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Earthstone IDs 2020 Budget; Spending, Drilling Down ~13%
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Earthstone Energy, Inc. reported its Q4 results as well as its 2020 capital plan.
2020 GuidanceThe Company's 2020 capital budget of $160-170 million assumes a one-rig operated program on its acreage in the Midland Basin as well as non-operated activity currently in progress, which is expected to result in bringing 19 gross / 16.2 net operated wells and 3.1 net non-operated wells online in 2020.
Based on its 2020 operating plan, existing service costs and an assumed $50/bbl WTI oil price.
Q4 Results The Company has estimated its oil and gas sales volumes for the fourth quarter of 2019 at approximately 1.60 MMBoe or an average of approximately 17,380 Boepd (66% oil). For the year ended December 31, 2019, the Company estimates its annual sales volumes grew 35% to approximately 4.88 million…- ✓ Full news archive — U.S., Canada & international coverage
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