ASCENT RESOURCES REPORTS THIRD QUARTER 2025 OPERATING AND FINANCIAL RESULTS AND ANNOUNCES UPDATED 2025 GUIDANCE

News provided by

Ascent Resources Utica Holdings, LLC

Nov 05, 2025, 16:00 ET

Third Quarter Highlights:

Net production of 2,247 mmcfe per day, with liquids production representing 15% of total
Pre-hedge natural gas equivalent realized prices were $3.13 per mcfe, representing a $0.06 per mcfe premium to NYMEX natural gas prices
Cash Flows from Operations and Adjusted EBITDAX⁽¹⁾ of $479 million and $443 million, respectively
Adjusted Free Cash Flow⁽¹⁾of $222 million
Debt reduction of $120 million on the credit facility
Subsequent to quarter end, the Company issued $101 million of 5.875% Senior Notes due 2029 in an add-on offering with proceeds used to repay borrowings on its credit facility
Updated full-year 2025 guidance to reflect latest operational and market conditions

⁽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, Nov. 5, 2025 /PRNewswire/ -- Ascent Resources Utica Holdings, LLC ("Ascent" or the "Company") today reported third quarter 2025 operating and financial results and issued updated 2025 guidance. Additionally, Ascent announced a conference call with analysts and investors scheduled for 9 AM CT / 10 AM ET, Thursday, November 6, 2025. 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 third quarter results, Ascent's Chairman and Chief Executive Officer, Jeff Fisher said, "Ascent delivered another exceptional quarter of operational and financial results, driven by our strong production profile and exceptional well performance. This outstanding execution was the result of our efforts to reduce operating costs, improve efficiencies and capture higher margins through increased scale. As we enter the fourth quarter, we are poised to capitalize on this momentum and finish the year strong, with a clear path to generating record Adjusted Free Cash Flow in 2025."

Fisher continued, "Looking ahead, the Company stands to benefit from a structurally tighter natural gas market, while our approach to risk insulates us from short-term volatility. When combined with our operational excellence, we are well positioned to deliver lasting, long-term value to all stakeholders."

Third Quarter 2025 Production and Financial Results

Third quarter 2025 net production averaged 2,247 mmcfe per day, consisting of 1,900 mmcf per day of natural gas, 16,130 bbls per day of oil and 41,652 bbls per day of natural gas liquids ("NGL"), putting liquids at 15% of the overall production mix for the quarter.

The third quarter 2025 realized price, including the impact of settled commodity derivatives, was $3.77 per mcfe. Excluding the impact of settled commodity derivatives, the realized price was $3.13 per mcfe in the third quarter of 2025.

For the third quarter of 2025, Ascent reported Net Income of $328 million, Adjusted Net Income of $206 million, Adjusted EBITDAX of $443 million, along with Cash Flows from Operations of $479 million and Adjusted Free Cash Flow of $222 million. Ascent incurred $182 million of total capital expenditures in the third quarter of 2025 consisting of $147 million of D&C costs, $29 million of land and leasehold costs, and $6 million of capitalized interest.

Year-to-Date 2025 Production and Financial Results

Net production for the nine months ended September 30, 2025 averaged 2,095 mmcfe per day, consisting of 1,773 mmcf per day of natural gas, 14,337 bbls per day of oil and 39,282 bbls per day of NGL.

The realized price, including the impact of settled commodity derivatives, was $3.93 per mcfe for the nine months ended September 30, 2025. Excluding the impact of settled commodity derivatives, price realizations were $3.55 per mcfe for the year-to-date period.

For the nine months ended September 30, 2025, Ascent reported Net Income of $432 million, Adjusted Net Income of $602 million and Adjusted EBITDAX of $1.3 billion, along with Cash Flow from Operations of $1.2 billion and Adjusted Free Cash Flow of $511 million. Ascent incurred a total of $647 million of capital expenditures during the nine months ended September 30, 2025 consisting of $548 million of D&C costs, $79 million of land and leasehold costs, and $21 million of capitalized interest.

Balance Sheet and Liquidity

As of September 30, 2025, Ascent had total debt of approximately $2.2 billion, with $400 million of borrowings and $83 million of letters of credit issued under the credit facility. Liquidity as of September 30, 2025 was in excess of $1.5 billion, comprised of approximately $1.5 billion of available borrowing capacity under the credit facility and $5 million of cash on hand. The Company's leverage ratio at the end of the quarter was 1.32x based on a LTM Adjusted EBITDAX basis.

