Magnolia Oil & Gas Corporation (MGY): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Magnolia Oil & Gas Corporation (MGY) is making money right now, especially with their focus on the Eagle Ford and Austin Chalk. Honestly, after two decades analyzing energy plays, what stands out here is their disciplined approach: they are prioritizing high returns on capital employed (ROCE) by running a lean operation, evidenced by only about $400 million in long-term debt against a massive 624,598 net acres as of late 2025. This strategy translates directly into shareholder value, delivering significant free cash flow-like the $133.9 million seen in Q3 2025-which supports their stable $0.15 per share quarterly dividend while they aggressively reduce the share count. Dive into the full nine blocks below to see the exact partnerships and cost structure driving this low-risk, repeatable development program.

Magnolia Oil & Gas Corporation (MGY) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships that make Magnolia Oil & Gas Corporation's operations in South Texas possible. These aren't just names on a contract; they are the engines that allow the company to stick to its disciplined capital plan.

EnerVest affiliates as Magnolia LLC Unit Holders (noncontrolling interest of about 2.9%)

The relationship with EnerVest affiliates remains a key structural partnership, representing the holders of the noncontrolling interest in Magnolia LLC. This structure ties a portion of the operating entity's performance directly to these legacy partners. For instance, in the second quarter of 2025, the consolidated financial statements showed a Noncontrolling interest balance of $56,833 thousand, up from $53,747 thousand at the end of 2024. Furthermore, distributions to these noncontrolling interest holders were reported at approximately $9 million in the 2024 fiscal year cash flow reconciliation.

Oilfield service companies for drilling and completions (D&C)

Magnolia Oil & Gas Corporation relies heavily on third-party providers for the specialized services needed to drill and complete wells, particularly across its core Giddings and Karnes assets. The company's 2025 capital plan is built around managing these external service costs effectively. For the full year 2025, Magnolia plans to allocate between $460 million and $490 million for drilling and completions (D&C) capital. To give you a sense of the quarterly spend cadence, the D&C capital expenditures for the second quarter of 2025 totaled $95.2 million. Honestly, the ability to manage these service providers is crucial, especially given the inflationary pressures seen in the sector recently. It's worth noting that Magnolia maintains flexibility, as the company has no long-term service obligations.

Here's a quick look at the planned D&C allocation versus actual Q2 2025 spend:

Midstream companies for gathering, processing, and transportation

Moving the produced product and managing produced water requires robust partnerships with midstream operators. While specific long-term contract values aren't always public, operational metrics show the scale of this reliance. For example, as part of its water management strategy in 2024, Magnolia transported 5.5 million barrels of water by pipeline, avoiding trucking volumes. This pipeline infrastructure is a key component of their operational footprint in South Texas.

Industry groups like The Environmental Partnership (API-administered)

Magnolia Oil & Gas Corporation actively partners with industry peers through organizations focused on environmental performance improvement. Magnolia is a participating member of The Environmental Partnership, an organization administered by the American Petroleum Institute (API). This partnership involves U.S. oil and natural gas companies committed to continuously improving environmental performance.

• Membership in The Environmental Partnership (API-administered).
• Focus on sharing best practices for emissions reduction.
• Participation in cooperative efforts to identify and reduce methane emissions.

Landowners and royalty owners in South Texas

The foundation of Magnolia's asset base in the Eagle Ford Shale and Austin Chalk formations depends on maintaining positive relationships with local landowners and royalty owners. These relationships involve direct financial consideration for land use and mineral rights. To be clear, the economic impact on the local community is substantial. In the 2024 fiscal year alone, Magnolia made $304 million in royalty, lease, and surface payments directly to Texas residents. Additionally, the company made payments exceeding $520 million to Texas-based vendors and service providers in 2024.

Magnolia Oil & Gas Corporation (MGY) - Canvas Business Model: Key Activities

You're looking at the core engine of Magnolia Oil & Gas Corporation's value creation-the specific actions they take every day to execute their business model. It's all about disciplined capital allocation to generate free cash flow and return it to you, the shareholder. Here's the quick math on what they are actually doing in late 2025.

