Third Quarter Highlights:
— Net production of 2,247 mmcfe per day, with liquids production representing 15% of total
— Pre-hedge natural gas equivalent realized prices were $3.13 per mcfe, representing a $0.06 per mcfe premium to NYMEX natural gas prices
— Cash Flows from Operations and Adjusted EBITDAX(1) of $479 million and $443 million, respectively
— Adjusted Free Cash Flow(1) of $222 million
— Debt reduction of $120 million on the credit facility
— Subsequent to quarter end, the Company issued $101 million of 5.875% Senior Notes due 2029 in an add-on offering with proceeds used to repay borrowings on its credit facility
— Updated full-year 2025 guidance to reflect latest operational and market conditions
(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.
Ascent Resources Utica Holdings, LLC (“Ascent” or the “Company”) today reported third quarter 2025 operating and financial results and issued updated 2025 guidance. Additionally, Ascent announced a conference call with analysts and investors scheduled for 9 AM CT / 10 AM ET, Thursday, November 6, 2025. 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.
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Commenting on third quarter results, Ascent's Chairman and Chief Executive Officer, Jeff Fisher said, “Ascent delivered another exceptional quarter of operational and financial results, driven by our strong production profile and exceptional well performance. This outstanding execution was the result of our efforts to reduce operating costs, improve efficiencies and capture higher margins through increased scale. As we enter the fourth quarter, we are poised to capitalize on this momentum and finish the year strong, with a clear path to generating record Adjusted Free Cash Flow in 2025.”
Fisher continued, “Looking ahead, the Company stands to benefit from a structurally tighter natural gas market, while our approach to risk insulates us from short-term volatility. When combined with our operational excellence, we are well positioned to deliver lasting, long-term value to all stakeholders.”
Third Quarter 2025 Production and Financial Results
Third quarter 2025 net production averaged 2,247 mmcfe per day, consisting of 1,900 mmcf per day of natural gas, 16,130 bbls per day of oil and 41,652 bbls per day of natural gas liquids (“NGL”), putting liquids at 15% of the overall production mix for the quarter.
The third quarter 2025 realized price, including the impact of settled commodity derivatives, was $3.77 per mcfe. Excluding the impact of settled commodity derivatives, the realized price was $3.13 per mcfe in the third quarter of 2025.
For the third quarter of 2025, Ascent reported Net Income of $328 million, Adjusted Net Income of $206 million, Adjusted EBITDAX of $443 million, along with Cash Flows from Operations of $479 million and Adjusted Free Cash Flow of $222 million. Ascent incurred $182 million of total capital expenditures in the third quarter of 2025 consisting of $147 million of D&C costs, $29 million of land and leasehold costs, and $6 million of capitalized interest.
Year-to-Date 2025 Production and Financial Results
Net production for the nine months ended September 30, 2025 averaged 2,095 mmcfe per day, consisting of 1,773 mmcf per day of natural gas, 14,337 bbls per day of oil and 39,282 bbls per day of NGL.
The realized price, including the impact of settled commodity derivatives, was $3.93 per mcfe for the nine months ended September 30, 2025. Excluding the impact of settled commodity derivatives, price realizations were $3.55 per mcfe for the year-to-date period.
For the nine months ended September 30, 2025, Ascent reported Net Income of $432 million, Adjusted Net Income of $602 million and Adjusted EBITDAX of $1.3 billion, along with Cash Flow from Operations of $1.2 billion and Adjusted Free Cash Flow of $511 million. Ascent incurred a total of $647 million of capital expenditures during the nine months ended September 30, 2025 consisting of $548 million of D&C costs, $79 million of land and leasehold costs, and $21 million of capitalized interest.
Balance Sheet and Liquidity
As of September30, 2025, Ascent had total debt of approximately $2.2 billion, with $400 million of borrowings and $83 million of letters of credit issued under the credit facility. Liquidity as of September30, 2025 was in excess of $1.5 billion, comprised of approximately $1.5 billion of available borrowing capacity under the credit facility and $5 million of cash on hand. The Company's leverage ratio at the end of the quarter was 1.32x based on a LTM Adjusted EBITDAX basis.
