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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 announces the acquisition of Northern Delaware Basin assets from Titus Oil & Gas for approximately $627 million, consisting of $575 million in cash and 3.9 million shares. The deal enhances production capacity by 18,000-23,000 Boepd and increases the acreage position to ~44,000 net acres. Projected Adjusted EBITDAX of $320-340 million for the next year reflects robust cash flow potential. The acquisition is expected to close in Q3 2022, funded through existing cash and a $400 million increase in credit commitments.
Earthstone Energy (NYSE: ESTE) announced that President and CEO Robert J. Anderson will partake in a fireside chat with Jeff Robertson from Water Tower Research on June 22, 2022, at 2:00 p.m. ET. The discussion will focus on Earthstone's operational updates, integration of newly acquired assets, and future corporate strategy. Interested investors can register to listen via Water Tower Research's link. Earthstone is an independent energy company primarily working in oil and natural gas development, with key assets in the Permian Basin of Texas and New Mexico.
Earthstone Energy, Inc. (NYSE: ESTE) has announced an amendment to its senior secured revolving credit facility, extending the maturity to June 2027 and increasing the borrowing base from $1.325 billion to $1.4 billion. The credit facility's elected commitments remain at $800 million, allowing for financial flexibility. CEO Robert J. Anderson highlighted the importance of their lending group's support for recent acquisitions and stated the company plans to pay down significant amounts under the facility for the remainder of 2022.
Earthstone Energy, Inc. (NYSE: ESTE) reported a net loss of $33.5 million, or $(0.53) per diluted share, for Q1 2022, influenced by recent acquisitions. Total revenues surged to $196.2 million, up from $75.6 million a year earlier, while adjusted EBITDAX rose 44% to $123.1 million. Free cash flow reached $35.7 million, a 25% increase. Average daily production climbed to 35,509 Boepd, marking a 17% increase from Q4 2021. The company successfully closed the $550 million Notes Offering and a $280 million Preferred Stock placement to enhance liquidity.
Earthstone Energy (NYSE: ESTE) will host a conference call on May 5, 2022 at 12:00 p.m. Eastern to discuss its first quarter 2022 financial results and outlook for the year. Management, including President Robert J. Anderson and CFO Mark Lumpkin, will present followed by a Q&A session. Investors can join the call by dialing 877-407-6184 or accessing the webcast on the company’s website. A replay will be available until May 19, 2022, for those who cannot attend.
Earthstone operates primarily in the Permian Basin, focusing on oil and natural gas properties.
Earthstone Energy (NYSE: ESTE) announced the successful closing of its Bighorn Acquisition for $639 million, down from the initially projected $770 million. The company also completed a $550 million offering of senior unsecured notes and a $280 million equity placement, while amending its credit facility, increasing the borrowing base to $1.325 billion. Estimated average daily production for Q1 2022 is around 35,500 Boepd. Liquidity stands strong with $337 million undrawn availability under the amended credit facility, emphasizing Earthstone's solid balance sheet.
Earthstone Energy, Inc. (NYSE: ESTE) announced the pricing of a private offering of $550 million in 8.0% senior unsecured notes, maturing in 2027. The offering, conducted by its subsidiary Earthstone Energy Holdings, LLC, is expected to close on April 12, 2022. Proceeds will be utilized to reduce outstanding borrowings under its Revolving Credit Facility and for general corporate purposes. The notes have not been registered under the Securities Act, limiting their offer and sale in the U.S. The company focuses on oil and natural gas properties, primarily in the Permian Basin.
Earthstone Energy, Inc. (NYSE: ESTE) announced a private offering of $550 million in senior unsecured notes due 2027. The offering, conducted by its subsidiary Earthstone Energy Holdings, LLC, aims to repay a portion of the outstanding borrowings under its Revolving Credit Facility and fund general corporate purposes. The Notes will be guaranteed by the Company and its domestic subsidiaries. The offering is subject to market conditions and is only available to qualified institutional buyers.
Earthstone Energy, Inc. (NYSE: ESTE) reported strong financial results for Q4 2021, highlighting a net income of $39.8 million ($0.72 per diluted share) and adjusted EBITDAX of $85.3 million, a 186% increase year-over-year. The Company achieved an average daily production of 30,244 Boepd, a 104% rise from Q4 2020. For the full year, Earthstone's net income was $35.5 million, with free cash flow up 48% to $106.6 million. The successful execution of multiple acquisitions boosted production capacity and financial performance, positioning Earthstone for significant growth in 2022.
Earthstone Energy, Inc. (NYSE: ESTE) will host a conference call on March 10, 2022, at 11:00 a.m. Eastern to discuss its financial results for Q4 and full-year 2021, along with its outlook for 2022. Key speakers include Robert J. Anderson (CEO), Mark Lumpkin, Jr. (CFO), and Steven C. Collins (COO). The company plans to release its earnings press release before the call. Investors can join by phone or via a webcast on its website. A replay will be available until March 24, 2022.
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