Ascent Resources Utica Holdings Reports Third Quarter 2020 Operating And Financial Results
OKLAHOMA CITY, Nov. 11, 2020 /PRNewswire/ --
Third Quarter 2020 Highlights:
-- Averaged net production of 2.0 bcfe per day, despite nearly 210 mmcfe
per day of elective curtailments
-- Decreased average well cost to approximately $569 per lateral foot
during the quarter, resulting in capital expenditures incurred of $122
million
-- Adjusted EBITDAX((1)) of $210 million and net cash provided by operating
activities of $183 million
-- Generated $59 million of free cash flow((1) )during the quarter
-- Deliberate, multi-year hedge program delivered realizations totaling
$114 million, or $0.63 per mcfe
-- Successfully exchanged 92.7% of our 10% Senior Notes due 2022 while
extending our weighted average maturity profile to approximately five
years
-- Borrowing base reaffirmed at $1.85 billion in November 2020
-- Reiterating production, free cash flow and capital guidance for the year
(1) A non-GAAP financial measure.
See the Non-GAAP reconciliations
included in this press release for
the definition of, and other
important information regarding,
this non-GAAP financial measure.
Ascent Resources Utica Holdings, LLC ("Ascent", "we" or "our") today reported its third quarter 2020 operating and financial results and reiterated full year 2020 guidance. In addition, Ascent announced a conference call with analysts and investors at 9 AM CST / 10 AM EST, Thursday, November 12, 2020. For more detailed information on Ascent, please refer to the latest investor presentation and additional information located on our website at https://www.ascentresources.com/investors.
"The third quarter of 2020 was yet another example of Ascent demonstrating our ability to deliver best-in-class operational results and basin-leading capital efficiencies while reaffirming our ability to generate sustainable positive free cash flow," said Jeff Fisher, Chairman and Chief Executive Officer of Ascent. "During the quarter, we saw our overall capital efficiency continue to improve as we produced 2.0 bcfe net per day while only incurring $122 million of capital expenditures. We also made the strategic decision to curtail approximately 210 mmcfe per day of net production during the quarter due to low commodity prices and increased volatility. Our outstanding results this quarter were accomplished while continuing to prioritize the health and safety of our employees, contractors and the communities in which we operate. We are excited to reiterate our production and free cash flow guidance while projecting total capital to come in at the low end of our guidance range."
Third Quarter 2020 Results
For the third quarter of 2020, Ascent reported a net loss of $552 million and adjusted net loss of $22 million, compared to net income of $130 million and adjusted net income of $86 million in the third quarter of 2019. Ascent's adjusted EBITDAX and capital expenditures incurred for the third quarter of 2020 were $210 million and $122 million, respectively. Free cash flow increased by $130 million, to $59 million in the third quarter of 2020 compared to the same quarter last year.
Average net daily production for the third quarter of 2020 was 1,982 mmcfe per day, and if you include the 19 bcfe of net curtailments, this represents a 5% increase relative to the third quarter of 2019. Net production during the quarter consisted of 1,785 mmcf per day of natural gas, 12,185 bbls per day of oil and 20,652 bbls per day of natural gas liquids ("NGL").
Financial Position
As of September 30, 2020, Ascent's principal amount of debt outstanding was approximately $2.8 billion, including $1.2 billion drawn under its revolving credit facility. As of September 30, 2020, Ascent had $155 million of letters of credit issued and $527 million of available capacity under its fully committed $1.85 billion borrowing base. Combined with $5 million of cash on hand, Ascent had total liquidity of $532 million exiting the third quarter. As of September 30, 2020, Ascent's leverage ratio was 2.7x.
In November 2020, Ascent's borrowing base was reaffirmed at $1.85 billion pursuant to the scheduled semi-annual borrowing base redetermination under our credit agreement.
