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WKN: A2P1D6 | ISIN: GB00BJVH7905 | Ticker-Symbol: A2N
Berlin
01.11.24
19:27 Uhr
0,018 Euro
-0,002
-7,69 %
Branche
Öl/Gas
Aktienmarkt
Sonstige
1-Jahres-Chart
ASCENT RESOURCES PLC Chart 1 Jahr
5-Tage-Chart
ASCENT RESOURCES PLC 5-Tage-Chart
PR Newswire
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Ascent Resources Utica Holdings, LLC: Ascent Resources Reports Fourth Quarter And Full-year 2023 Operating And Financial Results And Issues Initial 2024 Guidance

Fourth Quarter and Full-Year 2023 Highlights:

  • Net production of 2.10 and 2.14 bcfe per day for the quarter and year, respectively
    • Liquids production increased to 35 mbbls per day during the quarter, a 35% increase over the same prior year period
  • Full-year pre-hedge natural gas equivalent price of $2.86 per mcfe, which was a $0.12 per mcfe premium to NYMEX pricing
  • Net Income and Adjusted Net Income(1) of $757 million and $86 million for the quarter, and $2.1 billion and $317 million for the year, respectively
  • Adjusted EBITDAX(1) of $316 million for the quarter and more than $1.2 billion for the year
  • Year-end 2023 total proved reserves of 8.9 tcfe and a reserve replacement of 112%
  • Initial 2024 guidance with maintenance production of 2.0 to 2.1 bcfe per day, and D&C Capex of $625 - $675 million, a decrease of 23% from 2023

(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 7, 2024 /PRNewswire/ -- Ascent Resources Utica Holdings, LLC ("Ascent", "our" or the "Company") today reported its fourth quarter and full-year 2023 operating and financial results and issued initial 2024 guidance. Additionally, Ascent announced a conference call with analysts and investors scheduled for 9 AM CT / 10 AM ET, Friday, March 8, 2024. For more detailed information on Ascent, please refer to our audited 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 2023 results, Ascent's Chairman and Chief Executive Officer, Jeff Fisher said, "We finished the year on a strong note, exceeding the top-end of our production guidance range while coming in on target for capital. The team methodically executed on our development plan, substantially grew liquids production, improved efficiencies, and simplified the balance sheet all while generating positive free cash flow for a fourth consecutive year. Our continued commitment to a maintenance development plan optimizes sustainable free cash flow generation, while our thoughtful approach to hedging positions us to continue to navigate volatile markets."

Fisher continued, "As we move into 2024, our development plan will be more liquids focused, resulting in a modest reduction in gas production, as we continue to rebalance our capital allocation. We also expect to see a substantial reduction in capital intensity in 2024, which is being driven by continued efficiency gains coupled with shallower declines and a focus on optimization of our production base. These elements provide confidence in our plan and reaffirm our ability to generate significant free cash flow in 2024 and beyond. Ascent is well positioned, despite the near-term headwinds facing the industry, as we continue to focus on creating lasting value for our stakeholders."

Fourth Quarter 2023 Financial Results

Fourth quarter 2023 net production averaged 2,095 mmcfe per day, consisting of 1,888 mmcf per day of natural gas, 10,826 bbls per day of oil and 23,707 bbls per day of natural gas liquids ("NGL").

Fourth quarter 2023 price realizations, including the impact of settled commodity derivatives, were $3.24 per mcfe. Excluding the impact of settled commodity derivatives, price realizations were $2.94 per mcfe in the fourth quarter of 2023.

For the fourth quarter of 2023, Ascent reported net income of $757 million, Adjusted Net Income of $86 million and Adjusted EBITDAX of $316 million. Ascent incurred $234 million of total capital expenditures in the fourth quarter of 2023 consisting of $177 million of D&C costs, $49 million of land and leasehold costs, and $8 million of capitalized interest.

Full-Year 2023 Financial Results

Net production for the year ended December 31, 2023 averaged 2,135 mmcfe per day, consisting of 1,953 mmcf per day of natural gas, 10,244 bbls per day of oil and 20,230 bbls per day of NGLs.

Price realizations, including the impact of settled commodity derivatives, were $3.15 per mcfe for the year ended December 31, 2023. Excluding the impact of settled commodity derivatives, price realizations for the year were $2.86 per mcfe.

For the year ended December 31, 2023, Ascent reported net income of $2.1 billion, Adjusted Net Income of $317 million and Adjusted EBITDAX of $1.2 billion. Ascent incurred a total of $1.0 billion of capital expenditures during the year ended December 31, 2023 consisting of $844 million of D&C costs, $138 million of land and leasehold costs, and $36 million for capitalized interest.