In mid-October, Ascent issued $101 million of its existing 5.875% senior unsecured notes due 2029 in an add-on offering, increasing the aggregate principal amount outstanding to $500 million. Proceeds from the offering were used to repay borrowings under its revolving credit facility. This transaction reaffirms the Company's commitment to risk management and reduces its cost of capital.
Operational Update
During the third quarter of 2025, the Company spud 12 operated wells, hydraulically fractured 10 wells, and turned-in-line 18 wells with an average lateral length of 16,376 feet. As of September30, 2025, Ascent had 972 gross operated producing 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 September 30, 2025:
Hedge SummaryNatural Gas Volume (mmbtu/d) Average Downside Average Upside Price PriceRemainder of 2025 1,620,000 $ 3.80 $ 4.402026 1,570,000 $ 3.75 $ 4.272027 970,000 $ 3.79 $ 4.142028 150,000 $ 3.71 $ 4.03Crude Oil Volume (bbls/d) Average Downside Average Upside Price PriceRemainder of 2025 11,000 $ 70.36 $ 73.092026 10,000 $ 64.67 -2027 2,000 $ 63.38 –
Ascent also has a significant portion of its natural gas basis and propane position hedged for the remainder of 2025 and 2026. Please reference the financial statements for additional detail on Ascent's hedge position.
Guidance Update
The Company has updated its full-year 2025 guidance to reflect our latest views on the year. A detailed summary including production, expense and operational counts is included in the table that follows:
Updated 2025 GuidanceProductionProduction (mmcfe/d) 2,050 – 2,150% Natural Gas 84% – 86%Unhedged DifferentialsNatural Gas ($/mcf) ($0.25) – ($0.20)Crude Oil ($/bbl) ($9.00) – ($8.00)NGL (% of WTI) 35.0% – 40.0%Operating Expenses ($/mcfe)Operating Expenses(1) $1.55 – $1.65G&A(2) $0.09 – $0.11Capital Expenditures Incurred ($mm)(3) $780 – $840D&C $650 – $700Land $130 – $140Operations / Well CountsWells Spud 50 – 55Average Spud Lateral Length 16,750' – 17,250'
(1) Includes GP&T, LOE, and taxes other than income(2) Excludes long-term incentive compensation expense(3) Excludes capitalized interest, asset retirement obligations and acquisition and divestiture activity
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, 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, LLCCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) Three Months Ended Nine Months Ended September 30, September 30,($ in thousands) 2025 2024 2025 2024Revenues:Natural gas $ 476,142 $ 300,736 $ 1,526,687 $ 974,999Oil 83,013 74,396 227,199 212,100NGL 87,113 61,649 276,800 212,345Commodity derivative gain 262,248 175,725 121,313 315,902Total Revenues 908,516 612,506 2,151,999 1,715,346Operating Expenses:Lease operating expenses 27,728 26,202 86,020 83,268Gathering, processing and transportation expenses 280,714 248,984 798,528 766,695Taxes other than income 10,874 10,888 32,062 33,412Exploration expenses 1,874 4,122 5,644 13,478General and administrative expenses 29,689 21,568 95,257 80,790Depreciation, depletion and amortization 194,130 181,049 540,587 554,989Total Operating Expenses 545,009 492,813 1,558,098 1,532,632Income from Operations 363,507 119,693 593,901 182,714Other Income (Expense):Interest expense, net (42,831) (48,607) (134,107) (147,985)Change in fair value of contingent payment right 7,117 20,291 3,903 17,200Losses on purchases or exchanges of debt – – (33,094) -Other income 96 1,021 1,674 28,148Total Other Expense (35,618) (27,295) (161,624) (102,637)Net Income $ 327,889 $ 92,398 $ 432,277 $ 80,077
