Ascent reports “strong” 1Q

  • May 9, 2026

ASCENT RESOURCES REPORTS FIRST QUARTER 2026 OPERATING AND FINANCIAL RESULTS

Increased oil and gas production in the first quarter led to reported Net Income of $286 million for Ascent Resources.
The company’s first quarter earnings report showed adjusted EBITDAX of $434 million and cash flows from operations of $406 while adjusted free cash flow was $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.
“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,” said Ascent’s President and Chief Executive Officer, Brooks Shughart. “This operational momentum, combined with a basin leading cost structure, resulted in Adjusted Free Cash Flow of $171 million for the quarter.”

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.

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.

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.

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.

Jerry Bohnen