Efficiently developing core Eagle Ford and Austin Chalk assets

Magnolia Oil & Gas Corporation's primary activity centers on developing its high-quality assets in South Texas, specifically the Eagle Ford Shale and the Austin Chalk formations. The Giddings area is the main focus for capital deployment, reflecting management's confidence in that asset's performance. For the third quarter of 2025, total Company production hit a record of 100.5 Mboe/d, with Giddings production accounting for 79 percent of those total volumes. The company has been outperforming expectations, leading to a raised full-year 2025 total production growth guidance to approximately 10 percent, up from an initial 5 to 7 percent.

The allocation of capital clearly shows this focus:

• ~75-80 percent of 2025 Drilling and Completions (D&C) capital directed toward Giddings.
• Q3 2025 Giddings total production increased 15 percent year-over-year.
• Q2 2025 oil production set a record at 40.0 Mbbls/d.

Drilling and completing wells with a low reinvestment rate

A key activity is generating production growth while keeping capital spending disciplined, aiming for a low reinvestment rate. Magnolia Oil & Gas Corporation limits its D&C capital spending to a target of below 55 percent of annual Adjusted EBITDAX. This discipline allows for significant free cash flow generation even while growing the business. The full-year 2025 D&C capital spending guidance was maintained in the range of $430 to $470 million. The company is actively managing its activity level; for instance, strong well performance allowed them to preserve several well completions into 2026, resulting in a 5 percent savings of capital during 2025.

Here's how the capital intensity looked through the first three quarters of 2025:

They operate a lean field program, planning to maintain approximately 2 drilling rigs and 1 completion crew through the end of 2025.

Acquiring small, accretive bolt-on oil and gas properties

Magnolia Oil & Gas Corporation actively uses a portion of its excess cash to acquire small, accretive bolt-on properties near its existing operations. This activity enhances the existing asset base without requiring a major shift in operational focus. In late June and early July 2025, the company closed multiple acquisitions from small private operators for approximately $40 million. These deals added roughly 18,000 net acres and approximately 500 Mboe/d of production (about 35 percent oil). Furthermore, during the third quarter of 2025, $25 million was allocated toward these bolt-on acquisitions.

Managing commodity price risk (by being unhedged)

A core tenet of Magnolia Oil & Gas Corporation's strategy is to remain fully exposed to commodity prices, which is an active choice in managing risk. The company explicitly states it remains completely unhedged for all its oil and natural gas production as of the second quarter of 2025. This means their realized revenue directly reflects the prevailing market prices, supporting their focus on high pre-tax margins.

Returning capital to shareholders via dividends and buybacks

Returning a substantial portion of free cash flow to shareholders is a critical activity. For the third quarter of 2025, Magnolia Oil & Gas Corporation returned 60 percent of its free cash flow, totaling approximately $80 million, through dividends and share repurchases. The company has a secure and growing cash dividend; the quarterly dividend declared for payment in December 2025 was $0.15 per share of Class A common stock. This implies an expected 2025 annual dividend of $0.60 per share.

Share repurchases are also a key component of their capital return program:

• In Q2 2025, 2.2 million shares were repurchased for $48.7 million.
• The company has 7.4 million Class A Common shares remaining under its current authorization for open market repurchases.
• The long-term goal includes share repurchases of at least 1 percent per quarter.

The third quarter 2025 free cash flow generation was $133.9 million. Finance: draft 13-week cash view by Friday.

Magnolia Oil & Gas Corporation (MGY) - Canvas Business Model: Key Resources

The foundation of Magnolia Oil & Gas Corporation's business model rests on tangible assets and operational capacity.

The asset base is characterized by its concentration in prime South Texas areas, targeting the Eagle Ford Shale and Austin Chalk formations.

Financial strength provides operational flexibility, a key resource for navigating commodity cycles.

• Strong balance sheet with minimal net debt.
• Principal long-term debt amount: $400 million (as of Q2 2025).
• The notes mature in December 2032.

Operational capability is maintained through a consistent development plan throughout 2025.

• Experienced technical and operational team.
• Drilling program utilizing approximately 2 rigs in 2025.
• Drilling program utilizing approximately 1 completion crew in 2025.

Capital allocation for 2025 D&C spending was maintained in the range of $430 to $470 million.

Magnolia Oil & Gas Corporation (MGY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors are drawn to Magnolia Oil & Gas Corporation's structure right now. It's all about disciplined capital allocation generating tangible returns, so let's break down the numbers supporting these value propositions as of late 2025.

