Investment Highlights Actively growing in the Midland Basin Midland Basin Focused Growth through drill bit, acquisitions and significant business combinations Company with Growing Inventory 870 total gross drilling locations across…
Proven Leadership and Track Record of Value Creation Operating team has extensive experience running multi-rig development programs across various basins Years Years of Experience Title Working Together Frank Lodzinski 46 29 CEO…
Company Overview Midland Basin Asset Overview The Woodlands, Texas based E&P company is focused on development and production of oil and natural gas with current operations in the Midland Basin (30,200 core net acres) and the Eagle…
Continue to Increase Size, Scale and Core Inventory in the Midland Basin Midland Basin Net Acres 30,200 Net Midland Basin Locations 500 Operations % Operated in the Midland Basin 77% Q3 2018 Production (Boe/d) (1) 10,766 Q3…
Consistent Growth and Margin Expansion While Maintaining a Strong Balance Sheet Average Daily Production (Boe/d)(1) Unhedged Debt-Adjusted CFPS(2) 12,000 10,766 2.40 3.0x 9,762 2Q'16-3Q'18 CAGR 82.6% Maintained leverage below 1.5x…
Significant Position in the Midland Basin Midland Basin Overview 30,200 Total Net Acres in Core of Midland Basin 868 gross locations identified Significant Operated Position in Midland Basin(1) 23,300 net acres, 87% working…
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…
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…
Recent Southern Midland Basin Results Recent Well Results Southern Midland Basin Activity Map Well Name Operator IPW2 (Boe/d) % Oil 1 SRH North 1526HU Apache 1,403 85% 2 SRH North 1527HA Apache 1,266 75% 3 University 3-310 PU 9H…
Differentiated, Balanced Inventory in Midland Basin Midland Basin Overview Gross Midland Basin Locations by Lateral Length and Target Gross Locations by Lateral Length Contiguous acreage positions provide significant development…
Midland Basin Type Curve Overview Outperforming initial expectations and generating attractive returns at strip prices Improved internal rate of return (IRR) due to initial production outperforming previous type curves Reagan…
Acreage Trade Central Reagan County Acreage Trade Highlights Pre-Trade Post-Trade In October 2018, ESTE traded non-operated working interests in Glasscock County and paid 27.8 million in cash for operated working interests in Reagan…
Eagle Ford Asset Overview Karnes, Gonzales, and Fayette Counties, Texas Operated Karnes, Gonzales, and Fayette Travis Lee Washington Counties Hays Bastrop Austin 29,000 gross / 13,700 net leasehold acres Caldwell Fayette…
Recent Eagle Ford Activity 11 gross wells drilled in southwestern Gonzales County and completed in late 2017 and early 2018 Recent Eagle Ford Activity Map 2 wells in Davis Unit (5,300 foot lateral); 17% working interest 3 wells in…
Financial Overview 19
Capital Budget, Guidance and Liquidity ESTE 2019 Capital Budget(1) 2019 FY Guidance(1) (3) Gross / Net Well Count 2019 Average Daily Production (Boepd) 11,000 - 12,000 ( in millions) Wells Spudded On-Line % Oil 65% Drilling and…
Hedge Book Summary Oil Production Hedged Gas Production Hedged Period Volume (Bbls) Volume (Bbls/d) /Bbl Period Volume (MMBtu) Volume (MMBtu/d) /MMBtu Q1 2019 523,000 5,811 65.92 Q1 2019 945,000 10,500 2.857 Q2 2019 591,500 6,500…
Analyst Coverage Firm Analyst Contact Info Alliance Global Partners Joel Musante / 203-349-4782 / jmusanteallianceg.com Baird Joseph Allman / 646-557-3209 / jdallmanrwbaird.com Coker Palmer David Beard / 631-725-8810 /…
Contact Information Mark Lumpkin, Jr. EVP, Chief Financial Officer Scott Thelander Vice President of Finance Corporate Offices Houston 1400 Woodloch Forest Drive Suite 300 The Woodlands, TX 77380 (281) 298-4246 Midland…
Reconciliation of Non-GAAP Financial Measure Adjusted EBITDAX Earthstone uses Adjusted EBITDAX, a financial measure that is not presented in accordance with United States generally accepted accounting principles (GAAP). Adjusted EBITDAX…
Reserves Summary Earthstones proved reserves as of December 31, 2018 were independently estimated by CG&A utilizing base oil and gas prices of 65.56/bbl and 3.100/mmbtu, respectively, calculated for December 31, 2018 as requested for…
Non-GAAP Financial Measure PV-10 PV-10 is derived from the standardized measure of discounted future net cash flows (Standardized Measure), which is the most directly comparable financial measure under the generally accepted accounting…
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