ASCENT RESOURCES REPORTS FOURTH QUARTER AND FULL-YEAR 2024 OPERATING AND FINANCIAL RESULTS AND ISSUES INITIAL 2025 GUIDANCE
Fourth Quarter and Full-Year 2024 Highlights:
-- Net production averaged 2,186 mmcfe per day for the quarter and 2,166
mmcfe per day for the year
-- 2024 liquids production increased to 44 mbbls per day and 12% of
total production, a 44% increase over 2023
-- Pre-hedge natural gas equivalent realized prices were $2.54 per mcfe for
the year, representing a $0.27 per mcfe premium to NYMEX natural gas
prices
-- Cash Flows from Operations totaled $280 million for the quarter and $1.1
billion for the year
-- Adjusted EBITDAX((1)) of $385 million for the quarter and $1.5 billion
for the year
-- Adjusted Free Cash Flow((1)) was $202 million for the quarter and $533
million for the year, marking our 5th consecutive year of positive free
cash flow generation
-- Year-end 2024 total proved reserves were 9.0 tcfe with a reserve
replacement ratio of 139%
-- Accumulated over 2 million man-hours without an employee injury and 3.6
million man-hours without an employee lost time injury
-- Initial 2025 guidance of 2.05 to 2.15 bcfe per day of production,
including 14% to 16% liquids and D&C Capex of $625 - $675 million
(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.
OKLAHOMA CITY, March 6, 2025 /PRNewswire/ -- Ascent Resources Utica Holdings, LLC ("Ascent" or the "Company") today reported fourth quarter and year-end 2024 operating and financial results. Additionally, Ascent announced a conference call with analysts and investors scheduled for 9 AM CT / 10 AM ET, Friday, March 7, 2025. For more detailed information on Ascent, please refer to our financials, the latest investor presentation and additional information located on our website at https://www.ascentresources.com/investors.
Commenting on the fourth quarter and full-year 2024 results, Ascent's Chairman and Chief Executive Officer, Jeff Fisher said, "2024 was a year of great success for Ascent despite challenging natural gas prices. Outperformance was broad-ranging as we exceeded our goals across all key metrics and generated $533 million of Adjusted Free Cash Flow. These results affirm our strategy of balancing activity across our diverse portfolio while simultaneously adding duration to the business through our active leasing efforts. I would be remiss to not thank and congratulate our employees and service providers for delivering such outstanding operational, financial and safety results in 2024."
Fisher continued, "Looking to 2025, we believe Ascent is well positioned to be a beneficiary of the improving macro-outlook for natural gas. We have a high degree of confidence in our short- and long-term plans and look forward to delivering value to all stakeholders as we generate and grow free cash flow, further reduce debt, and return capital to unitholders."
Fourth Quarter 2024 Production and Financial Results
Fourth quarter 2024 net production averaged 2,186 mmcfe per day, consisting of 1,877 mmcf per day of natural gas, 14,011 bbls per day of oil and 37,543 bbls per day of natural gas liquids ("NGL"), putting liquids at 14% of the overall production mix for the quarter.
The fourth quarter 2024 realized price, including the impact of settled commodity derivatives, was $3.53 per mcfe. Excluding the impact of settled commodity derivatives, the realized price was $3.07 per mcfe in the fourth quarter of 2024.
For the fourth quarter of 2024, Ascent reported a Net Loss of $135 million, Adjusted Net Income of $145 million, Adjusted EBITDAX of $385 million, along with Cash Flows from Operations of $280 million and Adjusted Free Cash Flow of $202 million. Ascent incurred $142 million of total capital expenditures in the fourth quarter of 2024 consisting of $107 million of D&C costs, $27 million of land and leasehold costs, and $8 million of capitalized interest.
Full-Year 2024 Production and Financial Results
Net production for the year ended December 31, 2024 averaged 2,166 mmcfe per day, consisting of 1,902 mmcf per day of natural gas, 11,913 bbls per day of oil and 32,117 bbls per day of NGLs, putting liquids at 12% of the overall production mix for the year.
The realized price, including the impact of settled commodity derivatives, was $3.44 per mcfe for the year ended December 31, 2024. Excluding the impact of settled commodity derivatives, the realized price for the year was $2.54 per mcfe.
