ASCENT RESOURCES REPORTS FOURTH QUARTER AND FULL-YEAR 2025 OPERATING AND FINANCIAL RESULTS AND ISSUES INITIAL 2026 GUIDANCE

News provided by

Ascent Resources Utica Holdings, LLC

Mar 05, 2026, 16:00 ET

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 Gas	Volume (mmbtu/d)	Average Downside Price	Average Upside Price
2026	1,650,000	$ 3.76	$ 4.28
2027	1,183,000	$ 3.79	$ 4.18
2028	160,000	$ 3.70	$ 4.07

Crude Oil	Volume (bbls/d)	Average Downside Price	Average Upside 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
[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)	2025	2024	2025	2024

Revenues:
Natural gas	$ 609,617	$ 439,723	$ 2,136,304	$ 1,414,722
Oil	68,498	79,918	295,697	292,018
NGL	81,706	97,538	358,506	309,883
Commodity derivative gain (loss)	150,533	(170,351)	271,846	145,551
Total Revenues	910,354	446,828	3,062,353	2,162,174
Operating Expenses:
Lease operating expenses	32,084	28,181	118,104	111,449
Gathering, processing and transportation expenses	299,729	266,731	1,098,257	1,033,426
Taxes other than income	11,364	10,957	43,426	44,369
Exploration expenses	2,355	6,521	7,999	19,999
General and administrative expenses	39,427	28,336	134,684	109,126
Depreciation, depletion and amortization	192,762	192,777	733,349	747,766
Total Operating Expenses	577,721	533,503	2,135,819	2,066,135
Income (Loss) from Operations	332,633	(86,675)	926,534	96,039
Other Income (Expense):
Interest expense, net	(42,546)	(48,369)	(176,653)	(196,354)
Change in fair value of contingent payment right	5,862	5,254	9,765	22,454
Losses on purchases or exchanges of debt	—	(6,472)	(33,094)	(6,472)
Other income (expense)	(316)	1,476	1,358	29,624
Total Other Expense	(37,000)	(48,111)	(198,624)	(150,748)
Net Income (Loss)	$ 295,633	$ (134,786)	$ 727,910	$ (54,709)

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

	December 31,
($ in thousands)	2025	2024

Current Assets:
Cash and cash equivalents	$ 3,551	$ 8,066
Accounts receivable – natural gas, oil and NGL sales	401,713	352,435
Accounts receivable – joint interest and other	23,816	35,106
Short-term derivative assets	122,604	179,656
Other current assets	11,951	11,054
Total Current Assets	563,635	586,317
Property and Equipment:
Natural gas and oil properties, based on successful efforts accounting	13,188,184	12,354,428
Other property and equipment	46,190	43,991
Less: accumulated depreciation, depletion and amortization	(6,094,028)	(5,364,590)
Property and Equipment, net	7,140,346	7,033,829
Other Assets:
Long-term derivative assets	18,394	11,256
Other long-term assets	57,271	54,849
Total Assets	$ 7,779,646	$ 7,686,251

Current Liabilities:
Accounts payable	$ 182,003	$ 51,811
Accrued interest	47,451	52,530
Short-term derivative liabilities	2,251	1,658
Other current liabilities	613,157	578,024
Total Current Liabilities	844,862	684,023
Long-Term Liabilities:
Long-term debt, net	2,084,794	2,339,589
Long-term derivative liabilities	8,916	46,867
Other long-term liabilities	111,046	106,146
Total Long-Term Liabilities	2,204,756	2,492,602
Member's Equity	4,730,028	4,509,626
Total Liabilities and Member's Equity	$ 7,779,646	$ 7,686,251

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

	Three Months Ended		Year Ended
	December 31,		December 31,
($ in thousands)	2025	2024	2025	2024

