Ascent sees 19% increase in daily production during second quarter
Friday, August 21, 2020
Ascent Resources Utica Holdings saw a 19% increase in average daily production in Ohio’s Utica Shale during the second quarter, according to Kallanish Energy.
However, despite the production increase, the company reported a net loss of $291 million over the same time period.
Ascent said it was hurt by lower commodity prices. It also had to write-off about $71 million in value changes on its hedges in the second quarter.
During the second quarter of 2019, Ascent saw a net gain of $356 million on total revenues of about $791 million in Q2 2019.
Learn more: Kallanish Energy > Ascent Resources reports 19% increase in production
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