Magnolia Oil & Gas Corp (NYSE:MGY) announced the results of its 2025 Annual Meeting of Stockholders held on May 7, 2025. The Houston-based energy company, which operates under the SIC code for Crude Petroleum & Natural Gas, disclosed the outcomes of several key votes that took place during the meeting.
The company confirmed that all eight nominees for director were elected to serve a one-year term starting from the date of the Annual Meeting. The votes for each director ranged from approximately 177.8 million to 182.8 million in favor, with withheld votes varying between 597,163 and 5,610,494. There were also 4,177,290 broker non-votes for each nominee.
Additionally, stockholders approved an advisory, non-binding resolution regarding the compensation of the company’s named executive officers for the year 2024, with 180,003,042 votes for and 3,308,275 against, along with 148,033 abstentions and 4,177,290 broker non-votes.
Regarding the frequency of future say-on-pay votes, a majority of stockholders voted in favor of holding these votes annually. Based on these results and the board’s recommendation, Magnolia Oil & Gas’ board determined that future say-on-pay votes will be held every year, starting with the 2026 Annual Meeting of Stockholders.
Lastly, the appointment of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year 2025 was ratified with an overwhelming majority of 185,679,347 votes for, 1,839,206 against, and 118,087 abstentions.
This information, based on a press release statement, highlights the company’s adherence to corporate governance norms and the involvement of its stockholders in key decisions. Magnolia Oil & Gas Corp, with its principal executive offices located at Nine Greenway Plaza, Suite 1300, Houston, Texas, continues to engage its stakeholders in its operational and strategic direction.
In other recent news, Magnolia Oil & Gas Corp reported its Q1 2025 earnings, surpassing expectations with an earnings per share (EPS) of $0.54, slightly above the forecasted $0.53. The company’s revenue also exceeded projections, reaching $350.3 million against a forecast of $336.58 million. Magnolia Oil’s total adjusted net income for the quarter was $106 million, marking a 9% increase year-over-year. The company achieved record production rates, with a total production growth of 14% compared to the previous year. Magnolia has increased its full-year production growth guidance to 7-9%, while maintaining a disciplined capital spending range of $430-$470 million. The company returned 74% of its free cash flow to shareholders, emphasizing its commitment to shareholder returns. Magnolia’s strategic focus on South Texas regions contributed to these positive results, positioning the company well amid an uncertain oil price environment. Despite the challenges posed by oil price volatility, Magnolia remains focused on its strategic initiatives and operational efficiency.
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