Cash Flows from Operating Activities:
Net income (loss)	$ 295,633	$ (134,786)	$ 727,910	$ (54,709)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	192,762	192,777	733,349	747,766
(Gain) loss on commodity derivatives	(150,533)	170,351	(271,846)	(145,551)
Settlements received for commodity derivatives	65,983	64,202	284,401	548,436
Impairment of unproved natural gas and oil properties	1,565	5,117	4,704	15,906
Non-cash interest expense	4,857	7,506	20,678	26,161
Long-term incentive compensation	18,728	9,071	58,621	34,983
Change in fair value of contingent payment right	(5,862)	(5,254)	(9,765)	(22,454)
Losses on purchases or exchanges of debt	—	6,472	33,094	6,472
Other	86	6	94	61
Changes in operating assets and liabilities
Increase in accounts receivable and other assets	(86,720)	(104,777)	(46,473)	(66,228)
Increase in accounts payable, liabilities and other	117,713	69,319	164,521	28,472
Net Cash Provided by Operating Activities	454,212	280,004	1,699,288	1,119,315
Cash Flows from Investing Activities:
Natural gas and oil capital expenditures	(201,989)	(175,703)	(828,075)	(821,090)
Cash paid for acquisitions of natural gas and oil properties	—	—	(33,644)	—
Proceeds from divestiture of natural gas and oil properties	—	—	32,465	—
Additions to other property and equipment	(524)	(564)	(2,697)	(1,738)
Net Cash Used in Investing Activities	(202,513)	(176,267)	(831,951)	(822,828)
Cash Flows from Financing Activities:
Proceeds from credit facility borrowings	550,000	410,000	2,610,000	1,625,000
Repayment of credit facility borrowings	(765,000)	(480,000)	(2,980,000)	(1,835,000)
Proceeds from issuance of long-term debt	100,253	600,000	600,253	600,000
Cash paid for debt issuance costs	(42)	(18,322)	(8,790)	(18,322)
Repayment of long-term debt	—	(597,000)	(514,592)	(597,000)
Cash paid for debt prepayment costs	—	(1,663)	(10,576)	(1,663)
Cash received for settlements of commodity derivatives	—	43,257	—	165,981
Cash paid for distributions to Parent	(137,855)	(56,501)	(581,129)	(232,011)
Other	(395)	(389)	12,982	(2,124)
Net Cash Used in Financing Activities	(253,039)	(100,618)	(871,852)	(295,139)
Net Increase (Decrease) in Cash and Cash Equivalents	(1,340)	3,119	(4,515)	1,348
Cash and Cash Equivalents, Beginning of Period	4,891	4,947	8,066	6,718
Cash and Cash Equivalents, End of Period	$ 3,551	$ 8,066	$ 3,551	$ 8,066

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,
	2025	2024	2025	2024

Net Production Volumes:
Natural gas (mmcf)	183,285	172,654	667,429	696,163
Oil (mbbls)	1,322	1,289	5,236	4,360
NGL (mbbls)	3,519	3,454	14,243	11,755
Natural Gas Equivalents (mmcfe)	212,332	201,114	784,306	792,853

Average Daily Net Production Volumes:
Natural gas (mmcf/d)	1,992	1,877	1,829	1,902
Oil (mbbls/d)	14	14	14	12
NGL (mbbls/d)	38	38	39	32
Natural Gas Equivalents (mmcfe/d)	2,308	2,186	2,149	2,166
% Natural Gas	86 %	86 %	85 %	88 %
% Liquids	14 %	14 %	15 %	12 %

Average Sales Prices:
Natural gas ($/mcf)	$ 3.33	$ 2.55	$ 3.20	$ 2.03
Oil ($/bbl)	$ 51.81	$ 62.00	$ 56.47	$ 66.98
NGL ($/bbl)	$ 23.22	$ 28.24	$ 25.17	$ 26.36

Natural Gas Equivalents ($/mcfe)	$ 3.58	$ 3.07	$ 3.56	$ 2.54
Settlements of commodity derivatives ($/mcfe)	0.31	0.46	0.36	0.90
Average sales price, after effects of settled derivatives ($/mcfe)	$ 3.89	$ 3.53	$ 3.92	$ 3.44

CAPITAL EXPENDITURES INCURRED (Unaudited)

	Three Months Ended		Year Ended
	December 31,		December 31,
($ in thousands)	2025	2024	2025	2024

Capital Expenditures Incurred:
Drilling and completion costs incurred⁽¹⁾	$ 135,733	$ 106,674	$ 683,315	$ 635,215
Land and leasehold costs incurred	44,754	27,049	123,585	126,603
Capitalized interest incurred	4,899	7,870	25,574	32,095
Total Capital Expenditures Incurred⁽²⁾	$ 185,386	$ 141,593	$ 832,474	$ 793,913


⁽¹⁾	Drilling and completion costs incurred excludes asset retirement obligations (ARO) of $0.4 million and $5.1 million for the three months ended December 31, 2025 and 2024, respectively, and $5.0 million and $10.9 million for the years ended December 31, 2025 and 2024, 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: 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		Year Ended
	December 31,		December 31,
($ in thousands)	2025	2024	2025	2024

Net Income (Loss) (GAAP)	$ 295,633	$ (134,786)	$ 727,910	$ (54,709)
Adjustments to reconcile net income (loss) to adjusted net income:
(Gain) loss on commodity derivatives	(150,533)	170,351	(271,846)	(145,551)
Settlements received for commodity derivatives	65,983	91,946	284,401	714,417
Change in fair value of contingent payment right	(5,862)	(5,254)	(9,765)	(22,454)
Long-term incentive compensation⁽¹⁾	18,728	9,071	58,621	34,983
Losses on purchases or exchanges of debt	—	6,472	33,094	6,472
Impairment of unproved natural gas and oil properties	1,565	5,117	4,704	15,906
Legal settlements, loss contingencies and other	—	1,815	—	6,947
Adjusted Net Income (Non-GAAP)	$ 225,514	$ 144,732	$ 827,119	$ 556,011

