ASCENT RESOURCES REPORTS FIRST QUARTER 2026 OPERATING AND FINANCIAL RESULTS AND PROVIDES 2026 NGL GUIDANCE DETAIL

News provided by

Ascent Resources Utica Holdings, LLC

May 07, 2026, 16:00 ET

First Quarter Highlights:

Net production averaged 2,132 mmcfe per day, with liquids production averaging over 49,000 bbls per day during the quarter
Generated Cash Flow from Operations and Adjusted EBITDAX⁽¹⁾of $406 million and $434 million, respectively
Adjusted Free Cash Flow⁽¹⁾for the quarter was $171 million
Received credit rating upgrade from Fitch to BB, and were put on positive watch at Moody's
Provided incremental 2026 NGL guidance detail around C2 and C3+ price realizations

⁽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, May 7, 2026 /PRNewswire/ -- Ascent Resources Utica Holdings, LLC ("Ascent" or the "Company") today reported first quarter 2026 operating and financial results along with additional details on 2026 NGL price realization guidance. Additionally, Ascent announced a conference call with analysts and investors scheduled for 9 AM CT / 10 AM ET, Friday, May 8, 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 first quarter results, Ascent's President and Chief Executive Officer, Brooks Shughart said, "2026 is off to an exceptionally strong start, with our operations team delivering solid production due to continued downtime mitigation and strong recent well results. This operational momentum, combined with a basin leading cost structure, resulted in Adjusted Free Cash Flow of $171 million for the quarter."

Shughart continued, "In the current macro environment, we continue to prioritize consistent execution supported by a balanced development program, disciplined capital allocation and strong risk management. Our ability to generate sustainable free cash flow across commodity price cycles supports long-term value creation."

First Quarter 2026 Production and Financial Results

First quarter 2026 net production averaged 2,132 mmcfe per day, consisting of 1,838 mmcf per day of natural gas, 11,500 bbls per day of oil and 37,589 bbls per day of natural gas liquids ("NGLs"), putting liquids at 14% of the overall production mix for the quarter.

The first quarter 2026 realized price, including the impact of settled commodity derivatives, was $4.12 per mcfe. Excluding the impact of settled commodity derivatives, the realized price was $5.00 per mcfe in the first quarter of 2026.

For the first quarter of 2026, Ascent reported Net Income of $286 million, Adjusted Net Income of $218 million, Adjusted EBITDAX of $434 million, along with Cash Flows from Operations of $406 million and Adjusted Free Cash Flow of $171 million. Ascent incurred $227 million of total capital expenditures in the first quarter of 2026 consisting of $188 million of D&C costs, $34 million of land and leasehold costs, and $5 million of capitalized interest.

Balance Sheet and Liquidity

As of March 31, 2026, Ascent had total debt of approximately $2.0 billion, with $140 million of borrowings and $91 million of letters of credit issued under the credit facility. Liquidity as of March 31, 2026 was approximately $1.78 billion, comprised of $1.77 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 quarter was 1.17x based on LTM Adjusted EBITDAX. Subsequent to quarter-end, we reaffirmed the current borrowing base under our credit facility of $3.0 billion with elected commitments of $2.0 billion, while also reducing our letters of credit by $29 million, to $62 million.

Operational Update

During the first quarter of 2026, the Company spud 19 operated wells, hydraulically fractured 13 wells, and turned-in-line 10 wells with an average lateral length of 18,635 feet. As of March 31, 2026, Ascent had 1,005 gross operated productive Utica wells.

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 March 31, 2026:

Hedge Summary
Natural Gas	Volume (mmbtu/d)	Average Downside Price	Average Upside Price
Bal 2026	1,682,000	$3.76	$4.28
2027	1,263,000	$3.79	$4.17
2028	173,000	$3.70	$4.05

Crude Oil	Volume (bbls/d)	Average Downside Price	Average Upside Price
Bal 2026	11,300	$64.45	$65.38
2027	8,000	$65.79	$67.66

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.

Updated 2026 Guidance

The Company has updated 2026 guidance to provide incremental detail around NGL price realizations. 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)
C2 (% of HH)⁽¹⁾		60% - 70%
C3+ (% of WTI)		40% - 50%

Operating Expenses ($/mcfe)
Operating Expenses⁽²⁾		$1.65 - $1.75
G&A⁽³⁾		$0.08 - $0.10

Capital Expenditures Incurred ($mm)⁽⁴⁾
D&C		$650 - $700
Land		$175 - $225

Operations
Operated Rigs		2.5 - 3.0

⁽¹⁾C2 gallons converted to MMBtu using GPSA standard thermal conversion factor of 15.0738. Historically, our NGL barrel has averaged 35-40% C2, with the balance being C3+.