Successful Exchange of 2022 Senior Notes Completed
Subsequent to quarter end, Ascent successfully completed the exchange of $857 million, or 92.7%, of the outstanding principal value of its Senior Notes due 2022. The 2022 Notes were exchanged for $538 million of New Term Loans due 2025 and $340 million of New Senior Notes due 2027. Additionally, as part of the exchange, our sponsors contributed $20 million of new capital in a clean-up facility in order to provide incremental liquidity to the business and underscore their continued support of Ascent. "We are extremely pleased with the positive results and participation in the exchange as we believe it validates our high-quality assets, management team and operational capabilities that we have worked hard to establish. The transaction extends our weighted average maturity profile to approximately five years and provides us with the ability to use free cash flow to deleverage the balance sheet going forward," said Brooks Shughart, Chief Financial Officer of Ascent.
Hedging Update
Ascent has significant hedges in place for the balance of 2020 and beyond to prudently reduce exposure to volatility in commodity prices as well as to protect our expected operating cash flow. As of September 30, 2020, Ascent had hedged over 1.5 bcf per day of natural gas production for the remainder of the calendar year 2020 at approximately $2.68 per mmbtu ($2.87 per mcf). In addition, Ascent has hedged 2,500 bbls per day of crude oil production at an average price above $48.00 per bbl for the remainder of calendar year 2020.
About Ascent Resources
Ascent is the eighth largest producer of natural gas in the United States in terms of daily production and is focused on acquiring, developing, producing, and operating natural gas and oil properties located in the Utica Shale in Southeast Ohio. With a continued focus on good corporate citizenship, Ascent is committed to delivering low-cost clean-burning energy to our country and the world, while reducing environmental impacts. For more information, visit www.ascentresources.com.
Contact:
Chris Benton - Director of Finance & Investor Relations
investor.relations@ascentresources.com
This news release contains forward-looking statements within the meaning of US federal securities laws. Forward-looking statements express views of Ascent regarding future plans and expectations. Forward-looking statements in this news release include, but are not limited to, statements regarding future operations, business strategy, liquidity and cash flows of Ascent. These statements are based on numerous assumptions and are subject to known and unknown risks and uncertainties, including, commodity price volatility, inherent uncertainty in estimating natural gas, oil and NGL reserves, environmental and regulatory risks, availability of capital, and the other risks described in Ascent's most recent investor presentation provided at www.ascentresources.com/investors. Actual future results may vary materially from those expressed or implied in this news release and Ascent's business, financial condition, results of operations and cash flow could be materially and adversely affected by such risks and uncertainties. As a result, forward-looking statements should be understood to be only predictions and statements of Ascent's current beliefs; they are not guarantees of performance.
ASCENT RESOURCES UTICA HOLDINGS, LLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30,
September 30,
($ in thousands) 2020 2019 2020 2019
--- ---
Revenues:
Natural gas $
300,643 $
352,867 $
868,249 $
1,173,381
Oil 37,177 72,173 107,736 174,928
NGL 27,243 29,379 80,590 90,971
Commodity derivative (loss) gain (386,020) 175,031 (248,066) 357,523
Total Revenues (20,957) 629,450 808,509 1,796,803
Operating Expenses:
Lease operating expenses 19,203 18,128 57,839 52,279
Gathering, processing and transportation expenses 227,247 219,697 689,896 619,968
Production and ad valorem taxes 9,344 9,522 28,343 25,969
Exploration expenses 28,096 25,178 77,907 82,916
General and administrative expenses 15,063 14,864 50,112 45,705
Natural gas and oil depreciation, depletion and amortization 195,120 183,815 572,001 499,323
Depreciation and amortization of other assets 928 817 2,794 2,364
Total Operating Expenses 495,001 472,021 1,478,892 1,328,524
