Earthstone Energy, Inc. - ESTE STOCK NEWS

Earthstone Energy has completed the acquisition of operated assets in the Midland Basin from Tracker Resource Development III, LLC and affiliates for approximately $126.5 million. The acquisition, which was finalized on July 20, 2021, is projected to enhance the company’s production volumes and reserves. Earthstone estimates average daily sales volumes at 22,716 Boe/d with a PV-10 value of $1.677 billion for proved reserves. The revised guidance for 2021 indicates a production increase of 19% and significant cash flow generation. The company maintains a solid balance sheet with $249.5 million in undrawn credit capacity.

Earthstone Energy, Inc. (NYSE: ESTE) has announced the acquisition of working interests in assets in Gonzales County, Texas, referred to as the Eagle Ford Acquisitions, for approximately $48 million. The deal increases the company's working interest in these assets from 34% to 96% and is expected to add 1,150 Boepd of net production, primarily oil. Funded through cash and existing credit, the acquisitions are part of Earthstone's consolidation strategy, aiming to enhance operational efficiency and bolster cash flow. The Board of Directors has approved the transaction.

Earthstone Energy (NYSE: ESTE) announced Q1 2021 results, reporting average daily production of 20,321 Boepd and adjusted EBITDAX of $43.8 million. The company closed the IRM Acquisition on January 7 and signed the Tracker/Sequel Purchase Agreements on March 31, expected to close in Q3. Despite a net loss of $10.6 million, Earthstone achieved free cash flow of $31.8 million and reduced debt by $37 million. With a focus on growth, the company resumed drilling in the Midland Basin and maintained low cash costs at $12.65 per Boe.

Earthstone Energy, Inc. (NYSE: ESTE) will hold a conference call on May 6, 2021, at 12:00 p.m. Eastern to discuss its Q1 2021 financial results and outlook for the year. The call will feature insights from key executives, including CEO Robert J. Anderson and CFO Mark Lumpkin, Jr. Before the call, Earthstone plans to file its earnings press release for the quarter ended March 31, 2021. Interested participants can join via phone or webcast, with a replay available until May 20, 2021.

Earthstone Energy, Inc. (NYSE: ESTE) announced its agreement to acquire assets in the Midland Basin for approximately $126.5 million, comprising $81.6 million in cash and 6.2 million shares of Class A stock valued at $44.9 million. The acquisition, effective March 1, 2021, is set to close in early Q3 2021. The assets include 7,800 Boepd net production and approximately 20,300 net acres in Irion County. This move aims to enhance Earthstone's low-cost, high-margin production and maintain shareholder equity at 93% while yielding an estimated production increase of 5,800-6,000 Boepd in H2 2021.

Earthstone Energy, Inc. (NYSE: ESTE) reported its financial results for Q4 and full year 2020. Highlights include:

• Average daily production of 14,809 Boepd.
• Adjusted EBITDAX of $29.8 million.
• Net loss of $18.4 million or $0.28 per share.
• Free Cash Flow of $8.4 million.
• Long-term debt reduced by $15 million.

The company successfully completed the IRM Acquisition on January 7, 2021, enhancing its operational scale and asset quality.

Earthstone Energy, Inc. (NYSE: ESTE) announced a conference call on March 11, 2021, at 10:00 a.m. Eastern to discuss its fourth-quarter and full-year 2020 financial results and 2021 outlook. Key executives, including CEO Robert J. Anderson and CFO Mark Lumpkin, will present followed by a Q&A session. The earnings press release will be available before the call. Investors can join via phone or webcast. A replay will be accessible until March 25, 2021. Earthstone operates primarily in the Midland Basin and the Eagle Ford Trend, focusing on the acquisition and development of oil and gas properties.

Earthstone Energy, Inc. (NYSE: ESTE) announced an operational update, revealing a 15% growth in 2020 annual sales volumes to approximately 5.63 MMBoe. For Q4 2020, estimated sales volumes reached 1.40 MMBoe, averaging 15,232 Boepd (47% oil). The year-end 2020 proved reserves totaled 78.9 MMBoe. The company provided 2021 production guidance of 19,500-21,000 Boepd (52%-54% oil) and announced a capital expenditure plan of $90-100 million, with expectations of significant free cash flow generation in 2021. Long-term debt reduced by 32% from $170 million to $115 million in 2020.

Earthstone Energy, Inc. (NYSE: ESTE) has completed the acquisition of Independence Resources Management, LLC for approximately $182 million. This includes $131.2 million in cash and about 12.7 million shares of Earthstone’s Class A common stock valued at $50.8 million. CEO Robert J. Anderson expressed confidence in the acquisition’s ability to enhance operational results and generate high-margin production. The Board has also expanded with the appointment of David S. Habachy as a new director, which supports Earthstone's commitment to further growth and financial discipline.