Ascent Resources Utica Holdings LLC, Ohio’s largest oil and natural gas producer, plans to cut spending this year and hold production flat to 2020 levels as the industry continues to take a more conservative financial approach. 

The Ohio pure-play has issued 2021 capital guidance at a range of $550-600 million and intends to maintain production at 2 Bcfe/d. Ascent spent $657 million last year and produced just over 1.9 Bcfe/d after curtailing 40 Bcfe of volumes, as other operators did when commodity prices were hit by the Covid-19 outbreak.

The company intends to run up to four operated rigs this year on its acreage in the southeast part of the state. It plans to spud up to 65 wells and turn up to 70 to sales.

Ascent, which is privately owned, is forecasting up to $150...