Fourth Quarter and Full-Year 2025 Highlights:
-- Net production averaged 2,308 mmcfe per day for the quarter and 2,149
mmcfe per day for the year; liquids production averaged 53,000 bbls per
day in the fourth quarter and for the year
-- Generated Cash Flow from Operations of $454 million for the quarter and
$1.7 billion for the year
-- Adjusted EBITDAX(1) was $462 million for the quarter and $1.7 billion for
the year
-- Adjusted Free Cash Flow(1) was $238 million during the quarter and $749
million for the year
-- Repaid nearly $300 million of debt during the year, ending 2025 with
liquidity in excess of $1.75 billion and leverage of 1.2x
-- Initial 2026 guidance of 2.1 to 2.2 bcfe per day of production on D&C
spend of $650 to $700 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 5, 2026 /PRNewswire/ -- Ascent Resources Utica Holdings, LLC ("Ascent" or the "Company") today reported fourth quarter and year-end 2025 operating and financial results and issued initial 2026 guidance. Additionally, Ascent announced a conference call with analysts and investors scheduled for 9 AM CT / 10 AM ET, Friday, March 6, 2026. 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 fourth quarter and full-year results, Ascent's President and Chief Executive Officer, Brooks Shughart said, "We are pleased to report another strong year of financial and operational results, reflecting the consistent execution of our strategy. The team exceeded expectations, delivering efficiency gains that enhanced production and reduced costs. This execution resulted in record free cash flow after reinvesting in the business to allow for continued debt repayment and return of capital to unitholders."
Shughart continued, "Looking forward to 2026, the Company remains focused on risk management to maintain operational continuity and financial flexibility during periods of volatility. We are also well positioned to capitalize on a strong foundation of disciplined capital investment and consistent operational execution to create long-term value for all stakeholders."
Fourth Quarter 2025 Production and Financial Results
Fourth quarter 2025 net production averaged 2,308 mmcfe per day, consisting of 1,992 mmcf per day of natural gas, 14,370 bbls per day of oil and 38,250 bbls per day of natural gas liquids ("NGLs"), putting liquids at 14% of the overall production mix for the quarter.
The fourth quarter 2025 realized price, including the impact of settled commodity derivatives, was $3.89 per mcfe. Excluding the impact of settled commodity derivatives, the realized price was $3.58 per mcfe in the fourth quarter of 2025, a $0.03 per mcfe premium to NYMEX natural gas prices.
For the fourth quarter of 2025, Ascent reported Net Income of $296 million, Adjusted Net Income of $226 million, Adjusted EBITDAX of $462 million, along with Cash Flows from Operations of $454 million and Adjusted Free Cash Flow of $238 million. Ascent incurred $185 million of total capital expenditures in the fourth quarter of 2025 consisting of $136 million of D&C costs, $45 million of land and leasehold costs, and $5 million of capitalized interest.
Full-Year 2025 Production and Financial Results
Net production for the year ended December 31, 2025 averaged 2,149 mmcfe per day, consisting of 1,829 mmcf per day of natural gas, 14,345 bbls per day of oil and 39,022 bbls per day of NGLs, putting liquids at 15% of the overall production mix for 2025.
The realized price, including the impact of settled commodity derivatives, was $3.92 per mcfe for the year ended December 31, 2025. Excluding the impact of settled commodity derivatives, price realizations were $3.56 per mcfe for the year, a $0.13 per mcfe premium to NYMEX natural gas prices.
For the year ended December 31, 2025, Ascent reported Net Income of $728 million, Adjusted Net Income of $827 million and Adjusted EBITDAX of $1.7 billion, along with Cash Flow from Operations of $1.7 billion and Adjusted Free Cash Flow of $749 million. Ascent incurred a total of $832 million of capital expenditures during the year ended December 31, 2025 consisting of $683 million of D&C costs, $124 million of land and leasehold costs, and $26 million of capitalized interest.
Balance Sheet and Liquidity
As of December 31, 2025, Ascent had total debt of approximately $2.1 billion, with $185 million of borrowings and $62 million of letters of credit issued under the credit facility. Liquidity as of December 31, 2025 was approximately $1.76 billion, comprised of $1.75 billion of available borrowing capacity under the credit facility and $4 million of cash on hand. The Company's leverage ratio at the end of the year was 1.20x based on LTM Adjusted EBITDAX.
Operational Update
During the fourth quarter of 2025, the Company spud 11 operated wells, hydraulically fractured 10 wells, and turned-in-line 9 wells with an average lateral length of 13,845 feet. For the full-year, Ascent spud 56 wells, hydraulically fractured 61 wells, and turned-in-line 62 wells with an average lateral length of approximately 16,021 feet. As of December 31, 2025, Ascent had 995 gross operated productive Utica wells.
2025 Year-End Reserves
Ascent reported year-end 2025 proved reserves, under SEC guidelines, of 9.2 tcfe, of which 72% were classified as proved developed and 28% as proved undeveloped. The 2025 drill-bit F&D costs for undeveloped reserves were $0.51 per mcfe as we replaced over 106% of reserves. A summary of the changes in Ascent's proved reserves for the full-year 2025 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. The following table summarizes the Company's natural gas and crude oil hedge position and average downside and upside prices as of December 31, 2025:
Hedge
Summary
--------- --------- ---------------------------- --------------------------
Natural Volume Average Downside Average Upside
Gas (mmbtu/d) Price Price
--------- --------- ---------------------------- --------------------------
2026 1,650,000 $ 3.76 $ 4.28
2027 1,183,000 $ 3.79 $ 4.18
2028 160,000 $ 3.70 $ 4.07
Volume Average Downside Average Upside
Crude Oil (bbls/d) Price Price
--------- --------- ---------------------------- --------------------------
2026 10,000 $ 64.67 --
2027 2,000 $ 63.38 --
Ascent also has a significant portion of its natural gas basis and propane positions hedged in 2026 and 2027. Please reference the financial statements for additional detail on Ascent's hedge position.
Initial 2026 Guidance
The Company expects its full-year 2026 production to average between 2,100 and 2,200 mmcfe/d on D&C capital spend of $650 to $700 million. A detailed summary is included in the table that follows:
Production --------------------------------------- ------------------ Production (mmcfe/d) 2,100 - 2,200 % Natural Gas 85% - 87% Unhedged Differentials --------------------------------------- ------------------ Natural Gas ($/mcf) ($0.25) - ($0.15) Crude Oil ($/bbl) ($10.00) - ($9.00) NGL (% of WTI) 30.0% - 35.0% Operating Expenses ($/mcfe) --------------------------------------- ------------------ Operating Expenses(1) $1.65 - $1.75 G&A(2) $0.08 - $0.10 Capital Expenditures Incurred ($mm)(3) --------------------------------------- ------------------ D&C $650 - $700 Land $175 - $225 Operations ---------------------------------------- ------------------ Operated Rigs 2.5 - 3.0 Average Lateral Length (ft.) 17,500' - 18,500' (1) Includes GP&T (reflects full impact of pending pipeline rate case), LOE, and taxes other than income (2) Excludes long-term incentive compensation expense (3) Excludes capitalized interest, asset retirement obligations and acquisition and divestiture activity
About Ascent Resources
Ascent is one of the largest private producers of natural gas and oil in the United States and is focused on acquiring, developing, producing 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
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