High returns on capital employed (ROCE) from low-cost, high-margin assets

Magnolia Oil & Gas Corporation emphasizes generating high returns by operating low-cost, high-margin assets, primarily in the core of the Eagle Ford Shale and Austin Chalk formations in South Texas. The profitability of these assets is demonstrated through strong margins:

• Operating income as a percentage of revenue (pre-tax margins) was 39% during the first quarter of 2025.
• The operating income margin for the third quarter of 2025 was 31%.

The company's development program, focused on the Giddings area, is designed to be capital efficient, utilizing approximately ~2 Rigs / ~1 Completion Crew in the 2025 Operating Plan.

Significant free cash flow generation ($133.9 million in Q3 2025)

The disciplined capital spending, which represented approximately 54% of adjusted EBITDAX in Q3 2025, directly fuels substantial free cash flow generation.

Here's a look at the recent cash generation and allocation:

Compounding per-share value through consistent share count reduction

Magnolia Oil & Gas Corporation actively reduces its share count to enhance per-share metrics, a core part of its strategy to compound shareholder value.

• Diluted weighted average total shares outstanding decreased by 4% to 190.3 million in Q3 2025 compared to Q3 2024.
• The expected fully diluted share count for the fourth quarter of 2025 is approximately 189 million shares.
• Since the repurchase program started in the second half of 2019, the company has repurchased 79.4 million shares, reducing the diluted share count by approximately 26%.
• In Q3 2025 alone, 2.15 million shares were repurchased for $51.4 million.

Stable, growing cash dividend for investors ($0.15 per share quarterly)

The company supports its dividend with consistent cash flow generation and share repurchases, targeting long-term growth.

• The Board declared a cash dividend of $0.15 per share of Class A common stock, payable on December 1, 2025.
• This quarterly payout translates to an annualized dividend of $0.60 per share based on the Q3 2025 declaration.
• The dividend per share has grown from $0.28 in 2021 to $0.60 in 2025.

Low-risk, repeatable development program in South Texas

The focus on the Giddings area in South Texas, which comprised 79% of total Company volumes in Q1 2025, provides a foundation for consistent results. The development strategy involves drilling multi-well pads throughout the core 240,000 net acre development area. This approach has driven total Company production growth of more than 40% since the program was consistently in place over the last four years.

Magnolia Oil & Gas Corporation (MGY) - Canvas Business Model: Customer Relationships

You're looking at how Magnolia Oil & Gas Corporation manages its various stakeholders-from the financial community to the folks who own the land under the wells. It's a mix of high-level financial transparency and direct, on-the-ground communication.

Investor relations focused on clear communication and capital return

Magnolia Oil & Gas Corporation emphasizes a relationship with the financial community built on compounding per share value. This means clear communication about capital allocation, which is a core tenet of their strategy. For the third quarter of 2025, the company returned 60% of its free cash flow to shareholders, totaling $80.3 million. This return was split between share repurchases of $51.4 million (buying back 2.15 million Class A Common Stock shares) and dividends.

The commitment to capital return is formalized in their stated goals:

• Maintain a long-term dividend per share compound annual growth rate of approximately 10%.
• Execute share repurchases of at least 1% per quarter.
• Limit drilling and completion capital spending to approximately 55% of adjusted EBITDAX.

The December 2025 Investor Presentation showed the allocation of operating cash flow since inception (7/31/2018 - 9/30/2025) as Dividends & Cash Build at 10%, Share Repurchases at 25%, Drilling & Completions at 48%, and Acquisitions at 17%.

Transactional relationships with commodity purchasers (B2B)

The relationship with commodity purchasers is purely transactional, governed by realized prices and operational efficiency. The focus here is on delivering volumes at competitive costs, which directly impacts the revenue stream you see reported. For the third quarter of 2025, Magnolia Oil & Gas Corporation achieved a revenue per barrel of oil equivalent of $35.14.

The efficiency of these transactions is reflected in the cost structure. Total adjusted cash operating costs for Q3 2025 were $11.36 per barrel, resulting in an adjusted cash operating margin of $23.78 per barrel. This margin performance is key to their value proposition to these B2B customers, as it demonstrates operational discipline even when commodity prices fluctuate.

