Earthstones Differentiating Factors Strategic Consolidator Top Basins / Returns Focused Eight acquisitions since early 2021 Long Inventory Life Modest cash flow needed to increased production by 7.5x and maintain production…
Corporate Snapshot Select Operational Data (Pro Forma Novo) Earthstone Acreage Novo Acreage Permian Basin Area 223,000 130 - 135 MBoe/d Permian Net Acres (41% Oil) 4Q23E Production 460 MMBoe 5.4 Billion New Mexico Estimated…
Record Production Drives Strong Second Quarter Results Consistently Delivering on Expectations Production Guidance 130,000- 135,000 Actual Production 115,000- 2Q23 2Q23 2Q23 2Q23 104,766 104,450 105,493 120,000 Production Oil…
Highly Accretive Novo Transaction Significantly Expands Delaware Basin Scale Acquisition Highlights Combined Delaware Basin Acreage Overview Transaction 1.5 billion joint acquisition whereby Earthstone acquires Novo and concurrently…
Novo Acquisition Checks All Boxes for Significant Shareholder Value Creation Expect to Close Novo Acquisition on August 15, 2023 1.5B Highly Accretive Key Purchase Enhances Scale Meaningful FCF Generation Delaware Basin Acquisition1…
Novo Acquisition Drives Strong Financial Accretion and Maintains Financial Strength Significant Adj. EBITDAX Growth While Maintaining Financial Strength 20% 30% 4.0x 1,600 Est. 2024E Adj. EBITDAX 4Q23 Production Increase2 Uplift1…
Strategic Divestitures in the Past Twelve Months Earthstone has netted 100 MM from selling non-core assets in the Midland Basin/Eagle Ford over the past year Proceeds used to repay RBL debt Earthstone Divestitures 100 MM Date July…
Shareholder Value Accretion Reflected in Significant Proved Reserves Growth Robust Value Growth in Proved Reserves With Majority Coming from Proved Developed Reserves Additions PUD 7.8 B 368 MMBoe Current valuation significantly…
Deep Inventory of High-Return Drilling Locations Recent Well Results Pad Peak IP-30 (Boepd) Oil (%) Lateral Length (ft) WI (%) 1 Lonesome Dove (4 Wells) 1,762 72% 7,710 90% Earthstone Acreage New Mexico 2Q23 2 Cattlemen (2…
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 2024E EBITDAX Permian Large-Cap Permian SMid-Cap Non-Permian…
Recently Published Inaugural Sustainability Report Earthstone Continues to Implement Key ESG Objectives Minimized Air Emissions Retrofitted Facilities Installed Vapor Recovery Towers (VRTs) and Installation of air-operated…
Company Guidance Production Guidance 1H23 Actuals ESTE + Novo 3Q23 ESTE + Novo 4Q23 Implied FY23 Production (Boe/d) 104,974 115,000 - 120,000 130,000 - 135,000 113,809 - 116,330 % Oil 43% 41% 41% 42% % Liquids 69% 68% 69% 69%…
Appendix 15
Oil and Gas Hedge Summary Oil Hedge Positions (WTI based, Bbls/d, and /Bbl) Focused on protecting cash flow while 23,600 Swaps Puts Collars 20,500 20,875 leaving upside for a stronger 18,500 commodity outlook 62.58 / 84.84 62.67 /…
Oil and Gas Hedge Positions WTI Oil Hedges - Swaps HH Gas Hedges - Swaps Oil Swap S Period Volume (Bbls) Volume (Bbls/d) /Bbl Period Volume (MMBtu) Volume (MMBtu/d) /MMBtu 2Q 2023 409,500 4,500 76.94 2Q 2023 1,137,500 12,500 3.349 3Q…
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…
Reconciliation of Non-GAAP Financial Measure Free Cash Flow Free Cash Flow is a non-GAAP financial measure that Earthstone uses as an indicator of our ability to fund our development activities and reduce our leverage. Earthstone defines…
Estimated Proved Reserves Summary as of 5/1/23 at NYMEX Strip Pricing as of 5/24/23 This summary of proved developed reserve volumes and values as shown in the table below is based on management estimates and has been prepared as of May…
SEC Proved Reserves Summary & PV-10 Year-End 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…
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 CGA and which was prepared in accordance with SEC…
SEC Stand-Alone Reserves Summary & PV-10 Year-End 2020 Earthstones proved reserves as of December 31, 2020 were independently estimated by CGA, utilizing SEC prescribed oil and gas prices of 39.57/bbl and 1.985/mmbtu, respectively,…
Market Capitalization Table Provided as of 8/2/2023 Pro Forma Novo ( in millions, except share price) As of 6/30/23 As of 7/31/23 Cl a s s A Common Stock (MM) 106.3 106.3 Cl a s s B Common Stock (MM) 34.3 34.3 Total Common Stock…
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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