For the year ended December 31, 2024, Ascent reported a Net Loss of $55 million, Adjusted Net Income of $556 million and Adjusted EBITDAX of $1.5 billion, along with Cash Flows from Operations of $1.1 billion and Adjusted Free Cash Flow of $533 million. Ascent incurred a total of $794 million of capital expenditures during the year ended December 31, 2024 consisting of $635 million of D&C costs, $127 million of land and leasehold costs, and $32 million of capitalized interest.
Balance Sheet and Liquidity
As of December 31, 2024, Ascent had total debt of approximately $2.3 billion, with $555 million of borrowings and $84 million of letters of credit issued under the credit facility. Liquidity as of December 31, 2024 was approximately $1.4 billion, comprised of $1.4 billion of available borrowing capacity under the credit facility and $8 million of cash on hand. The Company's leverage ratio at the end of the year was 1.55x based on a LTM Adjusted EBITDAX basis.
Operational Update
During the fourth quarter of 2024, the Company spud 12 operated wells, hydraulically fractured 8 wells, and turned-in-line 15 wells with an average lateral length of 20,649 feet. For the full-year, Ascent spud 60 operated wells, hydraulically fractured 58 wells, and turned-in-line 57 wells with an average lateral length of approximately 15,903 feet. As of December 31, 2024, Ascent had 918 gross operated producing Utica wells.
2024 Year-End Reserves
Ascent reported year-end 2024 proved reserves, under SEC guidelines, of 9.0 tcfe, of which 67% were classified as proved developed and 33% as proved undeveloped. The 2024 drill-bit F&D costs for undeveloped reserves were $0.57 per mcfe as we replaced over 139% of reserves. A summary of the changes in Ascent's proved reserves for the full-year 2024 can be found in our financial statements.
Hedging Update
Ascent has significant hedges in place to reduce exposure to the volatility in commodity prices, as well as to protect its expected operating cash flow. As of December 31, 2024, Ascent had hedged 1,550,000 mmbtu per day of natural gas production for 2025 at an average downside price of $3.77 per mmbtu, 1,205,000 mmbtu per day in 2026 at an average downside price of $3.72 per mmbtu, and 398,000 mmbtu per day in 2027 at an average downside price of $3.82 per mmbtu. Additionally, Ascent has hedged 11,000 bbls per day of crude oil production at an average downside price of $70.36 per bbl for 2025. Ascent also has a significant portion of its natural gas basis position hedged for 2025 along with additional natural gas hedges in place through 2027. Please reference the financial statements for additional detail on Ascent's hedge position.
Initial 2025 Guidance
The Company expects its full-year 2025 production to come in between 2,050 mmcfe/d and 2,150 mmcfe/d while continuing to grow liquids production to 15% of the overall mix, at the midpoint. The total capital outlay for 2025 is expected to be in the range of $755 million and $815 million. A detailed summary including production, differentials, expenses and operational counts is included in the table below:
Initial 2025 Guidance
Production
Total Production (mmcfe/d) 2,050 -2,150
% Natural Gas 84% - 86%
Differentials
Natural Gas ($/mcf) ($0.20) -
($0.10)
Crude Oil ($/bbl) ($9.00) -
($8.00)
NGL (% of WTI) 30% - 35%
Operating Expenses ($/mcfe)
Total Operating Expense(1)
$1.55 - $1.65
G&A(2)
$0.09 - $0.11
Capital Expenditures Incurred ($mm)(3)
$755 - $815
D&C
$625 - $675
Land
$130 - $140
Operations / Well Counts
Wells Spud 50 -55
Average Spud Lateral Length 16,500' -
17,000'
(1) Includes GP&T, LOE, and Taxes Other than Income
(2) Excludes long-term incentive compensation
expense
(3) Excludes capitalized interest and asset
retirement obligations
About Ascent Resources
Ascent is one of the largest private producers of natural gas in the United States and is focused on acquiring, developing, and operating natural gas and oil properties located in the Utica Shale in southern Ohio. With a continued focus on good corporate citizenship, Ascent is committed to delivering cleaner burning, affordable energy to our country and the world, while reducing environmental impacts.