ASCENT RESOURCES UTICA HOLDINGS, LLCCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) September 30, December 31,($ in thousands) 2025 2024Current Assets:Cash and cash equivalents $ 4,891 $ 8,066Accounts receivable – natural gas, oil and NGL sales 288,136 352,435Accounts receivable – joint interest and other 55,969 35,106Short-term derivative assets 110,406 179,656Other current assets 8,649 11,054Total Current Assets 468,051 586,317Property and Equipment:Natural gas and oil properties, based on successful efforts accounting 13,003,923 12,354,428Other property and equipment 46,443 43,991Less: accumulated depreciation, depletion and amortization (5,902,579) (5,364,590)Property and Equipment, net 7,147,787 7,033,829Other Assets:Long-term derivative assets 702 11,256Other long-term assets 55,821 54,849Total Assets $ 7,672,361 $ 7,686,251Current Liabilities:Accounts payable $ 156,930 $ 51,811Accrued interest 50,815 52,530Short-term derivative liabilities 5,410 1,658Other current liabilities 539,121 578,024Total Current Liabilities 752,276 684,023Long-Term Liabilities:Long-term debt, net 2,195,796 2,339,589Long-term derivative liabilities 60,417 46,867Other long-term liabilities 110,350 106,146Total Long-Term Liabilities 2,366,563 2,492,602Member's Equity 4,553,522 4,509,626Total Liabilities and Member's Equity $ 7,672,361 $ 7,686,251
ASCENT RESOURCES UTICA HOLDINGS, LLCCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Three Months Ended Nine Months Ended September 30, September 30,($ in thousands) 2025 2024 2025 2024Cash Flows from Operating Activities:Net income $ 327,889 $ 92,398 $ 432,277 $ 80,077Adjustments to reconcile net income to net cash provided by operating activities:Depreciation, depletion and amortization 194,130 181,049 540,587 554,989Gain on commodity derivatives (262,248) (175,725) (121,313) (315,902)Settlements received for commodity derivatives 132,345 148,964 218,418 484,234Impairment of unproved natural gas and oil properties 1,284 2,679 3,139 10,789Non-cash interest expense 4,694 6,970 15,821 18,655Long-term incentive compensation 13,552 5,646 39,893 25,912Change in fair value of contingent payment right (7,117) (20,291) (3,903) (17,200)Losses on purchases or exchanges of debt – – 33,094 -Other 8 35 8 55Changes in operating assets and liabilities 74,145 18,126 87,055 (2,298)Net Cash Provided by Operating Activities 478,682 259,851 1,245,076 839,311Cash Flows from Investing Activities:Natural gas and oil capital expenditures (217,558) (210,997) (626,086) (645,387)Cash paid for acquisitions – – (33,644) -Proceeds (disbursements) from divestiture of natural gas and oil properties (2,827) – 32,465 -Additions to other property and equipment (990) (329) (2,173) (1,174)Net Cash Used in Investing Activities (221,375) (211,326) (629,438) (646,561)Cash Flows from Financing Activities:Proceeds from credit facility borrowings 425,000 365,000 2,060,000 1,215,000Repayment of credit facility borrowings (545,000) (395,000) (2,215,000) (1,355,000)Proceeds from issuance of long-term debt – – 500,000 -Cash paid for debt issuance costs (514) – (8,748) -Repayment of long-term debt – – (514,592) -Cash paid for debt prepayment costs – – (10,576) -Cash received for settlements of commodity derivatives – 38,119 – 122,724Cash paid for distributions to Parent (138,954) (56,863) (443,274) (175,510)Other (512) (396) 13,377 (1,735)Net Cash Used in Financing Activities (259,980) (49,140) (618,813) (194,521)Net Decrease in Cash and Cash Equivalents (2,673) (615) (3,175) (1,771)Cash and Cash Equivalents, Beginning of Period 7,564 5,562 8,066 6,718Cash and Cash Equivalents, End of Period $ 4,891 $ 4,947 $ 4,891 $ 4,947
