The New Earthstone: Significantly Larger Scale, Same Core Values Greater Efficiency from Top Basins / High Free Cash Flow Generation with Increased Critical Mass Long Inventory Life Low Reinvestment Needs Seven acquisitions since…
A Much Larger Earthstone: Corporate Snapshot Select Operational Data Earthstone Acreage New Mexico Titus Acreage 256,000 98,000 Boe/d PERMIAN Permian Net Acres1 4Q22 Production Guidance BASIN MIDLAND Midpoint1 Eddy 360 MMBoe 6.2…
Conservative Valuation Methodology Leads to High Impact Acquisitions Cumulative Proved Developed Reserves Value Greater Than Combined Total Purchase Price1 Undeveloped locations acquired virtually free as PD value of acquired…
Shareholder Value Accretion Reflected in Enormous Proved Reserves Growth Robust Value Growth in Proved Reserves With Majority Coming from Proved Developed Reserves Additions 6.2 B 360 MMBoe 4.9B Est. Proved Developed Value Current PD…
Reserves and Inventory Robust Proved Developed and Inventory Profile 1P Reserves PV10 Value as of 8/1/222 The Titus Acquisition brings a significant Proved Developed Reserves PV10 Pro Forma PV10 Value (MM) component of 836 million to…
Focused On Remaining a LowCost Leader With High Cash Margins 2Q22 Allin Cash Costs1 2Q22 Unhedged Cash Margins1 LargeCap Peers LargeCap Peers SMIDCap Peers SMIDCap Peers 23.32 82% 81% SMIDCap 80% Peer Average: 18.95 19.08…
Strategic Advantages Gained Through Our Expanded Scale Expanded Capital Program Enhanced Optionality Recent Delaware Additions Greatly expanded footprint and Diversification and capital flexibility Recently acquired Delaware Basin…
Expanded Scale Supports Continuous Asset Development 2022 Capital Budget Midland Basin 2 Rigs Spud 38 Gross Operated Wells Average Well Lateral Length of 9,200 Feet 90% Average Working Interest 502527 Million Delaware Basin…
Opportunities Broaden for Free Cash Flow Allocation in the Future FCF Likely Shifts Away from Deleveraging in 2023 Increased Optionality for Uses of Efficiency of capital development allows for some growth with reinvestment of just…
Durable MultiYear Free Cash Flow Profile Provides Extensive Options Reliable Production and Reduced Free Cash Flow Outlook Under Maintenance Capital Program1 Capital Needs Provide a Mountain of FCF Based upon a continuous…
Liquidity and Capital Structure Benefitting from Expanded Scale and Recent Offering 1,800 Borrowing Base increased to Significant Liquidity Supports All Potential 1.7 B with amended Credit Facility Capital Deployment Scenarios…
Responsible Management of Fugitive Emissions and Flaring Do the Right Thing approach and proactive plan driving reductions in GHG emissions and flaring 2021 Greenhouse Gas 2021 Flaring Intensity of 0.7% Emissions Intensity of 7.9…
Progressing Our Sustainability Initiatives While Leading the Pack Key Environmental Priorities Focus on ESTE Among the Leaders in Permian Flaring Intensity Regardless of Market Cap1,2 Responsible Operatorship Minimize fugitive emissions…
Focused on Providing Shareholders a Path to Value Accretion Earthstone Management has consistently shown fundamental conservatism in assessing and executing a broader corporate strategy of value driven investment in high quality assets,…
Appendix 18
Development Optionality Across A Larger Footprint Scaled Development Plans Continuous multizone development program spread across both Midland and Delaware Basin positions with typical development spacing at 35 wells per section…
Oil and Gas Hedge Summary Oil Hedge Positions (WTI based, Bbls/d, and /Bbl) Focused on protecting cash flow 23,250 Swaps Puts Collars while leaving upside for a stronger 17,750 73.14/96.49 commodity outlook 70.00/83.96 13,500…
Oil and Gas Hedge Positions WTI Oil Hedges - Swaps HH Gas Hedges - Swaps Period Volume (Bbls) Volume (Bbls/d) /Bbl Period Volume (MMBtu) Volume (MMBtu/d) /MMBtu 3Q 2022 1,081,000 11,750 66.70 3Q 2022 3,266,000 35,500 3.626 4Q 2022…
SEC StandAlone Reserves Summary & PV10 YearEnd 2021 As shown in the table below, Earthstones standalone estimated proved reserves at year end 2021 were independently estimated by Cawley, Gillespie & Associates, Inc. (CGA), independent…
Estimated Proved Reserves Summary as of 8/1/22 at NYMEX Strip Pricing as of 7/27/22 This summary of proved developed reserve volumes and values as shown in the table below are as adjusted for the closing of the Titus Acquisition that are…
Reconciliation of NonGAAP Financial Measure Adjusted EBITDAX Earthstone uses Adjusted EBITDAX, a financial measure that is not presented in accordance with GAAP. Adjusted EBITDAX is a supplemental nonGAAP financial measure that is used by…
Market Capitalization Table ( in millions, except share price) 7/31/22 Cl a s s A Common Stock (MM) 108.3 Cl a s s B Common Stock (MM) 34.3 Total Common Stock Outstanding (MM) 142.6 Stock Pri ce (a s of 8/9/22) 13.88 Market…
Notes and Supplemental Information Management has provided forwarding looking charts and figures on various slides that utilize a maintenance capital scenario. These figures are for example purposes only and do not constitute specific…
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