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HOUSTON, August 02, 2021--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) announced today that its Board of Directors declared a semi-annual interim cash dividend of $0.08 per share of Class A common stock, and a cash distribution of $0.08 per Class B unit payable on September 1, 2021 to shareholders of record as of August 12, 2021.
We believe this dividend payment level is secure and sustainable with oil prices at approximately half their current levels. Magnolia expects to announce the remaining portion of its total annual dividend payment next February in conjunction with the release of our full-year 2021 financial results. The second portion of our annual dividend payment will be based on our 2021 results and our long-term view of product prices.
"Our dividend framework is aligned with the characteristics of our business model," said Steve Chazen, Magnolia’s Chairman, President and CEO. "These principles include maintaining our low leverage, limiting our capital spending to allow for consistent and sizable free cash flow generation while providing moderate volume growth and strong pre-tax margins. Part of Magnolia’s total shareholder return proposition is to establish a differentiated approach toward paying a regular and sustainable dividend that will grow over time as we continue to execute our business plan."
About Magnolia Oil & Gas
Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.
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