In mid-October, Ascent issued $101 million of its existing 5.875% senior unsecured notes due 2029 in an add-on offering, increasing the aggregate principal amount outstanding to $500 million. Proceeds from the offering were used to repay borrowings under its revolving credit facility. This transaction reaffirms the Company's commitment to risk management and reduces its cost of capital.

Operational Update

During the third quarter of 2025, the Company spud 12 operated wells, hydraulically fractured 10 wells, and turned-in-line 18 wells with an average lateral length of 16,376 feet. As of September 30, 2025, Ascent had 972 gross operated producing 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 September 30, 2025:

Hedge Summary
Natural Gas	Volume (mmbtu/d)	Average Downside Price	Average Upside Price
Remainder of 2025	1,620,000	$ 3.80	$ 4.40
2026	1,570,000	$ 3.75	$ 4.27
2027	970,000	$ 3.79	$ 4.14
2028	150,000	$ 3.71	$ 4.03

Crude Oil	Volume (bbls/d)	Average Downside Price	Average Upside Price
Remainder of 2025	11,000	$ 70.36	$ 73.09
2026	10,000	$ 64.67	—
2027	2,000	$ 63.38	—

Ascent also has a significant portion of its natural gas basis and propane position hedged for the remainder of 2025 and 2026. Please reference the financial statements for additional detail on Ascent's hedge position.

Guidance Update

The Company has updated its full-year 2025 guidance to reflect our latest views on the year. A detailed summary including production, expense and operational counts is included in the table that follows:

Updated 2025 Guidance

Production
Production (mmcfe/d)		2,050 - 2,150
% Natural Gas		84% - 86%

Unhedged Differentials
Natural Gas ($/mcf)		($0.25) - ($0.20)
Crude Oil ($/bbl)		($9.00) - ($8.00)
NGL (% of WTI)		35.0% - 40.0%

Operating Expenses ($/mcfe)
Operating Expenses⁽¹⁾		$1.55 - $1.65
G&A⁽²⁾		$0.09 - $0.11

Capital Expenditures Incurred ($mm) ⁽³⁾		$780 - $840
D&C		$650 - $700
Land		$130 - $140

Operations / Well Counts
Wells Spud		50 - 55
Average Spud Lateral Length		16,750' - 17,250'

⁽¹⁾	Includes GP&T, 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, 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		Nine Months Ended
	September 30,		September 30,
($ in thousands)	2025	2024	2025	2024

Revenues:
Natural gas	$ 476,142	$ 300,736	$ 1,526,687	$ 974,999
Oil	83,013	74,396	227,199	212,100
NGL	87,113	61,649	276,800	212,345
Commodity derivative gain	262,248	175,725	121,313	315,902
Total Revenues	908,516	612,506	2,151,999	1,715,346
Operating Expenses:
Lease operating expenses	27,728	26,202	86,020	83,268
Gathering, processing and transportation expenses	280,714	248,984	798,528	766,695
Taxes other than income	10,874	10,888	32,062	33,412
Exploration expenses	1,874	4,122	5,644	13,478
General and administrative expenses	29,689	21,568	95,257	80,790
Depreciation, depletion and amortization	194,130	181,049	540,587	554,989
Total Operating Expenses	545,009	492,813	1,558,098	1,532,632
Income from Operations	363,507	119,693	593,901	182,714
Other Income (Expense):
Interest expense, net	(42,831)	(48,607)	(134,107)	(147,985)
Change in fair value of contingent payment right	7,117	20,291	3,903	17,200
Losses on purchases or exchanges of debt	—	—	(33,094)	—
Other income	96	1,021	1,674	28,148
Total Other Expense	(35,618)	(27,295)	(161,624)	(102,637)
Net Income	$ 327,889	$ 92,398	$ 432,277	$ 80,077

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

	September 30,	December 31,
($ in thousands)	2025	2024

Current Assets:
Cash and cash equivalents	$ 4,891	$ 8,066
Accounts receivable – natural gas, oil and NGL sales	288,136	352,435
Accounts receivable – joint interest and other	55,969	35,106
Short-term derivative assets	110,406	179,656
Other current assets	8,649	11,054
Total Current Assets	468,051	586,317
Property and Equipment:
Natural gas and oil properties, based on successful efforts accounting	13,003,923	12,354,428
Other property and equipment	46,443	43,991
Less: accumulated depreciation, depletion and amortization	(5,902,579)	(5,364,590)
Property and Equipment, net	7,147,787	7,033,829
Other Assets:
Long-term derivative assets	702	11,256
Other long-term assets	55,821	54,849
Total Assets	$ 7,672,361	$ 7,686,251

