Montage Resources Corporation (NYSE:MR) (the “Company” or
“Montage Resources”) today announced preliminary first quarter 2020
production, an updated hedge portfolio position and first quarter
2020 earnings release schedule.
Production and Hedging Updates:
- Exceeded the Company’s most recent production guidance range of
585-600 MMcfe per day with the preliminary net production for the
first quarter 2020 averaging approximately 611 MMcfe per day, which
is above analyst consensus estimates
- Increased its 2020 natural gas hedges and now has approximately
65% of its projected natural gas production in 2020 hedged with an
average floor price of approximately $2.62 per MMbtu
- Increased its 2021 natural gas hedges and now has an average of
approximately 175,000 MMbtu per day of natural gas production with
an average floor price of approximately $2.48 per MMbtu
John Reinhart, President and CEO, commented on the Company’s
first quarter production and operational update, “We have continued
to maintain a disciplined approach to managing our capital
expenditures, preserving liquidity, and optimizing our cost
structure while we adjust the 2020 business plan for cash flow
generation. The outstanding first quarter production results
reflect the outperformance of our wells and the strong execution of
the Montage team. The Company is positioned favorably regarding
liquidity and corporate commitments that facilitate a disciplined
and flexible approach to value accretive development. Montage will
remain nimble as we continue to optimize and evaluate our 2020
development plan and monitor market conditions. In addition, we are
continuing to act opportunistically in the current commodity price
environment to add additional downside protection to our cash flows
by actively managing our hedge book. Finally, the combination of
COVID-19 pandemic and the oil market downturn has been extremely
difficult on our industry and I would like to recognize our
employees, contractors and other stakeholders for their continued
support as we manage through this unprecedented time with a focus
on safely executing our business plan and protecting shareholder
value.”
Earnings Release and Conference
Call
The Company will release its first quarter 2020 financial and
operational results after the market close on Thursday, May 7,
2020.
A conference call to review the Company’s first quarter 2020
financial and operational results is scheduled for Friday, May 8,
2020, at 10:00 a.m. Eastern Time. To participate in the call,
please dial 877-709-8150 or 201-689-8354 for international callers
and reference Montage Resources First Quarter 2020 Earnings Call. A
replay of the call will be available through July 8, 2020. To
access the phone replay, dial 877-660-6853 or 201-612-7415 for
international callers. The conference ID is 13702797. A live
webcast of the call may be accessed through the Investor Center on
the Company’s website at www.montageresources.com. The webcast will
be archived for replay on the Company’s website for six months.
About Montage Resources
Montage Resources is an exploration and production company with
approximately 195,000 net effective core undeveloped acres
currently focused on the Utica and Marcellus Shales of Southeast
Ohio, West Virginia and North Central Pennsylvania. For more
information, please visit the Company’s website at
www.montageresources.com.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
included in this press release, including statements regarding
Montage Resources’ strategy, future operations, financial position,
estimated revenues and income/losses, projected costs and capital
expenditures, prospects, and plans and objectives of management are
forward-looking statements. When used in this press release, the
words “plan,” “endeavor,” “will,” “would,” ”should,” “could,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,”
“continue,” “position,” “potential,” “committed,” “target,
”project” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking
statements are based on Montage Resources’ current expectations and
assumptions about future events and are based on currently
available information as to the outcome and timing of future
events. When considering forward-looking statements, you should
keep in mind the risk factors and other cautionary statements
described under the heading “Risk Factors” in Montage Resources’
Annual Report on Form 10-K for the fiscal year ended December 31,
2019 filed with the Securities and Exchange Commission on March 10,
2020 (the “2019 Annual Report”) and in Montage Resources’ other
filings and reports with the Securities and Exchange
Commission.
Forward-looking statements may include, but are not limited to,
statements about business strategy; reserves; general economic
conditions; financial strategy, liquidity and capital required for
developing properties and timing related thereto; realized natural
gas, NGLs and oil prices; timing and amount of future production of
natural gas, NGLs and oil; hedging strategy and results; future
drilling plans; competition and government regulations, including
those related to hydraulic fracturing; the anticipated benefits
under commercial agreements; marketing of natural gas, NGLs and
oil; leasehold and business acquisitions; the costs, terms and
availability of gathering, processing, fractionation and other
midstream services; the costs, terms and availability of downstream
transportation services; credit markets; uncertainty regarding
future operating results, including initial production rates and
liquid yields in type curve areas; and plans, objectives,
expectations and intentions contained in this press release that
are not historical, including, without limitation, the guidance set
forth herein.
Montage Resources cautions you that all these forward-looking
statements are subject to risks and uncertainties, most of which
are difficult to predict and many of which are beyond the Company’s
control, incident to the exploration for and development,
production, gathering and sale of natural gas, NGLs and oil. These
risks include, but are not limited to, the severity and continued
duration of the COVID-19 pandemic, related economic effects and the
resulting negative impact on the demand for natural gas, NGLs and
oil; operational challenges relating to the COVID-19 pandemic,
including logistical challenges, protecting the health and
well-being of the Company’s employees, remote work arrangements,
performance of counterparty contracts and supply chain disruptions;
legal and environmental risks; drilling and other operating risk;,
regulatory changes; commodity price volatility and declines in the
price of natural gas, NGLs, and oil; inflation; lack of
availability of drilling, production and processing equipment and
services; counterparty credit risk; the uncertainty inherent in
estimating natural gas, NGLs and oil reserves and in projecting
future rates of production; cash flow and access to capital; the
timing of development expenditures, and the other risks described
under the heading “Risk Factors” in the 2019 Annual Report and in
Montage Resources’ other filings and reports with the Securities
and Exchange Commission.
All forward-looking statements, expressed or implied, included
in this press release are expressly qualified in their entirety by
this cautionary statement and are based on assumptions that Montage
Resources believes to be reasonable but that may not prove to be
accurate. This cautionary statement should also be considered in
connection with any subsequent written or oral forward-looking
statements that Montage Resources or persons acting on its behalf
may issue. Except as otherwise required by applicable law, Montage
Resources disclaims any duty to update any forward-looking
statements to reflect new information or events or circumstances
after the date of this press release. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20200423005854/en/
Montage Resources Corporation Douglas Kris, Investor Relations
469-444-1736 dkris@mresources.com
Montage Resources (NYSE:MR)
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