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10-Q Filing

MAGNOLIA OIL & GAS CORP CIK: 1698990 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001698990-21-000027
Period End Date 20210331
Filing Date 20210505
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance mgy-20210331_htm.xml
Filing Contents
Balance Sheet 60 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $178.19M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $192.56M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $107.23M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $81.56M USD Point-in-time
Drilling advances DrillingAdvances $983.00K USD Point-in-time
Drilling advances DrillingAdvances $3.81M USD Point-in-time
Other current assets OtherAssetsCurrent $3.60M USD Point-in-time
Other current assets OtherAssetsCurrent $2.81M USD Point-in-time
Total current assets AssetsCurrent $289.22M USD Point-in-time
Total current assets AssetsCurrent $281.53M USD Point-in-time
Oil and natural gas properties OilAndGasPropertySuccessfulEffortMethodGross $2.17B USD Point-in-time
Oil and natural gas properties OilAndGasPropertySuccessfulEffortMethodGross $2.13B USD Point-in-time
Other OtherOilAndGasPropertySuccessfulEffortMethod $4.85M USD Point-in-time
Other OtherOilAndGasPropertySuccessfulEffortMethod $4.41M USD Point-in-time
Treasury stock (in shares) TreasuryStockCommonShares 5.47M shares Point-in-time
Treasury stock (in shares) TreasuryStockCommonShares 7.45M shares Point-in-time
Accumulated depreciation, depletion and amortization OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization $985.01M USD Point-in-time
Accumulated depreciation, depletion and amortization OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization $1.03B USD Point-in-time
Total property, plant and equipment, net OilAndGasPropertySuccessfulEffortMethodNet $1.15B USD Point-in-time
Total property, plant and equipment, net OilAndGasPropertySuccessfulEffortMethodNet $1.15B USD Point-in-time
Deferred financing costs, net DebtIssuanceCostsLineOfCreditArrangementsNet $6.04M USD Point-in-time
Deferred financing costs, net DebtIssuanceCostsLineOfCreditArrangementsNet $5.46M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $9.35M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $7.23M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $6.98M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $6.13M USD Point-in-time
Total other assets AssetsNoncurrentExcludingOilAndGasPropertySuccessfulEffortMethodNet $18.83M USD Point-in-time
Total other assets AssetsNoncurrentExcludingOilAndGasPropertySuccessfulEffortMethodNet $22.37M USD Point-in-time
TOTAL ASSETS Assets $1.45B USD Point-in-time
TOTAL ASSETS Assets $1.46B USD Point-in-time
Accounts payable AccountsPayableCurrent $74.12M USD Point-in-time
Accounts payable AccountsPayableCurrent $62.63M USD Point-in-time
Other current liabilities (Note 8) OtherLiabilitiesCurrent $51.81M USD Point-in-time
Other current liabilities (Note 8) OtherLiabilitiesCurrent $66.32M USD Point-in-time
Total current liabilities LiabilitiesCurrent $125.94M USD Point-in-time
Total current liabilities LiabilitiesCurrent $128.95M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $391.12M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $391.45M USD Point-in-time
Asset retirement obligations, net of current AssetRetirementObligationsNoncurrent $89.21M USD Point-in-time
Asset retirement obligations, net of current AssetRetirementObligationsNoncurrent $88.23M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $5.70M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $5.24M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $485.90M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $485.05M USD Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 10) CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 10) CommitmentsAndContingencies - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.71B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.73B USD Point-in-time
Treasury Stock, at cost, 7,448 shares and 5,475 shares in 2021 and 2020, respectively TreasuryStockCommonValue $38.96M USD Point-in-time
Treasury Stock, at cost, 7,448 shares and 5,475 shares in 2021 and 2020, respectively TreasuryStockCommonValue $59.24M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-1.06B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-1.13B USD Point-in-time
Noncontrolling interest MinorityInterest $234.20M USD Point-in-time
Noncontrolling interest MinorityInterest $291.26M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $839.42M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $844.01M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $828.89M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.73B USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY LiabilitiesAndStockholdersEquity $1.46B USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY LiabilitiesAndStockholdersEquity $1.45B USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Total revenues Revenues $181.37M USD 1 Quarter
Total revenues Revenues $207.66M USD 1 Quarter
Lease operating expenses OperatingLeaseExpense $19.39M USD 1 Quarter
Lease operating expenses OperatingLeaseExpense $24.16M USD 1 Quarter
Gathering, transportation and processing GasGatheringTransportationMarketingandProcessingCosts1 $8.02M USD 1 Quarter
Gathering, transportation and processing GasGatheringTransportationMarketingandProcessingCosts1 $8.80M USD 1 Quarter
