v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 28, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-38083  
Entity Registrant Name Magnolia Oil & Gas Corp  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 81-5365682  
Entity Address, Address Line One Nine Greenway Plaza, Suite 1300  
Entity Address, City or Town Houston,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 77046  
City Area Code 713  
Local Phone Number 842-9050  
Title of 12(b) Security Class A Common Stock, par value $0.0001  
Trading Symbol MGY  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001698990  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Class A Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   191,036,251
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   5,523,479
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 276,139 $ 401,121
Accounts receivable 136,207 189,705
Drilling advances 1,297 12
Other current assets 1,555 435
Total current assets 415,198 591,273
PROPERTY, PLANT AND EQUIPMENT    
Oil and natural gas properties 4,265,564 3,743,580
Other 18,647 9,774
Accumulated depreciation, depletion and amortization (2,010,535) (1,701,333)
Total property, plant and equipment, net 2,273,676 2,052,021
OTHER ASSETS    
Deferred financing costs, net 2,485 3,836
Deferred tax assets 99,449 90,358
Other long-term assets 20,149 18,728
Total other assets 122,083 112,922
TOTAL ASSETS 2,810,957 2,756,216
CURRENT LIABILITIES    
Accounts payable 164,295 193,212
Other current liabilities (Note 6) 117,228 121,675
Total current liabilities 281,523 314,887
LONG-TERM LIABILITIES    
Long-term debt, net 394,793 392,839
Asset retirement obligations, net of current 159,340 148,467
Other long-term liabilities 14,729 17,355
Total long-term liabilities 568,862 558,661
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY    
Additional paid-in capital 1,879,447 1,743,930
Treasury Stock, at cost, 36,633 shares and 31,333 shares in 2024 and 2023, respectively (665,472) (538,445)
Retained earnings 694,090 486,162
Noncontrolling interest 52,483 190,998
Total equity 1,960,572 1,882,668
TOTAL LIABILITIES AND EQUITY 2,810,957 2,756,216
Class A Common Stock    
EQUITY    
Common stock 23 21
Class B Common Stock    
EQUITY    
Common stock $ 1 $ 2
v3.24.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Treasury stock (in shares) 36,633,000 31,333,000
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 1,300,000,000 1,300,000,000
Common stock, shares issued (in shares) 228,117,000 214,497,000
Common stock, shares outstanding (in shares) 191,484,000 183,164,000
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 225,000,000 225,000,000
Common stock, shares issued (in shares) 5,523,000 21,827,000
Common stock, shares outstanding (in shares) 5,523,000 21,827,000
v3.24.3
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES        
Total revenues $ 333,135 $ 315,678 $ 989,277 $ 904,351
OPERATING EXPENSES        
Lease operating expenses 44,444 35,893 134,945 115,060
Gathering, transportation and processing 10,676 10,297 27,668 33,419
Taxes other than income 18,269 14,823 56,011 49,331
Exploration expenses 491 5,128 918 5,139
Asset retirement obligations accretion 1,749 875 5,112 2,539
Depreciation, depletion and amortization 107,336 81,158 309,155 228,868
Impairment of oil and natural gas properties 0 0 0 15,735
General and administrative expenses 21,158 19,371 67,547 57,863
Total operating expenses 204,123 167,545 601,356 507,954
OPERATING INCOME 129,012 148,133 387,921 396,397
OTHER INCOME (EXPENSE)        
Interest income (expense), net (3,856) 1,034 (9,683) 372
Other income (expense), net 7,286 (479) 4,018 7,643
Total other income (expense), net 3,430 555 (5,665) 8,015
INCOME BEFORE INCOME TAXES 132,442 148,688 382,256 404,412
Income tax expense 26,530 31,211 73,634 75,663
NET INCOME 105,912 117,477 308,622 328,749
LESS: Net income attributable to noncontrolling interest 6,128 15,447 28,193 38,893
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK $ 99,784 $ 102,030 $ 280,429 $ 289,856
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING        
Basic (in shares) 187,859 187,093 185,065 189,408
Diluted (in shares) 187,871 187,265 185,096 189,612
Class A Common Stock        
NET INCOME PER SHARE OF CLASS A COMMON STOCK        
Basic (in dollars per share) $ 0.52 $ 0.54 $ 1.50 $ 1.51
Diluted (in dollars per share) $ 0.52 $ 0.54 $ 1.50 $ 1.51
Oil revenues        
REVENUES        
Total revenues $ 265,682 $ 243,588 $ 800,195 $ 705,857
Natural gas revenues        
REVENUES        
Total revenues 22,207 27,069 61,871 75,687
Natural gas liquids revenues        
REVENUES        
Total revenues $ 45,246 $ 45,021 $ 127,211 $ 122,807
v3.24.3
Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Class A Common Stock
Class B Common Stock
Total Stockholders’ Equity
Total Stockholders’ Equity
Class A Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid In Capital
Treasury Stock
Treasury Stock
Class A Common Stock
Retained Earnings
Noncontrolling Interest
Noncontrolling Interest
Class B Common Stock
Common stock, beginning balance (in shares) at Dec. 31, 2022           213,727 21,827            
Beginning balance at Dec. 31, 2022 $ 1,740,191     $ 1,576,055   $ 21 $ 2 $ 1,719,875 $ (329,512)   $ 185,669 $ 164,136  
Treasury stock, beginning balance (in shares) at Dec. 31, 2022                 21,684        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Stock based compensation expense, net of forfeitures 12,060     10,811       10,811       1,249  
Changes in ownership interest adjustment 167     10,789       10,789       (10,622)  
Common stock issued related to stock based compensation and other, net (in shares)           688              
Common stock issued related to stock based compensation and other, net (7,103)     (6,374)       (6,374)       (729)  
Class A common stock repurchases (in shares)                   7,149      
Class A Common Stock repurchases   $ (152,860)     $ (152,860)         $ (152,860)      
Dividends declared (66,295)     (66,295)             (66,295)    
Distributions to noncontrolling interest owners (9,946)                     (9,946)  
Adjustment to deferred taxes 3,567     3,567       3,567          
Tax impact of equity transactions (1,373)     (1,373)         $ (1,373)        
Net income 328,749     289,856             289,856 38,893  
Common stock, ending balance (in shares) at Sep. 30, 2023           214,415 21,827            
Ending balance at Sep. 30, 2023 1,847,157     1,664,176   $ 21 $ 2 1,738,668 $ (483,745)   409,230 182,981  
Treasury stock, ending balance (in shares) at Sep. 30, 2023                 28,833        
Common stock, beginning balance (in shares) at Jun. 30, 2023           214,400 21,827            
Beginning balance at Jun. 30, 2023 1,809,858     1,634,489   $ 21 $ 2 1,731,059 $ (425,604)   329,011 175,369  
Treasury stock, beginning balance (in shares) at Jun. 30, 2023                 26,334        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Stock based compensation expense, net of forfeitures 4,197     3,758       3,758       439  
Changes in ownership interest adjustment 0     3,914       3,914       (3,914)  
Common stock issued related to stock based compensation and other, net (in shares)           15              
Common stock issued related to stock based compensation and other, net (125)     (112)       (112)       (13)  
Class A common stock repurchases (in shares)                   2,499      
Class A Common Stock repurchases   $ (56,768)     (56,768)         $ (56,768)      
Dividends declared (21,811)     (21,811)             (21,811)    
Distributions to noncontrolling interest owners (4,347)                     (4,347)  
Adjustment to deferred taxes (760)     (760)       (760)          
Tax impact of equity transactions (564)     (564)       809 $ (1,373)        
Net income 117,477     102,030             102,030 15,447  
Common stock, ending balance (in shares) at Sep. 30, 2023           214,415 21,827            
Ending balance at Sep. 30, 2023 1,847,157     1,664,176   $ 21 $ 2 1,738,668 $ (483,745)   409,230 182,981  
Treasury stock, ending balance (in shares) at Sep. 30, 2023                 28,833        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Dividends declared (21,513)                        
Common stock, ending balance (in shares) at Dec. 31, 2023   214,497 21,827     214,497 21,827            
Ending balance at Dec. 31, 2023 $ 1,882,668     1,691,670   $ 21 $ 2 1,743,930 $ (538,445)   486,162 190,998  
Treasury stock, ending balance (in shares) at Dec. 31, 2023 31,333               31,333        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Stock based compensation expense, net of forfeitures $ 14,161     13,095       13,095       1,066  
Changes in ownership interest adjustment 0     69,101       69,101       (69,101)  
Common stock issued related to stock based compensation and other, net (in shares)           816              
Common stock issued related to stock based compensation and other, net (7,673)     (6,860)   $ 1   (6,861)       (813)  
Class A common stock repurchases (in shares)                   5,300      
Class A Common Stock repurchases   $ (127,027)     (127,027)         $ (127,027)      
Class B common stock purchase and cancellation (in shares)             (3,500)            
Class B Common Stock purchase and cancellation     $ (89,670)                   $ (89,670)
Conversion of class B common stock to class A common stock (in shares)           12,804 (12,804)            
Conversion of Class B Common Stock to Class A Common Stock     $ 0     $ 1 $ (1)            
Dividends declared (72,501)     (72,501)             (72,501)    
Distributions to noncontrolling interest owners (8,190)                     (8,190)  
Adjustment to deferred taxes (10,834)     (10,834)       (10,834)          
Tax impact of equity transactions 71,016     71,016       71,016          
Net income 308,622     280,429             280,429 28,193  
Common stock, ending balance (in shares) at Sep. 30, 2024   228,117 5,523     228,117 5,523            
Ending balance at Sep. 30, 2024 $ 1,960,572     1,908,089   $ 23 $ 1 1,879,447 $ (665,472)   694,090 52,483  
Treasury stock, ending balance (in shares) at Sep. 30, 2024 36,633               36,633        
Common stock, beginning balance (in shares) at Jun. 30, 2024           223,167 10,958            
Beginning balance at Jun. 30, 2024 $ 1,918,356     1,818,075   $ 23 $ 1 1,815,798 $ (616,747)   619,000 100,281  
Treasury stock, beginning balance (in shares) at Jun. 30, 2024                 34,683        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Stock based compensation expense, net of forfeitures 4,707     4,487       4,487       220  
Changes in ownership interest adjustment 0     39,667       39,667       (39,667)  
Common stock issued related to stock based compensation and other, net (in shares)           15              
Common stock issued related to stock based compensation and other, net (147)     (140)       (140)       (7)  
Class A common stock repurchases (in shares)                   1,950      
Class A Common Stock repurchases   $ (48,725)     $ (48,725)         $ (48,725)      
Class B common stock purchase and cancellation (in shares)             (500)            
Class B Common Stock purchase and cancellation     $ (12,930)                   $ (12,930)
Conversion of class B common stock to class A common stock (in shares)           4,935 (4,935)            
Dividends declared (24,694)     (24,694)             (24,694)    
Distributions to noncontrolling interest owners (1,542)                     (1,542)  
Adjustment to deferred taxes (7,918)     (7,918)       (7,918)          
Tax impact of equity transactions 27,553     27,553       27,553          
Net income 105,912     99,784             99,784 6,128  
Common stock, ending balance (in shares) at Sep. 30, 2024   228,117 5,523     228,117 5,523            
Ending balance at Sep. 30, 2024 $ 1,960,572     $ 1,908,089   $ 23 $ 1 $ 1,879,447 $ (665,472)   $ 694,090 $ 52,483  
Treasury stock, ending balance (in shares) at Sep. 30, 2024 36,633               36,633        
v3.24.3
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Common stock, dividends, declared (in dollars per share) $ 0.13 $ 0.115 $ 0.39 $ 0.345
v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
NET INCOME $ 308,622 $ 328,749
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 309,155 228,868
Exploration expenses, non-cash 1 9
Impairment of oil and natural gas properties 0 15,735
Asset retirement obligations accretion 5,112 2,539
Amortization of deferred financing costs 3,305 3,173
Gain on sale of assets 0 (3,946)
Deferred income tax expense 51,958 48,213
Gain on revaluation of contingent consideration (3,808) 0
Stock based compensation 14,161 12,060
Other 2,921 0
Changes in operating assets and liabilities:    
Accounts receivable 50,579 (16,462)
Accounts payable (35,915) (19,082)
Accrued liabilities (485) (1,735)
Drilling advances (1,285) 3,472
Other assets and liabilities, net (6,098) 7,314
Net cash provided by operating activities 698,223 608,907
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions (164,995) (53,812)
Deposits for acquisitions of oil and natural gas properties 0 (22,503)
Additions to oil and natural gas properties (351,935) (332,055)
Changes in working capital associated with additions to oil and natural gas properties 455 (21,688)
Other investing (539) (590)
Net cash used in investing activities (517,014) (430,648)
CASH FLOW FROM FINANCING ACTIVITIES    
Dividends paid (72,524) (66,480)
Distributions to noncontrolling interest owners (8,190) (9,946)
Other financing activities (7,674) (7,112)
Net cash used in financing activities (306,191) (235,234)
NET CHANGE IN CASH AND CASH EQUIVALENTS (124,982) (56,975)
Cash and cash equivalents – Beginning of period 401,121 675,441
Cash and cash equivalents – End of period 276,139 618,466
Class A Common Stock    
CASH FLOW FROM FINANCING ACTIVITIES    
Common stock repurchases (128,133) (151,696)
Class B Common Stock    
CASH FLOW FROM FINANCING ACTIVITIES    
Common stock repurchases $ (89,670) $ 0
v3.24.3
Description of Business and Basis of Presentation
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation Description of Business and Basis of Presentation
Organization and Nature of Operations

