Welcome to our dedicated page for Earthstone Energy news (Ticker: ESTE), a resource for investors and traders seeking the latest updates and insights on Earthstone Energy stock.
Earthstone Energy, Inc. (NYSE: ESTE) is a dynamic, independent energy company focused on the development and operation of oil and natural gas properties. The company primarily operates in the Permian Basin, which spans southern New Mexico and west Texas. This region is renowned for its prolific oil and natural gas reserves, making it a strategic hotspot for Earthstone's activities.
With a growth-oriented approach, Earthstone Energy has been committed to enhancing its asset portfolio and optimizing operational efficiency. The company's core business involves the exploration, development, and production of hydrocarbons. By leveraging advanced technologies and implementing best practices, Earthstone aims to maximize resource recovery while minimizing environmental impact.
In recent achievements, Earthstone reported record production levels for the second quarter of 2023. This milestone underscores the company's operational excellence and ability to scale its production capabilities effectively. Additionally, a recent share sale increased the public float by approximately 25%, reflecting strong market confidence and enhancing liquidity.
Financially, Earthstone Energy has shown resilience and robust performance. For the three and nine months ended September 30, 2023, the company announced solid financial and operating results, demonstrating its stability and growth potential. These results highlight Earthstone's adeptness at navigating market dynamics and capitalizing on emerging opportunities.
Partnerships and strategic collaborations play a vital role in Earthstone's business model. The company's alliance with Permian Resources Corporation is a testament to its commitment to fostering strong industry relationships that drive mutual growth and innovation.
Earthstone Energy's product portfolio primarily includes oil and natural gas, which are essential energy resources fueling various sectors of the economy. By maintaining a strategic focus on core operations and continuously exploring new ventures, Earthstone aims to deliver sustained value to its stakeholders.
With a clear vision and dedicated team, Earthstone Energy, Inc. remains a significant player in the energy sector, contributing to the energy needs of the nation while pursuing a path of sustainable growth and operational excellence.
Earthstone Energy (NYSE: ESTE) is set to participate in a fireside chat on April 12, 2023, at 12:00 p.m. ET. The discussion will feature President and CEO, Robert J. Anderson, alongside Jeff Robertson of Water Tower Research. This event presents a valuable opportunity for investors to gain insights directly from Earthstone's leadership.
Interested investors can register for the live chat by visiting the link provided: Register Here.
Earthstone is focused on the acquisition, development, and operation of oil and natural gas properties, primarily in the Permian Basin region.
Earthstone Energy (NYSE: ESTE) announced an amendment to its senior secured revolving credit facility, increasing elected commitments from $1.2 billion to $1.4 billion. The $250 million term loan tranche has been converted into an elected revolving commitment, with the borrowing base redetermined at $1.65 billion. As of March 31, 2023, Earthstone had approximately $452 million drawn against the facility, down from $520 million at the end of 2022, leaving $948 million available. The facility's maturity remains in June 2027. This amendment reflects the company's financial strength and is expected to enhance future flexibility and optionality for debt reduction.
Earthstone Energy (NYSE: ESTE) has reported significant financial results for Q4 and the year ended December 31, 2022. Notable highlights include a net income of $185.2 million for Q4 and $650.6 million for the full year. Adjusted EBITDAX increased by 296% to $338 million in Q4 and 347% to $1.1 billion year-over-year. The company generated $1 billion in operating cash flow and $508.5 million in free cash flow. With an average daily production of 104,766 Boepd, up 246% YoY, Earthstone also completed three large acquisitions totaling $2 billion in 2022, while reducing debt by $121.6 million. 2023 guidance includes a capital budget of $725-$775 million, with production estimated between 96,000 to 104,000 Boepd.
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