Balance Sheet and Liquidity

As of December 31, 2023, Ascent had total debt of approximately $2.5 billion, with $765 million of borrowings and $169 million of letters of credit issued under the credit facility. Liquidity as of December 31, 2023 was approximately $1.1 billion, comprised of $1.1 billion of available borrowing capacity under the credit facility and $7 million of cash on hand. Our leverage ratio at the end of the quarter was 2.0x based on a LTM Adjusted EBITDAX basis.

Operational Update

During the fourth quarter of 2023, we spud 15 operated wells, hydraulically fractured 10 wells, and turned-in-line 19 wells with an average lateral length of approximately 16,700 feet. For the full-year Ascent spud 74 operated wells, hydraulically fractured 75 wells, and turned-in-line 71 wells with an average lateral length of approximately 14,200 feet. As of December 31, 2023, Ascent had 882 gross operated producing Utica wells.

2023 Year-End Reserves

Ascent reported year-end 2023 proved reserves, under SEC guidelines, of 8.89 tcfe, of which 68% were classified as proved developed and 32% as proved undeveloped. The 2023 drill-bit F&D costs for undeveloped reserves were $0.57 per mcfe as we replaced over 112% of reserves. A summary of the changes in Ascent's proved reserves for the full-year 2023 can be found in our financial statements.

Hedging Update

Ascent has significant hedges in place in order to reduce exposure to the volatility in commodity prices, as well as to protect our expected operating cash flow. As of January 10, 2024, Ascent had hedged 1,410,000 mmbtu per day of natural gas production in 2024 at an average downside price of $3.55 per mmbtu, and 1,350,000 mmbtu per day in 2025 at an average downside price of $3.82 per mmbtu. Additionally, Ascent has also hedged nearly 10,000 bbls per day of crude oil production at an average price of $75.46 per bbl in 2024, and 2,000 bbls per day in 2025 at an average price of $70.00. We also have significant natural gas hedges in place for 2026 and subsequent to year-end 2023 we had an opportunity to optimize a portion of that position, resulting in the Company receiving $81 million of proceeds in the first quarter of 2024. Please reference our financial statements for additional detail on our hedge position.

Initial 2024 Guidance

The Company expects its full-year 2024 total capital budget to come in between $750 million and $810 million, be fully funded with operating cash flow and be more than sufficient to hold production flat on an annual basis. A detailed summary including production, differentials, expenses and operational counts is included in the table below:

Initial 2024 Guidance






Production



Total Production (mmcfe/d)


2,000 - 2,100

% Natural Gas


88% - 90%




Differentials



Natural Gas ($/mcf)


($0.25) - ($0.15)

Crude Oil ($/bbl)


($10.00) - ($9.00)

NGL (% of WTI)


27.5% - 32.5%




Operating Expenses



Total Operating Expense (1)


$1.55 - $1.65

G&A (2)


$0.08 - $0.10




Capital Expenditures Incurred ($mm)(3)


$750 - $810

D&C


$625 - $675

Land


$125 - $135




Operations / Well Counts



Operated Rigs


2.5 - 3.0

Wells Spud


60 - 65

Average Spud Lateral Length


16,000' - 16,500'


(1) Includes GP&T, LOE, and Taxes Other than Income
(2) Excludes long-term incentive compensation expense
(3) Excludes capitalized interest

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
[email protected]

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)


2023


2022


2023


2022










Revenues:









Natural gas


$ 436,408


$ 1,047,484


$ 1,770,416


$ 4,700,531

Oil


69,213


62,182


257,708


246,866

NGL


61,956


46,757


198,018


239,071

Commodity derivative gain (loss)


758,301


993,155


2,098,185


(2,687,817)

Total Revenues


1,325,878


2,149,578


4,324,327


2,498,651

Operating Expenses:









Lease operating expenses


27,993


27,640


123,212


101,659

Gathering, processing and transportation expenses


253,682


245,044


975,245


979,987

Taxes other than income


11,454


11,574


47,372


45,724

Exploration expenses


5,971


3,353


12,625


49,142

General and administrative expenses


38,106


23,477


90,930


77,112

Depreciation, depletion and amortization


178,749


181,519


723,951


676,053

Total Operating Expenses


515,955


492,607


1,973,335


1,929,677

Income from Operations


809,923


1,656,971


2,350,992


568,974

Other Income (Expense):









Interest expense, net


(52,714)


(57,426)


(205,910)


(209,731)

Change in fair value of contingent payment right


(651)


(1,955)


(2,570)


(3,302)