⁽²⁾Includes GP&T (reflects full impact of pending pipeline rate case), LOE, and taxes other than income. Subsequent to quarter-end, a settlement was reached in principle resolving the previously disclosed rate protest. As the rate case is pending final FERC approval, the operating expense guidance above does not reflect the outcome of this settlement.

⁽³⁾Excludes long-term incentive compensation expense.

⁽⁴⁾ 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
[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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended
	March 31,
($ in thousands)	2026	2025

Revenues:
Natural gas	$ 809,779	$ 560,569
Oil	66,197	78,863
NGL	84,253	108,209
Commodity derivative loss	(94,125)	(551,019)
Total Revenues	866,104	196,622
Operating Expenses:
Lease operating expenses	36,546	32,645
Gathering, processing and transportation expenses	287,902	259,287
Taxes other than income	12,298	10,581
Exploration expenses	1,275	1,640
General and administrative expenses	34,915	34,281
Depreciation, depletion and amortization	174,406	172,724
Total Operating Expenses	547,342	511,158
Income (Loss) from Operations	318,762	(314,536)
Other Income (Expense):
Interest expense, net	(40,809)	(46,732)
Change in fair value of contingent payment right	7,508	(2,120)
Other income	463	915
Total Other Expense	(32,838)	(47,937)
Net Income (Loss)	$ 285,924	$ (362,473)

ASCENT RESOURCES UTICA HOLDINGS, LLC CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	March 31,	December 31,
($ in thousands)	2026	2025

Current Assets:
Cash and cash equivalents	$ 8,428	$ 3,551
Accounts receivable – natural gas, oil and NGL sales	313,093	401,713
Accounts receivable – joint interest and other	64,993	23,816
Short-term derivative assets	133,718	122,604
Other current assets	12,273	11,951
Total Current Assets	532,505	563,635
Property and Equipment:
Natural gas and oil properties, based on successful efforts accounting	13,415,050	13,188,184
Other property and equipment	47,643	46,190
Less: accumulated depreciation, depletion and amortization	(6,267,546)	(6,094,028)
Property and Equipment, net	7,195,147	7,140,346
Other Assets:
Long-term derivative assets	85,494	18,394
Other long-term assets	59,431	57,271
Total Assets	$ 7,872,577	$ 7,779,646

Current Liabilities:
Accounts payable	$ 165,613	$ 182,003
Accrued interest	42,961	47,451
Short-term derivative liabilities	14,412	2,251
Other current liabilities	636,726	613,157
Total Current Liabilities	859,712	844,862
Long-Term Liabilities:
Long-term debt, net	2,043,707	2,084,794
Long-term derivative liabilities	491	8,916
Other long-term liabilities	109,729	111,046
Total Long-Term Liabilities	2,153,927	2,204,756
Member's Equity	4,858,938	4,730,028
Total Liabilities and Member's Equity	$ 7,872,577	$ 7,779,646

ASCENT RESOURCES UTICA HOLDINGS, LLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended
	March 31,
($ in thousands)	2026	2025

Cash Flows from Operating Activities:
Net income (loss)	$ 285,924	$ (362,473)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	174,406	172,724
Loss on commodity derivatives	94,125	551,019
Settlements (paid) received for commodity derivatives	(162,106)	6,238
Impairment of unproved natural gas and oil properties	764	1,109
Non-cash interest expense	4,983	5,564
Long-term incentive compensation	13,532	11,655
Change in fair value of contingent payment right	(7,508)	2,120
Changes in operating assets and liabilities	2,007	(28,845)
Net Cash Provided by Operating Activities	406,127	359,111
Cash Flows from Investing Activities:
Natural gas and oil capital expenditures	(178,222)	(185,540)
Additions to other property and equipment	(420)	(460)
Cash paid for acquisitions of natural gas and oil properties	—	(33,665)
Proceeds from divestiture of natural gas and oil properties	—	37,095
Net Cash Used in Investing Activities	(178,642)	(182,570)
Cash Flows from Financing Activities:
Proceeds from credit facility borrowings	690,000	535,000
Repayment of credit facility borrowings	(735,000)	(605,000)
Cash paid for settlements of commodity derivatives	(6,497)	—
Cash paid for distributions to Parent	(178,546)	(106,736)
Other	7,435	(535)
Net Cash Used in Financing Activities	(222,608)	(177,271)
Net Increase (Decrease) in Cash and Cash Equivalents	4,877	(730)
Cash and Cash Equivalents, Beginning of Period	3,551	8,066
Cash and Cash Equivalents, End of Period	$ 8,428	$ 7,336

