Ascent Resources Utica Holdings, LLC reported a strong first quarter in 2024, with net production averaging 2.2 billion cubic feet equivalent per day and liquids production up 38% year-over-year.
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Ascent Resources Wells Drilled Since 2023
They achieved a net income of $86 million and an adjusted net income of $218 million, alongside impressive Adjusted EBITDAX and Adjusted Free Cash Flow figures. The company received credit rating upgrades from Moody’s and Fitch and reaffirmed a substantial borrowing base under their credit facility. Operational highlights included the spudding of 15 wells and turning-in-line of 10 wells, with significant hedging strategies in place to mitigate commodity price volatility. Ascent’s robust financial and operational performance in the first quarter reflects a well-executed strategy aimed at sustainable growth and efficiency.
Utica
Ascent Resources Utica Holdings, LLC, operates in the Utica formation, as indicated by their name and operational updates. Specifically, it states that as of March 31, 2024, Ascent had 876 gross operated producing Utica wells. This refers to the number of wells they are actively managing in the Utica shale, which is a significant natural gas and oil-producing geological formation located primarily in the northeastern United States. The operational activities in the Utica shale include spudding (beginning to drill) 15 new wells, hydraulically fracturing 17 wells, and turning-in-line (starting production from) 10 wells during the first quarter of 2024. These activities highlight Ascent’s ongoing development and production efforts in the Utica region.
Drilling & Completions
Ascent Resources Utica Holdings, LLC’s drilling activities during the first quarter of 2024. It notes that the company spudded (began drilling) 15 operated wells during this period. This detail is part of their operational update and indicates ongoing development efforts within their areas of operation, particularly in the Utica shale formation. The process of spudding wells is a critical step in the exploration and production of natural gas and oil, demonstrating Ascent’s active engagement in expanding their production capabilities.
Ascent Resources Utica Holdings, LLC hydraulically fractured 17 wells and turned-in-line 10 wells. Hydraulic fracturing is a key part of the completion process for wells, especially in shale formations like the Utica, where it is used to enhance the extraction of oil and natural gas. Turning-in-line refers to the process of bringing a well into production after the completion of drilling and fracturing. This indicates active and successful efforts by Ascent to not only drill but also complete wells, ensuring they are productive and contributing to the company’s overall output.
Budget
Ascent Resources Utica Holdings, LLC’s budget allocations, particularly regarding their capital expenditures for the first quarter of 2024. They incurred a total of $212 million in capital expenditures during this period. This spending included:
- $180 million on drilling and completion (D&C) costs,
- $25 million on land and leasehold costs,
- $7 million on capitalized interest.
These figures indicate how the company is allocating its financial resources towards exploration, development, and the maintenance of its leaseholds, as well as financing costs associated with its operations. This structured budget allocation supports their strategic initiatives to enhance production and operational efficiency.
Production
scent Resources Utica Holdings, LLC’s production figures for the first quarter of 2024. Here are the key points:
- Overall Production: Ascent’s net production averaged 2,215 million cubic feet equivalent per day (mmcfe per day).
- Natural Gas Production: They produced 1,994 million cubic feet per day (mmcf per day) of natural gas.
- Oil Production: Oil production was reported at 9,396 barrels per day.
- Natural Gas Liquids (NGL) Production: The production of natural gas liquids was 27,429 barrels per day.
These figures show a robust level of production across different hydrocarbons, reflecting Ascent’s strong operational capacity in the natural gas and liquids sectors. Additionally, the text mentions an increase in liquids production by 38% over the prior year, highlighting significant growth in this particular segment.