Losses on purchases or exchanges of debt


-


-


(26,900)


-

Other income


644


3,409


12,727


5,438

Total Other Expense


(52,721)


(55,972)


(222,653)


(207,595)

Net Income


$ 757,202


$ 1,600,999


$ 2,128,339


$ 361,379

ASCENT RESOURCES UTICA HOLDINGS, LLC

CONSOLIDATED BALANCE SHEETS

(Unaudited)




December 31,

($ in thousands)


2023


2022






Current Assets:





Cash and cash equivalents


$ 6,718


$ 3,894

Accounts receivable - natural gas, oil and NGL sales


266,906


530,385

Accounts receivable - joint interest and other


38,540


35,340

Short-term derivative assets


438,041


14,061

Other current assets


10,620


12,597

Total Current Assets


760,825


596,277

Property and Equipment:





Natural gas and oil properties, based on successful efforts accounting


11,565,453


10,558,533

Other property and equipment


42,542


39,641

Less: accumulated depreciation, depletion and amortization


(4,619,852)


(3,900,730)

Property and Equipment, net


6,988,143


6,697,444

Other Assets:





Long-term derivative assets


288,396


6,081

Other long-term assets


68,486


44,117

Total Assets


$ 8,105,850


$ 7,343,919






Current Liabilities:





Accounts payable


$ 76,333


$ 77,753

Accrued interest


44,665


50,375

Short-term derivative liabilities


13,157


684,204

Other current liabilities


551,894


771,062

Total Current Liabilities


686,049


1,583,394

Long-Term Liabilities:





Long-term debt, net


2,533,873


2,475,222

Long-term derivative liabilities


-


495,464

Other long-term liabilities


124,565


113,061

Total Long-Term Liabilities


2,658,438


3,083,747

Member's Equity


4,761,363


2,676,778

Total Liabilities and Member's Equity


$ 8,105,850


$ 7,343,919

ASCENT RESOURCES UTICA HOLDINGS, LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Three Months Ended


Year Ended



December 31,


December 31,

($ in thousands)


2023


2022


2023


2022










Cash Flows from Operating Activities:









Net income


$ 757,202


$ 1,600,999


$ 2,128,339


$ 361,379

Adjustments to reconcile net income to net cash
provided by operating activities:









Depreciation, depletion and amortization


178,749


181,519


723,951


676,053

(Gain) loss on commodity derivatives


(758,301)


(993,155)


(2,098,185)


2,687,817

Settlements of commodity derivatives


58,169


(339,328)


222,549


(1,868,139)

Impairment of unproved natural gas and oil properties


4,849


2,784


9,640


46,902

Non-cash interest expense


7,823


5,310


23,677


16,851

Long-term incentive compensation


1,006


8,780


3,695


22,745

Change in fair value of contingent payment right


651


1,955


2,570


3,302

Losses on purchases or exchanges of debt


-


-


26,038


-

Other


-


(36)


(1,249)


42

Changes in operating assets and liabilities









(Increase) decrease in accounts receivable and
other assets


(53,888)


241,587


240,713


(96,350)

Increase (decrease) in accounts payable, liabilities
and other


66,657


31,226


(134,679)


191,410

Net Cash Provided by Operating Activities


262,917


741,641


1,147,059


2,042,012

Cash Flows from Investing Activities:









Natural gas and oil capital expenditures


(266,553)


(226,648)


(1,056,348)


(962,335)

Cash paid for acquisition


-


-


-


(250,882)

Additions to other property and equipment


(618)


(559)


(2,769)


(2,096)

Net Cash Used in Investing Activities


(267,171)


(227,207)


(1,059,117)


(1,215,313)

Cash Flows from Financing Activities:









Proceeds from credit facility borrowings


420,000


725,000


2,240,000


4,245,000

Repayment of credit facility borrowings


(400,000)


(1,160,000)


(1,845,000)


(4,370,000)

Proceeds from issuance of long-term debt


-


-


210,000


-

Repayment of long-term debt


-


(2,970)


(549,822)


(2,970)

Cash paid for debt issuance and amendment costs


-


(3)


(11,219)


(16,855)

Cash paid for debt prepayment costs


-


-


(27,491)


-

Cash paid for settlements of commodity derivatives


-


(80,359)


(53,530)


(378,270)

Cash paid to restructure commodity derivatives


-


-


-


(300,000)

Cash paid to Member for Member's equity
distributions


(12,500)


-


(25,003)


-

Cash paid to Member for Member's long-term
incentive Cash Awards


-


-


(17,856)


-

Other


(943)


(332)


(5,197)


(5,384)