Contact:
Chris Benton
Vice President - Finance and Investor Relations
405-252-7850
chris.benton@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
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
($ in thousands) 2024 2023 2024 2023
---
Revenues:
Natural gas $439,723 $436,408 $1,414,722 $1,770,416
Oil 79,918 69,213 292,018 257,708
NGL 97,538 61,956 309,883 198,018
Commodity derivative gain (loss) (170,351) 758,301 145,551 2,098,185
Total Revenues 446,828 1,325,878 2,162,174 4,324,327
Operating Expenses:
Lease operating expenses 28,181 27,993 111,449 123,212
Gathering, processing and transportation expenses 266,731 253,682 1,033,426 975,245
Taxes other than income 10,957 11,454 44,369 47,372
Exploration expenses 6,521 5,971 19,999 12,625
General and administrative expenses 28,336 38,106 109,126 90,930
Depreciation, depletion and amortization 192,777 178,749 747,766 723,951
Total Operating Expenses 533,503 515,955 2,066,135 1,973,335
Income (Loss) from Operations (86,675) 809,923 96,039 2,350,992
Other Income (Expense):
Interest expense, net (48,369) (52,714) (196,354) (205,910)
Change in fair value of contingent payment right 5,254 (651) 22,454 (2,570)
Losses on purchases or exchanges of debt (6,472) (6,472) (26,900)
Other income 1,476 644 29,624 12,727
Total Other Expense (48,111) (52,721) (150,748) (222,653)
Net Income (Loss) $(134,786) $757,202 $(54,709) $2,128,339
ASCENT RESOURCES UTICA HOLDINGS, LLC
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
($ in thousands) 2024 2023
---
Current Assets:
Cash and cash equivalents $8,066 $6,718
Accounts receivable - natural gas, oil and NGL sales 352,435 266,906
Accounts receivable - joint interest and other 35,106 38,540
Short-term derivative assets 179,656 438,041
Other current assets 11,054 10,620
Total Current Assets 586,317 760,825
Property and Equipment:
Natural gas and oil properties, based on successful efforts accounting 12,354,428 11,565,453
Other property and equipment 43,991 42,542
Less: accumulated depreciation, depletion and amortization (5,364,590) (4,619,852)
Property and Equipment, net 7,033,829 6,988,143
Other Assets:
Long-term derivative assets 11,256 288,396
Other long-term assets 54,849 68,486
Total Assets $7,686,251 $8,105,850
Current Liabilities:
Accounts payable $51,811 $76,333
Accrued interest 52,530 44,665
Short-term derivative liabilities 1,658 13,157
Other current liabilities 578,024 551,894
Total Current Liabilities 684,023 686,049
Long-Term Liabilities:
Long-term debt, net 2,339,589 2,533,873
Long-term derivative liabilities 46,867
Other long-term liabilities 106,146 124,565
Total Long-Term Liabilities 2,492,602 2,658,438
Member's Equity 4,509,626 4,761,363
Total Liabilities and Member's Equity $7,686,251 $8,105,850
ASCENT RESOURCES UTICA HOLDINGS, LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
($ in thousands) 2024 2023 2024 2023
---
Cash Flows from Operating Activities:
Net income (loss) $(134,786) $757,202 $(54,709) $2,128,339
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization 192,777 178,749 747,766 723,951
(Gain) loss on commodity derivatives 170,351 (758,301) (145,551) (2,098,185)
Settlements received for commodity derivatives 64,202 58,169 548,436 222,549
Impairment of unproved natural gas and oil properties 5,117 4,849 15,906 9,640
Non-cash interest expense 7,506 7,823 26,161 23,677
Long-term incentive compensation 9,071 1,006 34,983 3,695
Change in fair value of contingent payment right (5,254) 651 (22,454) 2,570
Losses on purchases or exchanges of debt 6,472 6,472 26,038
Other 6 61 (1,249)
Changes in operating assets and liabilities
(Increase) decrease in accounts receivable and other assets (104,777) (53,888) (66,228) 240,713
Increase (decrease) in accounts payable, liabilities and other 69,319 66,657 28,472 (134,679)
Net Cash Provided by Operating Activities 280,004 262,917 1,119,315 1,147,059