Current Liabilities:
Accounts payable	$ 156,930	$ 51,811
Accrued interest	50,815	52,530
Short-term derivative liabilities	5,410	1,658
Other current liabilities	539,121	578,024
Total Current Liabilities	752,276	684,023
Long-Term Liabilities:
Long-term debt, net	2,195,796	2,339,589
Long-term derivative liabilities	60,417	46,867
Other long-term liabilities	110,350	106,146
Total Long-Term Liabilities	2,366,563	2,492,602
Member's Equity	4,553,522	4,509,626
Total Liabilities and Member's Equity	$ 7,672,361	$ 7,686,251

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

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
($ in thousands)	2025	2024	2025	2024

Cash Flows from Operating Activities:
Net income	$ 327,889	$ 92,398	$ 432,277	$ 80,077
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	194,130	181,049	540,587	554,989
Gain on commodity derivatives	(262,248)	(175,725)	(121,313)	(315,902)
Settlements received for commodity derivatives	132,345	148,964	218,418	484,234
Impairment of unproved natural gas and oil properties	1,284	2,679	3,139	10,789
Non-cash interest expense	4,694	6,970	15,821	18,655
Long-term incentive compensation	13,552	5,646	39,893	25,912
Change in fair value of contingent payment right	(7,117)	(20,291)	(3,903)	(17,200)
Losses on purchases or exchanges of debt	—	—	33,094	—
Other	8	35	8	55
Changes in operating assets and liabilities	74,145	18,126	87,055	(2,298)
Net Cash Provided by Operating Activities	478,682	259,851	1,245,076	839,311
Cash Flows from Investing Activities:
Natural gas and oil capital expenditures	(217,558)	(210,997)	(626,086)	(645,387)
Cash paid for acquisitions	—	—	(33,644)	—
Proceeds (disbursements) from divestiture of natural gas and oil properties	(2,827)	—	32,465	—
Additions to other property and equipment	(990)	(329)	(2,173)	(1,174)
Net Cash Used in Investing Activities	(221,375)	(211,326)	(629,438)	(646,561)
Cash Flows from Financing Activities:
Proceeds from credit facility borrowings	425,000	365,000	2,060,000	1,215,000
Repayment of credit facility borrowings	(545,000)	(395,000)	(2,215,000)	(1,355,000)
Proceeds from issuance of long-term debt	—	—	500,000	—
Cash paid for debt issuance costs	(514)	—	(8,748)	—
Repayment of long-term debt	—	—	(514,592)	—
Cash paid for debt prepayment costs	—	—	(10,576)	—
Cash received for settlements of commodity derivatives	—	38,119	—	122,724
Cash paid for distributions to Parent	(138,954)	(56,863)	(443,274)	(175,510)
Other	(512)	(396)	13,377	(1,735)
Net Cash Used in Financing Activities	(259,980)	(49,140)	(618,813)	(194,521)
Net Decrease in Cash and Cash Equivalents	(2,673)	(615)	(3,175)	(1,771)
Cash and Cash Equivalents, Beginning of Period	7,564	5,562	8,066	6,718
Cash and Cash Equivalents, End of Period	$ 4,891	$ 4,947	$ 4,891	$ 4,947

ASCENT RESOURCES UTICA HOLDINGS, LLC
SUPPLEMENTAL TABLES

NATURAL GAS, OIL AND NGL PRODUCTION AND PRICES
(Unaudited)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024

Net Production Volumes:
Natural gas (mmcf)	174,794	168,300	484,144	523,509
Oil (mbbls)	1,484	1,105	3,914	3,071
NGL (mbbls)	3,832	2,658	10,724	8,301
Natural Gas Equivalents (mmcfe)	206,689	190,881	571,974	591,739

Average Daily Net Production Volumes:
Natural gas (mmcf/d)	1,900	1,829	1,773	1,911
Oil (mbbls/d)	16	12	14	11
NGL (mbbls/d)	42	29	39	30
Natural Gas Equivalents (mmcfe/d)	2,247	2,075	2,095	2,160
% Natural Gas	85 %	88 %	85 %	88 %
% Liquids	15 %	12 %	15 %	12 %

