Investment Highlights Actively growing in the Midland Basin Growth through drill bit, acquisitions and significant business Midland Basin Focused Company combinations with Growing Inventory 950 total gross drilling locations across…
Track Record Management team has consistently created shareholder value Repeated success with multiple entities over 25 years 2005 2007 Southern Bay Energy, LLC Results have created long-term and recurring shareholders (Private) Gulf…
Management Strong management and technical team with demonstrated ability and prior success Equity ownership - interests are clearly aligned with shareholders Years Years of Working Responsibility Experience Together Frank…
Earthstone A Platform for Steady Growth Since December 2014, Earthstone has evolved from a micro cap, non-op Bakken / Three Forks company to a small cap operator that is primarily focused in the Midland Basin (2) Production (Boe/d)…
Company Overview The Woodlands, Texas based E&P company focused on development and production of oil and natural gas with current operations in the Midland Basin 12/31/2017 Estimated Proved Reserves(3) (26,700 core net acres) and the…
Earthstone by the Numbers: Increased Size, Scale and Core Inventory Midland Basin Net Acres 26,700 Operations Net Midland Basin Locations 500 % Operated in Midland Basin 77% Q1-Q2 2018 Production (Mboe/d)(1) 9.3 Q1-Q2 2018…
Robust Growth with a Focus on Operations and Balance Sheet Average Daily Production (Boe/d)(1) Adj. EBITDAX (mm)(3) 16,000 120.0 Average Daily Production (Boe/d) (4) (2) 91.6 12,000 10,750 90.0 EBITDAX (mm) 9,252 7,869…
Areas of Operations Eagle Ford 1P Reserves (MMBoe) 6.5 % PD 73% % Oil 62% PV-10 (mm) 82.1 Q2 2018 Net Production (Boe/d)(1) 1,960 Midland Basin Gross Producing Wells 178 1P Reserves (MMBoe) 73.7 Core Net Acres 16,000 % PD 21% Core…
Asset Overview 12
Significant Position in the Midland Basin 26,700 Total Net Acres in Core of Midland Basin 943 gross locations identified in only 4 benches Significant Operated Position in Midland Basin(1) 20,500 net acres, 87% working interest,…
Consistent Thickness in Place Across the Operated Position Reagan County Wolfcamp Wolfcamp Formation Isopach (Midland Basin)(1) Thickest Wolfcamp shale section in Midland Basin Current Reagan inventory 1 Wolfcamp A target 2 Wolfcamp…
High Quality Pay Across Multiple Zones Reagan County Type Section Reagan Co. Resource Greater than Midland Co. North Midland Central Reagan Dean Dean Wolfcamp A Wolfcamp A Wolfcamp Upper B Wolfcamp B Wolfcamp A Thickness…
Significant Acreage Position in Midland Basin Core at an Attractive Price Selected Midland Basin Transactions RSPP/Adventure 7/2014 Oxy/Vanguard 3/2017 Purchase price: 259mm Purchase price: 105 mm Production, net: 1,100 boe/d…
Significant Multi-zone Results in Southern Midland Basin 1 Concho 9 Parsley Karen P1 Unit 5101BH Char Hughes 28-2 4803H Wolfcamp B Upper Wolfcamp C IPW2: 1388 Boe/d (88% oil) IPW2: 1304 Boe/d (82% oil) 2 Henry 10 Apache Fantasy…
Differentiated, Balanced Inventory in Midland Basin Midland Basin Overview Gross Locations by Lateral Length and Target Contiguous acreage positions provide significant Gross Locations by Lateral Length development advantage Target…
Well Performance Update All areas outperforming initial expectations All areas and target horizons generating attractive returns at strip prices with cost inflation Increased early time production profile while maintaining EUR…
Blocking Up Acreage East Central Upton County Pre Acreage Trade Acreage Trade Highlights Completed trade with offset operator to block up acreage for longer laterals Earthstone now has 2,650 net acres in the Benedum prospect with…
Blocking Up Acreage Southeast Reagan County Pre Acreage Trade Acreage Trade Highlights Completed trade with offset operator and became operator of the RCR RE 180 well and unit 480 net acres in the RCR Unit with 100% WI (76% NRI)…
Eagle Ford Asset Overview Karnes, Gonzales, and Fayette Counties, Texas Operated Karnes, Gonzales, and Fayette Counties 33,600 gross / 16,000 net leasehold acres Working interests range from 17% to 50% 60% held-by-production 104…
Recent Eagle Ford Activity 11 gross wells drilled in southwestern Gonzales County and completed in late 2017 and early 2018 2 wells in Davis Unit (5,300 foot lateral); 17% working interest 3 wells in Pilgrim Unit (7,300 foot…
Financial Overview 25
2018 Capital Budget, Guidance and Liquidity 2018 Capital Budget(1) 2018 FY Guidance(1)(2) Gross / Net Well Count 2018 Average Production (Boe/d) 10,500 11,000 mm Spudded On-Line % Oil 64% Midland Basin: % Gas 17% Operated Drilling…
Hedging Summary Oil Production Hedged Gas Production Hedged Period Volume (Bbls) /Bbl Period Volume (MMBtu) /MMBtu Q3 2018 459,700 54.55 Q3 2018 610,000 2.947 Q4 2018 413,700 54.05 Q4 2018 610,000 2.947 Q1 2019 315,000 57.17…
Analyst Coverage Firm Analyst Contact Info Baird Joseph Allman / 646-557-3209 / jdallmanrwbaird.com Coker Palmer David Beard / 631-725-8810 / beardcokerpalmer.com Euro Pacific Joel Musante / 800-727-7922 ext: 144 /…
Contact Information Mark Lumpkin, Jr. EVP, Chief Financial Officer Scott Thelander Director of Finance Corporate Offices Houston 1400 Woodloch Forest Drive Suite 300 The Woodlands, TX 77380 (281) 298-4246 Midland 600 N.…
Reconciliation of Non-GAAP Financial Measure Adjusted EBITDAX Adjusted EBITDAX (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a…
Non-GAAP Financial Measure PV-10 PV-10 is derived from the Standardized Measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the Standardized Measure on a…
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