Magnolia Oil & Gas Corporation (the “Company” or “Magnolia”) is an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid (“NGL”) reserves. The Company’s oil and natural gas properties are located primarily in the Karnes and Giddings areas in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 (the “2023 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2023 Form 10-K.

In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.

The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. The Company’s interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Company reflects a noncontrolling interest representing the interest owned by the Magnolia LLC Unit Holders through their ownership of Magnolia LLC Units in the consolidated financial statements. The noncontrolling interest is presented as a component of equity. See Note 10—Stockholders’ Equity for further discussion of the noncontrolling interest.
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
    
As of September 30, 2024, the Company’s significant accounting policies are consistent with those discussed in Note 1—Organization and Summary of Significant Accounting Policies of its consolidated financial statements contained in the Company’s 2023 Form 10-K.

Recent Accounting Pronouncements

In December 2023, the Financial Standards Accounting Board (FASB) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that ASU 2023-09 will have on its financial statement disclosures.
v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Magnolia’s revenues include the sale of crude oil, natural gas, and NGLs. The Company has concluded that disaggregating revenue by product type appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors and has reflected this disaggregation of revenue on the Company’s consolidated statements of operations for all periods presented. The Company’s receivables consist mainly of trade receivables from commodity sales and joint interest billings due from owners on properties the Company operates. Receivables from contracts with customers totaled $115.1 million as of September 30, 2024 and $124.4 million as of December 31, 2023. For further detail regarding the Company’s revenue recognition policies, please refer to Note 1—Organization and Summary of Significant Accounting Policies of the consolidated financial statements contained in the Company’s 2023 Form 10-K.
v3.24.3
Acquisitions
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
2024 Acquisitions

In April 2024, the Company acquired certain oil and gas producing properties, including leasehold and mineral interests, in the Giddings area for approximately $125.0 million, subject to customary purchase price adjustments. The acquisition was accounted for as an asset acquisition and was funded with cash on hand.

2023 Acquisitions

In November 2023, the Company acquired certain oil and gas producing properties, including leasehold and mineral interests, in the Giddings area for $264.1 million, subject to customary purchase price adjustments. The seller may also receive up to a maximum of $40.0 million in additional contingent cash consideration through January 2026 based on future commodity prices. For more information regarding the contingent consideration, refer to Note 5—Fair Value Measurements.