Average Sales Prices:
Natural gas ($/mcf)	$ 2.72	$ 1.79	$ 3.15	$ 1.86
Oil ($/bbl)	$ 55.94	$ 67.33	$ 58.05	$ 69.07
NGL ($/bbl)	$ 22.73	$ 23.19	$ 25.81	$ 25.58

Natural Gas Equivalents ($/mcfe)	$ 3.13	$ 2.29	$ 3.55	$ 2.36
Settlements of commodity derivatives ($/mcfe)	0.64	1.00	0.38	1.05
Average sales price, after effects of settled derivatives ($/mcfe)	$ 3.77	$ 3.29	$ 3.93	$ 3.41

CAPITAL EXPENDITURES INCURRED
(Unaudited)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
($ in thousands)	2025	2024	2025	2024

Capital Expenditures Incurred:
Drilling and completion costs incurred⁽¹⁾	$ 147,208	$ 192,417	$ 547,582	$ 528,541
Land and leasehold costs incurred	29,199	27,270	78,831	99,554
Capitalized interest incurred	5,850	8,697	20,675	24,225
Total Capital Expenditures Incurred⁽²⁾	$ 182,257	$ 228,384	$ 647,088	$ 652,320

⁽¹⁾	Drilling and completion costs incurred excludes asset retirement obligations (ARO) of $4.1 million and $5.1 million for the three months ended September 30, 2025 and 2024, respectively, and $4.5 million and $5.8 million for the nine months ended September 30, 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 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		Nine Months Ended
	September 30,		September 30,
($ in thousands)	2025	2024	2025	2024

Net Income (Loss) (GAAP)	$ 327,889	$ 92,398	$ 432,277	$ 80,077
Adjustments to reconcile net income (loss) to adjusted net income (loss):
(Gain) loss on commodity derivatives	(262,248)	(175,725)	(121,313)	(315,902)
Settlements received for commodity derivatives	132,345	191,305	218,418	622,471
Change in fair value of contingent payment right	(7,117)	(20,291)	(3,903)	(17,200)
Long-term incentive compensation⁽¹⁾	13,552	5,646	39,893	25,912
Losses on purchases or exchanges of debt	—	—	33,094	—
Impairment of unproved natural gas and oil properties	1,284	2,679	3,139	10,789
Legal settlements, loss contingencies and other	—	1,040	—	5,132
Adjusted Net Income (Loss) (Non-GAAP)	$ 205,705	$ 97,052	$ 601,605	$ 411,279

RECONCILIATION OF ADJUSTED EBITDAX
(Unaudited)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
($ in thousands)	2025	2024	2025	2024

Net Income (Loss) (GAAP)	$ 327,889	$ 92,398	$ 432,277	$ 80,077
Adjustments to reconcile net income (loss) to Adjusted EBITDAX:
Exploration expenses	1,874	4,122	5,644	13,478
Depreciation, depletion and amortization	194,130	181,049	540,587	554,989
Interest expense, net	42,831	48,607	134,107	147,985
(Gain) loss on commodity derivatives	(262,248)	(175,725)	(121,313)	(315,902)
Settlements received for commodity derivatives	132,345	191,305	218,418	622,471
Change in fair value of contingent payment right	(7,117)	(20,291)	(3,903)	(17,200)
Long-term incentive compensation⁽¹⁾	13,552	5,646	39,893	25,912
Losses on purchases or exchanges of debt	—	—	33,094	—
Legal settlements, loss contingencies and other	—	18	—	3,534
Adjusted EBITDAX (Non-GAAP)	$ 443,256	$ 327,129	$ 1,278,804	$ 1,115,344

⁽¹⁾

The expense associated with the Long-Term Incentive Plan Cash Award of $7.9 million and $3.0 million for the three
months ended September 30, 2025 and 2024, respectively, and $24.4 million and $14.3 million for the nine months ended
September 30, 2025 and 2024, respectively, is included in these amounts.

