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Appalachia E&P Preps For IPO; Looking to Raise $3.0 Billion
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The Wall Street Journal is reporting that Ascent Resources, the Appalachia focused E&P backed by private equity giants The Energy & Minerals Company (EMG) and First Reserve Corporation, is preparing for an IPO. According to the journal, the company is looking for a valuation of $3.5 billion.
Leasehold/LandThe company controls approximately 300,000 net acres in Ohio and West Virginia, where it is currently developing the Uitca and Marcellus formations.
Production Results of OperationsGeneral. For the three and six months ended June 30, 2017, the Company had net losses of $83.2 million and $91.0 million on total revenues of $269.8 million and $500.8 million, respectively. This compares to a net loss of $136.0 million and net income of $76.9 million on total revenues of $40.4 million…
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