In July 2023, the Company completed the acquisition of certain oil and natural gas assets located in the Giddings area for $41.8 million.

The Company accounted for the aforementioned acquisitions as asset acquisitions.
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Certain of the Company’s assets and liabilities are carried at fair value and measured either on a recurring or nonrecurring basis. The Company’s fair value measurements are based either on actual market data or assumptions that other market participants would use in pricing an asset or liability in an orderly transaction, using the valuation hierarchy prescribed by GAAP under Accounting Standards Codification (“ASC”) 820.

The three levels of the fair value hierarchy under ASC 820 are as follows:

Level 1 - Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used.

Level 2 - Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation.

Fair Value of Financial Instruments

The carrying value and fair value of the financial instrument that is not carried at fair value in the Company’s consolidated balance sheets at September 30, 2024 and December 31, 2023 are as follows:
September 30, 2024December 31, 2023
(In thousands)Carrying Value Fair ValueCarrying Value Fair Value
 Long-term debt$394,793 $399,312 $392,839 $394,356 
The fair value of the 2026 Senior Notes at September 30, 2024 and December 31, 2023 is based on unadjusted quoted prices in an active market, which is considered a Level 1 input in the fair value hierarchy.
Recurring Fair Value Measurements

In November 2023, the Company acquired certain oil and gas producing properties, including leasehold and mineral interests, in the Giddings area. As part of this transaction, the seller may receive up to $40.0 million in contingent cash consideration based on future commodity prices. The contingent consideration is payable in three tranches based on average NYMEX WTI prices for (i) the period beginning July 1, 2023 through December 31, 2023, (ii) the year ending December 31, 2024, and (iii) the year ending December 31, 2025. The fair value of the contingent consideration is estimated using observable market data (NYMEX WTI forward price curve) and Monte Carlo simulation models, which are considered Level 2 inputs in the fair value hierarchy.
The fair value of the contingent consideration was $7.8 million and $14.3 million as of September 30, 2024 and December 31, 2023, respectively. The current portion of the liability included in “Other current liabilities” on the Company’s consolidated balance sheet as of September 30, 2024 and December 31, 2023 was $2.4 million and $6.7 million, respectively. The long-term portion of the liability included in “Other long-term liabilities” on the Company’s consolidated balance sheet as of September 30, 2024 and December 31, 2023 was $5.4 million and $7.6 million, respectively.

The first tranche was settled for $2.7 million in January 2024. The Company recognized a gain of $7.0 million on the revaluation of the remaining tranches for the three months ended September 30, 2024, and a gain of $3.8 million for the nine months ended September 30, 2024. Gains and losses on revaluation are included in “Other income (expense), net” on the Company’s consolidated statements of operations.

The Company has other financial instruments consisting primarily of receivables, payables, and other current assets and liabilities that approximate fair value due to the nature of the instruments and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in business combinations and asset retirement obligations.

Nonrecurring Fair Value Measurements

Certain of the Company’s assets and liabilities are measured at fair value on a nonrecurring basis. Specifically, stock based compensation is not measured at fair value on an ongoing basis but is subject to fair value calculations in certain circumstances. For further detail, see Note 11—Stock Based Compensation in the notes to the consolidated financial statements. There were no other material nonrecurring fair value measurements as of September 30, 2024 or December 31, 2023.
v3.24.3
Other Current Liabilities
 9 Months Ended
Sep. 30, 2024
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities Other Current Liabilities
The following table provides detail of the Company’s other current liabilities for the periods presented:
(In thousands)September 30, 2024December 31, 2023
Accrued capital expenditures$34,585 $34,131 
Other82,643 87,544 
Total other current liabilities$117,228 $121,675 
v3.24.3
Long-term Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
The Company’s long-term debt is comprised of the following:
(In thousands)September 30, 2024December 31, 2023
Revolving credit facility$— $— 
Senior Notes due 2026
400,000 400,000 
Total long-term debt400,000 400,000 
Less: Unamortized deferred financing cost (5,207)(7,161)
Long-term debt, net$394,793 $392,839 

Credit Facility

The original RBL Facility was entered into by and among Magnolia Operating, as borrower, Magnolia Intermediate, as its holding company, the banks, financial institutions, and other lending institutions from time to time party thereto, as lenders, the other parties from time to time party thereto, and Citibank, N.A., as administrative agent, collateral agent, issuing bank, and swingline lender. On February 16, 2022, Magnolia Operating, as borrower, amended and restated the RBL Facility in its entirety, providing for maximum commitments in an aggregate principal amount of $1.0 billion with a letter of credit facility with a $50.0 million sublimit, with a borrowing base of $450.0 million. The RBL Facility, maturing in February 2026, is guaranteed by certain parent companies and subsidiaries of Magnolia LLC and is collateralized by certain of Magnolia Operating’s oil and natural gas properties. The Company expects to opportunistically refinance the RBL Facility prior to its maturity date.

Borrowings under the RBL Facility bear interest, at Magnolia Operating’s option, at a rate per annum equal to either the term SOFR rate or the alternative base rate plus the applicable margin. Additionally, Magnolia Operating is required to pay a commitment
fee quarterly in arrears in respect of unused commitments under the RBL Facility. The applicable margin and the commitment fee rate are calculated based upon the utilization levels of the RBL Facility as a percentage of unused lender commitments then in effect.

The RBL Facility contains certain affirmative and negative covenants customary for financings of this type, including compliance with a leverage ratio of less than 3.50 to 1.00 and a current ratio of greater than 1.00 to 1.00. As of September 30, 2024, the Company was in compliance with all covenants under the RBL Facility.

Deferred financing costs in connection with the RBL Facility are amortized on a straight-line basis over a period of four years from February 2022 to February 2026 and included in “Interest income (expense), net” in the Company’s consolidated statements of operations. The Company recognized interest expense related to the RBL Facility of $1.1 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $3.1 million for each of the nine months ended September 30, 2024 and 2023. The unamortized portion of the deferred financing costs is included in “Deferred financing costs, net” on the Company’s consolidated balance sheets as of September 30, 2024 and December 31, 2023.

The Company did not have any outstanding borrowings under the RBL Facility as of September 30, 2024.

2026 Senior Notes

On July 31, 2018, the Issuers issued and sold $400.0 million aggregate principal amount of 2026 Senior Notes in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 2026 Senior Notes were issued under the Indenture, dated as of July 31, 2018 (the “Indenture”), by and among the Issuers and Deutsche Bank Trust Company Americas, as trustee. On April 5, 2021, the terms of the Indenture were amended to modify, among other things, the criteria used by the Company to make Restricted Payments (as defined in the Indenture). The 2026 Senior Notes are guaranteed on a senior unsecured basis by the Company, Magnolia Operating, and Magnolia Intermediate and may be guaranteed by certain future subsidiaries of the Company. The 2026 Senior Notes will mature on August 1, 2026 and bear interest at the rate of 6.0% per annum. The Company expects to opportunistically refinance the 2026 Senior Notes prior to their maturity date.

Deferred financing costs related to the issuance of, and the amendment to the Indenture governing, the 2026 Senior Notes are amortized using the effective interest method over the term of the 2026 Senior Notes and are included in “Interest income (expense), net” in the Company’s consolidated statements of operations. The unamortized portion of the deferred financing costs is included as a reduction to the carrying value of the 2026 Senior Notes, which has been recorded as “Long-term debt, net” on the Company’s consolidated balance sheets as of September 30, 2024 and December 31, 2023. The Company recognized interest expense related to the 2026 Senior Notes of $6.7 million and $6.6 million for the three months ended September 30, 2024 and 2023, respectively, and $20.0 million and $19.8 million for the nine months ended September 30, 2024 and 2023, respectively.

At any time, the Issuers may redeem all or a part of the 2026 Senior Notes based on principal plus a set premium, as set forth in the Indenture, including any accrued and unpaid interest.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters

From time to time, the Company is or may become involved in litigation in the ordinary course of business.

