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For 2021, Magnolia expects to spend approximately 50% to 60% of our adjusted EBITDAX for drilling and completing wells, which is consistent with our business model. Should product prices remain at current levels, we estimate our capital spending to be in the lower half of the expected range. The 2021 activity plan consists of operating a one rig program at Giddings, drilling multi-well pads primarily in our initial core area. In the Karnes area, we plan to complete 10 drilled but uncompleted wells ("DUCs"), most of which should be brought online during the first half of the year. Non-operated activity at Karnes is expected to increase compared to the 2020 levels. Our 2021 capital and activity plan is expected to deliver mid-single digit production growth on a year-over-year basis. Looking at the first quarter of 2021, D&C capital should be approximately 50% of our adjusted EBITDAX, at elevated product prices. Operated activity will continue to focus on Giddings and, we expect to begin completing some of the Karnes DUCs in the latter part of the quarter. Production in the first quarter of 2021 is forecast to be relatively flat compared to fourth quarter levels, which incorporates a rough estimate of recent cold weather-related outages in the field. Oil price differentials are anticipated to be roughly a $3 per barrel discount to Magellan East Houston ("MEH") during the first quarter.

Leon Cooperman's Omega Advisors disclosed in an SEC filing its holdings as of December 31, 2020. The fund's seven new buys during the fourth quarter included, by size of position, General Motors (GM), WillScot Mobile Mini (WSC), Comcast Class A (CMCSA), B&G foods (BGS), and Owl Rock Capital (ORCC). Omega exited two positions during the quarter, including by size of previous position Lee Enterprises (LEE). The fund increased its stake in twelve holdings, including by size of previous position MP Materials (MP), Mr Cooper Group (COOP), Athene Holding (ATH), Energy Transfer LP (ET), and SunOpta (STKL). Omega reducsed its stake in five holdings, including by size of previous position AMC Networks (AMCX), Surgalign Holdings (SRGA), and Magnolia Oil & Gas (MGY). The fund's top holdings as of December 31, in order of size, were Mr Cooper, Fiserv (FISV), Alphabet Class A (GOOGL), Cigna (CI), and Trinity Industries (TRN).