25.3 million shares resulting in a 10 percent decrease to our fully diluted share count. This was accomplished through a combination of open market share repurchases and direct transactions with EnerVest as shown in the table below.

"Together with the initiation of a dividend payment and our share reduction efforts, Magnolia returned $358 million to its shareholders last year or approximately 65 percent of our full-year 2021 free cash flow," said Steve Chazen, Magnolia's Chairman, President and CEO. "Magnolia's total shareholder return proposition includes allocating a portion of our free cash flow toward the payment of a secure and growing dividend, as well as actions that improve our per share metrics such as small bolt-on, accretive oil and gas property acquisitions, and share repurchases. The increase in the share repurchase authorization is aligned with our plan to repurchase at least 1 percent of our outstanding shares per quarter."

Magnolia - Reduction to 2021 Diluted Shares (MM of Shares)
Transactions with EnerVest	16.6
Open Market Share Repurchases	8.7
Total 2021 Share Reduction	25.3

Total Diluted Shares Outstanding By Share Class (MM of Shares at 12/31/21)
Class A Common Stock (Incl. 19 MM shares held by EnerVest)	181
Class B Common Stock (All held by EnerVest)	49
Total Diluted Shares Outstanding (Incl. 68 MM Class A & Class B shares held by EnerVest)	230

About Magnolia Oil & Gas

Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.

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Magnolia Oil & Gas Increases Share Repurchase Authorization