Montage Resources Corporation Announces Third Quarter 2020 Financial Results

Montage Resources Corporation (NYSE:MR) (the “Company” or “Montage” or “Montage Resources”) today announced its third quarter 2020 operational and financial results.


Third Quarter 2020 Highlights:

- Merger with Southwestern Energy Company expected to close following Montage Resources shareholder vote on November 12, 2020

- Average net daily production was 602.6 MMcfe per day, above the high end of the Company’s previously issued guidance range of 580 to 600 MMcfe per day, consisting of 82% natural gas and 18% liquids

- Average natural gas equivalent realized price was $2.30 per Mcfe, including cash settled commodity derivatives and excluding firm transportation expenses

- Per unit cash production costs (including lease operating, transportation, gathering and compression, production, and ad valorem taxes)were $1.21 per Mcfe, below the Company’s previously issued guidance range of $1.25 to $1.35 per Mcfe

- Cash operating margin of $0.93 per Mcfe, or 40%, which was a $0.17 per Mcfe improvement from the second quarter 2020 of $0.76 per Mcfe

- Capital spending for the quarter was $22.3 million, with cumulative spending for the nine months ended September 30, 2020 of $103.8 million