(Loss) Income from Operations (515,958) 157,429 (670,383) 468,279
Other (Expense) Income:
Interest expense, net (33,279) (28,854) (98,432) (74,865)
Change in fair value of embedded derivative - 1,259 4,404
(Losses) gains on purchases or exchanges of debt (3,632) 9,671
Other income 437 315 1,024 2,892
Total Other Expense (36,474) (27,280) (87,737) (67,569)
Net (Loss) Income $
(552,432) $
130,149 $
(758,120) $
400,710
ASCENT RESOURCES UTICA HOLDINGS, LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
($ in thousands) 2020 2019
--- ---
Current Assets:
Cash and cash equivalents $
4,968 $
7,346
Accounts receivable - natural gas, oil and NGL sales 177,183 260,759
Accounts receivable - joint interest and other 13,096 20,425
Short-term derivative assets 2,482 248,118
Other current assets 6,508 8,468
Total Current Assets 204,237 545,116
Property and Equipment:
Natural gas and oil properties, based on successful efforts accounting 8,682,979 8,233,964
Other property and equipment 31,517 30,818
Less: accumulated depreciation, depletion and amortization (2,465,098) (1,890,506)
Property and Equipment, net 6,249,398 6,374,276
Other Assets:
Long-term derivative assets 258 70,778
Other long-term assets 17,482 20,248
Total Assets $
6,471,375 $
7,010,418
Current Liabilities:
Accounts payable $
54,524 $
68,364
Revenue payable 69,905 99,300
Accrued interest 66,548 36,787
Current portion of long-term debt, net 96,536
Short-term derivative liabilities 150,945
Other current liabilities 220,512 280,841
Total Current Liabilities 658,970 485,292
Long-Term Liabilities:
Long-term debt, net of current portion 2,672,065 2,838,676
Long-term derivative liabilities 211,073
Other long-term liabilities 5,203 5,067
Total Long-Term Liabilities 2,888,341 2,843,743
Member's Equity 2,924,064 3,681,383
Total Liabilities and Member's Equity $
6,471,375 $
7,010,418
ASCENT RESOURCES UTICA HOLDINGS, LLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended Nine Months Ended
September 30,
September 30,
---
($ in thousands) 2020 2019 2020 2019
--- ---
Cash Flows from Operating Activities:
Net (loss) income $
(552,432) $
130,149 $
(758,120) $
400,710
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion and amortization 196,048 184,632 574,795 501,687
Change in fair value of commodity derivatives 500,175 (67,418) 677,647 (246,380)
Change in fair value of interest rate derivatives 26 528
Impairment of unproved natural gas and oil properties 26,327 24,213 75,006 79,352
Non-cash interest expense 6,088 6,983 19,394 20,770
Change in fair value of embedded derivative - (1,259) (4,404)
Gains on purchases or exchanges of debt - (13,303)
Stock-based compensation 710 710
Other 37 (539) (1,564) 508
Changes in operating assets and liabilities 6,004 52,354 79,454 166,967
Net Cash Provided by Operating Activities 182,983 329,115 654,547 919,210
Cash Flows from Investing Activities:
Drilling and completion costs (126,353) (292,166) (472,233) (889,878)
Acquisitions of natural gas and oil properties (30,512) (56,849) (111,499) (202,141)
Proceeds from divestitures of natural gas and oil properties - 11,218 14,541
Additions to other property and equipment (84) (970) (1,461) (2,964)
Net Cash Used in Investing Activities (156,949) (338,767) (585,193) (1,080,442)
Cash Flows from Financing Activities:
Proceeds from credit facility borrowings 230,000 180,000 695,000 915,000
Repayment of credit facility borrowings (260,000) (170,000) (715,000) (758,000)
Repayment of long-term debt (23) (50,995)
Cash paid for debt issuance costs (4) (2,294)
Other - 1,557
Net Cash (Used in) Provided by Financing Activities (30,027) 10,000 (71,732) 157,000
Net (Decrease) Increase in Cash and Cash Equivalents (3,993) 348 (2,378) (4,232)
Cash and Cash Equivalents, Beginning of Period 8,961 6,450 7,346 11,030
Cash and Cash Equivalents, End of Period $
4,968 $
6,798 $
4,968 $
6,798
ASCENT RESOURCES UTICA HOLDINGS, LLC
NATURAL GAS, OIL AND NGL PRODUCTION AND PRICES
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---
2020 2019 2020 2019
---
Net Production Volumes:
Natural gas (mmcf) 164,208 168,570 490,108 455,330
Oil (mbbls) 1,121 1,447 3,404 3,446
NGL (mbbls) 1,900 2,365 7,423 5,682
Natural Gas Equivalents (mmcfe) 182,333 191,443 555,068 510,097
Average Daily Net Production Volumes:
Natural gas (mmcf/d) 1,785 1,832 1,789 1,668
Oil (mbbls/d) 12 16 12 13
NGL (mbbls/d) 21 26 27 21
Natural Gas Equivalents (mmcfe/d) 1,982 2,081 2,026 1,869
% Natural Gas 90 88 88 89
% % % %
% Liquids 10 12 12 11
% % % %
Average Sales Prices:
Natural gas ($/mcf) $
1.83 $
2.09 $
1.77 $
2.58
Oil ($/bbl) $
33.16 $
49.87 $
31.65 $
50.76
NGL ($/bbl) $
14.34 $
12.42 $
10.86 $
16.01
Natural Gas Equivalents ($/mcfe) $
2.00 $
2.37 $
1.90 $
2.82
Settlements of commodity derivatives ($/mcfe) 0.63 0.56 0.77 0.22
Average sales price, after effects of settled derivatives ($/mcfe) $
2.63 $
2.93 $
2.67 $
3.04
ASCENT RESOURCES UTICA HOLDINGS, LLC
CAPITAL EXPENDITURES INCURRED
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---
($ in thousands) 2020 2019 2020 2019
--- ---
Capital Expenditures Incurred:
Drilling and completion costs incurred $
91,622 $
287,777 $
412,737 $
880,473
Acquisition and leasehold costs incurred 10,559 31,664 47,166 111,148
Capitalized interest incurred 19,483 28,736 64,119 98,896
Total Capital Expenditures Incurred $
121,664 $
348,177 $
524,022 $
1,090,517
ASCENT RESOURCES UTICA HOLDINGS, LLC
RECONCILIATIONS OF ADJUSTED NET INCOME (LOSS)
(Unaudited)
Three Months Ended Nine Months Ended
September 30,
September 30,
---
($ in thousands) 2020 2019 2020 2019
--- ---
Net (Loss) Income $
(552,432) $
130,149 $
(758,120) $
400,710
Adjustments to reconcile net (loss) income to adjusted net
(loss) income:
Impairment of unproved natural gas and oil properties 26,327 24,213 75,006 79,352
Change in fair value of commodity derivatives 500,175 (67,418) 677,647 (246,380)
Change in fair value of interest rate derivatives 26 528
Losses (gains) on purchases or exchanges of debt 3,632 (9,671)
Stock-based compensation 710 710
Non-recurring legal expense - 5,572
Change in fair value of embedded derivative - (1,259) (4,404)
Other - 62 314
Adjusted Net (Loss) Income (Non-GAAP)(a)(b) $
(21,562) $
85,747 $
(8,328) $
229,592
(a) As shown above,
and on pages
10, 11 and 12,
Ascent uses
adjusted net
income (loss),
EBITDAX,
adjusted
EBITDAX,
discretionary
cash flow and
free cash flow
(non-GAAP
measures) as
supplemental
measures to
evaluate the
performance of
its assets.
Ascent believes
these non-GAAP
measures
provide
meaningful
information to
our investors,
as discussed
below. These
non-GAAP
measures, as
used and
defined by
Ascent, are not
measures of
performance as
determined by
United States
generally
accepted
accounting
principles (US
GAAP) and may
not be
comparable to
similarly
titled measures
employed by
other
companies.
Non-GAAP
measures should
not be
considered in
isolation or as
substitutes for
operating
income, net
income or loss,
cash flows
provided by
operating,
investing and
financing
activities or
other income or
cash flow
statement data
prepared in
accordance with
US GAAP. Non-
GAAP measures
provide no
information
regarding a
company's
capital
structure,
borrowings,
interest costs,
capital
expenditures
and working
capital
movement. Non-
GAAP measures
do not
represent funds
available for
discretionary
use because
those funds may
be required for
debt service,
capital
expenditures,
working
capital,
exploration
expenses and
other
commitments and
obligations.
However,
Ascent's
management team
believes these
non-GAAP
measures are
useful to an
investor in
evaluating
Ascent's
financial
performance
because these
measures:
-- Are widely used by investors in
the natural gas and oil industry
to measure a company's operating
performance without regard to
items excluded from the
calculation of such term, which
can vary substantially from
company to company depending upon
accounting methods and book value
of assets, capital structure, and
the method by which assets were
acquired, among other factors;
-- Are more comparable to estimates
used by analysts;
-- Help investors to more
meaningfully evaluate and compare
the results of Ascent's
operations from period to period
by removing the effect of its
capital structure from its
operating structure;
-- Excludes one-time items, non-
cash items or items whose timing
cannot be reasonably estimated;
and
-- Are used by Ascent's management
team for various purposes,
including as a measure of
operating performance, in
presentations to its Board of
Managers and as a basis for
strategic planning and
forecasting.
