Ascent Resources

What Ascent Resources does

Ascent Resources Utica Holdings, LLC is a privately held natural gas and oil exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on developing and operating wells in the Utica Shale in southern Ohio, where it operates 918 gross producing wells as of December 31, 2024, and holds 9.0 tcfe of total proved reserves. Ascent is the largest natural gas producer in Ohio and one of the largest privately held E&P companies in the United States by asset size and net production, with average net production of 2,166 mmcfe/day in full-year 2024 and 2,132 mmcfe/day in Q1 2026.

The company's core products are natural gas, crude oil, and natural gas liquids (NGLs) — including ethane, propane, and butane — extracted via hydraulic fracturing and horizontal drilling, with average lateral lengths of approximately 15,903 feet on its 2024 wells. Ascent supports royalty owners through an online owner-relations portal that integrates EnergyLink and PDS Energy, and publishes annual sustainability reports covering environmental, safety, and community performance. The company has held MiQ Grade A certification for 100% of its natural gas production for four consecutive years through 2025, positioning it in the premium low-methane-intensity gas segment.

Ascent sells its production directly to commodity purchasers — utilities, midstream processors, and industrial customers — through bilateral contracts priced at NYMEX/WTI indices, with realized prices shaped by its hedge book extending through 2027. The company generated $2.16 billion in total revenue and $1.5 billion in Adjusted EBITDAX in 2024, with $533 million of Adjusted Free Cash Flow marking its fifth consecutive year of positive FCF. Ownership is controlled by private equity sponsors Energy & Minerals Group and First Reserve Corporation, which have pursued a contested $800 million continuation fund transaction amid competing acquisition offers of approximately $6 billion from Kimmeridge Energy Management and Mason Capital Management and active litigation from Abu Dhabi Investment Council.

Name

Ascent Resources

Legal name

Ascent Resources Utica Holdings, LLC

Website

https://ascentresources.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Short description

Ascent Resources is a privately held natural gas and oil exploration and production company headquartered in Oklahoma City. It is the largest natural gas producer in Ohio, operating 918 Utica Shale wells with 9.0 tcfe of proved reserves and selling gas, oil, and NGLs directly to commodity purchasers.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Oil and Gas Extraction (2111), Natural Gas Extraction (21113), Crude Petroleum Extraction (211120)

SIC

Crude Petroleum & Natural Gas (1311), Drilling Oil & Gas Wells (1381)

akta.pro primary industry

Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)

akta.pro secondary industry

Drilling & Well Construction (E&P Operator-led) (EUALAAAD)

Keywords

• Natural gas production
• Oil exploration production
• Natural gas liquids
• Utica Shale operations
• Horizontal drilling services

Headquarters

HQ city

Oklahoma City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Natural Gas Sales: Revenue from sale of natural gas produced from Utica Shale wells, sold at market prices with realized prices including impact of commodity derivatives.
2. Oil Sales: Revenue from sale of crude oil extracted as part of production operations.
3. NGL Sales: Revenue from sale of natural gas liquids including ethane, propane, and butane extracted during production.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Ascent Resources is a privately held exploration and production (E&P) company that extracts and sells natural gas, crude oil, and natural gas liquids (ethane, propane, butane) from its Utica Shale operations in southern Ohio. As of year-end 2024, the company operated 918 gross producing Utica wells with average net production of 2,166 mmcfe per day and 9.0 tcfe of proved reserves. The company also provides an online owner relations portal for royalty holders and publishes annual sustainability/ESG disclosures.

