Acquisition Checks All Boxes for Significant Shareholder Value Creation 1.5B Highly Accretive Key Purchase Enhances Scale Meaningful FCF Generation Delaware Basin Acquisition1 and Operational Synergies Adds to Corporate Strategy Net…
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…
Reserves and Inventory Earthstone + Novo Robust Reserves and Inventory Profile1 Pro Forma 1P PV10 Value as of 5/1/234 The Novo assets bolster Earthstones inventory, adding 111 net MMBoe of 1P reserves PV10 Value (MM) (62% liquids)1…
Continuation of Conservative Valuation Leads to High Impact Valuation Cumulative PV10 Value of Proved Developed Reserves Greater Than Combined Total Purchase Price1 4,000 Across all seven significant transactions, Tracker 3,500…
Continued Transformation to Scaled Permian Operator with MultiBasin Optionality Earthstone Continues to Build Transformational Scale Premier Pro Forma Permian Footprint Since YE 2020, ESTE has built significant scale across eight…
HighQuality Novo Locations Significantly Upgrades Inventory Stack TopTier Inventory Solidifies Superior Permian Position Assets are positioned in the core of the Delaware Basin with superior multibench rock quality and basinleading…
Appendix 10
22Well Novo Ovation Pad Demonstrates Strong Performance in 5 Distinct Targets at Full Development Spacing Eddy County Type Section and Ovation End View 1Mile DSU Brushy Canyon OvationOvation Pad Pad Avalon 1st Bone Spring…
Contact Information Clay Jeansonne Investor Relations Contact: cjeansonneearthstoneenergy.com Corporate Offices Houston 1400 Woodloch Forest Drive Suite 300 The Woodlands, TX 77380 (281) 2984246 Midland 600 N. Marienfeld Suite…
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 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 2023 492,000…
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 & 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…
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 CGA and which was prepared in accordance with SEC…
SEC StandAlone Reserves Summary & PV10 YearEnd 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,…
Definition of NonGAAP Financial Measures 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…
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