Certain of the Magnolia LLC Unit Holders and EnerVest Energy Institutional Fund XIV-C, L.P. (collectively the “Co-Defendants”) and the Company have been named as defendants in a lawsuit where the plaintiffs claim to be entitled to a minority working interest in certain Karnes County Assets. The litigation is in the pre-trial stage. The exposure related to this litigation is currently not reasonably estimable. The Co-Defendants retain all such liability.

A mineral owner in a Magnolia operated well in Karnes County, Texas filed a complaint with the Texas Railroad Commission (the “Commission”) challenging the validity of the permit to drill such well by questioning the long-standing process by which the Commission granted the permit. After the Commission affirmed the granting of the permit, and after judicial review of the Commission’s order by the 53rd Judicial District Court Travis County, Texas (the “District Court”), the District Court reversed and remanded the Commission’s order. Upon appeal to the Third Court of Appeals in Austin, Texas (the “Court of Appeals”), the Court of Appeals reversed in part and affirmed in part the District Court’s ruling and remanded the matter to the Commission. The plaintiffs filed a petition for review with the Supreme Court of Texas in late 2023.
Matters that are probable of unfavorable outcome to Magnolia and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Magnolia’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. The Company does not believe the outcome of any such disputes or legal actions will have a material effect on its consolidated statements of operations, balance sheet, or cash flows after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates.

Environmental Matters

The Company, as an owner or lessee and operator of oil and natural gas properties, is subject to various federal, state, and local laws and regulations relating to discharge of materials into, and the protection of, the environment. These laws and regulations may, among other things, impose liability on a lessee under an oil and natural gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in an affected area. The Company maintains insurance coverage, which it believes is customary in the industry, although the Company is not fully insured against all environmental risks.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s income tax provision consists of the following components:

Three Months EndedNine Months Ended
 (In thousands)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Current:
Federal$(910)$18,221 $19,948 $25,277 
State430 1,041 1,728 2,173 
Total current(480)19,262 21,676 27,450 
Deferred:
Federal26,180 12,043 50,125 46,888 
State830 (94)1,833 1,325 
Total deferred27,010 11,949 51,958 48,213 
Income tax expense$26,530 $31,211 $73,634 $75,663 

The Company is subject to U.S. federal income tax and margin tax in the state of Texas. The Company estimates its annual effective tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which it operates. The Company’s effective tax rate for the three months ended September 30, 2024 and 2023 was 20.0% and 21.0%, respectively, and 19.3% and 18.7% for the nine months ended September 30, 2024 and 2023, respectively. The primary differences between the annual effective tax rate and the statutory rate of 21.0% are income attributable to noncontrolling interest, state taxes, tax credits generated, and changes in valuation allowances.

As of September 30, 2024, the Company does not have any significant liabilities for uncertain tax positions during the next 12 months. For the nine months ended September 30, 2024, no significant amounts were incurred for interest and penalties. Currently, the Company is not aware of any issues under review that could result in significant payments, accruals, or a material deviation from its position.

During the nine months ended September 30, 2024, the Magnolia LLC Unit Holders redeemed 12.8 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. The redemption and exchange of these Magnolia LLC Units increased Magnolia’s tax basis in Magnolia LLC. The Company recorded a deferred tax asset of $71.0 million related to this additional tax basis in Magnolia LLC Units with a corresponding increase to additional paid-in capital on the Company’s consolidated balance sheet.

As of September 30, 2024, the Company’s total gross deferred tax assets were $105.3 million. Management assessed whether it is more-likely-than-not that it will generate sufficient taxable income to realize its deferred income tax assets, including the investment in partnership and net operating loss carryforwards. In making this determination, the Company considered all available positive and negative evidence and made certain assumptions. The Company considered, among other things, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. As of September 30, 2024, the Company recorded a valuation allowance of $5.8 million to offset the deferred tax asset created by the tax capital loss attributable to the sale of the Company’s interest in Highlander.
On August 16, 2022, the U.S. enacted legislation referred to as the Inflation Reduction Act (“IRA”), which significantly changes U.S. corporate income tax laws and is effective for tax years beginning after December 31, 2022. These changes include, among others, a new 15% corporate alternative minimum tax on adjusted financial statement income of corporations with profits over $1 billion, a 1% excise tax on stock buybacks, and various tax incentives for energy and climate initiatives. As of September 30, 2024, the Company was in compliance with all applicable provisions of the IRA, including the excise tax on stock buybacks. The Company is currently not subject to the corporate alternative minimum tax. The stock buyback excise tax did not have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impacts of the IRA in future tax years.
v3.24.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Class A Common Stock

At September 30, 2024, there were 228.1 million shares of Class A Common Stock issued and 191.5 million shares of Class A Common Stock outstanding. The holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters and are entitled one vote for each share held. There is no cumulative voting with respect to the election of directors, which results in the holders of more than 50% of the Company’s outstanding common shares being able to elect all of the directors. In the event of a liquidation, dissolution, or winding up of the Company, the holders of the Class A Common Stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. The holders of the Class A Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares.

Class B Common Stock

At September 30, 2024, there were 5.5 million shares of Class B Common Stock issued and outstanding. Holders of Class B Common Stock vote together as a single class with holders of Class A Common Stock on all matters properly submitted to a vote of the stockholders. The holders of Class B Common Stock generally have the right to exchange all or a portion of their shares of Class B Common Stock, together with an equal number of Magnolia LLC Units, for the same number of shares of Class A Common Stock or, at Magnolia LLC’s option, an equivalent amount of cash. Upon the future redemption or exchange of Magnolia LLC Units held by any holder of Class B Common Stock, a corresponding number of shares of Class B Common Stock held by such holder of Class B Common Stock will be canceled. In the event of a liquidation, dissolution, or winding up of Magnolia LLC, the holders of the Class B Common Stock, through their ownership of Magnolia LLC Units, are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of units of Magnolia LLC, if any, having preference over the common units. The holders of the Class B Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares.

Share Repurchases

As of September 30, 2024, the Company’s board of directors had authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. In addition, the Company may repurchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit the Company to repurchase shares at times that may otherwise be prohibited under the Company’s insider trading policy. The share repurchase program does not require purchases to be made within a particular time frame. The Company had repurchased 36.1 million shares under the program at a cost of $652.0 million and had 3.9 million shares of Class A Common Stock remaining under its share repurchase authorization as of September 30, 2024.

During the nine months ended September 30, 2024, Magnolia LLC repurchased and subsequently canceled 3.5 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $89.7 million of cash consideration (the “Class B Common Stock Repurchases”). Magnolia funded the Class B Common Stock Repurchases with cash on hand. During the same period, the Magnolia LLC Unit Holders redeemed 12.8 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders.

Dividends and Distributions

The Company’s board of directors periodically declares dividends payable on issued and outstanding shares of Class A Common Stock, and a corresponding distribution from Magnolia LLC to Magnolia LLC Unit Holders. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital and distributions to the Magnolia LLC Unit Holders are recorded as a reduction of noncontrolling interest.
The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the nine months ended September 30, 2024 and the year ended December 31, 2023, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:

Record Date
Payment Date
Dividend/
Distribution Amount per share (1)
Distributions by Magnolia LLC (2)
Dividends Declared
by the Company
Distributions to Magnolia LLC Unit Holders
(In thousands, except per share amounts)
August 9, 2024September 3, 2024$0.130 $26,119 $24,694 $1,425 
May 13, 2024June 3, 2024$0.130 $26,657 $23,820 $2,837 
February 16, 2024March 1, 2024$0.130 $26,824 $23,987 $2,837 
November 9, 2023December 1, 2023$0.115 $24,023 $21,513 $2,510 
August 10, 2023September 1, 2023$0.115 $24,321 $21,811 $2,510 
May 11, 2023June 1, 2023$0.115 $24,627 $22,117 $2,510 
February 10, 2023March 1, 2023$0.115 $24,878 $22,368 $2,510 
(1)    Per share of Class A Common Stock and per Magnolia LLC Unit.
(2)    Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.