RECONCILIATION OF ADJUSTED EBITDAX (Unaudited)

	Three Months Ended		Year Ended
	December 31,		December 31,
($ in thousands)	2025	2024	2025	2024

Net Income (Loss) (GAAP)	$ 295,633	$ (134,786)	$ 727,910	$ (54,709)
Adjustments to reconcile net income (loss) to Adjusted EBITDAX:
Exploration expenses	2,355	6,521	7,999	19,999
Depreciation, depletion and amortization	192,762	192,777	733,349	747,766
Interest expense, net	42,546	48,369	176,653	196,354
(Gain) loss on commodity derivatives	(150,533)	170,351	(271,846)	(145,551)
Settlements received for commodity derivatives	65,983	91,946	284,401	714,417
Change in fair value of contingent payment right	(5,862)	(5,254)	(9,765)	(22,454)
Long-term incentive compensation⁽¹⁾	18,728	9,071	58,621	34,983
Losses on purchases or exchanges of debt	—	6,472	33,094	6,472
Legal settlements, loss contingencies and other	—	—	—	3,534
Adjusted EBITDAX (Non-GAAP)	$ 461,612	$ 385,467	$ 1,740,416	$ 1,500,811


⁽¹⁾	The expense associated with the Long-Term Incentive Plan Cash Award of $14.2 million and $6.8 million for the three months ended December 31, 2025 and 2024, respectively, and $38.6 million and $21.1 million for the years ended December 31, 2025 and 2024, respectively, is included in these amounts.

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

	December 31,
($ in thousands)	2025	2024

Net Debt:
Long-term debt, net (GAAP)	$ 2,084,794	$ 2,339,589
Less: cash and cash equivalents	3,551	8,066
Net Debt	$ 2,081,243	$ 2,331,523

Net Debt to LTM Adjusted EBITDAX:
Net Debt	$ 2,081,243	$ 2,331,523
LTM Adjusted EBITDAX	$ 1,740,416	$ 1,500,811
Net Debt to LTM Adjusted EBITDAX (Non-GAAP)	1.20 x	1.55 x

RECONCILIATION OF ADJUSTED FREE CASH FLOW (Unaudited)

	Three Months Ended		Year Ended
	December 31,		December 31,
($ in thousands)	2025	2024	2025	2024

Net Cash Provided by Operating Activities (GAAP)	$ 454,212	$ 280,004	$ 1,699,288	$ 1,119,315
Adjustments to reconcile Net Cash Provided by Operating Activities to Adjusted Free Cash Flow:
Changes in operating assets and liabilities	(30,993)	35,458	(118,048)	37,756
Drilling and completion costs incurred	(135,733)	(106,674)	(683,315)	(635,215)
Land and leasehold costs incurred	(44,754)	(27,049)	(123,585)	(126,603)
Capitalized interest incurred	(4,899)	(7,870)	(25,574)	(32,095)
Financing commodity derivative settlements	—	27,744	—	165,981
Legal settlements, loss contingencies and other	—	—	—	3,534
Adjusted Free Cash Flow (Non-GAAP)⁽¹⁾	$ 237,833	$ 201,613	$ 748,766	$ 532,673


⁽¹⁾	Adjusted Free Cash Flow does not include the impact of the Long-Term Incentive Plan Cash Award of $14.2 million and $6.8 million for the three months ended December 31, 2025 and 2024, respectively, and $38.6 million and $21.1 million for the years ended December 31, 2025 and 2024, respectively.

ASCENT RESOURCES UTICA HOLDINGS, LLC ROLL-FORWARD OF PROVED RESERVES (Unaudited)

		Total
(in mmcfe)		(mmcfe)

Proved Reserves at December 31, 2024		9,002,060
Extensions, discoveries and other additions		243,522
Revisions		729,429
Purchases of reserves		48,899
Sales of reserves		(51,077)
Production		(784,306)
Proved Reserves at December 31, 2025		9,188,527

December 31, 2025:
Proved developed reserves		6,653,385
Proved developed reserves percentage		72 %

Standardized Measure of Discounted Future Net Cash Flows ($ in thousands)(GAAP)		$ 6,490,060
Add: Present value of future income taxes discounted at 10% per annum⁽¹⁾		—
PV-10 ($ in thousands) (Non-GAAP)⁽¹⁾		$ 6,490,060

⁽¹⁾

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, 2025. The average adjusted prices used in Ascent's reserve reports were $3.18 per mcf of natural gas, $56.97 per bbl of oil and $23.04 per bbl of NGL utilizing a benchmark of $3.39 per mmbtu of natural gas and $66.01 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, 2025, 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