Magnolia Oil & Gas Corporation priced an underwritten public offering of 46.32 million shares of its Class A common stock at $23.75 per share, yielding gross proceeds of approximately $1.1 billion. Shares slid 6.78% after-hours on Monday following the news. Underwriters have a 30-day option to purchase up to an additional 6.95 million shares, and the offering is expected to close on July 22, 2026. J.P. Morgan and Goldman Sachs & Co. LLC are serving as joint book-running managers. Magnolia plans to use the net proceeds, together with cash on hand, borrowings, and a concurrent senior notes offering, to fund the cash purchase of WildFire Intermediate Holdings, LLC.
Magnolia Oil & Gas CorpCompany priced a $1.1 billion stock offering at $23.75 per share, diluting existing shareholders; shares fell 6.78% after-hours.
WildFire Energy is being acquired by Magnolia using proceeds from the offering, implying a positive outcome for WildFire's shareholders.