Net Cash Provided by (Used in) Financing
Activities


6,557


(518,664)


(85,118)


(828,479)

Net Increase (Decrease) in Cash and Cash
Equivalents


2,303


(4,230)


2,824


(1,780)

Cash and Cash Equivalents, Beginning of Period


4,415


8,124


3,894


5,674

Cash and Cash Equivalents, End of Period


$ 6,718


$ 3,894


$ 6,718


$ 3,894

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,



2023


2022


2023


2022










Net Production Volumes:









Natural gas (mmcf)


173,680


186,422


712,691


719,470

Oil (mbbls)


996


819


3,739


2,814

NGL (mbbls)


2,181


1,539


7,384


5,794

Natural Gas Equivalents (mmcfe)


192,742


200,572


779,429


771,119










Average Daily Net Production Volumes:









Natural gas (mmcf/d)


1,888


2,026


1,953


1,971

Oil (mbbls/d)


11


9


10


8

NGL (mbbls/d)


24


17


20


16

Natural Gas Equivalents (mmcfe/d)


2,095


2,180


2,135


2,113

% Natural Gas


90 %


93 %


91 %


93 %

% Liquids


10 %


7 %


9 %


7 %










Average Sales Prices:









Natural gas ($/mcf)


$ 2.51


$ 5.62


$ 2.48


$ 6.53

Oil ($/bbl)


$ 69.52


$ 75.92


$ 68.92


$ 87.73

NGL ($/bbl)


$ 28.41


$ 30.38


$ 26.82


$ 41.26










Natural Gas Equivalents ($/mcfe)


$ 2.94


$ 5.77


$ 2.86


$ 6.73

Settlements of commodity derivatives ($/mcfe)(a)


0.30


(2.36)


0.29


(2.98)

Average sales price, after effects of settled derivatives
($/mcfe)


$ 3.24


$ 3.41


$ 3.15


$ 3.75

(a)

The year ended December 31, 2022 excludes a one-time payment of $300 million in April 2022 to restructure a portion of our May through December 2022 natural gas swaps, resulting in an increase of our weighted average strike prices for these periods.

CAPITAL EXPENDITURES INCURRED (Unaudited)




Three Months Ended


Year Ended



December 31,


December 31,

($ in thousands)


2023


2022


2023


2022










Capital Expenditures Incurred:









Drilling and completion costs incurred


$ 177,184


$ 201,158


$ 843,625


$ 830,195

Land and leasehold costs incurred


48,514


16,890


138,490


95,947

Capitalized interest incurred


8,166


11,374


36,151


43,893

Total Capital Expenditures Incurred (a)


$ 233,864


$ 229,422


$ 1,018,266


$ 970,035

(a)

Excludes the $250.9 million paid for the XTO Acquisition in 2022.

ASCENT RESOURCES UTICA HOLDINGS, LLC
NON-GAAP FINANCIAL MEASURES

Ascent uses certain non-GAAP measures as a supplement to our 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 our 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, 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)


2023


2022


2023


2022










Net Income (GAAP)


$ 757,202


$ 1,600,999


$ 2,128,339


$ 361,379

Adjustments to reconcile net income to Adjusted Net
Income:









(Gain) loss on commodity derivatives


(758,301)


(993,155)


(2,098,185)


2,687,817

Settlements of commodity derivatives(a)


58,169


(473,217)


222,549


(2,299,939)

Unrealized (gain) loss on interest rate derivatives


2,468


243


2,829


(4,859)

Change in fair value of contingent payment right


651


1,955


2,570


3,302

Long-term incentive compensation(b)


1,006


8,780


3,695


22,745

Losses on purchases or exchanges of debt


-


-


26,900


-

Impairment of unproved natural gas and oil properties


4,849


2,784


9,640


46,902

Non-recurring legal expense (benefit)


20,000


-


20,000


(8,862)

Other


-


(59)


(1,477)


4,079

Adjusted Net Income (Non-GAAP)


$ 86,044


$ 148,330


$ 316,860


$ 812,564

RECONCILIATION OF ADJUSTED EBITDAX (Unaudited)



Three Months Ended


Year Ended



December 31,


December 31,

($ in thousands)


2023


2022


2023


2022










Net Income (GAAP)


$ 757,202


$ 1,600,999


$ 2,128,339


$ 361,379

Adjustments to reconcile net income to Adjusted
EBITDAX:









Exploration expenses


5,971


3,353


12,625


49,142

Depreciation, depletion and amortization


178,749


181,519


723,951


676,053

Interest expense, net


52,714


57,426


205,910


209,731

(Gain) loss on commodity derivatives


(758,301)