Cash Flows from Investing Activities:
Natural gas and oil capital expenditures (175,703) (266,553) (821,090) (1,056,348)
Additions to other property and equipment (564) (618) (1,738) (2,769)
Net Cash Used in Investing Activities (176,267) (267,171) (822,828) (1,059,117)
Cash Flows from Financing Activities:
Proceeds from credit facility borrowings 410,000 420,000 1,625,000 2,240,000
Repayment of credit facility borrowings (480,000) (400,000) (1,835,000) (1,845,000)
Proceeds from issuance of long-term debt 600,000 600,000 210,000
Repayment of long-term debt (597,000) (597,000) (549,822)
Cash paid for debt issuance and amendment costs (18,322) (18,322) (11,219)
Cash paid for debt prepayment costs (1,663) (1,663) (27,491)
Cash received (paid) for settlements of commodity derivatives 43,257 165,981 (53,530)
Cash paid for distributions to Parent (56,501) (12,523) (232,011) (45,972)
Other (389) (920) (2,124) (2,084)
Net Cash Provided by (Used in) Financing Activities (100,618) 6,557 (295,139) (85,118)
Net Increase in Cash and Cash Equivalents 3,119 2,303 1,348 2,824
Cash and Cash Equivalents, Beginning of Period 4,947 4,415 6,718 3,894
Cash and Cash Equivalents, End of Period $8,066 $6,718 $8,066 $6,718
ASCENT RESOURCES UTICA HOLDINGS, LLC
SUPPLEMENTAL TABLES
NATURAL GAS, OIL AND NGL PRODUCTION AND PRICES
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2024 2023 2024 2023
Net Production Volumes:
Natural gas (mmcf) 172,654 173,680 696,163 712,691
Oil (mbbls) 1,289 996 4,360 3,739
NGL (mbbls) 3,454 2,181 11,755 7,384
Natural Gas Equivalents (mmcfe) 201,114 192,742 792,853 779,429
Average Daily Net Production Volumes:
Natural gas (mmcf/d) 1,877 1,888 1,902 1,953
Oil (mbbls/d) 14 11 12 10
NGL (mbbls/d) 38 24 32 20
Natural Gas Equivalents (mmcfe/d) 2,186 2,095 2,166 2,135
% Natural Gas 86 % 90 % 88 % 91 %
% Liquids 14 % 10 % 12 % 9 %
Average Sales Prices:
Natural gas ($/mcf) $2.55 $2.51 $2.03 $2.48
Oil ($/bbl) $62.00 $69.52 $66.98 $68.92
NGL ($/bbl) $28.24 $28.41 $26.36 $26.82
Natural Gas Equivalents ($/mcfe) $3.07 $2.94 $2.54 $2.86
Settlements of commodity derivatives ($/mcfe) 0.46 0.30 0.90 0.29
Average sales price, after effects of settled derivatives ($/mcfe) $3.53 $3.24 $3.44 $3.15
CAPITAL EXPENDITURES INCURRED
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
($ in thousands) 2024 2023 2024 2023
---
Capital Expenditures Incurred:
Drilling and completion costs incurred(a) $106,674 $176,971 $635,215 $840,373
Land and leasehold costs incurred 27,049 48,514 126,603 138,490
Capitalized interest incurred 7,870 8,166 32,095 36,151
Total Capital Expenditures Incurred $141,593 $233,651 $793,913 $1,015,014
(a) Drilling and completion costs incurred excludes asset retirement obligations (ARO) of $5.1 million and $0.2 million for
the three months ended December 31, 2024 and 2023, respectively, and $10.9 million and $3.3 million for the years
ended December 31, 2024 and 2023, respectively.
ASCENT RESOURCES UTICA HOLDINGS, LLC
NON-GAAP FINANCIAL MEASURES
Ascent uses certain non-GAAP measures as a supplement to its financial results prepared in accordance with generally accepted accounting principles (GAAP). These non-GAAP measures include Adjusted Net Income, Adjusted EBITDAX, Net Debt and Adjusted Free Cash Flow. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Ascent's management team believes these non-GAAP measures are useful to an investor in evaluating Ascent's financial performance because (a) management uses these financial measures to evaluate operating performance, in presentations to its Board of Managers and as a basis for strategic planning and forecasting, (b) these financial measures are more comparable to estimates used by analysts, and (c) items excluded are one-time items, non-cash items or items whose timing or amount cannot be reasonably estimated.
