Exhibit 99.1

Montage Resources Corporation Announces Exceptional First Quarter 2019 Results Driven by Superior Operational Execution, Updates Full Year 2019 Guidance for Increased Production and Enhanced Cash Margins, and Obtains Borrowing Base Increase of 7%  

IRVING, TX- May 7, 2019- (BUSINESS WIRE) - Montage Resources Corporation (NYSE:MR) (the “Company” or “Montage Resources”) today announced its first quarter 2019 financial and operational results along with second quarter 2019 and revised full year 2019 guidance. Financial and operational results for the first quarter 2019 include the impact of the merger with Blue Ridge Mountain Resources, Inc. (“Blue Ridge”) since the closing of the transaction on February 28, 2019.  In addition, the Company will be posting an updated investor presentation to its corporate website.

First Quarter 2019 Highlights:

 

Average net daily production was 407.5 MMcfe per day, above the high end of the Company’s previously issued guidance range and above analyst consensus expectations.

 

Realized an average natural gas price, before the impact of cash settled derivatives and firm transportation expenses, of $3.01 per Mcf, a $0.14 per Mcf discount to the average monthly NYMEX settled natural gas price during the quarter, with the price differential better than the Company’s previously issued guidance and analyst consensus expectations.

 

Per unit cash production costs (including lease operating, transportation, gathering and compression, production and ad valorem taxes) were $1.41 per Mcfe1, including $0.41 per Mcfe in firm transportation expenses, with the per unit cash production costs better than the Company’s previously issued guidance and analyst consensus expectations.

 

Net loss for the first quarter of 2019 was ($14.1) million; Adjusted net income2 for the first quarter of 2019 was $18.0 million; and Adjusted EBITDAX2 for the first quarter of 2019 was $68.9 million, better than analyst consensus expectations.

 

Subsequent to the end of the first quarter 2019, completed its spring borrowing base redetermination, resulting in a $25 million borrowing base increase, or approximately 7%, from $375 million to $400 million.

Positive Revisions to Full Year 2019 Guidance:

 

Full year 2019 production guidance of 520 to 540 MMcfe per day, an increase of approximately 3% based upon the midpoint of the Company’s previously issued guidance range.

 

Realized natural gas price differential guidance of ($0.15) to ($0.25) per Mcf, better by $0.05 per Mcf based upon the midpoint of the Company’s previously issued guidance range.

 

Per unit cash production costs of $1.35 to $1.45 per Mcfe1, lower by approximately 12.5% based upon the midpoint of the Company’s previously issued guidance range.

 

1

Revenues include transportation expense for NGLs related to Mariner East II; previous cash production cost guidance included approximately $0.10  per Mcfe for NGLs related to Mariner East II recorded as a reduction to revenue

 

2

Non-GAAP measure. See reconciliation for details

John Reinhart, President and CEO, commented on the Company’s first quarter 2019 results, “Our first quarter financials, which include only one full month of consolidated results, highlight the power of the combined entity and the harnessing of operational synergies to drive improved cycle times, translating into higher reported volumes.  This production beat, coupled with better per unit cash production costs, delivers cash operating margins that we believe are among the best in the Appalachian Basin. The Company’s focus on cost and operational improvements delivered on first quarter cycle time improvements of approximately two weeks, on average, relative to a very aggressive schedule.  The Company is on track to drive well costs down below the published 2019 total well average of


The following information was filed by Montage Resources Corp (MR) on Tuesday, May 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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