Earthstone Announces Share Repurchase
Earthstone Energy, Inc. (NYSE: ESTE) announced the purchase of 3,000,000 shares of its Class A Common Stock for approximately $44 million from Warburg Pincus. The repurchase aims to enhance shareholder value. Concurrently, Warburg Pincus sold 3,750,000 shares under Rule 144, resulting in Warburg retaining about 12.9 million shares, or 9.3% of total outstanding shares. Post-transactions, Earthstone's total outstanding shares are 139.7 million.
- Share repurchase of 3 million shares for $44 million improves shareholder value.
- Reduces total outstanding shares to 139.7 million, potentially increasing earnings per share.
- None.
THE WOODLANDS, Texas, Oct. 11, 2022 /PRNewswire/ -- Earthstone Energy, Inc. (NYSE: ESTE) ("Earthstone", the "Company", "our" or "we"), announced today that it has purchased 3,000,000 shares of Earthstone's Class A Common Stock for a total purchase price of approximately
Separately and concurrently with the Share Repurchase, Warburg Pincus sold 3,750,000 shares of Class A Common Stock under Rule 144 of the Securities Act of 1933 (the "Block Trade"). As of October 11, 2022, including the impact of the Share Repurchase, Earthstone's outstanding share count of Class A Common Stock and Class B Common Stock is 139.7 million shares (including 105.4 million shares of Class A Common Stock). Including the impact of the Block Trade, Warburg Pincus owns approximately 12.9 million shares of Class A Common Stock, which represents approximately
About Earthstone
Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in acquisitions and the development and operation of oil and natural gas properties. Its primary assets are located in the Permian Basin of west Texas and New Mexico. Earthstone is listed on the New York Stock Exchange under the symbol "ESTE." For more information, visit Earthstone's website at www.earthstoneenergy.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "forecast," "guidance," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. Forward-looking statements are based on current expectations and assumptions and analyses made by Earthstone and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. Earthstone's annual report on Form 10-K for the year ended December 31, 2021, recent quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other Securities and Exchange Commission ("SEC") filings discuss some of the important risk factors identified that may affect Earthstone's business, results of operations and financial condition. Earthstone undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.
Contact
Clay Jeansonne
Investor Relations - Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300 The Woodlands, TX 77380
713-379-3080
cjeansonne@earthstoneenergy.com
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SOURCE Earthstone Energy, Inc.
FAQ
What is the share repurchase amount announced by Earthstone Energy on October 11, 2022?
How many total outstanding shares does Earthstone Energy have after the share repurchase?
What percentage of Earthstone Energy's shares does Warburg Pincus own after the block trade?
What is the purpose of Earthstone Energy's recent share repurchase?
