OKLAHOMA CITY
March 10, 2022
PRNewswire
Fourth Quarter and Full-Year 2021 Highlights:
- Averaged net production of 2.03 bcfe/d for the quarter and 1.94 bcfe/d for the full-year 2021
- Generated Adjusted EBITDAX(1) of $283 million for the quarter and $1.0 billion for the full-year 2021
- Averaged $573 per lateral foot(2) in well costs during the quarter and $565 per lateral foot for the full-year 2021, which was in-line with our guidance range and an 8% year-over-year reduction
- Generated $54 million of positive free cash flow(1) during the quarter and $175 million for the full-year 2021, our second consecutive year of free cash flow generation
- Reported year-end 2021 proved reserves and PV-10 of 9.24 tcfe and $9.1 billion using SEC pricing, respectively
- Certified our first responsibly sourced gas in January 2022 through our pilot program with Project Canary and received their TrustWell® Platinum certification for 2022
- Initial 2022 production guidance of 2.0 to 2.1 bcfe/d with total capital of $710 to $770 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. |
| (2) | Well costs include drilling, completions, facility and pad costs. |
Ascent Resources Utica Holdings, LLC (“Ascent”, “our” or the “Company”) today reported its fourth quarter and full-year 2021 operating and financial results and issued initial 2022 guidance. Additionally, Ascent announced a conference call with analysts and investors at 9 AM CST / 10 AM EST, Friday, March 11, 2022. For more detailed information on Ascent, please refer to the latest investor presentation and additional information located on our website at https://www.ascentresources.com/investors.
Commenting on fourth quarter and full-year 2021 performance, Ascent’s Chairman and Chief Executive Officer, Jeff Fisher said, “The team finished the year in very strong fashion by exceeding 2.0 bcfe/d of production and generating $54 million of free cash flow and $283 million of Adjusted EBITDAX during the fourth quarter. Our peer-leading capital efficiency, well performance and operational execution serve as the foundation upon which the company continues to build and excel. These key attributes have contributed to improved margins, reduced debt and leverage, and our second consecutive year of positive free cash flow generation despite over $800 million dollars in realized hedge losses during the year.”
Fisher continued, “Heading into 2022, we remain committed to a maintenance-level production program, as we continue to prioritize free cash flow over growth. We expect to continue to generate free cash flow throughout the year and, consistent with our previously stated strategy, plan to use this free cash flow to repay debt, improve our balance sheet and push towards our stated leverage target of 2.0x by year-end 2022. We also continue to advance our ESG efforts and are excited to announce that we received certification for our first responsibly sourced gas in January 2022 through our pilot program with Project Canary. These efforts are representative of the Company’s commitment to responsible and sustainable operations and support our ultimate purpose of providing reliable, affordable, clean energy to a world in need.”