News

Second Quarter Highlights:

◦Net production averaged 2,194 mmcfe/d, with liquids production averaging over 52,000 bbls/d

◦Pre-hedge realization of $3.15 per mcfe, a $0.25 per mcfe premium to NYMEX natural gas prices

◦Generated Cash Flow from Operations, Adjusted EBITDAX(1) and Adjusted Free Cash Flow(1) of $343 million, $404 million and $77 million, respectively

◦Demonstrated continued success in the land program, with first-half 2026 leasing activity replacing a substantial majority of the net acreage expected to be developed during the full year

◦Subsequent to quarter-end, committed to three acreage acquisitions for an aggregate purchase price of $40 million, or ~$9,900 per acre, primarily through the Ohio state land lease sale 

◦Executed a transaction in July that strategically optimized our firm transportation portfolio, reducing long-term commitments by $700 million, enhancing future margins and free cash flow

◦Updated guidance to reflect lower operating expenses and increased land capital

(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, Oklahoma, August 5, 2026 (PR Newswire) – Ascent Resources Utica Holdings, LLC (“Ascent” or the "Company") today reported second quarter 2026 operating and financial results along with updated guidance. Additionally, Ascent announced a conference call with analysts and investors scheduled for 9 AM CT / 10 AM ET, Thursday, August 6, 2026. 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 second quarter results, Ascent's President and Chief Executive Officer, Brooks Shughart said, "Ascent's second quarter was marked by significant progress in advancing our strategic priorities. We continued to reinvest in the business by successfully executing on our leasing program and committing to three strategic bolt-on acreage acquisitions, adding high-quality inventory at attractive valuations. We also took an important step in improving our cost structure by completing a strategic transaction that optimized our firm transportation portfolio, improving future margins while enhancing our commercial flexibility. Collectively, these accomplishments underscore our disciplined approach to capital allocation. By extending the duration of our asset base, increasing our flexibility and further improving our cost structure, we are well positioned to generate sustainable long-term free cash flow for our stakeholders.”

Second Quarter 2026 Production and Financial Results

Second quarter 2026 net production averaged 2,194 mmcfe per day, consisting of 1,877 mmcf per day of natural gas, 12,681 bbls per day of oil and 40,121 bbls per day of natural gas liquids ("NGLs"), putting liquids at 14% of the overall production mix for the quarter.

The realized price for the quarter, including the impact of settled commodity derivatives, was $3.67 per mcfe. Excluding the impact of settled commodity derivatives, the realized price was $3.15 per mcfe in the second quarter of 2026.

For the second quarter of 2026, Ascent reported Net Income of $303 million, Adjusted Net Income of $183 million, Adjusted EBITDAX of $404 million, Cash Flows from Operations of $343 million and Adjusted Free Cash Flow of $77 million. Ascent incurred $293 million of total capital expenditures in the second quarter of 2026 consisting of $206 million of D&C costs, $79 million of land and leasehold costs, and $8 million of capitalized interest.

Year-to-Date 2026 Financial Results

Net production for the six months ended June 30, 2026 averaged 2,163 mmcfe per day, consisting of 1,857 mmcf per day of natural gas, 12,088 bbls per day of oil and 38,862 bbls per day of NGL.

The realized price, including the impact of settled commodity derivatives, was $3.90 per mcfe for the six months ended June 30, 2026. Excluding the impact of settled commodity derivatives, price realizations were $4.06 per mcfe for the year-to-date period.

For the six months ended June 30, 2026, Ascent reported Net Income of $589 million, Adjusted Net Income of $401 million, Adjusted EBITDAX of $838 million, Cash Flow from Operations of $749 million and Adjusted Free Cash Flow of $248 million. Ascent incurred a total of $519 million of capital expenditures during the six months ended June 30, 2026 consisting of $393 million of D&C costs, $113 million of land and leasehold costs, and $13 million of capitalized interest.