Ascent believes these non-GAAP measures provide meaningful information to its investors and lenders; however, they should not be used as a substitute for measures of performance that are calculated in accordance with GAAP. These non-GAAP measures, as used and defined by Ascent below, may not be comparable to similarly titled measures employed by other companies.
Adjusted Net Income: Adjusted Net Income is defined as net income (loss) before the revenue impact of changes in the fair value of commodity derivative instruments prior to settlement, unrealized (gain) loss on interest rate derivatives, change in fair value of contingent payment right, long-term incentive compensation, (gains) losses on purchases or exchanges of debt, impairment of unproved natural gas and oil properties and certain items management believes affect the comparability of results or that are not indicative of trends in the ongoing business. Adjusted Net Income is a supplemental measure of operating performance monitored by management that is not defined under GAAP and does not represent, and should not be considered as, an alternative to net income (loss), as determined by GAAP.
Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before exploration expenses, depreciation, depletion and amortization expense, interest expense (net), the revenue impact of changes in the fair value of commodity derivative instruments prior to settlement, change in fair value of contingent payment right, long-term incentive compensation, (gains) losses on purchases or exchanges of debt and certain items management believes affect the comparability of results or that are not indicative of trends in the ongoing business. Adjusted EBITDAX is a supplemental measure of operating performance monitored by management that is not defined under GAAP and does not represent, and should not be considered as, an alternative to net income (loss), as determined by GAAP.
Net Debt: Net Debt is defined 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 our cash and cash equivalents on hand. Net Debt does not represent, and should not be considered as, an alternative to total debt, as determined by GAAP.
Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by (used in) operating activities adjusted for changes in operating assets and liabilities, drilling and completion costs incurred (excluding ARO), land and leasehold costs incurred, capitalized interest incurred, financing commodity derivative settlements and certain items management believes affect the comparability of results or that are not indicative of trends in the ongoing business. Adjusted Free Cash Flow is an indicator of a company's ability to generate funding to maintain or expand its asset base, make equity distributions and repurchase or extinguish debt. Adjusted Free Cash Flow is a supplemental measure of liquidity monitored by management that is not defined under GAAP and that does not represent, and should not be considered as, an alternative to net cash provided by (used in) operating activities, as determined by GAAP.
RECONCILIATION OF ADJUSTED NET INCOME
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
($ in thousands) 2024 2023 2024 2023
---
Net Income (Loss) (GAAP) $(134,786) $757,202 $(54,709) $2,128,339
Adjustments to reconcile net income (loss) to Adjusted Net Income:
(Gain) loss on commodity derivatives 170,351 (758,301) (145,551) (2,098,185)
Settlements received for commodity derivatives 91,946 58,169 714,417 222,549
Unrealized loss on interest rate derivatives 431 2,468 2,029 2,829
Change in fair value of contingent payment right (5,254) 651 (22,454) 2,570
Long-term incentive compensation(a) 9,071 1,006 34,983 3,695
Losses on purchases or exchanges of debt 6,472 6,472 26,900
Impairment of unproved natural gas and oil properties 5,117 4,849 15,906 9,640
Legal settlements, loss contingencies and other 1,384 20,000 4,918 18,523
Adjusted Net Income (Non-GAAP) $144,732 $86,044 $556,011 $316,860
RECONCILIATION OF ADJUSTED EBITDAX
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
($ in thousands) 2024 2023 2024 2023
---
Net Income (Loss) (GAAP) $(134,786) $757,202 $(54,709) $2,128,339
Adjustments to reconcile net income (loss) to Adjusted EBITDAX:
Exploration expenses 6,521 5,971 19,999 12,625
Depreciation, depletion and amortization 192,777 178,749 747,766 723,951
Interest expense, net 48,369 52,714 196,354 205,910
(Gain) loss on commodity derivatives 170,351 (758,301) (145,551) (2,098,185)
Settlements received for commodity derivatives 91,946 58,169 714,417 222,549
Change in fair value of contingent payment right (5,254) 651 (22,454) 2,570
Long-term incentive compensation(a) 9,071 1,006 34,983 3,695
Losses on purchases or exchanges of debt 6,472 6,472 26,900
Legal settlements, loss contingencies and other 20,000 3,534 18,523
Adjusted EBITDAX (Non-GAAP) $385,467 $316,161 $1,500,811 $1,246,877
(a) The expense associated with the Long-Term Incentive Plan Cash Award of $6.8 million and $21.1 million for the three
months and year ended December 31, 2024, respectively, is included in these amounts. Ascent did not recognize any
expense associated with the Cash Award in 2023.