Taxes other than income TaxesExcludingIncomeAndExciseTaxes $10.76M USD 1 Quarter
Taxes other than income TaxesExcludingIncomeAndExciseTaxes $10.02M USD 1 Quarter
Exploration expense ExplorationExpense $556.43M USD 1 Quarter
Exploration expense ExplorationExpense $2.06M USD 1 Quarter
Impairment of oil and natural gas properties ImpairmentOfProvedOilAndGasProperties - USD 1 Quarter
Impairment of oil and natural gas properties ImpairmentOfProvedOilAndGasProperties $1.38B USD 1 Quarter
Asset retirement obligations accretion AssetRetirementObligationAccretionExpense $1.33M USD 1 Quarter
Asset retirement obligations accretion AssetRetirementObligationAccretionExpense $1.44M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $42.94M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $142.67M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $2.11M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $3.63M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $20.36M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $18.08M USD 1 Quarter
Total operating expenses OperatingCostsAndExpenses $107.77M USD 1 Quarter
Total operating expenses OperatingCostsAndExpenses $2.15B USD 1 Quarter
OPERATING INCOME (LOSS) OperatingIncomeLoss $-1.96B USD 1 Quarter
OPERATING INCOME (LOSS) OperatingIncomeLoss $99.90M USD 1 Quarter
Income from equity method investee IncomeLossFromEquityMethodInvestments $440.00K USD 1 Quarter
Income from equity method investee IncomeLossFromEquityMethodInvestments - USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-6.76M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-7.29M USD 1 Quarter
Loss on derivatives, net DerivativeGainLossOnDerivativeNet $-482.00K USD 1 Quarter
Loss on derivatives, net DerivativeGainLossOnDerivativeNet - USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-472.00K USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-229.00K USD 1 Quarter
Total other expense, net NonoperatingIncomeExpense $-6.79M USD 1 Quarter
Total other expense, net NonoperatingIncomeExpense $-8.01M USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $91.89M USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-1.97B USD 1 Quarter
Income tax expense (benefit) IncomeTaxExpenseBenefit $399.00K USD 1 Quarter
Income tax expense (benefit) IncomeTaxExpenseBenefit $-75.83M USD 1 Quarter
NET INCOME (LOSS) ProfitLoss $-1.90B USD 1 Quarter
NET INCOME (LOSS) ProfitLoss $91.49M USD 1 Quarter
LESS: Net income (loss) attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-668.29M USD 1 Quarter
LESS: Net income (loss) attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $28.25M USD 1 Quarter
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCK NetIncomeLoss $63.24M USD 1 Quarter
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCK NetIncomeLoss $-1.23B USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 166.95M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 167.15M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 169.64M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 167.15M shares 1 Quarter
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
NET INCOME (LOSS) ProfitLoss $-1.90B USD 1 Quarter
NET INCOME (LOSS) ProfitLoss $91.49M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $42.94M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $142.67M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $2.11M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $3.63M USD 1 Quarter
Exploration expense, non-cash NoncashExplorationExpense - USD 1 Quarter
Exploration expense, non-cash NoncashExplorationExpense $555.19M USD 1 Quarter
Impairment of oil and natural gas properties ImpairmentOfProvedOilAndGasProperties - USD 1 Quarter
Impairment of oil and natural gas properties ImpairmentOfProvedOilAndGasProperties $1.38B USD 1 Quarter
Asset retirement obligations accretion AssetRetirementObligationAccretionExpense $1.33M USD 1 Quarter
Asset retirement obligations accretion AssetRetirementObligationAccretionExpense $1.44M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $910.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $896.00K USD 1 Quarter
Loss on derivatives, net DerivativeGainLossOnDerivativeNet $-482.00K USD 1 Quarter
Loss on derivatives, net DerivativeGainLossOnDerivativeNet - USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit - USD 1 Quarter
Deferred taxes DeferredIncomeTaxExpenseBenefit $-74.65M USD 1 Quarter
Stock based compensation ShareBasedCompensation $2.71M USD 1 Quarter
Stock based compensation ShareBasedCompensation $2.88M USD 1 Quarter
Other OtherNoncashIncomeExpense $440.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $84.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-28.03M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $25.67M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $11.50M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $6.73M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-13.00M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-16.55M USD 1 Quarter
Drilling advances IncreaseDecreaseinDrillingAdvances $-2.82M USD 1 Quarter
Drilling advances IncreaseDecreaseinDrillingAdvances $563.00K USD 1 Quarter
Other assets and liabilities, net IncreaseDecreaseInOtherOperatingCapitalNet $-605.00K USD 1 Quarter
Other assets and liabilities, net IncreaseDecreaseInOtherOperatingCapitalNet $333.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $134.88M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $118.15M USD 1 Quarter
