The Transformed Earthstone Bigger, Better and Built to Last February 16, 2022
The New Earthstone: Transformed SMID-Cap, Permian Producer Top Investment Criteria Earthstones Qualifications Greater Efficiency from Six acquisitions since early 2021 increase production by 4x and Increased Critical Mass improved…
Company Overview Company Snapshot Asset Overview The Woodlands, Texas based E&P company focused on development and production of oil and natural gas in the Permian Basin with 248,000 net acres(1) Recent string of six…
Capital Structure and Liquidity Snapshot Market Statistics(1) Liquidity(1) As of 12/31/21 As of 12/31/21 Pro Forma Pro Forma Pro Forma Chisholm Pro Forma Chisholm ( in millions, except share price) Chisholm & Bighorn ( in…
Acquisitions Have Transformed Earthstone in 2021-22 Earthstone production base up 400% vs. 2020 pending Bighorn Acquisition Mature base production profile and high quality inventory enables moderate production growth at 50%…
Northern Delaware Basin Asset Overview Acquisition Highlights Delaware Acreage Overview ESTEs recent acquisition in the Delaware Basin of the Earthstone Chisholm assets brings significant production and cash flow High quality…
Bighorn Asset Overview Pending Closing Acquisition Highlights Acreage Overview PDP-weighted acquisition adds significant scale to Earthstone asset base at an attractive valuation relative to 1,012 million PDP-PV10 19% year 1 to year…
Pro Forma Earthstone Overview 9
Permian Basin Growth Story Since entering the Permian Basin in 2016, Earthstone has substantially increased production and decreased per unit cash expenses, resulting in increased Adjusted EBITDAX, while maintaining low leverage and…
Earthstones Significant Growth Transformation Execution of acquisition strategy has increased base production by 400% from 15,000 Boe/d in 20 4Q21 Production (Boe/d) 145.5 111.9 82.7 83.7 84.4 64.3 43.6 30.2 15.3 9.1 9.6…
Reserves and Inventory Earthstone + Bighorn 1P Reserves PV-10 Value as of 1/1/22(1) 1P Reserves as of 1/1/22(1) PV-10 Value (mm) PUD 32% Proved Developed 2,844 330 Proved Undeveloped 1,086 PDNP MMBoe PDP 2% 66% Total Proved…
Financial Overview 13
2022 Guidance Production Guidance(1) ESTE + Chisholm ESTE + Chisholm + Bighorn ESTE + Chisholm + Bighorn ESTE + Chisholm + Bighorn Production Guidance 1Q22 2Q22 3Q22 - 4Q22 FY22 Production (Boe/d) 35,000 - 37,000 70,000 - 74,000…
2022 Capital Program Earthstone + Chisholm + Bighorn Overview Map 4 Rigs Total (2 Midland Basin, 2 Delaware Basin) Midland Basin 2 Rigs 2 rigs running continuously 40 operated wells 9,500 average LL, 90% average WI 300mm capex…
Oil and Gas Hedging Summary Disciplined approach to hedging a portion of near-term volumes to provide cash flow visibility Reduced hedging percentage compared to prior years due to overall larger production base, corporate scale and…
Analyst Coverage Firm Analyst Contact Info Alliance Global Partners Jeffrey Campbell / 888-543-4448 / jcampbellallianceg.com Benchmark Subash Chandra / 212-312-6755 / schandrabenchmarkcompany.com Johnson Rice Charles Meade /…
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 19
Pending Bighorn Acquisition Earthstone has entered into an agreement to acquire assets (the Bighorn Acquisition) from Bighorn Permian Resources, LLC (Bighorn) Cash and equity consideration of 860 million prior to purchase price…
Oil and Gas Hedges Summary WTI Oil Hedges - Swaps HH Gas Hedges - Swaps Period Volume (Bbls) Volume (Bbls/d) /Bbl Period Volume (MMBtu) Volume (MMBtu/d) /MMBtu 1Q 2022 683,500 7,594 56.60 1Q 2022 720,000 8,000 2.888 2Q 2022 1,085,250…
SEC Stand-Alone Reserves Summary & PV-10 Year-End 2021 As shown in the table below, the Companys stand-alone estimated proved reserves at year end 2021 were independently estimated by Cawley, Gillespie & Associates, Inc. (CGA),…
Alternative Reserves Summary 1/1/22 The information presented below includes the combination of the stand-alone reserve quantities and PV-10 for Earthstone and for the Chisholm and Bighorn Acquisitions as of January 1, 2022. This…
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…
Footnotes Page 6 1) IRM Acquisition price of 186MM based on 50.8MM of equity consideration (approximately 12.7MM shares and ESTE share price of 3.99 on 12/16/20) and cash consideration of 135.2MM. Tracker Acquisition price of 126MM…
Loading...