Noncontrolling Interest

Noncontrolling interest in Magnolia’s consolidated subsidiaries includes amounts attributable to Magnolia LLC Units that were issued to the Magnolia LLC Unit Holders. The noncontrolling interest percentage is affected by various equity transactions such as issuances and repurchases of Class A Common Stock, the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) for Class A Common Stock, or the cancellation of Class B Common Stock (and corresponding Magnolia LLC Units). As of September 30, 2024, Magnolia owned approximately 97.2% of the interest in Magnolia LLC and the noncontrolling interest was approximately 2.8%.

Highlander was a joint venture whereby MGY Louisiana LLC, a wholly owned subsidiary of Magnolia Operating, held approximately 84.7% of the units of Highlander, with the remaining 15.3% attributable to noncontrolling interest. On May 30, 2023, the Company sold its interest in Highlander and recognized a gain of $3.9 million included within “Other income (expense), net” on the Company’s consolidated statements of operations for the nine months ended September 30, 2023.
v3.24.3
Stock Based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Stock Based Compensation
The Company’s board of directors adopted the “Magnolia Oil & Gas Corporation Long Term Incentive Plan” (as amended, the “Plan”), effective as of July 17, 2018. A total of 16.8 million shares of Class A Common Stock have been authorized for issuance under the Plan as of September 30, 2024. The Company grants stock based compensation awards in the form of restricted stock units (“RSU”), performance restricted stock units (“PRSU”), and performance stock units (“PSU”) to eligible employees and directors to enhance the Company and its affiliates’ ability to attract, retain, and motivate persons who make important contributions to the Company and its affiliates by providing these individuals with equity ownership opportunities. Shares issued as a result of awards granted under the Plan are generally new shares of Class A Common Stock.

Stock based compensation expense is recognized net of forfeitures within “General and administrative expenses” and “Lease operating expenses” on the consolidated statements of operations and was $4.7 million and $4.2 million for the three months ended September 30, 2024 and 2023, respectively, and $14.2 million and $12.1 million for the nine months ended September 30, 2024 and 2023, respectively. The Company has elected to account for forfeitures of awards granted under the Plan as they occur in determining compensation expense. The total income tax benefit recognized for stock that vested during the nine months ended September 30, 2024 and 2023 was $5.6 million and $4.7 million, respectively.
The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2024.

Restricted
Stock Units		Performance Restricted
Stock Units		Performance
Stock Units
UnitsWeighted Average Grant Date Fair ValueUnitsWeighted Average Grant Date Fair ValueUnitsWeighted Average Grant Date Fair Value
Unvested at December 31, 20231,074,886 $20.32 943,574 $13.66 232,700 $24.69 
Granted934,241 20.79 — — 372,202 21.12 
Vested(489,971)17.94 (654,251)11.18 (5,264)24.18 
Forfeited(63,309)21.62 (12,457)19.69 (19,677)22.41 
Unvested at September 30, 2024
1,455,847 $21.36 276,866 $19.25 579,961 $22.48 

The weighted average grant date fair values of the RSUs, PRSUs, and PSUs granted during the nine months ended September 30, 2023 were $22.80, $22.28, and $24.69 per share, respectively.

Restricted Stock Units

The Company grants service-based RSU awards to employees, which generally vest and settle ratably over a three-year or four-year service period, and to non-employee directors, which vest in full after one year. Non-employee directors may elect to defer the RSU settlement date. RSUs represent the right to receive shares of Class A Common Stock at the end of the vesting period equal to the number of RSUs that vest. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Compensation expense for the service-based RSU awards is based upon the grant date market value of the award and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards. The aggregate fair value of RSUs that vested during the nine months ended September 30, 2024 and 2023 were $11.5 million and $8.7 million, respectively. Unrecognized compensation expense related to unvested RSUs as of September 30, 2024 was $23.4 million, which the Company expects to recognize over a weighted average period of 2.1 years.

Performance Restricted Stock Units and Performance Stock Units

The Company grants PRSUs to certain employees. Each PRSU represents the contingent right to receive one share of Class A Common Stock once the PRSU is both vested and earned. PRSUs generally vest and settle either ratably over a three-year service period or at the end of a three-year service period, in each case, subject to the recipient’s continued employment or service through each applicable vesting date. Each PRSU is earned based on whether Magnolia’s stock price achieves a target average stock price for any 20 consecutive trading days during the five-year performance period (“Performance Condition”). If PRSUs are not earned by the end of the five-year performance period, the PRSUs will be forfeited and no shares of Class A Common Stock will be issued, even if the vesting conditions have been met. Compensation expense for the PRSU awards is based upon grant date fair market value of the award, calculated using a Monte Carlo simulation, as presented below, and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards, as applicable. The aggregate fair value of PRSUs that vested during the nine months ended September 30, 2024 and 2023 were $15.1 million and $7.1 million, respectively. Unrecognized compensation expense related to unvested PRSUs as of September 30, 2024 was $0.8 million, which the Company expects to recognize over a weighted average period of 0.7 years.

The Company grants PSUs to certain employees. Each PSU, to the extent earned, represents the contingent right to receive one share of Class A Common Stock and the awardee may earn between zero and 150% of the target number of PSUs granted based on the total shareholder return (“TSR”) of the Class A Common Stock relative to the TSR achieved by a specific industry peer group over a three-year performance period. In addition to the TSR conditions, vesting of the PSUs is subject to the awardee’s continued employment through the date of settlement of the PSUs, which will occur within 60 days following the end of the performance period. The aggregate fair value of PSUs that vested during the nine months ended September 30, 2024 and 2023 were $0.1 million and $6.7 million, respectively. Unrecognized compensation expense related to unvested PSUs as of September 30, 2024 was $8.3 million, which the Company expects to recognize over a weighted average period of 2.1 years.
The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2024 and 2023.
Nine Months Ended
PSU Grant Date Fair Value AssumptionsSeptember 30, 2024September 30, 2023
Expected term (in years)
2.882.88
Expected volatility45.09%60.80%
Risk-free interest rate4.35%4.15%
Dividend yield2.48%1.93%
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities, and therefore dividends and net income allocated to such awards have been deducted from earnings in computing basic and diluted net income per share under the two-class method. Diluted net income per share attributable to Class A Common Stock is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented.

The components of basic and diluted net income per share attributable to Class A Common Stock are as follows:
Three Months EndedNine Months Ended
(In thousands, except per share data)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Basic:
Net income attributable to Class A Common Stock$99,784 $102,030 $280,429 $289,856 
Less: Dividends and net income allocated to participating securities1,219 1,171 3,533 3,205 
Net income, net of participating securities$98,565 $100,859 $276,896 $286,651 
Weighted average number of common shares outstanding during the period - basic187,859 187,093 185,065 189,408 
Net income per share of Class A Common Stock - basic
$0.52 $0.54 $1.50 $1.51 
Diluted:
Net income attributable to Class A Common Stock$99,784 $102,030 $280,429 $289,856 
Less: Dividends and net income allocated to participating securities1,219 1,171 3,532 3,202 
Net income, net of participating securities$98,565 $100,859 $276,897 $286,654 
Weighted average number of common shares outstanding during the period - basic187,859 187,093 185,065 189,408 
Add: Dilutive effect of stock based compensation and other12 172 31 204 
Weighted average number of common shares outstanding during the period - diluted187,871 187,265 185,096 189,612 
Net income per share of Class A Common Stock - diluted
$0.52 $0.54 $1.50 $1.51 
For the three months ended September 30, 2024 and 2023, the Company excluded 10.5 million and 21.8 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For the nine months ended September 30, 2024 and 2023, the Company excluded 16.2 million and 21.8 million, respectively, of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive.
v3.24.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
For the nine months ended September 30, 2024 and 2023, there were no material related party transactions with an entity that held more than 10% of the Company’s common stock or qualified as a principal owner of the Company, as defined in ASC 850, “Related Party Disclosures.”
v3.24.3
Supplemental Cash Flow
 9 Months Ended
Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Supplemental Cash Flow
Supplemental cash flow disclosures are presented below:

Nine Months Ended
(In thousands)September 30, 2024September 30, 2023
Supplemental cash items:
Cash paid for income taxes$17,202 $26,628 
Cash paid for interest25,781 25,763 
Supplemental non-cash investing and financing activity:
Accrued capital expenditures34,585 46,235 
Net liabilities assumed in connection with acquisitions6,997 — 
Supplemental non-cash lease operating activity:
Right-of-use assets obtained in exchange for operating lease obligations10,008 12,009 
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On October 28, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.13 per share of Class A Common Stock, and Magnolia LLC declared a cash distribution of $0.13 per Magnolia LLC Unit to each holder of Magnolia LLC Units, each payable on December 2, 2024 to shareholders or members of record, as applicable, as of November 8, 2024.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net income attributable to Class A Common Stock $ 99,784 $ 102,030 $ 280,429 $ 289,856
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Organization and Nature of Operations and Basis of Presentation
Organization and Nature of Operations

Magnolia Oil & Gas Corporation (the “Company” or “Magnolia”) is an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid (“NGL”) reserves. The Company’s oil and natural gas properties are located primarily in the Karnes and Giddings areas in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 (the “2023 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2023 Form 10-K.

In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. The Company’s interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Company reflects a noncontrolling interest representing the interest owned by the Magnolia LLC Unit Holders through their ownership of Magnolia LLC Units in the consolidated financial statements. The noncontrolling interest is presented as a component of equity.
Recent Accounting Pronouncements
Recent Accounting Pronouncements

In December 2023, the Financial Standards Accounting Board (FASB) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that ASU 2023-09 will have on its financial statement disclosures.
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Fair Value of Financial Instruments Not Carried at Fair Value
The carrying value and fair value of the financial instrument that is not carried at fair value in the Company’s consolidated balance sheets at September 30, 2024 and December 31, 2023 are as follows:
September 30, 2024December 31, 2023
(In thousands)Carrying Value Fair ValueCarrying Value Fair Value
 Long-term debt$394,793 $399,312 $392,839 $394,356 
v3.24.3
Other Current Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities
The following table provides detail of the Company’s other current liabilities for the periods presented:
(In thousands)September 30, 2024December 31, 2023
Accrued capital expenditures$34,585 $34,131 
Other82,643 87,544 
Total other current liabilities$117,228 $121,675 
v3.24.3
Long-term Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The Company’s long-term debt is comprised of the following:
(In thousands)September 30, 2024December 31, 2023
Revolving credit facility$— $— 
Senior Notes due 2026
400,000 400,000 
Total long-term debt400,000 400,000 
Less: Unamortized deferred financing cost (5,207)(7,161)
Long-term debt, net$394,793 $392,839 
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision
The Company’s income tax provision consists of the following components:

Three Months EndedNine Months Ended
 (In thousands)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Current:
Federal$(910)$18,221 $19,948 $25,277 
State430 1,041 1,728 2,173 
Total current(480)19,262 21,676 27,450 
Deferred:
Federal26,180 12,043 50,125 46,888 
State830 (94)1,833 1,325 
Total deferred27,010 11,949 51,958 48,213 
Income tax expense$26,530 $31,211 $73,634 $75,663 
v3.24.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Cash Dividends Declared
The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the nine months ended September 30, 2024 and the year ended December 31, 2023, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:

Record Date
Payment Date
Dividend/
Distribution Amount per share (1)
Distributions by Magnolia LLC (2)
Dividends Declared
by the Company
Distributions to Magnolia LLC Unit Holders
(In thousands, except per share amounts)
August 9, 2024September 3, 2024$0.130 $26,119 $24,694 $1,425 
May 13, 2024June 3, 2024$0.130 $26,657 $23,820 $2,837 
February 16, 2024March 1, 2024$0.130 $26,824 $23,987 $2,837 
November 9, 2023December 1, 2023$0.115 $24,023 $21,513 $2,510 
August 10, 2023September 1, 2023$0.115 $24,321 $21,811 $2,510 
May 11, 2023June 1, 2023$0.115 $24,627 $22,117 $2,510 
February 10, 2023March 1, 2023$0.115 $24,878 $22,368 $2,510 
(1)    Per share of Class A Common Stock and per Magnolia LLC Unit.
(2)    Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
Schedule of Distributions Declared
The following table sets forth information with respect to cash dividends and distributions declared by the Company’s board of directors during the nine months ended September 30, 2024 and the year ended December 31, 2023, on its own behalf and in its capacity as the managing member of Magnolia LLC, on issued and outstanding shares of Class A Common Stock and Magnolia LLC Units:

Record Date
Payment Date
Dividend/
Distribution Amount per share (1)
Distributions by Magnolia LLC (2)
Dividends Declared
by the Company
Distributions to Magnolia LLC Unit Holders
(In thousands, except per share amounts)
August 9, 2024September 3, 2024$0.130 $26,119 $24,694 $1,425 
May 13, 2024June 3, 2024$0.130 $26,657 $23,820 $2,837 
February 16, 2024March 1, 2024$0.130 $26,824 $23,987 $2,837 
November 9, 2023December 1, 2023$0.115 $24,023 $21,513 $2,510 
August 10, 2023September 1, 2023$0.115 $24,321 $21,811 $2,510 
May 11, 2023June 1, 2023$0.115 $24,627 $22,117 $2,510 
February 10, 2023March 1, 2023$0.115 $24,878 $22,368 $2,510 
(1)    Per share of Class A Common Stock and per Magnolia LLC Unit.
(2)    Reflects total cash dividend and distribution payments made, or to be made, to holders of Class A Common Stock and Magnolia LLC Unit Holders (other than the Company) as of the applicable record date.
v3.24.3
Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Unvested RSU, PRSU, and PSU Activity
The following table presents a summary of Magnolia’s unvested RSU, PRSU, and PSU activity for the nine months ended September 30, 2024.

Restricted
Stock Units		Performance Restricted
Stock Units		Performance
Stock Units
UnitsWeighted Average Grant Date Fair ValueUnitsWeighted Average Grant Date Fair ValueUnitsWeighted Average Grant Date Fair Value
Unvested at December 31, 20231,074,886 $20.32 943,574 $13.66 232,700 $24.69 
Granted934,241 20.79 — — 372,202 21.12 
Vested(489,971)17.94 (654,251)11.18 (5,264)24.18 
Forfeited(63,309)21.62 (12,457)19.69 (19,677)22.41 
Unvested at September 30, 2024
1,455,847 $21.36 276,866 $19.25 579,961 $22.48 
Schedule of Assumptions Used to Calculate Grant Date Fair Value of PSUs
The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PSUs in 2024 and 2023.
Nine Months Ended
PSU Grant Date Fair Value AssumptionsSeptember 30, 2024September 30, 2023
Expected term (in years)
2.882.88
Expected volatility45.09%60.80%
Risk-free interest rate4.35%4.15%
Dividend yield2.48%1.93%
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Components of Basic and Diluted Net Income Per Share Attributable to Class A Common Stock
The components of basic and diluted net income per share attributable to Class A Common Stock are as follows:
Three Months EndedNine Months Ended
(In thousands, except per share data)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Basic:
Net income attributable to Class A Common Stock$99,784 $102,030 $280,429 $289,856 
Less: Dividends and net income allocated to participating securities1,219 1,171 3,533 3,205 
Net income, net of participating securities$98,565 $100,859 $276,896 $286,651 
Weighted average number of common shares outstanding during the period - basic187,859 187,093 185,065 189,408 
Net income per share of Class A Common Stock - basic
$0.52 $0.54 $1.50 $1.51 
Diluted:
Net income attributable to Class A Common Stock$99,784 $102,030 $280,429 $289,856 
Less: Dividends and net income allocated to participating securities1,219 1,171 3,532 3,202 
Net income, net of participating securities$98,565 $100,859 $276,897 $286,654 
Weighted average number of common shares outstanding during the period - basic187,859 187,093 185,065 189,408 
Add: Dilutive effect of stock based compensation and other12 172 31 204 
Weighted average number of common shares outstanding during the period - diluted187,871 187,265 185,096 189,612 
Net income per share of Class A Common Stock - diluted
$0.52 $0.54 $1.50 $1.51 
v3.24.3
Supplemental Cash Flow (Tables)
 9 Months Ended
Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Disclosures
Supplemental cash flow disclosures are presented below:

Nine Months Ended
(In thousands)September 30, 2024September 30, 2023
Supplemental cash items:
Cash paid for income taxes$17,202 $26,628 
Cash paid for interest25,781 25,763 
Supplemental non-cash investing and financing activity:
Accrued capital expenditures34,585 46,235 
Net liabilities assumed in connection with acquisitions6,997 — 
Supplemental non-cash lease operating activity:
Right-of-use assets obtained in exchange for operating lease obligations10,008 12,009 
v3.24.3
Revenue Recognition (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Receivables from contracts with customers $ 115.1 $ 124.4
v3.24.3
Acquisitions (Details) - Oil and Natural Gas Producing Properties, Giddings Area - USD ($)
$ in Millions
 1 Months Ended
Apr. 30, 2024
Nov. 30, 2023
Jul. 31, 2023
Business Acquisition [Line Items]      
Consideration transferred for asset $ 125.0 $ 264.1 $ 41.8
Additional contingent cash consideration (up to)   $ 40.0  
v3.24.3
Fair Value Measurements - Schedule of Carrying Value and Fair Value of Financial Instruments Not Carried at Fair Value (Details) - Level 1 - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt $ 394,793 $ 392,839
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt $ 399,312 $ 394,356
v3.24.3
Fair Value Measurements - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Nov. 30, 2023
USD ($)
tranche
Business Acquisition [Line Items]            
Gain on revaluation of contingent consideration   $ 7,000 $ 3,808 $ 0    
Oil and Natural Gas Producing Properties, Giddings Area            
Business Acquisition [Line Items]            
Additional contingent cash consideration (up to)           $ 40,000
Contingent consideration payable, number of tranches | tranche           3
Fair value of contingent consideration   7,800 7,800   $ 14,300  
Contingent consideration, current   2,400 2,400   6,700  
Contingent consideration, noncurrent   $ 5,400 $ 5,400   $ 7,600  
Asset acquisition, consideration transferred, contingent consideration $ 2,700          
v3.24.3
Other Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Accrued capital expenditures $ 34,585 $ 34,131
Other 82,643 87,544
Total other current liabilities $ 117,228 $ 121,675
v3.24.3
Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total long-term debt $ 400,000,000 $ 400,000,000
Less: Unamortized deferred financing cost (5,207,000) (7,161,000)
Long-term debt, net 394,793,000 392,839,000
Line of Credit | Revolving credit facility    
Debt Instrument [Line Items]    
Total long-term debt 0 0
Senior Notes | Senior Notes due 2026    
Debt Instrument [Line Items]    
Total long-term debt $ 400,000,000 $ 400,000,000
v3.24.3
Long-term Debt - Credit Facility (Narrative) (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Feb. 16, 2022
USD ($)
Line of Credit Facility [Line Items]            
Total long-term debt $ 400,000,000   $ 400,000,000   $ 400,000,000  
Line of Credit | RBL Facility            
Line of Credit Facility [Line Items]            
Amortization period     4 years      
Interest expense 1,100,000 $ 1,000,000 $ 3,100,000 $ 3,100,000    
Total long-term debt $ 0   $ 0   $ 0  
Line of Credit | RBL Facility | Magnolia Operating            
Line of Credit Facility [Line Items]            
Maximum commitments, aggregate principal amount           $ 1,000,000,000
Borrowing base           $ 450,000,000
Leverage ratio (less than)           3.50
Current ratio (greater than)           1.00
Line of Credit | Letter of Credit Sublimit | Magnolia Operating            
Line of Credit Facility [Line Items]            
Maximum commitments, aggregate principal amount           $ 50,000,000
v3.24.3
Long-term Debt - 2026 Senior Notes (Narrative) (Details) - Senior Notes - Senior Notes due 2026 - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jul. 31, 2018
Debt Instrument [Line Items]          
Aggregate principal amount         $ 400,000,000.0
Stated interest rate         6.00%
Interest expense $ 6,700,000 $ 6,600,000 $ 20,000,000.0 $ 19,800,000  
v3.24.3
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Current:        
Federal $ (910) $ 18,221 $ 19,948 $ 25,277
State 430 1,041 1,728 2,173
Total current (480) 19,262 21,676 27,450
Deferred:        
Federal 26,180 12,043 50,125 46,888
State 830 (94) 1,833 1,325
Total deferred 27,010 11,949 51,958 48,213
Income tax expense $ 26,530 $ 31,211 $ 73,634 $ 75,663
v3.24.3
Income Taxes - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Valuation Allowance [Line Items]        
Effective tax rate 20.00% 21.00% 19.30% 18.70%
Deferred tax assets, additional tax basis $ 71.0   $ 71.0  
Deferred tax assets 105.3   105.3  
Valuation allowance $ 5.8   $ 5.8  
Magnolia LLC Units | Magnolia LLC Unit Holders        
Valuation Allowance [Line Items]        
Stock redeemed (in shares)     12.8  
Common Class B | Magnolia LLC Unit Holders        
Valuation Allowance [Line Items]        
Stock redeemed (in shares)     12.8  
v3.24.3
Stockholders' Equity - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
May 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
vote
shares
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
vote
shares
Sep. 30, 2023
USD ($)
Dec. 31, 2023
shares
Highlander            
Class of Stock [Line Items]            
Gain recognized on sale of partnership | $ $ 3,900          
Highlander            
Class of Stock [Line Items]            
Percentage of interest owned by noncontrolling interest holders 15.30%          
VIE, Primary Beneficiary | Magnolia LLC            
Class of Stock [Line Items]            
Percentage of interest owned       97.20%    
Percentage of interest owned by noncontrolling interest holders   2.80%   2.80%    
MGY Louisiana LLC | Highlander            
Class of Stock [Line Items]            
Percentage of units held 84.70%          
Magnolia LLC            
Class of Stock [Line Items]            
Stock repurchased, cash consideration | $       $ 89,700    
Class A Common Stock            
Class of Stock [Line Items]            
Common stock, shares issued (in shares)   228,117,000   228,117,000   214,497,000
Common stock, shares outstanding (in shares)   191,484,000   191,484,000   183,164,000
Number of votes for each share held | vote   1   1    
Total cost of shares repurchased | $   $ 48,725 $ 56,768 $ 127,027 $ 152,860  
Stock repurchased, cash consideration | $       $ 128,133 151,696  
Class A Common Stock | Share Repurchase Program            
Class of Stock [Line Items]            
Number of shares authorized to be repurchased (in shares)   40,000,000.0   40,000,000.0    
Number of shares repurchased (in shares)       36,100,000    
Total cost of shares repurchased | $       $ 652,000    
Repurchase authorization (in shares)   3,900,000   3,900,000    
Class B Common Stock            
Class of Stock [Line Items]            
Common stock, shares issued (in shares)   5,523,000   5,523,000   21,827,000
Common stock, shares outstanding (in shares)   5,523,000   5,523,000   21,827,000
Number of votes for each share held | vote   1   1    
Stock repurchased, cash consideration | $       $ 89,670 $ 0  
Class B Common Stock | Magnolia LLC            
Class of Stock [Line Items]            
Stock repurchased and subsequently canceled (in shares)       3,500,000    
Class B Common Stock | Magnolia LLC Unit Holders            
Class of Stock [Line Items]            
Stock redeemed (in shares)       12,800,000    
Magnolia LLC Units | Magnolia LLC            
Class of Stock [Line Items]            
Stock repurchased and subsequently canceled (in shares)       3,500,000    
Magnolia LLC Units | Magnolia LLC Unit Holders            
Class of Stock [Line Items]            
Stock redeemed (in shares)       12,800,000    
v3.24.3
Stockholders' Equity - Schedule of Cash Dividends Declared and Distributions Declared (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Class of Stock [Line Items]                  
Dividend/Distribution amount per share (in dollars per share) $ 0.130 $ 0.130 $ 0.130 $ 0.115 $ 0.115 $ 0.115 $ 0.115    