Product overview

Ascent Resources is one of the largest privately held exploration and production companies in the United States and the largest natural gas producer in Ohio. The company's core products include natural gas, oil, and natural gas liquids (NGL) production from Utica Shale properties in southern Ohio. Supporting its upstream operations, the company offers an Owner Relations Online System that enables royalty owners to access revenue and production data through integrated third-party portals (EnergyLink for revenue data and PDS Energy for production data). The company also publishes annual sustainability and ESG reports documenting its environmental performance, health and safety initiatives, and community engagement programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Production Natural gas extracted from 918 gross operated producing Utica Shale wells in southern Ohio, sold to utilities, midstream processors, and industrial customers at market-indexed prices (NYMEX). Ascent is the largest natural gas producer in Ohio.
• Crude Oil Production Crude oil extracted as a co-product from Utica Shale operations, sold at WTI-indexed market prices to commodity purchasers.
• Natural Gas Liquids (NGL) Production Natural gas liquids including ethane, propane, and butane produced alongside natural gas from Utica Shale operations, sold to commodity purchasers and midstream processors.
• Owner Relations Online System An online portal for royalty owners to access revenue data (via EnergyLink/Enverus) and production data (via PDS Energy), supporting landowner and mineral-rights stakeholder engagement.
• Sustainability and ESG Reporting Annual sustainability reports covering environmental performance, health and safety, corporate governance, and community support, including MiQ Grade A methane intensity certification.

Quantifiable outcome

• 2,166 mmcfe/day average net production for full year 2024
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• SLRminorStrategic or Co-development PartnerManaging partner of the Appalachian Methane Initiative (AMI) report, a study led by the Energy Emissions Modeling and Data Lab at University of Texas at Austin examining methane emissions from well types in Appalachia.

Scale indicators11 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• EQT Corporation: Largest U.S. natural gas producer and Ascent's most direct Appalachian peer. Both companies operate long-lateral, multi-well pads in stacked Marcellus/Utica acreage and sell predominantly natural gas into Eastern U.S. and LNG markets, sharing takeaway and basis risk exposure.
• Antero Resources: Large Appalachia-focused independent producing natural gas, NGLs, and condensate from the Marcellus and Utica shales in West Virginia. Overlaps with Ascent on Utica operations, integrated NGL value chain exposure, and reliance on Appalachian differentials.
• Range Resources: Appalachia-focused E&P with core operations in the Marcellus and Utica shales of Pennsylvania. Operates a similar long-lateral horizontal development model, sells natural gas and NGLs, and is benchmarked alongside Ascent on lateral-length productivity and capital efficiency.
• Gulfport Energy: Pure-play Utica Shale producer with operations in eastern Ohio, making it one of the closest direct geographic peers to Ascent. Similar development approach with extended-reach laterals and natural-gas-weighted production sold into the same regional markets.
• CNX Resources: Appalachia-based low-cost natural gas producer operating in the Marcellus and Utica shales across Pennsylvania and West Virginia. Comparable in its gas-weighted production mix, low-cost structural philosophy, and focus on operational efficiency in the Appalachian basin.
• Expand Energy (formerly Chesapeake Energy): Largest U.S. natural gas producer following the Chesapeake–Southwestern merger, with significant Marcellus and Utica exposure alongside Haynesville. Competes with Ascent in Appalachian and LNG-linked natural gas markets, with a comparable gas-weighted production mix.
• Coterra Energy: Diversified E&P formed via the Cabot Oil & Gas / Cimarex merger, with a substantial Marcellus position in the Appalachia region. Comparable to Ascent as a natural-gas-leveraged producer with similar takeaway and pricing dynamics in the Northeast.

Broad incumbents

• Civitas Resources: Large independent E&P in the U.S. with primary operations in the DJ Basin and Permian, and a sizable scale comparable to Ascent. Comparable on private-equity-influenced growth strategy, capital returns focus, and size, though its product mix is more oil-weighted.
• Ovintiv: Large diversified independent with a meaningful natural gas position in the Appalachian region (formerly Encana/Anadarko assets). A useful comparable for benchmarking Ascent's capital efficiency, hedging approach, and multi-basin optionality at a similar production scale.

Emerging players

• Comstock Resources: Pure-play Haynesville Shale natural gas producer in Louisiana and East Texas, focused on supplying the U.S. Gulf Coast LNG corridor. A relevant peer to Ascent as another privately-influenced, natural-gas-leveraged E&P with a single-basin operating model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ascent-resources

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ascent Resources