ASCENT RESOURCES UTICA HOLDINGS, LLC REPORTS 2ND QUARTER OPERATING AND FINANCIAL RESULTS AND ANNOUNCES UPDATED 2022 GUIDANCE.

OKLAHOMA CITY: Ascent Resources Utica Holdings, LLC ("Ascent", "our" or the "Company") today reported its second quarter 2022 operating and financial results and issued updated full-year 2022 guidance.

Second Quarter Highlights:

Averaged net production of 2.0 bcfe per day for the quarter, while exiting June at 2.2 bcfe per day

Realized pre-hedge natural gas equivalent price of $7.58 per mcfe, a $0.41 premium to NYMEX pricing

Generated Adjusted EBITDAX(1) of $477 million and net cash provided by operating activities of $257 million for the quarter

Incurred $236 million of D&C costs and $24 million of acquisition and leasehold costs during the quarter

Generated $160 million of Adjusted Free Cash Flow(1) during the quarter

Received MiQ Grade "A" certification on substantially all of our production in the Utica Shale

Extended our Credit Facility through June of 2027, while increasing the borrowing base and elected commitments to $3.0 billion and $2.0 billion, respectively

Closed on the previously announced $270 million bolt-on acquisition in early August ($27 million deposit paid during the second quarter)

Issued our 2021 Environmental, Social and Governance Report and remain committed to reducing our environmental impact while delivering clean, affordable and responsibly sourced natural gas to the North American market

Commenting on the quarter, Ascent's Chairman and Chief Executive Officer, Jeff Fisher said, "The second quarter was one of exceptional execution for Ascent. While production for the quarter averaged 2.0 bcfe/d, we brought online 31 wells, with nearly half of those in the month of June, and exited the quarter at 2.2 bcfe/d. The business continues to be anchored by our strong operational execution and continued improvements to our balance sheet."

Fisher continued, "We have elected to accelerate some activity from 2023 into the back half of this year in order to take advantage of service availability and a supportive macro backdrop. As a result of this change, and the continued inflationary headwinds, we are increasing our capital budget for the year while also revising our 2022 production guidance higher. We believe this change strikes the appropriate balance, allowing us to sell incremental unhedged volumes while de-risking our 2023 development plan. The prospects for the standalone business are stronger than ever as we remain well positioned to capitalize on the current macro environment."

Second Quarter 2022 Financial Results

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