RECONCILIATION OF LTM ADJUSTED EBITDAX
(Unaudited)

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

Net Income (Loss) (GAAP)	$ 327,889	$ 466,861	$ (362,473)	$ (134,786)	$ 297,491
Adjustments to reconcile net income (loss) to Adjusted EBITDAX:
Exploration expenses	1,874	2,130	1,640	6,521	12,165
Depreciation, depletion and amortization	194,130	173,733	172,724	192,777	733,364
Interest expense, net	42,831	44,544	46,732	48,369	182,476
(Gain) loss on commodity derivatives	(262,248)	(410,084)	551,019	170,351	49,038
Settlements received for commodity derivatives	132,345	79,835	6,238	91,946	310,364
Change in fair value of contingent payment right	(7,117)	1,094	2,120	(5,254)	(9,157)
Long-term incentive compensation⁽¹⁾	13,552	14,686	11,655	9,071	48,964
Losses on purchases or exchanges of debt	—	33,094	—	6,472	39,566
Adjusted EBITDAX (Non-GAAP)	$ 443,256	$ 405,893	$ 429,655	$ 385,467	$ 1,664,271

	Three Months Ended				Twelve Months Ended
	September 30,	June 30,	March 31,	December 31,	September 30,
($ in thousands)	2024	2024	2024	2023	2024

Net Income (Loss) (GAAP)	$ 92,398	$ (98,046)	$ 85,725	$ 757,202	$ 837,279
Adjustments to reconcile net income (loss) to Adjusted EBITDAX:
Exploration expenses	4,122	3,335	6,021	5,971	19,449
Depreciation, depletion and amortization	181,049	186,940	187,000	178,749	733,738
Interest expense, net	48,607	49,166	50,212	52,714	200,699
(Gain) loss on commodity derivatives	(175,725)	(23,918)	(116,259)	(758,301)	(1,074,203)
Settlements received for commodity derivatives	191,305	204,604	226,562	58,169	680,640
Change in fair value of contingent payment right	(20,291)	(605)	3,696	651	(16,549)
Long-term incentive compensation⁽¹⁾	5,646	10,952	9,314	1,006	26,918
Legal settlements, loss contingencies and other	18	244	3,272	20,000	23,534
Adjusted EBITDAX (Non-GAAP)	$ 327,129	$ 332,672	$ 455,543	$ 316,161	$ 1,431,505

⁽¹⁾

The expense associated with the Long-Term Incentive Plan Cash Award of $7.9 million, $8.4 million, $8.1 million, $6.8
million, $3.0 million, $6.5 million and $4.8 million for the three months ended September 30, 2025, June 30, 2025, March
31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively, is included in these
amounts. Ascent did not recognize any expense associated with the Cash Award in 2023.

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

	September 30,
($ in thousands)	2025	2024

Net Debt:
Long-term debt, net (GAAP)	$ 2,195,796	$ 2,407,156
Less: cash and cash equivalents	4,891	4,947
Net Debt	$ 2,190,905	$ 2,402,209

Net Debt to LTM Adjusted EBITDAX:
Net Debt	$ 2,190,905	$ 2,402,209
LTM Adjusted EBITDAX	$ 1,664,271	$ 1,431,505
Net Debt to LTM Adjusted EBITDAX (Non-GAAP)	1.32 x	1.68 x

RECONCILIATION OF ADJUSTED FREE CASH FLOW
(Unaudited)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
($ in thousands)	2025	2024	2025	2024

Net Cash Provided by Operating Activities (GAAP)	$ 478,682	$ 259,851	$ 1,245,076	$ 839,311
Adjustments to reconcile Net Cash Provided by Operating Activities to Adjusted Free Cash Flow:
Changes in operating assets and liabilities	(74,145)	(18,126)	(87,055)	2,298
Drilling and completion costs incurred	(147,208)	(192,417)	(547,582)	(528,541)
Land and leasehold costs incurred	(29,199)	(27,270)	(78,831)	(99,554)
Capitalized interest incurred	(5,850)	(8,697)	(20,675)	(24,225)
Financing commodity derivative settlements	—	42,341	—	138,237
Legal settlements, loss contingencies and other	—	793	—	3,534
Adjusted Free Cash Flow (Non-GAAP)⁽¹⁾	$ 222,280	$ 56,475	$ 510,933	$ 331,060

⁽¹⁾

Adjusted Free Cash Flow does not include the impact of the Long-Term Incentive Plan Cash Award of $7.9 million and
$3.0 million for the three months ended September 30, 2025 and 2024, respectively, and $24.4 million and $14.3 million
for the nine months ended September 30, 2025 and 2024, respectively.

SOURCE Ascent Resources Utica Holdings, LLC