There are
significant
limitations to
using non-GAAP
measures as
measures of
performance,
including the
inability to
analyze the
effect of
certain
recurring and
non-recurring
items that
materially
affect Ascent's
net income or
loss, the lack
of
comparability
of results of
operations of
different
companies, and
the different
methods of
calculating
non-GAAP
measures
reported by
different
companies.
(b) Ascent defines
"adjusted net
(loss) income"
as net income
(loss) before
impairment of
unproved
natural gas and
oil properties;
changes in
fair value of
commodity
derivatives;
change in fair
value of
interest rate
derivatives;
(gains) losses
on purchases or
exchanges of
debt; stock-
based
compensation;
non-recurring
legal expense
(benefit);
change in fair
value of
embedded
derivative;
acquisition
expenses;
impairment of
other property
and equipment;
and other non-
recurring
items.
ASCENT RESOURCES UTICA HOLDINGS, LLC
RECONCILIATIONS OF EBITDAX, ADJUSTED EBITDAX AND NET DEBT
(Unaudited)
EBITDAX and Adjusted EBITDAX
Three Months Ended Nine Months Ended
September 30,
September 30,
---
($ in thousands) 2020 2019 2020 2019
--- ---
Net (Loss) Income $
(552,432) $
130,149 $
(758,120) $
400,710
Adjustments to reconcile net (loss) income to EBITDAX:
Exploration expenses 28,096 25,178 77,907 82,916
Natural gas and oil depreciation, depletion and amortization 195,120 183,815 572,001 499,323
Depreciation and amortization of other assets 928 817 2,794 2,364
Interest expense, net 33,279 28,854 98,432 74,865
EBITDAX (Non-GAAP)(a)(b) (295,009) 368,813 (6,986) 1,060,178
Adjustments to reconcile EBITDAX to Adjusted EBITDAX:
Change in fair value of commodity derivatives 500,175 (67,418) 677,647 (246,380)
Losses (gains) on purchases or exchanges of debt 3,632 (9,671)
Stock-based compensation 710 710
Non-recurring legal expense - 5,572
Change in fair value of embedded derivative - (1,259) (4,404)
Other - 62 314
Adjusted EBITDAX (Non-GAAP)(b)(c) $
209,508 $
300,198 $
667,272 $
809,708
(a) Ascent defines "EBITDAX" as net
income (loss) before exploration
expenses; depreciation, depletion
and amortization; and interest
expense, net.
(b) See footnote (a) on page 9 for a
discussion around our uses of non-
GAAP measures.
(c) Ascent defines "adjusted EBITDAX" as
EBITDAX before changes in fair
value of commodity derivatives;
(gains) losses on purchases or
exchanges of debt; stock-based
compensation; non-recurring legal
expense (benefit); acquisition
expenses; change in fair value of
embedded derivative; and other non-
recurring items.
ASCENT RESOURCES UTICA HOLDINGS, LLC
RECONCILIATIONS OF EBITDAX, ADJUSTED EBITDAX AND NET DEBT (CONTINUED)
(Unaudited)
Last Twelve Months ("LTM") EBITDAX and Adjusted EBITDAX
Three Months Twelve Months
Ended Ended
December 31, March 31, June 30, September 30, September 30,
($ in thousands) 2019 2020 2020 2020 2020
--- ---
Net Income (Loss) $
65,255 $
85,362 $
(291,050) $
(552,432) $
(692,865)
Adjustments to reconcile net income (loss) to EBITDAX:
Exploration expenses 41,561 26,953 22,858 28,096 119,468
Natural gas and oil depreciation, depletion 203,091 175,550 201,331 195,120 775,092
and amortization
Depreciation and amortization of other assets 875 924 942 928 3,669
Interest expense, net 34,249 33,920 31,233 33,279 132,681
EBITDAX (Non-GAAP)(a)(b) 345,031 322,709 (34,686) (295,009) 338,045
Adjustments to reconcile EBITDAX to Adjusted EBITDAX:
Change in fair value of commodity (3,077) (62,375) 239,847 500,175 674,570
derivatives
(Gains) losses on purchases or exchanges of - (13,493) 190 3,632 (9,671)
debt
Stock-based compensation - 710 710
Non-recurring legal expense - 5,572 5,572
Change in fair value of embedded derivative (622) (622)
Other 61 61
Adjusted EBITDAX (Non-GAAP)(b)(c) $
341,393 $
246,841 $
210,923 $
209,508 $
1,008,665
(a) Ascent defines "EBITDAX" as net
income (loss) before exploration
expenses; depreciation, depletion
and amortization; and interest
expense, net.
