Ascent Resources plans steady 2025 production, slight rise in liquids in overall mix
Ascent Resources Utica Holdings LLC, Oklahoma City, expects full-year 2025 production of 2.05-2.15 bcfed and growth in its liquids production to 15% of the overall mix at the midpoint.
Overall capital outlay for the year is set at $755-815 million with $625-675 for drilling and completions.
Operations
Net production for fourth-quarter 2024 averaged 2.186 bcfed and 2.166 bcfed for the year. The company’s 2024 liquids production increased to 44,000 b/d and 12% of total production, a 44% increase over 2023.
During the fourth quarter, the operator spudded 12 operated wells, hydraulically fractured 8 wells, and turned-in-line 15 wells. For the full-year, Ascent spudded 60 operated wells, hydraulically fractured 58 wells, and turned-in-line 57 wells. As of Dec. 31, 2024, Ascent had 918 gross operated producing Utica wells.
Financials
Cash flows from operations totaled $280 million for the quarter and $1.1 billion for the year.
For the fourth quarter of 2024, Ascent reported a net loss of $135 million, adjusted net income of $145 million. Ascent incurred $142 million of total capital expenditures in fourth-quarter 2024 consisting of $107 million of drilling and completions costs, $27 million of land and leasehold costs, and $8 million of capitalized interest.
For the year ended Dec. 31, 2024, Ascent reported a net loss of $55 million, and adjusted net income of $556 million. Ascent incurred a total of $794 million of capital expenditures for the year consisting of $635 million of drilling and completions costs, $127 million of land and leasehold costs, and $32 million of capitalized interest.
