Magnolia Oil & Gas Corp (MGY)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	392,839	392,209	391,590	390,982	390,383	389,794	389,216	388,647	388,087	387,537	386,996	391,448	391,115	390,787	390,464	390,147	389,835	389,528	389,225	388,928
Total assets	US$ in thousands	2,756,220	2,652,490	2,566,720	2,576,050	2,572,580	2,300,640	2,086,790	1,794,610	1,746,740	1,585,780	1,498,340	1,455,850	1,453,420	1,434,280	1,413,080	1,490,830	3,466,410	3,533,130	3,531,130	3,437,970
Debt-to-assets ratio		0.14	0.15	0.15	0.15	0.15	0.17	0.19	0.22	0.22	0.24	0.26	0.27	0.27	0.27	0.28	0.26	0.11	0.11	0.11	0.11

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $392,839K ÷ $2,756,220K
= 0.14

The debt-to-assets ratio for Magnolia Oil & Gas Corp has exhibited a fluctuating trend over the past five years. From the end of 2019 to the end of 2020, the ratio remained relatively stable at around 0.11, indicating that the company financed 11% of its assets through debt during this period. However, starting from the first quarter of 2021, the ratio began to increase steadily, reaching its peak at 0.27 in the third quarter of 2021.

Subsequently, there was a slight decrease in the ratio in the first quarter of 2022, followed by a more significant decline to 0.15 by the end of 2022. However, in 2023, the ratio started to rise again, reaching 0.14 at the end of December. Overall, the gradual increase in the debt-to-assets ratio suggests that Magnolia Oil & Gas Corp has been relying more on debt to finance its operations and growth, which may indicate a higher level of financial risk and leverage for the company.