Montage Resources Corporation (MR) 2019年年度报告「NYSE」.pdf

1、2019 ANNUAL REPORTDear Fellow Shareholders:2019 was a year of significant accomplishments that represented an inflection point for Montage Resources.From the detailed initial plan that the Company laid out during its analyst day in March of 2019,which unveiled a strategic shift in the Companys devel

2、opment approach and balance sheet management,we have met or exceeded our 2019 targeted goals.These accomplishments were met,in many cases ahead of schedule,all while integrating two businesses and navigating a declining commodity price environment.Our initial 2-rig program,which targeted an approxim

3、ately$388 million capital budget,was dynamically adjusted mid-year to drop to 1-rig.This resulted in a reduction of more than$30 million in 2019 capital spending relative to the initial 2019 budget.Despite this activity change,we were able to deliver increased production and raised production guidan

4、ce twice during the year.The Company outperformed its initial operating cost guidance of approximately$1.60 per Mcfe to end the year with an approximately 18%reduction to$1.32 per Mcfe.We achieved our targeted G&A merger-related synergies by delivering on our promise of an approximate$15 million red

5、uction versus the combined companies G&A costs.These milestones enabled the Company to arrest the historical cash outspend and balance cash flows by the end of the third quarter,again ahead of our initial plan.In addition,we dramatically increased our liquidity and delivered on our goal to remain be

6、low two-times levered in 2019.The ability to outperform against our plan in 2019 facilitated results that met or exceeded both our published guidance as well as analyst consensus expectations.Montage accomplished several aggressive strategic objectives in 2019 and the organization is realizing the s