RECONCILIATION OF NET DEBT & NET DEBT TO LTM ADJUSTED EBITDAX
(Unaudited)
December 31,
($ in thousands) 2024 2023
---
Net Debt:
Total debt $2,339,589 $2,533,873
Less: cash and cash equivalents 8,066 6,718
Net Debt $2,331,523 $2,527,155
Net Debt to LTM Adjusted EBITDAX:
Net Debt $2,331,523 $2,527,155
LTM Adjusted EBITDAX (Non-GAAP) $1,500,811 $1,246,877
Net Debt to LTM Adjusted EBITDAX 1.55 x 2.03 x
RECONCILIATION OF ADJUSTED FREE CASH FLOW
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
($ in thousands) 2024 2023 2024 2023
---
Net Cash Provided by Operating Activities (GAAP) $280,004 $262,917 $1,119,315 $1,147,059
Adjustments to reconcile Net Cash Provided by Operating Activities to Adjusted Free Cash Flow:
Changes in operating assets and liabilities 35,458 (12,769) 37,756 (106,034)
Drilling and completion costs incurred (106,674) (176,971) (635,215) (840,373)
Land and leasehold costs incurred (27,049) (48,514) (126,603) (138,490)
Capitalized interest incurred (7,870) (8,166) (32,095) (36,151)
Financing commodity derivative settlements 27,744 165,981
Legal settlements, loss contingencies and other 20,000 3,534 20,862
Adjusted Free Cash Flow (Non-GAAP)(a) $201,613 $36,497 $532,673 $46,873
(a) Adjusted Free Cash Flow does not include the impact of the Long-Term Incentive Cash Award of $6.8 million and $21.1
million for the three months and year ended December 31, 2024, respectively. Ascent did not recognize any expense
associated with the Cash Award in 2023.
ASCENT RESOURCES UTICA HOLDINGS, LLC
ROLL-FORWARD OF PROVED RESERVES
(Unaudited)
Total
(in mmcfe) (mmcfe)
---
Proved Reserves at December 31, 2023 8,886,369
Extensions, discoveries and other additions 467,329
Revisions 441,215
Production (792,853)
Proved Reserves at December 31, 2024 9,002,060
December 31, 2024:
Proved developed reserves 5,990,782
Proved developed reserves percentage 67 %
Standardized Measure of Discounted Future Net Cash Flows ($ in thousands)(GAAP) $2,082,410
Add: Present value of future income taxes discounted at 10% per annum(a)
PV-10 ($ in thousands) (Non-GAAP)(a) $2,082,410
(a) Reserve volumes and PV-10 were estimated using SEC reserve recognition standards and pricing assumptions based on the
unweighted arithmetic average of the prices on the first day of each month within the 12-month period ended December
31, 2024. The average adjusted prices used in Ascent's reserve reports were $1.85 per mcf of natural gas, $66.86 per
bbl of oil and $21.09 per bbl of NGL utilizing a benchmark of $2.13 per mmbtu of natural gas and $76.32 per bbl of oil
and condensate. PV-10 is a non-GAAP measure that typically differs from the standardized measure, because the former
does not include the effects of estimated future income tax expense. However, because Ascent is a disregarded entity
for income tax purposes, it has estimated no future income tax expense and the two measures are the same as of
December 31, 2024, as calculated in the reconciliation above. PV-10 can be used within the industry and by creditors
and securities analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.
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SOURCE Ascent Resources Utica Holdings, LLC