Here's a quick look at the Q3 2025 realized pricing and cost structure:

Direct communication with royalty and surface owners

Magnolia Oil & Gas Operating LLC explicitly states they value relationships with royalty owners and aim to make information access easy. They provide dedicated channels for direct communication. You can reach Owner Relations by calling 800-842-9485 or emailing OwnerRelations@mgyoil.com. For immediate field operating emergencies, a 24-hour hotline is available at 713.345.6206.

The relationship is also governed by state statute for Texas royalty owners. Specifically, Section 91.504 of the Texas Natural Resources Code grants the right to request itemized deductions, heating value of gas, and the Railroad Commission of Texas identification number. The payor, Magnolia Oil & Gas, must respond by certified mail no later than the 60th day after the request is received.

Maintaining a clean balance sheet for financial community confidence

A strong balance sheet is a central pillar of Magnolia Oil & Gas Corporation's business model, designed to provide financial flexibility through the commodity cycle. As of September 30, 2025, the company reported $280.5 million in cash on the balance sheet and only $120 million in net debt. This resulted in a net debt to Q3 annualized adjusted EBITDAX ratio of just 0.1x.

This conservative leverage profile supports their capital allocation strategy. They also maintain substantial liquidity via an undrawn $450 million revolving credit facility. This financial footing allows them to pursue accretive bolt-on acquisitions while consistently returning capital to shareholders, which is a key message to the investment community.

Key balance sheet metrics as of September 30, 2025:

• Cash on Balance Sheet: $280.5 million.
• Long-term Debt - Principal: $400 million.
• Net Debt: $120 million.
• Undrawn Revolving Credit Facility: $450 million.

Finance: draft 13-week cash view by Friday.

Magnolia Oil & Gas Corporation (MGY) - Canvas Business Model: Channels

You're looking at how Magnolia Oil & Gas Corporation gets its product-crude oil, natural gas, and NGLs-out to the market and how it funds its operations as of late 2025. It's all about direct sales and leveraging infrastructure.

Direct sales agreements with crude oil and natural gas purchasers

Magnolia Oil & Gas Corporation's revenues come directly from selling its produced commodities: crude oil, natural gas, and Natural Gas Liquids (NGLs). The company's Q3 2025 total production hit a new quarterly record of 100.5 Mboe/d (thousand barrels of oil equivalent per day). This volume is channeled through agreements with various purchasers.

The sales mix matters for revenue realization. For instance, in Q3 2025, oil volumes accounted for 39.4 Mbbls/d (thousand barrels of oil per day) of that total production. The company noted that its third quarter revenue and operating income metrics were supported by strong natural gas and NGL price realizations.

The company remains completely unhedged for all its oil and natural gas production, meaning they sell directly into the prevailing spot or contract prices. As of late 2025, the anticipated oil price differential is approximately a $3 per barrel discount to Magellan East Houston.

The receivables generated from these commodity sales were $119.6 million as of September 30, 2025. Honestly, the success of this channel hinges on strong well performance driving volume, which they saw with a 10 percent total production growth expected for the full year 2025.

Pipeline and gathering systems connected to major market hubs

The physical movement of product relies heavily on connecting to existing infrastructure. Magnolia Oil & Gas Corporation's assets are concentrated in South Texas, primarily the Giddings and Karnes areas. The Giddings production, which made up 79 percent of total Company volumes in Q3 2025 at 79.2 Mboe/d, feeds into the relevant gathering systems that link to major market hubs.

The company's strategy is to operate in areas where transportation capacity is established or expanding. While specific gathering system names aren't always detailed, the focus on South Texas puts them in proximity to the Gulf Coast market access points. They are actively managing their development program to align with takeaway capacity.

The company's operational flexibility is key here; they have no long-term service obligations, which helps manage the risk associated with transportation availability. They continue to operate with approximately 2 Rigs / ~1 Completion Crew in their 2025 operating plan.

Natural gas processing plants for NGL extraction and sales

The natural gas stream produced by Magnolia Oil & Gas Corporation contains valuable NGLs, which are separated out through processing facilities that the company either uses or connects to. The sale of these NGLs is a distinct revenue component.

To give you a sense of the scale of the hydrocarbons being processed, looking back at 2023, approximately 27 percent of production was attributable to NGLs. The company's Q3 2025 results explicitly mentioned strong NGL price realizations as a support for revenue metrics, confirming this is a vital part of the sales channel.