Acquisitions, other PaymentsToAcquireBusinessTwoNetOfCashAcquired $69.39M USD 1 Quarter
Acquisitions, other PaymentsToAcquireBusinessTwoNetOfCashAcquired $558.00K USD 1 Quarter
Additions to oil and natural gas properties PaymentsToAcquireOilAndGasPropertyAndEquipment $40.17M USD 1 Quarter
Additions to oil and natural gas properties PaymentsToAcquireOilAndGasPropertyAndEquipment $101.39M USD 1 Quarter
Changes in working capital associated with additions to oil and natural gas properties PaymentsToAcquireOilAndGasPropertyAndEquipmentChangesInWorkingCapital $1.74M USD 1 Quarter
Changes in working capital associated with additions to oil and natural gas properties PaymentsToAcquireOilAndGasPropertyAndEquipmentChangesInWorkingCapital $-7.18M USD 1 Quarter
Other investing PaymentsForProceedsFromOtherInvestingActivities $200.00K USD 1 Quarter
Other investing PaymentsForProceedsFromOtherInvestingActivities $416.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-163.80M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-42.88M USD 1 Quarter
Distributions to noncontrolling interest owners PaymentsToMinorityShareholders $284.00K USD 1 Quarter
Distributions to noncontrolling interest owners PaymentsToMinorityShareholders $155.00K USD 1 Quarter
Non-compete settlement PaymentsForComplianceOfNonCompeteAgreement - USD 1 Quarter
Non-compete settlement PaymentsForComplianceOfNonCompeteAgreement $17.15M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-452.00K USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-1.27M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-7.22M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-89.64M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-36.14M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-14.37M USD 1 Quarter
Cash and cash equivalents Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $178.19M USD Point-in-time
Cash and cash equivalents Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $192.56M USD Point-in-time
Cash and cash equivalents Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $146.49M USD Point-in-time
Cash and cash equivalents Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $182.63M USD Point-in-time
Cash and cash equivalents End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $178.19M USD Point-in-time
Cash and cash equivalents End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $192.56M USD Point-in-time
Cash and cash equivalents End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $146.49M USD Point-in-time
Cash and cash equivalents End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $182.63M USD Point-in-time
Cash paid (received) for income taxes IncomeTaxesPaidNet - USD 1 Quarter
Cash paid (received) for income taxes IncomeTaxesPaidNet - USD 1 Quarter
Cash paid for interest InterestPaidNet $12.44M USD 1 Quarter
Cash paid for interest InterestPaidNet $12.54M USD 1 Quarter
Accruals or liabilities for capital expenditures CapitalExpendituresIncurredButNotYetPaid $47.90M USD 1 Quarter
Accruals or liabilities for capital expenditures CapitalExpendituresIncurredButNotYetPaid $14.62M USD 1 Quarter
Right-of-use assets obtained in exchange for operating lease obligations RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability - USD 1 Quarter
Right-of-use assets obtained in exchange for operating lease obligations RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $53.00K USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $839.42M USD Point-in-time
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $844.01M USD Point-in-time
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $828.89M USD Point-in-time
Balance at beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.73B USD Point-in-time
Stock based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.88M USD 1 Quarter
Stock based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.71M USD 1 Quarter
Changes in ownership interest adjustment MinorityInterestPeriodIncreaseDecrease - USD 1 Quarter
Changes in ownership interest adjustment MinorityInterestPeriodIncreaseDecrease - USD 1 Quarter
Common stock issued related to stock based compensation, net AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $452.00K USD 1 Quarter
Common stock issued related to stock based compensation, net AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $1.24M USD 1 Quarter
Non-compete settlement AdjustmentsToAdditionalPaidInCapitalNoncompeteSettlement $-17.15M USD 1 Quarter
Conversion of Class B Common Stock to Class A Common Stock StockRedeemedOrCalledDuringPeriodValue - USD 1 Quarter
Distributions to noncontrolling interest owners MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $155.00K USD 1 Quarter
Distributions to noncontrolling interest owners MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $284.00K USD 1 Quarter
Net income (loss) ProfitLoss $-1.90B USD 1 Quarter
Net income (loss) ProfitLoss $91.49M USD 1 Quarter
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $839.42M USD Point-in-time
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $844.01M USD Point-in-time
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $828.89M USD Point-in-time
Balance at end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.73B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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