Utica-shale focused Ascent Resources promotes Shughart to president

Brooks Shughart will remain in his current role as Ascent Resources CFO, along with expanding his responsibilities.

Sept. 24, 2025

Ascent Resources LLC, Oklahoma City, Okla., has promoted Brooks Shughart to president of Ascent and its subsidiaries.

Shughart will remain in his current role as chief financial officer of Ascent, along with expanding his responsibilities to include marketing and midstream, business development and operations. He will maintain his existing responsibilities of finance, treasury, investor relations and accounting, the company said in a release Sept. 23.

Shughart was named executive vice-president and chief financial officer in May 2020.

Ascent Resources is a private company focused on acquiring, developing, and operating natural gas and oil properties in the Utica shale in southern Ohio.

Second-quarter update

During this year’s second quarter, Ascent Resources Utica Holdings LLC spudded 15 operated wells, hydraulically fractured 22 wells, and turned-in-line 24 wells with an average lateral length of 17,238 ft. As of June 30, 2025, Ascent had 954 gross operated producing Utica wells.

Second-quarter 2025 net production averaged 2,034 MMcfed, consisting of 1,738 MMcf d of natural gas, 13,033 b/d of oil, and 36,385 b/d of natural gas liquids (NGL), putting liquids at 15% of the overall production mix for the quarter.

The company reported net income of $467 million for the quarter and adjusted net income of $186 million. Cash flow from operations was $407 million.