The company's core competency is acquiring and developing assets that fit this profile. For example, their proved undeveloped reserves as of December 31, 2023, included 11.3 MMBbls of NGLs, indicating the type of resource being channeled through these facilities.

Public financial markets for equity and debt capital

Magnolia Oil & Gas Corporation uses public markets to manage its capital structure and fund growth, including bolt-on acquisitions. They maintain a conservative financial leverage profile, which is a deliberate channel strategy for financial stability.

Here's a snapshot of their capital structure as of late 2025, based on Q3 data:

The company's strategy involves returning substantial free cash flow to shareholders. In 2024, they returned approximately $378 million to stockholders through dividends and share repurchases after capital expenditures and acquisitions. They repurchased 2.15 million Class A Common Stock shares in Q3 2025 for $51.4 million.

Debt management is also a clear channel. They issued $400 million in 2032 Senior Notes at 6.875% to refinance their 2026 Senior Notes, which carried a 6.0% rate. This shows active management of their debt maturity profile in the public debt markets.

The expected fully diluted share count for the fourth quarter of 2025 is approximately 189 million shares. Finance: draft 13-week cash view by Friday.

Magnolia Oil & Gas Corporation (MGY) - Canvas Business Model: Customer Segments

You're looking at the core groups Magnolia Oil & Gas Corporation (MGY) serves, which is really about who buys their product and who invests in their operations. It's a mix of industrial buyers, financial backers, and local stakeholders.

Commodity purchasers are the direct buyers of the hydrocarbons. These are the refiners, utilities, and petrochemical plants that take the raw product-oil, natural gas, and NGLs-and process it further. To give you a sense of concentration, for the year ended December 31, 2022, four specific customers, including their subsidiaries, accounted for significant portions of MGY's combined oil, natural gas, and NGL revenue: 19%, 17%, 14%, and 11%. No other single purchaser hit 10% or more revenue in that period. It's important to know that Magnolia Oil & Gas Corporation remains completely unhedged for all of its oil and natural gas production as of late 2025.

The next segment is institutional and individual shareholders. These folks are looking for capital return and growth from their investment in Magnolia Oil & Gas Corporation. The company's stated mission is to maximize their returns by growing the asset platform and generating substantial free cash flow (FCF). For the full year 2024, Magnolia Oil & Gas Corporation returned 88% of its FCF, which amounted to nearly $380 million, back to shareholders via dividends and share repurchases. Since its inception, the company has returned nearly $1.6 billion, or about 35% of its current market capitalization, to stockholders. The diluted weighted average share count for the full year 2024 was 200.0 million shares, a 5% year-over-year decline.

Then you have the midstream operators. These are the pipeline and processing companies that need consistent throughput volume from Magnolia Oil & Gas Corporation's wells to keep their systems running efficiently. Magnolia's production growth, like the 10% total company production growth guidance reiterated for full-year 2025, helps secure these relationships. In Q3 2025, total production hit a record 100.5 thousand barrels of oil equivalent per day (Mboe/d). The Giddings asset, which made up 79% of total volumes in Q3 2025 at 79.2 Mboe/d, is key to providing that consistent flow.

Finally, don't forget the local Texas communities. These segments receive value through economic contributions. Specifically, the outline points to Magnolia Oil & Gas Corporation providing $304 million in 2024 through royalty and tax payments to these local areas.

Here's a quick look at some of the key metrics related to these customer groups:

The company's focus on operational efficiency, like the 10% reduction in lease operating expenses per barrel of oil equivalent achieved through 2024, helps ensure the FCF needed to satisfy shareholders. Also, the Q3 2025 operating income margin was 31%.

You can see the customer base is segmented by function:

• Commodity purchasers buy the physical product.
• Shareholders provide capital for growth.
• Midstream operators provide necessary transport services.
• Local communities benefit from land use payments.

For the financial professionals tracking this, remember that the Q3 2025 realized price differential was about a $3.00 per barrel discount to Magellan East Houston. Finance: draft 13-week cash view by Friday.

Magnolia Oil & Gas Corporation (MGY) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Magnolia Oil & Gas Corporation's operational spending as of late 2025. This isn't about strategy fluff; it's about where the cash actually goes to keep the lights on and the rigs turning.