ASCENT RESOURCES UTICA HOLDINGS, LLCSUPPLEMENTAL TABLESNATURAL GAS, OIL AND NGL PRODUCTION AND PRICES(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Net Production Volumes:Natural gas (mmcf) 174,794 168,300 484,144 523,509Oil (mbbls) 1,484 1,105 3,914 3,071NGL (mbbls) 3,832 2,658 10,724 8,301Natural Gas Equivalents (mmcfe) 206,689 190,881 571,974 591,739Average Daily Net Production Volumes:Natural gas (mmcf/d) 1,900 1,829 1,773 1,911Oil (mbbls/d) 16 12 14 11NGL (mbbls/d) 42 29 39 30Natural Gas Equivalents (mmcfe/d) 2,247 2,075 2,095 2,160% Natural Gas 85% 88% 85% 88%% Liquids 15% 12% 15% 12%Average Sales Prices:Natural gas ($/mcf) $ 2.72 $ 1.79 $ 3.15 $ 1.86Oil ($/bbl) $ 55.94 $ 67.33 $ 58.05 $ 69.07NGL ($/bbl) $ 22.73 $ 23.19 $ 25.81 $ 25.58Natural Gas Equivalents ($/mcfe) $ 3.13 $ 2.29 $ 3.55 $ 2.36Settlements of commodity derivatives ($/mcfe) 0.64 1.00 0.38 1.05Average sales price, after effects of settled derivatives ($/mcfe) $ 3.77 $ 3.29 $ 3.93 $ 3.41
CAPITAL EXPENDITURES INCURRED(Unaudited) Three Months Ended Nine Months Ended September 30, September 30,($ in thousands) 2025 2024 2025 2024Capital Expenditures Incurred:Drilling and completion costs incurred(1) $ 147,208 $ 192,417 $ 547,582 $ 528,541Land and leasehold costs incurred 29,199 27,270 78,831 99,554Capitalized interest incurred 5,850 8,697 20,675 24,225Total Capital Expenditures Incurred(2) $ 182,257 $ 228,384 $ 647,088 $ 652,320
(1) Drillingand completion costs incurred excludes asset retirement obligations (ARO) of $4.1 million and $5.1 million for the three months ended September 30, 2025 and 2024, respectively, and $4.5 million and $5.8 million for the nine months ended September 30, 2025 and 2024, respectively.(2) Excludes acquisition and divestiture activity.
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) Three Months Ended Nine Months Ended September 30, September 30,($ in thousands) 2025 2024 2025 2024Net Income (Loss) (GAAP) $ 327,889 $ 92,398 $ 432,277 $ 80,077Adjustments to reconcile net income (loss) to adjusted net income (loss):(Gain) loss on commodity derivatives (262,248) (175,725) (121,313) (315,902)Settlements received for commodity derivatives 132,345 191,305 218,418 622,471Change in fair value of contingent payment right (7,117) (20,291) (3,903) (17,200)Long-term incentive compensation(1) 13,552 5,646 39,893 25,912Losses on purchases or exchanges of debt – – 33,094 -Impairment of unproved natural gas and oil properties 1,284 2,679 3,139 10,789Legal settlements, loss contingencies and other – 1,040 – 5,132Adjusted Net Income (Loss) (Non-GAAP) $ 205,705 $ 97,052 $ 601,605 $ 411,279
RECONCILIATION OF ADJUSTED EBITDAX(Unaudited) Three Months Ended Nine Months Ended September 30, September 30,($ in thousands) 2025 2024 2025 2024Net Income (Loss) (GAAP) $ 327,889 $ 92,398 $ 432,277 $ 80,077Adjustments to reconcile net income (loss) to Adjusted EBITDAX:Exploration expenses 1,874 4,122 5,644 13,478Depreciation, depletion and amortization 194,130 181,049 540,587 554,989Interest expense, net 42,831 48,607 134,107 147,985(Gain) loss on commodity derivatives (262,248) (175,725) (121,313) (315,902)Settlements received for commodity derivatives 132,345 191,305 218,418 622,471Change in fair value of contingent payment right (7,117) (20,291) (3,903) (17,200)Long-term incentive compensation(1) 13,552 5,646 39,893 25,912Losses on purchases or exchanges of debt – – 33,094 -Legal settlements, loss contingencies and other – 18 – 3,534Adjusted EBITDAX (Non-GAAP) $ 443,256 $ 327,129 $ 1,278,804 $ 1,115,344
(1) The expense associated with the Long-Term Incentive Plan Cash Award of $7.9 million and $3.0 million for the three months ended September 30, 2025 and 2024, respectively, and $24.4 million and $14.3 million for the nine months ended September 30, 2025 and 2024, respectively, is included in these amounts.
