Magnolia Oil & Gas Corp
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
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Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table sets forth the Company’s share repurchase activities for each period presented:
| Period | Number of Shares of Class A Common Stock Purchased | Average Price Paid per Share | Total Number of Shares of Class A Common Stock Purchased as Part of Publicly Announced Program | Maximum Number of Shares of Class A Common Stock that May Yet Be Purchased Under the Program (1) |
|---|---|---|---|---|
| January 1, 2024 - March 31, 2024 | 2,350,000 | $22.28 | 2,350,000 | 6,868,105 |
| April 1, 2024 - June 30, 2024 | 1,000,000 | 25.94 | 1,000,000 | 5,868,105 |
| July 1, 2024 - July 31, 2024 | 549,757 | 26.26 | 549,757 | 5,318,348 |
| August 1, 2024 - August 31, 2024 | 913,793 | 24.72 | 913,793 | 4,404,555 |
| September 1, 2024 - September 30, 2024 | 486,450 | 24.05 | 486,450 | 3,918,105 |
| Total | 5,300,000 | $23.97 | 5,300,000 | 3,918,105 |
(1)The Company’s board of directors has authorized a share repurchase program of up to 40.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame.
During the nine months ended September 30, 2024, outside of the share repurchase program, Magnolia LLC repurchased and subsequently canceled a total of 3.5 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for cash consideration of $89.7 million at an average price of $25.62 per share. There is no public market for the Class B Common Stock. For further detail, see Note 10—Stockholders’ Equity in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q.
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