Capital Expenditures for Drilling and Completions (D&C)

For the full year 2025, Magnolia Oil & Gas Corporation reiterated its D&C capital spending guidance to be in the range of $430 million to $470 million. Closer to the end of the year, the estimated total capital spending for 2025 was near the midpoint of that guidance, approximately $450 million. This spending level supports their reiterated full-year 2025 outlook for total production growth of approximately 10 percent.

Lease Operating Expenses (LOE) and Unit Costs

Lease Operating Expenses, which cover the day-to-day costs of running producing properties like utilities, direct labor, and workovers, showed some fluctuation. For the third quarter of 2025, the reported LOE was $5.16 per Boe. Honestly, this figure was lower than some prior expectations, as the company noted an expectation for LOE to normalize to roughly $5.25 per Boe in the third quarter when looking at Q2 results. The full-year 2025 LOE is anticipated to be at least 5 percent lower than 2024 levels.

Here's how the key per-unit operating costs stacked up for the three months ended September 30, 2025:

Gathering, Transportation, and Processing (GTP) Costs

Gathering, transportation and processing costs are what Magnolia pays to get their oil, natural gas, and NGLs to the market. For the third quarter of 2025, this cost component was $1.92 per Boe. In absolute terms for that same quarter, the total expense recorded was $17,744 thousand.

General and Administrative (G&A) Expenses

G&A expenses, which cover overhead like salaries and administrative fees, saw an increase year-over-year. For the three months ended September 30, 2025, G&A expenses totaled $24,204 thousand. Over the nine months ending September 30, 2025, total G&A expenses were $72,072 thousand, which was $4.5 million higher than the same nine-month period in 2024, though this translated to being $0.10 per boe lower.

You should note the components driving that G&A increase:

• Increase in overall labor costs.
• Changes from modification of stock-based compensation awards in 2025.
• Higher subscription and license fees.

Interest Expense on Long-Term Debt

Magnolia Oil & Gas Corporation maintains a structure with long-term debt that has no maturity for seven years, which is a solid position. As of June 30, 2025, the Long-term Debt Principal stood at $400 million, consisting of the 6.875% Senior Notes due December 2032. For the three months ended September 30, 2025, the Interest expense, net, was a cash outflow of $(5,362) thousand. Over the nine months ending September 30, 2025, the cumulative net interest expense was $(16,218) thousand.

Finance: draft 13-week cash view by Friday.

Magnolia Oil & Gas Corporation (MGY) - Canvas Business Model: Revenue Streams

The revenue generation for Magnolia Oil & Gas Corporation (MGY) centers on the sale of its core upstream products: crude oil, natural gas, and natural gas liquids (NGLs). This structure means that top-line performance is directly tied to prevailing commodity prices, a factor management noted supported Q3 2025 operating income metrics despite other pressures.

For the nine months ended September 30, 2025, Magnolia Oil & Gas Corporation reported a total net income of $265.9 million. This financial result was achieved while the company was executing a disciplined capital program, which for the third quarter of 2025 saw capital expenditures on drilling and completions (D&C) of $118.4 million, representing approximately 54% of that quarter's Adjusted EBITDAX of $218.8 million.

The relative contribution of each commodity stream can be inferred from production volumes. Total Company production volumes in the third quarter of 2025 reached a record 100.5 thousand barrels of oil equivalent per day (Mboe/d), growing 11% year-over-year. Oil production was a significant driver, accounting for 39.4 thousand barrels of oil per day (Mbbls/d) in that same period.

The sales of these commodities form the basis of the revenue stream. Here is a look at the projected revenue and volume components based on the outlook provided for the second half of 2025, which gives insight into the revenue mix:

The company's operational focus in the Giddings area is a key element supporting these revenue streams, as production from this area represented 79% of total Company volumes during the third quarter of 2025. The company generated operating income as a percentage of revenue (pre-tax margins) of 31% during the third quarter.

Key operational statistics underpinning revenue stability include:

• Total production growth guidance for full-year 2025 reiterated at approximately 10%.
• Third quarter 2025 production grew 11% year-over-year.
• Oil volumes in the Giddings area increased 5% year-over-year in Q3 2025.
• Net cash provided by operating activities was $247.1 million in Q3 2025.
• Free cash flow generated in Q3 2025 was $133.9 million.