PE-backed Ascent Resources hires CFO

Ascent Resources LLC, a private exploration and production company focused on natural gas and oil properties in the Utica Shale, has appointed Brooks M. Shughart as executive vice president, chief financial officer.

Ascent Resources LLC, a private exploration and production company focused on natural gas and oil properties in the Utica Shale, has appointed Brooks M. Shughart as executive vice president, chief financial officer. Shughart joins Ascent from First Reserve where his most recent position was a managing director. Ascent’s backers included The Energy & Minerals Group and First Reserve.

PRESS RELEASE

OKLAHOMA CITY, May 19, 2020 /PRNewswire/ — Ascent Resources, LLC (“Ascent”) announced today that Brooks M. Shughart has been named Executive Vice President — Chief Financial Officer, effective May 18, 2020. Mr. Shughart will replace Jennifer M. Grigsby, who is leaving Ascent to pursue other interests.

Commenting on today’s announcement, Jeff Fisher, Ascent’s Chief Executive Officer, said, “We are fortunate to have a talented executive of Brooks’ caliber to assume the CFO role. Brooks has been intimately involved with Ascent as a member of our board over the past 5 years. With his extensive experience and relationships within the energy investment community, and track record of delivering value for stakeholders, I am confident that Brooks’ impact will be a key component in achieving our strategic objectives. We also want to thank Jennifer for her contributions to establishing and growing the Ascent business and organization. She has been a valued colleague and we wish her well in her future endeavors.”

Mr. Shughart joins Ascent from First Reserve, an energy focused private equity fund, where he worked for eight years, serving in various roles including his most recent position as Managing Director. Prior to First Reserve, Mr. Shughart worked in the Mergers and Acquisitions Group for Credit Suisse. Prior to Credit Suisse, he held positions in the energy groups of Lazard Freres and Donaldson, Lufkin & Jenrette / CS First Boston. He holds a Bachelor of Business Administration from The University of Texas at Austin.

About Ascent Resources:
Ascent is a leading private exploration and production company focused on acquiring, exploring for, developing, producing and operating natural gas and oil properties in the Utica Shale. Ascent is capitalized with equity investments from various private equity sponsors, led by funds managed by The Energy & Minerals Group and First Reserve Corporation.