ASCENT RESOURCES UTICA HOLDINGS, LLC SUPPLEMENTAL TABLES NATURAL GAS, OIL AND NGL PRODUCTION AND PRICES (Unaudited)

	Three Months Ended
	March 31,
	2026	2025

Net Production Volumes:
Natural gas (mmcf)	165,403	151,512
Oil (mbbls)	1,035	1,245
C3+ NGL (mbbls)	1,990	2,165
C2 Ethane (mbbls)	1,393	1,416
Natural Gas Equivalents (mmcfe)	191,905	180,160

Average Daily Net Production Volumes:
Natural gas (mmcf/d)	1,838	1,680
Oil (mbbls/d)	12	14
C3+ NGL (mbbls/d)	22	24
C2 Ethane (mbbls/d)	15	16
Natural Gas Equivalents (mmcfe/d)	2,132	2,002
% Natural Gas	86 %	84 %
% Liquids	14 %	16 %

Average Sales Prices:
Natural gas ($/mcf)	$ 4.90	$ 3.71
Oil ($/bbl)	$ 63.96	$ 63.34
C3+ NGL ($/bbl)	$ 35.64	$ 43.10
C2 Ethane ($/bbl)	$ 9.57	$ 10.52

Natural Gas Equivalents ($/mcfe)	$ 5.00	$ 4.15
Settlements of commodity derivatives ($/mcfe)	(0.88)	0.03
Average sales price, after effects of settled derivatives ($/mcfe)	$ 4.12	$ 4.18

CAPITAL EXPENDITURES INCURRED (Unaudited)

	Three Months Ended
	March 31,
($ in thousands)	2026	2025

Capital Expenditures Incurred:
Drilling and completion costs incurred⁽¹⁾	$ 187,689	$ 176,722
Land and leasehold costs incurred	33,992	27,731
Capitalized interest incurred	5,100	6,528
Total Capital Expenditures Incurred⁽²⁾	$ 226,781	$ 210,981

⁽¹⁾	Drilling and completion costs incurred excludes asset retirement obligations (ARO) of $0.8 million and $(0.1) million for the three months ended March 31, 2026 and 2025, respectively.
⁽²⁾	Excludes acquisition and divestiture activity.

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, Last Twelve Months (LTM) 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 and LTM 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 long-term debt, net, 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. This measure also excludes the impact of acquisition and divestiture activity, as these are considered non-recurring and not reflective of the company's core operating performance. 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
	March 31,
($ in thousands)	2026	2025

Net Income (Loss) (GAAP)	$ 285,924	$ (362,473)
Adjustments to reconcile net income (loss) to adjusted net income:
Loss on commodity derivatives	94,125	551,019
Settlements (paid) received for commodity derivatives	(168,603)	6,238
Change in fair value of contingent payment right	(7,508)	2,120
Long-term incentive compensation⁽¹⁾	13,532	11,655
Impairment of unproved natural gas and oil properties	764	1,109
Adjusted Net Income (Non-GAAP)	$ 218,234	$ 209,668

RECONCILIATION OF ADJUSTED EBITDAX (Unaudited)

	Three Months Ended
	March 31,
($ in thousands)	2026	2025

Net Income (Loss) (GAAP)	$ 285,924	$ (362,473)
Adjustments to reconcile net income (loss) to Adjusted EBITDAX:
Exploration expenses	1,275	1,640
Depreciation, depletion and amortization	174,406	172,724
Interest expense, net	40,809	46,732
Loss on commodity derivatives	94,125	551,019
Settlements (paid) received for commodity derivatives	(168,603)	6,238
Change in fair value of contingent payment right	(7,508)	2,120
Long-term incentive compensation⁽¹⁾	13,532	11,655
Adjusted EBITDAX (Non-GAAP)	$ 433,960	$ 429,655

⁽¹⁾	The expense associated with the Long-Term Incentive Plan Cash Award of $6.2 million and $8.1 million for the three months ended March 31, 2026 and 2025, respectively, is included in these amounts.