RECONCILIATION OF LTM ADJUSTED EBITDAX(Unaudited) Three Months Twelve Ended Months Ended September 30, June 30, March 31, December 31, September 30,($ in thousands) 2025 2025 2025 2024 2025Net Income (Loss) (GAAP) $ 327,889 $ 466,861 $ (362,473) $ (134,786) $ 297,491Adjustments to reconcile net income (loss) to Adjusted EBITDAX:Exploration expenses 1,874 2,130 1,640 6,521 12,165Depreciation, depletion and amortization 194,130 173,733 172,724 192,777 733,364Interest expense, net 42,831 44,544 46,732 48,369 182,476(Gain) loss on commodity derivatives (262,248) (410,084) 551,019 170,351 49,038Settlements received for commodity derivatives 132,345 79,835 6,238 91,946 310,364Change in fair value of contingent payment right (7,117) 1,094 2,120 (5,254) (9,157)Long-term incentive compensation(1) 13,552 14,686 11,655 9,071 48,964Losses on purchases or exchanges of debt – 33,094 – 6,472 39,566Adjusted EBITDAX (Non-GAAP) $ 443,256 $ 405,893 $ 429,655 $ 385,467 $ 1,664,271
Three Months Twelve Ended Months Ended September 30, June 30, March 31, December 31, September 30,($ in thousands) 2024 2024 2024 2023 2024Net Income (Loss) (GAAP) $ 92,398 $ (98,046) $ 85,725 $ 757,202 $ 837,279Adjustments to reconcile net income (loss) to Adjusted EBITDAX:Exploration expenses 4,122 3,335 6,021 5,971 19,449Depreciation, depletion and amortization 181,049 186,940 187,000 178,749 733,738Interest expense, net 48,607 49,166 50,212 52,714 200,699(Gain) loss on commodity derivatives (175,725) (23,918) (116,259) (758,301) (1,074,203)Settlements received for commodity derivatives 191,305 204,604 226,562 58,169 680,640Change in fair value of contingent payment right (20,291) (605) 3,696 651 (16,549)Long-term incentive compensation(1) 5,646 10,952 9,314 1,006 26,918Legal settlements, loss contingencies and other 18 244 3,272 20,000 23,534Adjusted EBITDAX (Non-GAAP) $ 327,129 $ 332,672 $ 455,543 $ 316,161 $ 1,431,505
(1) The expense associated with the Long-Term Incentive Plan Cash Award of $7.9 million, $8.4 million, $8.1 million, $6.8 million, $3.0 million, $6.5 million and $4.8 million for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively, is included in these amounts. Ascent did not recognize any expense associated with the Cash Award in 2023.
RECONCILIATION OF NET DEBT & NET DEBT TO LTM ADJUSTED EBITDAX(Unaudited) September 30,($ in thousands) 2025 2024Net Debt:Long-term debt, net (GAAP) $ 2,195,796 $ 2,407,156Less: cash and cash equivalents 4,891 4,947Net Debt $ 2,190,905 $ 2,402,209Net Debt to LTM Adjusted EBITDAX:Net Debt $ 2,190,905 $ 2,402,209LTM Adjusted EBITDAX $ 1,664,271 $ 1,431,505Net Debt to LTM Adjusted EBITDAX (Non-GAAP) 1.32 x 1.68 x
RECONCILIATIONOF ADJUSTED FREE CASH FLOW(Unaudited) Three Months Ended Nine Months Ended September 30, September 30,($ in thousands) 2025 2024 2025 2024Net Cash Provided by Operating Activities (GAAP) $ 478,682 $ 259,851 $ 1,245,076 $ 839,311Adjustments to reconcile Net Cash Provided by Operating Activities to Adjusted Free Cash Flow:Changes in operating assets and liabilities (74,145) (18,126) (87,055) 2,298Drilling and completion costs incurred (147,208) (192,417) (547,582) (528,541)Land and leasehold costs incurred (29,199) (27,270) (78,831) (99,554)Capitalized interest incurred (5,850) (8,697) (20,675) (24,225)Financing commodity derivative settlements – 42,341 – 138,237Legal settlements, loss contingencies and other – 793 – 3,534Adjusted Free Cash Flow (Non-GAAP)(1) $ 222,280 $ 56,475 $ 510,933 $ 331,060
(1) Adjusted Free Cash Flow does not include the impact of the Long-Term Incentive Plan Cash Award of $7.9 million and $3.0 million for the three months ended September 30, 2025 and 2024, respectively, and $24.4 million and $14.3 million for the nine months ended September 30, 2025 and 2024, respectively.
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