$re = '/ (SessionID=".*?")?(?: .*(MsgType=".*?"))? /m';
$str = '2021-10-07 10:32:05,767 ERROR [LAWT2] blah.blah.blah - Message processing FAILED: <ExecutionReport blah="xxx" foo="yyy" SessionID="kkk" MoreStuff="zz"> Total time for which application threads were stopped: 0.0003858 seconds, Stopping threads took: 0.0000653 seconds
2021-10-07 10:31:32,902 ERROR [LAWT6] blah.blah.blah - Message processing FAILED: <NewOrderSingle SessionID="zkx" TargetSubID="ttt" Account="blah" MsgType="D" BookingTypeOverride="0" Symbol="6316" OtherField1="othervalue1" Otherfield2="othervalue2"/></D></NewOrderSingle>';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php