Investment Highlights: Leading Small-Cap, Permian Focused Producer Top Investment Criteria Earthstones Qualifications Basin & Acreage Position High quality, Midland Basin acreage position Low Leverage Conservative balance…
Delivering Results 2019 Results vs. Guidance Total Oil CAPEX LOE Cash G&A Production Production +14% +11% +3% -2% -19% 13,429 8,463 210.4 11,750 7,638 205.0 6.50 4.75 6.40 3.87 (Boepd) (Bopd) (MM) (/Boe) (2)…
Oil Price Volatility Requires Focused Business Strategy WTI trading in range of 40-70 per barrel vs. 80-110 per barrel since OPEC / Shale standoff commenced in 2H 2014 Industry re-geared cost structure and improved efficiencies to…
Managing Through Oil Price Volatility May 2017 October 2017 December 2017 Acquired 20,900 Net 40MM Divested Bakken December 2015 June 2016 Acres from Bold Energy, Common Assets for 27MM Announces Acquisition of 45MM Common LLC in…
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 Asset Overview Midland Basin (29,100 core net acres) and the Eagle Ford…
Midland Basin Growth Story Since entering the Midland Basin in 2016, Earthstone has substantially increased production, proved reserves and core acreage while maintaining low leverage and preserving financial flexibility The Company…
Continuous Focus on Operational Improvement A continued focus on driving down costs and increased efficiencies achieved by developing larger pads and driving down drilling and completion days Actual Drilling, Completions & Equip.…
Highly Focused Environmental Stewardship Key Environmental Priorities Focus on Responsible Operatorship Installation of Vapor Recovery Units (VRUs) in conjunction with tank battery construction minimizes air emissions Target…
Asset Overview 13
Areas of Operations (1) (1) Total Midland Basin Total Proved Reserves (Mmboe) 94.3 Total Proved Reserves (Mmboe) 89.5 % Proved Developed 33% % Proved Developed 30% % Oil 56% % Oil 54% Total Proved PV-10 (mm) 820 Total Proved…
Differentiated, Balanced Inventory in Midland Basin Midland Basin Overview Gross Locations by Lateral Length and Target Contiguous acreage positions provide significant development advantage Gross Locations by Lateral Length 5,000' -…
Midland Basin Type Curve Summary Generating attractive returns across the acreage position 2020 drilling program only in Upton County Type curves take into account impact from parent/child and co-development Midland County (1)…
Financial Overview 17
Revised Capital Budget, Guidance and Year-End Liquidity No long-term service contracts Negotiated drilling obligations to be deferred to 2021 ESTE 2020 Revised Capital Budget 2020 FY Revised Guidance Gross / Net 2020 Average Daily…
Hedge Book Summary 100% Swaps Oil Production Hedges - 100% Swaps Gas Production Hedges - 100% Swaps Period Volume (Bbls) Volume (Bbls/d) /Bbl Period Volume (MMBtu) Volume (MMBtu/d) /MMBtu FY 2020 2,622,000 7,164 60.99 FY 2020…
Analyst Coverage Firm Analyst Contact Info Alliance Global Partners Bhakti Pavani / 949-296-3196 / bpavaniallianceg.com Baird Joseph Allman / 646-557-3209 / jdallmanrwbaird.com Coker Palmer Noel Parks / 215-913-7320 /…
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…
Appendix 22
Reconciliation of Non-GAAP Financial Measure Adjusted EBITDAX Earthstone uses Adjusted EBITDAX, a financial measure that is not presented in accordance with accounting principles generally accepted in the United States (GAAP). Adjusted…
Reserves Summary Earthstones proved reserves as of December 31, 2019 were independently estimated by Cawley, Gillespie & Associates, Inc. (CGA), independent petroleum engineers, utilizing SEC prescribed oil and gas prices of 55.69/bbl…
Non-GAAP Financial Measure PV-10 PV-10 is a non-GAAP measure that differs from a measure under GAAP known as standardized measure of discounted future net cash flows in that PV-10 is calculated without including future income taxes.…
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