RECONCILIATION OF LTM ADJUSTED EBITDAX (Unaudited)

	Three Months Ended				Twelve Months Ended
	March 31,	December 31,	September 30,	June 30,	March 31,
($ in thousands)	2026	2025	2025	2025	2026

Net Income (GAAP)	$ 285,924	$ 295,633	$ 327,889	$ 466,861	$ 1,376,307
Adjustments to reconcile net income to Adjusted EBITDAX:
Exploration expenses	1,275	2,355	1,874	2,130	7,634
Depreciation, depletion and amortization	174,406	192,762	194,130	173,733	735,031
Interest expense, net	40,809	42,546	42,831	44,544	170,730
Loss (gain) on commodity derivatives	94,125	(150,533)	(262,248)	(410,084)	(728,740)
Settlements (paid) received for commodity derivatives	(168,603)	65,983	132,345	79,835	109,560
Change in fair value of contingent payment right	(7,508)	(5,862)	(7,117)	1,094	(19,393)
Long-term incentive compensation⁽¹⁾	13,532	18,728	13,552	14,686	60,498
Losses on purchases or exchanges of debt	—	—	—	33,094	33,094
Adjusted EBITDAX (Non-GAAP)	$ 433,960	$ 461,612	$ 443,256	$ 405,893	$ 1,744,721

	Three Months Ended				Twelve Months Ended
	March 31,	December 31,	September 30,	June 30,	March 31,
($ in thousands)	2025	2024	2024	2024	2025

Net Income (Loss) (GAAP)	$ (362,473)	$ (134,786)	$ 92,398	$ (98,046)	$ (502,907)
Adjustments to reconcile net income (loss) to Adjusted EBITDAX:
Exploration expenses	1,640	6,521	4,122	3,335	15,618
Depreciation, depletion and amortization	172,724	192,777	181,049	186,940	733,490
Interest expense, net	46,732	48,369	48,607	49,166	192,874
Loss (gain) on commodity derivatives	551,019	170,351	(175,725)	(23,918)	521,727
Settlements received for commodity derivatives	6,238	91,946	191,305	204,604	494,093
Change in fair value of contingent payment right	2,120	(5,254)	(20,291)	(605)	(24,030)
Long-term incentive compensation⁽¹⁾	11,655	9,071	5,646	10,952	37,324
Losses on purchases or exchanges of debt	—	6,472	—	—	6,472
Legal settlements, loss contingencies and other	—	—	18	244	262
Adjusted EBITDAX (Non-GAAP)	$ 429,655	$ 385,467	$ 327,129	$ 332,672	$ 1,474,923

⁽¹⁾

The expense associated with the Long-Term Incentive Plan Cash Award of $6.2 million, $14.2 million, $7.9 million, $8.4 million, $8.1 million, $6.8 million, $3.0 million and $6.5 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, is included in these amounts.

RECONCILIATION OF NET DEBT & NET DEBT TO LTM ADJUSTED EBITDAX (Unaudited)

	March 31,
($ in thousands)	2026	2025

Net Debt:
Long-term debt, net (GAAP)	$ 2,043,707	$ 2,273,515
Less: cash and cash equivalents	8,428	7,336
Net Debt	$ 2,035,279	$ 2,266,179

Net Debt to LTM Adjusted EBITDAX:
Net Debt	$ 2,035,279	$ 2,266,179
LTM Adjusted EBITDAX	$ 1,744,721	$ 1,474,923
Net Debt to LTM Adjusted EBITDAX (Non-GAAP)	1.17 x	1.54 x

RECONCILIATION OF ADJUSTED FREE CASH FLOW (Unaudited)

	Three Months Ended
	March 31,
($ in thousands)	2026	2025

Net Cash Provided by Operating Activities (GAAP)	$ 406,127	$ 359,111
Adjustments to reconcile Net Cash Provided by Operating Activities to Adjusted Free Cash Flow:
Changes in operating assets and liabilities	(2,007)	28,845
Drilling and completion costs incurred	(187,689)	(176,722)
Land and leasehold costs incurred	(33,992)	(27,731)
Capitalized interest incurred	(5,100)	(6,528)
Financing commodity derivative settlements	(6,497)	—
Adjusted Free Cash Flow (Non-GAAP)⁽¹⁾	$ 170,842	$ 176,975

⁽¹⁾	Adjusted Free Cash Flow does not include the impact of the Long-Term Incentive Plan Cash Award of $6.2 million and $8.1 million for the three months ended March 31, 2026 and 2025, respectively.

SOURCE Ascent Resources Utica Holdings, LLC