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Ascent Resources Reports Impressive First Quarter Financials for 2026

Ascent Resources Utica Holdings, LLC, a leading producer of natural gas and oil, has recently released its operating and financial results for the first quarter of 2026. The report highlights a robust production performance, coupled with strategic planning and financial confidence amidst a positive industry outlook.

Key Production and Financial Highlights

In the first quarter, Ascent's net production averaged an impressive 2,132 million cubic feet equivalent (mmcfe) per day. Notably, the production of liquids exceeded 49,000 barrels per day during this period. This strong production frame generated $406 million in cash flow from operations, and an Adjusted EBITDAX of $434 million.

The company's Adjusted Free Cash Flow for the quarter totaled $171 million, showcasing its effective operational efficiency and robust market positioning. Notably, Ascent received a credit rating upgrade from Fitch to BB and a positive watch from Moody's, indicating strong investor confidence and market credibility.

Ascent's President and CEO, Brooks Shughart, commented on the successful quarter, emphasizing the effectiveness of the operational team in navigating downtime and achieving strong well output. This operational success, combined with a leading cost structure, propelled the company's free cash flow, which stood at $171 million for the quarter.

Detailed Quarterly Production Figures

The composition of the production volume for the first quarter was illustrated by 1,838 mmcf of natural gas, 11,500 bbl of oil, and 37,589 bbl of natural gas liquids (NGLs), with liquids making up 14% of the production mix. The realized price for production, post commodity derivatives settlement, was reported at $4.12 per mcfe, while the unadjusted realized price reached $5.00 per mcfe.

Ascent reported Net Income of $286 million for the quarter and an Adjusted Net Income of $218 million, reinforcing substantial financial health and profit generation capabilities. The total capital expenditures incurred during this quarter were $227 million, with a significant portion allocated to drilling and operating costs.

Operational Expansion and Update

The first quarter of 2026 saw Ascent operating 19 wells, completing hydraulic fracturing on 13 wells and bringing 10 wells online, which recorded an average lateral length of 18,635 feet. As of the end of March, Ascent maintained 1,005 gross operated and productive wells within the Utica formation.

Financial Stability and Liquidity

At the end of March, Ascent’s financial standing showcased total debt at approximately $2.0 billion, with liquidity approximating $1.78 billion, comprised of available borrowing capacity under the credit facility and cash reserves. The leverage ratio was recorded at 1.17x, emphasizing solid fiscal management.

Hedging and Future Financial Guidance

In addition to operational developments, Ascent has implemented substantial hedging measures that mitigate exposure to commodity price volatility, thereby safeguarding expected operational cash flows. Going forward, the company has updated its 2026 NGL price realization guidance, providing a granular outlook on expected production and pricing metrics.

Ascent Resources continues to thrive as one of the largest private natural gas and oil producers in the United States, with a strong commitment to sustainable practices and economic growth. As the energy landscape evolves, Ascent aims to maintain its trajectory of operational excellence and shareholder returns, emphasizing its core principles of responsible resource management and community engagement.

Ascent is scheduled to hold a conference call on May 8, 2026, at 9 AM CT to discuss these results with analysts and investors, shedding light on its future operational strategies and developments.