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 improve…
Company Overview Company Snapshot Asset Overview The Woodlands, Texas based E&P company focused on acquisitions, development and production of oil and natural gas in the Permian Basin with 248,000 net acres Recent string of six…
Capital Structure and Liquidity Snapshot Market Statistics Liquidity As of 3/31/22 As of 3/31/22 As of 3/31/22 As of 3/31/22 As Reported As Adjusted As Reported As Adjusted (1) (2) ( in millions, except share price) 1Q22 1Q22 (…
Acquisitions Have Transformed Earthstone in 2021-22 Earthstone production base up 400% vs. 2020 Mature base production profile and high quality inventory enables moderate production growth at 50% reinvestment rate Pathway to Scale…
Highly Focused Environmental Stewardship Key Environmental Priorities Focus on Responsible Operatorship Minimize fugitive emissions with the installation of emission reducing equipment in conjunction with new facility…
Responsible Management of Air Emissions and Flaring Earthstones Do the Right Thing approach and proactive emissions and flaring initiatives are demonstrated by: 29% Below Permian Peers Avg.(1) 45% Below Permian Peers Avg.(1)…
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 (MBoe/d) 145.5 111.9 82.7 83.7 84.4 64.3 30.2 14.9 15.3 Peer…
Reserves and Drilling Inventory Reserve Overview as of 1/1/22(1) Reserves (MMBoe) % Total PV-10 Value (MM)(2) Proved Developed Producing 248 60% 3,521 Proved Developed Non-Producing 7 2% 135 Proved Undeveloped 156 38% 1,817 Total…
Financial Overview 14
2022 Guidance Production Guidance ESTE + Chisholm + Bighorn ESTE + Chisholm + Bighorn ESTE + Chisholm + Bighorn Production Guidance 2Q22 3Q22 - 4Q22 FY22 Production (Boe/d) 70,000 - 74,000 76,000 - 80,000 64,250 - 67,750 % Oil…
2022 Capital Program Overview Map 4 Rigs Total (2 Midland Basin, 2 Delaware Basin) Earthstone 2022 Capital Budget 410mm - 440mm capital expenditures 2 drilling rigs in each of Midland Basin and Delaware Basin ( in millions) Op.…
Oil and Gas Hedging Summary Disciplined approach to hedging majority of near-term volumes to provide cash flow visibility Lower hedging relative to production and utilization of some collars provide increased commodity upside…
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 20
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 2Q 2022 1,085,250 11,926 64.48 2Q 2022 2,902,500 31,896 3.595 3Q 2022…
SEC Stand-Alone Reserves Summary & PV-10 Year-End 2021 As shown in the table below, Earthstones 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 GAAP. Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used…
Reconciliation of Non-GAAP Financial Measure Adjusted EBITDAX Earthstone uses Adjusted EBITDAX, a financial measure that is not presented in accordance with GAAP. Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used…
Footnotes Page 6 1) IRM Acquisition price of 186MM based on 50.8MM of equity consideration (approximately 12.7MM Class A shares and ESTE share price of 3.99 on 12/16/20) and cash consideration of 135.2MM. Tracker Acquisition price of…
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