Montage Resources Corporation (NYSE:MR) (the “Company” or
“Montage Resources”) today is pleased to provide an operational
update for the third quarter 2019 that includes the following:
Highlights:
- The Company anticipates third quarter 2019 production to be
above the high end of the previously announced guidance of between
600-615 MMcfe per day and to exceed current consensus
expectations
- The Company has used the recent commodity price volatility to
opportunistically add to its hedge book, increasing 2020 natural
gas hedges by approximately 30% and having an overall floor of
approximately $2.65 on its 2020 natural gas hedged production
- Given the current commodity price environment the Company will
continue to run one gross operated rig through the remainder of
2019 and into 2020 in order to balance free cash flow and growth,
while maintaining low financial leverage and a strong balance sheet
with no near-term debt maturities
- The Company will release third quarter 2019 financial and
operational results on Thursday, November 7, 2019 after the market
close
John Reinhart, President and CEO, commented, “We continue to see
the benefits from the execution of the integration strategy with
the significant efficiency gains, cost reductions and shortened
cycle times coupled with the ongoing well outperformance
contributing to the Company’s ability to exceed the high end of the
production guidance range. We believe the demonstrated capability
of the team at Montage will enable us to maintain the achievements
we have made to date while sustaining the Company’s commitment of
disciplined growth, balance sheet protection and cash flow
generation.”
Conference Call
A conference call to review the Company’s third quarter
financial and operational results is scheduled for Friday, November
8, 2019, 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 Third Quarter 2019 Earnings Call. A
replay of the call will be available through January 8, 2020. To
access the phone replay, dial 877-660-6853 or 201-612-7415 for
international callers. The conference ID is 13695725. 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 218,000 net effective 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, regarding Montage Resources’
strategy, future operations, financial position, estimated revenues
and income/losses, projected costs and capital expenditures,
prospects, 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,” “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 filed with the Securities and
Exchange Commission on March 15, 2019 (the “2018 Annual Report”),
in “Item 1A. Risk Factors” of Montage Resources’ Quarterly Reports
on Form 10-Q 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 Montage Resources’ business strategy; reserves;
general economic conditions; financial strategy, liquidity and
capital required for developing its properties and timing related
thereto; realized natural gas, NGLs and oil prices; timing and
amount of future production of natural gas, NGLs and oil; its
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. Forward-looking
statements also may include statements relating to the combination
with Blue Ridge, including statements regarding integration and
transition plans, synergies, cost savings, opportunities,
anticipated future performance, benefits of the transaction and its
impact on Montage Resources’ business, operations, assets, results
of operations, liquidity, and financial position, and any
statements of assumptions underlying any of the foregoing.
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, legal and environmental
risks, drilling and other operating risks, 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 2018 Annual Report, in “Item 1A. Risk Factors” of
Montage Resources’ Quarterly Reports on Form 10-Q and in Montage
Resources’ other filings and reports with the Securities and
Exchange Commission. In addition, forward-looking statements are
subject to risks and uncertainties related to the combination with
Blue Ridge, including, without limitation, failure to realize or
delays in realizing expected synergies or other benefits of the
transaction, difficulties in integrating the combined operations,
disruption of management time from ongoing business operations due
to the transaction, adverse effects on the ability of Montage
Resources to retain and hire key personnel and maintain
relationships with suppliers and customers, negative effects of
consummation of the transaction on the market price of the
Company’s common stock, transaction costs, unknown liabilities or
unanticipated expenses.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191023005818/en/
Montage Resources Corporation Douglas Kris, Investor Relations
469 444-1736 dkris@mresources.com
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