(b) See footnote (a) on page 9 for a
discussion around our uses of non-
GAAP measures.
(c) Ascent defines "adjusted EBITDAX" as
EBITDAX before changes in fair
value of commodity derivatives;
(gains) losses on purchases or
exchanges of debt; stock-based
compensation; non-recurring legal
expense (benefit); acquisition
expenses; change in fair value of
embedded derivative; and other non-
recurring items.
Net Debt and Net Debt to LTM Adjusted EBITDAX
September 30,
($ in thousands) 2020 2019
---
Net Debt:
Total debt(a) $
2,759,135 $
2,757,755
Less: cash and cash equivalents 4,968 6,798
Net Debt(b) $
2,754,167 $
2,750,957
Net Debt to LTM Adjusted EBITDAX:
Net Debt(b) $
2,754,167 $
2,750,957
LTM Adjusted EBITDAX(c) $
1,008,665 $
1,128,110
Net Debt to LTM Adjusted EBITDAX 2.7 x 2.4 x
(a) Total debt represents outstanding
principal balances and includes the
current portion of our long-term
debt.
(b) Ascent defines "Net Debt" as total
debt less cash and cash
equivalents. Management uses net
debt to determine our outstanding
debt obligations that would not be
readily satisfied by its cash and
cash equivalents on hand.
(c) Adjusted EBITDAX for the LTM ended
September 30, 2020 and September
30, 2019, respectively.
ASCENT RESOURCES UTICA HOLDINGS, LLC
RECONCILIATIONS OF DISCRETIONARY CASH FLOW AND FREE CASH FLOW
(Unaudited)
Three Months Ended Nine Months Ended
September 30,
September 30,
---
($ in thousands) 2020 2019 2020 2019
--- ---
Net Cash Provided by Operating Activities $
182,983 $
328,982 $
654,547 $
919,210
Adjustments to reconcile Net Cash Provided by Operating
Activities to Discretionary Cash Flow:
Changes in operating assets and liabilities (6,004) (52,354) (79,454) (166,967)
Discretionary Cash Flow (Non-GAAP)(a)(b) 176,979 276,628 575,093 752,243
Adjustments to reconcile Discretionary Cash Flow to Free
Cash Flow:
Drilling and completion costs incurred (91,622) (287,777) (412,737) (880,473)
Acquisition and leasehold costs incurred (10,559) (31,664) (47,166) (111,148)
Capitalized interest incurred (19,483) (28,736) (64,119) (98,896)
Non-recurring legal expense - 5,572
Other 3,632 3,632
Free Cash Flow (Non-GAAP)(b)(c) $
58,947 $
(71,549) $
60,275 $
(338,274)
(a) Discretionary cash flow is widely
accepted as a financial indicator
of a natural gas and oil
company's ability to generate
cash which is used to internally
fund exploration and development
activities and service debt.
Ascent defines "discretionary
cash flow" as net cash provided
by operating activities before
changes in operating assets and
liabilities.
(b) See footnote (a) on page 9 for a
discussion around our uses of
non-GAAP measures.
(c) Free cash flow is an indicator of
a company's ability to generate
funding to maintain or expand its
asset base, make distributions
and repurchase or extinguish
debt. Ascent defines "free cash
flow" as discretionary cash flow
less incurred drilling and
completion costs, acquisitions of
natural gas and oil properties
and certain non-recurring items.
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SOURCE Ascent Resources, LLC
