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 Modest Reinvestment Needs Seven acquisitions…
A Much Larger Earthstone: Corporate Snapshot Select Operational Data Earthstone Acreage Permian Basin Area 212,000 104,766 Boe/d Permian Net Acres (45% Oil) 4Q22 Production 352 MMBoe 4.6 Billion New Mexico Estimated Proved…
2022 Key Accomplishments Significant stepchange in 2022 positions Earthstone for substantial opportunities to enhance existing Permian asset base and generate shareholder value Proven Permian Consolidator Production Growth Proved…
Value Accretion to Shareholders Accretion to shareholders while maintaining low leverage (0.8x Debt/LastQuarterAnnualized EBITDAX at YE22) LastQuarterAnnualized Production per Proved Reserves Value per DebtAdjusted Share (Mboe per…
Shareholder Value Accretion Reflected in Significant Proved Reserves Growth Robust Value Growth in Proved Reserves With Majority Coming from Proved Developed Reserves Additions 7.8 B 368 MMBoe PUD 3.6B Estimated Proved Developed…
Acquisition Success Enabling Earthstones StepChange in Scale Earthstone has achieved significant scale through acquisitions in the Permian Low decline base production profile and high quality inventory enables moderate production…
Conservative Valuation Methodology Leads to High Impact Acquisitions Cumulative Proved Developed Reserves Value Greater Than Combined Total Purchase Price1 3,000 Across all six significant transactions, proved 2,500 developed…
Reserves and Inventory Robust Proved Developed and Inventory Profile 1P Reserves PV10 Value as of 1/1/23 Total Proved Developed Reserves PV10 value of 3.6 billion PV10 Value (MM) exceeds current enterprise value Proved Developed…
Deep Inventory of HighReturn Drilling Locations Recent Well Results Earthstone Acreage New Mexico Pad Peak IP Oil Lateral WI 30 (%) Length (%) 1 MIDLAND (Boepd) (ft) 1 Stetson 1324 Fed Com 1,042 92% 10,325 63% 2 (2 Wells) 3…
Company Guidance Delaware Basin Guidance FY 2023 3 Rigs Production (Boe/d) 96,000 104,000 Spud 45 Gross Operated Wells % Oil 44% Average Well Lateral Length of 8,900 Feet % Liquids 69% 69% Average Working Interest Total Capital…
LowCost Operator Leader in Permian SMidCap Peer Group Earthstone provides lowcost operational excellence across existing and recently acquired assets FY22 Allin Cash Costs Per Boe1 21.90 SMidCap Peer Average: 18.04 18.08 16.74…
Earthstone Offers an Attractive Value Opportunity ESTE has one of the lowest EV / EBITDAX multiples and one of the highest Free Cash Flow yields Enterprise Value to 2023E EBITDAX Permian LargeCap Permian SMidCap NonPermian SMidCap…
Liquidity and Capital Structure Benefitting from Expanded Scale and Bond Offering 2,000 Significant Liquidity Supports All Potential Capital Allocation Scenarios Borrowing Base has grown from 240 MM at 1,500 YE20 to 1.85 B driven…
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…
Transformed Earthstone Provides Significant Shareholder Value Creation Opportunity Earthstone Management has consistently shown fundamental conservatism in assessing and executing a broader corporate strategy of value driven investment in…
Appendix 19
Development Optionality Across A Larger Footprint Scaled Development Plans Earthstone Acreage Continuous multizone development program spread across both Midland and Delaware Basin positions with typical development spacing at 35…
Oil and Gas Hedge Summary Oil Hedge Positions (WTI based, Bbls/d, and /Bbl) Focused on protecting cash flow while Swaps Puts Collars leaving upside for a stronger 17,811 18,500 16,500 16,500 17,322 commodity outlook 62.71 / 86.24…
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 1Q 2023 405,000 4,500 76.94 1Q 2023 232,500 2,583 3.400 2Q 2023 409,500 4,500…
SEC Proved Reserves Summary & PV10 YearEnd 2022 As shown in the table below, Earthstones estimated proved reserves at year end 2022 were estimated by Cawley, Gillespie & Associates, Inc. (CGA), independent petroleum engineers, and which…
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…
Reconciliation of NonGAAP Financial Measure Free Cash Flow Free Cash Flow is a nonGAAP financial measure that Earthstone uses as an indicator of our ability to fund our development activities and reduce our leverage. Earthstone defines…
Reconciliation of NonGAAP Financial Measure Adjusted Diluted Shares Earthstone defines Adjusted Diluted Shares as the weighted average shares of Class A Common Stock Diluted outstanding plus the weighted average shares of Class B Common…
Estimated Proved Reserves Summary as of 01/01/23 at NYMEX Strip Pricing as of 12/30/22 This summary of proved developed and undeveloped reserve volumes and values as shown in the table below are based on management estimates and has been…
Market Capitalization Table ( in millions, except share price) Cl a s s A Common Stock (MM) 106.2 Cl a s s B Common Stock (MM) 34.2 Total Common Stock Outstanding (MM) 140.4 Stock Pri ce (a s of 3/3/23) 15.14 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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