Balance Sheet and Liquidity

As of June 30, 2026, Ascent had total debt of approximately $2.14 billion, with $230 million of borrowings and $43 million of letters of credit issued under the credit facility. Liquidity as of June 30, 2026 was approximately $1.73 billion, comprised of $1.73 billion of available borrowing capacity under the credit facility and $4 million of cash on hand. The Company's leverage ratio at the end of the quarter was 1.22x based on LTM Adjusted EBITDAX. Subsequent to quarter-end, we reduced our letters of credit by $22 million, to $21 million.

Operational Update

During the second quarter of 2026, the Company spud 22 operated wells, hydraulically fractured 23 wells, and turned-in-line 22 wells with an average lateral length of 16,434 feet. As of June 30, 2026, Ascent had 1,027 gross operated productive 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 June 30, 2026:

Ascent also has a significant portion of its natural gas basis and propane positions hedged in 2026 and 2027. Please reference the financial statements for additional detail on Ascent's hedge position.

Updated 2026 Guidance

The Company has updated 2026 guidance to reflect the settlement of the pipeline rate case and to provide additional detail around land expenditures and the firm transportation transaction. A detailed summary is included in the table that follows:

(1) C2 gallons converted to MMBtu using GPSA standard thermal conversion factor of 15.0738. Historically, our NGL barrel has averaged 35-40% C2, with the balance being C3+.

(2) Includes GP&T, LOE, and taxes other than income. During the second quarter, a settlement was reached resolving the previously disclosed rate protest, which was fully incorporated in the initial guidance.

(3) Excludes long-term incentive compensation expense.

(4)Excludes capitalized interest, asset retirement obligations and acquisition and divestiture activity.

(5)Base land capital primarily reflects all lease extension costs, company labor, all broker costs and leasing costs for acreage in the current year's development plan. Discretionary land capital reflects leasing costs outside of the current year's development plan.

(6)Payments related to the $186 million contract termination expense will be made as follows: $62 million in Q3 2026, $48 million in Q4 2026 and the remainder in 2027 and 2028.

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.

Contact:

Chris Benton

Vice President – Finance and Investor Relations

405-252-7850

chris.benton@ascentresources.com

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)

ASCENT RESOURCES UTICA HOLDINGS, LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

ASCENT RESOURCES UTICA HOLDINGS, LLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

ASCENT RESOURCES UTICA HOLDINGS, LLC

SUPPLEMENTAL TABLES

NATURAL GAS, OIL AND NGL PRODUCTION AND PRICES

(Unaudited)

CAPITAL EXPENDITURES INCURRED

(Unaudited)

(1)Drilling and completion costs incurred excludes asset retirement obligations (ARO) of $0.8 million and $0.6 million for the three months ended June 30, 2026 and 2025, respectively, and $1.7 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively.

(2)Excludes acquisitions of $4.7 million for the three months ended June 30, 2026 and $4.7 million and $33.5 million for the six months ended June 30, 2026 and 2025, respectively and divestitures of $35.3 million for the six months ended June 30, 2025.

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)

RECONCILIATION OF ADJUSTED EBITDAX

(Unaudited)

(1)The expense associated with the Long-Term Incentive Plan Cash Award of $4.4 million and $8.4 million for the three months ended June 30, 2026 and 2025, respectively, and $10.6 million and $16.5 million for the six months ended June 30, 2026 and 2025, respectively, is included in these amounts.

RECONCILIATION OF LTM ADJUSTED EBITDAX

(Unaudited)

(1)The expense associated with the Long-Term Incentive Plan Cash Award of $4.4 million, $6.2 million, $14.2 million, $7.9 million, $8.4 million, $8.1 million, $6.8 million and $3.0 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively, is included in these amounts.

RECONCILIATION OF NET DEBT & NET DEBT TO LTM ADJUSTED EBITDAX

(Unaudited)

RECONCILIATION OF ADJUSTED FREE CASH FLOW

(Unaudited)

(1)Adjusted Free Cash Flow does not include the impact of the Long-Term Incentive Plan Cash Award of $4.4 million and $8.4 million for the three months ended June 30, 2026 and 2025, respectively and $10.6 million and $16.5 million for the six months ended June 30, 2026 and 2025, respectively.