Distributions by Magnolia LLC $ 26,119 $ 26,657 $ 26,824 $ 24,023 $ 24,321 $ 24,627 $ 24,878    
Dividends Declared by the Company 24,694 23,820 23,987 21,513 21,811 22,117 22,368 $ 72,501 $ 66,295
Distributions to Magnolia LLC Unit Holders $ 1,425 $ 2,837 $ 2,837 $ 2,510 $ 2,510 $ 2,510 $ 2,510    
Class A Common Stock                  
Class of Stock [Line Items]                  
Common stock, dividends, declared (in dollars per share) $ 0.130 $ 0.130 $ 0.130 $ 0.115 $ 0.115 $ 0.115 $ 0.115    
v3.24.3
Stock Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock based compensation expense $ 4.7 $ 4.2 $ 14.2 $ 12.1
Income tax benefit recognized     $ 5.6 $ 4.7
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted average grant date fair value (in dollars per share)     $ 20.79 $ 22.80
Aggregate fair value of equity instruments vested during the period     $ 11.5 $ 8.7
Unrecognized compensation expense 23.4   $ 23.4  
Weighted average period over which unrecognized compensation expense is expected to be recognized     2 years 1 month 6 days  
RSUs | Employees | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     3 years  
RSUs | Employees | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     4 years  
RSUs | Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     1 year  
PRSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted average grant date fair value (in dollars per share)     $ 0 $ 22.28
Vesting period     3 years  
Aggregate fair value of equity instruments vested during the period     $ 15.1 $ 7.1
Unrecognized compensation expense 0.8   $ 0.8  
Weighted average period over which unrecognized compensation expense is expected to be recognized     8 months 12 days  
Number of consecutive trading days required to earn PRSUs     20 days  
Performance period     5 years  
PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted average grant date fair value (in dollars per share)     $ 21.12 $ 24.69
Aggregate fair value of equity instruments vested during the period     $ 0.1 $ 6.7
Unrecognized compensation expense $ 8.3   $ 8.3  
Weighted average period over which unrecognized compensation expense is expected to be recognized     2 years 1 month 6 days  
Performance period     3 years  
Settlement date, period following performance period     60 days  
Class A Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized for issuance (in shares) 16,800,000   16,800,000  
Class A Common Stock | PRSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Contingent right to receive common stock, number of shares receivable for each PSU (in shares) 1   1  
Class A Common Stock | PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Contingent right to receive common stock, number of shares receivable for each PSU (in shares) 1   1  
Class A Common Stock | PSUs | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage     0.00%  
Class A Common Stock | PSUs | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage     150.00%  
v3.24.3
Stock Based Compensation - Schedule of Unvested RSU, PRSU, and PSU Activity (Details) - $ / shares
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Restricted Stock Units    
Units    
Unvested stock units, beginning of period (in shares) 1,074,886  
Granted (in shares) 934,241  
Vested (in shares) (489,971)  
Forfeited (in shares) (63,309)  
Unvested stock units, end of period (in shares) 1,455,847  
Weighted Average Grant Date Fair Value    
Unvested stock units, beginning of period (in dollars per share) $ 20.32  
Granted (in dollars per share) 20.79 $ 22.80
Vested (in dollars per share) 17.94  
Forfeited (in dollars per share) 21.62  
Unvested stock units, end of period (in dollars per share) $ 21.36  
Performance Restricted Stock Units    
Units    
Unvested stock units, beginning of period (in shares) 943,574  
Granted (in shares) 0  
Vested (in shares) (654,251)  
Forfeited (in shares) (12,457)  
Unvested stock units, end of period (in shares) 276,866  
Weighted Average Grant Date Fair Value    
Unvested stock units, beginning of period (in dollars per share) $ 13.66  
Granted (in dollars per share) 0 22.28
Vested (in dollars per share) 11.18  
Forfeited (in dollars per share) 19.69  
Unvested stock units, end of period (in dollars per share) $ 19.25  
Performance Stock Units    
Units    
Unvested stock units, beginning of period (in shares) 232,700  
Granted (in shares) 372,202  
Vested (in shares) (5,264)  
Forfeited (in shares) (19,677)  
Unvested stock units, end of period (in shares) 579,961  
Weighted Average Grant Date Fair Value    
Unvested stock units, beginning of period (in dollars per share) $ 24.69  
Granted (in dollars per share) 21.12 $ 24.69
Vested (in dollars per share) 24.18  
Forfeited (in dollars per share) 22.41  
Unvested stock units, end of period (in dollars per share) $ 22.48  
v3.24.3
Stock Based Compensation - Schedule of Assumptions Used to Calculate Grant Date Fair Value of PSUs (Details) - PSUs
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 2 years 10 months 17 days 2 years 10 months 17 days
Expected volatility 45.09% 60.80%
Risk-free interest rate 4.35% 4.15%
Dividend yield 2.48% 1.93%
v3.24.3
Earnings Per Share - Schedule of Components of Basic and Diluted Net Income Per Share Attributable to Class A Common Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Basic:        
Net income attributable to Class A Common Stock $ 99,784 $ 102,030 $ 280,429 $ 289,856
Less: Dividends and net income allocated to participating securities 1,219 1,171 3,533 3,205
Net income, net of participating securities $ 98,565 $ 100,859 $ 276,896 $ 286,651
Weighted average number of common shares outstanding during the period - basic (in shares) 187,859 187,093 185,065 189,408
Diluted:        
Net income attributable to Class A Common Stock $ 99,784 $ 102,030 $ 280,429 $ 289,856
Less: Dividends and net income allocated to participating securities 1,219 1,171 3,532 3,202
Net income, net of participating securities $ 98,565 $ 100,859 $ 276,897 $ 286,654
Weighted average number of common shares outstanding during the period - basic (in shares) 187,859 187,093 185,065 189,408
Add: Dilutive effect of stock based compensation and other (in shares) 12 172 31 204
Weighted average number of common shares outstanding during the period - diluted (in shares) 187,871 187,265 185,096 189,612
Class A Common Stock        
Basic:        
Net income per share of class A common stock - basic (in dollars per share) $ 0.52 $ 0.54 $ 1.50 $ 1.51
Diluted:        
Net income per share of class A common stock - diluted (in dollars per share) $ 0.52 $ 0.54 $ 1.50 $ 1.51
v3.24.3
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Class A Common Stock        
Class of Stock [Line Items]        
Shares excluded due to antidilutive effect (in shares) 10.5 21.8 16.2 21.8
v3.24.3
Supplemental Cash Flow (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Supplemental cash items:    
Cash paid for income taxes $ 17,202 $ 26,628
Cash paid for interest 25,781 25,763
Supplemental non-cash investing and financing activity:    
Accrued capital expenditures 34,585 46,235
Net liabilities assumed in connection with acquisitions 6,997 0
Supplemental non-cash lease operating activity:    
Right-of-use assets obtained in exchange for operating lease obligations $ 10,008 $ 12,009
v3.24.3
Subsequent Events (Details) - $ / shares
 3 Months Ended 9 Months Ended
Oct. 28, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Subsequent Event [Line Items]          
Common stock, dividends, declared (in dollars per share)   $ 0.13 $ 0.115 $ 0.39 $ 0.345
Subsequent Event | Class A Common Stock          
Subsequent Event [Line Items]          
Common stock, dividends, declared (in dollars per share) $ 0.13        
Subsequent Event | Magnolia LLC Units          
Subsequent Event [Line Items]          
Distribution made to LLC member, distributions declared (in dollars per share) $ 0.13