Ascent Res. 2Q: Drilled 23 Wells, Produced 1.95 Bcfe/d, Lost $617M

Ascent Resources, originally founded as American Energy Partners by gas legend Aubrey McClendon, is a privately-held company that focuses 100% on the Ohio Utica Shale. Ascent is Ohio’s largest natural gas producer and the 8th largest natural gas producer in the U.S. The company issued its second quarter 2021 update earlier this week. The company produced 1.95 billion cubic feet equivalent per day (Bcfe/d) during 2Q (91% natural gas). Ascent generated $38 million of free cash flow, but like other M-U drillers, hedging bets on derivatives resulted in a big loss of $617 million for the quarter.

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