Ascent Resources Utica Holdings increases net production 12% year-over-year

Ascent Resources Utica Holdings LLC, Oklahoma City, averaged first-quarter 2023 net production of 2.2 bcfed, a 12% increase over first-quarter 2022.

“Operationally, we maintained a consistent and balanced development cadence that allowed us to maintain production while substantially increasing our liquids volumes,” said chairman and chief executive officer Jeff Fisher. The growth in oil volumes in the quarter helped to offset some of the impact of the depressed natural gas prices, he said.

First quarter 2023 net production consisted of 2.038 bcfd of natural gas, 10,356 b/d of oil, and 16,256 b/d of NGLs.

During the quarter, the private producer spudded 19 operated wells, hydraulically fractured 19 wells, and turned-in-line 12 wells with an average lateral length of about 15,500 ft. As of Mar. 31, 2023, Ascent had 823 gross operated producing Utica wells in southern Ohio.

Financials

For first-quarter 2023, Ascent had net income of $1.1 billion and adjusted net income of $112 million. The company incurred $275 million of total capital expenditures in the first quarter, consisting of $239 million of drilling and completions costs, $26 million of land and leasehold costs, and $10 million of capitalized interest.

Net cash from operating activities was $371 million.