(993,155)


(2,098,185)


2,687,817

Settlements of commodity derivatives(a)


58,169


(473,217)


222,549


(2,299,939)

Change in fair value of contingent payment right


651


1,955


2,570


3,302

Long-term incentive compensation(b)


1,006


8,780


3,695


22,745

Losses on purchases or exchanges of debt


-


-


26,900


-

Non-recurring legal expense (benefit)


20,000


-


20,000


(8,862)

Other


-


(59)


(1,477)


2,102

Adjusted EBITDAX (Non-GAAP)


$ 316,161


$ 387,601


$ 1,246,877


$ 1,703,470

(a)

The year ended December 31, 2022 excludes a one-time payment of $300 million in April 2022 to restructure a portion of our May through December 2022 natural gas swaps, resulting in an increase of our weighted average strike prices for these periods.

(b)

The expense associated with the Long-Term Incentive Plan Cash Award of $6.5 million and $17.9 million for the three months and year ended December 31, 2022, respectively, is non-cash to the Company as the Plan was established by our Parent, Ascent Resources, LLC. We did not recognize any expense associated with the Cash Award in 2023.

RECONCILIATION OF NET DEBT & NET DEBT TO LAST TWELVE MONTHS ("LTM") ADJUSTED
EBITDAX (Unaudited)




December 31,

($ in thousands)


2023


2022






Net Debt:





Total debt


$ 2,533,873


$ 2,475,222

Less: cash and cash equivalents


6,718


3,894

Net Debt


$ 2,527,155


$ 2,471,328






Net Debt to LTM Adjusted EBITDAX:





Net Debt


$ 2,527,155


$ 2,471,328

LTM Adjusted EBITDAX (Non-GAAP)(a)


$ 1,246,877


$ 1,703,470

Net Debt to LTM Adjusted EBITDAX


2.0 x


1.5 x

(a)

Only includes impact of XTO acquisition since August 5, 2022.

RECONCILIATION OF ADJUSTED FREE CASH FLOW (Unaudited)




Three Months Ended


Year Ended



December 31,


December 31,

($ in thousands)


2023


2022


2023


2022










Net Cash Provided by Operating Activities (GAAP)


$ 262,917


$ 741,641


$ 1,147,059


$ 2,042,012

Adjustments to reconcile Net Cash Provided by
Operating Activities to Adjusted Free Cash Flow:









Changes in operating assets and liabilities


(12,769)


(272,813)


(106,034)


(95,060)

Drilling and completion costs incurred


(177,184)


(201,158)


(843,625)


(830,195)

Land and leasehold costs incurred


(48,514)


(16,890)


(138,490)


(95,947)

Capitalized interest incurred


(8,166)


(11,374)


(36,151)


(43,893)

Financing commodity derivative settlements


-


(133,889)


-


(431,800)

Non-recurring legal expense (benefit)


20,000


-


20,000


(8,862)

Other


213


125


4,114


4,338

Adjusted Free Cash Flow (Non-GAAP)(a)


$ 36,497


$ 105,642


$ 46,873


$ 540,593

(a)

Adjusted Free Cash Flow does not include the impact of the Long-Term Incentive Cash Award of $6.5 million and $17.9 million for the three months and year ended December 31, 2022, respectively. It is reflected in our consolidated financial statements as a non-cash equity contribution received from our Parent as the Plan was established by our Parent, Ascent Resources, LLC. We did not recognize any expense associated with the Cash Award in 2023.

ASCENT RESOURCES UTICA HOLDINGS, LLC

ROLL-FORWARD OF PROVED RESERVES

(Unaudited)




Year Ended



December 31,

(in mmcfe)


2023




Proved Reserves at December 31, 2022


8,870,883

Extensions, discoveries and other additions


958,868

Revisions


(163,953)

Production


(779,429)

Proved Reserves at December 31, 2023


8,886,369




Proved developed reserves


6,037,398

Proved developed reserves percentage


68 %




Standardized Measure of Discounted Future Net Cash Flows ($ in thousands)(GAAP)


$ 3,493,396

Add: Present value of future income taxes discounted at 10% per annum(a)


-

PV-10 ($ in thousands) (Non-GAAP)(a)


$ 3,493,396

(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, 2023. The average adjusted prices used in Ascent's reserve reports were $2.23 per mcf of natural gas, $70.40 per bbl of oil and $24.05 per bbl of NGL utilizing a benchmark of $2.64 per mmbtu of natural gas and $78.21 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, 2023, 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.

SOURCE Ascent Resources Utica Holdings, LLC

© 2024 PR Newswire
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