ASCENT RESOURCES UTICA HOLDINGS, LLC REPORTS 3RD QUARTER OPERATING AND FINANCIAL RESULTS.

OKLAHOMA CITY: Ascent Resources Utica Holdings, LLC ("Ascent", "our" or the "Company") today reported its third quarter 2022 operating and financial results.

Commenting on the quarter, Ascent's Chairman and Chief Executive Officer, Jeff Fisher said, "The third quarter was excellent, both operationally and financially as the team continues to execute on our plan. Production averaged over 2.3 bcfe/d, as we benefited from the strong turn-in-line activity and well performance over the last two quarters. As a result, we generated record quarterly financial results including $277 million of Adjusted Free Cash Flow."

Fisher continued, "As we move through the fourth quarter, the Company is well positioned to capture value and finish the year on a strong note. We continue to work diligently with our partners and contractors to improve efficiencies in the field to ensure our execution and results are aligned with our returns-focused strategy. We are excited about the opportunity in front of us as we close out the year and move into 2023."

Third Quarter 2022 Financial Results

Third quarter 2022 net production averaged 2,339 mmcfe per day, consisting of 2,204 mmcf per day of natural gas, 6,663 bbls per day of oil and 15,826 bbls per day of natural gas liquids ("NGL").

Third quarter 2022 price realizations, including the impact of settled commodity derivatives, were $4.07 per mcfe. Excluding the impact of settled commodity derivatives, price realizations were $8.05 per mcfe in the third quarter of 2022.

For the third quarter of 2022, Ascent reported net income of $47 million, Adjusted Net Income of $307 million and Adjusted EBITDAX of $559 million. Ascent incurred $229 million of total capital expenditures in the third quarter of 2022 including $195 million for D&C costs, $24 million for land and leasehold costs, and $10 million for capitalized interest. The Company generated $277 million of Adjusted Free Cash Flow during the three months ended September 30, 2022, despite a realized commodity hedge loss of approximately $856 million.

Year-to-Date 2022 Financial Results

Net production for the nine months ended September 30, 2022 averaged 2,090 mmcfe per day, consisting of 1,953 mmcf per day of natural gas, 7,308 bbls per day of oil and 15,586 bbls per day of NGLs.

Price realizations, including the impact of settled commodity derivatives, were $3.86 per mcfe for the nine months ended September 30, 2022. Excluding the impact of settled commodity...