Magnolia Oil & Gas Corp 10-Q

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, 2022 - January 31, 2022 — $ — — 5,832,455 February 1, 2022 - February 28, 2022 (2) 620,052 20.96 69,237 15,763,218 March 1, 2022 - March 31, 2022 1,430,763 22.24 1,430,763 14,332,455 Total 2,050,815 $ 21.85 1,500,000 14,332,455 (1) As of December 31, 2021, the Company’s board of directors had authorized a share repurchase program of up to 20.0 million shares of Class A Common Stock. In February 2022, the Company’s board of directors increased the share repurchase authorization by an additional 10.0 million shares of Class A Common Stock which increases total authorization to 30.0 million shares. The program does not require purchases to be made within a particular time frame. (2) The Company repurchased 0.6 million shares of Class A Common Stock for $11.6 million in a privately negotiated transaction with EnerVest Energy Institutional Fund XIV-C, L.P. outside of the share repurchase program. During the three months ended March 31, 2022, outside of the share repurchase program, Magnolia LLC repurchased and subsequently canceled a total of 3.9 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for cash consideration of $84.7 million at an average price of $21.46 per share. There is no public market for the Class B Common Stock. For further detail, see Note 11—Stockholders’ Equity in the Notes to the Company’s consolidated financial statements included in this Quarterly Report on Form 10-Q. Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures Not applicable.